SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended
October 1, 1995
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Commission file number 1-10182
-----------
Scotsman Industries, Inc.
--------------------------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 36-3635892
----------------------- -----------------------------------
(State of Incorporation) (I.R.S. Employer Identification No.)
775 Corporate Woods Parkway, Vernon Hills, Illinois 60061
----------------------------------------------------------
(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code: (708)215-4500
-------------
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
----- ----
At November 3, 1995 there were 8,963,774 shares of registrant's
---------------- ---------
common stock outstanding.
-1-<PAGE>
SCOTSMAN INDUSTRIES, INC.
-------------------------
FORM 10-Q
---------
October 1, 1995
---------------
INDEX
-----
PART I--FINANCIAL INFORMATION:
Item 1. FINANCIAL STATEMENTS-
HISTORICAL-
Condensed Statement of Income
Condensed Balance Sheet
Condensed Statement of Cash Flows
Notes to Condensed Financial Statements
Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF
OPERATIONS
PART II--OTHER INFORMATION:
Item 1. LEGAL PROCEEDINGS
Item 6. EXHIBITS AND REPORTS ON FORM 8-K
SIGNATURE
-2-<PAGE>
PART I--FINANCIAL INFORMATION
-----------------------------
ITEM 1. Financial Statements
------------------------------
SCOTSMAN INDUSTRIES, INC.
-------------------------
CONDENSED STATEMENT OF INCOME
-----------------------------
(Unaudited)
-----------
(In thousands, except per share amount)
---------------------------------------
For the Three
Months Ended
---------------------------
Oct. 1, Oct. 2,
1995 1994
------ ------
Net sales $87,075 $86,282
Cost of sales 63,348 61,125
------ ------
Gross profit $23,727 $25,157
Selling and administrative expenses 13,079 15,064
------ ------
Income from operations $10,648 $10,093
Interest expense, net 1,639 1,615
------ ------
Income before income taxes $ 9,009 $ 8,478
Income taxes 4,099 3,799
------ ------
Net income $ 4,910 $ 4,679
Preferred stock dividends 310 310
------ ------
Net income available
to common shareholders $ 4,600 $ 4,369
====== ======
Net income per share (i):
Primary $ 0.50 $ 0.52
====== ======
Fully diluted $ 0.46 $ 0.44
====== ======
-3-<PAGE>
PART I--FINANCIAL INFORMATION
-----------------------------
ITEM 1. Financial Statements
-----------------------------
CONDENSED STATEMENT OF INCOME - continued
-----------------------------
(i) Primary earnings per common share are computed by dividing net
income available to common shareholders by the weighted average
number of common shares and common stock equivalents outstanding
during each period: 9,129,549 and 8,379,719 for the three months
ended October 1, 1995, and October 2, 1994, respectively. The
computation includes the dilutive impact of common stock options
outstanding.
The calculation of fully-diluted net income per share is based on
net income before preferred stock dividends. The number of
shares assumes the conversion of the convertible preferred stock
from April 29, 1994, the date of issue, and also includes the
dilutive impact, as if issuance had occurred on April 29, 1994,
the date of the acquisition of The Delfield Company ("Delfield")
and Whitlenge Drink Equipment Limited ("Whitlenge"), of
contingent shares which were distributed to the sellers of
Delfield and Whitlenge in March 1995 based on those businesses
having achieved a specified combined level of earnings during
fiscal year 1994. The total number of shares used in the fully-
diluted calculation for the three months ended October 1, 1995,
and October 2, 1994, were 10,654,786 and 10,583,355,
respectively.
See notes to unaudited condensed financial statements.
-4-<PAGE>
PART I--FINANCIAL INFORMATION
-----------------------------
ITEM 1. Financial Statements
-----------------------------
SCOTSMAN INDUSTRIES, INC.
-------------------------
CONDENSED STATEMENT OF INCOME
-----------------------------
(Unaudited)
-----------
(In thousands, except per share amount)
--------------------------------------
For the Nine
Months Ended
----------------------------
Oct. 1, Oct. 2,
1995 1994
------ ------
Net sales $253,512 $200,067
Cost of sales 183,693 140,841
------- -------
Gross profit $ 69,819 $ 59,226
Selling and administrative expenses 39,929 35,240
------- -------
Income from operations $ 29,890 $ 23,986
Interest expense, net 4,960 3,921
------- -------
Income before income taxes $ 24,930 $ 20,065
Income taxes 11,461 8,970
------- --------
Net income $ 13,469 $ 11,095
Preferred stock dividends 930 524
------- -------
Net income available
to common shareholders $ 12,539 $ 10,571
======= =======
Net income per share (i):
Primary $ 1.40 $ 1.35
======= =======
Fully diluted $ 1.26 $ 1.22
======= =======
-5-<PAGE>
PART I--FINANCIAL INFORMATION
-----------------------------
ITEM 1. Financial Statements
-----------------------------
CONDENSED STATEMENT OF INCOME - continued
-----------------------------
(i) Primary earnings per common share are computed by dividing net
income available to common shareholders by the weighted average
number of common shares and common stock equivalents outstanding
during each period: 8,940,992 and 7,842,166 for the nine months
ended October 1, 1995, and October 2, 1994, respectively. The
computation includes the dilutive impact of common stock options
outstanding.
The calculation of fully-diluted net income per share is based on
net income before preferred stock dividends. The number of
shares assumes the conversion of the convertible preferred stock
from April 29, 1994, the date of issue, and also includes the
dilutive impact, as if issuance had occurred on April 29, 1994,
the date of the acquisition of Delfield and Whitlenge, of
contingent shares which were distributed to the sellers of
Delfield and Whitlenge in March 1995 based on those businesses
having achieved a specified combined level of earnings during
fiscal year 1994. The total number of shares used in the fully-
diluted calculation for the nine months ended October 1, 1995,
and October 2, 1994, were 10,649,648 and 9,111,023, respectively.
See notes to unaudited condensed financial statements.
-6-<PAGE>
SCOTSMAN INDUSTRIES, INC.
-------------------------
CONDENSED BALANCE SHEET
-----------------------
(In thousands)
--------------
<TABLE>
<CAPTION>
Oct. 1, Jan. 1,
A S S E T S 1995 1995
----------- ---------- ----------
<S> <C> <C>
(unaudited)
CURRENT ASSETS:
Cash and temporary cash investments $ 11,469 $ 9,770
Trade accounts receivable, net of
reserves of $2,619 and $2,296 66,162 50,102
Inventories 47,078 48,613
Deferred income taxes 4,639 4,642
Other current assets 2,493 3,255
------- -------
Total current assets $131,841 $116,382
PROPERTIES AND EQUIPMENT, net of
accumulated depreciation of $35,064
and $31,816 42,038 40,657
GOODWILL, net of accumulated amortization
of $4,622 and $3,035 93,660 84,038
OTHER NONCURRENT ASSETS 3,149 3,714
------- -------
$270,688 $244,791
======= =======
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------
CURRENT LIABILITIES:
Short-term debt and current maturities
of long-term debt and capitalized
lease obligations $ 655 $ 3,030
Trade accounts payable 28,198 24,290
Accrued income taxes 6,169 4,173
Deferred income taxes 288 288
Accrued expenses 28,276 30,036
------- -------
Total current liabilities $ 63,586 $ 61,817
LONG-TERM DEBT AND CAPITALIZED LEASE
OBLIGATIONS 84,704 85,161
DEFERRED INCOME TAXES 2,733 2,917
OTHER NONCURRENT LIABILITIES 8,945 8,433
------- -------
Total liabilities $159,968 $158,328
======= =======
SHAREHOLDERS' EQUITY:
Common stock, $.10 par value $ 915 $ 846
Preferred stock, $1.00 par value 2,000 2,000
-7-<PAGE>
Additional paid in capital 70,469 58,085
Retained earnings 43,827 31,959
Deferred compensation and
unrecognized pension cost (74) (53)
Foreign currency translation adjustments (5,074) (5,031)
Less: Common stock held in treasury (1,343) (1,343)
------- -------
Total Shareholders' Equity $110,720 $ 86,463
------- -------
$270,688 $244,791
======= =======
</TABLE>
See notes to unaudited condensed financial statements.
-8-<PAGE>
SCOTSMAN INDUSTRIES, INC.
-------------------------
CONDENSED STATEMENT OF CASH FLOWS
---------------------------------
(Unaudited) (In Thousands)
--------------------------
<TABLE>
<CAPTION>
For the Nine
Months Ended
----------------------
Oct. 1, Oct. 2,
1995 1994
-------- --------
CASH FLOW FROM OPERATING ACTIVITIES:
<S> <C> <C>
Net income $ 13,469 $ 11,095
Adjustments to reconcile net income to
net cash provided by operating activities-
Depreciation and amortization 5,580 4,117
Change in assets and liabilities-
Trade accounts receivable (15,860) (21,057)
Inventories 1,637 1,095
Trade accounts payable and other
liabilities 4,352 12,532
Other, net 2,016 384
------- -------
Net cash provided by
operating activities $ 11,194 $ 8,166
------- -------
CASH FLOWS FROM INVESTING ACTIVITIES:
Investment in properties and equipment $ (4,829) $ (3,157)
Proceeds from disposal of property,
plant and equipment 93 15
Acquisition of Delfield and Whitlenge - (26,445)
------- -------
Net cash used in investing activities $ (4,736) $(29,587)
------- -------
CASH FLOWS FROM FINANCING ACTIVITIES:
Principal payments under long-term debt
and capitalized lease obligations $(18,224) $(40,921)
Issuance of long-term debt 17,806 63,000
Dividends paid to shareholders (1,584) (822)
Short-term debt, net (2,386) 611
------- -------
Net cash provided by (used in)
financing activities $ (4,388) $ 21,868
------- -------
Effect of exchange rate changes on cash
and temporary cash investments (371) 384
NET INCREASE IN CASH AND TEMPORARY CASH
INVESTMENTS $ 1,699 $ 831
-9-<PAGE>
CASH AND TEMPORARY CASH INVESTMENTS, beginning
of period 9,770 8,462
CASH AND TEMPORARY CASH INVESTMENTS, ------- -------
end of period $ 11,469 $ 9,293
======= =======
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during the period for:
Interest $ 4,180 $ 3,384
======= =======
Income taxes $ 8,408 $ 10,983
======= =======
SUPPLEMENTAL SCHEDULE OF NONCASH INVESTING AND
FINANCING ACTIVITIES:
Investment in properties and equipment through
issuance of capitalized lease obligations $ (64) $ -
======== ========
Issuance of common stock for acquisition $(12,089) $(39,000)
======== ========
See notes to unaudited condensed financial statements.
</TABLE>
-10-<PAGE>
SCOTSMAN INDUSTRIES, INC.
-------------------------
NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS
-------------------------------------------------
(1) BASIS OF PRESENTATION:
-------------------------
The condensed consolidated financial statements include the accounts
of Scotsman Industries, Inc. and its consolidated subsidiaries (the
"Company").
All accounting policies used in the preparation of the quarterly
condensed financial statements are consistent with the accounting
policies described in the notes to financial statements for the year
ended January 1, 1995, appearing in the Company's 1994 Annual Report
to Shareholders ("Annual Report"). In the opinion of management, the
interim financial statements reflect all adjustments which are
necessary for a fair presentation of the Company's financial position,
results of operations and cash flows for the interim periods
presented. The results for such interim periods are not necessarily
indicative of results for the full year. These financial statements
should be read in conjunction with the consolidated financial
statements and the accompanying notes to consolidated financial
statements included in the aforementioned Annual Report.
(2) INVENTORIES:
---------------
Inventories consisted of the following (in thousands):
Oct. 1, Jan. 1,
1995 1995
------- --------
Finished goods $18,263 $19,450
Work-in-process 8,714 9,805
Raw materials 20,101 19,358
------ ------
Total inventories $47,078 $48,613
====== ======
-11-<PAGE>
(3) CONTINGENCIES:
-----------------
On March 26, 1993, Remcor Products Company ("Remcor") filed a lawsuit
against the Company's subsidiaries, Scotsman Group, Inc.("SGI") and
Booth, Inc. ("Booth"), in the United States District Court for the
Northern District of Illinois. In its Complaint, Remcor alleged that
certain ice/drink dispensers made and sold by SGI and Booth infringe a
patent owned by Remcor relating to a cold plate system.
On May 19, 1995, SGI, Booth and Remcor entered into a settlement
agreement resolving the lawsuit, and on May 25, 1995, the United
States District Court for the Northern District of Illinois entered an
order dismissing, with prejudice, the claims filed in this case.
Under the terms of the settlement agreement, SGI and Booth may
continue to manufacture and sell ice-beverage dispensers employing
their current design pursuant to a license included in the settlement
agreement. While the settlement agreement provides that the financial
terms of the settlement are confidential, the amount paid to Remcor
was within the reserve previously established by the Company in
connection with the lawsuit, and the Company believes the settlement
agreement will not have a material adverse effect upon the Company's
financial condition or the results of its operations.
-12-<PAGE>
(4) ACQUISITION OF DELFIELD AND WHITLENGE:
------------------------------------------
On April 29, 1994, the Company completed the acquisition of Delfield
and Whitlenge for approximately $69.3 million in a combination of
cash, preferred stock and common stock.
The method of accounting which was used for the combination was the
purchase method. The acquisition price included: i) $30.4 million in
cash, ii) 1.2 million shares of Scotsman common stock (with a market
value of $16.5 million on the acquisition date) and iii) 2.0 million
shares of Series A $0.62 cumulative convertible preferred stock, with
an aggregate liquidation preference of $22.5 million and which are
convertible into 1,525,393 shares of common stock. In addition, the
acquisition price also included 667,000 shares of additional common
stock which were issued on March 17, 1995, based on Delfield and
Whitlenge having achieved a specified level of earnings before
interest, income taxes, depreciation and amortization for the fiscal
year 1994. Such shares had an aggregate market value of $12.1 million
on the date of issuance. The Company also assumed $35 million of
Delfield and Whitlenge debt as a result of the acquisitions. The
amount of goodwill as a result of these acquisitions, including the
issuance of the additional 667,000 shares, was $84.9 million, which is
being amortized over 40 years using the straight-line method. The
results of Delfield and Whitlenge are included in the income
statements for the Company beginning after April 29, 1994.
Delfield, headquartered in Mt. Pleasant, Michigan, manufactures and
sells refrigerated foodservice equipment, primarily in the United
States. Whitlenge, located near Birmingham, England, manufactures and
sells drink dispensing equipment in Western Europe.
Restating the Company's September 1994 year-to-date results to reflect
the acquisition as if it took place as of the first day of fiscal year
1994 would have resulted in unaudited pro forma net sales of
approximately $237.6 million, and net income of approximately $12.0
million, or $1.13 per share, (including the dilutive impact of the
additional common and convertible preferred shares issued in April of
1994 and the contingent shares). Pro forma results are based on
assumptions and estimates and are not necessarily indicative of the
results of operations of the Company as they might have been had the
transaction occurred as discussed above.
-13-<PAGE>
SCOTSMAN INDUSTRIES, INC.
-------------------------
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations
-----------------------------------------------------------
Results of Operations
---------------------
The Company reported record third quarter earnings per share, net
income and net sales which were driven primarily by continued
improvement in Europe, along with continued strength in the domestic
ice machine businesses. Compared to prior year, fully-diluted
earnings per share for the third quarter were up 5 percent (46 cents
versus 44 cents) on a 1 percent increase in sales ($87.1 million
versus $86.3 million) and a 5 percent increase in net income ($4.9
million versus $4.7 million).
Prior year-to-date comparisons reflect the April 29, 1994,
acquisitions of The Delfield Company ("Delfield") and Whitlenge Drink
Equipment Limited ("Whitlenge"). Fully-diluted earnings per share for
the nine months ended October 1, 1995, were $1.26 versus $1.13 for pro
forma 1994 results, which assume the acquisitions of Delfield and
Whitlenge had taken place at the beginning of 1994, a 12 percent
increase. Sales for the same period compared with pro forma 1994
results were up 7 percent ($253.5 million versus $237.6 million),
while net income increased 13 percent to $13.5 million in 1995 from
pro forma $12.0 million in 1994. Compared to prior year on an actual
reported basis, fully-diluted earnings per share for the nine months
ended October 1, 1995 were up 3 percent ($1.26 versus $1.22) on a 27
percent increase in sales ($253.5 million versus $200.1 million) and a
21 percent increase in net income ($13.5 million versus $11.1
million).
The impact of changes in foreign exchange rates did not have a
significant effect on the comparison of the results of operations for
the first nine months of 1995 or third quarter of 1995 compared to the
same periods in 1994.
Scotsman's worldwide ice machine sales, representing slightly more
than half of the Company's sales for both the third quarter of 1995
and year-to-date period ending in September 1995, were up 8 percent in
U.S. dollars for the quarter and 12 percent in U.S. dollars on a year-
to-date basis compared with actual results of the same periods in the
prior year. These increases reflect moderate growth in U.S. markets
and substantial gains in most European markets comparable to those
seen in the first half of the year.
-14-<PAGE>
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations
-----------------------------------------------------------
Results of Operations - continued
---------------------
Beverage dispensing equipment sales, representing slightly more than
10 percent of the Company's sales in both the third quarter and nine-
month period, were up 10 percent and 32 percent, respectively,
compared to the prior year's third quarter and year-to-date periods.
The year-to-date increase over the prior year was due primarily to the
inclusion of Whitlenge's results for the full period in 1995.
Beverage dispensing equipment sales for September 1995 year-to-date
were up 7 percent compared to the same period in the prior year on a
pro forma basis.
Sales of food preparation and storage equipment decreased 9 percent
for the third quarter, but were up 58 percent for the year-to-date
period. Sales of these products were up 2 percent for the year-to-
date when compared to prior year on a pro forma basis. Excellent
volume gains through Delfield's dealer networks and most national
accounts were offset by lower sales to certain significant national
customers who are undergoing internal restructuring that has prompted
those customers to scale back or postpone their expansion programs.
Food preparation and storage equipment represented slightly less than
one-third of the Company's sales in the third quarter and year-to-date
period ending September 1995.
The Company's gross profit margin for the quarter was approximately 2
points lower than the prior-year periods for both the third quarter
and nine-month period due primarily to continued increases in material
costs and a less favorable product and customer sales mix. The
decrease in gross profit margin for the year-to-date period was also
impacted by the inclusion of a full nine months for Delfield and
Whitlenge, which have historically lower gross profit margins than
most of the Company's other businesses.
Selling and administrative expenses decreased by approximately $2.0
million for the quarter and increased by $4.7 million for the nine
months ended September 1995 when compared to the same periods in 1994.
As a percentage of sales, selling and administrative expenses
decreased from 17 percent to 15 percent in the quarter and from 18
percent to 16 percent for the year-to-date period. The percentage
declines for both periods were attributable to lower domestic
litigation costs, reduced medical expenses and a continuing
improvement in expense controls. The
-15-<PAGE>
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations
-----------------------------------------------------------
Results of Operations - continued
---------------------
decline in the year-to-date period was also attributable to the
inclusion of Delfield which has a historically lower ratio of selling
and administrative expenses to sales than most of the Company's other
businesses.
Interest expense, net, was almost flat in the third quarter of 1995
compared to the same period of the prior year but increased by $1.0
million for the 1995 year-to-date period primarily as a result of a
full nine month's impact of the increased domestic borrowings
resulting from the financing of the acquisitions of Delfield and
Whitlenge in April 1994, along with, to a smaller extent, higher
domestic interest rates during 1995.
The Company's overall effective tax rate for the third quarter of 1994
and 1995 was 45 percent. The effective tax rate for the nine month
period of 1995 was 46 percent compared with 45 percent for the same
period of the prior year. The higher effective tax rate for the
nine-month period in 1995 is primarily attributable to a greater
percentage of earnings from higher taxed foreign operations and also
the impact of a full nine months of non-tax deductible goodwill
amortization as a result of the acquisitions of Delfield and
Whitlenge.
-16-<PAGE>
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations
-----------------------------------------------------------
Financial Condition
-------------------
Cash and temporary cash investments increased by $1.7 million from
year end 1994 to October 1, 1995, reflecting higher cash balances at
the Company's foreign subsidiaries. Excluding the foreign exchange
impact on the following working capital categories, accounts
receivable increased by $15.9 million from December of 1994, inventory
decreased by $1.6 million from December of 1994, and accounts payable
increased $3.8 million from December of 1994. The increase in
accounts receivable was attributable to the sales increase when
comparing the third quarter of 1995 to the fourth quarter of 1994.
The increase in trade accounts payable reflects increased seasonal
activity. The decrease in inventory from December 1994 reflects
planned inventory reductions at most of the Company's domestic
entities.
Goodwill was also higher than December of 1994 reflecting the issuance
in March 1995 of common shares as additional purchase price for the
Delfield and Whitlenge acquisitions which is discussed in Note 4 of
Notes to the Condensed Consolidated Financial Statements.
Shareholders' equity also increased from December of 1994 primarily as
a result of this share issuance, along with net income for the first
nine months of 1995. These increases were partially offset by
dividends to shareholders and the impact of changes in accumulated
translation adjustments on equity.
The debt-to-capital ratio at October 1, 1995, was 44 percent compared
with 50 percent at year end 1994. The debt-to-capital ratio decreased
from year-end 1994 to October 1, 1995, as the result of both the
decrease in long-term debt and also the impact of the increase in
equity.
On February 16, 1995, and May 18, 1995, and August 17, 1995, the
Company's Board of Directors declared a dividend of 2 1/2 cents per
share payable to shareholders of record on March 31, 1995, June 30,
1995, and September 29, 1995, respectively.
-17-<PAGE>
PART II. OTHER INFORMATION
---------------------------
Item 1. Legal Proceedings
Litigation Relating to the Glenco Star Lease.
--------------------------------------------
On July 27, 1995, an order was entered in the United
States District Court for the Eastern District of
Pennsylvania dismissing, with prejudice, all claims
against the Company's wholly-owned subsidiary, Scotsman
Group Inc. ("SGI"), in connection with a lawsuit filed
against SGI and Glenco Star Corporation by the landlord
of the facility which housed the Company's former
Glenco Star division. The lawsuit was filed in
connection with certain disputes arising out of the
lease of that facility. For a discussion of the terms
of the settlement agreements that resulted in the entry
of such order of dismissal, see Part II, Item 1, of the
Company's Quarterly Report on Form 10-Q for the
Quarterly Period Ended April 2, 1995.
Item 6. Exhibits and Reports
on Form 8-K
--------------------
(a) Exhibits. The following exhibits are filed as
part of this report.
Exhibit 27 Article 5 Financial Data Schedule
for the Period Ended October 1,
1995.
(b) The Registrant filed no reports on Form 8-K during
the quarterly period ended October 1, 1995.
-18-<PAGE>
SIGNATURE
---------
Pursuant to the requirements of the Securities and Exchange
Act of 1934, the registrant has duly caused this report to be signed
on its behalf by the undersigned thereunto duly authorized.
SCOTSMAN INDUSTRIES, INC.
-------------------------
Date November 6, 1995 By: /s/Donald D. Holmes
------------------------- ------------------------
Donald D. Holmes
Vice President-Finance
and Secretary
-19-<PAGE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND> This schedule contains summary financial
information extracted from Scotsman
Industries, Inc. Condensed Balance Sheet
(Unaudited) as of October 1, 1995 and
Scotsman Industries, Inc. Condensed
Statement of Income (Unaudited) for the
Nine Months Ended October 1, 1995 and is
qualified in its entirety by reference
to such financial statements.
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> OCT-01-1995
<PERIOD-START> JAN-02-1995
<CASH> 11,469
<SECURITIES> 0
<RECEIVABLES> 66,162
<ALLOWANCES> 2,619
<INVENTORY> 47,078
<CURRENT-ASSETS> 131,841
<PP&E> 42,038
<DEPRECIATION> 35,064
<TOTAL-ASSETS> 270,688
<CURRENT-LIABILITIES> 63,586
<BONDS> 84,704
<COMMON> 915
0
2,000
<OTHER-SE> 107,805
<TOTAL-LIABILITY-AND-EQUITY> 270,688
<SALES> 253,512
<TOTAL-REVENUES> 253,512
<CGS> 183,693
<TOTAL-COSTS> 183,693
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 4,960
<INCOME-PRETAX> 24,930
<INCOME-TAX> 11,461
<INCOME-CONTINUING> 13,469
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 13,469
<EPS-PRIMARY> 1.40
<EPS-DILUTED> 1.26
<PAGE>
</TABLE>
