SECURITIES & EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 10-Q/A
(As Amended)
(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 IRS. 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>
PART I
ITEM I
FINANCIAL STATEMENTS
ASTEC INDUSTRIES, INC. AND
SUBSIDIARIES
CONSOLIDATED BALANCE
SHEETS
(As Amended)
(IN THOUSANDS)
UNAUDITED
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
(As Amended)
(IN THOUSANDS, EXCEPT PER SHARE INFORMATION)
UNAUDITED
THREE MONTHS
ENDED
THREE MONTHS
ENDED
NINE MONTHS
ENDED
NINE MONTHS
ENDED
SEPTEMBER 30
SEPTEMBER 30
SEPTEMBER 30
SEPTEMBER 30
1995
1994
1995
1994
NET 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
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
5,533
(2)
INCOME BEFORE INCOME TAXES
3,864
3,377
15,210
11,888
INCOME TAXES
1,096
246
5,196
669
NET INCOME
$2,768
$3,131
$10,014
$11,219
EARNINGS PER COMMON AND
COMMON
EQUIVALENT SHARE
$0.27
$0.32
$0.99
$1.14
WEIGHTED AVERAGE NUMBER OF
COMMON AND
COMMON EQUIVALENT SHARES
OUTSTANDING
10,092,199
9,805,185
10,065,100
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
0
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
<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, December 31, September 30,
1995 1994 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.
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 months Three months Nine months Nine months
ended ended ended ended
September 30, 1994 September 30, 1995 September 30, 1994 September 30, 1994
<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 6.6% and 7.2%
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 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 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 $5,533,000
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 $4,220,000.
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 $.99 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.
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 $8,000,000 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.
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.
A report on Form 8-K was filed during the third quarter of 1995 in connection
with the disposition of Wibau-Astec to Wirtgen Gesellschaft mit beschrankter
Haftung, a German equipment manufacturer.
<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)
3/14/96 /s/ J. Don Brock
Date J. Don Brock
Chairman of the
Board
and President
3/14/96 /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 $10,014
Earnings Per Share (Based on Weighted Average Number
of Common and Common Equivalent Shares Outstanding):
Net Income $.99
Additional Computations of EPS:
Fully Diluted:
Net Income $.99
The Exhibits are numbered in accordance with Item 601 of Regulation S-K.
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.
<TABLE> <S> <C>
<ARTICLE> 5
<RESTATED>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> SEP-30-1995
<CASH> 2,008
<SECURITIES> 0
<RECEIVABLES> 41,906
<ALLOWANCES> 1,671
<INVENTORY> 56,410
<CURRENT-ASSETS> 104,919
<PP&E> 48,922
<DEPRECIATION> 3,757
<TOTAL-ASSETS> 164,857
<CURRENT-LIABILITIES> 36,159
<BONDS> 0
0
0
<COMMON> 2,018
<OTHER-SE> 99,246
<TOTAL-LIABILITY-AND-EQUITY> 164,857
<SALES> 192,927
<TOTAL-REVENUES> 192,927
<CGS> 151,981
<TOTAL-COSTS> 151,981
<OTHER-EXPENSES> 29,651
<LOSS-PROVISION> 265
<INTEREST-EXPENSE> 1,618
<INCOME-PRETAX> 15,210
<INCOME-TAX> 5,196
<INCOME-CONTINUING> 10,014
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 10,014
<EPS-PRIMARY> .99
<EPS-DILUTED> .99
</TABLE>
