<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 4, 1998
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 NO. 0-21661
THE BIBB COMPANY
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
DELAWARE 58-2253133
(STATE OR OTHER JURISDICTION OF (I.R.S. EMPLOYER
INCORPORATION OR ORGANIZATION) IDENTIFICATION NO.)
100 GALLERIA PARKWAY 30339
SUITE 1750 (ZIP CODE)
ATLANTA, GEORGIA
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES)
(770)644-7000
(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
-- --
Indicate by check mark whether the registrant has filed all documents and
reports required to be filed by Sections 12, 13, or 15(d) of the Securities
Exchange Act of 1934 subsequent to the distribution of securities under a plan
confirmed by court. Yes X No
-- --
As of April 4, 1998, there were 10,061,576 outstanding shares of the
registrant's Common Stock, par value $.01 per share, which is the only class of
common or voting stock of the registrant.
<PAGE>
THE BIBB COMPANY
TABLE OF CONTENTS
PAGE NO.
--------
PART I - FINANCIAL INFORMATION:
Item 1. Condensed Financial Statements:
Condensed Balance Sheets - April 4, 1998 and January 3, 1998 3
Condensed Statements of Operations for the three months ended
April 4, 1998 and March 29, 1997 4
Condensed Statement of Changes in Stockholders' Equity for the
three months ended April 4, 1998 5
Condensed Statements of Cash Flows for the three months ended
April 4, 1998 and March 29, 1997 6
Notes to Condensed Financial Statements 7
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Continuing Operations 11
PART II - OTHER INFORMATION:
Item 6. Exhibits and Reports on Form 8-K 13
(a) Exhibits
(b) Reports on Form 8-K
No reports on Form 8-K were filed during the
three months ended April 4, 1998.
Signature Page 14
2
<PAGE>
THE BIBB COMPANY
CONDENSED BALANCE SHEETS
APRIL 4, 1998 AND JANUARY 3, 1998
(In thousands, except share data)
(unaudited)
<TABLE>
<CAPTION>
April 4, January 3,
1998 1998
--------- --------
<S> <C> <C>
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 110 $ 114
Accounts receivable, net of allowances for doubtful accounts, discounts, and claims
of $2,263 and $2,686 as of April 4, 1998 and January 3, 1998, respectively 34,137 34,761
Inventories 58,698 54,305
Net assets of discontinued operations 11,617 12,025
Prepaid expenses and other current assets 3,828 3,019
-------- --------
Total current assets 108,390 104,224
PROPERTY, PLANT and EQUIPMENT, net 70,744 62,829
OTHER ASSETS 2,626 2,298
-------- --------
$181,760 $169,351
======== ========
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Current maturities of long-term debt $ 5,363 $ 3,617
Accounts payable 25,796 17,830
Accrued payroll and other compensation 5,168 5,806
Other accrued liabilities 7,670 9,103
-------- --------
Total current liabilities 43,997 36,356
LONG-TERM DEBT, less current maturities 79,555 74,898
STOCKHOLDERS' EQUITY:
Preferred stock, $.01 par value, 5,000,000 shares authorized, 0 shares issued
and outstanding 0 0
Common stock, $.01 par value, 25,000,000 shares authorized;
10,061,576 shares issued and outstanding 101 101
Additional paid-in capital 88,882 88,882
Accumulated deficit (30,775) (30,886)
-------- --------
Total stockholders' equity 58,208 58,097
-------- --------
$181,760 $169,351
======== ========
</TABLE>
The accompanying notes are an integral part of these condensed balance sheets.
3
<PAGE>
THE BIBB COMPANY
CONDENSED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED APRIL 4, 1998 AND MARCH 29, 1997
(In thousands, except share data)
(unaudited)
Three Months Ended
--------------------------
April 4, March 29,
1998 1997
----------- -----------
NET SALES $ 56,825 $ 58,932
COST OF SALES 48,958 54,258
----------- -----------
Gross Profit 7,867 4,674
SELLING AND ADMINISTRATIVE EXPENSES 5,682 5,453
----------- -----------
Operating Profit (Loss) 2,185 (779)
OTHER EXPENSE:
Interest expense (1,740) (974)
Loan fee amortization and related expense (334) (274)
Other, net 0 (95)
----------- -----------
INCOME (LOSS) FROM CONTINUING OPERATIONS 111 (2,122)
INCOME (LOSS) FROM DISCONTINUED OPERATIONS:
Apparel Business 0 (299)
Napery Business 0 230
----------- -----------
NET INCOME (LOSS) $ 111 $ (2,191)
=========== ===========
NET INCOME (LOSS) PER SHARE OF COMMON STOCK:
Basic $ 0.01 $ (0.22)
=========== ===========
Diluted $ 0.01 $ (0.22)
=========== ===========
WEIGHTED AVERAGE SHARES OUTSTANDING:
Basic 10,061,576 10,061,576
=========== ===========
Diluted 10,181,427 10,061,576
=========== ===========
The accompanying notes are an integral part of these
condensed financial statements (unaudited).
4
<PAGE>
THE BIBB COMPANY
CONDENSED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY
FOR THE THREE MONTHS ENDED APRIL 4, 1998
(In thousands)
(unaudited)
<TABLE>
<CAPTION>
Common
Stock Additional
($.01 Paid-in Accumulated
Par Value) Capital Deficit Total
----------- ---------- ----------- --------
<S> <C> <C> <C> <C>
Balance, January 3, 1998 $ 101 $88,882 $(30,886) $58,097
Net Income 0 0 111 111
------ ------- --------- -------
Balance, April 4, 1998 $ 101 $88,882 $(30,775) $58,208
====== ======= ========= =======
</TABLE>
The accompanying notes are an integral part of this condensed financial
statement (unaudited).
5
<PAGE>
THE BIBB COMPANY
CONDENSED STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED APRIL 4, 1998 AND MARCH 29, 1997
(In thousands)
(unaudited)
Three Months Ended
----------------------
April 4, March 29,
1998 1997
------- -------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) $ 111 $(2,191)
Adjustments to reconcile
net income (loss) to net
cash provided by operating
activities:
Depreciation and amortization 1,728 2,117
Loan fee amortization and
related expenses 334 274
Net loss on sales and
retirement of assets 0 12
Changes in operating
assets and liabilities:
Assets held for sale 0 37,012
Net assets of
discontinued operations 408 0
Other working capital
accounts 992 (5,150)
------- -------
Net cash provided by
operating activities 3,573 32,074
------- -------
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures (9,239) (2,527)
Proceeds from sale of
fixed assets 111 1,869
Other, net (277) (441)
------- -------
Net cash used in
investing activities (9,405) (1,099)
------- -------
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayments of long-term debt
and capital lease obligation (185) (3,019)
Proceeds from sale/leaseback transaction 1,933 0
Net (repayments) borrowings of
senior debt 4,655 (31,005)
Loan fees (575) 0
------- -------
Net cash provided by (used in)
financing activities 5,828 (34,024)
------- -------
NET DECREASE IN CASH AND
CASH EQUIVALENTS (4) (3,049)
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 114 3,206
------- -------
CASH AND CASH EQUIVALENTS
AT END OF PERIOD $ 110 $ 157
======= =======
SUPPLEMENTAL CASH FLOW DISCLOSURE:
Interest paid $ 1,719 $ 1,211
======= =======
The accompanying notes are an integral part of these
condensed financial statements (unaudited).
6
<PAGE>
THE BIBB COMPANY
NOTES TO CONDENSED FINANCIAL STATEMENTS
(unaudited)
1. BASIS OF INTERIM PRESENTATION
The accompanying unaudited condensed financial statements have been
prepared in accordance with generally accepted accounting principles for
interim financial information and with Rule 10-01 of Regulation S-X.
Accordingly, they do not include all of the information and footnotes
required by generally accepted accounting principles for complete financial
statements. In the opinion of management, all adjustments (consisting of
normal recurring accruals) considered necessary to present fairly the
Company's financial position as of April 4, 1998 and the results of its
operations and its cash flows for three month periods ended April 4, 1998
and March 29, 1997, have been included. Operating results for the three
month period ended April 4, 1998 are not necessarily indicative of the
results that may be expected for the year ending January 2, 1999. Certain
information and note disclosures normally included in annual financial
statements prepared in accordance with generally accepted accounting
principles have been condensed or omitted pursuant to the Securities and
Exchange Commission's rules and regulations. The condensed financial
statements should be read in conjunction with the Company's audited
financial statements and notes thereto for the year ended January 3, 1998.
The condensed balance sheet at January 3, 1998, has been derived from these
statements.
Unless the context otherwise requires, the "Company" means The Bibb
Company, a Delaware corporation.
2. SIGNIFICANT ACCOUNTING POLICIES
DISCONTINUED OPERATIONS
In December 1997, the Company sold its napery business, which consisted of
the manufacture and marketing of damask table linen products serving the
hospitality market (the "Napery Business"), and related inventory, to Mount
Vernon Mills, Inc. In connection therewith, the Company closed its Roanoke
Rapids, North Carolina manufacturing plant during the three month period
ended April 4, 1998 and is actively seeking a buyer for the property. As the
assets of the Napery Business are currently being liquidated, they have been
classified, as of April 4, 1998 and January 3, 1998, as net assets of
discontinued operations, and the results of operations of the Napery
Business are excluded from the Company's continuing operations.
During the three month period ended April 4, 1998, the Company exited the
apparel business, which consisted of the manufacture and marketing of
apparel fabrics, principally chambray, which is sold primarily to garment
manufacturers (the "Apparel Business"). As a result, the Company
discontinued its manufacturing operations at the Company's Columbus, Georgia
facility. The assets of the Apparel Business are currently being liquidated.
As a result, the Company classified the assets, except for real estate, of
the Apparel Business as net assets of discontinued operations, and the
results of operations for the Apparel Business are excluded from the
Company's continuing operations.
7
<PAGE>
The table below sets forth net sales, net losses, and net loss per common
share for the discontinued Apparel Business and Napery Business for the three
months ended March 29, 1997 and April 4, 1998 (in thousands):
<TABLE>
<CAPTION>
For the three months ended For the three months ended
April 4, 1998 March 29, 1997
-------------------------- --------------------------
Apparel Napery Apparel Napery
Business Business Business Business
-------- -------- -------- --------
<S> <C> <C> <C> <C>
Net sales $7,638 $ 0 $7,106 $2,014
Net income (loss) $ 0 $ 0 $ (299) $ 230
Net income (loss) per common share,
basic and diluted $ 0.00 $0.00 $(0.03) $ 0.02
</TABLE>
Net assets of discontinued operations at April 4, 1998 and January 3, 1998
are set forth below (in thousands):
<TABLE>
<CAPTION>
April 4, 1998 January 3, 1998
------------- ---------------
<S> <C> <C>
Accounts receivable, net $ 6,246 $ 5,115
Inventory 1,125 7,486
Property, plant & equipment 7,991 8,864
Accounts payable and accrued liabilities (3,745) (9,440)
------- -------
$11,617 $12,025
======= =======
</TABLE>
RECENT ACCOUNTING PRONOUNCEMENTS
The Company adopted Statement of Financial Accounting Standards No. 130,
"Reporting Comprehensive Income" ("SFAS 130"), Statement of Financial Accounting
Standards No. 131, "Disclosures About Segments of an Enterprise and Related
Information" ("SFAS 131"), and Statement of Financial Accounting Standards No.
132, "Employers' Disclosures About Pensions and Other Postretirement Benefits -
an amendment of FASB Statements No. 87, 88, and 106" ("SFAS 132"), effective
January 4, 1998. SFAS 130 establishes standards to measure all changes in equity
that result from transactions and other economic events other than transactions
with owners. Comprehensive income is the total of net income and all other
nonowner changes in equity. SFAS 131 introduces a new segment reporting model
called the "management approach." The management approach is based on the manner
in which management organizes segments within a company for making operating
decisions and assessing performance. The management approach replaces the notion
of industry and geographic segments. SFAS 132 revises disclosures about pension
and other postretirement benefit plans, yet it does not change the measurement
or recognition of those plans. The disclosures relative to SFAS 130, 131, and
132 do not significantly affect the Company's current disclosures.
8
<PAGE>
3. INVENTORIES
The major classes of inventories, exclusive of inventory related to the
discontinued apparel and napery businesses, were as follows (in thousands):
<TABLE>
<CAPTION>
April 4, January 3,
1998 1998
------- -------
<S> <C> <C>
Raw materials and supplies $ 7,911 $ 7,713
Work-in-process 24,285 24,308
Finished goods 26,456 22,238
------- -------
Total at FIFO cost 58,652 54,259
Excess of LIFO cost over FIFO cost 46 46
------- -------
Total at LIFO cost $58,698 $54,305
======= =======
</TABLE>
4. PROPERTY, PLANT AND EQUIPMENT
Property, plant, and equipment, exclusive of items related to the
discontinued apparel and napery businesses were as follows (in thousands):
<TABLE>
<CAPTION>
April 4, January 3,
1998 1998
------- -------
<S> <C> <C>
Machinery and equipment $27,882 $27,853
Land, buildings, and improvements 22,348 22,348
Construction in progress 27,848 18,609
78,078 68,810
------- -------
Less accumulated depreciation 7,334 5,981
------- -------
$70,744 $62,829
======= =======
</TABLE>
5. LONG-TERM DEBT
Long-term debt consisted of the following (in thousands):
<TABLE>
<CAPTION>
April 4, January 3,
1998 1998
------- -------
<S> <C> <C>
Line of credit under New Credit Agreement $54,871 $58,615
Term loan under New Credit Agreement 20,706 12,308
Capital lease obligations 8,940 7,162
Other 401 430
------- -------
$84,918 $78,515
Less current maturities 5,363 3,617
------- -------
$79,555 $74,898
======= =======
</TABLE>
Effective March 6, 1998, the Company entered into an amendment to the Loan
and Security Agreement dated as of September 12, 1996, by and among Congress
Financial Corporation, as agent, and the lenders party thereto and the
Company (the "New Credit Agreement"). Significant provisions of the new
amendment are as follows:
9
<PAGE>
(i) increase of the term loan to $21.3 million, (ii) extension of the
renewal date from September 16, 1999 to November 1, 2000, (iii) reduction
of the tangible net worth covenant from a minimum of $70 million to a
minimum of $50 million, (iv) reduction of the prepayment fees for replacing
the credit agreement after September 16, 1998, from $575,000 to $300,000,
and (v) reduction of the revolving loan limit to $60 million.
6. INCOME TAXES
The Company accounts for income taxes in accordance with SFAS No. 109,
"Accounting for Income Taxes," which requires the use of the liability method
in accounting for income taxes. Under SFAS No. 109, deferred tax assets and
liabilities are determined based on the difference between the financial
reporting and tax bases of assets and liabilities using enacted tax rates in
effect for the year in which the differences are expected to reverse.
Deferred income taxes also reflect the value of net operating losses and an
offsetting valuation allowance. There was no net income tax expense or
benefit recorded in the three months ended April 4, 1998 or the three months
ended March 29, 1997.
7. EARNINGS PER SHARE
The Company adopted Statement of Financial Accounting Standards No. 128,
"Earnings per Share" ("SFAS 128") during 1997. SFAS 128 replaces primary
earnings per share with basic earnings per share. Basic earnings per share
excludes the effect of any potentially dilutive common equivalent shares.
Basic earnings per share is calculated based on weighted average number of
shares of common stock outstanding, which was 10,061,576 for the three months
ended April 4, 1998 and March 29, 1997, respectively. Fully diluted earnings
per share, now called diluted earnings per share, is still required. Diluted
earnings per share is calculated treating all potentially dilutive securities
such as stock options as outstanding during the entire period, or from grant
date if granted during the period. For the three months ended April 4, 1998,
744,000 options were included in the calculation. For the three months ended
March 29, 1997, all options (200,000) were anti-dilutive and thus were not
included in the calculation.
10
<PAGE>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF CONTINUING OPERATIONS
(A) COMPARISON OF THE THREE MONTHS ENDED APRIL 4, 1998 WITH THREE MONTHS
ENDED MARCH 29, 1997 (IN THOUSANDS).
Net sales for the three months ended April 4, 1998, were $56,825 compared
to $58,932 for the three months ended March 29, 1997, a decrease of $2,107 or
3.6%.
The Company's gross profit for the three months ended April 4, 1998 was
$7,867 or 13.8% of net sales compared to $4,674 or 7.9% of net sales for the
three months ended March 29, 1997. This increase is due primarily to the
Company's focused customer programs and associated strengthening of
partnerships and product offerings. In addition, the Company is beginning to
realize the cost savings from its capital improvement program.
Selling and administrative expenses for the three months ended April 4,
1998 were $5,682 or 10.0% of net sales compared to $5,453 or 9.3% of net sales
for the three months ended March 29, 1997.
As a result of the above factors, operating profit for the three months
ended April 4, 1998 improved to $2,185 from a loss of $779 in the three months
ended March 29, 1997, an increase of $2,964.
Interest expense for the three months ended April 4, 1998 was $1,740
compared to $974 for the three months ended March 29, 1997, an increase of
$766 primarily due to the increase in debt outstanding to $84.9 million as of
April 4, 1998 from $55.3 million as of March 29, 1997. The increase in debt
resulted primarily from capital expenditures made as part of the capital
improvement program.
As a result of the above factors, net income for the three months ended
April 4, 1998 was $111 compared to a net loss of $2,191 in the three months
ended March 29, 1997.
(B) LIQUIDITY AND CAPITAL RESOURCES
General. Net cash provided by operating activities was $3.6 million for
the three months ended April 4, 1998 compared to $32.1 million for the three
months ended March 29, 1997. In the three months ended March 29, 1997, the
Company sold its terry operations for net cash proceeds of approximately $37
million. Excluding the sale of the terry operations, net cash flow from
operations increased by $8.5 million primarily as a result of changes in
operating assets and liabilities and the Company recording net income of $0.1
million in the three months ended April 4, 1998, as compared to a net loss of
$2.2 million in the three months ended March 29, 1997.
Net cash used in investing activities increased to $9.4 million in the
three months ended April 4, 1998 from $1.1 million in the three months ended
March 29, 1997. This increase is primarily due to an increase in capital
expenditures to $9.2 million in the three months ended April 4, 1998 from $2.5
million in the three months ended March 29, 1997 and proceeds from the sale of
fixed assets decreasing to $0.1 million in the
11
<PAGE>
three months ended April 4, 1998 from $1.9 million in the three months ended
March 29, 1997.
Net cash provided by financing activities increased to $5.8 million in the
three months ended April 4, 1998 from net cash used in financing activities of
$34.0 million in the three months ended March 29, 1997. The net cash provided
by financing activities in the three months ended April 4, 1998 resulted from
increased borrowings under the New Credit Agreement, as amended. In the three
months ended March 29, 1997, the Company repaid an outstanding industrial
development revenue bond in the amount of $3.0 million and also repaid
outstanding indebtedness with the proceeds from the sale of the terry
operations. Effective March 6, 1998, the Company amended the New Credit
Agreement and as a result, increased the borrowings under the agreement.
Significant provisions of the amendment are as follows:
(i) increase of the term loan to $21.3 million, (ii) extension of the
renewal date from September 16, 1999 to November 1, 2000, (iii) reduction
of the tangible net worth covenant from a minimum of $70 million to a
minimum of $50 million, (iv) reduction of the prepayment fees for replacing
the credit agreement after September 16, 1998, from $575,000 to $300,000,
and (v) reduction of the revolving loan limit to $60 million.
Liquidity. The Company experiences significant fluctuations in its working
capital requirements primarily associated with its retail customers' late
summer and fall inventory purchasing. The Company's primary ongoing cash
requirements will be to fund debt service, make capital expenditures and
finance working capital. The Company believes that it will generate
sufficient cash flow from operations, supplemented by its available borrowings
under the New Credit Agreement and anticipated leases, to meet working capital
and capital expenditure requirements as well as debt service requirements
under the New Credit Agreement.
As a result of the New Credit Agreement, as amended, the Company is
entitled to borrow up to a maximum of approximately $80.9 million subject to
borrowing base availability and applicable revolving loan reserves.
As of May 12, 1998, the Company had approximately $74.8 million in
borrowings outstanding under the New Credit Agreement, of which approximately
$4.2 million is due over the next twelve months.
As of May 12, 1998, the Company had the ability to borrow an additional
$3.8 million for general operating requirements under the revolving loan
provisions of the New Credit Agreement.
Capital Expenditures. The Company has made and expects to make in the
future, significant capital expenditures to modernize its facilities and
reduce operating costs. Capital expenditures, including capital leases were
$9.2 million in the three months ended April 4, 1998 and are budgeted to be
approximately $19 million for all of fiscal year 1998. The Company's ability
to draw advances under the New Credit Agreement for the purpose of funding
capital expenditures, remains subject to compliance with the terms and
conditions of the New Credit Agreement (including its borrowing base
requirements).
FORWARD LOOKING STATEMENTS
A number of the matters and subject areas discussed in "Management's
Discussion and Analysis of Financial Condition and Results of Continuing
Operations" that are not historical or current facts deal with potential
future circumstances and developments. The discussion of such matters and
subject areas is qualified by the inherent risks and uncertainties surrounding
future expectations generally, and such discussion also may materially differ
from the Company's actual future experience involving any one or more of such
matters and subject areas. The Company has attempted to identify, in context,
certain of the factors that it currently believes may cause actual future
experience and results to differ from the Company's current expectations
regarding the relevant matter or subject area. The operation and results of
the Company's textile business may also be subject to the effect of other
risks and uncertainties in addition to the relevant qualifying factors
identified elsewhere in "Management's Discussion and Analysis of Financial
Condition and Results of Continuing Operations," including, but not limited
to, general economic conditions in the markets in which the Company operates,
the ability to implement the Company's capital
12
<PAGE>
improvement program, the ability to achieve further market penetration and
additional customers, the cost of raw materials, particularly cotton, and
other risks and uncertainties associated with the textile industry.
PART II. OTHER INFORMATION
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(A) EXHIBITS
Exhibit 11. Statement re computation of per share earnings
Exhibit 27. Financial Data Schedule
(B) REPORTS ON FORM 8-K
No reports on Form 8-K were filed during the three months ended April 4,
1998.
13
<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.
THE BIBB COMPANY
Date: May 15, 1998 /s/ MICHAEL L. FULBRIGHT
------------------------
By: Michael L. Fulbright
Chairman of the Board, President and
Chief Executive Officer
/s/ CHARLES R. TUTTEROW
-----------------------
By: Charles R. Tutterow
Vice President, Chief Financial Officer,
Secretary, and Principal Accounting Officer
14
<PAGE>
EXHIBIT 11
THE BIBB COMPANY
STATEMENT RE: COMPUTATION OF EARNINGS PER SHARE
(IN THOUSANDS, EXCEPT PER SHARE DATA)
<TABLE>
<CAPTION>
THREE MONTHS THREE MONTHS
ENDED ENDED
APRIL 4, 1998 MARCH 29, 1997
------------- --------------
<S> <C> <C>
Net income (loss) applicable to common stock $ 111 $ (2,191)
Weighted average shares outstanding:
Weighted average common shares outstanding 10,062 10,062
Shares upon assumed exercise of stock options (1) 120 0
-------- --------
Weighted average share outstanding 10,182 10,062
-------- --------
Diluted net income (loss) per share of common stock 0.01 (0.22)
======== ========
</TABLE>
- -----------
(1) Stock options are assumed exercised using the modified treasury stock
method, except where the effect is anti-dilutive.
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<S> <C> <C>
<PERIOD-TYPE> 3-MOS 3-MOS
<FISCAL-YEAR-END> JAN-02-1999 JAN-03-1998
<PERIOD-START> JAN-04-1998 DEC-29-1996
<PERIOD-END> APR-04-1998 MAR-29-1997
<CASH> 110,000 114,000
<SECURITIES> 0 0
<RECEIVABLES> 36,400,000 37,447,000
<ALLOWANCES> 2,263,000 2,686,000
<INVENTORY> 58,698,000 54,305,000
<CURRENT-ASSETS> 108,390,000 104,224,000
<PP&E> 78,078,000 68,810,000
<DEPRECIATION> 7,334,000 5,981,000
<TOTAL-ASSETS> 181,760,000 169,351,000
<CURRENT-LIABILITIES> 43,997,000 36,356,000
<BONDS> 0 0
0 0
0 0
<COMMON> 0 0
<OTHER-SE> 88,882,000 88,882,000
<TOTAL-LIABILITY-AND-EQUITY> 181,760,000 169,351,000
<SALES> 56,825,000 58,932,000
<TOTAL-REVENUES> 56,825,000 58,932,000
<CGS> 48,958,000 54,258,000
<TOTAL-COSTS> 48,958,000 54,258,000
<OTHER-EXPENSES> 5,682,000 5,453,000
<LOSS-PROVISION> 0 0
<INTEREST-EXPENSE> (2,074,000) (1,248,000)
<INCOME-PRETAX> 111,000 (2,191,000)
<INCOME-TAX> 0 0
<INCOME-CONTINUING> 111,000 (2,191,000)
<DISCONTINUED> 0 0
<EXTRAORDINARY> 0 0
<CHANGES> 0 0
<NET-INCOME> 111,000 (2,191,000)
<EPS-PRIMARY> 0.01 (0.22)
<EPS-DILUTED> 0.01 (0.22)
</TABLE>