UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q/A
|X| QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES ACT OF 1934
For the quarterly period ended March 31, 1994
| | 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 1-6176
AUGAT INC.
------------------------------------------------
(Exact name of registrant as specified in its charter)
MASSACHUSETTS 04-2022285
------------------------------- --------------------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
89 Forbes Boulevard, P.O. Box 448, Mansfield, Massachusetts 02048
----------------------------------------------------------- -----
(Address of principal executive offices) (Zip
Code)
(508) 543-4300
--------------------------------------------------
(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 | |
The number of shares of the Registrant's common stock
outstanding on March 31, 1994 was 19,179,659.
-1- <PAGE>
<PAGE>
Statements of Consolidated Income
For the Three Months Ended March 31, 1994 and 1993
(In thousands, except per share data)
1994* 1993*
------ ------
Net sales $127,403 $101,155
Cost of products sold 100,981 79,610
Gross margin 26,422 21,545
Selling, general and
administrative expenses 16,348 15,994
Income from operations 10,074 5,551
Other income (expense):
Interest income, etc. (75) 211
Interest expense (1,094) (1,232)
Net (1,169) (1,021)
Income before taxes on income 8,905 4,530
Provision for taxes on income 3,205 1,630
Net income $ 5,700 $ 2,900
Earnings per share $.30 $.16
Average common shares outstanding 19,118 18,442
Dividends paid per share $.00 $.00
* Unaudited
See notes to unaudited consolidated financial statements.
-5-
<PAGE>
<PAGE>
PART II - OTHER INFORMATION
Item 1 - Legal Proceedings
On April 13, 1994, the Registrant announced that the State Supreme
Judicial Court of the Commonwealth of Massachusetts vacated a 1992
Superior Court judgement which had awarded Augat Inc. compensatory
damages of $14,140,000 in lost profits as the result of unfair
trade practices. Although the court let stand its earlier decision
that the conduct of defendants Aegis, Inc. and Jeremy Scherer was a
knowing violation of the state unfair trade practices statute, the
court held that the profits of Isotronics, Inc., Augat's former
subsidiary was limited to six months, not twenty-seven, following
the departure of three employees. The Supreme Court remanded the
case to the Superior Court and included in its opinion instructions
about how to recalculate the damage award. The award was not
recorded in the company's previously reported earnings.
Item 6 - Exhibits and Reports on Form 8-K
(a) Exhibits - None
(b) Reports on 8-K - None
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 thereto duly authorized.
AUGAT INC.
-----------------------------------------------
(Registrant)
/s/ Ellen B. Richstone
---------------------------------------------
Ellen B. Richstone
Vice President and
Chief Financial Officer
Date: June 1, 1994
-10- <PAGE>
<PAGE>
