FORM 10-Q
SECURITIES & EXCHANGE COMMISSION
Washington, D. C. 20549
(Mark One)
[ X ] Quarterly report pursuant to section 13 or 15(d) of the Securities
Exchange Act of 1934. For the quarterly period ended September 30,
1995.
[ ] 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 0-14714
Astec Industries, Inc.
(Exact Name of Registrant as Specified in its Charter)
Tennessee 62-0873631
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
4101 Jerome Avenue, Chattanooga, Tennessee 37407
(Address of Principal Executive Offices) (Zip Code)
(423) 867-4210
(Registrant's Telephone Number, Including Area Code)
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 CORPORATE ISSUERS
The number of shares outstanding of registrant's Common
Stock, par value $0.20 per share, as of September 30, 1995 was
10,092,199.
<PAGE>
ASTEC INDUSTRIES, INC.
INDEX
Page Number
PART I - Financial Information
Item 1. Financial Statements-Unaudited
Consolidated Balance Sheets as of
September 30, 1995, December 31, 1994
and September 30, 1994
Consolidated Statements of Income
for the Three Months and Nine Months
Ended September 30, 1995 and 1994
Consolidated Statements of Cash Flows
for the Nine Months Ended September 30, 1995
and 1994
Notes to Unaudited Consolidated Financial
Statements
Item 2. Management's Discussion and Analysis
of Financial Condition and Results
of Operations
PART II - Other Information
Item 1. Legal Proceedings
Item 6. Exhibits
Signature Page
<PAGE>
ASTEC INDUSTRIES, INC.
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
1. The information contained in the unaudited consolidated balance sheets, the
unaudited consolidated statements of income, and the unaudited consolidated
statements of cash flows reflect all adjustments consisting of normal
recurring accruals which are, in the opinion of management, necessary to
present a fair statement of the results for the periods covered.
2. Receivables are net of allowance for doubtful accounts of $1,671,000,
$1,684,000 and $1,054,000 for September 30, 1995, December 31, 1994 and
September 30, 1994, respectively.
3. Inventories are stated at the lower of first-in, first-out, cost or market
and consist of the following:
(in thousands)
September 30,1995 December 31, 1994 September 30, 1994
Raw Materials $25,471 $ 26,705 $ 19,028
Work-in-Process 9,526 14,380 7,242
Finished Goods 21,413 15,225 19,885
Total $56,410 $ 56,310 $ 46,155
4. Property and equipment is stated at cost. Property and equipment is net of
accumulated depreciation of $23,264,000, $23,529,000 and $22,414,000 for
September 30, 1995, December 31, 1994 and September 30, 1994, respectively.
5. Earnings per share are computed in accordance with APB No. 15 and are based
on the weighted average number of shares outstanding for each respective
period.
6. Certain customers have financed purchases of Astec products through
arrangements in which Astec is contingently liable for customer debt
aggregating approximately $7,639,000 at September 30, 1995, $13,800,000 at
December 31, 1994, and $12,215,000 at September 30, 1994.
7. There have been no material developments in legal proceedings previously
reported. See "Management's Discussion and Analysis of Financial Condition and
Results of Operations" in Part I - Item 2 "Contingencies" of this Report.
8. Approximately 80% of Astec's business volume normally occurs during the
first nine months of each year.
<PAGE>
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS - CONT.
9. As disclosed in Note 2 to the Company's financial statements included in the
1994 Annual Report, the Company acquired the remaining shares of Wibau-Astec
on November 7, 1994 and on October 17, 1994 the Company acquired the
operating assets and liabilities of Gibat Ohl. Effective June 30, 1995 the
Company sold 100% of the stock of Wibau-Astec to Wirtgen Gesellschaft mit
beschrankter Haftung, a German equipment manufacturer. The following
unaudited pro forma summary presents the consolidated
results of operations for the three and nine months ended September 30, 1995
and 1994 as if the acquisition of Gibat Ohl and the disposition of Wibau-Astec
had occurred at the beginning of these years after giving effect to certain
adjustments. The pro forma results have been prepared for comparative
purposes only and do not purport to be indicative of
the results that would have occurred had the transaction occurred at the
beginning of 1994 and 1995 or of results which may occur in the future.
<TABLE>
(in thousands)
Three Three Nine Nine
months months months months
ended ended ended ended
September 30, September 30, September 30, September 30,
1994 1995 1994 1995
<CAPTION>
<S> <C> <C> <C> <C>
Net sales $49,987 $65,015 $168,618 $188,116
Net income 3,522 2,768 13,291 8,483
Net income per
common and
common equivalent
share $.36 $.27 $1.35 $.84
</TABLE>
Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATION
Results of Operations
For the three-month period ended September 30, 1995, net sales increased to
$65,015,000 from $49,021,000 for the same period of 1994, representing a 32.6%
increase. At September 30, 1994 the Company owned only 50% of Wibau-Astec and
its operations were accounted for on the equity basis of accounting and were
not included in consolidated sales, gross profit or selling, general &
administrative expenses. Excluding the sales of CEI Enterprises, Inc.
("CEI"),which was acquired in the first quarter of 1995,
and Wibau-Astec and Gibat Ohl, which were acquired in the fourth quarter of
1994, sales increased to $55,014,000 or 12.2% for the third quarter ended
September 30, 1995. International sales by domestic subsidiaries, increased
from $14,846,000 for the quarter
ended September 30, 1994, to $15,203,000 for the quarter ended September 30,
1995, representing a 2.4% increase. International sales represent 23.4% and
30.3% of total sales for the three months ended September 30, 1995 and 1994,
respectively. For the nine-month period ended September 30, 1995, net sales
were $192,927,000 compared to net sales of $157,941,000 for the same period
of 1994, representing a 22.2% increase. CEI, Wibau-Astec and Gibat Ohl
accounted for $9,396,000 or 26.9% of the $34,986,000
<PAGE>
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATION - CONT.
increase in sales for the nine months ended September 30, 1995. For the nine
months ended September 30, 1995 international sales increased to $43,086,000
from $35,537,000 for the nine months ended September 30, 1994, representing a
21.2% increase. International sales from domestic subsidiaries represent
22.3% and 22.5% of total net sales, for the nine months ended September 30,
1995 and 1994, respectively.
Gross profit for the quarter ended September 30, 1995 increased to $13,298,000,
from $11,216,000 for the quarter ended September 30, 1994. The gross profit
percentage for the three months ended September 30, 1995 and 1994 was 20.5%
and 22.9%, respectively. Gross profit for the nine months ended September 30,
1995 increased to $40,946,000 from $36,258,000 at September 30, 1994, a 12.9%
increase, but the gross profit percentage declined from 23.0% to 21.2%. The
quarter and year-to-date declines in the gross profit percentage is primarily
attributable to the softness in the trencher market, a
new product line recently introduced by Trencor which has yet to attain
positive margins, and low margins in the German operation.
Selling, general, and administrative expenses for the third quarter of 1995
were $9,255,000 or 14.2% of net sales, compared to $7,998,000 or 16.3% of net
sales for the same period of 1994. Selling, general and administrative
expenses for the third quarter of 1995 include the expenses of Wibau-Astec,
CEI and Gibat Ohl which total approximately $973,000. The Company did not
own Gibat Ohl or CEI during the third quarter of 1994. For the nine months
ended September 30, 1995 and 1994, selling, general and
administrative expenses were $29,651,000 or 15.4% of net sales and $23,832,000
or 15.1% of net sales, respectively. Wibau-Astec, CEI and Gibat Ohl account
for $4,861,000 of the increases in selling, general and administrative expenses
for the nine months ended September 30, 1995. Other increases in expenses for
the nine months ended September 30, 1995 include legal, international travel,
commissions and promotion expenses related to equipment shows.
Interest expense increased to $546,000 for the quarter ended September 30,
1995 from $119,000 for the quarter ended September 30, 1994. Interest expense
as a percentage of net sales increased to 0.8% for the quarter ended September
30, 1995 from 0.2% for the same period of 1994. The increase in interest
expense for the third quarter of 1995 is attributable to usage of the Company's
revolving line of credit. Interest expense
for the nine months ended September 30, 1995 and 1994 was $1,618,000 and
$331,000, respectively, with the majority of the increase
relating to usage of the Company's revolving line of credit.
Inventory built in anticipation of an even larger increase in sales and the
increase in trade receivables are principally responsible for the increase
in the usage of the revolving line of credit.
Other income, net of other expense, was $367,000, or 0.6% of net sales for the
quarter ended September 30, 1995, compared to other income net of expense of
$321,000, or 0.7% of net sales for the quarter ended September 30, 1994. Other
income, net of expense for the quarter ended September 30, 1995 includes
$150,000 from a settlement related to the violation of a patent owned by the
Company. Other income, for the third quarter of 1994 included a loss of
approximately $517,000 from the Wibau-Astec
<PAGE>
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATION - CONT.
joint venture. Excluding the effect of the loss from the joint venture for the
third quarter of 1994, the other income, net of expense was $838,000 or 1.7% of
net sales for the nine months. Other income, net of expense increased to
$3,313,000 at September 30, 1995 from a net other expense of $2,000 at
September 30, 1994. For the nine months ended
September 30, 1994, other income net of expense included a loss from the
Wibau-Astec joint venture of $1,740,000. Excluding the loss, other income was
$1,738,000 for the nine months ended September 30, 1994. In addition to the
cash settlement above, other income for the nine months ended September 30,
1995 includes a pre-tax gain and related other income from the sale of
Wibau-Astec of approximately $2,000,000.
Income tax expense for the third quarter of 1995 increased to $1,096,000 from
$246,000 for the third quarter of 1994. Income tax expense for the nine months
ended September 30, 1995 and 1994 was $5,196,000 and $669,000, respectively.
Years prior to 1995 benefited from tax loss carryforwards, but most of 1995
and future earnings will be fully taxed.
Backlog at September 30, 1995 was $29,721,000 compared to $28,737,000 at
September 30, 1994. The backlog at September 30, 1995 includes amounts from
the newly acquired CEI and from Gibat Ohl. Excluding the backlog of these
companies, the backlog at September 30, 1995 compared to that of September 30,
1994 for the remaining companies, in total, has decreased approximately
$1,788,000.
Earnings per share were $.27 for the third quarter of 1995 compared to $.32
for the same period of 1994. Earnings per share for the nine months ended
September 30, 1995 were $.77 compared to $1.14 for the same period in 1994.
Liquidity and Capital Resources
As of September 30, 1995, the Company had working capital of $68,759,000
compared to $53,710,000 at September 30, 1994.
Total short-term borrowings, including current maturities of long-term debt,
were $2,417,000 September 30, 1995. Long-term debt less current maturities was
$26,780,000 at September 30,1995. Debt outstanding at September 30, 1995
consists of industrial revenue bonds issued to finance capital expenditures,
short term notes payable issued by foreign subsidiaries for working capital and
the outstanding balance on the revolving line of credit.
Capital expenditures in 1995, for plant expansion and for further
modernization of the Company's manufacturing processes, are expected to
approach $15,000,000. The Company expects to finance these expenditures using
internally generated funds. Capital expenditures at September 30, 1995
were $13,740,000.
<PAGE>
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATION - CONT.
In July, 1994, an unsecured revolving line of credit was signed for
$15,000,000 with The First National Bank of Chicago that expires September 30,
1997. On May 22, 1995, the Company amended the agreement to increase the
revolving line to $22,000,000. The outstanding balance on the revolving line of
credit at September 30, 1995 was $13,740,000. The Company was in violation of
the capital expenditures covenant which
limits 1995 capital expenditures to $10,000,000. A waiver for this violation
has been received from The First National Bank of Chicago. The Company was in
compliance with all remaining financial covenants at September 30, 1995.
On July 24, 1995, the Company announced the sale of 100% of the stock of
Wibau-Astec, a German subsidiary, to Wirtgen Gesellschaft mit beschrankter
Haftung, a German equipment manufacturer for cash and other considerations
including the assumption of Wibau debt by Wirtgen. The Astec technology used
by Wibau-Astec was not included in the sale but was purchased by the Company's
remaining German subsidiary, Gibat Ohl.
Contingencies
The Company is engaged in certain pending litigation involving claims or
other matters arising in the normal course of business. Most of these claims
involve product liability or other tort claims for property damage or
personal injury against which the Company is insured. As a part of its
litigation management program, the Company
maintains general liability insurance covering product liability and other
similar tort claims providing the Company coverage of $13,000,000 subject to a
substantial self-insured retention under the terms of which the Company has the
right to coordinate and control the
management of its claims and the defense of these actions.
The Company's Milwaukee based subsidiary, Telsmith, Inc., was a defendant in a
patent infringement action brought by Nordberg, Inc., a manufacturer of a
competing line of rock crushing equipment, seeking monetary damages and an
injunction to cease an alleged infringement of a patent on certain components
used in the production of its rock crushing equipment. In the patent suit on
March 30, 1995, the United States district Court
for the Eastern District of Wisconsin issued a ruling in favor of the Company
and entered a declaratory judgment in favor of Telsmith, Inc. and against
Plaintiff Nordberg, Inc. declaring that claims 8 through 11 and 13 of
Nordberg's United States patent No. 4,478, 373, entitled "Conical Crusher"
are invalid. The Court also entered judgment in favor of Telsmith, Inc. and
against Nordberg, Inc. dismissing Nordberg's claim of
infringement against Telsmith. The Company was pleased with the court's
decision, but has filed a Notice of Appeal asking the United States Court of
Appeals for the Federal Circuit to overturn the trial court's decision not to
award Telsmith its attorney's fees in the case. Nordberg did not cross-appeal
to the Federal Circuit on the Telsmith judgment. The time for doing so has
now expired. The judgment has therefore become "final" as to those
issues not raised by Telsmith on appeal. Briefing on the Telsmith appeal
has been complete, and the parties are awaiting word from the Court as to
where oral argument will be held.
<PAGE>
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATION - CONT.
On October 28, 1993, the Company was also named as a defendant in a patent
infringement action brought by Gencor, Inc., a manufacturer of a competing line
of asphalt plants, seeking monetary damages and an injunction to cease an
alleged plant product line. This case was filed in the U.S. District Court for
the Middle District of Florida, and is still in the discovery phase. On July
14, 1995, the court entered an order granting in part the
Company's motion for summary judgment on the issue of infringement of the
subject Gencor patent. The court held as a matter of law that the Company is
not guilty of literal infringement of the subject patent. The court did,
however, rule that there is a triable issue
of fact as to whether the Company's double barrel drum mixer infringes the
subject Gencor patent under the doctrine of equivalents, thus significantly
limiting the grounds on which Gencor can pursue the infringement claim against
the Company. Trial is presently set to commence on January 22, 1996 in Orlando.
Management believes this case to be without merit and intends to vigorously
defend this suit; however, due to the uncertainties
inherent in the litigation process, the Company is unable to predict the
ultimate outcome of this litigation.
Management has reviewed all claims and lawsuits and, upon the advice of its
litigation counsel, has made provision for any estimable losses; however, the
Company is unable to predict the ultimate outcome of the outstanding claims and
lawsuits.
PART II - OTHER INFORMATION
Item 1. Legal Proceedings
There have been no material developments in the legal proceedings previously
reported by the registrant since the filing of its Quarterly Report on Form 10Q
for the quarter ended June 30, 1995, described on Part I - Item 2,
"Contingencies" of this report. See "Management's Discussion and Analysis of
Financial Condition and Results of Operations" in Part I - Item 2 Contingencies"
of this Report.
Item 6. Exhibits and Reports on Form 8-K
(a) The following Exhibits are filed with this Report:
11 Statement Regarding Computation of Per Share Earnings.
(b) Reports on Form 8-K.
There were no reports on Form 8-K filed for the three months ended
September 30, 1995.
<PAGE>
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.
ASTEC INDUSTRIES, INC.
(Registrant)
11/15/95 /s/ J. Don Brock
Date J. Don Brock
Chairman of the Board
and President
11/14/95 /s/ Albert E. Guth
Date Albert E. Guth
Senior Vice President
Treasurer , Secretary
and Principal Financial
Officer
<PAGE>
EXHIBIT 11
Statement Regarding Computation of Per Share Earnings
<PAGE>
ASTEC INDUSTRIES, INC.
EXHIBIT (11) - COMPUTATIONS OF EARNINGS PER SHARE
9/30/95
(in thousands)
Shares for Earnings Per Share Computations:
Primary:
Weighted average outstanding during year 10,065
Common Stock equivalents for stock options 124
TOTAL 10,189
Fully Diluted:
Weighted average outstanding during year 10,065
Common Stock equivalents for stock options 125
TOTAL 10,190
Earnings Applicable to Common Stock:
Net Income 7,794
Earnings Per Share (Based on Weighted Average Number
of Common and Common Equivalent Shares Outstanding):
Net Income .77
Additional Computations of EPS:
Fully Diluted:
Net Income .77
Dilutive effect of common stock equivalents on both primary and fully diluted
Earnings Per Share is less than 3% and, in accordance with APB Opinion No. 15,
Earnings Per Share on the face of the Statements of Income is based on only the
weighted average number of common shares outstanding. The above calculations
have been provided for reporting purposes only.
<PAGE>
PART I ITEM I FINANCIAl STATEMENTS
ASTEC INDUSTRIES, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
ACCOUNT DESCRIPTION SEPTEMBER 30 DECEMBER 31 SEPTEMBER 30
1995 1994 1994
ASSETS
CURRENT ASSETS
CASH AND CASH EQUIVALENTS $2,008 $10,471 $1,677
RECEIVABLES - NET 41,906 30,068 27,270
INVENTORIES 56,410 56,310 46,155
PREPAID EXPENSES AND OTHER 4,595 5,288 5,833
PATENT DAMAGE ESCROW FUNDS 0 0 12,795
TOTAL CURRENT ASSETS 104,919 102,137 93,730
PROPERTY AND EQUIPMENT - NET 48,922 42,349 37,751
OTHER ASSETS 11,016 11,478 3,385
TOTAL ASSETS $164,857 $155,964 $134,866
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
NOTES PAYABLE $1,917 $8,073
CURRENT MATURITIES OF
LONG-TERM DEBT 500 500 $500
ACCOUNTS PAYABLE - TRADE 16,271 14,262 13,183
RESERVE FOR PATENT DAMAGES 0 0 13,736
OTHER ACCRUED LIABILITIES 17,471 26,302 12,601
TOTAL CURRENT LIABILITIES 36,159 49,137 40,020
LONG-TERM DEBT, LESS CURRENT
MATURITIES 26,780 16,155 18,700
OTHER LONG-TERM LIABILITIES 654 299 793
TOTAL SHAREHOLDERS' EQUITY 101,264 90,373 75,353
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY $164,857 $155,964 $134,866
<PAGE>
ASTEC INDUSTRIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(IN THOUSANDS, EXCEPT PER SHARE INFORMATION)
UNAUDITED
THREE MONTHS ENDED NINE MONTHS ENDED
SEPTEMBER 30 SEPTEMBER 30
1995 1994 1995 1994
SALES $65,015 $49,021 $192,927 $157,941
COST OF SALES 51,717 37,805 151,981 121,683
GROSS PROFIT 13,298 11,216 40,946 36,258
S,G, & A EXPENSES 9,255 7,998 29,651 23,832
PATENT SUIT DAMAGES
& EXPENSES 0 43 0 205
INCOME FROM OPERATIONS 4,043 3,175 11,295 12,221
INTEREST EXPENSE 546 119 1,618 331
OTHER INCOME, NET OF EXPENSE 367 321 3,313 (2)
INCOME BEFORE INCOME TAXES 3,864 3,377 12,990 11,888
INCOME TAXES 1,096 246 5,196 669
NET INCOME $2,768 $3,131 $7,794 $11,219
EARNINGS PER COMMON AND
COMMON EQUIVALENT SHARE $0.27 $0.32 $0.77 $1.14
WEIGHTED AVERAGE NUMBER
OF COMMON AND
COMMON EQUIVALENT SHARES
OUTSTANDING 10,092,199 9,805,185 10,065,101 9,801,032
<PAGE>
ASTEC INDUSTRIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(IN THOUSANDS)
UNAUDITED
NINE MONTHS ENDED
SEPTEMBER 30 SEPTEMBER 30
1995 1994
CASH FLOWS FROM OPERATING ACTIVITIES:
NET INCOME $7,794 $11,219
ADJUSTMENTS TO RECONCILE NET INCOME TO
NET CASH PROVIDED (USED) BY
OPERATING ACTIVITIES:
DEPRECIATION AND AMORTIZATION 3,796 2,898
PROVISION FOR DOUBTFUL ACCOUNTS 265 141
PROVISION FOR INVENTORY RESERVE 1,806 1,422
PROVISION FOR WARRANTY RESERVE 2,670 2,313
FOREIGN CURRENCY TRANSLATION
ADJUSTMENT (265)
(GAIN) LOSS ON SALE OF FIXED ASSETS 146 (144)
(GAIN) ON SALE BUSINESS (468)
(INCREASE) DECREASE IN:
RECEIVABLES (13,869) (9,149)
INVENTORIES (4,815) (7,572)
PREPAID EXPENSES AND OTHER 497 (4,211)
PATENT DAMAGE ESCROW FUNDS (486)
OTHER RECEIVABLES 269 828
OTHER ASSETS 376 (710)
INCREASE (DECREASE) IN:
ACCOUNTS PAYABLE 4,647 3,014
ACCRUED PRODUCT WARRANTY (2,940) (1,590)
OTHER ACCRUED LIABILITIES (7,559) (2,521)
TAXES PAYABLE (104) (241)
RESERVE FOR PATENT DAMAGES 486
TOTAL ADJUSTMENTS (15,548) (15,522)
NET CASH PROVIDED (USED) BY
OPERATING ACTIVITIES (7,754) (4,303)
CASH FLOWS FROM INVESTING ACTIVITIES:
PROCEEDS FROM SALE OF PROPERTY
AND EQUIPMENT - NET 86 278
EXPENDITURES FOR PROPERTY AND
EQUIPMENT (10,525) (16,977)
NET CASH OUTFLOW WITH SALE OF BUSINESS (919)
CASH PAYMENTS IN CONNECTION WITH BUSINESS
COMBINATION, NET OF CASH ACQUIRED (835)
NET CASH USED BY INVESTING ACTIVITIES (12,193) (16,699)
CASH FLOWS FROM FINANCING ACTIVITIES:
NET BORROWINGS UNDER REVOLVING
CREDIT LOAN 10,489 5,200
BORROWINGS (REPAYMENTS) UNDER LOAN
AND NOTE AGREEMENTS 985 13,990
PROCEEDS FROM ISSUANCE OF COMMON STOCK 10 31
NET CASH PROVIDED BY FINANCING
ACTIVITIES 11,484 19,221
NET INCREASE (DECREASE) IN CASH (8,463) (1,781)
CASH AT BEGINNING OF PERIOD 10,471 3,458
CASH AT END OF PERIOD $2,008 $1,677
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<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> SEP-30-1995
<CASH> 2008
<SECURITIES> 0
<RECEIVABLES> 41906
<ALLOWANCES> 1671
<INVENTORY> 56410
<CURRENT-ASSETS> 104919
<PP&E> 72186
<DEPRECIATION> 23264
<TOTAL-ASSETS> 164857
<CURRENT-LIABILITIES> 36159
<BONDS> 0
<COMMON> 2018
0
0
<OTHER-SE> 99245
<TOTAL-LIABILITY-AND-EQUITY> 164857
<SALES> 65015
<TOTAL-REVENUES> 65015
<CGS> 51717
<TOTAL-COSTS> 51717
<OTHER-EXPENSES> 9255
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 546
<INCOME-PRETAX> 3864
<INCOME-TAX> 1096
<INCOME-CONTINUING> 2768
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<EXTRAORDINARY> 0
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<NET-INCOME> 2768
<EPS-PRIMARY> .27
<EPS-DILUTED> .27
</TABLE>
