<PAGE>
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 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: 33-9464
LOWRANCE ELECTRONICS, INC.
-----------------------------------------------------------
(Exact Name of Registrant as Specified in its Charter)
Delaware 44-0624411
- --------------------------- ---------------------------
State of Incorporation IRS Identification Number
12000 East Skelly Drive
Tulsa, Oklahoma 74128
-----------------------------------------
(Address of Principal Executive Offices)
Registrant's telephone number, including area code: (918) 437-6881
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
------ ------
At April 30, 1995, there were 3,352,458 shares of Registrant's $0.10 par value
Common Stock outstanding.
<PAGE>
LOWRANCE ELECTRONICS, INC.
--------------------------
FORM 10-Q
---------
INDEX
-----
<TABLE>
<CAPTION>
PAGE
----
<S> <C> <C>
PART I. FINANCIAL INFORMATION
ITEM 1. Condensed Consolidated Balance Sheets -
April 30, 1995, 1994, and July 31, 1994............. 3
Consolidated Statements of Operations -
Three Months and Nine Months Ended
April 30, 1995 and 1994............................. 4
Consolidated Statements of Cash Flows -
Nine Months Ended April 30, 1995 and 1994.......... 5
Notes to Condensed Consolidated Financial Statements.. 6 - 8
ITEM 2. Management's Discussion and Analysis of
Financial Condition and Results of Operations....... 9-11
PART II. OTHER INFORMATION
ITEM 1. Legal Proceedings................................... 12
ITEM 2. Changes in Securities............................... 12
ITEM 3. Defaults Upon Senior Securities..................... 12
ITEM 4. Submission of Matters to a Vote of Security Holders. 12
ITEM 5. Other Information................................... 12
ITEM 6. Exhibits and Reports on Form 8-K.................... 12
SIGNATURES..................................................... 13
</TABLE>
2
<PAGE>
LOWRANCE ELECTRONICS, INC.
--------------------------
CONDENSED CONSOLIDATED BALANCE SHEETS
----------------------------------------
(IN THOUSANDS)
<TABLE>
<CAPTION>
Apr. 30, Apr. 30, July 31,
1995 1994 1994
--------- --------- --------
(Unaudited) (Unaudited) (Audited)
ASSETS
------
<S> <C> <C> <C>
CURRENT ASSETS:
Cash and cash equivalents $ 720 $ 2,094 $ 976
Accounts receivable, less allowances 19,272 17,579 9,158
Inventories (Note 2) 17,717 17,283 12,878
Prepaid expenses 336 496 708
Deferred income taxes 1,326 1,337 1,351
Income tax refunds receivable - - 1,066
------- ------- -------
Total current assets $39,371 $38,789 $26,137
PROPERTY, PLANT, AND EQUIPMENT, net (Note 2) 8,335 8,807 8,744
OTHER ASSETS 306 241 147
------- ------- -------
$48,012 $47,837 $35,028
======= ======= =======
LIABILITIES AND STOCKHOLDERS' EQUITY
------------------------------------
CURRENT LIABILITIES:
Current maturities of long-term debt (Note 3) $10,195 $11,616 $ 2,857
Short-term debt (Note 7) 560 - -
Accounts payable 7,615 9,869 5,670
Accrued liabilities 5,743 5,020 4,738
------- ------- -------
Total current liabilities $24,113 $26,505 $13,265
DEFERRED INCOME TAXES 489 88 393
LONG-TERM DEBT, less current
maturities (Note 3) 9,983 8,869 9,379
STOCKHOLDERS' EQUITY:
Preferred stock, 300,000 shares authorized,
none issued - - -
Common stock, $.10 par value,
10,000,000 shares authorized,
3,352,458 shares issued $ 335 $ 335 $ 335
Paid-in capital 5,600 5,602 5,600
Retained earnings 7,662 6,713 6,239
Foreign currency translation adjustment (170) (275) (183)
------- ------- -------
Total stockholders' equity $13,427 $12,375 $11,991
------- ------- -------
$48,012 $47,837 $35,028
======= ======= =======
</TABLE>
The accompanying notes are an integral part of these consolidated balance
sheets.
3
<PAGE>
LOWRANCE ELECTRONICS, INC.
------------------------------------------
CONSOLIDATED STATEMENTS OF OPERATIONS
-----------------------------------------------------
(Unaudited)
<TABLE>
<CAPTION>
Three Months Ended Nine Months Ended
-------------------- -------------------
April 30, April 30, April 30, April 30,
1995 1994 1995 1994
--------- --------- --------- ---------
(in thousands) (in thousands)
<S> <C> <C> <C> <C>
NET SALES $32,151 $31,614 $71,783 $62,372
COST OF SALES 20,481 22,173 47,356 42,784
------- ------- ------- -------
Gross profit $11,670 $ 9,441 $24,427 $19,588
OPERATING EXPENSES:
Selling and administrative $ 6,840 $ 6,613 $17,000 $16,311
Research and development 749 566 2,224 1,894
Unusual Item (Note 7) - - 1,100 -
------- ------- ------- -------
Total operating expenses $ 7,589 $ 7,179 $20,324 $18,205
------- ------- ------- -------
Operating income $ 4,081 $ 2,262 $ 4,103 $ 1,383
------- ------- ------- -------
OTHER EXPENSES:
Interest expense $ 510 $ 439 $ 1,118 $ 902
Other, net 376 325 923 781
------- ------- ------- -------
Total other expenses $ 886 $ 764 $ 2,041 $ 1,683
------- ------- ------- -------
INCOME (LOSS) BEFORE
INCOME TAXES $ 3,195 $ 1,498 $ 2,062 $ (300)
PROVISION (BENEFIT) FOR
INCOME TAXES 1,014 532 639 (102)
------- ------- ------- -------
NET INCOME (LOSS) $ 2,181 $ 966 $ 1,423 $ (198)
======= ======= ======= =======
INCOME (LOSS) PER COMMON SHARE:
NET INCOME (LOSS) PER SHARE $ .65 $ .29 $ .42 $ (.06)
======= ======= ======= =======
WEIGHTED AVERAGE COMMON
SHARES OUTSTANDING 3,352 3,352 3,352 3,350
======= ======= ======= =======
DIVIDENDS NONE NONE NONE NONE
======= ======= ======= =======
</TABLE>
The accompanying notes are an integral part of these consolidated statements.
4
<PAGE>
LOWRANCE ELECTRONICS, INC.
--------------------------
CONSOLIDATED STATEMENTS OF CASH FLOWS
-------------------------------------
(Unaudited) (Note 6)
<TABLE>
<CAPTION>
Nine Months Ended
----------------------
April 30, April 30,
1995 1994
---------- ----------
<S> <C> <C>
(in thousands)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income (Loss) $ 1,423 $ (198)
Adjustments to reconcile net loss to net cash
used in operating activities:
Depreciation 1,848 1,479
(Gain) Loss on retirement of fixed assets (7) 2
Changes in operating assets and liabilities:
Increase in accounts receivable (10,114) (9,282)
Increase in inventories (4,839) (6,213)
Decrease (Increase) in prepaids, deferred
income taxes, and other assets 1,304 (333)
Increase in short-term debt (Note 7) 560 -
Increase in liabilities and other 3,059 5,563
-------- --------
Net cash used in operating activities $ (6,766) $ (8,982)
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures $ (1,165) $ (1,626)
-------- --------
Net cash used in investing activities $ (1,165) $ (1,626)
CASH FLOWS FROM FINANCING ACTIVITIES (Note 3):
Borrowings under lines of credit $ 70,304 $ 73,104
Repayments of borrowings under lines of credit (61,795) (61,732)
Borrowings under new term loan agreement - 3,500
Principal payments on term loans and capital
lease obligations (834) (2,718)
Additional common stock issued - 13
-------- --------
Net cash provided by financing activities $ 7,675 $ 12,167
-------- --------
Net (decrease) increase in cash and cash equivalents $ (256) $ 1,559
CASH AND CASH EQUIVALENTS - beginning of period 976 535
-------- --------
CASH AND CASH EQUIVALENTS - end of period $ 720 $ 2,094
======== ========
</TABLE>
The accompanying notes are an integral part of these consolidated statements.
5
<PAGE>
LOWRANCE ELECTRONICS, INC.
--------------------------
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
----------------------------------------------------
(Unaudited)
(1) PRINCIPLES OF PREPARATION
The financial statements included herein have been prepared by the Company,
without audit, pursuant to the rules and regulations of the Securities and
Exchange Commission. Certain information and footnote disclosures normally
included in financial statements prepared in accordance with generally
accepted accounting principles have been condensed or omitted pursuant to
such rules and regulations, although the Company believes that the
disclosures contained herein are adequate to make the information presented
not misleading. Accounting policies for the nine months ended April 30,
1995, are the same as those outlined in the Annual Report on Form 10-K filed
relative to the year ended July 31, 1994. In the opinion of management, all
adjustments necessary for a fair presentation of interim results of
operations have been made to the interim statements. All such adjustments
were of a normal, recurring nature. Certain reclassifications have been made
to the April 30, 1994, consolidated financial statements to conform to the
April 30, 1995, consolidated financial statements. The condensed
consolidated financial statements should be read in conjunction with the
consolidated financial statements and the notes thereto included in the
Company's Annual Report filed with the Securities and Exchange Commission on
Form 10-K.
(2) BALANCE SHEET DETAIL
Inventories -
-------------
Inventories are priced at the lower of cost (first-in, first-out) or market
and consist of the following:
<TABLE>
<CAPTION>
Apr. 30, Apr. 30, July 31,
1995 1994 1994
-------- -------- --------
(in thousands)
<S> <C> <C> <C>
Raw materials $ 7,774 $ 8,159 $ 6,236
Work-in-process 2,886 3,680 4,010
Finished goods 7,057 5,444 2,632
------- ------- -------
Total inventories $17,717 $17,283 $12,878
======= ======= =======
</TABLE>
Property, Plant, and Equipment, Net -
-------------------------------------
<TABLE>
<CAPTION>
<S> <C> <C> <C>
Land $ 557 $ 557 $ 557
Building and improvements 3,385 3,594 3,331
Machinery and equipment 17,895 15,827 16,906
Office furniture and equipment 4,241 4,413 4,217
------- ------- -------
$26,078 $24,391 $25,011
Less - accumulated depreciation 17,743 15,584 16,267
------- ------- -------
Net property, plant, and equipment $ 8,335 $ 8,807 $ 8,744
======= ======= =======
</TABLE>
6
<PAGE>
(3) LONG-TERM DEBT AND REVOLVING CREDIT LINE
Long-term debt and revolving credit line are summarized below:
<TABLE>
<CAPTION>
Apr. 30, Apr. 30, July 31,
1995 1994 1994
-------- -------- --------
(in thousands)
<S> <C> <C> <C>
Revolving credit line $14,422 $13,552 $ 5,913
Term loan 2,606 3,384 2,815
Capitalized equipment lease obligations,
payable in monthly installments of approx-
imately $110,000 including interest at rates
from 7% to 13%, with final payments ranging
from June 1995 through November 2000 3,150 3,505 3,474
Other - 44 34
------- ------- -------
$20,178 $20,485 $12,236
Less - current maturities 10,195 11,616 2,857
------- ------- -------
Total long-term debt $ 9,983 $ 8,869 $ 9,379
======= ======= =======
</TABLE>
Future maturities of the above debt obligations at April 30, 1995, are
$10,195,000, $8,499,000, $514,000, $595,000, and $375,000 for the years
ending April 30, 1996 through 2000, respectively.
On December 15, 1993, the Company secured a $30 million financing package
which was utilized to pay off and replace its then existing $20 million
facility. The financing consists of a $3.5 million term loan together with
a $26.5 million revolving credit line. The term loan is payable in monthly
installments of $23,167 plus interest at 1.5% over prime (currently 9%) with
the final payment due December 1996. Additionally, a principal payment for
the term loan of $500,000 is due and payable on May 31, 1995. The revolving
credit line provides for borrowings up to $26.5 million based on varying
percentages of qualifying categories of receivables and inventories and
matures on December 15, 1996. Borrowings against inventories are limited to
$10 million in total.
Interest under the revolving credit line is payable monthly at prime plus 1%.
Current maturities for the revolving credit line are estimated based on
future results and collateral limitations. The terms of the foregoing
agreement include a commitment fee based on the unused portion of the bank
credit line in lieu of compensating balances.
The Agreement requires, among other things, that the Company maintain a
minimum tangible net worth and limits the ratio of total liabilities to
tangible net worth. Additionally, the Agreement limits capital expenditures
and capital leases. Violation of any of these provisions would constitute an
event of default which, if not cured, would empower the lender to declare all
amounts immediately payable.
The Company's indebtedness is collateralized by substantially all of the
Company's assets.
(4) STOCKHOLDERS' EQUITY
During the nine months ended April 30, 1995, stockholders' equity changed for
the following items: Net income of $1,423,000 and a $13,000 decrease in the
negative Foreign Currency translation adjustment.
(5) INCOME TAXES
The Company has adopted Statement No. 109 of the Financial Accounting
Standards Board which requires an asset and liability approach to financial
accounting and reporting for income taxes. The difference between the
financial statement and tax bases of assets and liabilities is determined and
7
<PAGE>
deferred tax assets or liabilities are computed for those differences that
have future tax consequences. The Company's deferred tax liability arises
solely from the use of accelerated depreciation methods for tax purposes.
The Company has a deferred tax asset resulting from reserves for product
costs, bad debts, and compensation and benefits. The Company determined that
no valuation allowance is necessary as of April 30, 1995.
(6) CONSOLIDATED STATEMENTS OF CASH FLOWS
The Company acquired $267,000 and $1.9 million in equipment under capital
lease obligations during the nine months ended April 30, 1995, and April 30,
1994, respectively. These transactions were accounted for as non-cash
investing and financing activities and, therefore, are not included in the
Consolidated Statements of Cash Flows. During the nine months ended April
30, 1994, payments of $11.3 million and $1.8 million were made to the
previous primary lender as payment in full settlement of the then outstanding
obligations for the revolving credit line and the term loan, respectively.
These amounts are included in the totals reflected on the Consolidated
Statements of Cash Flows. During the nine months ended April 30, 1995, and
April 30, 1994, the Company paid interest of $1.1 million and $902,000,
respectively. Additionally, an income tax refund of $1.1 million was
received during the nine months ended April 30, 1995, and an income tax
payment of $378,000 was made during the nine months ended April 30, 1994.
(7) UNUSUAL ITEM
On January 10, 1995, the Company entered into a Settlement Agreement with
Computrol, Inc., resolving a patent infringement lawsuit filed against the
Company in November 1993. This legal proceeding was previously disclosed by
the Company on its Form 10-Q in Item 1 of Part II filed with the Securities
and Exchange Commission on March 15, 1994, June 15, 1994, December 15, 1994,
March 17, 1995, and the Company's 8-K, in Item 5, filed on January 11, 1995,
as well as in Item 3 of Part 1 of the Company's Form 10-K filed on October
29, 1994.
The Settlement Agreement calls for four payments beginning January 10, 1995,
and ending June 30, 1995, totaling $1,000,000 in exchange for a mutual
release and settlement of the lawsuit. The unpaid portion of the Settlement
Agreement of $560,000 is reflected in the Condensed Consolidated Balance
Sheets as Short-term debt.
The Company also entered into a License Agreement with Computrol, Inc., and
paid a one-time license fee of $100,000. The License Agreement allows the
Company to use the Computrol patent on any new products or the existing
product which was the subject of the lawsuit.
At this time, the Company has no current products that utilize the
technologies covered by this License Agreement and has no immediate plans to
produce and market such products. Accordingly, the $100,000 license fee
along with the $1 million settlement amount has been expensed in full in the
nine-month period ending April 30, 1995.
(8) FOOTNOTES INCORPORATED BY REFERENCE
Certain footnotes are applicable to the consolidated financial statements but
would be substantially unchanged from those presented on Form 10-K filed with
the Securities and Exchange Commission on October 29, 1994. Accordingly,
reference should be made to the Company's Annual Report filed with the
Securities and Exchange Commission on Form 10-K for the following:
Note Description
---- --------------------------------------------------------
1 Business and Summary of Significant Accounting Policies
4 Capital Leases
5 Stockholders' Equity and Related Items
6 Retirement Plans
7 Income Taxes
8
<PAGE>
PART I, ITEM 2
- --------------
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS
RESULTS OF OPERATIONS
- ----------------------
Net sales for the three months ended April 30, 1995, increased 1.7% compared to
the same period in 1994. Unit sales decreased 5.5% and the average price per
unit increased 7.3%. The decrease in unit sales was attributable to lower sales
of virtually all of the Company's Eagle products, which generally carry lower
prices and corresponding lower margins. Factors believed to have contributed to
the reduced Eagle sales include adverse weather conditions throughout much of
the central and northeastern U.S., and increased reports and public concern of a
general economic slowdown in the U.S., and in retail sales. The lower sales of
the Eagle products were offset by increased sales of substantially all of the
Company's Lowrance products. The increase in Lowrance sales, which for the most
part carry higher prices and margins, is believed to be the result of A) sales
and marketing efforts aimed at strengthening the Lowrance distribution and
dealer network, B) increased new boat sales, and C) availability of product.
The Company was behind on shipments of Lowrance products for most of 1994, which
has not been the case in 1995. The Lowrance products, with their more
sophisticated features and higher prices are generally sold to higher income
consumers who are not as apt to put off purchases because of indications of
general economic slow-downs. Also, those consumers tend to plan their purchases
in advance and are not as influenced by short-term inclement weather conditions.
Gross profit as a percentage of net sales increased to 36.3% from 29.9% for the
three months ended April 30, 1995, versus 1994. This increase was primarily
attributable to the shift in mix of products sold to the higher priced/higher
margin units discussed above as well as cost reductions and some price increases
for the 1995 products. Cost reductions have come through higher volumes,
redesigns on certain products, and increased manufacturing efficiencies.
Operating expenses as a percentage of net sales for the three months ended April
30, 1995, were 23.6% versus 22.7% during the same period in 1994. The increase
related to A) higher research and development expenditures as the Company
continues to increase efforts to develop new products and B) increased selling
expenditures, primarily related to higher sales levels, and the timing of those
expenditures.
Other expenses for the three and nine months ended April 30, 1995, increased in
total from fiscal 1994 levels. The increases related to higher average
borrowing levels and increases in the Company's interest rate on its term loan
and revolving credit facility. Additionally, increased sales have led to
increased cash discounts which are reflected in Other, net.
Net sales for the nine months ended April 30, 1995, increased 15.1% versus 1994.
Unit sales increased 9.4% and the average price per unit increased 6.2%. Most
of the increase in unit sales and price per unit was attributable to increased
sales of the Company's Lowrance products. The most significant increases within
the Lowrance product line were at the high end (retail selling prices of $400
and up) and Original Equipment Manufacturers (OEM's) categories. Overall, sales
of the Company's Eagle products were substantially unchanged from 1994 levels
during the same period. Sales of the Eagle handheld GPS products were up for
the nine months ended April 30, 1995, versus 1994. Also, as discussed above,
Eagle sales have fallen off in recent months, however, Lowrance sales continue
to exceed 1994 levels.
Gross profit as a percentage of net sales increased to 34% compared to 31.4% in
1994. The increase relates to A) the shift in mix of units sold to the higher
priced/higher margin units discussed above, B) the Company's 1995 product
offering, which began shipping in volume in the second quarter of 1995,
generally carries higher margins than the 1994 product offering. This margin
differential has been enhanced by volume increases and increased manufacturing
efficiencies.
9
<PAGE>
Operating expenses as a percentage of net sales for the nine months ended April
30, 1995, were 28.3% versus 29.2% for 1994. Total operating expenses increased
$2.1 million. The increased expenses resulted from, A) the $1,100,000 unusual
item related to the Settlement Agreement and License Agreement with Computrol
reached on January 10, 1995, B) legal fees which were directly associated with
the Computrol litigation of approximately $550,000 compared to approximately
$170,000 for the same period in 1994 (legal fees are reflected within selling
and administrative in the Consolidated Statements of Operations), C) other
variable selling expenses, such as freight-out and product returns costs, were
up approximately $500,000 over the same period last year primarily the result of
increased volumes, and D) research and development expenditures which were up
$330,000 due to the Company's continuing efforts to develop new products.
Expense reductions in sales and marketing partially offset the effects of the
above increases.
The Company's effective income tax rate is lower in 1995, resulting from, A)
the formation of a Foreign Sales Corporation to take advantage of tax incentives
related to export sales, B) state tax credits which have been generated from
increases in employment and capital spending, and C) increased tax credits
related to research and development expenditures.
LIQUIDITY AND CAPITAL RESOURCES
- -------------------------------
The Company's working capital needs increase in the fall and winter months as
the Company manufactures and stockpiles its products for the peak sales months
of January through April.
The Company's primary sources of liquidity are cash flow from operations and an
accounts receivable and inventory line of credit. The line of credit allows the
Company to borrow certain percentages of its qualifying accounts receivable and
inventories. Borrowings from inventories, however, are limited to $10 million
in total and $2.5 million for raw materials. The terms of the line of credit
are described in Notes to Condensed Consolidated Financial Statements contained
elsewhere in this report.
Net cash used in operating activities decreased by $2.2 million during the first
nine months of fiscal 1995 compared to the same period in fiscal 1994, primarily
due to 1) net income of $1.4 million versus a $198,000 loss in 1994, 2)
increased depreciation expense, and 3) receipt of a $1.1 million income tax
refund in fiscal 1995. Additionally, the Company experienced an increase in
short-term debt related to the Computrol settlement. The above were offset by a
$2 million increase in working capital. The traditional build-up of inventories
was $1.4 million lower in the first nine months of 1995 than during the same
period last year due to management's plan to reduce inventory levels in fiscal
1995 combined with higher than expected sales during the first nine months of
fiscal 1995. Inventory levels for the fourth quarter of 1995 are expected to
exceed levels experienced in 1994 due to the world wide shortage of some
electronic component parts making it necessary to increase safety stocks to
ensure that production is not disrupted due to a vendor's inability to deliver
parts as scheduled.
Capital expenditures (including leased assets) were $2.1 million lower during
the first nine months of fiscal 1995 than the first nine months of fiscal 1994.
The net cash used in operating activities during the first nine months of fiscal
1995 was financed primarily through increased borrowings under the Company's
revolving line of credit.
10
<PAGE>
OUTLOOK
- -------
Current backlog is approximately $7 million compared to approximately $7 million
at April 30, 1994. It should be noted that backlog numbers are not necessarily
indicative of continuing sales trends. Also, while the backlog numbers are
supported by purchase orders from customers, cancellations and/or delays of
requested delivery times can, and often do, occur.
The Company anticipates a return to profitability in fiscal 1995, primarily as
the result of actual profits realized for the first nine months. However,
because of the dynamic environment in which the Company operates, any one of
several factors could have a material adverse effect on the results of operation
for the remainder of the year. Additionally, the fourth quarter has
historically been one of the most difficult to predict as is the case for fiscal
1995. The difficulty in predicting results for the year has been increased by
the recent softening of retail sales levels in the markets the Company serves,
primarily as a result of adverse weather.
11
<PAGE>
PART II -- OTHER INFORMATION
Item 1. Legal Proceedings
-----------------
Not applicable
Item 2. Changes in Securities
---------------------
Not applicable
Item 3. Defaults upon Senior Securities
-------------------------------
Not applicable
Item 4. Submission of Matters to a Vote of Security Holders
---------------------------------------------------
Not applicable
Item 5. Other Information
-----------------
Not applicable
Item 6. Exhibits and Reports on Form 8-K
--------------------------------
Not applicable
12
<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.
LOWRANCE ELECTRONICS, INC.
By: /s/ Mark C. Wilmoth
----------------------------------
Mark C. Wilmoth
Vice President Finance &
Chief Financial Officer
Dated: June 14, 1995
-----------------------
13
