UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10 - Q
(Mark One)
X QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
----- SECURITIES EXCHANGE ACT OF 1934.
For the period ended January 31, 1998.
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 0-15407
Circuit Systems, Inc.
-------------------------------------------------------
(Exact name of registrant as specified in charter)
Illinois 36-2663010
--------------------------------- ----------------
(State or other jurisdiction (I.R.S. Employer
of incorporation or organization) Identification No.)
2350 East Lunt Avenue, Elk Grove Village, Illinois 60007
- -------------------------------------------------- ---------
(Address of principal executive offices) (Zip Code)
(847) 439 - 1999
------------------------------ -----------------------------
(Registrant's telephone number, (Former name, former address and
including area code) 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 .
---- ----
APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
PROCEEDING DURING THE PRECEDING FIVE YEARS
Indicate by check mark whether the registrant has filed all documents and
reports required to be filed by Sections 12, 13, or 15 (d) of the Securities
Exchange Act of 1934 subsequent to the distribution of securities under a
plan confirmed by a court. Yes No .
----- -----
APPLICABLE ONLY TO CORPORATE ISSUERS: Indicate the number of shares
outstanding of each of the issuer's classes of common stock, as of the latest
practicable date: February 28, 1998 4,577,173.
<PAGE>
CIRCUIT SYSTEMS, INC.
AND SUBSIDIARIES
INDEX
Page
Number
PART I. FINANCIAL INFORMATION
1. Financial Statements
Consolidated Condensed Balance Sheets .................. 3
Consolidated Condensed Statements of Operations ........ 4
Consolidated Condensed Statement of Cash Flows ......... 5
Notes to Consolidated Condensed Financial Statements ... 6
2. Management's Discussion and Analysis of Financial Condition
and Results of Operations ............................. 9
3. Quantitative and Qualitative Disclosurers about
Market Risks .......................................... 10
PART II. OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K ............. 11
<PAGE>
CIRCUIT SYSTEMS, INC.
AND SUBSIDIARIES
CONSOLIDATED CONDENSED BALANCE SHEETS
(UNAUDITED)
<TABLE>
4/30/97 1/31/98
----------- -----------
<S> <C> <C>
ASSETS
CURRENT ASSETS
CASH AND CASH EQUIVALENTS .... $ 294,204 $ 936,326
ACCOUNTS RECEIVABLE, LESS
ALLOWANCE OF $500,000 ...... 6,561,782 10,759,205
INVENTORIES
RAW MATERIALS ................ 2,797,845 3,400,816
WORK IN PROCESS ............ 2,129,627 2,530,536
FINISHED GOODS .............. 1,709,349 2,957,347
---------- ----------
6,636,821 8,888,699
DEFERRED INCOME TAXES ........ 363,000 363,000
PREPAID EXPENSES .............. 215,674 324,292
---------- ----------
TOTAL CURRENT ASSETS ....... 14,071,481 21,271,522
INVESTMENT IN AFFILIATE ........ 2,841,193 2,921,484
PROPERTY,PLANT,& EQUIPMENT - AT COST
BUILDING AND IMPROVEMENTS .... 9,446,475 13,642,219
MACHINERY AND EQUIPMENT ...... 33,871,214 41,461,246
AUTOMOTIVE EQUIPMENT .......... 83,796 71,889
---------- ----------
43,401,485 55,175,354
LESS ACCUMULATED DEPRECIATION 18,442,154 21,800,816
---------- ----------
24,959,331 33,374,538
LAND ........................... 2,814,613 2,975,672
---------- ----------
27,773,944 36,350,210
OTHER ASSETS
DEPOSITS AND SUNDRY .......... 1,071,481 1,310,631
---------- ----------
$45,758,099 $61,853,847
========== ==========
LIABILITIES & SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
CURRENT MATURITIES OF L/T OBLIGATIONS $ 4,662,289 $ 6,234,632
ACCOUNTS PAYABLE .............. 4,095,791 6,620,032
ACCRUED LIABILITIES ........... 1,193,969 1,559,206
INCOME TAXES PAYABLE ......... 384,745 ---
---------- ----------
TOTAL CURRENT LIABILITIES 10,336,794 14,413,870
LONG - TERM OBLIGATIONS ......... 10,640,363 26,195,717
DEFERRED INCOME TAXES .......... 1,848,000 1,775,000
MINORITY INTEREST ............... 471,246 409,657
</TABLE>
<PAGE>
<TABLE>
<S> <C> <C>
SHAREHOLDERS' EQUITY
COMMON STOCK .................. 2,882,322 2,554,578
RETAINED EARNINGS ............. 19,596,240 16,556,268
CUMULATIVE FOREIGN CURRENCY
TRANSLATION ADJUSTMENT ...... (16,866) (51,243)
---------- ----------
22,461,696 19,059,603
---------- ----------
$45,758,099 $61,853,847
========== ==========
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE STATEMENTS
<PAGE>
CIRCUIT SYSTEMS, INC.
AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
(UNAUDITED)
<TABLE>
THREE MONTHS ENDED NINE MONTHS ENDED
1/31/97 1/31/98 1/31/97 1/31/98
---------- ---------- ---------- ----------
<S> <C> <C> <C> <C>
NET SALES .............. $16,623,829 $18,833,070 $49,359,056 $52,228,824
COST OF GOODS SOLD ... 13,795,611 17,311,165 42,500,460 47,836,848
---------- ---------- ---------- ----------
GROSS PROFIT ..... 2,828,218 1,521,905 6,858,596 4,391,976
SALES & MARKETING EXPENSES 896,327 675,658 2,450,120 2,044,826
ADMINISTRATIVE EXPENSES 586,266 638,196 1,993,799 1,872,054
---------- ---------- ---------- ----------
1,482,593 1,313,854 4,443,919 3,916,880
OPERATING INCOME ..... 1,345,625 208,051 2,414,677 475,096
OTHER (INCOME) DEDUCTIONS
INTEREST EXPENSE ..... 405,000 679,202 1,165,508 1,695,359
INTEREST RECEIVED .... --- (2,785) --- (8,894)
GAIN ON SALE OF EQUIPMENT --- --- --- (325)
EQUITY IN EARNINGS OF
UNCONSOLIDATED AFFILIATE (150,373) (1,803) (544,031) (80,291)
RENTAL INCOME ........ (91,160) (100,460) (247,760) (309,780)
MINORITY INTEREST IN LOSS
OF SUBSIDIARY.......... --- (10,404) --- (61,596)
SUNDRY ................ (27,408) 24,340 (51,512) 10,294
---------- ---------- ---------- ----------
136,059 588,090 322,205 1,244,767
---------- ---------- ---------- ----------
EARNINGS/(LOSS) BEFORE
INCOME TAXES 1,209,566 (380,039) 2,092,472 (769,671)
INCOME TAXES (BENEFIT) 464,000 (131,000) 803,000 (235,000)
---------- ---------- ---------- ----------
NET EARNINGS (LOSS) . $ 745,566 $ (249,039) $ 1,289,472 $ (534,671)
========== ========== ========== ==========
PER SHARE DATA
EARNINGS (LOSS) PER
COMMON SHARE $0.14 ($0.05) $0.24 ($0.11)
EARNINGS (LOSS) PER COMMON SHARE
-ASSUMING DILUTION-DILUTED $0.14 ($0.05) $0.24 ($0.11)
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE STATEMENTS
<PAGE>
CIRCUIT SYSTEMS, INC.
AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
<TABLE>
NINE MONTHS ENDED
1/31/97 1/31/98
----------- -----------
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
NET EARNINGS (LOSS) ...................... $ 1,289,472 $ (534,671)
ADJUSTMENTS TO RECONCILE NET EARNINGS (LOSS)
TO NET CASH PROVIDED BY (USED IN) OPERATING
ACTIVITIES:
DEPRECIATION ............................... 2,790,000 3,365,862
GAIN ON SALE OF PROPERTY & EQUIPMENT ........ --- (325)
DEFERRED INCOME TAXES .................... 113,000 (73,000)
EQUITY IN EARNINGS OF UNCONSOLIDATED AFFILIATE (544,031) (80,291)
MINORITY INTEREST IN LOSS OF SUBSIDIARY --- (61,596)
CHANGES IN ASSETS AND LIABILITIES, NET OF
EFFECT OF ACQUISITION
ACCOUNTS RECEIVABLE .................... 495,197 (4,197,423)
INVENTORIES ............................. (745,869) (1,601,878)
PREPAID EXPENSES ....................... (31,654) (108,618)
OTHER ASSETS ........................... 505,074 (239,150)
ACCOUNTS PAYABLE & ACCRUED LIABILITIES .... 1,291,687 2,504,733
---------- -----------
TOTAL ADJUSTMENTS ................... 3,873,404 (491,686)
NET CASH PROVIDED BY (USED IN) OPERATIONS 5,162,876 (1,026,357)
CASH FLOWS FROM INVESTING ACTIVITIES
CAPITAL EXPENDITURES ...................... (2,353,355) (2,442,128)
INVESTMENT IN CIRCUIT SYSTEMS (INDIA) LIMITED (1,000,000) ---
PROCEEDS FROM SALE OF PROPERTY & EQUIPMENT --- 325
MINORITY INTEREST CAPITAL CONTRIBUTION
TO SUBSIDIARY ............................ --- 7
PAYMENT FOR PURCHASE OF PRINTED CIRCUIT
BOARD OPERATIONS OF PHILIPS .............. --- (10,150,000)
---------- -----------
NET CASH USED IN INVESTING ACTIVITIES (3,353,355) (12,591,796)
CASH FLOWS FROM FINANCING ACTIVITIES
NET (PAYMENTS) BORROWINGS UNDER LINE OF CREDIT (63,879) 9,648,118
ACQUISITION OF STOCK .................. (30,625) (2,833,045)
PROCEEDS FROM LONG - TERM OBLIGATIONS 1,500,000 11,249,198
PAYMENTS ON LONG - TERM OBLIGATIONS (3,152,375) (3,769,619)
NET CASH (USED IN) PROVIDED BY ----------- -----------
FINANCING ACTIVITIES .. (1,746,879) 14,294,652
EFFECT OF FOREIGN EXCHANGE RATES CHANGES --- (34,377)
----------- -----------
</TABLE>
<PAGE>
<TABLE>
<S> <C> <C>
INCREASE IN CASH ....................... 62,642 642,122
CASH AT THE BEGINNING OF THE PERIOD 243,269 294,204
---------- -----------
CASH AT THE END OF THE PERIOD $ 305,911 $ 936,326
========== ===========
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
CASH PAID DURING THE PERIOD FOR:
INTEREST ................................ $1,160,237 $1,674,472
INCOME TAXES ........................... 465,000 350,727
SUPPLEMENTAL SCHEDULE OF NON - CASH INVESTING
AND FINANCING ACTIVITIES:
CAPITAL LEASES FOR NEW EQUIPMENT ..... $1,207,500 $ ---
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE STATEMENTS
<PAGE>
CIRCUIT SYSTEMS, INC.
AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
1. These interim Consolidated Condensed Financial Statements should
be read in conjunction with the Consolidated Financial
Statements and notes included in the Company's April 30, 1997
Annual Report and Form 10-K.
2. In the opinion of the Company, the accompanying unaudited
condensed consolidated financial information reflects all
adjustments (consisting only of normal recurring accruals)
necessary for a fair presentation of the statements contained
herein.
3. These consolidated statements are presented in accordance with
the requirements of Form 10-Q and consequently may not include
all disclosures normally required by generally accepted
accounting principles normally made in the Company's Annual
Report and Form 10-K.
4. Effective July 28, 1997, the Company, through its affiliate,
Circuit Systems of Tennessee, a Tennessee limited partnership
("CST, LP"), acquired the printed circuit board operation of
Philips Consumer Electronics Company ("Philips"), a division of
Philips Electronics North America Corporation. The acquisition
consisted of inventory, machinery and equipment, land and
building for an aggregate cost of $10,150,000, including direct
costs of acquisition.
The purchase price was allocated as follow:
Inventory $ 670,000
Machinery and equipment 5,480,000
Building 3,845,000
Land 155,000
-----------
$ 10,150,000
===========
The purchase was funded through term and mortgage notes
with the Company's commercial lender. The acquisition has been
accounted for as a purchase and the results of operations have
been included from the effective date of the acquisition.
In addition, CST, LP and Philips entered into a printed circuit
board ("PCB") purchase agreement in which CST, LP will
manufacture and sell to Philips all of its television PCB
requirements for North America for a minimum of two years.
5. Effective November 24, 1997, the Company acquired certain of the
PCB assets of Zenith Electronics Corporation ("Zenith") for
<PAGE>
$625,000, which was funded by a secured installment note with
the Company's commercial lender. The Company brought some
equipment into its existing Elk Grove Village, Illinois and
Greeneville, Tennessee facilities for use. During February 1998,
the Company sold certain of the remaining equipment as well
as certain equipment previously used in operations for
approximately $550,000, net of expenses. The actual gain/loss
on the sale has not yet been determined.
In addition, the Company and Zenith entered into a PCB purchase
agreement whereby the Company will supply Zenith with 100% of
the PCB's which were previously produced by Zenith's Kostner's
Avenue, Chicago facility and a minimum of 50% of any newly
designed PCB's for a period of two years, subject to competitive
pricing requirements.
6. Effective with the quarter ended January 31, 1998, the Company
has adopted the provisions of Statements of Financial Accounting
Standards No. 128 - Earnings per Share, which requires companies
to present basic earnings per share and if applicable, diluted
earnings per share, instead of primary and fully diluted
earnings per share. In accordance with the Statement, all
prior periods have been restated.
The following table illustrates a reconciliation of the basic
and diluted earnings per share calculations:
<TABLE>
THREE MONTHS ENDED SIX MONTHS ENDED
1/31/97 1/31/97
---------------------- --------------------
<S> <C> <C> <C> <C>
Net Earnings $ 745,566 $ 1,289,472
============ ==========
Per share Per share
Shares amount Shares amount
--------- ----------- --------- ----------
Basic Earnings per share 5,318,495 $ 0.14 5,320,814 $ 0.24
Effect of dilutive securities:
Stock Options 20,809 -- 39,335 --
--------- ----------- --------- ----------
Diluted Earnings per share 5,339,304 $ 0.14 5,360,149 $ 0.24
========= =========== ========= ==========
THREE MONTHS ENDED SIX MONTHS ENDED
1/31/97 1/31/97
---------------------- --------------------
Net Loss $ (249,039) $ (534,671)
============ ==========
Per share Per share
Shares amount Shares amount
--------- ----------- --------- ----------
Basic Earnings per share 5,015,741 $ (0.05) 5,056,792 $ (0.11)
Effect of dilutive securities:
Stock Options N/A N/A N/A N/A
--------- ----------- --------- ----------
Diluted Earnings per share 5,015,741 $ (0.05) 5,056,792 $ (0.11)
========= =========== ========= ==========
</TABLE>
<PAGE>
CIRCUIT SYSTEMS, INC.
AND SUBSIDIARIES
MANAGEMENT'S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Note: To the extent any statements in this Form 10-Q may be
deemed to be forwardlooking, such statements should be evaluated in
the context of the risks and uncertainties inherent in the Company's
business, including those risks and uncertainties set forth in the
Company's Annual Report and Form 10-K for the fiscal year ended April
30, 1997.
Effective July 28, 1997, the Company, through its affiliate, Circuit
Systems of Tennessee, a Tennessee limited partnership ("CST, LP"),
acquired the printed circuit board operation of Philips Consumer
Electronics Company ("Philips"), a division of Philips Electronics
North America Corporation. The acquisition consisted of inventory,
machinery and equipment, land and building for an aggregate cost of
$10,150,000, including the direct costs of acquisition. The purchase
was funded through term and mortgage notes with the Company's
commercial lender. The acquisition has been accounted for as a
purchase and the results of operations have been included from the
effective date of the acquisition.
Reference to "Circuit Systems" in this discussion relates to Illinois
operations only.
The net sales for the quarter ended January 31, 1998 were
$18,833,000, increasing by 13% from $16,624,000 for the same quarter
last year. The increase in sales is due to inclusion of CST, LP and
Circuit Systems (India) Limited ("CSIL") which represented net sales
of $4,685,000 and $256,000, respectively. Circuit Systems' sales
accounted for $14,162,000 or a decrease of 15% when compared to
$16,624,000 for the same quarter last year. Circuit Systems' sales
have decreased due to a softening of demand within the current
customer base. Net sales to four individual customers accounted for
approximately 62%, of which SigmaTron International, Inc.
("SigmaTron") and Philips accounted for 8% and 17%, respectively.
compared to the same period last year in which three customers
including SigmaTron accounted for approximately 59% of net sales.
The gross profit for the quarter was $1,522,000 or 8.1% of net sales,
compared to $2,828,000 or 17.0% of net sales for the same quarter
last year. Circuit Systems, CST, LP and CSIL had a gross profit of
8.8%, 5.6%, and 16.7%, respectively. The lower gross profit is
attributed to competitive pricing, lower sales volume and operating
inefficiencies at Circuit Systems as well as lower sales volume from
CST, LP, for the three months ended January 31, 1998. The reduction
in sales effected the Company's ability to cover fixed expenses
associated with the overall increase in production
equipment/capacity, which caused the decreased gross profit margin.
The net sales for the nine months ended January 31, 1998 were
$52,229,000, increasing by 6% from $49,359,000 for the same period
last year. The increase in sales is due to inclusion of CST, LP and
CSIL, which represented net sales of $10,677,000 and $429,000,
respectively. Circuit Systems' sales accounted for $41,123,000 or a
decrease of 17% when compared to $49,359,000 for the same period last
year. Net sales to four individual customers accounted for
<PAGE>
approximately 63%, of which SigmaTron and Philips accounted for 8%
and 15%, respectively, compared to the same period last year in
which three customers including SigmaTron accounted for approximately
56% of net sales. The gross profit for the nine months ended January
31, 1998 was $4,392,000 or 8.4% of net sales, compared to $6,859,000
or 13.9% of net sales for the same period in the prior year. Circuit
Systems, CST, LP, and CSIL had a gross profit of 7.0%, 14.3%, and
1.7%, respectively. The decrease in Circuit Systems sales and gross
profit were based on the factors noted in the quarterly discussion.
Sales and marketing, and administrative expenses for the three and
nine months ended January 31, 1998, were $1,314,000 or 7.0% of net
sales and $3,917,000 or 7.5% of net sales, respectively, compared to
$1,483,000 or 8.9% of net sales and $4,444,000 or 9.0% of net sales,
respectively, for the same periods last year. The decrease in the
expenses as a percentage of net sales is primarily due to Philips
sales not being subject to commissions, and a decrease in professional
fees and bad debt expense. These were partly offset by administrative
expenses related to the start-up of CSIL and CST, LP, salaries.
Other deductions-net for the three and nine months ended January 31,
1998, were $588,000 and $1,245,000, respectively, compared to
$136,000 and $322,000, respectively, for the same periods in the
prior year. Interest expense increased to $679,000 and $1,695,000,
respectively, in 1998, compared to $405,000 and $1,166,000,
respectively, for the same periods last year. The increase is due to
the Philip's acquisition and increased borrowings under the line-of-
credit. Rental income increased to $100,000 and $310,000 for the three
and nine months ended January 31, 1998, compared to $91,000 and
$248,000, respectively for the same periods last year. The increase
is due to renting additional space at the 2450 E. Lunt location. The
equity in the net earnings of the unconsolidated affiliate, SigmaTron,
decreased to $2,000 and $80,000 for the three and nine months ended
January 31, 1998, compared to $150,000 and $544,000, respectively, for
the same periods last year. SigmaTron's net sales for the nine months
ended January 31, 1998 decreased to $65,534,000 from $70,087,000 for
the comparable 1997 period due to a softer demand from some of its key
customers. The gross profit and net earnings were negatively impacted
due to the decrease in net sales, product mix and an increase in
manufacturing overhead cost associated with increasing capacity.
The effective income tax rate for the nine months ended January 31,
1998 is (30.5)%, compared to 38.4% for the same period last year.
The lower effective tax rate is due to the inability to recognize the
tax effects of certain foreign net operating losses.
The net loss and diluted loss per share for the three and nine months
ended January 31, 1998, were $249,000 or $.05, and $535,000 or $.11,
respectively, compared to net earnings and diluted earnings per share
of $746,000 or $.14 and $1,289,000 or $.24, respectively, for the
three and nine months ended in the prior year.
LIQUIDITY AND CAPITAL RESOURCES
On November 24, 1997, the Company acquired certain of the PCB assets
of Zenith Electronics Corporation ("Zenith") for $625,000, which was
funded by a secured installment note with the Company's commercial
<PAGE>
lender. The Company brought some equipment into its existing Elk Grove
Village, Illinois and Greeneville, Tennessee facilities for use. During
February 1998, the Company sold certain of the remaining equipment as
well as certain equipment previously used in operations for
approximately $550,000, net of expenses. The actual gain/loss on the
sale had not yet been determined. In addition, the Company entered
into a printed circuit board purchase agreement whereby the Company
will supply Zenith with 100% of the PCB's which were previously
produced by Zenith's Kostner Ave, Chicago facility and a minimum of
50% of any newly designed PCB's for a period of two years, subject to
competitive pricing requirements.
The Company's financial requirements were met through an increase in
long-term obligations and borrowings under the line of credit.
For the nine months ended January 31, 1998, the cost of the Philips
acquisition of $10,150,000, increase in accounts receivable of
$4,197,000, payments on long-term obligations of $3,770,000, capital
expenditures of $2,442,000, increase in inventories of $1,602,000,
and the repurchase of Company stock of $2,833,000 were funded by
proceeds from long-term obligations of $11,249,000, net borrowings on
the line of credit of $9,648,000 and the increase in accounts payable
and accrued liabilities of $2,505,000.
During March 1998, the Company will complete a mortgage refinancing
on four of its domestic buildings. The current mortgages are under
five-year balloon arrangements. The refinanced mortgages will
be fifteen year, fixed rate loans and borrowings will increase by
approximately $500,000 when completed.
The Company has purchase commitments as of January 31, 1998 of
approximately $1,100,000 for future deliveries of machinery and
equipment and $200,000 for building improvements to the 2400 E. Lunt
Avenue property. The Company intends to finance such purchases
through collateralized borrowings, and existing cash flow.
The Company's backlog at January 31, 1998, is approximately
$18,135,000 which includes approximately $5,670,000 for CST, LP
(which is primarily product for Philips) compared to $11,678,000 at
January 31, 1997. CST, LP backlog represents orders scheduled to be
shipped within approximately three months while CSI backlog is
scheduled to be shipped in six months or less. The reliability of
backlog as an indicator of future sales varies substantially with
makeup of customer orders and the Company's scheduled production and
delivery dates.
Item 3. Quantitative and Qualitative Disclosures about Market Risks -
Not Applicable.
<PAGE>
CIRCUIT SYSTEMS, INC.
AND SUBSIDIARIES
PART 2 - OTHER INFORMATION
Item 6. Exhibits and reports on Form 8-K
(a) Exhibit 27 - Financial Data Schedule (EDGAR version only)
Refer to Note 6 in Notes to Consolidated Financial Statements
for the following restated Financial Data Schedules (EDGAR
version only)
Exhibit 27.1 Restated Financial Data Schedule - Six months
ended October 31, 1997.
Exhibit 27.2 Restated Financial Data Schedule - Three
months ended July 31, 1997.
Exhibit 27.3 Restated Financial Data Schedule - Year
ended April 30, 1997.
Exhibit 27.4 Restated Financial Data Schedule - Nine
months ended January 31, 1997.
Exhibit 27.5 Restated Financial Data Schedule - Year ended
April 30, 1996.
(b) Reports on Form 8-K
There were no reports on Form 8-K filed for the quarter
ended January 31, 1998.
<PAGE>
CIRCUIT SYSTEMS, INC.
AND SUBSIDIARIES
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, registrant's principal financial officer,
thereunto duly authorized.
Circuit Systems, Inc.
(registrant)
/s/Dilip S. Vyas
------------------
Dilip S. Vyas
(Principal Financial Officer)
March 12, 1998
<PAGE>
<TABLE> <S> <C>
<ARTICLE> 5
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> APR-30-1998
<PERIOD-END> JAN-31-1998
<CASH> 936,326
<SECURITIES> 0
<RECEIVABLES> 11,259,205
<ALLOWANCES> 500,000
<INVENTORY> 8,888,699
<CURRENT-ASSETS> 21,271,522
<PP&E> 58,151,026
<DEPRECIATION> 21,800,816
<TOTAL-ASSETS> 61,853,847
<CURRENT-LIABILITIES> 14,413,870
<BONDS> 26,195,717
0
0
<COMMON> 2,554,578
<OTHER-SE> 16,556,268
<TOTAL-LIABILITY-AND-EQUITY> 61,853,847
<SALES> 52,228,824
<TOTAL-REVENUES> 52,228,824
<CGS> 47,836,848
<TOTAL-COSTS> 47,836,848
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 1,695,359
<INCOME-PRETAX> (769,671)
<INCOME-TAX> (235,000)
<INCOME-CONTINUING> (534,671)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (534,671)
<EPS-PRIMARY> (.11)
<EPS-DILUTED> (.11)
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
RESTATED FINANCIAL DATA SCHEDULE
THIS SCHEDULE CONTAINS SUMMARY OF FINANCIAL INFORMATION EXTRACTED FROM FORM 10-Q
AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> APR-30-1998
<PERIOD-END> OCT-31-1997
<CASH> 634,573
<SECURITIES> 0
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0
0
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RESTATED FINANCIAL DATA SCHEDULE
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RESTATED FINANCIAL DATA SCHEDULE
THIS SCHEDULE CONTAINS SUMMARY OF FINANCIAL INFORMATION EXTRACTED FROM FORM 10-K
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0
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RESTATED FINANCIAL DATA SCHEDULE
THIS SCHEDULE CONTAINS SUMMARY OF FINANCIAL INFORMATION EXTRACTED FROM FORM 10-Q
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0
0
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<LEGEND>
RESTATED FINANCIAL DATA SCHEDULE
THIS INFORMATION CONTAINS SUMMARY OF FINANCIAL INFORMATION EXTRACTED FOR FORM
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0
0
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