<PAGE>
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
FORM 10-Q/A
(Check One)
X QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
- - - -------
EXCHANGE ACT of 1934
For the quarterly period ended December 31, 1994
------------------------------------------------
OR
___________ 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 0-15308
-----------
MDT CORPORATION
- - - --------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 87-0287585
- - - ---------------------------------------- ----------------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
2300 205th St., Torrance, CA 90501
- - - ---------------------------------------- ----------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (310) 618-9269
----------------------
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
----------- -----------
Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date.
Common Stock, $1.25 par value 6,742,864 Shares
- - - ------------------------------- ----------------------------------
Class Outstanding as of January 31, 1995
<PAGE>
MDT CORPORATION
INDEX
Part I Financial Information Page
--------------------- ----
Item 1 - Financial Statements
Consolidated Balance Sheets - 1
December 31, 1994, and March 31, 1994
Consolidated Statements of Income - 2
Three Months Ended December 31, 1994
and 1993
Consolidated Statements of Income - 3
Nine months Ended December 31, 1994
and 1993
Consolidated Statements of Cash Flows - 4
Nine Months Ended December 31, 1994
and 1993
Notes to Consolidated Financial Statements 5-6
Item 2 - Management's Discussion and 7-9
Analysis of Financial Condition
and Results of Operations
Part II Other Information
-----------------
Item 1 - Legal Proceedings 10
Item 5 - Other Information 10
Item 6 - Exhibits and Reports on Form 8-K 10
Signatures 11
----------
Exhibits
--------
11.0 Computation of Earnings Per Share -
Three Months Ended December 31, 1994 12
Computation of Earnings Per Share -
Nine Months Ended December 31, 1994 13
27.0 Financial Data Schedule 14
<PAGE>
PART I - FINANCIAL INFORMATION
MDT CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
<TABLE>
<CAPTION>
December 31, 1994 March 31, 1994
----------------- --------------
(Unaudited) (Audited)
ASSETS
Current Assets:
<S> <C> <C>
Cash $ 1,053,000 $ 855,000
Accounts Receivable, Less Allowance for
Doubtful Accounts of $584,000 and $805,000 29,289,000 29,522,000
Inventories, at Cost 36,745,000 40,044,000
Prepaid Expenses 3,238,000 2,897,000
------------ ------------
Total Current Assets 70,325,000 73,318,000
Property, Plant and Equipment, at Cost,
Less Accumulated Depreciation and
Amortization of $19,352,000 and $17,112,000 28,032,000 27,860,000
Other Assets, at Cost, Less Accumulated
Amortization of $5,902,000 and $5,287,000 4,676,000 4,474,000
------------ ------------
Total Assets $103,033,000 $105,652,000
============ ============
<CAPTION>
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
<S> <C> <C>
Note Payable $ 26,600,000 $ 24,600,000
Current Installments of Long-Term Debt 3,616,000 3,530,000
Accounts Payable 8,670,000 10,752,000
Accrued Liabilities:
Compensation, Payroll Taxes and Benefits 610,000 1,607,000
Warranty, Litigation and Other 4,589,000 3,518,000
Deferred Income 2,005,000 1,767,000
Income Taxes 420,000 908,000
------------ ------------
Total Current Liabilities 46,510,000 46,682,000
Long-Term Debt, Less Current Installments 6,275,000 8,838,000
Accrued Postretirement Benefits 2,266,000 2,282,000
Deferred Income Taxes 2,828,000 2,828,000
Stockholders' Equity:
Preferred Stock, Par Value $1.25 per Share;
Authorized 1,600,000 Shares;
Issued and Outstanding, None
Common Stock, Par Value $1.25 per Share;
Authorized 20,000,000 Shares;
Issued and Outstanding 6,742,864 Shares 8,429,000 8,429,000
Paid-In Capital 27,134,000 27,134,000
Retained Earnings 9,591,000 9,459,000
------------ ------------
Total Stockholders' Equity 45,154,000 45,022,000
------------ ------------
Total Liabilities and Stockholders' Equity $103,033,000 $105,652,000
============ ============
</TABLE>
The accompanying notes are an integral part of these consolidated financial
statements.
-1-
<PAGE>
MDT CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
THREE MONTHS ENDED DECEMBER 31
(Unaudited)
<TABLE>
<CAPTION>
1994 1993
----------- -----------
<S> <C> <C>
Sales $34,049,000 $33,536,000
Cost of Sales 23,860,000 23,120,000
----------- -----------
Gross Profit 10,189,000 10,416,000
----------- -----------
Operating Expenses:
Marketing and Sales 5,697,000 6,011,000
Administration 2,174,000 2,215,000
Product Development 1,059,000 1,171,000
----------- -----------
8,930,000 9,397,000
----------- -----------
Operating Income 1,259,000 1,019,000
Interest expense 932,000 700,000
Other expense 114,000 48,000
----------- -----------
Income before income taxes and
cumulative effect of change in
accounting method 213,000 271,000
Income taxes 91,000 113,000
----------- -----------
Income before cumulative effect of
change in accounting method 122,000 158,000
Cumulative effect of change in accounting
method for valuation of inventory - -
----------- -----------
Net income $ 122,000 $ 158,000
=========== ===========
Earnings per share:
Income before cumulative effect
of change in accounting method $ .02 $ .02
Cumulative effect of change in accounting
method - -
----------- -----------
Net income $ .02 $ .02
=========== ===========
Weighted Average Number of
Shares Outstanding 6,805,000 6,834,000
</TABLE>
The accompanying notes are an integral part of these consolidated financial
statements.
-2-
<PAGE>
MDT CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
NINE MONTHS ENDED DECEMBER 31
(Unaudited)
<TABLE>
<CAPTION>
1994 1993
------------ ------------
<S> <C> <C>
Sales $100,061,000 $101,741,000
Cost of Sales 69,280,000 68,093,000
------------ ------------
Gross Profit 30,781,000 33,648,000
------------ ------------
Operating Expenses:
Marketing and Sales 17,690,000 18,128,000
Administration 6,716,000 7,137,000
Product Development 3,456,000 3,475,000
------------ ------------
27,862,000 28,740,000
------------ ------------
Operating Income 2,919,000 4,908,000
Interest expense 2,538,000 2,120,000
Other expense 150,000 189,000
------------ ------------
Income before income taxes and
cumulative effect of change in
accounting method 231,000 2,599,000
Income taxes 99,000 1,092,000
------------ ------------
Income before cumulative effect of
change in accounting method 132,000 1,507,000
Cumulative effect of change in accounting
method for valuation of inventory - 699,000
------------ ------------
Net income $ 132,000 $ 2,206,000
============ ============
Earnings per share:
Income before cumulative effect
of change in accounting method $ .02 $ .22
Cumulative effect of change in accounting
method - .11
------------ ------------
Net income $ .02 $ .33
============ ============
Weighted Average Number of
Shares Outstanding 6,755,000 6,783,000
</TABLE>
The accompanying notes are an integral part of these consolidated financial
statements.
-3-
<PAGE>
MDT CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
NINE MONTHS ENDED DECEMBER 31
(Unaudited)
<TABLE>
<CAPTION>
1994 1993
------------ ------------
<S> <C> <C>
Cash flows from operating activities:
Net income $ 132,000 $ 2,206,000
Adjustments to reconcile net income to net cash
provided (used) by operating activities:
Depreciation and amortization 2,855,000 3,073,000
Provision for losses on accounts receivable 189,000 173,000
Change in assets and liabilities:
Decrease in accounts receivable 44,000 176,000
(Increase) Decrease in inventories 3,299,000 ( 2,636,000)
(Increase) in prepaid assets ( 341,000) ( 1,176,000)
(Increase) in other assets ( 818,000) ( 1,541,000)
(Decrease) in accounts payable and
accrued and other liabilities ( 2,272,000) ( 2,085,000)
------------ ------------
Net cash provided (used) by operating activities 3,088,000 ( 1,810,000)
------------ ------------
Cash flows from investing activities:
Payment in purchase of Hamilton product line --- ( 2,671,000)
Capital expenditures ( 2,413,000) ( 1,512,000)
------------ ------------
Net cash (used) by investing activities ( 2,413,000) ( 4,183,000)
------------ ------------
Cash flows from financing activities:
Proceeds from issuance of common stock --- 7,000
Net borrowings on short-term line of credit 2,000,000 2,253,000
Borrowings(Principal payments) on long-term debt ( 2,477,000) 3,372,000
------------ ------------
Net cash provided by financing activities (477,000) 5,632,000
------------ ------------
Net increase (decrease) in cash 198,000 ( 361,000)
Cash, beginning of period 855,000 1,242,000
------------ ------------
Cash, end of period $ 1,053,000 $ 881,000
============ ============
Supplemental disclosure of cash flow information
Cash paid during the period for:
Interest $ 1,891,000 $ 1,641,000
Income Taxes 400,000 1,862,000
============ ============
Supplemental disclosure of noncash investing and
financing activities:
Capital lease obligation incurred for
equipment purchases 158,000 27,000
Common stock issued in satisfaction of
indebtedness $ --- $ 3,000,000
============ ============
</TABLE>
The accompanying notes are an integral part of these consolidated financial
statements.
-4-
<PAGE>
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
NOTE 1: BASIS OF PRESENTATION
The financial information included herein is unaudited except for the
balance sheet as of March 31, 1994. However, such information reflects all
adjustments which are, in the opinion of management, necessary for a fair
statement of financial position and results of operations for the interim
periods.
The results of operations for the three and nine month periods ending
December 31, 1994, are not necessarily indicative of the results to be expected
for the full year.
NOTE 2: INVENTORIES
Effective April 1, 1994, the Company adopted the last-in, first-out (LIFO)
method for costing substantially all of its inventories not previously accounted
for under the LIFO method. Management believes that the newly adopted
accounting principle is preferable in this circumstance because the LIFO method
of valuing inventories more closely matches current costs and revenues in
periods when prices of goods and services are increasing. The Company has
experienced increased inventory costs.
The prior effect of this change is not determinable.
During the three month and nine month periods ended December 31, 1994, the
Company recorded incremental LIFO reserves of $280,000 and $315,000,
respectively.
In fiscal year 1994, approximately 44% of the Company's consolidated inventory
was valued using the LIFO method, with the balance valued using the first-in,
first-out (FIFO) method. The composition of inventories at December 31, 1994
and March 31, 1994 is as follows:
<TABLE>
<CAPTION>
December 31, 1994 March 31, 1994
----------------- --------------
<S> <C> <C>
Raw Materials $13,522,000 $13,513,000
Work-In Process 7,810,000 7,802,000
Finished Goods 15,413,000 18,729,000
----------- -----------
$36,745,000 $40,044,000
=========== ===========
</TABLE>
NOTE 3: NOTES PAYABLE
The Company has a secured revolving line of credit with two commercial
banks which provides for advances up to $30,000,000 at 1/4% above the banks'
prime rate of interest (aggregate of 8 3/4% at December 31, 1994) with a LIBOR
plus 2 1/4% interest rate option. The line is to be repaid in full, with all
accrued interest, on August 1, 1995, unless renewed. There is a commitment fee
of 1/4% on the unused portion of the line. No compensating balances are
required. The line is secured by inventories, accounts receivable, equipment
and intangible assets.
-5-
<PAGE>
NOTE 4: LONG-TERM DEBT
<TABLE>
<CAPTION>
Long-term debt at December 31, 1994 is summarized as follows:
<S> <C>
Secured term-loan payable to two commercial banks
in monthly principal installments of $166,667,
due August 1, 1998, at the banks prime rate plus
5/8% (9.125%) with a rate step-down to 3/8% above
prime if certain financial criteria are met. . . . . . . $ 7,333,000
Secured equipment leases payable in monthly or quarterly
installments ranging from $250 to $36,000, including
interest at rates ranging from 9.89% to 14.08%, due
through January 31, 1999 . . . . . . . . . . . . . . . . 800,000
Subordinated note payable to an individual in quarterly
installments of $250,000, due December 31, 1995, with the
balance bearing interest at a rate generally equal
to the prime lending rate (8.5% at December 31, 1994). . 1,250,000
Subordinated note payable in quarterly installments of
$31,576, due September 30, 1996, with the balance bearing
interest at prime plus 2% (10.5% at December 31, 1994) 221,000
Secured mortgage loan payable to a commercial bank, due
December 1997, with balance bearing interest at an
adjustable rate (6.75% on December 31, 1994) . . . . . . 144,000
Pennsylvania Industrial Development Authority Loan payable
in monthly installments of $1,545 due in January 2006,
with the balance bearing interest at 7.0%. . . . . . . . 143,000
-----------
$ 9,891,000
Less Current installments 3,616,000
-----------
$ 6,275,000
===========
</TABLE>
-6-
<PAGE>
MDT CORPORATION AND SUBSIDIARIES
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Three Months Ended December 31, 1994 vs. 1993
Sales for the three months ended December 31, 1994, of $34,049,000 were $513,000
higher than sales for the comparative quarter in 1993, an increase of 1.5%.
Sterility equipment sales were 3.3% higher and sales of parts, service and
consumables were 14.8% higher for the current quarter than were sales for the
comparative quarter while examining and operatory equipment sales were down
20.6% for the quarter.
Incoming orders of $34,162,000 compare to $32,649,000 for the prior quarter and
$34,689,000 for the same quarter last year, while backlog of $27,528,000 at
December 31, 1994, compares to $27,415,000 at the end of the prior quarter and
$28,443,000 a year earlier. Both bookings and backlog reflect a pattern of
overall flatness during the past year, a period in which the debate over
healthcare reform has resulted in a changing and uncertain healthcare
marketplace.
Gross profit of $10,189,000 was $227,000, or 2.2%, lower in the current quarter
while gross profit as a percentage of sales was 29.9% in the current quarter
versus 31.1% in the comparative quarter a year earlier. The lower gross profit
and gross profit margin reflect the shipment during the quarter of higher cost
inventory produced in earlier periods combined with the adverse impact of lower
examining and operatory equipment sales partially offset by the favorable impact
of higher sales of parts, service and consumables.
Operating expenses of $8,930,000 were $467,000, or 5.0%, lower in the third
quarter than were operating expenses in the comparative quarter a year earlier.
The reduction in operating expenses between comparative periods reflects the
implementation of the Company's announced cost reductions. Operating expenses
as a percentage of sales for the third quarter were 26.2% as compared to 28.0%
in the same period a year earlier.
Operating income of $1,259,000 was $240,000, or 23.6%, higher in the third
quarter than was operating income for the comparative quarter in 1993,
reflecting lower operating expenses partially offset by lower gross profit.
Interest expense increased $232,000 between the comparative quarters, reflecting
both a higher level of borrowing and higher interest rates.
-7-
<PAGE>
Other expense increased $66,000 between the comparative quarters, reflecting
principally exchange losses related to the Company's Canadian operation.
Net income of $122,000, $.02 per share, for the third quarter compares to
$158,000, $.02 per share, in the same quarter of the prior year reflecting the
factors discussed above.
Nine Months Ended December 31, 1994 vs. 1993
Sales for the nine months ended December 31, 1994, of $100,061,000 were down
$1,680,000 from sales for the comparative period in 1993, a decline of 1.7%.
Sales of parts, service and consumables were up 8.1% for the nine months
compared to the prior year while sales of sterility equipment were down 6.8% and
sales of examining and operatory equipment were down 3.6% compared to the prior
year.
Gross profit of $30,781,000 was $2,867,000, or 8.5%, lower in the first nine
months ended December 31, 1994, while gross profit as a percentage of sales was
30.8% versus 33.1% in the comparative period a year earlier. The lower gross
profit and gross profit margin reflect charges of $371,000 and $480,000,
respectively, for costs resulting from a strike at the Company's Henrietta, New
York, plant and the portion of announced severance costs related to the
elimination of salaried manufacturing positions. Lower gross profit and gross
profit margin also reflect the adverse impacts of lower sales and unfavorable
manufacturing variances resulting from lower levels of production at a higher
per unit cost.
Operating expenses of $27,862,000 decreased $878,000, or 3.1%, during the first
nine months compared to the same period last year, notwithstanding inclusion of
$253,000 in severance costs related to the elimination of salaried non-
manufacturing positions. The reductions in operating expenses reflects
implementation of announced cost reduction plans. Operating expenses as a
percentage of sales for the first nine months were 27.8% as compared to 28.2% in
the same period the prior year.
Operating income of $2,919,000 was $1,989,000, or 40.5%, lower than operating
income for the first nine months of the prior fiscal year, reflecting lower
gross profit partially offset by lower operating expenses, including
aforementioned charges.
Interest expense increased $418,000 between the comparative nine month periods,
reflecting both a higher level of borrowing and higher interest rates.
-8-
<PAGE>
Income before accounting change of $132,000, or $.02 per share, for the nine
months compares to income before accounting change of $1,507,000, or $.22 per
share, in the same period of the prior year, reflecting the factors discussed
above.
On April 1, 1993, the Company recorded the effect of a change in accounting
method for applying overhead costs to inventory, which resulted in a cumulative
write-up to inventories of $699,000, net of tax, or $.11 per share.
Net income of $132,000, or $.02 per share, for the nine months ended December
31, 1994, compares to net income of $2,206,000, or $.33 per share, for the same
period in 1993. Severance accruals of $733,000 for personnel cuts implemented
in prior quarters and costs related to a strike in April 1994 of $371,000, taken
together, reduced net income by $629,000, or $.09 per share, in the nine months
ended December 31, 1994.
Liquidity and Capital Resources at December 31, 1994
During the nine months ended December 31, 1994, cash provided by operations of
$3,088,000 was offset by capital expenditures of $2,413,000, including
$1,217,000 for new roofs for the Company's Henrietta, New York, facilities, and
payments on long-term debt of $2,477,000, which, taken together, resulted in
borrowings of $2,000,000 under the Company's revolving line of credit. Cash
provided by operations included decreases in inventories of $3,299,000 partially
offset by decreases in accounts payable and accrued and other liabilities of
$2,272,000.
In December 1994 the Company completed consolidation of its former Elkhorn,
Wisconsin, operation with its North Charleston, South Carolina, operation. The
consolidation is expected to lower overhead costs by approximately $550,000 on
an annualized basis. Costs for the relocation had been accrued in previous
periods.
Due to higher shipments anticipated for the fourth quarter ended March 31, 1995,
normal production schedules have been resumed at each of the Company's
manufacturing facilities. Since adopting lower production schedules in July
1994, the Company reduced inventories by $4,290,000, utilizing proceeds
primarily to reduce debt from June 30, 1994, levels, as noted above.
The Company anticipates capital expenditures of approximately $2,000,000 over
the next twelve months, primarily for production machinery and equipment and
tooling and molds. Total committed capital expenditures were approximately
$799,000 as of December 31, 1994.
Management believes that net cash provided by operating activities in
conjunction with the Company's credit resources will be sufficient to meet the
operating cash needs of the Company for the next twelve months.
-9-
<PAGE>
PART II - OTHER INFORMATION
Item 1 Legal Proceedings
-----------------
In December 1994, the Company filed a lawsuit against AbTox, Inc.,
Ingram & Bell, Inc., Royal Columbian Hospital and Richmond Hospital
for infringing a Canadian patent which MDT has an option to purchase
from the inventor and his controlled corporation (jointly referred to
as "Exitron"). The patent defines a technology utilizing plasma-
generated neutral species in a sterilizer intended to replace ethylene
oxide gas sterilizers and other low temperature alternatives to
autoclaves. MDT filed suit in the Federal Court of Canada in Ottawa,
Ontario, Canada, seeking to enforce the patent, obtain monetary
damages, and restrain the parties from the sale or use of a product
which allegedly infringes the patent.
Item 5 Other Information
-----------------
On February 1, 1995, MDT expanded its Board of Directors from six to
nine directors, including eight outside directors, by electing three
new directors. The new directors are Charles A. French, currently an
investor in and consultant to various healthcare companies; John S.
Gilbertson, Executive Vice President and Chief Operating Officer of
AVX Corporation; and Katherine Schipper, Ph.D., Professor, Graduate
School of Business of the University of Chicago.
Item 6 Exhibits and Reports on Form 8-K
--------------------------------
<TABLE>
<CAPTION>
A. Exhibits:
Sequentially
Exhibit Numbered
Number Description Page
------- ----------- ------------
<S> <C> <C>
11.0 Computation of Earnings Per Share
Three Months Ended December 31, 1994 12
Nine Months Ended December 31, 1994 13
27.0 Financial Data Schedule 14
B. Reports on Form 8-K - No reports on Form 8-K were
filed in the quarter ended December 31, 1994.
</TABLE>
-10-
<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.
/s/ Thomas Hein
--------------------------------------
(Thomas Hein, Chief Financial Officer)
(Duly Authorized Officer and Principal Financial Officer)
Date February 14, 1995
-----------------------
-11-
<PAGE>
Exhibit 11.0
MDT CORPORATION AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER SHARE
THREE MONTHS ENDED DECEMBER 31, 1994
(Unaudited)
<TABLE>
<CAPTION>
1994 1993
---------- ----------
<S> <C> <C>
Weighted average number of common
shares outstanding 6,743,000 6,741,000
Number of common equivalent shares
(determined using the Treasury
Stock Method) related to stock
options outstanding 62,000 93,000
---------- ----------
Weighted average number of common
and common equivalent shares
outstanding 6,805,000 6,834,000
========== ==========
Net Income (Loss) $ 122,000 $ 158,000
Earnings per share $ .02 $ .02
</TABLE>
-12-
<PAGE>
Exhibit 11.0
MDT CORPORATION AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER SHARE
NINE MONTHS ENDED DECEMBER 31, 1994
(Unaudited)
<TABLE>
<CAPTION>
1994 1993
---------- ----------
<S> <C> <C>
Weighted average number of common
shares outstanding 6,743,000 6,277,000
Number of common equivalent shares
(determined using the Treasury
Stock Method) related to stock
options outstanding 12,000 506,000
---------- ----------
Weighted average number of common
and common equivalent shares
outstanding 6,755,000 6,783,000
========== ==========
Net Income (Loss) $ 132,000 $2,206,000
Earnings per share $ .02 $ .33
</TABLE>
-13-
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from the
financial statements included in the registrant's quarterly report on Form 10-Q
for the quarter ended December 31, 1994, and is qualified in its entirety by
reference to such financial statements.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> MAR-31-1995
<PERIOD-START> OCT-01-1994
<PERIOD-END> DEC-31-1994
<CASH> 1,053
<SECURITIES> 0
<RECEIVABLES> 29,873
<ALLOWANCES> (584)
<INVENTORY> 36,745
<CURRENT-ASSETS> 70,325
<PP&E> 47,384
<DEPRECIATION> (19,352)
<TOTAL-ASSETS> 103,033
<CURRENT-LIABILITIES> 46,510
<BONDS> 6,275
<COMMON> 8,429
0
0
<OTHER-SE> 36,725
<TOTAL-LIABILITY-AND-EQUITY> 103,033
<SALES> 34,049
<TOTAL-REVENUES> 34,049
<CGS> 23,860
<TOTAL-COSTS> 23,860
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 80
<INTEREST-EXPENSE> 932
<INCOME-PRETAX> 213
<INCOME-TAX> 91
<INCOME-CONTINUING> 122
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 122
<EPS-PRIMARY> 0.02
<EPS-DILUTED> 0.02
</TABLE>
