<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
__________________________________
FORM-10Q
(MARK ONE)
X - QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE
QUARTERLY PERIOD ENDED MARCH 31, 1995 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 0-2129
__________________________________
THE RAYMOND CORPORATION
(Exact name of registrant as specified in its charter)
SOUTH CANAL STREET, GREENE, NEW YORK 13778
(Address of registrants's principal executive office)
(607) 656-2311
(Registrant's telephone number)
New York 15-0372290
(State of Incorporation) (I.R.S. Employer
Identification Number)
__________________________________
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Sectons 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____
The number of shares of common stock outstanding as of April 30, 1995 was
6,678,551.
<PAGE> 2
THE RAYMOND CORPORATION
INDEX to FORM-10Q
Page
PART I. FINANCIAL INFORMATION
Item 1 - Financial Statements
Condensed Consolidated Balance Sheets - March 31, 1995 and 3-4
December 31, 1994
Condensed Consolidated Statements of Income - Quarters 5
ended March 31, 1995 and 1994
Condensed Consolidated Statements of Cash Flows - Quarters 6-7
ended March 31, 1995 and 1994
Notes to Condensed Consolidated Financial Statements 8-9
Item 2 - Management's Discussion and Analysis of Financial 10-14
Condition and Results of Operations
Exhibit 11 - Computation of per share earnings 15
Exhibit 27 - Financial data schedule
PART II. OTHER INFORMATION
Item 6 - Exhibits and Reports on Form 8-K 16
Signature 16
<PAGE> 3
Part I - Financial Information
Item I - Financial Statements
THE RAYMOND CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited) (note)
ASSETS 3/31/95 12/31/94
____________________________________________________________________________
Manufacturing Current Assets:
Cash and cash equivalents $4,935,516 $5,351,161
Accounts receivable, net 36,303,454 32,910,361
Inventories 33,933,892 30,911,341
Recoverable income taxes 1,596,027 -
Deferred income taxes* 4,264,243 3,764,243
Prepaid expenses and other current assets 4,185,929 4,656,816
____________ ____________
Total Manufacturing Current Assets 85,219,061 77,593,922
Investments in and advances to unconsolidated
investees, at equity 19,944,564 16,666,728
Property, plant and equipment, at cost 49,326,172 46,896,174
Less accumulated depreciation (30,048,766) (29,947,379)
__________________________
Net property, plant and equipment 19,277,406 16,948,795
Other non-current assets 4,354,989 5,775,276
____________ ____________
Total Manufacturing Assets 128,796,020 116,984,721
____________ ____________
Financial Services:
Cash and cash equivalents 11,268 72,302
Investment in leases, net 88,841,817 84,724,886
Property, plant and equipment, at cost 246,014 234,712
Less accumulated depreciation (168,108) (162,654)
__________________________
Net property, plant and equipment 77,906 72,058
Rental equipment, at cost 4,172,100 4,327,691
Less accumulated depreciation (2,064,154) (2,004,464)
__________________________
Net rental equipment 2,107,946 2,323,227
Other assets 275,937 198,550
____________ ____________
Total Financial Services Assets 91,314,874 87,391,023
____________ ____________
Total Assets $220,110,894 $204,375,744
============ ============
* Includes both manufacturing and financial services.
Note: The December 31, 1994 balance sheet has been derived from
audited financial statements
The accompanying notes are a part of the financial statements.
<PAGE> 4
THE RAYMOND CORPORATION AND SUBSIDIARIES
(unaudited) (note)
LIABILITIES AND SHAREHOLDERS' EQUITY 3/31/95 12/31/94
____________________________________________________________________________
Manufacturing Current Liabilities:
Accounts payable $16,134,223 $14,194,244
Accrued liabilities 20,022,509 16,782,258
____________ ____________
Total Manufacturing Current Liabilities 36,156,732 30,976,502
Long-term debt 57,500,000 57,500,000
Deferred income taxes* 4,084,857 4,184,235
Other liabilities 2,907,974 2,527,320
____________ ____________
Total Manufacturing Liabilities 100,649,563 95,188,057
____________ ____________
Financial Services:
Income taxes* and accrued expenses 4,873,050 4,035,472
Notes payable - banks 15,575,000 6,437,500
Notes payable - insurance companies 14,858,000 17,715,000
____________ ____________
Total Financial Services Liabilities 35,306,050 28,187,972
____________ ____________
SHAREHOLDERS' EQUITY
Common stock (6,682,763 shares issued in 1995
and 6,364,221 shares issued in 1994) 10,024,145 9,546,332
Capital surplus 17,923,218 12,712,723
Retained earnings 59,953,220 62,566,473
Cumulative translation adjustments (3,435,151) (3,515,662)
Treasury stock, at cost (310,151) (310,151)
____________ ____________
Total Shareholders' Equity 84,155,281 80,999,715
____________ ____________
Total Liabilities and Shareholders' Equity $220,110,894 $204,375,744
============ ============
*Includes both manufacturing and financial services.
Note: The December 31, 1994 balance sheet has been derived from
audited financial statements
The accompanying notes are a part of the financial statements.
<PAGE> 5
THE RAYMOND CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
3 Month period ended March 31, 1995 1994
____________ ____________
REVENUES
Net sales $69,625,506 $48,186,517
Rental revenues 486,825 386,213
Lease finance revenues 2,125,901 1,629,040
Other income 768,309 1,005,096
____________ ____________
Total revenues 73,006,541 51,206,866
____________ ____________
COSTS AND EXPENSES
Cost of sales 53,992,188 37,101,542
Cost of rentals 412,698 445,635
Selling, general and administrative 9,097,790 6,966,931
Employees' profit sharing 924,349 499,124
Interest expense
Lease financing 577,552 683,141
Other 973,734 990,118
Other expenses 1,955,830 1,095,885
____________ ____________
Total costs and expenses 67,934,141 47,782,376
____________ ____________
INCOME BEFORE TAXES, AND EQUITY IN NET
EARNINGS OF UNCONSOLIDATED INVESTEES 5,072,400 3,424,490
Income tax expense 2,054,544 1,449,067
____________ ____________
Income before equity in net
earnings of unconsolidated investees 3,017,856 1,975,423
Equity in net earnings of unconsolidated investees 57,199 28,368
____________ ____________
NET INCOME 3,075,055 2,003,791
============ ============
NET INCOME PER SHARE:
Primary $0.46 $0.30 *
============ ============
Fully Diluted $0.36 $0.26 *
============ ============
* Adjusted for the 1995 5% stock dividend
The accompanying notes are a part of the financial statements.
<PAGE> 6
THE RAYMOND CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
3 Month period ended March 31, 1995 1994
____________ ____________
CASH FLOWS FROM OPERATING ACTIVITIES
____________________________________
Net income $3,075,055 $2,003,791
Adjustments to reconcile net income to net cash
used for operating activities:
Depreciation and amortization 1,084,491 1,045,604
Provision for losses on accounts receivable
and investment in leases 606,000 210,000
Earnings of unconsolidated investees,
net of dividends (57,199) (28,368)
Foreign currency transaction losses (gains) 97,285 (523,639)
Acquisition of rental equipment (238,118) (435,705)
Gains on dispositions of rental equipment (279,441) (195,670)
Proceeds from rental fleet sales 482,255 282,755
Losses on sale of property, plant
and equipment 48,935 3,137
Other items, net (513,811) 173,224
Changes in operating assets and liabilities:
Increase in accounts receivable (3,794,271) (465,521)
Increase in investment in leases (4,317,931) (452,230)
Increase in inventories, prepaid expenses
and other current assets (4,176,991) (6,826,845)
Increase in accounts payable and
accrued expenses 6,085,881 3,529,254
____________ ____________
Net cash used for
operating activities (1,897,860) (1,680,213)
____________ ____________
CASH FLOWS FROM INVESTING ACTIVITIES
____________________________________
Additions to property, plant and equipment (1,678,677) (814,567)
Proceeds received from sales of property,
plant and equipment 16,369 -
Investment in, and advances to, unconsolidated
investees (3,199,651) (2,806,096)
____________ ____________
Net cash used for
investing activities (4,861,959) (3,620,663)
____________ ____________
The accompanying notes are a part of the financial statements.
<PAGE> 7
THE RAYMOND CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(UNAUDITED)
3 Month period ended March 31, 1995 1994
____________ ____________
CASH FLOWS FROM FINANCING ACTIVITIES
____________________________________
Net repayments under lines of credit (1,000,000) -
Proceeds from long-term debt 11,000,000 -
Repayment of long-term debt (3,719,500) (6,026,500)
Capital stock transactions, net - -
____________ ____________
Net cash provided by (used for)
financing activities 6,280,500 (6,026,500)
Effect of foreign currency rate fluctuations on
cash and cash equivalents 2,640 (302,790)
------------ ------------
Decrease in cash and cash equivalents (476,679) (11,630,166)
Cash and cash equivalents at January 1, 5,423,463 28,654,488
------------ ------------
Cash and cash equivalents at March 31, $4,946,784 $17,024,322
============ ============
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
________________________________________________
Cash paid during the year for:
Income taxes $3,290,171 $1,208,520
Interest 458,235 590,445
Noncash activities:
Property acquired in exchange for retirement
of mortgage receivable $1,500,000 -
The accompanying notes are a part of the financial statements.
<PAGE> 8
THE RAYMOND CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
1. Basis of Presentation
- --- -----------------------
The unaudited financial statements presented herein have been prepared
in accordance with the instructions to Form 10-Q and do not include all
of the information and note disclosures required by generally accepted
accounting principles. These statements should be read in conjunction
with the Company's financial statements and notes thereto in its 1994
Annual Report to Shareholders which is incorporated by reference in its
Annual Report on Form 10-K for the year ended December 31, 1994. The ac-
companying financial statements have not been examined by independent
accountants, but in the opinion of management such financial statements
include all adjustments, consisting of only normal recurring adjustments,
necessary to summarize fairly the Company's financial position at March
31, 1995 and results of operations for the three month period then ended.
The results of operations for the interim period presented may not be in-
dicative of the results that may be expected for the year.
2. Inventories
- --- ------------
The composition of inventories were:
3/31/95 12/31/94
__________________________
Raw materials $11,328,445 $10,310,528
Work in process 20,189,131 18,900,886
Finished goods 2,416,316 1,699,927
__________________________
$33,933,892 $30,911,341
==========================
3. Stock Dividend
- --- --------------------------
On March 4, 1995, the Board of Directors declared an irregular five
percent stock dividend on the Company's outstanding common stock.
On April 14, 1995, shareholders of record as of March 31, 1995 received
one additional share of stock for each twenty shares held. Earnings per
share and weighted average shares outstanding have been restated to
reflect the five percent stock dividend.
<PAGE> 9
THE RAYMOND CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
4. Long-Term Debt
- --- -------
On February 14, 1995, the Company and Raymond Leasing Corporation
entered into a Revolving Credit and Term Loan Agreement which made
available an additional $15.0 million. The committed facility
provides for a two year working capital line of credit which can be
converted into a five year term loan.
In the first quarter of 1995, Raymond Leasing Corporation borrowed
$5.0 million under this credit facility for a five year term at 7.97%
interest and $6.0 million under a similar existing credit facility
for a five year term at 8.40% interest.
5. Contingencies
- --- -------
The Company is currently defending a number of products liability and
similar lawsuits involving industrial accidents. The Company views
these actions, and related expenses of administration, litigation and
insurance, as part of the ordinary course of its business. The Company
has a policy of aggressively defending products liability lawsuits,
which generally take several years to ultimately resolve. A combination
of self-insured retention and insurance is used to manage these risks and
management believes that the insurance coverage and reserves established
for self-insured risks are adequate. The effect of these lawsuits on
future results of operations cannot be predicted because any such effect
depends on the operating results of future periods and the amount and
timing of the resolution of these proceedings. The Company's Dealers
contribute to the funding of the Company's products liability program
and, in turn, the Company indemnifies the Dealers against products
liability expense and manages products liability claims.
The Company is also one of sixteen defendants in a private environmental
lawsuit. The plaintiffs have alleged that scrap metal purchased from
the Company was coated with certain solvents and/or cutting oils.
Plaintiffs have the burden of proving the nature and extent of the
Company's contribution to the site, as well as the burden of proving
what portion of the material delivered to the site was "hazardous" as
that term is defined in the environmental statutes. The Company is
aggressively defending the claim and does not believe it is likely to
have a material adverse effect on the Company.
<PAGE> 10
Part I - Financial Information
Item 2 - Management's Discussion and Analysis of
Financial Condition and Operating Results
A summary of the period changes in the principal items included on the
consolidated statements of income is shown below: (in thousands)
Comparison of the changes from the 3 month period ended March 31, 1995
to March 31, 1994
Amount %
_______ _______
TOTAL REVENUES $21,800 43%
_______ _______
COSTS AND EXPENSES:
Cost of sales and rentals 16,858 45%
Selling, general and administrative 2,131 31%
Employees' profit sharing 425 85%
Interest expense (122) -7%
Other expenses, net 860 78%
_______ _______
Total costs and expenses 20,152 42%
_______ _______
INCOME BEFORE PROVISION FOR TAXES 1,648 48%
PROVISION FOR INCOME TAXES 606 42%
_______ _______
INCOME BEFORE EQUITY IN EARNINGS
OF UNCONSOLIDATED INVESTEES 1,042 53%
EARNINGS OF UNCONSOLIDATED INVESTEES 29 102%
_______ _______
NET INCOME $1,071 53%
======= =======
<PAGE> 11
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
THE RAYMOND CORPORATION AND SUBSIDIARIES
Three Months ended March 31, 1995 compared to
---------------------------------------------
Three Months ended March 31, 1994
---------------------------------
Revenues
- --------
Total revenues for the three months ended March 31, 1995 increased by
approximately $21.8 million, or 43% to $73.0 million from $51.2 million for the
three months ended March 31, 1994.
The substantial growth in revenues for the first quarter of 1995 as compared to
the first quarter of 1994 reflects a continuation of trends noted throughout
1994 including the overall growth in the North American lift truck market as
well as the Company's success in expanding its distribution into different
markets. The Company's sales to its North American Dealer Network increased as a
result of the increased order entry rate experienced by the industry as well as
the continued success of its new products with the intellidrive(R) controls
technology and increased sales efforts through D.A.R.T. (the Dealer Alliance for
Recruiting and Training). D.A.R.T. is Raymond's program to increase and improve
the sales force at the Dealership level. Other major increases in revenue were
attained through the National Accounts program and sales to Material Handling
Associates, Inc. (M.H.A.). The National Accounts program, working in
coordination with the Dealer Network, offers selected large customers single
source coordination of their materials handling equipment and service needs.
M.H.A. is the Company's 50% owned joint venture company with Mitsubishi
Caterpillar Forklift America Inc., which distributes equipment manufactured by
Raymond through the Caterpillar distribution network. Sales of repair and
replacement parts and sales resulting from O.E.M. agreements, in both North
America and Europe for products manufactured by Raymond, also contributed to the
increase in revenues.
Cost of Sales
- -------------
For the first quarter of 1995, cost of sales as a percentage of net sales was
77.5% as compared to 77.0% for the first quarter of 1994 and 77.6% for the
calendar year 1994. The increase in the percentage for the first quarter of 1995
versus the first quarter of 1994 is primarily due to the mix of products sold
through the Company's various distribution channels and reflects primarily the
increased volume of sales through the National Accounts Program, M.H.A. and
O.E.M. arrangements. In addition, one-time expenses were incurred during the
first quarter of 1995 to produce Dockstocker(TM) field test trucks.
Selling, General and Administrative Expenses
- --------------------------------------------
For the first quarter of 1995, selling, general and administrative expenses
increased by approximately $2.1 million or 31% to $9.1 million from $7.0 million
in the first quarter of 1994.
<PAGE> 12
As a percentage of total revenues, these expenses decreased from 13.6% in the
first quarter of 1994 to 12.5% for the same period in 1995.
The dollar level increase reflects increased benefit accruals and additional
expenses incurred to support the growth in sales volume and increased research
and development activities associated with the Company's continued product
development. These expenses included costs to launch the Dockstocker product
line and costs for the Company's International Sales Meeting held in February.
Interest Expense
- ----------------
Lease financing operations are conducted through Raymond Leasing Corporation, a
wholly-owned subsidiary of the Company. Lease finance interest expense is
reported net of charges on intercompany borrowings and was approximately $0.6
million in the quarter ended March 31, 1995 as compared with approximately $0.7
million in the comparable quarter in 1994. The decline in the current period
reflects the fact that the majority of the growth in the lease portfolio has
been financed with funds from The Raymond Corporation, as opposed to external
borrowings.
Other interest expense incurred by the manufacturing divisions was approximately
$1.0 million for the quarters ending March 31, 1995 and 1994, respectively, and
consists primarily of interest on the Company's convertible subordinated
debentures.
Other Expenses
- --------------
Other expenses were approximately $2.0 and $1.1 million, or 2.7% and 2.1% of
total revenues, for the quarters ending March 31, 1995 and 1994, respectively.
The primary components of other expenses are cash discounts paid to Dealers for
the timely payment of invoices and the provision for losses on accounts and
leases receivable. The increased provision for losses on accounts and leases
receivables is the main component of both the dollar and percentage increases in
1995.
The increased provision for profit sharing reflects the increased profitability
of the Company. The formula for computing the profit sharing provision is
consistent for all periods presented.
Income Tax Expense
- ------------------
During all periods reported, U.S. and foreign income tax provisions were
computed using the respective expected annual effective tax rates.
Earnings of Unconsolidated Investees
- ------------------------------------
The Company's primary unconsolidated investee is G.N. Johnston Equipment Co.
Ltd. ("Johnston"), which is 45% owned by R.H.E. Ltd., a wholly-owned subsidiary
of the Company.
<PAGE> 13
Johnston is the exclusive Canadian distributor for all of the Company's products
with sales and service outlets in the principal business regions of the Dominion
of Canada. Other unconsolidated investees include several Dealerships located
throughout the United States.
The equity in earnings of unconsolidated investees was at approximately the same
level for both periods reported.
Stock Dividend
- --------------
On March 4, 1995, the Board of Directors declared an irregular 5% stock dividend
on the Company's outstanding common stock. On April 14, 1995, shareholders of
record as of March 31, 1995 received on additional share of stock for each
twenty shares held. Earnings per share and weighted average shares and
outstanding have been adjusted to reflect the 5% stock dividend.
Liquidity and Sources of Capital
- --------------------------------
At March 31, 1995, the Company's manufacturing working capital was $49.1 million
and its ratio of manufacturing current assets to manufacturing current
liabilities was 2.4 to 1. At March 31, 1995, the Company and Raymond Leasing
Corporation, its wholly-owned leasing subsidiary, had unused lines of credit
aggregating $42.4 million, of which $11.9 million was available solely to
Raymond Leasing Corporation. These credit facilities will enable Raymond Leasing
Corporation to obtain the external funds necessary to repay intercompany
borrowings from The Raymond Corporation as additional cash is required.
Standard & Poor's has raised its credit rating of The Raymond Corporation's
debt. In taking this action, the credit rating agency cited not only the
Company's financial improvement but also its product technology and increased
market coverage. This upgrade should assist the Company when it negotiates any
future financing arrangements.
For the three months ended March 31, 1995, $1.9 million was used to fund
operating activities compared to the $1.7 million used to fund operating
activities for the comparable 1994 period. The cash was used primarily to fund
the growth in the lease portfolio and the increase in other working capital
components necessary to support the higher sales volume.
Cash used for investing activities increased $1.2 million for the first three
months of 1995 compared to the first three months of 1994. This was primarily
due to planned increases in capital expenditures and the Company's commitment to
invest in its Dealer Network.
Cash flows from financing activities reflect the proceeds of long-term debt
obtained by Raymond Leasing Corporation to fund a portion of the continued
growth of the lease portfolio and repay intercompany borrowings. The 1994 debt
repayments include an accelerated payment made with the proceeds of the
convertible subordinated debt proceeds obtained in December 1993.
<PAGE> 14
In the fourth quarter of 1989, the Board of Directors voted to suspend the
payment of cash dividends on the Company's common stock. Payment of cash
dividends in the future will depend on a variety of factors including the
Company's earnings, cash flow and financial resources as well as certain debt
covenants. At March 31, 1995, approximately $8.4 million of consolidated
retained earnings were free of debt covenant restrictions on cash dividends. In
addition, Raymond Leasing Corporation is subject to certain debt agreements that
limit cash dividends and loans to the Company. These restrictions are not
expected to affect the Company's ability to meet its cash requirements.
Outlook
- -------
New equipment orders for the first quarter of 1995 were $64.9 million, up 21%
from the $53.5 million reported for the first quarter of 1994.
The backlog (unfilled new equipment orders) was $73.4 million at March 31, 1995,
up 27% from the $57.6 million backlog reported for the same period last year and
down $4.7 million from the record backlog level reported at December 31, 1994.
Although the Company participates in what is known as a cyclical industry, it
has attempted to minimize this impact through increased participation in
domestic and international markets through joint venture and O.E.M. supply
agreements as well as the new Dockstocker product line.
The Company plans to invest approximately $12 million in 1995 - 96 to upgrade
production equipment and improve processes in its Greene, New York manufacturing
facility. This factory revitalization program will significantly upgrade the
technology of the plant and also increase its efficiency. The expenditures will
be funded by a combination of internally generated resources and existing credit
facilities. In addition, the Company expects to receive assistance from New York
State and local government agencies under a sales tax assistance program and an
interest subsidy grant.
<PAGE> 15
THE RAYMOND CORPORATION
EXHIBIT 11
COMPUTATION OF PER SHARE EARNINGS
(In thousands except per share data.)
3 Month period ended March 31, 1995 1994(1)
____________ ____________
PRIMARY
Average shares outstanding 6,660 6,646
Net effect of dilutive stock options-
based on the treasury stock method
using average market price 68 60
____________ ____________
Total 6,728 6,706
============ ============
Net income $3,075 $2,004
============ ============
Per share amount $0.46 $0.30
============ ============
FULLY DILUTED
Average shares outstanding 6,660 6,646
Net effect of dilutive stock options-
based on the treasury stock method using
the period end market price, if higher
than average market price 75 60
Assumed conversion of 6.50% convertible
subordinated debentures 3,408 3,408
____________ ____________
Total 10,143 10,114
============ ============
Net income $3,075 $2,004
Add 6.50% convertible subordinated
debentures interest, net of federal
income tax effect 617 617
____________ ____________
Total $3,692 $2,621
============ ============
Per share amount $0.36 $0.26
============ ============
(1) Adjusted for the 1995 five percent stock dividend.
<PAGE> 16
Part II - Other Information
ITEM 6 - EXHIBITS AND REPORTS ON FORM 8-K
_________________________________________
B) Reports on Form 8-K.
There were no reports on Form 8-K filed for the three months ended
March 31, 1995.
Signature
__________
Pursuant to 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 RAYMOND CORPORATION
Date: May 15 1995 by: /s/ William B. Lynn
-------------- -------------------------------
William B. Lynn
Executive Vice President
(Principal Financial Officer)
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from the March
31, 1995 Form 10-Q and is qualified in its entirety by reference to such
financial statements.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> MAR-31-1995
<CASH> 4,947
<SECURITIES> 0
<RECEIVABLES> 37,608
<ALLOWANCES> 1,305
<INVENTORY> 33,934
<CURRENT-ASSETS> 85,219<FN>
<PP&E> 49,572
<DEPRECIATION> 30,217
<TOTAL-ASSETS> 220,111
<CURRENT-LIABILITIES> 36,157<FN>
<BONDS> 87,933
<COMMON> 10,024
0
0
<OTHER-SE> 74,131
<TOTAL-LIABILITY-AND-EQUITY> 220,111
<SALES> 69,626
<TOTAL-REVENUES> 73,007
<CGS> 53,992
<TOTAL-COSTS> 54,982
<OTHER-EXPENSES> 11,978
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 974
<INCOME-PRETAX> 5,130
<INCOME-TAX> 2,055
<INCOME-CONTINUING> 3,075
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 3,075
<EPS-PRIMARY> 0.46
<EPS-DILUTED> 0.36
<FN>
Reflects current portion of Manufacturing operations only as accounts
for Financial Services are presented in a non-classified format
</FN>
</TABLE>
