FORM 10-Q
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 March 28, 1999
or
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ________ to ________
Commission file number 1-12767
Chemfab Corporation
(Exact name of registrant as specified in its charter)
Delaware 03-0221503
(State of Incorporation) (I.R.S. Employer Identification No.)
701 Daniel Webster Highway 03054
Merrimack, New Hampshire (Zip Code)
(Address of principal executive offices)
Registrant's telephone number, including area code: (603) 424-9000
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, 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.
As of April 30, 1999, the Company had 8,809,069 shares of Common Stock, par
value $0.10 per share, outstanding.
<PAGE>
CHEMFAB CORPORATION
INDEX
Part I. Financial Information Page No.
Item 1. Financial Statements
Consolidated Balance Sheets at
March 28, 1999 and June 30, 1998 3
Consolidated Statements of Income for the
Three Months and Nine Months Ended
March 28, 1999 and March 29, 1998 5
Consolidated Statements of Cash Flows for the
Nine Months Ended March 28, 1999 and
March 29, 1998 6
Notes to Consolidated Financial Statements 7
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations 9
Part II. Other Information
Item 3. Legal Proceedings 13
Item 6. Exhibits and Reports on Form 8-K 14
--------------------------------
Signatures 15
<PAGE>
Part I - Financial Information
CHEMFAB CORPORATION
CONSOLIDATED BALANCE SHEETS (Page 1 of 2)
(in thousands except par value amounts)
March 28, June 30,
1999 1998
--------- ---------
(Unaudited)
Current assets:
Cash and cash equivalents ................... $ 3,376 $ 11,099
Receivables:
Trade .................................... 20,777 20,946
Other .................................... 77 17
Costs and estimated earnings in excess of
billings on uncompleted contracts ........ 1,985 1,373
Inventories ................................. 20,908 17,403
Prepaid expenses, and other current assets .. 3,275 720
Deferred tax assets ......................... 1,039 730
--------- ---------
Total current assets ..................... 51,437 52,288
Property, plant and equipment, at cost .......... 59,353 50,260
Less: accumulated depreciation .............. (28,860) (26,043)
--------- ---------
Property, plant and equipment, net ........... 30,493 24,217
Goodwill, net ................................... 16,651 9,926
Other assets .................................... 2,474 2,673
--------- ---------
Total assets .......................... $ 101,055 $ 89,104
========= =========
See accompanying Notes to Consolidated Financial Statements
<PAGE>
CHEMFAB CORPORATION
CONSOLIDATED BALANCE SHEETS (Page 2 of 2)
(in thousands except par value amounts)
March 28, June 30,
1999 1998
--------- ---------
(Unaudited)
Current liabilities:
Accounts payable and accrued
expenses .................................... $ 12,402 $ 12,307
Short-term borrowings ............................ 5,524 --
Accrued income taxes ............................. 3,184 2,540
Billings in excess of costs and
Estimated earnings on
uncompleted contracts
80 151
--------- ---------
Total current liabilities ..................... 21,190 14,998
--------- ---------
Deferred tax liabilities ............................. 2,121 1,752
Shareholders' equity:
Preferred stock, par value $.50:
Authorized - 1,000 shares,
None issued ................................... -- --
Common stock, par value $.10:
Authorized - 15,000 shares;
Issued 8,779 at March 28, 1999
And 8,689 shares at June 30, 1998
878 869
Additional paid-in capital ....................... 26,235 25,008
Retained earnings ................................ 69,172 61,036
Treasury stock, at cost
(1,009 shares at March 28, 1999
And 877 at June 30, 1998) ................... (17,545) (15,137)
Foreign currency translation
adjustment .................................. (996) 578
--------- ---------
Total shareholders' equity .................... 77,744 72,354
--------- ---------
Total liabilities and shareholders' equity . $ 101,055 $ 89,104
========= =========
See accompanying Notes to Consolidated Financial Statements
<PAGE>
<TABLE>
CHEMFAB CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
(in thousands, except per share data)
<CAPTION>
Three Months Ended Nine Months Ended
March 28, March 29, March 28, March 29,
1999 1998 1999 1998
-------- -------- ---------- --------
<S> <C> <C> <C> <C>
Net sales .................................. $ 44,457 $ 27,257 $ 97,581 $ 75,312
Cost of sales .............................. 30,734 17,983 65,958 49,745
-------- -------- -------- --------
Gross profit ............................... 13,723 9,274 31,623 25,567
Selling, general and
Administrative expenses ................. 7,328 4,421 16,653 12,661
Research and development ................... 1,273 812 2,930 2,234
Other expense (income) ..................... 78 (31) (82) 17
Interest expense (income), net ............. 360 (74) 231 (234)
-------- -------- -------- --------
Income before income taxes ................. 4,684 4,146 11,891 10,889
Provision for income taxes ................. 1,449 1,338 3,755 3,494
-------- -------- -------- --------
Net income ................................. $ 3,235 $ 2,808 $ 8,136 $ 7,395
======== ======== ======== ========
Earnings per share:
- Basic ................................. $ 0.41 $ 0.36 $ 1.04 $ 0.93
- Diluted ............................... $ 0.40 $ 0.34 $ 1.01 $ 0.90
Weighted average common share outstanding:
- Basic ................................. 7,819 7,860 7,822 7,918
- Diluted ............................... 8,034 8,160 8,069 8,228
</TABLE>
<PAGE>
<TABLE>
CHEMFAB CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(in thousands)
<CAPTION>
Nine Months Ended
Mar. 28, Mar. 29,
1999 1998
-------- --------
<S> <C> <C>
Cash flows from operating activities:
Net income .................................................. $ 8,136 $ 7,395
Adjustments to reconcile net income to net cash
provided by operations:
Depreciation and amortization .......................... 4,306 3,615
Change in working capital:
Receivables ......................................... 775 (2,653)
Costs and estimated earnings in excess
of billings on uncompleted contracts, net ......... (682) (114)
Inventories ......................................... (2,397) (967)
Prepaid expenses and other .......................... (2,577) 174
Other assets ........................................ (219) (384)
Accounts payable and accrued expenses ............... (1,658) 249
Income taxes ........................................ 762 1,091
-------- --------
Total adjustments ................................... (1,690) 1,011
-------- --------
Net cash provided by operations ..................... 6,446 8,406
Cash flows from investing activities:
Acquisitions ........................................... (9,420) 0
Capital expenditures (net) ............................. (9,052) (4,528)
-------- --------
Net cash used in investing activities ............... (18,472) (4,528)
Cash flows from financing activities:
Short-term borrowings .................................. 13,524 0
Repayment of short-term borrowings ..................... (8,000) 0
Proceeds from exercise of stock options ................ 1,236 1,743
Purchase of treasury shares ............................ (2,408) (5,404)
-------- --------
Net cash provided by/(used in) financing activities . 4,352 (3,661)
Effect of exchange rate changes on cash ..................... (49) 43
-------- --------
Net (decrease)/increase in cash and cash equivalents ........ (7,723) 260
Cash and cash equivalents at beginning of year .............. 11,099 8,055
------- --------
Cash and cash equivalents at end of period .................. $ 3,376 $ 8,315
======== ========
Interest paid ................................................ $ 434 $ 0
Income taxes paid ............................................ $ 2,366 $ 2,248
See accompanying notes to the Consolidated Financial Statements.
</TABLE>
<PAGE>
CHEMFAB CORPORATION
Notes to Consolidated Financial Statements
March 28, 1999
(Unaudited)
Note 1 - Significant Accounting Policies
Principles of Consolidation:
The consolidated financial statements of Chemfab Corporation (the
Company) included in this report reflect all adjustments (consisting of
only normally recurring accruals) which, in the opinion of management,
are necessary for a fair presentation of the consolidated financial
position at March 28, 1999 and June 30, 1998 and the consolidated
statements of income for the three months and nine months ended March
28, 1999 and March 29, 1998 and cash flows for the nine months ended
March 28, 1999 and March 29, 1998. The unaudited results of operations
for the interim periods reported are not necessarily indicative of
results to be expected for the year.
Certain notes and other information have been condensed or omitted from
these interim financial statements. The statements, therefore, should
be read in conjunction with the consolidated financial statements and
related notes included in the Chemfab Corporation Annual Report on Form
10-K for the year ended June 30, 1998 (file no. 1-12767).
Note 2 - Inventories:
Inventories consisted of the following:
March 28, 1999 June 30, 1998
(in thousands)
Finished Goods $ 7,835 $ 5,674
Work in Process 6,017 7,396
Raw Materials 7,056 4,333
------- -------
$20,908 $17,403
======= =======
Note 3 - Commitments and Contingencies:
The Company has reached an agreement with Birdair, Inc. (Birdair)
(Chemfab's leading customer for architectural membrane products),
regarding improved ways to develop the architectural membrane market.
The agreement, which was announced on March 25, 1999, became effective
during the fourth quarter of the Company's fiscal year, on March 29,
1999. An additional feature of the agreement included resolution of the
Company's dispute with Birdair and the termination of litigation
activity related to the Tent City project, as previously described in
Part I, Item 3 in the fiscal 1998 Annual Report, and in Part II, Item 1
of the Company's Form 10-Q for the fiscal quarter ending December 27,
1998.
<PAGE>
Various other lawsuits and claims are pending or have been asserted by
and against the Company, including matters previously disclosed by the
Company in its Form 10-K for the year ended June 30, 1998. Although the
outcome of such matters cannot be predicted with certainty and some
lawsuits or claims may be disposed of unfavorably to the Company,
management believes that the disposition of its current legal
proceedings, to the extent not covered by insurance, will not have a
material adverse effect on the Company's financial condition and
results of operations.
Note 4 - Debt:
At March 28, 1999, the Company had a $21,000,000 line of credit jointly
with two commercial banks. Borrowings under this facility are at the
higher of the bank's base rate (7.75% at March 28, 1999), or 0.5% over
the federal funds rate (5.125% at March 28, 1998), as defined in the
agreement. The Company has also secured Eurocurrency pricing options
for certain debt as defined in the agreement. Borrowings under this
option is 1.00% over the LIBOR rate. The amount available on the line
of credit was $12,665,000 at March 28, 1999 and $21,000,000 at June 30,
1998.
Note 5 - Acquisitions:
On September 7, 1998, the Company completed the purchase of the
business assets (principally inventory, equipment, certain liabilities
and accounts payable, accruals and intangibles) of Vdb/hi-tex
Technische Gewebe Gmbh (Vdb) for approximately $6,200,000 in cash,
including associated transaction costs. The acquisition was accounted
for using the purchase method of accounting. Prior to the acquisition,
Vdb's main business was in the fabrication and distribution of PTFE
composite products principally purchased from Chemfab. This business is
expected to continue. Vdb's primary markets are in Germany, Turkey and
Eastern European countries. The acquisition of Vdb resulted in the
recognition of goodwill of approximately $5,900,000, which will be
amortized over 15 years.
On December 29, 1998, the Company completed the purchase of the
business assets (principally inventory, equipment and intangibles, net
of certain liabilities, accounts payable and accruals) of Breitenborn
GmbH (Breitenborn) for approximately $2,773,000 in cash, including
associated transaction costs. The acquisition was accounted for using
the purchase method of accounting. Prior to the acquisition,
Breitenborn's main business was in the fabrication and distribution of
PTFE composite products principally purchased from Chemfab. This
business is expected to continue. The acquisition of Breitenborn
resulted in the recognition of goodwill of approximately $2,309,000,
which will be amortized over 15 years.
In January 1999, the Company entered into an agreement to acquire
control of a PTFE coating and fabrication operation in South America.
The agreement contains certain contingencies which are expected to be
fulfilled in fiscal 1999. Included in prepaid and other assets at March
28, 1999 is a $347,000 prepayment and $1,109,000 in escrow to complete
the transaction.
<PAGE>
Item II. Management's Discussion and Analysis of
Financial Condition and Results of Operations
Three Months Ended March 28, 1999
Net Sales
The Company's consolidated net sales for the three months ended March 28, 1999,
the third quarter of fiscal 1999, increased 63% to $44,457,000 from $27,257,000
in the same quarter last year. Excluding sales to the Tent City project in Mina,
Saudi Arabia, sales for the quarter increased 2.1%. Shipments of the Company's
engineered products worldwide decreased 2%, over the year earlier period while
shipments of architectural products (including the Tent City project) rose 336%.
Had mainland European currencies and the Pound Sterling remained at the same
exchange rates as last year, consolidated revenue would have increased by 62%
and worldwide engineered product sales would have decreased by 3% over the
previous year.
Engineered Products - Americas Business Group sales (which include all
non-architectural product sales to customers in North America and South America)
decreased 12% to $ 11,971,000 from $13,609,000 for the same quarter last year.
This revenue decrease resulted principally from a decline in the Company's
communication and protective system sales, which was partially offset by higher
sales in the food processing market. It is expected that revenues from sales of
engineered products into the Americas will continue at the same level through
the end of the fiscal year.
Engineered Products - European Business Group sales (which include all
non-architectural product sales to customers in Europe, India, the Middle East
and Africa) increased 11% to $8,010,000 from $7,197,000 in the same quarter last
year. The Vdb and Breitenborn acquisitions accounted for most of the increase in
European Business Group sales. Had the mainland European currencies and the
Pound Sterling remained at the same exchange rate as last year, European
Business Group sales for the quarter would have increased 8% over the same
quarter a year ago. Sales for the remainder of the fiscal year are expected to
continue at approximately the same levels.
Engineered Products - Asia Pacific Business Group sales (which include all
non-architectural product sales to customers in the Far East and Australia)
increased 33% to $1,607,000 from $1,208,000 in the same quarter last year. The
increase was the result of a strong marketing and sales focus into this
geographic area and a strengthening of the economy in certain Asia countries.
Revenue from industrial product shipments into the Asia Pacific region is
expected to continue at approximately this level for the remainder of the fiscal
year.
Architectural Product sales increased 336% to $22,869,000 from $5,243,000 in the
same quarter last year. This increase in revenues was the result of an increase
in projects completed-to-date this year (including approximately $16,631,000 in
sales to the Tent City project) versus last year. Architectural Product sales
(excluding Tent City sales) in the third quarter increased 19% to $6,238,000,
compared to the same period last year. Based on recent order entry and other
relevant market data, the Company expects that architectural product sales in
<PAGE>
the fourth quarter of fiscal 1999 will return to revenue levels comparable to
those achieved in the same period of the prior year. The Company entered into
agreements which became effective in the fourth quarter, to improve ways to
develop the architectural membrane market. Pursuant to these agreements, the
Company has agreed to provide merchandise credits totaling $1,250,000. As a
result, the Company will not bill for shipments amounting to $1,250,000 in the
fourth quarter of fiscal 1999. Therefore, reported revenue and margins in the
fourth quarter will be impacted by the foregone revenue. The Company also
expects to take a special charge for this merchandise in the same fouth quarter.
Gross Profit Margins
Gross profit margins as a percentage of consolidated net sales were 30.9% for
the quarter, down from 34.0% for the same quarter last year. The decrease was
primarily attributed to the low margins on the Tent City project.
Selling, Administrative, Research and Development Expenses
Selling, general and administrative expenses increased 66% to $7,328,000 from
$4,421,000 in the same quarter last year. This increase resulted from the
combined effects of the higher cost structure in place (including goodwill
amortization) to support the Company's newly acquired business in Germany, as
well as higher shipping expense associated with the Tent City project. Selling,
general and administrative expenses as a percentage of sales were 16%,
consistent with the third quarter of last year. The Company expects that these
expenses will continue in the fourth quarter at approximately 16% of sales.
Research and development expenses were $1,273,000 compared to last year's level
of $812,000. This level of spending, at approximately 3% of total revenues, is
consistent with recent, as well as planned, levels of research and development
spending. The higher costs are primarily attributable to new product development
activities. The Company expects to maintain research and development expense at
approximately 3% of expected fourth quarter sales.
Other (Income) Expense
The Company had net other expense of $78,000 for the current quarter, compared
to net other income of $31,000 for the same quarter last year.
Interest Income/Expense
The Company had net interest expense of $360,000 for the current quarter,
compared to $74,000 interest income for the same quarter last year. The net
interest expense in the current quarter compared with a net interest income in
the corresponding quarter last year is mainly a result of a lower average cash
balance and borrowings made to fund acquisitions and the Tent City project.
<PAGE>
Nine Months Ended March 28, 1999
Net Sales
The Company's consolidated net sales for the nine months ended March 28, 1999
increased 30% to $97,581,000 from $75,312,000 in the same period last year.
Excluding Tent City sales, year-to-date sales would have increased 3.1% from the
same period last year. Shipments of the Company's engineered products worldwide
increased 3% over the year earlier, while architectural product shipments (net
of Tent City sales) increased 3% for the same period. Had mainland European
currencies and the Pound Sterling remained at the same exchange rates as last
year, consolidated revenue would have increased by 28% and worldwide-engineered
products sales would have increased by 2% over the previous year.
Engineered Products - Americas Business Group sales (which include all
non-architectural product sales to customers in North America and South America)
decreased 2% to $37,167,000 from $37,851,000 for the same period last year. This
decrease resulted principally from a decline in sales into the protective
system, communication and electrical, electronic markets.
Engineered Products - European Business Group sales (which include all
non-architectural product sales to customers in Europe, India, the Middle East
and Africa) for the first nine months of the fiscal year increased 16% to
$22,878,000 from $19,792,000 in the same period last year. The Vdb and
Breitenborn acquisitions accounted for approximately 7% of the increase in the
European Business Group sales. Measured in constant currency rates, prior to
translation into U.S. dollars, European Business Group sales would have
increased 9% over the same period last year.
Engineered Products - Asia Pacific Business Group sales (which include all
non-architectural product sales to customers in the Far East and Australia)
decreased 6% to $4,408,000 from $4,709,000 in the same period last year. This
decrease was incurred in the first two quarters of the current fiscal year and
was the result of continued weakness of the economy of certain Asian countries.
Architectural Product sales increased 156% to $33,128,000 from $12,960,000 in
the same period last year. This increase in revenues was the result of an
increase in sizable projects completed-to-date (including the Tent City project)
this year versus last year. Excluding the Tent City project, architectural sales
would have increased by 3% over the previous year.
Gross Profit Margins
Gross profit margins as a percentage of consolidated net sales decreased to
32.4% for the nine months ended March 28, 1999, down from 33.9% for the same
period last year, mainly due to the lower margins on the Tent City project.
<PAGE>
Selling, Administrative, Research and Development Expenses
Selling, general and administrative expenses increased 32% to $16,653,000 from
$12,661,000 in the same period last year. Increased selling, general and
administration expenditures resulted from the combined effects of the higher
cost structure in place to support the Company's newly acquired operations in
Germany, as well as higher shipping expense associated with the Tent City
project. Selling, general and administrative expenses as a percentage of sales
were 17%, unchanged from the same period last year.
Research and development expenses were $2,930,000, compared to last year's level
of $2,234,000. This level of spending, at approximately 3% of total revenues, is
consistent with recent, as well as planned, levels of research and development
spending. The higher spending is primarily attributed to new product development
activities.
Other (Income) Expense
The Company had net other income of $82,000 for the nine months ended March 28,
1999, compared to net other expense of $17,000 in the year-earlier period.
Interest Income/Expense
The Company had net interest expense of $231,000 for the nine months ended March
28, 1999, compared to net interest income of $234,000 for the same period last
year. The net interest expense in the current period compared to the net
interest income for the corresponding period last year is mainly a result of a
lower average cash balance and borrowings made to fund acquisitions and the Tent
City project.
Liquidity and Capital Resources
During the nine months ended March 28, 1999, the Company generated $6,446,000
cash from operations, down from $8,406,000 in the same period of the prior year.
During the period, the Company invested $9,052,000 in property, plant and
equipment additions mainly to increase capacity to meet expected customer
demand, and expended $2,408,000 to repurchase stock under its share repurchase
program. The Company also received $1,236,000 in cash proceeds and related tax
benefits from the exercise of stock options during this period.
Working capital decreased to $30,247,000 from $37,290,000 at the end of fiscal
1998. As of March 28, 1999, the Company had an aggregate line of credit of
approximately $21,000,000 under its domestic and international borrowing
facilities. As of March 28, 1999, the Company had approximately $12,665,000
available under these facilities. Management believes that the combination of
cash on hand, cash expected to be generated from operations, and available
credit facilities will be adequate to finance operations during fiscal 1999 and
to deal with any liabilities or contingencies described in Note 3 to the
Consolidated Financial Statements.
<PAGE>
Year 2000
In 1993, the Company began its program to prepare for the Year 2000 issues. The
Company has made steady progress since then in addressing this computer
programming challenge. The Company is continuing to analyze operations to
determine and implement the procedures necessary to ensure timely and effective
Year 2000 compliance. The Company has generally completed the identification and
assessment phase of its Year 2000 program. The Company believes that the vast
majority of its major information management and operations systems are
currently Year 2000 compliant.
The Company currently expects total out-of-pocket costs to become Year 2000
capable to approximate $1,400,000, of which the Company had spent $1,200,000 by
March 28, 1999. The Company expects that the remainder of such costs will not
have a material effect on the Company's financial condition, operations or
liquidity.
The Company has also identified and been in communication with its key third
party vendors and suppliers, both to determine the extent to which the Company
might be vulnerable to such parties' failure to resolve their own Year 2000
issues, and to plan for the satisfactory resolution of any such contingencies.
Where practicable, the Company will assess and attempt to mitigate its risks
with respect to the failure of its suppliers to be Year 2000 ready. The Company
intends to complete the survey of its key customers by July 31, 1999 to
determine and make plans regarding their state of Year 2000 readiness.
While no assurance can be given, the Company does not anticipate at this time
that the Year 2000 problem will have a material adverse impact on the Company's
business, financial condition or results of operation.
Forward-Looking Statements
Except for the historical information contained herein, the matters discussed in
this Form 10-Q are forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Investors are cautioned that
forward-looking statements are inherently uncertain. Actual performance and
results may differ materially from those projected or suggested due to certain
risks and uncertainties, including, potentially adverse effects of deficiencies
in raw material procurement and shipment delays and shortfalls in the Tent City
project, any fluctuation in the demand for architectural material, the impact of
the integration of our recently announced acquisitions, and the impact of market
penetration issues relating to the opportunities created by the new Birdair
agreement and our newly established E(2)(TM) business. Additional information
concerning certain risks and uncertainties that could cause actual results to
differ materially from those projected or suggested is contained in the
Company's Annual Report on Form 10-K for the fiscal year ended June 30, 1998
which has been filed with the Securities and Exchange Commission. The
forward-looking statements contained herein represent the Company's judgment as
of the date of this filing, and the Company cautions readers not to place undue
reliance on such statements.
<PAGE>
Part II. Other Information
Item 1. Legal Proceedings
The Company has reached an agreement with Birdair, Inc. (Birdair)
(Chemfab's leading customer for architectural membrane products),
regarding improved ways to develop the architectural membrane market.
The agreement, which was announced on March 25, 1999, became effective
during the fourth quarter of the Company's fiscal year, on March 29,
1999. An additional feature of the agreement included resolution of the
Company's dispute with Birdair and the termination of litigation
activity related to the Tent City project, as previously described in
Part I, Item 3 in the fiscal 1998 Annual Report, and in Part II, Item 1
of the Company's Form 10-Q for the fiscal quarter ending December 27,
1998.
Various other lawsuits and claims are pending or have been asserted by
and against the Company, including matters previously disclosed by the
Company in its Form 10-K for the year ended June 30, 1998. Although the
outcome of such matters cannot be predicted with certainty and some
lawsuits or claims may be disposed of unfavorably to the Company,
management believes that the disposition of its current legal
proceedings, to the extent not covered by insurance, will not have a
material adverse effect on the Company's financial condition and
results of operations.
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits
None.
(b) Reports on Form 8-K
None.
<PAGE>
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.
CHEMFAB CORPORATION
Date: May 11, 1999 /s/ John W. Verbicky
------------------------------------
John W. Verbicky, President,
Chief Executive Officer and Director
(Principal Executive Officer)
Date: May 11, 1999 /s/ Moosa E. Moosa
------------------------------------
Moosa E. Moosa
Vice President-Finance, Treasurer
and Chief Financial Officer
(Principal Financial Officer)
Date: May 11, 1999 /s/ Hilary A. Arwine
------------------------------------
Hilary A. Arwine
Corporate Controller
(Principal Accounting Officer)
<TABLE> <S> <C>
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<NAME> Chemfab Corp.
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<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> JUN-30-1999
<PERIOD-START> JUL-01-1998
<PERIOD-END> MAR-28-1999
<CASH> $3,376,000
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<RECEIVABLES> $21,295,000
<ALLOWANCES> $441,000
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