FORM 10-Q
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
[ X ] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended April 27, 1996
Commission file number 0-6319
JACOBSON STORES INC.
(Exact name of registrant as specified in its charter)
Michigan 38-0686330
(State or other jurisdiction (IRS Employer
of incorporation Identification Number)
or organization)
3333 Sargent Road, Jackson, Michigan 49201
(Address of principal executive offices, including zip code)
(517) 764-6400
(Registrant's telephone number, including area code)
Not Applicable
(Former name, former address and former fiscal year,
if changed since last report)
Indicate by check mark whether the registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that
the registrant was required to file such reports), and (2) has been subject to
such filing requirements for the past 90 days.
Yes [ X ] No [ ]
Indicate the number of shares outstanding of each of the issuer's
classes of common stock, as of the latest practicable date.
Common Stock ($1 Par Value):
5,779,021-2/3 Shares outstanding as of April 27, 1996
<PAGE>
JACOBSON STORES INC. AND CONSOLIDATED SUBSIDIARIES
FORM 10-Q
For Quarter Ended April 27, 1996
INDEX
Page
PART I: FINANCIAL INFORMATION
Item 1. Financial Statements
. Consolidated Balance Sheets - April 27, 1996 and
January 27, 1996 1
. Consolidated Statements of Earnings - Thirteen Week Periods
Ended April 27, 1996 and April 29, 1995 2
. Consolidated Statements of Cash Flows - Thirteen Week
Periods Ended April 27, 1996 and April 29, 1995 3
. Notes to Consolidated Financial Statements 4
Review by Independent Public Accountants 7
Exhibit:
. Report of Independent Public Accountants 8
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of Operations 9
PART II: OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K 13
All items except those set forth above are inapplicable and have
been omitted.
SIGNATURES 14
INDEX OF EXHIBITS
<PAGE>
<TABLE>
<CAPTION>
JACOBSON STORES INC. AND CONSOLIDATED SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands)
(unaudited)
April 27, January 27,
ASSETS 1996 1996
--------- -----------
<S> <C> <C>
CURRENT ASSETS:
Cash and cash equivalents $ 3,230 $ 3,068
Receivables from customers, net 40,848 43,134
Merchandise inventories 98,792 89,249
Prepaid expenses and other assets 3,091 3,928
Refundable income taxes 2,435 3,029
Deferred taxes 2,363 2,363
--------- ---------
Total current assets 150,759 144,771
--------- ---------
PROPERTY AND EQUIPMENT, NET 97,425 96,597
--------- ---------
OTHER ASSETS 21,114 21,146
--------- ---------
$ 269,298 $ 262,514
========= =========
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Current portion of long-term debt $ 4,273 $ 4,531
Accounts payable 27,627 30,537
Accrued expenses 14,466 14,612
--------- ---------
Total current liabilities 46,366 49,680
--------- ---------
LONG-TERM DEBT 129,411 119,727
--------- ---------
DEFERRED TAXES 9,115 9,115
--------- ---------
OTHER LIABILITIES 2,500 2,376
--------- ---------
SHAREHOLDERS' EQUITY:
Common stock 5,966 5,966
Paid-in surplus 7,109 7,109
Retained earnings 69,230 68,940
Treasury stock (399) (399)
--------- ---------
81,906 81,616
--------- ---------
$ 269,298 $ 262,514
========= =========
<FN>
The accompanying notes are an integral part of these statements.
</TABLE>
- 1 -
<PAGE>
<TABLE>
<CAPTION>
JACOBSON STORES INC. AND CONSOLIDATED SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EARNINGS
(in thousands except per share and dividend data)
(unaudited)
Thirteen Weeks Ended
-----------------------
April 27, April 29,
1996 1995
---------- --------
<S> <C> <C>
NET SALES, including leased departments $ 106,525 $ 100,298
---------- ---------
COSTS AND EXPENSES:
Cost of merchandise sold, buying and
occupancy expenses 68,260 64,826
Selling, general and administrative expenses 34,436 33,000
Interest expense, net 2,272 2,208
---------- ---------
Total costs and expenses 104,968 100,034
---------- ---------
EARNINGS BEFORE INCOME TAXES 1,557 264
PROVISION FOR INCOME TAXES 545 92
---------- ---------
NET EARNINGS $ 1,012 $ 172
========== =========
EARNINGS PER COMMON SHARE:
Primary and fully diluted $ 0.18 $ 0.03
======= =======
CASH DIVIDENDS PER SHARE $ 0.12-1/2 $ 0.12-1/2
======= =======
<FN>
The accompanying notes are an integral part of these statements.
</TABLE>
- 2 -
<PAGE>
<TABLE>
<CAPTION>
JACOBSON STORES INC. AND CONSOLIDATED SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
Thirteen Weeks Ended
-----------------------
April 27, April 29,
1996 1995
--------- ---------
CASH FLOWS FROM OPERATING ACTIVITIES:
<S> <C> <C>
Net earnings $ 1,012 $ 172
Adjustments to reconcile net earnings to
cash provided by (used in) operating activities:
Depreciation and amortization 2,549 2,549
Other liabilities 124 218
Change in:
Receivables from customers, net 2,286 5,634
Merchandise inventories (9,543) (6,500)
Prepaid expenses and other assets 837 1,108
Accounts payable and accrued expenses (3,056) (3,347)
Current income taxes 594 --
--------- --------
Net cash used in operating activities (5,197) (166)
--------- --------
CASH FLOWS FROM INVESTING ACTIVITIES:
Additions to property and equipment (3,377) (1,283)
Other non-current assets 32 (589)
--------- --------
Net cash used in investing activities (3,345) (1,872)
--------- --------
CASH FLOWS FROM FINANCING ACTIVITIES:
Additions to long-term debt 11,300 4,200
Reduction of long-term debt (1,874) (870)
Cash dividends paid (722) (722)
--------- --------
Net cash provided by financing activities 8,704 2,608
--------- --------
INCREASE IN CASH AND CASH EQUIVALENTS 162 570
Cash and cash equivalents, beginning of period 3,068 3,558
--------- --------
CASH AND CASH EQUIVALENTS, END OF PERIOD $ 3,230 $ 4,128
========= ========
<FN>
The accompanying notes are an integral part of these statements.
</TABLE>
- 3 -
<PAGE>
JACOBSON STORES INC. AND CONSOLIDATED SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)
For Quarter Ended April 27, 1996
The condensed financial statements included herein have been prepared
by the Company without audit and reflect all adjustments which are, in
the opinion of management, necessary to a fair statement of results for
the interim periods. All adjustments are of a normal and recurring
nature.
Because of the nature of the specialty department store business, the
results for the thirteen week periods ended April 27, 1996 and April
29, 1995 (which do not include the Christmas holiday season) are not
indicative of the results for the year as a whole.
Certain information in footnote disclosures normally included in
financial statements prepared in accordance with generally accepted
accounting principles has been condensed or amended, although the
Company believes that the disclosures are adequate to make the
information presented not misleading. It is suggested that these
condensed financial statements be read in conjunction with the
financial statements and notes to consolidated financial statements
included in the Company's latest annual report on Form 10-K.
(1) EARNINGS PER SHARE
Primary earnings per share are computed by dividing net earnings by the
weighted average number of shares of common stock and common stock
equivalents outstanding during the periods. Weighted average shares
outstanding were 5,781,000 and 5,782,000 for the thirteen week periods
ended April 27, 1996 and April 29, 1995, respectively.
Fully diluted earnings per share are computed based on the additional
assumption that the Company's 6-3/4% Convertible Subordinated
Debentures due 2011 were converted to common stock at the date of
issuance with a corresponding increase in net earnings to reflect a
reduction in related interest expense, net of income taxes. Weighted
average shares outstanding used in the computation of fully-diluted
earnings per share were 6,840,000 and 6,835,000 for the thirteen week
periods ended April 27, 1996 and April 29, 1995, respectively.
- 4 -
<PAGE>
JACOBSON STORES INC. AND CONSOLIDATED SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)
For Quarter Ended April 27, 1996
(2) CUSTOMER CREDIT AND RECEIVABLES
Receivables from customers were as follows:
<TABLE>
<CAPTION>
April 27, January 27,
(in thousands) 1996 1996
-------------------------------------------------------------------
<S> <C> <C>
Receivables from customers $ 41,665 $ 43,907
Less reserve for doubtful accounts 817 773
-------- --------
$ 40,848 $ 43,134
======== ========
</TABLE>
(3) MERCHANDISE INVENTORIES
Merchandise inventories were as follows:
<TABLE>
<CAPTION>
April 27, January 27,
(in thousands) 1996 1996
-------------------------------------------------------------------
<S> <C> <C>
Inventories at first-in, first-out
(FIFO) cost $ 116,127 $ 106,061
Less LIFO reserves 17,335 16,812
--------- ----------
$ 98,792 $ 89,249
========= ==========
</TABLE>
(4) PROPERTY AND EQUIPMENT
Property and equipment are set forth below:
<TABLE>
<CAPTION>
April 27, January 27,
(in thousands) 1996 1996
-------------------------------------------------------------------
<S> <C> <C>
Property and equipment $ 170,435 $ 172,525
Less accumulated depreciation
and amortization 73,010 75,928
--------- ----------
$ 97,425 $ 96,597
========= ==========
</TABLE>
- 5 -
<PAGE>
JACOBSON STORES INC. AND CONSOLIDATED SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)
For Quarter Ended April 27, 1996
(5) SUPPLEMENTARY CASH FLOW INFORMATION
The Company considers all short-term investments with a maturity at date
of purchase of three months or less to be cash equivalents.
Interest paid (net of interest capitalized) totalled $1,697,000 and
$1,665,000 in the thirteen week periods ended April 27, 1996 and April
29, 1995, respectively. The Company received income tax refunds of
$51,000 for the thirteen week period ended April 27, 1996 and paid
$2,000 in income taxes for the thirteen week period ended April 29,
1995.
- 6 -
<PAGE>
JACOBSON STORES INC. AND CONSOLIDATED SUBSIDIARIES
PART I: FINANCIAL INFORMATION
For Quarter Ended April 27, 1996
REVIEW BY INDEPENDENT PUBLIC ACCOUNTANTS
Arthur Andersen LLP, independent public accountants, have performed a
limited review of the condensed consolidated financial statements for
the thirteen week period ended April 27, 1996. Since they did not
perform an audit, they express no opinion on the financial statements
referred to above.
- 7 -
<PAGE>
EXHIBIT
ARTHUR ANDERSEN LLP
Report of Independent Public Accountants
To Jacobson Stores Inc.:
We have reviewed the accompanying condensed consolidated balance sheet of
JACOBSON STORES INC. (a Michigan corporation) and subsidiaries as of April 27,
1996 and the related condensed consolidated statements of earnings and cash
flows for the thirteen week period then ended. These financial statements are
the responsibility of the Company's management.
We conducted our review in accordance with standards established by the
American Institute of Certified Public Accountants. A review of interim
financial information consists principally of applying analytical procedures
to financial data and making inquiries of persons responsible for financial
and accounting matters. It is substantially less in scope than an audit
conducted in accordance with generally accepted auditing standards, the
objective of which is the expression of an opinion regarding the financial
statements taken as a whole. Accordingly, we do not express such an opinion.
Based on our review, we are not aware of any material modifications that
should be made to the consolidated financial statements referred to above for
them to be in conformity with generally accepted accounting principles.
We have previously audited, in accordance with generally accepted auditing
standards, the consolidated balance sheet of Jacobson Stores Inc. and
subsidiaries as of January 27, 1996, and the related consolidated statements
of earnings, shareholders' equity and cash flows for the year then ended (not
presented herein), and, in our report dated March 4, 1996, we expressed an
unqualified opinion on those financial statements. In our opinion, the
information set forth in the accompanying condensed consolidated balance sheet
as of January 27, 1996, is fairly stated, in all material respects, in
relation to the consolidated balance sheet from which it has been derived.
/s/ ARTHUR ANDERSEN LLP
Detroit, Michigan
May 10, 1996
- 8 -
<PAGE>
JACOBSON STORES INC. AND CONSOLIDATED SUBSIDIARIES
PART I: FINANCIAL INFORMATION
For Quarter Ended April 27, 1996
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS.
The registrant, Jacobson Stores Inc., a Michigan corporation and successor to
a business founded in 1868, operates specialty department stores catering to
discerning customers with preferences for quality merchandise. The Company
emphasizes quality merchandise, fully staffed stores, personalized customer
service and attractive, comfortable shopping surroundings. Each store features
fashion apparel and accessories for the family, and most offer decorative
accents for the home.
The Company owns a substantial portion of the real property used in its
business, primarily through its consolidated, wholly-owned real estate
subsidiary, Jacobson Stores Realty Company ("Jacobson Realty"). As used in
this report, the terms "registrant", "Company" and "Jacobson's" refer to
Jacobson Stores Inc. and its subsidiaries unless the context indicates
otherwise.
Jacobson's operates in two regions, with stores in twenty-seven cities in
Michigan, Indiana, Kansas, Kentucky, Ohio and Florida. The Company maintains
separate staffs of buyers for each region in order to better respond to
customers' lifestyles and merchandise preferences. The principal merchandising
and distribution functions are performed through regional facilities.
Functions common to all stores, such as management coordination, sales
promotion, data processing and accounting, are centralized at the corporate
headquarters in Jackson, Michigan.
a. OPERATING RESULTS: THIRTEEN WEEKS ENDED APRIL 27, 1996 COMPARED TO
THIRTEEN WEEKS ENDED APRIL 29, 1995
Sales for the quarter ended April 27, 1996, totalled $106,525,000, an
increase of 6.2% from 1995. The thirteen weeks this year include sales in
a new store in Leawood, Kansas, which opened in March 1996. Comparable
store sales increased 2.4% (7.9% increase in Florida; 0.7% decrease in
Midwest). Sales in the Metropolitan Detroit stores are expected to be
pressured as a result of increased competition, including the entry of
Nordstrom's into the market in the Fall of 1996. In addition, planned and
potential store openings and closings described under "Corporate
Development" are expected to affect future sales.
- 9 -
<PAGE>
JACOBSON STORES INC. AND CONSOLIDATED SUBSIDIARIES
PART I: FINANCIAL INFORMATION
For Quarter Ended April 27, 1996
The Company's gross profit percentage increased to 35.9% for the thirteen
weeks this year from 35.4% in 1995, reflecting lower markdowns partially
offset by incentive discounts offered to new charge customers.
Selling, general and administrative expenses, expressed as a percentage
of sales, decreased to 32.3% in the quarter from 32.9% one year ago. The
decrease is due primarily to expense leverage provided by sales growth
and lower advertising expenses.
Interest expense, expressed as a percentage of sales, decreased to 2.1%
for the quarter from 2.2% one year ago, as leverage provided by sales
growth was partially offset by higher revolving credit and term loan
borrowings.
1996 net earnings for the thirteen weeks totalled $1,012,000, or 18 cents
per common share, compared to $172,000, or 3 cents per share, last year.
As a percentage of sales, net earnings were 1.0% in 1996 compared to 0.2%
one year ago.
b. LIQUIDITY AND CAPITAL RESOURCES
At April 27, 1996, the Company's current ratio was 3.25 to 1 and working
capital totalled $104,393,000, including $3,230,000 of cash and cash
equivalents. At January 27, 1996, the current ratio was 2.91 to 1 and
working capital totalled $95,091,000, including $3,068,000 of cash and
cash equivalents.
The Company utilizes cash flows from operations and revolving credit line
borrowings to fund its seasonal working capital needs. To support its
present and planned working capital requirements, including working
capital requirements for the two stores opening in 1996, the Company has
a $65,000,000 Revolving Credit and Term Loan facility under a Credit
Agreement with two banks. At April 27, 1996, there was $28,500,000
outstanding under the Revolving Credit line and $20,000,000 outstanding
under the Term Loan portion of the Credit Agreement.
- 10 -
<PAGE>
JACOBSON STORES INC. AND CONSOLIDATED SUBSIDIARIES
PART I: FINANCIAL INFORMATION
For Quarter Ended April 27, 1996
c. CASH FLOWS
Cash and cash equivalents increased $162,000 in the thirteen weeks ended
April 27, 1996 compared to an increase of $570,000 in the thirteen weeks
ended April 29, 1995. Cash flows are impacted by operating, investing and
financing activities. In the thirteen weeks this year, operating
activities used $5,197,000 of cash, compared to $166,000 of cash used in
1995. The decrease in 1995 versus 1996 reflects primarily inventory
requirements of the new Leawood, Kansas store and increased use of the
Jacobson charge card in the first quarter this year due to the new store
and a customer incentive program, partially offset by higher income in
1996.
Investing activities used cash of $3,345,000 in the thirteen weeks this
year compared to $1,872,000 in 1995. Investing activities included
capital expenditures for the acquisition and fixturing of new stores, and
expansion, modernization and refixturing of existing stores and support
facilities totalling $3,377,000 in the first thirteen weeks of 1996
compared to $1,283,000 last year.
Financing activities provided cash of $8,704,000 in the thirteen weeks
this year compared to $2,608,000 last year. In the first thirteen weeks
this year, the Company borrowed $7,100,000 more under the Revolving
Credit portion of its Credit Agreement than it had borrowed under its
former revolving credit facility in 1995. In the first thirteen weeks
this year, the Company used $1,874,000 to service current maturities of
long-term debt compared to $870,000 in 1995. The Company paid common
stock dividends of $722,000 in each thirteen week period in 1996 and
1995.
The Company believes its cash flows from operations, along with its
borrowing capacity and access to financial markets are adequate to fund
its operations, debt maturities and commitments for another store opening
in 1996.
- 11 -
<PAGE>
JACOBSON STORES INC. AND CONSOLIDATED SUBSIDIARIES
PART I: FINANCIAL INFORMATION
For Quarter Ended April 27, 1996
d. CORPORATE DEVELOPMENT
The Company opened a 120,000 square foot leased store in the Town Center
Plaza, a shopping center in Leawood, Kansas, a suburb of Kansas City, in
March 1996.
In May 1995, the Company signed a lease for an 80,000 square foot store
under construction in Mizner Park, a mixed-use retail, residential and
office development in Boca Raton, Florida.
The store is targeted to open in the Fall 1996.
The Company's strategy is to achieve long-term growth both by maintaining
and improving market share in its existing communities and by entering
new markets. The Company evaluates potential new store locations and
would open new stores as desirable opportunities arise and resources
permit. The Company has developed a concept store for additional new
stores based on a standard 65,000-70,000 square foot footprint on one
level. Implementing a growth strategy would likely require additional
capital, including additional debt or equity financing. The Company is
currently exploring its strategic alternatives, including its financing
alternatives for its corporate development plans. The Company reviews the
performance of its less profitable existing stores from time to time to
determine whether it would be in the Company's best interest to close any
of these stores. Store openings and closings could have a significant
impact on the Company's sales, expenses and capital requirements. In
addition, store closings would likely entail significant one-time charges
to effect the closing and to recognize any impairment of assets resulting
from the closing decision.
- 12 -
<PAGE>
JACOBSON STORES INC. AND CONSOLIDATED SUBSIDIARIES
PART II: OTHER INFORMATION
For Quarter Ended April 27, 1996
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits
11 Computation of Earnings Per Share
15 Letter from Independent Public Accountants
27 Financial Data Schedule
(b) Reports on Form 8-K
The Company did not file any reports on Form 8-K during its fiscal
quarter ended April 27, 1996.
All exhibits except as set forth above have been omitted as not applicable or
not required.
- 13 -
<PAGE>
JACOBSON STORES INC. AND CONSOLIDATED SUBSIDIARIES
For Quarter Ended April 27, 1996
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
JACOBSON STORES INC.
-------------------------------
(Registrant)
Date: June 4, 1996 BY: /s/ Mark K. Rosenfeld
-------------------------------
MARK K. ROSENFELD
Chairman of the Board and Chief
Executive Officer
Date: June 4, 1996 BY: /s/ Paul W. Gilbert
-------------------------------
PAUL W. GILBERT
Vice Chairman of the Board
(Principal Financial Officer)
- 14 -
<PAGE>
JACOBSON STORES INC. AND CONSOLIDATED SUBSIDIARIES
INDEX OF EXHIBITS
11 Computation of Earnings Per Share
15 Letter from Independent Public Accountants
27 Financial Data Schedule
All exhibits except as set forth above have been omitted as not applicable
or not required.
EXHIBIT 11
JACOBSON STORES INC. AND CONSOLIDATED SUBSIDIARIES
COMPUTATION OF EARNINGS PER SHARE
(in thousands)
(unaudited)
Primary earnings per common share, as set forth in the consolidated statements
of earnings, are computed by dividing net earnings by the weighted average
number of shares of common stock and common stock equivalents outstanding
during the period. Fully diluted earnings per share are computed based on the
additional assumption that the Company's 6-3/4% Convertible Subordinated
Debentures due 2011 were converted to common stock at the date of issuance
with a corresponding increase in net earnings to reflect reduction in related
interest expense, net of income taxes, except if anti-dilutive.
These computations are set forth below (in thousands except per share data):
<TABLE>
<CAPTION>
Thirteen Weeks Ended
-----------------------
April 27, April 29,
1996 1995
--------- ---------
<S> <C> <C>
EARNINGS PER COMMON SHARE AND
COMMON EQUIVALENT SHARE:
Weighted average number of shares of common
stock and common stock equivalents outstanding -
Primary 5,781 5,782
Fully diluted 6,840 6,835
====== ======
NET EARNINGS $1,012 $ 172
====== ======
NET EARNINGS, adjusted to reflect reduction
in interest expense attributable to convertible
debentures, net of income tax $1,396 $ 556
====== ======
NET EARNINGS PER SHARE:
Primary and Fully diluted $ 0.18 $ 0.03
====== ======
</TABLE>
EXHIBIT 15
ARTHUR ANDERSEN LLP
To Jacobson Stores Inc.:
We are aware that Jacobson Stores Inc. has incorporated by reference in its
Form S-8 Registration Statements File No. 2-88295 and File No. 033-53469 and
Form S-2 File No. 33- 10532 its Form 10-Q for the quarter ended April 27,
1996, which includes our report dated May 10, 1996, covering the unaudited
interim condensed consolidated financial information contained therein.
Pursuant to Regulation C of the Securities Act of 1933, that report is not
considered a part of the registration statement prepared or certified by our
firm or a report prepared or certified by our firm within the meaning of
Sections 7 and 11 of the Act.
Very truly yours,
/s/ Arthur Andersen LLP
------------------------
Detroit, Michigan
June 4, 1996
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FINANCIAL STATEMENTS OF JACOBSON STORES INC. AND CONSOLIDATED SUBSIDIARIES AS
OF, AND FOR THE THIRTEEN WEEK PERIOD ENDED, APRIL 27, 1996 AND IS QUALIFIED IN
ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS AND ACCOMPANYING NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<FISCAL-YEAR-END> JAN-25-1997
<PERIOD-START> JAN-25-1996
<PERIOD-END> APR-27-1996
<PERIOD-TYPE> 3-MOS
<CASH> $ 3,230
<SECURITIES> 0
<RECEIVABLES> 41,665
<ALLOWANCES> 817
<INVENTORY> 98,792
<CURRENT-ASSETS> 150,759
<PP&E> 170,435
<DEPRECIATION> 73,010
<TOTAL-ASSETS> 269,298
<CURRENT-LIABILITIES> 46,366
<BONDS> 129,411
<COMMON> 5,966
0
0
<OTHER-SE> 75,940
<TOTAL-LIABILITY-AND-EQUITY> 269,298
<SALES> 106,525
<TOTAL-REVENUES> 106,525
<CGS> 68,260
<TOTAL-COSTS> 68,260
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 2,272
<INCOME-PRETAX> 1,557
<INCOME-TAX> 545
<INCOME-CONTINUING> 1,012
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 1,012
<EPS-PRIMARY> .18
<EPS-DILUTED> .18
</TABLE>
