<PAGE> 1
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 October 2, 1994
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED]
For the transition period from to _
Commission File No.: 0-14685
GENICOM CORPORATION
(Exact name of registrant as specified in its charter)
DELAWARE 51-0271821
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
14800 Conference Center Drive
Suite 400, Westfields
Chantilly, Virginia 22021-3806
(Address of principal executive (Zip Code)
offices)
Registrant's telephone number, including area code: (703) 802-9200
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 No
As of October 17, 1994, there were 10,637,699 shares of
Common Stock of the Registrant outstanding.
<PAGE> 2
GENICOM Corporation and Subsidiaries
Form 10-Q Index
PART I - Financial Information
Item 1. Financial Statements
Consolidated Balance Sheets - October 2, 1994
and January 2, 1994 3
Consolidated Statements of Income - Three and
Nine Months Ended October 2, 1994 and
October 3, 1993 4
Consolidated Statements of Cash Flows - Nine
Months Ended October 2, 1994 and October 3, 1993 5
Notes to Consolidated Financial Statements 6 - 7
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of Operations 7 - 11
PART II - Other Information
Item 1. Legal Proceedings 12
Item 2. Changes in Securities 12
Item 3. Defaults Upon Senior Securities 12
Item 4. Submission of Matters to a Vote of Security 12
Holders
Item 5. Other Information 12
Item 6. Exhibits and Reports on Form 8-K 12
Signatures 13
Index to Exhibits E-1
<PAGE> 3
PART I. - FINANCIAL INFORMATION
Item 1. Financial Statements
GENICOM CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
<TABLE>
<CAPTION>
October 2, January 2,
(In thousands, except share data) 1994 1994
(Unaudited)
<S> <C> <C>
ASSETS
Current assets:
Cash and cash equivalents $ 1,874 $ 1,797
Accounts receivable, less
allowance for doubtful
accounts of $1,631 and $1,480 36,097 35,932
Other receivables 3,799 7,202
Inventories 46,065 53,831
Prepaid expenses and other assets 1,650 1,594
------ -------
Total current assets 89,485 100,356
Property, plant and equipment 26,822 24,869
Goodwill 9,513 10,180
Other assets, principally intangibles 4,916 5,754
------- -------
$ 130,736 $ 141,159
======= =======
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Current portion of long-term debt $ 1,068 $ 23,263
Accounts payable and accrued
expenses 35,624 36,504
Deferred income 8,818 6,947
------ ------
Total current liabilities 45,510 66,714
Long-term debt, less current portion 52,734 45,757
Other non-current liabilities 5,400 4,113
------- -------
Total liabilities 103,644 116,584
Stockholders' equity:
Common stock, $0.01 par value;
15,000,000 shares authorized,
10,630,699 and 10,621,699
shares issued 106 106
Additional paid-in capital 25,753 25,744
Retained earnings 3,863 1,781
Foreign currency translation
adjustment (1,531) (1,957)
Pension liability adjustment (1,099) (1,099)
------- ------
Total stockholders' equity 27,092 24,575
------- -------
$ 130,736 $ 141,159
======= =======
The accompanying notes are an integral
part of these financial statements.
</TABLE>
<PAGE> 4
GENICOM CORPORATION
AND SUBSIDIARIES
CONSOLIDATED
STATEMENTS OF INCOME
(Unaudited)
<TABLE>
<CAPTION>
Three Months Ended Nine Months Ended
(In thousands, except October October October October
per share data) 2, 3, 2, 3,
1994 1993 1994 1993
<S> <C> <C> <C> <C>
Revenues, net:
Products $ 38,983 $ 43,505 $ 123,957 $ 131,510
Services 18,367 10,468 48,054 34,183
------ ------ ------- -------
57,350 53,973 172,011 165,693
Operating costs and
expenses:
Cost of revenues:
Products 28,796 32,565 90,394 94,469
Services 14,896 8,560 37,068 27,367
Selling, general
and administrative 9,460 10,001 31,801 32,121
Engineering, research
and product
development 1,790 2,396 5,822 7,525
------ ------ ------- -------
54,942 53,522 165,085 161,482
------ ------ ------- -------
Operating income 2,408 451 6,926 4,211
Interest expense, net 1,823 2,019 5,731 5,550
Other income 1,635
----- ----- ----- -----
Income (loss) before
income taxes 585 (1,568) 2,830 (1,339)
Income tax expense 99 101 748 208
----- ----- ----- -----
Net income (loss) $ 486 $ (1,669) $ 2,082 $ (1,547)
===== ===== ===== =====
Earnings per common share and common share equivalent:
Primary and Fully
diluted $ 0.04 $ (0.16) $ 0.18 $ (0.15)
Weighted average number of common shares and
common share equivalents outstanding:
Primary 11,597 10,613 11,256 10,608
Fully diluted 11,597 10,613 11,332 10,608
The accompanying notes are an integral part
of these financial statements.
</TABLE>
<PAGE> 5
GENICOM CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
<TABLE>
<CAPTION>
Nine Months Ended
October 2, October 3,
(In thousands) 1994 1993
<S> <C> <C>
Cash flows from operating activities:
Net income (loss) $ 2,082 $ (1,547)
Adjustments to reconcile net income
to cash provided by operating
activities:
Depreciation 6,976 4,952
Amortization 2,326 1,796
Effect of restructuring accrual (3,380)
Effect of investment gains (901)
Effect of gain on early
extinguishment of bonds (734)
Effect of environmental
recovery from G.E. (1,200)
Changes in assets and liabilities:
Accounts receivable 799 675
Inventories 8,273 (1,874)
Accounts payable and
accrued expenses (39) 1,465
Deferred income 1,744 1,071
Other 1,159 908
------ ------
Net cash provided by operating activities 21,685 2,866
Cash flows from investing activities:
Additions to property, plant and
equipment (9,133) (4,478)
Proceeds from sale of investment 3,436
Other (764) (1,379)
------ ------
Net cash used in investing activities (6,461) (5,857)
Cash flows from financing activities:
Borrowings from long-term debt 17,568 21,515
Payments on long-term debt (27,134) (19,745)
Purchases of senior subordinated notes (5,059)
------- ------
Net cash (used in) provided by
financing activities (14,625) 1,770
Effect of exchange rate changes on cash
and cash equivalents (522) 309
------ ------
Net increase (decrease) in cash and
cash equivalents 77 (912)
Cash and cash equivalents at beginning
of period 1,797 3,001
------ ------
Cash and cash equivalents at end of
period $ 1,874 $ 2,089
------ ------
The accompanying notes are an integral
part of these financial statements
</TABLE>
<PAGE> 6
GENICOM CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
1. In the opinion of management, the accompanying unaudited
consolidated financial statements of GENICOM Corporation and
subsidiaries (the "Company" or "GENICOM") contain all
adjustments (consisting only of normal recurring accruals)
necessary to present fairly the Company's consolidated
financial position as of October 2, 1994, and the results of
operations and cash flows for the periods indicated.
Certain information and footnote disclosures normally
included in financial statements prepared in accordance with
generally accepted accounting principles have been condensed
or omitted. It is suggested that these condensed
consolidated financial statements be read in conjunction
with the financial statements and notes thereto included in
the Company's January 2, 1994 Annual Report. The results of
operations for the nine months ended October 2, 1994, are
not necessarily indicative of the operating results to be
expected for the full year. Certain reclassifications have
been made to the 1993 condensed financial statements in
order to conform to the 1994 presentation.
2. Inventories are stated at the lower of cost, determined on
the first-in, first-out method or market. Inventories
consist of, in thousands:
<TABLE>
<CAPTION>
October 2, January 2,
1994 1994
<S> <C> <C>
Raw materials $ 12,160 $ 13,768
Work in process 8,232 8,524
Finished goods 25,673 31,539
------- -------
$ 46,065 $ 53,831
======= =======
</TABLE>
3. Earnings per share are based upon the weighted average
number of common shares and dilutive common share
equivalents (using the treasury stock method) outstanding
during the period. Common stock equivalents relating to
options represent additional shares which may be issued in
connection with their exercise, reduced by the number of
shares which could be repurchased with the proceeds at the
average market price per share computed on a quarterly basis
during the year. The number of shares entering into the
earnings per share computation are as follows:
<TABLE>
<CAPTION>
Three Nine
Months Months
Ended Ended
October October October October
2, 3, 2, 3,
1994 1993 1994 1993
<S> <C> <C> <C> <C>
Weighted average common
shares outstanding 10,631 10,613 10,627 10,608
Common stock equivalents:
Options - Primary 966 0 629 0
Options - Fully diluted 0 0 76 0
Shares outstanding - Primary 11,597 10,613 11,256 10,608
Shares outstanding - Fully
diluted 11,597 10,613 11,332 10,608
</TABLE>
<PAGE> 7
4. During the first quarter ended April 3, 1994, the Company
adopted the provisions of Statement of Financial Accounting
Standards ("SFAS") No. 112 and No. 115, "Employers'
Accounting for Postemployment Benefits" and "Accounting for
Certain Investments in Debt and Equity Securities",
respectively. The implementation of SFAS No. 112 and No.
115 did not have a material effect on the Company's
financial condition or results of operations.
Item 2. Management's Discussion and Analysis of Results of
Operations and Financial Condition:
Results of Operations
<TABLE>
<CAPTION>
Three Months Ended Nine Months Ended
(in millions) 3rd Qtr 3rd Qtr 3rd Qtr 3rd Qtr
1994 Change 1993 1994 Change 1993
<S> <C> <C> <C> <C> <C> <C>
Revenues $ 57.4 $ 3.4 $ 54.0 $ 172.0 $ 6.3 $ 165.7
Percentage change 6.3 % 3.8 %
</TABLE>
Revenues in the three and nine month periods ending October 2,
1994, increased due to the growth in the Company's Enterprising
Service Solutions ("ESS") and Supplies businesses. The gains in
these two businesses were partially offset by revenue declines in
both our Impact and Laser Printing Solutions businesses. The
sales mix shifted as the ESS business increased to 31.7% of total
revenues in the third quarter as compared to 19.0% in the year-
ago period. Meanwhile, printer revenues declined to 32.5% of
total revenues in the third quarter as compared to 48.8% in the
year-ago period.
Printer revenues decreased 29.3% and 20.0% in the three and nine
month periods ended October 2, 1994, respectively, as compared to
the year-ago periods. These declines are primarily attributable
to the impact printer product lines; particularly the mature
serial matrix and band line printers, which declined 56.7% in the
third quarter as compared to the year-ago period and the shuttle
matrix line printers, which declined 21.6% in the nine month
period ended October 2, 1994 as compared to the year-ago period.
As expected, due to unusually high sales in the large enterprise
account channel in the year-ago period, our Laser Printing
Solutions business revenues declined 59.2% in the third quarter
when compared to the same period in 1993. Management expects
printer product revenues in 1994 to be below 1993 levels.
ESS recorded strong third quarter and year-to-date revenue growth
of 77.3% and 42.3%, respectively, due to revenues generated from
the Canon U.S.A., Motorola Computer Group and Computervision
Corporation depot and field service contracts that were announced
in the first and second quarters of 1994. On October 25, 1994,
the Company announced an expansion of its service relationship
with Computervision Corporation. Under the terms of this
agreement, GENICOM will provide field hardware maintenance
support to Computervision Corporation customers in additional
locations across the U.S. This agreement is expected to generate
up to $ 8.0 million of revenue in its first year. Management
anticipates that 1994 ESS revenue will be above fiscal 1993
levels due to increased depot and field service activities.
Supplies revenues increased 15.5% and 19.7% in the three and nine
month periods ended October 2, 1994, respectively, as compared to
the year-ago period. Supplies revenue growth is attributable to
increased market share achieved by increasing the number of
product offerings, including laser printer supplies, and
aggressive marketing in established markets. During the quarter
the Company expanded activities in the manufacture and
distribution of remanufactured laser supplies, both GENICOM and
other manufacturers' products. Management anticipates that 1994
Supplies revenues will be above 1993 levels.
<PAGE> 8
Spares revenues increased 60.9% and 21.7% in the three and nine
month periods ended October 2, 1994, respectively, as compared to
the year-ago period. Spares revenues increased in the third
quarter due to the continued success of new printhead and print
module programs. Management does not expect further increases in
spares revenues as new product designs have increased reliability
and resulted in fewer replaceable parts, and declines in sales of
mature serial matrix and band line printers will reduce the
demand for such spare parts.
Relay revenues decreased 7.9% and 1.4% in the three and nine
month periods ended October 2, 1994, respectively, as compared to
the year-ago period. Management expects that 1994 relay revenues
will be consistent with the level attained in fiscal 1993.
<TABLE>
<CAPTION>
(in millions) 3rd Qtr 4th Qtr 3rd Qtr
1994 1993 1993
<S> <C> <C> <C>
Order backlog $ 40.0 $ 34.1 $ 36.2
Change - 3rd Quarter 1994 compared to:
Amount 5.9 3.8
Percentage 17.3 % 10.5 %
</TABLE>
The order backlog increases compared to the 1993 fourth and third
quarter are largely due to increased orders in the Company's ESS
business and to a lesser extent the Laser Printing Solutions
business. A decline in the backlog from the Company's impact
printer product lines partially offsets this increase. As a
result of the growth in the ESS backlog, the Company's backlog
includes a higher percentage of orders for which a delivery date
to a specific customer exceeds six months. The Company's backlog
as of any particular date should not be the sole measurement used
in determining sales for any future period.
<TABLE>
<CAPTION>
Three Months Ended Nine Months Ended
(in millions) 3rd Qtr 3rd Qtr 3rd Qtr 3rd Qtr
1994 Change 1993 1994 Change 1993
<S> <C> <C> <C> <C> <C> <C>
Gross margin $ 13.7 $ 0.9 $ 12.8 $ 44.5 $ 0.6 $ 43.9
As a % of revenue 23.8 % 23.8 % 25.9 % 26.5 %
</TABLE>
Although gross margin as a percentage of revenue in the three
months ending October 2, 1994, was equal to that of the year-ago
period, it dropped slightly in the nine months ending October 2,
1994, compared to the similar year-ago period. Margin pressures
in the Company's Impact and Laser Printing Solutions businesses,
start-up costs incurred in the ESS business pursuant to the new
service contracts entered in the 1994 fiscal year and unfavorable
production costs in the relay business were primary factors
negatively affecting gross margin in 1994.
<PAGE> 9
<TABLE>
<CAPTION>
Three Months Ended Nine Months Ended
(in millions) 3rd Qtr 3rd Qtr 3rd Qtr 3rd Qtr
1994 Change 1993 1994 Change 1993
<S> <C> <C> <C> <C> <C> <C>
Operating expenses:
Selling, general
and administrative $ 9.5 $ (0.5) $ 10.0 $ 31.8 $ (0.3) $ 32.1
Engineering,
research and
product development 1.8 (0.6) 2.4 5.8 (1.7) 7.5
----- ----- ----- ---- ----- -----
Total $ 11.3 $ (1.1) $ 12.4 $ 37.6 $ (2.0) $ 39.6
===== ===== ===== ==== ===== =====
As a % of revenue 19.6 % 23.0 % 21.9 % 23.9 %
</TABLE>
Operating expenses decreased overall and as a percentage of
revenue during the three and nine month periods ending October 2,
1994, due to the favorable impact of the Company's January 1994
cost reduction program that included personnel, salary and
benefit reductions for the Company's worldwide operations,
partially offset by increased costs associated with the growth in
ESS operations. Cost reduction savings totaled $ 0.4 million and
$ 1.8 million in the three and nine month periods ending October
2, 1994. In addition to the impact from the cost reduction
program, engineering, research and product development expenses
decreased significantly during both periods due to the completion
of the development of our new high speed shuttle matrix line
printer and lower software development costs. 1993 results
reflect the favorable impact of the 1993 second quarter
recognition of the recovery of $ 1.2 million due from the General
Electric Company relating to prior costs for environmental
matters at the Company's Waynesboro, Virginia facility, partially
offset by the $ 0.6 million incurred in the third quarter of 1993
to reorganize the Company's sales and marketing, development and
administrative operations.
<TABLE>
<CAPTION>
Three Months Ended Nine Months Ended
(in millions) 3rd Qtr 3rd Qtr 3rd Qtr 3rd Qtr
1994 Change 1993 1994 Change 1993
<S> <C> <C> <C> <C> <C> <C>
Interest expense,net $ 1.8 $ (0.2) $ 2.0 $ 5.7 $ 0.1 $5.6
Percentage change (10.0) % 1.8 %
</TABLE>
The decrease in interest expense for three months ended October
2, 1994, resulted from the impact of the Company's repurchase of
its 12.5% Senior Subordinated Notes ("Notes") in the second
quarter of 1994 and the decrease in the borrowings from its
senior credit facility, partially offset by the interest rate
increase on the same senior credit facility.
The increase in the interest expense for the nine months ending
October 2, 1994, as compared to the year-ago period, is due to an
interest payment received in January 1993 from the Internal
Revenue Service of $ 0.6 million related to the settlement of
prior period tax matters, offset by the effect of the repurchase
of the Notes referred to above and a decrease in the borrowings
under the senior credit facility in 1994.
During the 1994 second quarter, the Company recognized a pre-tax
gain of $ 0.7 million from the purchase of Notes. During the
1994 first quarter, the Company sold its remaining investment in
Xeikon N.V., ("Xeikon") a Belgian printer development and
manufacturing company and a pre-tax gain of $ 0.9 million was
recognized.
<PAGE> 10
<TABLE>
<CAPTION>
Three Months Ended Nine Months Ended
(in millions) 3rd Qtr 3rd Qtr 3rd Qtr 3rd Qtr
1994 Change 1993 1994 Change 1993
<S> <C> <C> <C> <C> <C> <C>
Income tax expense $ 0.1 $ 0.0 $ 0.1 $ 0.7 $ 0.5 $ 0.2
Effective tax rate 16.9 % -6.4 % 26.4 % -15.5 %
</TABLE>
The Company's effective income tax rate for the nine months ended
October 2, 1994, was 26.4% as compared to (15.5)% for the year-
ago period. These rates are significantly affected by foreign
income taxes, the utilization of net operating losses and
alternative minimum income taxes.
Liquidity and Capital Resources
<TABLE>
Nine Months Ended
(in millions) 3rd Quarter
1994 1993
<S> <C> <C>
Cash provided by operations $ 21.7 $ 2.9
Cash used in investing activities (6.5) (5.9)
Cash (used in) provided by financing activities (14.6) 1.8
</TABLE>
<TABLE>
<CAPTION>
(in millions) 3rd 4th
Quarter Quarter
1994 1993
<S> <C> <C>
Working capital $ 44.0 $ 33.6
Inventories 46.1 53.8
Debt obligations 53.8 69.0
Debt to equity ratio 2.0 to 1 2.8 to 1
</TABLE>
The Company strengthened its financial position in the first nine
months of 1994 by reducing its outstanding debt $ 15.2 million,
or 22.0% by using cash provided by operating activities and the
collection of the proceeds from the sale of the Xeikon N.V.
investment.
Net cash provided by operations in the first nine months of 1994
was $ 18.8 million greater than the similar year-ago period. The
major sources of cash are attributable to profitable operations,
inventory management programs, lower spending for restructuring
programs and improved days sales outstanding associated with the
Company's growing service business. The Company's current ratio
was 2.0 to 1 at the end of the third quarter of 1994 as compared
to 1.5 to 1 at the end of fiscal year 1993. This increase is
primarily attributable to the decrease in debt classified as
current under the senior credit facility, partially offset by the
purchase of Notes in the second quarter of 1994.
<PAGE> 11
Due to the needs of its growing service business, the Company has
increased the cash used in investing activities in order to
obtain necessary field support spares and equipment. The Company
does not have any material commitments of funds for capital
expenditures other than to support the current level of
operations.
During the second quarter of 1994, the Company purchased $ 5.8
million of its Notes in the open market at favorable terms, thus
realizing a gain of $ 0.5 million, net of taxes. The purchased
Notes together with the $ 3.3 million of the Notes held in
treasury from prior period purchases satisfy the Company's 1995
sinking fund requirement. In the first quarter of 1994, the
Company retired $ 9.0 million principal amount of its previously
purchased Notes in fulfillment of its annual sinking fund
requirement.
As of October 2, 1994, the Company had $ 13.7 million outstanding
and $ 9.5 million available for borrowing under its senior credit
facility. On June 9, 1994, the Company and its senior creditor
amended the Company's senior credit facility by extending its
term to fiscal 1997, changing the rate of interest to prime plus
3.0% and providing for early termination of the facility by the
Company under certain circumstances.
The Company has maintained cash flow through strict controls over
working capital and discretionary spending. As discussed
previously, management initiated a number of programs to improve
the financial performance of the Company. Management has also
continued to strive for continued revenue growth by investing in
its strategic growth areas of ESS, Laser Printing Solutions and
Supplies. Nevertheless, there is no assurance that the Company's
initiatives will continue to be successful or that sales volume
will not materially decline. Management believes that a material
decline in sales volume could have a material adverse impact on
its operations.
As described in further detail in the Company's 1993 Annual
Report, the Company is required to adopt SFAS No. 107
"Disclosures about Fair Value of Financial Instruments" and SFAS
No. 114 "Accounting by Creditors for Impairment of a Loan" on or
before fiscal year 1995. Management believes such standards will
not have a material effect on the Company's financial condition
or results of operations.
Negotiations in Progress
- - ------------------------
The Company is currently in negotiations with an undisclosed 3rd party
to acquire their desk top printer business. Operations to be acquired
involve a non-US manufacturing facility with revenues under $ 100
million.
The proposed acquisition is subject to the negotiation of definitive
agreements by the various parties, government and shareholder
approvals, and other customary and appropriate steps. At this time
there is no assurance that any agreement will be reached.
<PAGE> 12
Part II. - OTHER INFORMATION
Item 1. Legal Proceedings:
Not applicable.
Item 2. Changes in Securities:
Not applicable.
Item 3. Defaults Upon Senior Securities:
Not applicable.
Item 4. Submission of Matters to a Vote of Security Holders:
Not applicable.
Item 5. Other Information:
Not applicable.
Item 6. Exhibits and Reports on Form 8-K:
(a) Exhibits
Number Description
------ ----------------------------
27.1 Financial Data Schedule
(b) Reports on Form 8-K:
The Company did not file a Form 8-K during the quarter
ended October 2, 1994.
<PAGE> 13
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.
GENICOM Corporation
------------------------
Registrant
Date: November 16, 1994
James C. Gale
--------------------
Signature
James C. Gale
Senior Vice
President Finance
and Chief Financial
Officer
(Mr. Gale is the
Chief Financial
Officer and has been
duly authorized to
sign on behalf of
the Registrant)
<PAGE> 14
GENICOM Corporation and Subsidiaries
INDEX TO EXHIBITS TO FORM 10-Q
FOR THE QUARTERLY PERIOD ENDED OCTOBER 2, 1994
Exhibit
Number Description Page
- - ------ ----------------------- -----
27.1 Financial Data Schedule E-2
E-1
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM FORM 10-Q FOR
THE QUARTERLY PERIOD ENDED OCTOBER 2, 1994 AND IS QUALIFIED IN ITS ENTIRETY BY
REFERENCE TO SUCH FINANCIAL STATEMENTS
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> JAN-01-1995
<PERIOD-END> OCT-02-1994
<CASH> 1,874
<SECURITIES> 0
<RECEIVABLES> 37,717
<ALLOWANCES> (1,620)
<INVENTORY> 46,065
<CURRENT-ASSETS> 89,485
<PP&E> 89,108
<DEPRECIATION> (62,286)
<TOTAL-ASSETS> 130,736
<CURRENT-LIABILITIES> 45,510
<BONDS> 52,734
<COMMON> 106
0
0
<OTHER-SE> 26,986
<TOTAL-LIABILITY-AND-EQUITY> 130,736
<SALES> 123,957
<TOTAL-REVENUES> 172,011
<CGS> 90,394
<TOTAL-COSTS> 127,462
<OTHER-EXPENSES> 37,623
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 5,731
<INCOME-PRETAX> 2,830
<INCOME-TAX> 748
<INCOME-CONTINUING> 2,082
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 2,082
<EPS-PRIMARY> 0.18
<EPS-DILUTED> 0.18
</TABLE>
