<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(MARK ONE)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
FOR THE QUARTERLY PERIOD ENDED APRIL 2, 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 0-17743
-------
COMPTRONIX CORPORATION
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
<TABLE>
<S> <C>
DELAWARE 63-0860282
(STATE OR JURISDICTION OF (I.R.S. EMPLOYER
INCORPORATION OR ORGANIZATION) IDENTIFICATION NO.)
COMPTRONIX CORPORATION
THREE MARYLAND FARMS
SUITE 140 37027
NASHVILLE, TENNESSEE
(ADDRESS OF PRINCIPAL EXECUTIVE (ZIP CODE)
OFFICES)
</TABLE>
(REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE): (615) 377-3330
--------------
---------------------
N/A
--------------------------------------------------------------------------
(FORMER NAME, FORMER ADDRESS AND FORMER FISCAL YEAR, IF CHANGED SINCE LAST
REPORT)
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
----- -----
APPLICABLE ONLY TO ISSUERS INVOLVED IN
BANKRUPTCY PROCEEDINGS DURING THE
PRECEDING FIVE YEARS:
Indicate by check mark whether the registrant has filed all documents and
reports required to be filed by Sections 12, 13, 15(d) of the Securities
Exchange Act of 1934 subsequent to the distribution of securities under a plan
confirmed by a court. Yes No
------ ------
APPLICABLE ONLY TO CORPORATE ISSUERS:
Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practical date.
13,263,303 as of may 15, 1995
- ----------------------------------------------------------
<PAGE> 2
PART I. FINANCIAL INFORMATION
ITEM I. CONDENSED FINANCIAL STATEMENTS
COMPTRONIX CORPORATION
BALANCE SHEETS
ASSETS
(IN THOUSANDS)
<TABLE>
<CAPTION>
April 2, December 31,
1995 1994
----------- ------------
(unaudited)
<S> <C> <C>
Current Assets:
Cash and cash equivalents $ - $ 397
Accounts receivable, net 13,901 13,683
Inventories 16,547 16,119
Other current assets 470 570
-------- -------
Total Current Assets 30,918 30,769
Property, Plant and Equipment
(Less accumulated depreciation and
amortization of $24,685 at April 2,
1995 and $23,508 at December 31,
1994) 17,203 17,719
Other Assets 1,605 1,988
-------- -------
Total Assets $49,726 $50,476
======== =======
</TABLE>
See notes to financial statements.
2
<PAGE> 3
COMPTRONIX CORPORATION
CONDENSED BALANCE SHEETS
LIABILITIES AND STOCKHOLDERS' EQUITY
(IN THOUSANDS)
<TABLE>
<CAPTION>
April 2, Decmber 31,
1995 1994
----------- -----------
(unaudited)
<S> <C> <C>
Current Liabilities:
Current maturities of long-term debt $ 2,206 2,517
Accounts payable 8,327 7,474
Accrued payroll and related expenses 1,220 1,034
Other payables and accruals 2,426 2,562
------- -------
Total current liabilities 14,179 13,587
Convertible Subordinated Debentures 29,230 34,500
Long-term debt, excluding current maturities 15,130 16,380
Stockholders' Equity :
Redeemable convertible preferred stock Series A-6% no
par value per share; authorized 5,000,000 shares;
issued and outstanding, 1,801,037 shares plus $437
dividend accretion at April 2, 1995 and 1,274,787
shares plus $203 dividend accretion at December 31, 18,447 12,951
1994
Common stock, par value $.01 per share; authorized
50,000,000 shares; issued 13,262,131 shares at
April 2, 1995 and 11,153,194 at December 31, 1994 133 111
Additional paid-in capital 29,694 29,873
Accumulated Deficit (57,087) (56,926)
-------- --------
Total Stockholders' Equity/(Deficiency) (8,813) (13,991)
-------- --------
Total Liabilities and Stockholders' Equity $ 49,726 $ 50,476
======== =========
</TABLE>
See notes to financial statements.
3
<PAGE> 4
COMPTRONIX CORPORATION
CONDENSED STATEMENTS OF OPERATIONS
(UNAUDITED)
<TABLE>
<CAPTION>
Quarters Ended
----------------------------------------
April 2, April 3,
1995 1994
---------------- -----------------
(in thousands except per share)
<S> <C> <C>
Sales $27,503 $30,556
Cost of Sales 25,273 29,516
------- -------
Gross Profit 2,230 1,040
Marketing, general and administrative expense 1,360 1,863
Interest expense - net 993 1,083
Other income (196) (253)
------- -------
2,157 2,693
------- -------
Net income/(loss) 73 (1,653)
Accrued dividend in kind on preferred stock 234 186
------- -------
Net loss applicable to common stock $ (161) $(1,839)
======= =======
Net loss per common share $ (.01) (.17)
======= =======
Weighted average common shares 12,689 11,014
======= =======
</TABLE>
See notes to financial statements.
4
<PAGE> 5
COMPTRONIX CORPORATION
CONDENSED STATEMENTS OF CASH FLOWS
(UNAUDITED)
<TABLE>
<CAPTION>
Three Months Ended
--------------------------------
April 2, April 3,
1995 1994
----------- -----------
(in thousands)
<S> <C> <C>
Cash flows from operating activities:
Net income/(loss) 73 $(1,653)
Adjustments to reconcile net income/(loss) to net cash
provided by operating activities:
Depreciation and amortization 1,378 1,676
Allowance for doubtful accounts (632) 18
Decrease in accounts receivable - trade 414 940
(Increase)/decrease in inventories (428) 2,286
(Increase)/decrease in prepaid exp.and other assets 100 (615)
Increase in accounts payable 853 3,848
Increase in accrued payroll and related expenses 186 517
Decrease in other payables and accruals (119) (1,086)
------- -------
Net cash provided by operating activities 1,825 5,931
------- -------
Cash flows from investing activities:
Capital expenditures, net (661) (176)
------- -------
Net cash used in investing activities (661) (176)
------- -------
Cash flows from financing activities:
Payment of settlement and restructuring costs - (997)
Net payments on revolving line of credit (859) (4,296)
Principal payments on other long term debt (702) (706)
Proceeds from issuance of common stock - 26
------- -------
Net cash used in financing activities (1,561) (5,973)
------- -------
Net decrease in cash (397) (218)
Cash, beginning of period 397 897
------- -------
Cash, end of period $ 0 $ 679
======= =======
</TABLE>
See notes to financial statements.
5
<PAGE> 6
NOTES TO CONDENSED FINANCIAL STATEMENTS
APRIL 2, 1995
NOTE 1 - BASIS OF PRESENTATION
The accompanying unaudited condensed financial statements have been prepared
in accordance with instructions to Form 10-Q and do not include all of the
information and footnotes required by generally accepted accounting principles
for complete financial statements. The statements (and all other information
in this report) have not been audited by independent accountants, but in the
opinion of the Company, contain all adjustments necessary for a fair
presentation of the results for the period. The results of operations for the
three month period ended April 2, 1995 are not necessarily indicative of the
results of operations for the year ending December 31, 1995.
NOTE 2 - LONG TERM DEBT
In November 1993, the Company retired its existing revolving line of credit
and equipment loan with a new credit facility with CIT Group/Business Credit,
Inc. The new credit facility consists of a $34.0 million three (3) year
revolving line of credit secured by accounts receivable and inventory and a
$6.0 million five-year term loan secured by equipment. The borrowings under
the revolving line of credit are limited to 85% of the Company's eligible
accounts receivable and 50% of the Company's eligible inventory (a total
availability of $14.7 million at April 2, 1995 and $14.3 million at December
31, 1994 and total borrowings of $10.8 million and $11.8 million,
respectively). The credit facility has various financial covenants which limit
the Company's ability to incur additional indebtedness, purchase and dispose of
equipment and declare or pay cash dividends. The company is also required to
maintain certain financial covenants. As of April 2, 1995, the Company was
required to maintain EBITDA of $1.9 million, working capital of $5.0 million,
an interest coverage ratio of 1.0 to 1 and a fixed charge coverage ratio of .25
to 1. As of April 2, 1995, the Company was in compliance with all covenants
and ratios, and its actual measures under these financial covenants were as
follows: EBITDA of $2.5 million, working capital of $5.9 million, interest
coverage ratio of 1.1 to 1 and fixed charge coverage ratio of .25 to 1. the
quarterly financial covenants for the remainder of 1995 are as follows:
<TABLE>
<CAPTION>
Six Months Nine Months Year Ending
Ending Ending Ending
June 30, 1995 Sept. 30, 1995 Dec. 31, 1995
------------- -------------- -------------
<S> <C> <C> <C>
EBITDA $4.3 million $7.0 million $10.0 million
Working capital $6.0 million $7.0 million $ 7.0 million
Interest coverage ratio 1.25 to 1 1.50 to 1 1.50 to 1
Fixed charge coverage ratio .75 to 1 1.50 to 1 1.50 to 1
</TABLE>
Based on the Company's current projections and business plan, management
currently believes the Company will meet these covenants. This view is based
on the Company's results for the fourth quarter of 1994 and the first quarter
of 1995 as well as anticipated levels of business for the balance of the year.
If it does not comply with these covenants, the Company will be required to
seek a waiver or amendment to the CIT Credit Agreement in order to continue
borrowing under such agreement and to avoid potential acceleration of the
indebtedness outstanding. Management also has identified contingent plans to
reduce expenses, if necessary, to remain in compliance with these covenants.
6
<PAGE> 7
The Company believes that cash generated from operations and with borrowings
under its credit facility described above should be sufficient for the Company
to meet its obligations during 1995, including debt settlement and trade
creditor obligations. Based on its current assessment of the level of its
business, the Company does not anticipate that it will be required to make
significant capital expenditures in the next twelve to eighteen months.
On January 25, 1995, the Company completed a private negotiated exchange of
$5.3 million of debentures for shares of the Company's common and Series A
preferred stock. This exchange provided the exchanging debenture holders an
aggregate of 2.1 million shares of common stock and .5 million shares of Series
A preferred stock. The Company had no material gain or loss on the
transaction.
Item 2. Management's Discussion and Analysis of Results of Operations and
Financial Condition
GENERAL
Comptronix Corporation provides manufacturing services to original equipment
manufacturers ("OEMS"), including producers of computers, computer peripherals,
industrial instruments, communications equipment, medical devices and test
equipment. The Company operates facilities in Guntersville, Alabama, and
Colorado Springs, Colorado.
Operating results are generally affected by a number of factors, including the
relative mix of high volume/lower margin business and lower volume/higher
margin business, price competition, raw material costs, labor efficiencies, the
degree of automation that can be used in the assembly process and the
efficiencies achieved by the Company in managing inventories and fixed assets.
The financial information and the discussion below should be read in
conjunction with the unaudited financial statements and notes thereto included
in this Form 10-Q. This discussion will also address certain factors which are
anticipated to effect the Company's 1995 results and financial condition.
RESULTS OF OPERATIONS
Quarter Ended April 2, 1995 and April 3, 1994
The following table sets forth for the period indicated, the percentage of
sales of certain items in the Statement of Operations.
<TABLE>
<CAPTION>
Quarter Ended
---------------------------
April 2, April 3,
1995 1994
-------- --------
(%) (%)
<S> <C> <C>
Sales 100.0 100.0
Cost of Sales 91.9 96.6
----- -----
Gross profit 8.1 3.4
Marketing, general and administrative expense 4.9 6.1
Interest expense - net 3.6 3.5
Other income (.7) (.8)
----- -----
Net income/(loss) .3 (5.4)
</TABLE>
With the disposition of the San Jose operations effective July 3, 1994, the
first quarter of 1995 Company sales and expenses do not include any effects of
the San Jose Operations. For the 1994 first quarter, San Jose sales and
expenses are included in their respective categories.
Total Company sales for the first quarter of 1995 were $27.5 million, an
increase of 27.9% as compared to the first quarter 1994 sales of $21.5 million,
excluding $9.3 million for the San Jose division. The increase
7
<PAGE> 8
in sales predominantly relates to new customers and increased sales for existing
customers in the telecommunications and consumer electronics industries.
Gross profit for the first quarter of 1995 was $2.2 million, 8.1% of
sales, as compared to a gross profit of $.9 million, 4.5% of sales, for the
first quarter of 1994, excluding $.1 million for the San Jose division. The
first quarter improvement in gross profit is primarily from a more profitable
mix of business, as well as an increase in consigned business which produces
higher gross profit margins. During the latter part of 1994, the Company began
to implement additional steps to improve gross margins, including adding new
customers with better operating margins and reductions in overhead and direct
costs. Additional measures were also taken to improve labor and material
efficiencies.
Marketing, general and administrative expenses was $1.4 million, 4.9% of
sales, for the first quarter of 1995, as compared to $1.9 million, 6.1% of
sales, for the first quarter 1994. The overall decrease is attributable to the
Company's cost control measures implemented during 1994 and the disposition of
the San Jose division which accounted for approximately $.3 million in the
first quarter of 1994.
Interest expense decreased to $1.0 million for the first quarter of 1995
from $1.1 million for the first quarter of 1994. The decrease in interest
expense over the 1994 first quarter is the result of decreased borrowings for
lower levels of inventory and receivables.
Other income was $.2 million for the first quarter of 1995 as compared to $.3
for the first quarter of 1994. Other income for 1995 includes amortization
expense of deferred financing costs which was more than offset by the reversal
of reserves relating to previous non-cash charges reserving for bad debts that
were subsequently collected.
The Company's net loss was $161,000 for the first quarter of 1995 as compared
to a net loss of $1.8 million for the first quarter of 1994. Net loss per
share was $.01 (based upon a weighted average of 12,689,000 shares outstanding)
in the first quarter of 1995, compared to net loss per share $.17 (based upon a
weighted average of 11,014,000 shares outstanding) in the first quarter of
1994.
CERTAIN CURRENTLY IDENTIFIABLE FACTORS ANTICIPATED TO AFFECT REMAINING 1995
RESULTS
Based upon the Company's current assessment of its business, there are several
currently identifiable factors which are likely to affect the remainder of 1995
operating results. In addition, factors which are likely to affect the
Company's liquidity and uses of funds during the remainder of 1995 are
discussed below under "Liquidity and Capital Resources".
As described above, the company has experienced an increase in sales as
compared to the first quarter of 1994 but as anticipated the company's sales as
compared to the fourth quarter of 1994 have decreased. Sales for the fourth
quarter of 1994 were higher partially due to a higher level of sales to the
consumer electronics industry reflecting some seasonal demand. The Company had
anticipated that although sales for the first quarter of 1995 would be lower
than sales for the fourth quarter of 1994, the overall mix of business for the
first quarter of 1995 would be more profitable than the fourth quarter of 1994.
The Company currently believes that it will maintain or slightly improve
targeted margins as compared to the first quarter of 1995. This belief is
based upon the company's backlog of orders on April 2, 1995, which totaled
approximately $70 million compared to $56 million at the end of 1994. The
Company believes that it has been able to maintain the quality of its products
and meet its customer schedules, although the Company has experienced some
component shortages or higher than projected costs from time to time related to
either the components market generally or the uncertainties previously
affecting the Company.
The Company has also identified certain factors which are likely to effect
cost of sales during the remainder of 1995. As described above, the Company
has significantly reduced costs and will continue to improve and reduce the
overhead component of cost of sales during 1995. The Company believes that its
8
<PAGE> 9
operating expense control and reorganization of its material purchasing and
control functions will have a positive impact on cost of sales. In the first
quarter of 1995, the Company experienced favorable purchase prices for
materials in comparison to amounts charged by suppliers from previous periods
during 1994. The Company also believes that the implementation of management
information systems to identify areas for improvement in operating efficiencies
will facilitate more accurate and timely management decisions.
As the Company has previously reported, the landlord of the Company's Colorado
Springs facility has exercised its option to terminate that lease six months
early in order to reoccupy that space for its own operations. Therefore, the
lease will expire in September, 1995. The termination of this lease has
provided the Company with the opportunity to evaluate how best to continue to
serve its customers and at the same time increase manufacturing capacity
utilization and minimize manufacturing overhead costs. As a result of this
evaluation, the Company currently believes that it will consolidate its
operations at its Guntersville facility, where it has two plants, and relocate
the manufacturing equipment previously used in Colorado Springs to
Guntersville. Based on preliminary discussions, the Company believes that most
all its customers from whom the Company expected recurring revenues will
continue to utilize the Company's services provided through its Guntersville
facility. Thus, the Company expects that it will, over the next two quarters,
be able to reduce its costs to reflect the elimination of the Colorado Springs
facility while maintaining the Company's revenue base. In the event that the
revenue base proves too large for the Guntersville facility or in order to
accommodate future growth, the Company intends to consider the possibility of
leasing or acquiring another facility in a location where a lower level of
costs makes it attractive to operate an additional facility.
LIQUIDITY AND CAPITAL RESOURCES
Historically, the Company has financed its capital expenditures through the
issuance of debt and equity securities and borrowings under its bank equipment
line of credit. The Company has financed the growth in its inventory and
accounts receivable through bank borrowings and through payment terms provided
by suppliers. During 1994 and the first three months of 1995, the Company made
significant progress in reducing its accounts receivable and inventory balances
to more acceptable levels, and used the excess working capital to reduce debt.
The Company reduced total long-term indebtedness (other than convertible debt)
from $25.5 million at April 3, 1994 to $15.1 million at April 2, 1995.
Management of the Company recognizes the strategic importance of generating
greater working capital from operations and is focusing on improving inventory
turns, reducing work in process cycle times and improving asset utilization to
measure the Company's future success in this area.
The Company's net cash flows provided by operating activities were $1.8
million and $5.9 million in the first three months of 1995 and 1994,
respectively. Principally, the 1995 amount reflects lower levels of accounts
payable outstanding as compared to the first quarter of 1994.
The Company's net cash flows used in investing activities were $.7 million and
$.2 million in the first three months of 1995 and 1994, respectively. These
uses principally relate to additions of machinery and equipment during the
first three months of 1995.
The Company's net cash flows used in financing activities were $1.6 million
and $6.0 million in the first three months of 1995 and 1994, respectively.
These uses are principally related to payments on bank debt and settlement and
restructuring costs.
In November 1993, the company completed the refinancing of its existing credit
facilities. As part of the refinancing, the Company obtained a $40.0 million
credit facility from the CIT Group/Business Credit, Inc. (CIT). The agreement
with CIT provides for a $34.0 million three (3) year revolving credit facility
and a $6.0 million five (5) year term loan. Amounts which may be borrowed
under the revolving credit facility are subject to a borrowing base test of 85%
of the Company's eligible accounts receivable and 50% of the Company's eligible
inventory. At April 2, 1995, the Company had borrowed $10.8 million under the
revolving credit facility on a total availability of $14.7 million as of April
2, 1995. The agreement also
9
<PAGE> 10
contains various financing covenants which limit the Company's ability
to incur additional indebtedness, purchase and dispose of equipment and declare
or pay cash dividends. The Company also is required to maintain certain
financial covenants. As of April 2, 1995, the Company was required to maintain
EBITDA of $1.9 million, working capital of $5.0 million, an interest coverage
ratio of 1.0 to 1 and a fixed charge coverage ratio of .25 to 1. As of April 2,
1995, the Company was in compliance with all covenants and ratios, and its
actual measures under these financial covenants were as follows: EBITDA of $2.5
million, working capital of $5.9 million, interest coverage ratio of 1.1 to 1
and fixed charge coverage ratio of .25 to 1. The quarterly financial covenants
for the remainder of 1995 are as follows:
<TABLE>
<CAPTION>
Six Months Nine Months Year Ending
Ending Ending Ending
June 30, 1995 Sept. 30, 1995 Dec. 31, 1995
------------- -------------- -------------
<S> <C> <C> <C>
EBITDA $4.3 million $7.0 million $10.0 million
Working capital $6.0 million $7.0 million $ 7.0 million
Interest coverage ratio 1.25 to 1 1.50 to 1 1.50 to 1
Fixed charge coverage ratio .75 to 1 1.50 to 1 1.50 to 1
</TABLE>
Based on the Company's current projections and business plan, management
currently believes the Company will meet these covenants. This view is based
on the Company's results for the fourth quarter of 1994 and the first quarter
of 1995 as well as anticipated levels of business for the balance of the year.
If it does not comply with these covenants, the Company will be required to
seek a waiver or amendment to the CIT credit agreement in order to continue
borrowing under such agreement and to avoid potential acceleration of the
indebtedness outstanding. Management also has identified contingent plans to
reduce expenses, if necessary, to remain in compliance with these covenants.
In November 1993, the Company's bank lenders agreed to retain a four (4) year
term loan of $3.0 million secured by one of the Company's manufacturing
facilities in Guntersville, Alabama. The Company made a payment of $1.5
million from its income tax refunds of $6.1 million in December 1993.
Under the terms of an amendment to the Company's Amended Senior Note Agreement
with its term lenders made in November 1993, the Company made a payment of $4.0
million from the Company's income tax refunds of $6.1 million in December 1993,
which will result in the notes being repaid by August 31, 1996. A payment of
$3.5 million was made in December 1993 and $.5 million in January 1994. At
April 2, 1995 the amounts outstanding under the term loans were $.7 million.
The quarterly payments and other material terms of the term lenders'
indebtedness remain the same.
On January 25, 1995, the Company completed a private negotiated exchange of
$5.3 million of debentures for shares of the Company's common and Series A
preferred stock. This exchange provided the exchanging debenture holders an
aggregate of 2.1 million shares of common stock and .5 million shares of Series
A preferred stock. The Company had no material gain or loss on the
transaction.
The Company believes that cash generated from operations and with borrowings
under its credit facility described above will be sufficient for the company to
meet its obligations during 1995, including debt principal payments and trade
creditor obligations. Based on its current assessment of the level of its
business, the Company does not anticipate that it will be required to make
significant capital expenditures in the next twelve to eighteen months.
EBITDA
The Company's earnings before interest, income taxes, depreciation and
amortization ("EBITDA") was $2.5 million and $1.1 million for the first
quarter of 1995 and 1994, respectively. The Company presents
10
<PAGE> 11
EBITDA as a supplement to the discussion of the Company's operating
income and cash flow from operations analysis because the Company believes that
certain parties find it to be a useful tool for measuring the Company's
performance and ability to service debt. EBITDA is not a substitute for GAAP
operating and cash flow data. Management, however, believes that EBITDA does
supplement this information for several reasons. First, EBITDA supplements data
regarding the Company's cash flow because EBITDA is the principal performance
covenant in the CIT Credit Agreement. In addition, the Company also has made
significant investments in capital equipment, primarily through borrowings.
therefore, the Company is incurring a significant amount of depreciation on this
equipment reflected in its results of operations. As a result, the Company
believes that information with respect to EBITDA should be read in conjunction
with the discussion of results of operations and the discussion of liquidity and
capital resources.
11
<PAGE> 12
PART II - OTHER INFORMATION
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits
Exhibit 27 Financial Data Schedule (for SEC use only)
(b) Reports on Form 8-K
None.
12
<PAGE> 13
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.
COMPTRONIX CORPORATION
(Registrant)
Date: May 17, 1995
By: /s/ E. Townes Duncan
-----------------------
E. Townes Duncan
Chairman of the Board
By: /s/ Joseph G. Andersen
-----------------------
Joseph G. Andersen
Chief Financial Officer
13
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FINANCIAL STATEMENTS OF COMPTRONIX CORPORATION FOR THE THREE MONTHS ENDED APRIL
2, 1995, AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL
STATEMENTS.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> APR-02-1995
<CASH> 0
<SECURITIES> 0
<RECEIVABLES> 14,020
<ALLOWANCES> 119
<INVENTORY> 16,547
<CURRENT-ASSETS> 30,918
<PP&E> 41,888
<DEPRECIATION> 24,685
<TOTAL-ASSETS> 49,726
<CURRENT-LIABILITIES> 14,179
<BONDS> 29,230
<COMMON> 133
18,447
0
<OTHER-SE> (27,393)
<TOTAL-LIABILITY-AND-EQUITY> 49,726
<SALES> 27,503
<TOTAL-REVENUES> 27,503
<CGS> 25,273
<TOTAL-COSTS> 26,633
<OTHER-EXPENSES> (196)
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 993
<INCOME-PRETAX> 73
<INCOME-TAX> 0
<INCOME-CONTINUING> 73
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (161)
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
