<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the quarterly period ended September 30, 2000
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 000-00822
--------------------------------
THE OILGEAR COMPANY
(Exact name of registrant as specified in its charter)
Wisconsin 39-0514580
--------------------------------------------------------------------------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
2300 South 51st Street, Milwaukee, Wisconsin 53219
--------------------------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (414) 327-1700
--------------------------------------------------------------------------------
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.
Class Outstanding September 30, 2000
--------------------------------------------------------------------------------
Common Stock, $1.00 Par Value 1,990,783
<PAGE> 2
PAGE 2
PART I - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS.
THE OILGEAR COMPANY AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
<TABLE>
<CAPTION>
ASSETS SEPTEMBER 30, 2000 December 31, 1999
------ ------------------ -----------------
<S> <C> <C>
Current assets:
Cash and cash equivalents $ 4,839,135 6,698,452
Trade accounts receivable, less allowance for
doubtful
receivables of $268,000 in both 2000 and 1999 20,804,903 17,563,376
Costs and estimated earnings in excess of billings on uncompleted
contracts 1,378,202 511,564
Inventories 22,746,504 23,232,920
Prepaid expenses 555,222 378,680
Other current assets 1,046,833 976,355
--------------- ----------
Total current assets 51,370,799 49,361,347
--------------- ----------
Property, plant and equipment, at cost
Land 900,581 1,010,165
Buildings 11,406,915 11,196,541
Machinery and equipment 47,974,950 47,233,691
Drawings, patterns and patents 4,476,601 4,249,083
--------------- ----------
64,759,047 63,689,480
Less accumulated depreciation and amortization 39,341,583 37,103,920
--------------- ----------
Net property, plant and equipment 25,417,464 26,585,560
Intangible pension asset 240,000 240,000
Other assets 4,701,326 5,178,340
--------------- ----------
$ 81,729,589 81,365,247
--------------- ----------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------
Current liabilities:
Short-term borrowings $ 629,206 158,244
Current installments of long-term debt 1,910,140 2,014,355
Accounts payable 6,843,686 6,219,199
Billings in excess of costs and estimated earnings on uncompleted
contracts 732,713 726,671
Customer deposits 2,122,911 523,717
Accrued compensation and employee benefits 1,592,920 2,612,856
Other accrued expenses and income taxes 3,252,364 3,605,491
--------------- ----------
Total current liabilities 17,083,940 15,860,533
--------------- ----------
Long-term debt, less current installments 18,878,819 18,546,233
Unfunded employee retirement plan costs 790,000 790,000
Unfunded post-retirement health care costs 10,809,000 10,809,000
Other noncurrent liabilities 1,636,386 1,483,998
--------------- ----------
Total liabilities 49,198,145 47,489,764
--------------- ----------
Minority interest in consolidated subsidiaries 905,008 797,472
Shareholders' equity:
Common stock, par value $1 per share, authorized 4,000,000 shares; issued
1,990,783 shares in 2000 and 1999, respectively 1,990,783 1,990,783
Capital in excess of par value 9,497,906 9,497,906
Retained earnings 24,521,862 23,794,315
--------------- ----------
36,010,551 35,283,004
Deduct:
Treasury stock, 9,282 and 800 shares in 2000 and 1999, respectively,at cost (78,832) (8,800)
Notes receivable from employees for purchase of Company
common stock (199,388) (223,819)
Accumulated other comprehensive income:
Foreign currency translation adjustment (4,035,895) (1,902,374)
Minimum pension liability adjustment (70,000) (70,000)
--------------- ----------
(4,105,895) (1,972,374)
--------------- ----------
Total shareholders' equity 31,626,436 33,078,011
--------------- ----------
$ 81,729,589 81,365,247
=============== ==========
</TABLE>
See accompanying notes to consolidated financial statements.
<PAGE> 3
PAGE 3
THE OILGEAR COMPANY AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EARNINGS
(UNAUDITED)
<TABLE>
<CAPTION>
FOR THREE MONTHS ENDED FOR NINE MONTHS ENDED
SEPTEMBER 30, SEPTEMBER 30,
-------------------------- ---------------------------
2000 1999 2000 1999
----------- ---------- ----------- ----------
<S> <C> <C> <C> <C>
Net sales $22,716,930 22,293,914 $69,278,388 67,861,279
Cost of sales 16,713,024 15,886,250 50,329,857 48,613,237
----------- ---------- ----------- ----------
Gross profit 6,003,906 6,407,664 18,948,531 19,248,042
Selling, general and
administrative expenses 5,039,235 5,322,138 16,236,115 16,378,190
----------- ---------- ----------- ----------
Operating income 964,671 1,085,526 2,712,416 2,869,852
Interest expense 433,983 391,103 1,131,887 1,262,499
Other non-operating income (expense),net (59,801) (119,118) 75,057 84,085
----------- ---------- ----------- ----------
Earnings before income taxes 470,887 575,305 1,655,586 1,691,438
Income tax expense 136,237 223,345 411,996 480,626
----------- ---------- ----------- ----------
Net earnings before minority interest 334,650 351,960 1,243,590 1,210,812
Minority interest in net earnings 24,529 51,013 106,408 86,576
----------- ---------- ----------- ----------
Net earnings $ 310,121 300,947 $ 1,137,182 1,124,236
=========== ========== =========== ==========
Basic earnings per share of common stock $ 0.16 0.15 $ 0.57 0.57
=========== ========== =========== ==========
Diluted earnings per share of common stock $ 0.16 0.15 $ 0.57 0.57
=========== ========== =========== ==========
Dividends per share of common stock $ 0.07 0.07 $ 0.21 0.21
=========== ========== =========== ==========
Basic weighted-average outstanding shares 1,981,200 1,988,805 1,981,257 1,981,296
=========== ========== =========== ==========
Diluted weighted-average outstanding shares 1,987,205 1,988,805 1,986,086 1,981,296
=========== ========== =========== ==========
</TABLE>
See accompanying notes to consolidated financial statements.
<PAGE> 4
PAGE 4
THE OILGEAR COMPANY AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
<TABLE>
<CAPTION>
FOR NINE MONTHS ENDED
SEPTEMBER 30,
----------------------------
2000 1999
------------ ------------
<S> <C> <C>
Cash flows from operating activities:
Net earnings $ 1,137,182 1,124,236
Adjustments to reconcile net earnings to net cash provided by operating
activities:
Depreciation and amortization 2,991,440 3,055,221
Common and treasury stock issued in connection with:
Compensation element of sales to employees
and employee savings plan 52,425 65,261
Minority interest in consolidated subsidiaries 106,408 86,576
Change in assets and liabilities:
Trade accounts receivable (4,142,658) (2,135,916)
Inventories (380,154) 2,619,986
Billings, costs and estimated earnings on uncompleted contracts (860,596) 86,871
Prepaid expenses (214,376) (220,826)
Accounts payable 892,499 (2,407,065)
Customer deposits 1,694,617 496,361
Accrued compensation (865,576) 583,710
Other, net (239,232) 1,427,028
------------ -----------
Net cash provided by operating activities $ 171,979 4,781,443
------------ -----------
Cash flows from investing activities:
Additions to property, plant and equipment (2,375,971) (1,532,058)
------------ -----------
Net cash used by investing activities $(2,375,971) (1,532,058)
------------ -----------
Cash flows from financing activities:
Net borrowings (repayments) under line of credit agreements 500,601 (94,666)
Repayment of long-term debt (1,458,440) (2,189,731)
Proceeds from issuance of long-term debt 1,798,423 --
Restricted cash used for capital expenditures 555,235 227,390
Dividends paid (415,985) (417,546)
Purchase of treasury stock (140,494) (18,769)
Proceeds from sale of treasury stock -- 14,570
Proceeds from sale of common stock -- 130,031
Payments received on notes receivable from employees 48,820 54,443
------------ -----------
Net cash provided (used) by financing activities $ 888,160 (2,294,278)
------------ -----------
Effect of exchange rate changes on cash and cash equivalents (543,485) (294,004)
------------ -----------
Net increase (decrease) in cash and cash equivalents $(1,859,317) 661,103
Cash and cash equivalents:
At beginning of period 6,698,452 4,058,530
------------ -----------
At end of period $ 4,839,135 4,719,633
============ ===========
Supplemental disclosures of cash flow information: Cash paid during the period
for:
Interest $ 1,099,876 1,207,163
Income taxes $ 375,157 264,264
============ ===========
</TABLE>
THE OILGEAR COMPANY AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(UNAUDITED)
<TABLE>
<CAPTION>
FOR THREE MONTHS ENDED FOR NINE MONTHS ENDED
SEPTEMBER 30, SEPTEMBER 30,
------------------------ ---------------------------
2000 1999 2000 1999
---------- -------- ------------ -----------
<S> <C> <C> <C> <C>
Net earnings $ 310,121 300,947 $ 1,137,182 1,124,236
Other comprehensive loss:
Foreign currency translation adjustment (779,473) 572,364 (2,133,521) (970,787)
--------- ------- ----------- ---------
Total comprehensive gain (loss) $(469,352) 873,311 $ (996,339) 153,449
========= ======= =========== =========
</TABLE>
See accompanying notes to consolidated financial statements.
<PAGE> 5
PAGE 5
THE OILGEAR COMPANY AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
Basis of Presentation
These interim financial statements reflect all adjustments which are, in the
opinion of management, necessary for a fair statement of the results for the
interim period. All such adjustments are of a normal recurring nature.
Management assumes the reader will have access to the December 31, 1999 Annual
Report, a copy of which is available upon request. These notes should be read in
conjunction with the Consolidated Financial Statements and the related notes in
the 1999 Annual Report.
Business Description and Operations
The Company manages its operations in three reportable segments based upon
geographic area. Domestic includes the United States and Canada, European
includes Europe and International includes Asia, Latin America, Australia and
most of Africa.
The individual subsidiaries of the Company operate predominantly in the fluid
power industry. The Company provides advanced technology in the design and
production of unique fluid power components, systems and electronic controls.
Products include piston pumps, motors, valves, controls, manifolds,
electrohydraulic systems and components, cylinders, reservoirs, skids and
meters. Industries that use these products are primary metals, machine tool,
automobile, petroleum, construction equipment, chemical, plastic, glass, lumber,
rubber and food. The products are sold as individual components or integrated
into high performance systems.
Geographic segment information is as follows:
<TABLE>
<CAPTION>
FOR THREE MONTHS ENDED FOR NINE MONTHS ENDED
--------------------------------------- --------------------------------------
SALES TO UNAFFILIATED CUSTOMERS SEPTEMBER 30, 2000 September 30, 1999 SEPTEMBER 30, 2000 September 30, 1999
------------------------------- ------------------ ------------------ ------------------ ------------------
<S> <C> <C> <C> <C>
Domestic $ 13,858,469 12,095,583 $ 41,835,884 38,075,129
European 5,996,419 7,745,732 18,301,978 22,663,407
International 2,862,042 2,452,599 9,140,526 7,122,743
-------------- ---------- ------------- ----------
Total $ 22,716,930 22,293,914 $ 69,278,388 67,861,279
============== ========== ============= ==========
INTERSEGMENT SALES
------------------
Domestic $ 1,505,340 1,360,173 $ 5,387,573 4,254,205
European 324,465 145,026 1,363,027 1,129,405
OPERATING INCOME
----------------
Domestic $ 983,091 735,020 $ 2,942,708 2,350,604
European 356,889 488,335 803,545 1,277,700
International 270,474 304,170 941,576 992,797
Corporate expenses, including R&D (645,783) (441,999) (1,975,413) (1,751,249)
-------------- ---------- ------------- ----------
Total $ 964,671 1,085,526 $ 2,712,416 2,869,852
============== ========== ============= ==========
IDENTIFIABLE ASSETS
-------------------
Domestic $ -- -- $ 48,970,370 52,917,210
European -- -- 25,565,209 26,728,393
International -- -- 5,644,291 5,599,030
Corporate -- -- 1,549,719 1,375,690
-------------- ---------- ------------- ----------
Total $ -- -- $ 81,729,589 86,620,323
============== ========== ============= ==========
</TABLE>
Inventories
Inventories at September 30, 2000 and December 31, 1999 consist of the
following:
<TABLE>
<CAPTION>
SEPTEMBER 30, 2000 December 31, 1999
------------------ -----------------
<S> <C> <C>
Raw materials $ 2,321,804 2,447,402
Work in process 17,422,073 17,634,558
Finished goods 4,291,627 4,777,960
-------------- ----------
24,035,504 24,859,920
LIFO reserve (1,289,000) (1,627,000)
-------------- ----------
Total $ 22,746,504 23,232,920
============== ==========
</TABLE>
Inventories stated on the last-in, first-out (LIFO) basis, including amounts
allocated to uncompleted contracts, are valued at $18,198,000 and $15,642,000 at
September 30, 2000 and December 31, 1999, respectively.
<PAGE> 6
PAGE 6
Earnings per share
The following table sets forth the computation of basic and diluted earnings per
common share:
<TABLE>
<CAPTION>
FOR THREE MONTHS ENDED FOR NINE MONTHS ENDED
-------------------------------------- ---------------------------------------
SEPTEMBER 30, 2000 September 30, 1999 SEPTEMBER 30, 2000 September 30, 1999
------------------ ------------------ ------------------ ------------------
<S> <C> <C> <C> <C>
Net income for basic and diluted earnings per
share $ 310,121 300,947 $1,137,182 1,124,236
Weighted average common shares outstanding 1,981,200 1,988,805 1,981,257 1,981,296
Dilutive stock options 6,005 -- 4,829 --
Dilutive average common shares outstanding 1,987,205 1,988,805 1,986,086 1,981,296
Basic earnings per common share $ 0.16 0.15 $ 0.57 0.57
Diluted earnings per common share $ 0.16 0.15 $ 0.57 0.57
</TABLE>
Options to purchase 73,785 shares of common stock with a weighted average
exercise price of $10.45 per share were outstanding at September 30, 2000.
Options to purchase 61,348 shares of common stock with a weighted average
exercise price of $12.22 per share were outstanding at September 30, 1999.
Options to purchase 67,780 and 61,348 shares of common stock were not included
in the September 30, 2000 and 1999, respectively, computation of diluted
earnings per share because the options' exercise price was greater than the
average market price of common stock during the three month periods then ended.
Options to purchase 68,956 and 61,348 shares of common stock were not included
in the September 30, 2000 and 1999, respectively, computation of diluted
earnings per share because the options' exercise price was greater than the
average market price of common stock during the nine month periods then ended.
Accounting Pronouncements
In June 1998, the Financial Accounting Standards Board issued Statement of
Financial Accounting Standards No. 133, "Accounting for Derivative Instruments
and Hedging Activities" ("FAS 133"), which has been amended by FAS 137,
"Accounting for Derivative Instruments and Hedging Activities - Deferral of the
Effective Date of FAS 133, an amendment of FAS 133," and by FAS 138, "Accounting
for Certain Derivative Instruments and Certain Hedging Activities, an amendment
of FAS 133." FAS 133 requires that every derivative instrument be recorded on
the balance sheet as an asset or liability measured at its fair value and that
changes in the derivative's fair value be recognized currently in earnings
unless specific hedge accounting criteria are met.
FAS 133, as amended, is effective for fiscal years beginning after June 15, 2000
and must be applied to: (a) derivative instruments; and (b) certain derivative
instruments embedded in hybrid contracts that were issued, acquired or
substantively modified after December 31, 1998. The Company is in the process of
identifying any relationships it has that may be within the scope of FAS 133.
The Company is required to adopt FAS 133 in the first quarter of 2001 and does
not anticipate that the implementation of FAS 133 will have a material affect on
its financial position and results of operations.
<PAGE> 7
]
Page 7
ITEM 2.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
FINANCIAL CONDITION
The increase of systems work-in-process at September 30, 2000 compared to
December 31, 1999 caused the increase in costs and estimated earnings in excess
of billings on uncompleted contracts and customer deposits. A major part of the
increase in trade accounts receivable was caused by a large contract under which
product was shipped in the third quarter with payment due in the fourth quarter.
The weakening of the EURO and the UK pound against the US dollar caused the loss
in "Foreign currency translation adjustment". The Company's management believes
the Company has adequate means for meeting future capital needs.
RESULTS OF OPERATIONS
Net sales of approximately $22,717,000 for the third quarter of 2000 were up
approximately 2.0% from net sales of approximately $22,294,000 for the same
period in 1999. Net earnings were approximately $310,000 or $0.16 per share for
the third quarter of 2000, a 3.0% increase from earnings of approximately
$301,000 or $0.15 per share in the third quarter of 1999. The weak EURO caused a
decrease of approximately 23% in the European segment net sales during the third
quarter of 2000 compared to the same period in 1999. This decrease in net sales
was more than offset by the increase in systems net sales in the Domestic and
International segments.
For the first nine months of 2000, sales were approximately $69,278,000,
compared to sales of approximately $67,861,000 for the first nine months of
1999, an approximate 2.0% increase. Net earnings were approximately $1,137,000
or $.57 per share for the first nine months of 2000, compared to earnings of
$1,124,000 or $.57 per share for the same period in 1999. The increase in sales
during the first nine months reflected strong systems sales in the Domestic
segment and also in our International segment. Domestic sales were up
approximately 10% with particular strength in electrohydraulic systems. Our
International segment's net sales were up 28% with very strong sales from the
Mexican market. The weak EURO caused our products manufactured in the United
States and the United Kingdom and sold in Europe to be more expensive than
products manufactured in Europe. This adverse condition caused a 19% decrease in
the European segment net sales.
Net operating income decreased by 11% in the third quarter of 2000 and 5% in the
nine months of 2000 when compared to the same periods in 1999. The affect of the
weak EURO on profit margins and a heavier mix of products with lower profit
margins in 2000 compared to 1999 were the primary reasons for the decrease in
net operating income.
The backlog currently stands at approximately $22,100,000, up 17% from year end.
Orders were down 3.4% in the third quarter of 2000 and up 3.7% for the nine
months compared to the same periods in 1999. Third quarter sales in 1999
included a sizable aerospace contract that accounted for more than the decrease
in orders when compared with the third quarter of 2000. We have a signed letter
of intent for a sizeable contract to provide the hydraulics and electronic
controls for the fixed umbilical tower associated with the rocket launch
capabilities at Vandenberg Air Force Base. Our international systems business
continues at a strong level but our European orders are down because of the
depressed EURO.
Interest expense has decreased primarily because the days weighted average
amount of borrowings decreased.
Non-operating income consists of the following:
<TABLE>
<CAPTION>
FOR THREE MONTHS ENDED FOR NINE MONTHS ENDED
----------------------------------------- ----------------------------------------
SEPTEMBER 30, 2000 September 30, 1999 SEPTEMBER 30, 2000 September 30, 1999
------------------ ------------------ ------------------ ------------------
<S> <C> <C> <C> <C>
Interest income $ 3,921 24,490 $ 87,820 110,415
Foreign currency exchange loss (61,412) (173,923) (151,326) (111,579)
Miscellaneous, net (2,310) 30,315 138,563 85,249
-------- -------- --------- --------
Non-operating income $(59,801) (119,118) $ 75,057 84,085
======== ======== ========= ========
</TABLE>
Most of the exchange loss was the result of the EURO currency declining against
payables denominated in US dollar and UK pounds at our European companies.
<PAGE> 8
PAGE 8
The discussions in this section and elsewhere contain various forward-looking
statements concerning the Company's propects that are based on the current
expectations and beliefs of management. Forward-looking statements may also be
made by the Company from time to time in other reports and documents as well as
oral presentations. When used in written documents or oral statements, the words
"anticipate", "believe", "estimate", "expect", "objective", and similar
expressions are intended to identify forward-looking statements. The statements
contained herein and such future statements involve or may involve certain
assumptions, risks and uncertainties, many of which are beyond the Company's
control, that could cause the Company's actual results and performance to differ
materially from what is expected. In addition to the assumptions and other
factors referenced specifically in connection with such statements, the
following factors could impact the business and financial prospects of the
Company:
* Factors affecting the Company's international operations, including relevant
foreign currency exchange rates, which can affect the cost to produce the
Company's products or the ability to sell the Company's products in foreign
markets, and the value in United States dollars of sales made in foreign
currencies. Other factors include foreign trade, monetary and fiscal policies;
laws, regulations and other activities of foreign governments, agencies and
similar organizations; and risks associated with having major facilities located
in countries which have historically been less stable than the United States in
several respects, including fiscal and political stability.
* Factors affecting the Company's ability to hire and retain competent
employees, including unionization of the Company's non-union employees and
changes in relationships with the Company's unionized employees.
* The risk of strikes or other labor disputes at those locations that are
unionized which could affect the Company's operations.
* Factors affecting the economy generally, including the financial and business
conditions of the Company's customers and the demand for customers' products and
services that utilize Company products.
* Factors affecting the fair market value of the Company's common stock or other
factors that would negatively impact the funding of the employee benefit plans.
* Factors affecting the Company's financial performance or condition, including
tax legislation, unanticipated restrictions on the Company's ability to transfer
funds from its subsidiaries and changes in applicable accounting principles or
environmental laws and regulations.
* The cost and other effects of claims involving the Company's products and
other legal and administrative proceedings, including the expense of
investigating, litigating and settling any claims.
* Factors affecting the Company's ability to produce products on a competitive
basis, including the availability of raw materials at reasonable prices.
* Unanticipated technological developments that result in competitive
disadvantages and create the potential for impairment of existing assets.
<PAGE> 9
PAGE 9
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.
The Companys' market risk exposure has not changed substantially from the year
ended December 31, 1999. See Item 7A Quantitative and Qualitative Disclosures
About Market Risk in the Company's annual report on Form 10-K for the year ended
December 31, 1999.
<PAGE> 10
PAGE 10
Part II - OTHER INFORMATION
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K.
(a) Exhibits:
See Exhibit Index following the last page of this Form 10-Q which
Exhibit Index is incorporated herein by reference.
(b) Reports on Form 8-K:
No reports on Form 8-K have been filed during the quarter for
which this report is filed.
<PAGE> 11
PAGE 11
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.
November 13, 2000
THE OILGEAR COMPANY
Registrant
/S/ DAVID A. ZUEGE
--------------------------------------------------------------------------------
David A. Zuege
President and CEO
(Principal Executive Officer)
/S/ THOMAS J. PRICE
--------------------------------------------------------------------------------
Thomas J. Price
VP-CFO and Secretary
(Principal Financial and Chief Accounting Officer)
<PAGE> 12
PAGE 12
THE OILGEAR COMPANY
COMMISSION FILE NUMBER 000-00822
EXHIBIT INDEX
Quarterly Report on Form 10-Q
For the Quarter Ended September 30, 2000
Exhibit
Number
27 The Oilgear Company Financial Data Schedule for the nine months ended
September 30, 2000.
