<PAGE>
UNITED STATES 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 June 28, 1996, 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 1-7744
-----------------------------
PACIFIC SCIENTIFIC COMPANY
(Exact name of Registrant as specified in its charter)
94-0744970
(IRS Employer ID Number)
CALIFORNIA
(State or other jurisdiction of incorporation or organization)
620 Newport Center Drive, Suite 700
Newport Beach, California
(Address of principal executive offices)
92660
(Zip Code)
714/720-1714
(Registrant's telephone number, including area code)
NOT APPLICABLE
(Former name, address and 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 / /
Shares outstanding of the Registrant's common stock
as of June 28, 1996
12,171,139
CLASS
Common Stock, $1.00 par value
- ---------------------------------------------------------------
<PAGE>
PART I - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
PACIFIC SCIENTIFIC COMPANY
CONSOLIDATED BALANCE SHEETS
(in thousands)
- --------------------------------------------------------------------------
JUNE 28, DECEMBER 29,
1996 1995
------------- -------------
(unaudited)
ASSETS
- ------
CURRENT ASSETS:
Cash................................... $ 4,348 $ 6,123
Trade receivables (less allowance
for doubtful accounts of $1,841
and $1,151, respectively) ........... 48,503 52,253
Inventories, lower of cost
(principally average) or market:
Finished goods .................... 7,891 5,102
Work-in-progress .................. 15,842 15,299
Raw materials and purchased parts . 28,768 33,046
Deferred income taxes ................. 4,970 4,970
Other current assets .................. 2,388 2,655
----------- -----------
Total Current Assets ................ 112,710 119,448
----------- -----------
PROPERTY AT COST:
Land and buildings .................... 17,133 15,905
Machinery and equipment ............... 99,948 89,451
----------- -----------
Total Property ...................... 117,081 105,356
Less accumulated depreciation ......... 64,687 60,743
----------- -----------
Net Property ........................ 52,394 44,613
----------- -----------
RESTRICTED CASH ........................... 6,172 6,143
NOTE RECEIVABLE ........................... 844 844
PROPERTY HELD FOR SALE .................... 3,300 3,300
NOTES, PATENTS AND OTHER .................. 10,177 11,029
EXCESS OF COST OVER NET ASSETS ACQUIRED ... 38,713 39,641
----------- -----------
TOTAL ASSETS .......................... $224,310 $225,018
=========== ===========
LIABILITIES AND STOCKHOLDERS' EQUITY
- ------------------------------------
CURRENT LIABILITIES:
Short-term borrowings ................. $ 24 $ 14,897
Accounts payable ...................... 17,773 19,659
Accrued employee compensation & benefits 6,411 6,841
Other current liabilities ............. 1,807 6,627
----------- -----------
Total Current Liabilities ........... 26,015 48,024
----------- -----------
BANK BORROWING ............................ 63,780 41,050
CONVERTIBLE SUBORDINATED DEBENTURES ....... 16,974 17,044
INDUSTRIAL DEVELOPMENT BONDS .............. 5,625 5,625
OTHER LONG-TERM LIABILITIES ............... 6,897 6,789
----------- -----------
STOCKHOLDERS' EQUITY:
Common stock, $1 par value ............ 12,171 12,071
Additional paid-in-capital ............ 4,140 3,007
Currency translation adjustment ....... (385) (261)
Notes receivable from shareholders .... (125) (125)
Retained earnings ..................... 86,218 91,794
----------- -----------
Total Stockholders' Equity .......... 105,019 106,486
----------- -----------
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY .................. $224,310 $225,018
=========== ===========
- --------------------------------------------------------------------------
The accompanying notes to consolidated financial statements are an
integral part of this statement.
- 2 -
<PAGE>
PART I (Continued)
ITEM 1. FINANCIAL STATEMENTS
PACIFIC SCIENTIFIC COMPANY
CONSOLIDATED STATEMENTS OF INCOME (unaudited)
(in thousands, except per share amounts)
- --------------------------------------------------------------------------
QUARTER ENDED SIX MONTHS ENDED
-------------------- --------------------
JUNE 28, JUNE 30, JUNE 28, JUNE 30,
1996 1995 1996 1995
--------- --------- --------- ---------
SALES:
Electrical Equipment ...... $56,048 $56,241 $111,826 $109,311
Safety Equipment........... 16,763 16,738 35,679 32,627
--------- --------- --------- ---------
Total Sales ............. 72,811 72,979 147,505 141,938
COST OF SALES ............... 49,347 47,995 100,204 94,720
--------- --------- --------- ---------
Gross Profit .............. 23,464 24,984 47,301 47,218
--------- --------- --------- ---------
EXPENSES:
Selling and marketing ..... 8,777 8,277 17,062 15,733
General and administration 8,065 6,853 15,468 13,259
Research and development .. 4,222 3,787 8,242 7,099
Restructuring & other charges 7,500 0 7,500 0
--------- --------- --------- ---------
Total Expenses .......... 28,564 18,917 48,272 36,091
--------- --------- --------- ---------
OPERATING (LOSS) INCOME ..... (5,100) 6,067 (971) 11,127
INTEREST AND OTHER (Net) .... (1,002) (929) (2,081) (1,348)
--------- --------- --------- ---------
INCOME (LOSS) BEFORE
INCOME TAX BENEFIT (PROVISION) (6,102) 5,138 (3,052) 9,779
INCOME TAX BENEFIT (PROVISION) 2,364 (1,879) 1,205 (3,574)
--------- --------- --------- ---------
NET (LOSS) INCOME ........... $(3,738) $ 3,259 $(1,847) $ 6,205
========= ========= ========= =========
EARNINGS (LOSS) PER SHARE
Primary ................. $(0.30) $0.26 $(0.15) $0.50
========= ========= ========= =========
Fully Diluted ........... $(0.30) $0.26 $(0.15) $0.50
========= ========= ========= =========
CASH DIVIDENDS
PER COMMON SHARE ............ $0.03 $0.03 $0.06 $0.06
========= ========= ========= =========
- --------------------------------------------------------------------------
The accompanying notes to consolidated financial statements are an
integral part of this statement.
- 3 -
<PAGE>
PART I (Continued)
ITEM 1. FINANCIAL STATEMENTS
PACIFIC SCIENTIFIC COMPANY
CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)
(in thousands)
- --------------------------------------------------------------------------
SIX MONTHS ENDED
--------------------------------
JUNE 28, JUNE 30,
1996 1995
------------- -------------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) ................. $(1,847) $ 6,205
Depreciation and amortization ..... 5,328 5,539
Deferred income taxes ............. 0 136
Decrease (increase) in accrued
employee benefit plan liabilities 108 (429)
Loss on disposal of property ...... 157 298
Effect on cash of changes in assets
and liabilities, net of the effects
of business acquisition:
Trade receivables ............... 3,750 (491)
Inventories ..................... 946 (1,777)
Other current assets ............ 267 (484)
Accounts payable ................ (1,886) 2,568
Accrued employee
compensation and benefits ..... (430) 852
Other current liabilities ....... (4,820) (2,140)
------------- -------------
Net cash flows
from operating activities ......... 1,573 10,277
------------- -------------
CASH FLOWS FROM INVESTING ACTIVITIES:
Payments for business acquisitions,
net of cash acquired ............ 0 (11,625)
Purchases of property ............. (12,174) (8,042)
Increase (decrease) in restricted
cash and other assets ........... 659 (926)
------------- -------------
Net cash flows form
investing activities ............ (11,515) (20,593)
------------- -------------
CASH FLOWS FROM FINANCING ACTIVITIES:
Purchase of convertible
subordinated debentures ......... (70) (5)
Issuance (repayments)
of short-term debt .............. (14,873) 546
Issuance of long-term debt ........ 22,730 12,564
Cash dividends on common stock .... (729) (659)
Issuances of common stock ......... 1,233 514
------------- -------------
Net cash flows from
financing activities ............ 8,291 12,960
------------- -------------
EFFECT OF EXCHANGE RATE CHANGES ....... (124) (122)
NET (DECREASE) INCREASE IN CASH ....... (1,775) 2,522
CASH, Beginning of Period ............. 6,123 1,655
------------- -------------
CASH, End of Period ................... $ 4,348 $ 4,177
============= =============
- --------------------------------------------------------------------------
The accompanying notes to consolidated financial statements are an
integral part of this statement.
- 4 -
<PAGE>
PART I (Continued)
ITEM 1. FINANCIAL STATEMENTS (Continued)
PACIFIC SCIENTIFIC COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
1) INTERIM ACCOUNTING POLICY
The accompanying unaudited consolidated financial statements
include the accounts of Pacific Scientific Company and its
subsidiaries. In the opinion of management, the unaudited
consolidated financial statements included herein contain all
adjustments necessary to present fairly the Company's and its
consolidated subsidiaries' financial condition at June 28, 1996,
and the results of operations and cash flows for the six-month
periods ended June 28, 1996 and June 30, 1995. Certain costs
and expenses are assigned to the periods presented so that the
interim periods bear a reasonable portion of the anticipated
annual amount. Included among these are estimated amounts for
inventory adjustments, performance bonuses, employee fringe
benefits and income taxes. The results of operations for
interim periods are not necessarily indicative of the results to
be expected for the full year. See "Management's Discussion and
Analysis of Financial Condition and Results of Operations" for
additional information. These interim financial statements
should be read in conjunction with the Company's audited
financial statements and notes thereto incorporated by reference
to the Company's Annual Report on Form 10-K for the year ended
December 29, 1995.
2) EARNINGS PER SHARE
Earnings per common and common equivalent shares were computed
by dividing net income (loss) by the weighted average number of
common and common equivalent shares outstanding during each
period. Common equivalent shares consist of the estimated
number of shares issuable upon exercise of dilutive stock
options reduced by the number of common shares assumed to have
been reacquired with the proceeds from exercise of the options.
FOR THE THREE MONTHS ENDED FOR THE SIX MONTHS ENDED
-------------------------- ------------------------
JUNE 28, JUNE 30, JUNE 28, JUNE 30,
1996 1995 1996 1995
---------- ---------- ---------- ----------
PRIMARY
- -------
AVERAGE NUMBER OF
SHARES OUTSTANDING 12,160,018 11,977,966 12,134,850 11,967,201
AVERAGE NUMBER
OF SHARES ASSUMING
EXERCISE OF
DILUTIVE EMPLOYEE
STOCK OPTIONS 366,574 476,581 422,759 489,824
COMMON AND COMMON
EQUIVALENT SHARES 12,526,592 12,454,547 12,557,609 12,457,025
========== ========== ========== ==========
- --------------------------------------------------------------------------
FULLY DILUTED
- -------------
AVERAGE NUMBER OF
SHARES OUTSTANDING 12,160,018 11,977,966 12,134,850 11,967,201
AVERAGE NUMBER
OF SHARES ASSUMING
EXERCISE OF
DILUTIVE EMPLOYEE
STOCK OPTIONS 366,612 476,677 364,899 479,284
CONVERTIBLE
DEBENTURES 0 909,526 0 909,564
COMMON AND COMMON
EQUIVALENT SHARES 12,526,630* 13,364,169 12,499,749* 13,356,049
========== ========== ========== ==========
- --------------------------------------------------------------------------
* The Company has outstanding convertible subordinated
debentures issued April 26, 1983. Inclusion of these
debentures would be antidilutive and, accordingly, they
have been excluded from the above totals for the
periods.
- 5 -
<PAGE>
PART I (Continued)
ITEM 1. FINANCIAL STATEMENTS
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
3) RESTRUCTURING AND OTHER CHARGES
The restructuring and other charges recognized at the Solium
subsidiary in the second quarter of 1996 include inventory
revaluation of $4.0 million, assets revaluation of $1.5 million,
restructuring expenses of $1.0 million and other charges of $1.0
million.
4) RECLASSIFICATIONS
Certain reclassifications have been made to the 1995 amounts to
conform to the 1996 financial statement presentation.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
This filing contains forward-looking statements which involve
risks and uncertainties. The Company's actual future results
may differ significantly from the results discussed in the
forward-looking statements. Factors that might cause such a
difference include, but are not limited to, product demand and
rate of market acceptance, the effect of economic conditions,
the impact of competitive products and pricing, delays in
product development, capacity and supply constraints or
difficulties, general business and economic conditions and other
risks detailed in the Company's Securities and Exchange
Commission filings.
RESULTS OF OPERATIONS
SECOND QUARTER 1996 vs. SECOND QUARTER 1995
Net sales were $72.8 million in the second quarter of 1996, a
0.2% decrease over the same period in the prior year. Second
quarter sales in the Electrical Equipment segment decreased by
0.3%. The sales from the Safety Equipment segment increased by
0.1%.
Gross margin on sales was 32.2% in the second quarter of 1996
compared to 34.2% in the prior year, reflecting negative gross
margins at the Solium subsidiary. Without Solium, the gross
margin in the second quarter of 1996 was 33.2%. The gross
margin difference for the business, excluding Solium, is the
lower margins in the Automation Technology and Instruments
groups which are discussed below.
Selling, general and administrative expenses were 23.1% of sales
in the second quarter of 1996, compared to 20.7% of sales in the
prior year. Without Solium, the selling, general and
administrative expenses were 21.7% of sales of the Company's
base business. The increase in selling, general and
administration expenses, net of Solium, was accounted for mainly
by two items of non-recurring legal expenses, concerning the
governmental requirement for divestiture of the Company's
drinking water quality monitoring assets, and expenses related
to the litigation settlement of an insurance claim.
Research and development expenses increased 11.5% in the second
quarter of 1996 over the same period in the prior year. R&D
expenses are now equal to 5.8% of sales versus 5.2% in the prior
year, reflecting continued emphasis on new product development.
Interest and Other (Net) increased 7.9% in the current quarter
compared to the second quarter of 1995, due to higher borrowings
resulting primarily from the funding operations and capital
requirements of the Solium subsidiary. The average rate of
interest paid on the bank debt during the second quarter of 1996
was 5.9% versus 6.5% in the prior year.
- 6 -
<PAGE>
PART I (Continued)
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
SECOND QUARTER 1996 vs. SECOND QUARTER 1995 (Continued)
On July 2, 1996, the Company announced a restructuring of its
Solium subsidiary. The charge for restructuring and other
related charges was $7.5 million and was recognized in the
second quarter, ended June 28, 1996. As a result of the
restructuring, certain existing Solium products will continue to
be sold in limited quantities and the core products will be re-
engineered. Sales of Solium products were approximately
$650,000 in the second quarter of 1996.
Income before taxes decreased in the second quarter of 1996 by
$11.2 million primarily due to a restructuring charge at Solium
of $7.5 million, operating losses at Solium of $2.5 million and
below prior year performance in the Automation Technology and
Instruments groups, both of which are part of the Electrical
Equipment segment.
Within the Automation Technology Group, revenue declined 8.7%
from the prior comparable period. However, the Motor Products
portion of the group reported gains in both sales and income.
The electronic drive portion of the business and the operation
in Germany reported lower sales and income compared to the prior
year. Some of the sales decline in the electronic drives
business is attributable to the release of new products which
provide the same function in smaller size packages and at lower
prices as required to stay ahead of competitive offerings. In
order to sell these new products, the group's marketing and
sales effort has been reorganized to provide a more aggressive
approach to the market.
Within the Instruments Group, the High Yield Technology (HYT)
operation's revenue declined 21.0% compared to the prior year.
Current product enhancements at HYT are expected to accelerate
sales in the second half of 1996, however, the timing of the
sales will depend on market acceptance of the newly released
products. In addition, a renewed marketing effort at HYT will
be focused primarily on selling well established and proven
applications within the semiconductor industry which provide the
customer with a rapid return on their investment.
The tax benefit taken in the second quarter of 1996 is 38.7% of
the quarterly loss. The expected annual effective tax rate for
the year of 1996 is 39.5% as compared to 36.5% in the prior
year.
Net loss per share for the second quarter of 1996 was 30 cents
as compared to 26 cents of income in the prior year. Results
for the quarter and six months are best understood by comparing
the earnings per share of the base business (i.e. total
business, excluding the Solium subsidiary) and Solium related
items as shown below:
PER SHARE RESULTS
- --------------------------------------------------------------------------
1 9 9 5 1 9 9 6
----------------------- ----------------------
SEGMENT Q-1 Q-2 1st Half Q-1 Q-2 1st Half
- --------------------------------------------------------------------------
Base Business .......... $0.24 $0.28 $0.52 $0.25 $0.18 $0.43
Solium: Operations ..... - (0.02) (0.02) (0.10) (0.12) (0.22)
Restructuring .. - - - - (0.36) (0.36)
- --------------------------------------------------------------------------
Total .......... $0.24 $0.26 $0.50 $0.15 ($0.30) ($0.15)
As compared to the same periods in the prior year, earnings of
the base business were up slightly in the first quarter and were
down in the second quarter. The second quarter 1996 reduction
in earnings is entirely attributable to two groups, Automation
Technology and Instruments as described above.
- 7 -
<PAGE>
PART I (Continued)
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
SECOND QUARTER 1996 vs. SECOND QUARTER 1995 (Continued)
Total orders received in the second quarter of 1996 were $76.1
million, up 2.0% from the prior year, and the backlog at the end
of the quarter was $106.0 million compared to $98.3 million in
the prior year. Orders for the Electrical Equipment segment
during the second quarter totaled $52.2 million, while orders
for the Safety Equipment segment totaled $23.9 million.
FIRST HALF OF 1996 vs. FIRST HALF OF 1995
Net sales were $147.5 million in the first half of 1996, a 3.9%
increase in sales over the same period in the prior year. First
half 1996 sales in the Electrical Equipment segment were up 2.3%
and the sales from the Safety Equipment segment increased by
9.4%.
Gross margin on sales decreased to 32.1% of sales in the first
half of 1996 from 33.3% in the prior year. Without Solium, the
gross margin would have been 32.9% of sales.
Selling, General and administrative expenses were 22.1% of sales
in the first half of 1996, compared to 20.4% of sales in the
prior year. Without the Solium subsidiary, the selling, general
and administrative expenses were 20.8%.
Research and development expenses increased 16.1% in the first
half of 1996 over the same period in the prior year. R&D
expenses are now equal to 5.6% of sales versus 5.0% in the prior
year, reflecting continued emphasis on new product development.
Interest and other (net) increased 54.4% in the first half of
1996 compared to the same period in 1995, due primarily to
higher borrowings resulting from the funding of the start-up and
capital requirements of the Solium subsidiary. The average rate
of interest paid on the bank debt during the first half of 1996
was 6.0% versus 6.6% in the prior year.
Income before taxes decreased in the first half of 1996 by $12.8
million primarily due to the restructuring charge at Solium of
$7.5 million, operating losses at the Solium operation of $4.6
million and below prior year performance at the High Yield
Technology Division (HYT) and the Automation Technology group.
The estimated annual effective tax rate for 1996 is 39.5% as
compared to the prior year's effective tax rate of 36.5%.
Net loss per share for the first half of 1996 was 15 cents as
compared to 50 cents of income in the prior year. The
restructuring of the Solium operation contributed 36 cents per
share of losses and operating losses at Solium were 22 cents per
share. The Company's base business, excluding Solium, earned 43
cents per share. The net income from HYT was 8 cents per share
lower than the prior year same period.
Total orders received in the first half of 1996 were $155.2
million, up 6.3% from the prior year. Orders for the Electrical
Equipment segment during the first half totalled $115.5 million,
down 1.0%, while orders for the Safety Equipment segment
totalled $39.7 million, up 33.5% as compared to the same period
of the prior year.
- 8 -
<PAGE>
PART I (Continued)
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
FINANCIAL POSITION AND LIQUIDITY
The Company's current ratio on June 28, 1996 was 4.3:1 and the
working capital was $86.7 million.
Net income from operations plus depreciation and amortization
was $8.0 million in the first six months of 1996, excluding the
$4.5 million after tax expense for restructuring and other
charges at the Solium subsidiary but including the $1.5 million
loss from operations at Solium. Net income plus depreciation
and amortization in the same period in 1995 was $11.7 million.
Trade receivables and inventory declined $4.7 million in the
first six months of 1996 providing a source of cash. Accounts
payable and other current liabilities decreased resulting in the
use of cash. Both accounts decreased as a result of scheduled
payments.
Cash requirements for the $4.5 million of after tax expense,
associated with the restructuring and other charges at Solium,
will require approximately $1.0 million of future cash
requirements. The revaluation of assets does not involve future
cash requirements.
During the first six months of 1996, the Company purchased $12.2
million of property as compared to $8.0 million in the same
period of the prior year. The principal difference in
purchasing between the two six-month period was the purchase of
$3.1 million of new software and hardware systems to update the
Company's management information systems.
Debt less cash and restricted cash was $75.9 million on June 28,
1996, a $9.5 million increase since the beginning of the year.
The main reason for the increase in debt was the cash
requirements for fixed assets, reduction in accounts payable and
operating losses at Solium. The Company's cash decreased $1.8
million in the first six months of 1996.
As of June 28, 1996, the Company had approximately $15 million
of outstanding foreign exchange contracts in which foreign
currencies could be sold. These contracts serve to hedge
foreign currency exposures.
At the end of the first half of 1996, the Company had unused
credit lines of $5.8 million and outstanding borrowings under
its credit facility of $63.8 million.
The Company believes that internally generated funds plus the
existing lines of credit will provide sufficient capital
resources to finance operations, fund planned capital
expenditures, pay interest and dividends on outstanding debt and
common stock.
PART II - OTHER INFORMATION
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibit required by item 601 of Regulation S-K.
None.
(b) Reports on Form 8-K
Pursuant to Current Report on Form 8-K, dated July 2,
1996, the Company reported the restructuring of its Solium
subsidiary. No financial statements were filed with the report.
- 9 -
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the Registrant has caused this report to be signed on its
behalf by the undersigned thereunto duly authorized.
PACIFIC SCIENTIFIC COMPANY, Registrant
By: /s/ Richard V. Plat
---------------------------------
Richard V. Plat
Executive Vice President
Date: August 9, 1996
--------------------------
- 10 -
<PAGE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
CONSOLIDATED FINANCIAL STATEMENTS FOR THE FIRST SIX MONTHS OF 1996 ENDED
JUNE 28, 1996 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000075608
<NAME> PACIFIC SCIENTIFIC COMPANY
<MULTIPLIER> 1
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-29-1995
<PERIOD-START> DEC-30-1995
<PERIOD-END> JUN-28-1996
<EXCHANGE-RATE> 1.00
<CASH> 4,348,000
<SECURITIES> 0
<RECEIVABLES> 48,503,000
<ALLOWANCES> 1,841,000
<INVENTORY> 52,501,000
<CURRENT-ASSETS> 112,710,000
<PP&E> 117,081,000
<DEPRECIATION> 64,687,000
<TOTAL-ASSETS> 224,310,000
<CURRENT-LIABILITIES> 26,015,000
<BONDS> 86,379,000
0
0
<COMMON> 12,171,000
<OTHER-SE> 92,848,000
<TOTAL-LIABILITY-AND-EQUITY> 224,310,000
<SALES> 147,505,000
<TOTAL-REVENUES> 147,505,000
<CGS> 100,204,000
<TOTAL-COSTS> 48,272,000
<OTHER-EXPENSES> 2,081,000
<LOSS-PROVISION> 290,000
<INTEREST-EXPENSE> 2,734,000
<INCOME-PRETAX> (3,052,000)
<INCOME-TAX> (1,205,000)
<INCOME-CONTINUING> (1,847,000)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (1,847,000)
<EPS-PRIMARY> (0.15)
<EPS-DILUTED> (0.15)
</TABLE>
