<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 April 2, 1995
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 X No -
As of April 21, 1995, there were 10,725,999 shares of Common
Stock of the Registrant outstanding.
<PAGE> 2
Form 10-Q Index
PART I - Financial Information
Item 1. Financial Statements
Consolidated Balance Sheets - April 2, 1995 3
and January 1, 1995
Consolidated Statements of Income - Three
Months Ended April 2, 1995 and April 3, 1994 4
Consolidated Statements of Cash Flows - Three
Months Ended April 2, 1995 and April 3, 1994 5
Notes to Consolidated Financial Statements 6-8
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of Operations 9-12
PART II - Other Information
Item 1. Legal Proceedings 13
Item 2. Changes in Securities 13
Item 3. Defaults Upon Senior Securities 13
Item 4. Submission of Matters to a Vote of Security 13-14
Holders
Item 5. Other Information 14
Item 6. Exhibits and Reports on Form 8-K 14
Signatures 15
Index to Exhibits E-1
2
<PAGE> 3
PART I. - FINANCIAL INFORMATION
Item 1. Financial Statements
GENICOM CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
=====================================
<TABLE>
<CAPTIONS>
April 2, January 1,
1995 1995
(In thousands, except share data) (Unaudited)
<S> <C> <C>
ASSETS ------- --------
Current assets:
Cash and cash equivalents $ 2,010 $ 673
Accounts receivable, less
allowance for doubtful accounts
of $1,862 and $1,479 44,768 37,846
Inventories 48,031 43,368
Prepaid expenses and other assets 5,094 5,040
------ ------
Total current assets 99,903 86,927
Property, plant and equipment 32,863 26,215
Intangibles and other assets 25,303 14,125
-------- -------
$ 158,069 $ 127,267
======== =======
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Debt maturing within one year $ 10,815 $ 371
Accounts payable and accrued
expenses 48,512 37,540
Deferred income 12,018 8,236
------- ------
Total current liabilities 71,345 46,147
Long-term debt, less current portion 51,413 47,192
Other non-current liabilities 5,712 5,845
------- ------
Total liabilities 128,470 99,184
Stockholders' equity:
Common stock, $0.01 par value;
15,000,000 shares authorized,
10,685,699 and 10,638,299 issued 107 106
Additional paid-in capital 25,826 25,760
Retained earnings 5,652 4,351
Foreign currency translation
adjustment (1,287) (1,435)
Pension liability adjustment (699) (699)
Total stockholders' equity 29,599 28,083
------- --------
$ 158,069 $ 127,267
======= ========
The accompanying notes are an integral
part of these financial statements.
</TABLE>
3
<PAGE> 4
GENICOM CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
====================================
<TABLE>
<CAPTION>
Three Months Ended
April 2, April 3,
(In thousands, except per 1995 1994
share data) --------- --------
<S> <C> <C>
Revenues, net:
Products $ 44,603 $ 43,484
Services 23,531 11,852
------ ------
68,134 55,336
Operating costs and expenses:
Cost of revenues:
Products 31,238 32,360
Services 18,481 8,365
Selling, general and
administration 12,933 11,375
Engineering, research and
product development 1,965 1,914
------ ------
64,617 54,014
Operating income 3,517 1,322
Interest expense, net 1,758 1,980
Other income 901
------ ------
Income before income taxes 1,759 243
Income tax expense 458 149
------ ------
Net income $ 1,301 $ 94
====== ======
Earnings per common share
and common share equivalent
(primary and fully diluted) $ 0.11 $ 0.01
====== ======
Weighted average number of
common shares and common share
equivalents outstanding
primary and fully diluted) 11,624 10,920
====== ======
The accompanying notes are an
integral part of these financial statements.
</TABLE>
4
<PAGE> 5
GENICOM CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
=====================================
<TABLE>
<CAPTION>
Three Months Ended,
April 2, April 3,
(In thousands) 1995 1994
-------- --------
<S> <C> <C>
Cash flows from operating activities:
Net income $ 1,301 $ 94
Adjustments to reconcile net income
to cash provided by operating activities:
Depreciation 2,659 2,135
Amortization 987 683
Effect of investment gain (901)
Changes in assets and
liabilities net of effects from
acquisitions:
Accounts receivable (932) (1,935)
Inventories (1,948) (520)
Accounts payable and
accrued expenses (891) 1,170
Deferred income 720 774
Other 1,305 1,084
------- -------
Net cash provided by operating
activities 3,201 2,584
Cash flows from investing activities:
Payment for purchase of businesses,
net of cash acquired (5,030)
Additions to property, plant and
equipment (2,691) (2,306)
Proceeds from sale of investment 3,436
Other (158) (592)
------- ------
Net cash (used in) provided by
investing activities (7,879) 538
Cash flows from financing activities:
Borrowings from long-term debt 10,833 7,692
Payments on long-term debt (4,633) (11,570)
------- -------
Net cash provided by (used in)
financing activities 6,200 (3,878)
Effect of exchange rate changes on cash (185) (120)
and cash equivalents
Net increase (decrease) in cash and
cash equivalents 1,337 (876)
Cash and cash equivalents at beginning
of period 673 1,797
------- --------
Cash and cash equivalents at end of
period $ 2,010 $ 921
======= =======
The accompanying notes are an integral
part of these financial statements
</TABLE>
5
<PAGE>6
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 April 2, 1995, 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 1, 1995 Annual Report. The results of
operations for the three months ended April 2, 1995, are not
necessarily indicative of the operating results to be
expected for the full year. Certain reclassifications have
been made to the 1994 condensed financial statements in
order to conform to the 1995 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>
April 2, January 1, 1,
1995 1995
-------- ---------
<S> <C> <C>
Raw Materials $ 14,619 $ 14,354
Work in process 11,179 6,639
Finished goods 22,233 22,375
------ ------
$ 48,031 $ 43,368
====== ======
</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.
<TABLE>
<CAPTION>
Three Months Ended
-----------------
April 2, April 3,
1995 1994
-------- --------
<S> <C> <C>
Weighted average common shares
outstanding 10,657 10,623
Dilutive common stock equivalents:
Options - Primary and fully 967 297
diluted
Options - Fully diluted 0 0
------ ------
Shares outstanding - Primary and
fully diluted 11,624 10,920
====== ======
</TABLE>
6
<PAGE> 7
4. During the first quarter ended April 2, 1995 the Company
adopted the provisions of SFAS No. 114 "Accounting by
Creditors for Impairment of a Loan" and SFAS No. 118
"Accounting by Creditors for Impairment of a Loan - Income
Recognition and Disclosure - Amendment of SFAS No. 114".
The implementation of SFAS Nos. 114 and 118 did not have a
material effect on the Company's financial condition or
results of operations.
5. Business Acquisitions
Printer Systems Corporation
On February 16, 1995, the Company acquired Printer Systems
Corporation ("PSC"), a privately held company whose primary
business is the design, manufacture, distribution and
support of printer networking products for commercial
customers. PSC had 1994 revenues of $10.0 million.
Pursuant to the purchase agreement, the Company acquired
substantially all of PSC's outstanding common and preferred
shares for consideration aggregating to potentially $4.8
million. Of the consideration $0.8 million was payable at
closing and $1.2 million is payable over the three years
subsequent to closing. The remaining balance of up to $2.8
million in consideration is contingent upon attainment of
performance objectives during the three years subsequent to
closing. The purchase price will be funded from the
Company's cash flows from operations and credit facilities
and the acquisition will be accounted for as a purchase.
The allocation of the purchase price and related acquisition
costs is subject to adjustment based upon refinements in the
application of purchase method accounting and the final
determination of the purchase price.
Harris Adacom Network Services, Inc.
On March 1, 1995, the Company acquired substantially all of
the assets and certain liabilities of Harris Adacom Network
Services, Inc. ("HANS"), including all of the stock of its
Canadian subsidiary, Harris Adacom Inc. for cash and notes
totaling $7.3 million. The assets acquired relate to HANS's
service depot facility, field service operations, systems
integration business and network baselining and monitoring
operations. HANS had 1994 revenues of $36.1 million. The
purchase price will be funded from the Company's cash flows
from operations and credit facilities and the acquisition
will be accounted for as a purchase. The allocation of the
purchase price and related acquisition costs is subject to
adjustment based upon refinements in the application of
purchase method accounting and the final determination of
the purchase price.
Pro forma financial information
Presented below are the unaudited pro forma statements of
operations as if the acquired operations had been integrated
into the Company effective at January 3, 1994. Accounting
adjustments have been made to include estimated costs
of the combinations and to reflect the integration
and consolidation of facilities and personnel. Included in
such integration costs are lease termination fees and
relocation costs associated with redundant facilities and
employee severance expenses. This pro forma information
has been prepared for comparative purposes only and does
not purport to be indicative of the results that
actually would have been obtained if the acquired
operations had been conducted by the Company during the
periods presented and is not intended to be a projection
of future results. Presentation is in thousands except for
earnings per share amounts.
7
<PAGE> 8
<TABLE>
<CAPTION>
Three Months Ended
-----------------
April 2, April 3,
1995 1994
-------- -------
<S> <C> <C>
Revenue $76,479 $ 67,239
------ ------
Net income 1,313 643
------ ------
Earnings per share $ 0.11 $ 0.06
------ ------
Weighted average shares outstanding 11,624 10,920
------ ------
</TABLE>
8
<PAGE> 9
Item 2. Management's Discussion and Analysis of Results of
Operations and Financial Condition:
Results of Operations
<TABLE>
<CAPTION>
(in millions) 1st Quarter 1st Quarter
1995 Change 1994
--------- ------- -------------
<S> <C> <C> <C>
Revenues $ 68.1 $ 12.8 $ 55.3
Percentage change 23.1 %
</TABLE>
Revenue in the first quarter of 1995 increased 23.1% compared to
the year-ago quarter primarily due to the growth in multivendor
services. As a result of acquisition activities during the first
quarter of 1995, the Company realigned its operations into three
business groups: Multivendor Services, Product Solutions and
Network Services.
The Product Solutions Group ("PSG") revenue decreased $0.7
million or 1.8% in the first quarter 1995 as compared to the
prior year quarter, primarily due to the decline in the impact
printing market, partially offset by growth in the laser printing
market. Increases in the Company's high-speed serial matrix
printers, including the 3800 Series, and the new 4800 Series
shuttle matrix line impact printers favorably impacted revenues,
however, they did not offset the declines in the mature serial
matrix and mature shuttle matrix line impact printers. The Laser
Printing Solutions business achieved year over year growth of
40.0% due primarily to sales of the 7170 network laser printer
and to a lesser extent the sales of new laser printer products
offered as a result of the PSC acquisition. Management expects
PSG revenues to increase in 1995 due to, among others, the sales
of new PSC laser printer products, a full year of volume
shipments of its new shuttle matrix line impact printers and
other fiscal year 1995 new product offerings.
Multivendor Services Group ("MSG") revenues in the first quarter
of 1995 increased $11.8 million or 101.5% compared to the first
quarter in 1994. The growth is primarily attributable to the
Company's 1994 expansion into workstation, peripheral and
personal copier services through its depot and field services
arrangements with Computervision Corporation, Canon U.S.A. and
Motorola Computer Group. The March 1, 1995 acquisition of HANS
contributed $1.6 million to first quarter service revenues.
Management anticipates that 1995 MSG revenue will be above fiscal
1994 levels as a result of a full year's effect of the revenues
associated with the 1994 expansion efforts referred to above, the
HANS acquisition, and the Company's anticipated expansion of its
multivendor field and depot operations.
The Network Services Group ("NSG") was established in connection
with the acquisition of HANS's United States and Canadian systems
integration operations. NSG provides network system solutions
including hardware and software products, consulting and network
baselining and monitoring services. This business contributed
$2.2 million to first quarter 1995 revenues, accounting for 17.3%
of total Company revenue growth.
Relay revenues decreased by $0.6 million or 15.3% in the first
quarter of 1995 as compared to the prior year quarter.
Management expects that 1995 relay revenues will approximate
those of fiscal 1994.
9
<PAGE> 10
<TABLE>
<CAPTION>
(in millions) 1st Quarter 4th Quarter 1st Quarter
----------- ----------- -----------
1995 1994 1994
<S> <C> <C> <C>
Order backlog $ 49.7 $ 48.9 $ 43.4
Change - 1st Quarter 1995
compared to:
Amount 0.8 6.3
Percentage 1.6 % 14.5 %
</TABLE>
The increase in order backlog from the 1994 fourth and first
quarter primarily reflects the effect of the HANS and PSC
acquisitions. The increase from the 1994 fourth quarter was
partially offset by the decrease in our MSG business and PSG
business backlog since the fourth quarter. 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>
(in millions) 1st Quarter 1st Quarter
1995 Change 1994
--------- ------- -------------
<S> <C> <C> <C>
Gross margin $ 18.4 $ 3.8 $ 14.6
As a % of revenue 27.0 % 26.4 %
</TABLE>
Gross margin, as a percentage of revenue, increased in the first
quarter of 1995 as compared to the prior year quarter. This
increase is primarily attributable to the performance of the PSG
business, which was impacted by improved performance by the
Company's international operations, partially offset by start-up
costs incurred in the MSG business.
<TABLE>
<CAPTION>
(in millions) 1st Quarter 1st Quarter
1995 Change 1994
--------- ------- -------------
<S> <C> <C> <C>
Operating expenses:
Selling, general
and administrative $ 12.9 $ 1.5 $ 11.4
Engineering,
research and product 2.0 0.1 1.9
development
---- ----- ----
Total $ 14.9 $ 1.6 $ 13.3
As a % of revenue 21.9 % 24.0 %
</TABLE>
Operating expenses decreased as a percentage of sales in the
first quarter of 1995 as compared to the year-ago period, due
primarily to management's focus on contolling costs. The actual
amount expended on selling, general and administrative expenses
increased year over year primarily due to the expenses incurred
by HANS and PSC, the increased sales and marketing efforts needed
to support the new MSG businesses, the introduction of new
printer products and the Company's January 1994, cost reduction
program which included personnel, salary and benefit reductions
for the Company's worldwide operations.
10
<PAGE> 11
<TABLE>
<CAPTION>
(in millions) 1st Quarter 1st Quarter
1995 Change 1994
--------- ------- -------------
<S> <C> <C> <C>
Interest expense, net $ 1.8 $ (0.2) $ 2.0
net
Percentage change (10.0) %
Other income $ 0.0 $ (0.9) $ 0.9
Percentage change (100.0) %
</TABLE>
The decrease in interest expense in the first quarter of 1995 as
compared to the year-ago quarter is primarily due to the
Company's repurchase of its 12.5% Senior Subordinated Notes
("Notes") in the second and fourth quarter of 1994 and the
decrease in borrowings from its senior credit facility, partially
offset by the interest rate increase on the same senior credit
facility. On February 1, 1995, the Company's interest rate on
its senior credit facility increased from 11.5% to 12.0%, as
result of a 0.5% increase in the prime lending rate.
During the 1994 first quarter, the Company sold its remaining
investment in Xeikon N.V., a Belgian printer development and
manufacturing company and a pre-tax gain of $ 0.9 million was
recognized.
<TABLE>
<CAPTION>
(in millions) 1st Quarter 1st Quarter
1995 Change 1994
--------- ------- -------------
<S> <C> <C> <C>
Income tax expense $ 0.5 $ 0.4 $ 0.1
Effective tax rate 26.0% 61.3%
</TABLE>
The Company's effective income tax rate for the first quarter of
1995 was 26.0% as compared to 61.3% for the year-ago period.
These rates are significantly affected by foreign income taxes
and the utilization of net operating losses.
11
<PAGE> 12
Liquidity and Capital Resources
<TABLE>
<CAPTION>
1st Quarter 1st Quarter
1995 1994
--------- --------
<S> <C> <C>
Cash provided by operations $ 3.2 $ 2.6
Cash (used in) provided by (7.9) 0.5
investing activities
Cash provided by (used in) 6.2 (3.9)
financing activities
</TABLE>
<TABLE>
<CAPTION>
(in millions) 1st Quarter 1st Quarter
1995 1994
--------- --------
<S> <C> <C>
Working capital $ 28.6 $ 40.8
Inventories 48.0 43.4
Debt obligations 62.2 47.6
Debt to equity ratio 2.1 to 1 1.7 to 1
</TABLE>
The Company's working capital decreased $12.2 million as of April
2, 1995 as compared to January 1, 1995 due primarily to the
purchase of HANS and PSC, which were financed primarily by
borrowings from the Company's senior credit facility and the
issuance of notes to the sellers. Accordingly, the Company has
recorded notes payable to reflect the incremental purchase
consideration for which management believes the Company will be
obligated. As of April 2, 1994, $4.0 million of such notes have
been classified as current obligations. Cash and cash
equivalents increased $1.3 million since January 1, 1995. Net
cash generated by operations improved by $0.6 million year to
year due primarily to profitable operations.
Due to the needs of its growing ESS business, the Company has
increased the cash used in investing activities to acquire the
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, which includes the remaining amounts due for the HANS
and PSC acquisitions.
In the first quarter of 1995, the Company retired $9.0 million
principal amount of its previously purchased Notes in fulfillment
of its annual sinking fund requirement. As of April 3, 1995, the
Company had $3.4 million of the Notes in treasury, which will be
applied to the $9.0 million needed for the 1996 sinking fund
requirement. In addition to the above mentioned sinking fund
requirements, on February 15, 1997, $31.0 million of the Notes
will mature. While the Company expects that it will be able to
satisfy the balance of the 1996 sinking fund and the 1997
maturity, there is no assurance that the Company will have the
resources available to do so.
As of April 2, 1995, the Company had $18.7 million outstanding
and $7.0 million available for borrowing under its senior credit
facility. Management believes that the Company has adequate
resources, through its cash flows from operations and credit
facilities, to meet its future payment obligations to the sellers
of HANS and PSC.
12
<PAGE> 13
Management believes that a material decline in sales volume or
the Company's inability to effectively execute their integration
programs for the newly acquired strategic businesses could have a
material adverse impact on the financial condition, results of
operations, or liquidity of the Company.
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:
(a) The Company's annual meeting of stockholders was held on
April 27, 1995.
(c) At said annual meeting, stockholders reelected the
Company's four directors, amended the Company's Stock
Option Plan to increase the number of Common Stock
issuable under the Plan by 400,000 shares, amended the
Company's Stock Option Plan to amend the exercise
provision of the Stock Option Plan relating to Stock
Option recipients whose employment is terminated,
increased the authorized capital stock of the Company from
15,000,000 shares, consisting of 15,000,000 shares of
Common Stock, $.01 par value to 18,000,000 shares
consisting of 18,000,000 shares of Common Stock, $.01 par
value and approved the appointment of Coopers & Lybrand
L.L.P. as the Company's independent accountants.
<TABLE>
<S> <C> <C> <C>
Directors
- ---------
Director Votes for Withheld Broker Non-Votes
Don E. 7,108,247 2,833 0
Ackerman
Bruce K. 7,106,230 4,850 0
Anderson
Edward E. 7,108,247 2,833 0
Lucente
Paul T. Winn 7,107,438 3,642 0
Stock Option Plan - Increase Shares
- ------------------------------------
Abstentions
Votes for Votes or
Against Broker Non-Votes
6,877,250 230,518 3,311
13
<PAGE> 14
Stock Option Plan - Extend Period for
Exercise
- --------------------------------------
Abstentions
Votes for Votes or
Against Broker Non-Votes
6,874,152 228,145 8,783
Increase Authorized Common
Stock Shares
- ----------------------------
Abstentions
Votes for Votes or
Against Broker Non-Votes
7,085,539 15,970 9,570
Accountants
- --------------
Abstentions
Votes for Votes or
Against Broker Non-Votes
7,107,520 2,775 784
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 filed a report on Form 8-K on March 8, 1995,
which reported that it had completed its acquisition of
Printer Systems Corporation. A copy of the purchase
agreement was included as Exhibit 2.1 to the Form.
The Company filed a report on Form 8-K on March 16, 1995,
which reported that it had completed its acquisition of
substantially all of the assets and certain liabilities
of Harris Adacom Network Services, Inc., including all of
the stock of its Canadian subsidiary, Harris Adacom, Inc.
for $7.3 million. A copy of the purchase agreement was
included as Exhibit 2.1 to the Form.
The Company filed a report on Form 8-K on March 30, 1995,
which reported that it had amended its Deferred
Compensation and Savings Plan on November 1, 1993 and
January 20, 1994. Copies of the amendments were included
as Exhibits 10.1 and 10.2, respectively, to the Form.
14
<PAGE> 15
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: May 17, 1995
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)
15
<PAGE>16
GENICOM Corporation and Subsidiaries
INDEX TO EXHIBITS TO FORM 10-Q
FOR THE QUARTERLY PERIOD ENDED APRIL 2, 1995
Exhibit
Number Description Page
- ------- --------------- -----
27.1 Financial Data Schedule E-2
E-1
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<CIK> 0000766738
<NAME> GENICOM CORPORATION
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-02-1995
<PERIOD-END> APR-02-1995
<CASH> 2,010
<SECURITIES> 0
<RECEIVABLES> 46,630
<ALLOWANCES> (1,862)
<INVENTORY> 48,031
<CURRENT-ASSETS> 99,903
<PP&E> 97,583
<DEPRECIATION> (64,720)
<TOTAL-ASSETS> 158,069
<CURRENT-LIABILITIES> 71,345
<BONDS> 51,413
<COMMON> 107
0
0
<OTHER-SE> 29,942
<TOTAL-LIABILITY-AND-EQUITY> 158,069
<SALES> 44,603
<TOTAL-REVENUES> 68,134
<CGS> 31,238
<TOTAL-COSTS> 49,719
<OTHER-EXPENSES> 12,933
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 3,517
<INCOME-PRETAX> 1,759
<INCOME-TAX> 458
<INCOME-CONTINUING> 1,301
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 1,301
<EPS-PRIMARY> 0.11
<EPS-DILUTED> 0.11
</TABLE>
