<PAGE>
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, 1996 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
registrant'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 Sections 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, 1996 was
7,437,085.
<PAGE>
THE RAYMOND CORPORATION
INDEX to FORM-10Q
Page
PART I. FINANCIAL INFORMATION
Item 1 - Financial Statements
Condensed Consolidated Balance Sheets - March 31, 1996 and
December 31, 1995 3-4
Condensed Consolidated Statements of Income - Quarters
ended March 31, 1996 and 1995 5
Condensed Consolidated Statements of Cash Flows - Quarters
ended March 31, 1996 and 1995 6-7
Notes to Condensed Consolidated Financial Statements 8-9
Item 2 - Management's Discussion and Analysis of Financial
Condition and Results of Operations 10-14
PART II OTHER INFORMATION
Item 6 - Exhibits and Reports on Form 8-K 15
Signature 15
<PAGE>
Part I - Financial Information
Item I - Financial Statements
THE RAYMOND CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
<TABLE>
<CAPTION>
(unaudited) (note)
ASSETS 03/31/96 12/31/95
- ---------------------------------------------------------------------------------------
Manufacturing Current Assets:
<S> <C> <C>
Cash and cash equivalents $ 11,004,584 $ 12,341,383
Accounts receivable, net 34,093,027 36,349,825
Inventories 35,323,231 34,645,114
Recoverable income taxes 1,163,754 1,159,325
Deferred income taxes* 5,584,967 5,434,967
Prepaid expenses and other current assets 4,397,822 4,326,925
------------------------------
Total Manufacturing Current Assets 91,567,385 94,257,539
Investments in and advances to unconsolidated
investees, at equity 17,438,748 19,165,362
Property, plant and equipment, at cost 58,002,694 54,179,355
Less accumulated depreciation (32,967,438) (31,043,877)
------------------------------
Net property, plant and equipment 25,035,256 23,135,478
Other non-current assets 4,296,651 4,226,451
------------------------------
Total Manufacturing Assets 138,338,040 140,784,830
------------------------------
Financial Services:
Cash and cash equivalents 12,456 17,664
Investment in leases, net 113,252,002 106,409,973
Property, plant and equipment, at cost 397,113 385,486
Less accumulated depreciation (202,202) (193,086)
------------------------------
Net property, plant and equipment 194,911 192,400
Rental equipment, at cost 4,616,797 4,379,990
Less accumulated depreciation (2,144,109) (2,145,390)
------------------------------
Net rental equipment 2,472,688 2,234,600
Other assets 265,269 287,702
------------------------------
Total Financial Services Assets 116,197,326 109,142,339
------------------------------
Total Assets $ 254,535,366 $ 249,927,169
==============================
</TABLE>
* Includes both manufacturing and financial services.
Note: The December 31, 1995 balance sheet has been derived from
audited financial statements
The accompanying notes are a part of the financial statements.
<PAGE>
THE RAYMOND CORPORATION AND SUBSIDIARIES
<TABLE>
<CAPTION>
(unaudited) (note)
LIABILITIES AND SHAREHOLDERS' EQUITY 03/31/96 12/31/95
- ------------------------------------------------------------------------------------------
Manufacturing Current Liabilities:
<S> <C> <C>
Accounts payable $ 13,239,367 $ 13,656,877
Accrued liabilities 21,523,137 20,461,499
------------------------------
Total Manufacturing Current Liabilities 34,762,504 34,118,376
Long-term debt 51,260,000 51,260,000
Deferred income taxes* 3,983,926 3,982,867
Other liabilities 3,997,932 3,698,839
------------------------------
Total Manufacturing Liabilities 94,004,362 93,060,082
------------------------------
Financial Services:
Income taxes* and accrued expenses 3,215,976 3,137,349
Notes payable - banks 44,425,000 41,537,500
Notes payable - insurance companies 8,000,000 10,858,000
------------------------------
Total Financial Services Liabilities 55,640,976 55,532,849
------------------------------
SHAREHOLDERS' EQUITY
Common stock (7,460,157 shares issued in 1996
and 7,100,444 shares issued in 1995) 11,190,236 10,650,666
Capital surplus 29,904,089 23,643,394
Retained earnings 66,532,789 69,945,200
Cumulative translation adjustments (2,428,717) (2,596,653)
Treasury stock, at cost (308,369) (308,369)
------------------------------
Total Shareholders' Equity 104,890,028 101,334,238
------------------------------
Total Liabilities and Shareholders' Equity $ 254,535,366 $ 249,927,169
==============================
</TABLE>
*Includes both manufacturing and financial services.
Note: The December 31, 1995 balance sheet has been derived from
audited financial statements
The accompanying notes are a part of the financial statements.
<PAGE>
THE RAYMOND CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
3 Month period ended March 31, 1996 1995
-------------------------
REVENUES
Net sales $65,867,785 $69,625,506
Rental revenues 370,301 486,825
Lease finance revenues 2,748,616 2,125,901
Other income 641,110 768,309
-------------------------
Total revenues 69,627,812 73,006,541
-------------------------
COSTS AND EXPENSES
Cost of sales 52,431,790 53,992,188
Cost of rentals 401,380 412,698
Selling, general and administrative 7,829,700 9,097,790
Employees' profit sharing 830,681 924,349
Interest expense
Lease financing 953,974 577,552
Other 882,206 973,734
Other expenses 1,179,745 1,955,830
-------------------------
Total costs and expenses 64,509,476 67,934,141
-------------------------
INCOME BEFORE TAXES, AND EQUITY IN NET
EARNINGS OF UNCONSOLIDATED INVESTEES 5,118,336 5,072,400
Income tax expense 1,998,669 2,054,544
-------------------------
Income before equity in net
earnings of unconsolidated investees 3,119,667 3,017,856
Equity in net earnings of unconsolidated investees 261,983 57,199
-------------------------
NET INCOME 3,381,650 3,075,055
=========================
NET INCOME PER SHARE:
Primary $0.45 $0.44 *
=========================
Fully Diluted $0.37 $0.35 *
=========================
* Adjusted for the 1996 stock dividend
The accompanying notes are a part of the financial statements.
<PAGE>
THE RAYMOND CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
<TABLE>
<CAPTION>
3 Month period ended March 31, 1996 1995
--------------------------
CASH FLOWS FROM OPERATING ACTIVITIES
- ------------------------------------
<S> <C> <C>
Net income $ 3,381,650 $ 3,075,055
Adjustments to reconcile net income to net cash
(used for) provided by operating activities:
Depreciation and amortization 1,347,493 1,084,491
Provision for losses on accounts receivable
and investment in leases 120,000 606,000
Earnings of unconsolidated investees,
net of dividends received (261,983) (57,199)
Foreign currency transaction losses 115,580 97,285
Acquisition of rental equipment (593,323) (238,118)
Gains on dispositions of rental equipment (158,413) (279,441)
Proceeds from rental fleet sales 321,240 482,255
(Gains) losses on sale of property, plant
and equipment (4,476) 48,935
Other items, net (118,710) (513,811)
Changes in operating assets and liabilities:
Decrease (Increase) in accounts receivable 3,862,548 (3,794,271)
Increase in investment in leases (6,857,029) (4,317,931)
Increase in inventories, prepaid expenses
and other current assets (191,295) (4,176,991)
(Decrease) Increase in accounts payable and
accrued expenses (1,059,825) 6,085,881
--------------------------
Net cash used for operating activities (96,543) (1,897,860)
--------------------------
CASH FLOWS FROM INVESTING ACTIVITIES
- ------------------------------------
Purchase of subsidiary, net of cash acquired 158,236 --
Additions to property, plant and equipment (1,748,783) (1,678,677)
Proceeds received from sales of property,
plant and equipment 15,255 16,369
Decrease (increase) in investment in, and advances to,
unconsolidated investees 234,068 (3,199,651)
--------------------------
Net cash used for investing activities (1,341,224) (4,861,959)
--------------------------
</TABLE>
The accompanying notes are a part of the financial statements.
<PAGE>
THE RAYMOND CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(UNAUDITED)
<TABLE>
<CAPTION>
3 Month period ended March 31, 1996 1995
---------------------------
CASH FLOWS FROM FINANCING ACTIVITIES
- ------------------------------------
<S> <C> <C>
Net additional borrowings (repayments) under lines
of credit 5,000,000 (1,000,000)
Proceeds from long-term debt 0 11,000,000
Repayment of long-term debt (4,970,500) (3,719,500)
Capital stock transactions, net 6,204 --
------------ ------------
Net cash provided by financing activities 35,704 6,280,500
Effect of foreign currency rate fluctuations on
cash and cash equivalents 60,056 2,640
------------ ------------
Decrease in cash and cash equivalents (1,342,007) (476,679)
Cash and cash equivalents at January 1, 12,359,047 5,423,463
------------ ------------
Cash and cash equivalents at March 31, $ 11,017,040 $ 4,946,784
============ ============
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
- ------------------------------------------------
Cash paid during the year for:
Income taxes $ 1,766,315 $ 3,290,171
Interest 758,807 458,235
Noncash activities:
Property acquired in exchange for retirement
of mortgage receivable -- $ 1,500,000
</TABLE>
The accompanying notes are a part of the financial statements.
<PAGE>
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 1995
Annual Report to Shareholders which is incorporated by reference in its
entirety on Form 10-K for the year ended December 31, 1995. The
accompanying 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, 1996 and results of operations for the three
month period then ended. The results of operations for the interim
period presented may not be indicative of the results that may be
expected for the year.
2. Inventories
-----------
The composition of inventories was:
3/31/96 12/31/95
----------------------------
Raw materials $20,160,811 $18,094,704
Work in process 12,140,068 14,804,024
Finished goods 3,022,352 1,746,386
----------------------------
$35,323,231 $34,645,114
============================
3. Stock Dividend
--------------
On March 2, 1996, the Board of Directors declared an irregular five
percent stock dividend on the Company's outstanding common stock. On
April 12, 1996, shareholders of record as of March 31, 1996 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>
THE RAYMOND CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
4. 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 fourteen defendants in a private
environmental lawsuit. The plaintiffs have alleged that scrap metal
purchased from the Company was hazardous and/or 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.
In addition to the matters discussed above, the Company is subject to
various other legal proceedings, claims and liabilities which have
arisen in the ordinary course of business. In the opinion of
management, the amount of ultimate liability, if any, with respect to
these actions will not materially affect the financial results of
operations or financial position of the company.
<PAGE>
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, 1996 to March
31, 1995
Amount %
-------------------
-------------------
TOTAL REVENUES ($3,379) -5%
-------------------
COSTS AND EXPENSES:
Cost of sales and rentals (1,572) -3%
Selling, general and administrative (1,268) -14%
Employees' profit sharing (94) -10%
Interest expense 285 18%
Other expenses, net (776) -40%
-------------------
Total costs and expenses (3,425) -5%
-------------------
INCOME BEFORE PROVISION FOR TAXES 46 1%
PROVISION FOR INCOME TAXES (56) -3%
INCOME BEFORE EQUITY IN EARNINGS ------------------
OF UNCONSOLIDATED INVESTEES 102 3%
EARNINGS OF UNCONSOLIDATED INVESTEES 205 358%
-------------------
NET INCOME $307 10%
===================
<PAGE>
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
THE RAYMOND CORPORATION AND SUBSIDIARIES
Three Months ended March 31, 1996 compared to the Three Months ended March 31,
1995
Revenues
Total revenues for the three months ended March 31, 1996 decreased by
approximately $3.4 million, or 4.6% to $69.6 million from $73.0 million for the
three months ended March 31, 1995.
Total revenues have declined slightly from the record level for a quarter that
was established in 1995 as a result of a corresponding decline in the beginning
backlog (unfilled new equipment orders) which was also at a record level at the
beginning of 1995. Although the record order entry levels have not been
sustained by the industry, sales and the order entry rate remain strong. In
addition, net income was 4.9% of revenues in the first quarter of 1996, an
improvement over the 4.2% attained in the first quarter of 1995 and 4.6% for the
entire year 1995.
Cost of Sales
For the first quarter of 1996, cost of sales as a percentage of net sales was
79.6% as compared to 77.5% for the first quarter of 1995 and 77.9% for the
calendar year 1995. Efforts to continue to reduce manufacturing costs through
research and development activities and improved manufacturing processes were
temporarily offset by additional costs and short-term manufacturing
inefficiencies incurred in connection with the relocation of existing
manufacturing equipment and the installation of new manufacturing equipment at
the Greene, New York facility. This factory modernization project is expected to
be completed by the end of 1996.
Selling, General and Administrative Expenses
For the first quarter of 1996, selling, general and administrative expenses
decreased by approximately $1.3 million or 13.9% to $7.8 million from the $9.1
million reported in the first quarter of 1995. As a percentage of total
revenues, these expenses decreased from 12.5% in the first quarter of 1995 to
11.2% for the same period in 1996.
The decrease reflects reduced benefit accruals including stock appreciation
rights. In addition, certain costs incurred in the first quarter of 1995 related
to the International Sales Meeting and the launch of the Dockstocker/TM/
product line were not repeated.
<PAGE>
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 $1.0
million in the quarter ended March 31, 1996 as compared with approximately $0.6
million in the comparable quarter in 1995. The increase in the current period
reflects the fact that the majority of the growth in the lease portfolio has
been financed with funds from external borrowings. It is expected that lease
financing interest expense will continue to fluctuate with the volume of
outstanding leases.
Other interest expense incurred by the manufacturing divisions was approximately
$0.9 million for the quarter ending March 31, 1996 as compared to approximately
$1.0 million for the first three months of 1995 and consists primarily of
interest on the Company's convertible subordinated debentures. The current
period decrease is the result of the conversion of $6.2 million of these
debentures into equity in the third quarter of 1995.
Other Expenses
Other expenses were approximately $1.2 and $2.0 million, or 1.7% and 2.7% of
total revenues, for the quarters ending March 31, 1996 and 1995, 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 decrease in the provision for losses on accounts and
leases receivable is the main component of both the dollar and percentage
decreases in 1996. In addition, certain costs incurred in connection with
foreign currency transactions were at a higher level in 1995.
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 46% owned by R.H.E. Ltd., a wholly-owned subsidiary
of the Company. 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.
<PAGE>
The equity in earnings of unconsolidated investees increased from $0.1 million
in the first quarter of 1995 to $0.3 million in the first quarter of 1996 as a
result of the improved financial performance of several U. S. Dealerships and
the earnings recognized as a result of additional equity interests acquired in
1995.
Stock Dividend
On March 2, 1996, the Board of Directors declared an irregular 5% stock dividend
on the Company's outstanding common stock. On April 12, 1996, shareholders of
record as of March 29, 1996 received one additional share of stock for each
twenty shares held. Earnings per share and weighted average shares outstanding
have been adjusted to reflect the 5% stock dividend.
Liquidity and Sources of Capital
The Company's manufacturing working capital at March 31, 1996 was $56.8 million
and its ratio of manufacturing current assets to manufacturing current
liabilities was 2.6 to 1. At March 31, 1996, the Company and Raymond Leasing
Corporation, its wholly-owned leasing subsidiary, had unused lines of credit
aggregating $36.1 million, of which approximately $23.4 million may be converted
into long-term debt at the option of the Company and/or Raymond Leasing
Corporation. These credit facilities will enable the Company to continue to fund
its growth strategy, including the Greene factory modernization project, and
enable Raymond Leasing Corporation to obtain the external funds necessary to
fund the growth of the lease portfolio and to repay intercompany borrowings with
The Raymond Corporation as the manufacturing divisions require additional funds.
For the three months ended March 31, 1996, $0.1 million was used to fund
operating activities compared to the $1.9 million used to fund operating
activities for the comparable 1995 period. The cash generated from earnings and
the decrease in accounts receivable was used primarily to fund the growth in the
lease portfolio.
Cash used for investing activities decreased approximately $3.6 million for the
first three months of 1996 compared to the first three months of 1995. This was
primarily due to the investments in the Company's Dealer Network that were made
in the first quarter of 1995.
Cash flows from financing activities reflect the external borrowings and related
debt repayments made by Raymond Leasing Corporation to fund a portion of the
continued growth of the lease portfolio and repay intercompany borrowings.
On April 8, 1996, the Board of Directors reinstated a regular quarterly cash
dividend of 2 1/2 cents on the Company's approximately 7.4 million outstanding
shares of common stock. Payment of the second quarter dividend will be made on
June 28, 1996 to shareholders of record on June 14, 1996.
<PAGE>
The restrictions pertaining to minimum tangible net worth in certain term loan
agreements will not be adversely impacted by the reinstatement of 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
working capital requirements.
Outlook
New equipment orders for the first quarter of 1996 were $61.4 million compared
with the $60.5 million for 1995's fourth quarter and $64.9 million for the first
quarter of 1995.
The backlog was $61.2 million at March 31, 1996. This compares with the $73.4
million reported at this time last year, during a period of peak industry
volume, and the $65.6 million reported at December 31, 1995. The Company expects
the overall domestic market will continue to be good in 1996, though it may not
be as strong as the record levels attained in 1994 and 1995. The Company will
continue to look for growth from its existing Original Equipment Manufacturer
("O.E.M.") business and its efforts to enter into new O.E.M. and Distribution
agreements to further increase its global market presence.
The Company's estimated $12 million modernization plan at its Greene, New York
facility which encompasses production equipment, manufacturing processes and
management information systems is on schedule and is expected to be completed by
late 1996. This factory modernization program will significantly upgrade the
technology of the plant and also increase its efficiency. The remaining
expenditures will be funded by a combination of internally generated resources
and existing credit facilities. In addition, the Company is receiving assistance
from New York State and local governments in the form of grants for employee
training, a sales tax exemption program and an interest subsidy grant.
<PAGE>
Part II - Other Information
ITEM 6 - EXHIBITS AND REPORTS ON FORM 8-K
- -----------------------------------------
A) Exhibits.
11 - Earnings Per Share computation
27 - Financial Data Schedule
B) Reports on Form 8-K.
There were no reports on Form 8-K filed for the three months
ended March 31, 1996.
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, 1996 by: /s/ William B. Lynn
--------------------------------------
William B. Lynn
Executive Vice President
(Principal Financial Officer)
<PAGE>
THE RAYMOND CORPORATION
EXHIBIT 11
COMPUTATION OF PER SHARE EARNINGS
(In thousands except per share data.)
3 Month period ended March 31, 1996 1995 (1)
-----------------
PRIMARY
Average shares outstanding 7,436 6,993
Net effect of dilutive stock options-
based on the treasury stock method
using average market price 58 71
-----------------
Total 7,494 7,064
=================
Net income $ 3,382 $ 3,075
=================
Per share amount $ 0.45 $ 0.44
=================
FULLY DILUTED
Average shares outstanding 7,436 6,993
Net effect of dilutive stock options-
based on the treasury stock method using
the period end market price, if higher
than average market price 58 78
Assumed conversion of 6.50% convertible
subordinated debentures 3,190 3,579
-----------------
Total 10,684 10,650
=================
Net income $ 3,382 $ 3,075
Add 6.50% convertible subordinated
debentures interest, net of federal
income tax effect 549 617
-----------------
Total $ 3,931 $ 3,692
=================
Per share amount $ 0.37 $ 0.35
=================
(1) Adjusted for the 1996 stock dividend
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from the March
31, 1996 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-31-1996
<PERIOD-END> MAR-31-1996
<CASH> 11,017
<SECURITIES> 0
<RECEIVABLES> 35,197
<ALLOWANCES> 1,104
<INVENTORY> 35,323
<CURRENT-ASSETS> 91,567<F1>
<PP&E> 58,400
<DEPRECIATION> 33,170
<TOTAL-ASSETS> 254,535
<CURRENT-LIABILITIES> 34,763<F1>
<BONDS> 103,685
0
0
<COMMON> 11,190
<OTHER-SE> 93,700
<TOTAL-LIABILITY-AND-EQUITY> 254,535
<SALES> 65,868
<TOTAL-REVENUES> 69,628
<CGS> 53,432
<TOTAL-COSTS> 53,787
<OTHER-EXPENSES> 9,840
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 882
<INCOME-PRETAX> 5,381
<INCOME-TAX> 1,999
<INCOME-CONTINUING> 3,382
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 3,382
<EPS-PRIMARY> .45
<EPS-DILUTED> .37
<FN>
<F1>Reflects current portion of Manufacturing operations only as accounts for
Financial Services are presented in a non-classified format.
</FN>
</TABLE>
