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 quarter ended March 31, 1996
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES ACT OF 1934 (NO FEE REQUIRED)
For the transition period from _________ to __________
Commission file number 0-22978
STIMSONITE CORPORATION
(Exact name of registrant as specified in its charter)
Delaware 36-3718658
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization ) Identification Number)
7542 N. Natchez Avenue
Niles, Illinois 60714
(Address of principal executive offices) (Zip Code)
(847) 647-7717
(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, $.01 par value,
outstanding as of April 30, 1996 was 8,850,900.
<PAGE>
<TABLE>
<CAPTION>
STIMSONITE CORPORATION
Index
Page
<S> <C> <C>
Part I. Financial Information
Item 1. Condensed Consolidated Financial Statements
Condensed Consolidated Statements of Operations 3
Condensed Consolidated Balance Sheets 4-5
Condensed Consolidated Statement of Cash Flows 6
Notes to Condensed Consolidated Financial Statements 7-8
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations 9-13
Part II. Other Information
Item 6. Exhibits and Reports on Form 8-K 14
</TABLE>
<PAGE>
STIMSONITE CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in Thousands Except Share Information)
(Unaudited)
<TABLE>
<CAPTION>
Quarter Ended Year Ended
--------------------------------- ---------------------------------
3/31/96 4/2/95 3/31/96 4/2/95
------- ------ ------- ------
<S> <C> <C> <C> <C>
Net sales ...................................... $13,425 $7,911 $73,633 $55,498
Cost of goods sold .............................. 9,030 4,878 45,777 27,294
-------------- --------------- -------------- ---------------
Gross profit .................................... 4,395 3,033 27,856 28,204
Operating expenses:
Selling and administrative ................. 3,845 2,695 14,299 11,593
Research and development ................... 792 750 3,131 2,496
Amortization of intangibles ................ 709 697 2,827 2,763
-------------- --------------- -------------- ---------------
Total operating expenses ....................... 5,346 4,142 20,257 16,852
-------------- --------------- -------------- ---------------
Operating income (loss) ........................ (951) (1,109) 7,599 11,352
Interest expense ................................ 674 522 2,758 1,917
Joint venture partnership loss .................. --- --- 111 197
Other (income) ................................. --- --- --- (206)
-------------- --------------- -------------- ---------------
Income (loss) before provision for income
taxes and extraordinary item ................. (1,625) (1,631) 4,730 9,444
Provision (benefit) for income taxes ........... (633) (650) 2,131 3,585
-------------- --------------- -------------- ---------------
Net income (loss) .............................. ($992) ($981) $2,599 $5,859
============== =============== ============== ===============
Income (loss) per common and common equivalent share:
Net income (loss) ............................... ($0.11) ($0.11) $0.29 $0.64
============== =============== ============== ===============
Average number of common and
common equivalent shares outstanding .......... 9,033,201 9,087,730 9,097,701 9,084,874
============== =============== ============== ===============
</TABLE>
See Accompanying Notes
<PAGE>
STIMSONITE CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in Thousands)
<TABLE>
<CAPTION>
3/31/96 12/31/95
------- --------
(Unaudited) (Audited)
ASSETS
<S> <C> <C>
Current assets
Cash and cash equivalents..................................... $343 $251
Trade accounts receivable, less allowance for doubtful
accounts of $1,076 and $895 ............................. 13,782 18,144
Inventories................................................... 16,440 14,848
Prepaid expenses and other.................................... 1,085 901
Deferred tax assets........................................... 1,365 1,365
-------------- ---------------
Total current assets................... 33,015 35,509
Property, plant and equipment, net................................... 12,100 11,890
Intangible assets, net............................................... 16,155 16,884
Deferred financing costs, net........................................ 789 892
Long-term deferred tax assets and other.............................. 2,440 2,421
-------------- ---------------
Total Assets........................... $64,499 $67,596
============== ===============
</TABLE>
See Accompanying Notes
<PAGE>
STIMSONITE CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in Thousands)
<TABLE>
<CAPTION>
3/31/96 12/31/95
------- --------
(Unaudited) (Audited)
LIABILITIES
<S> <C> <C>
Current liabilities:
Accounts payable........................................... $5,508 $7,008
Current maturities of long-term debt ...................... 3,391 3,243
Accrued income taxes....................................... 838 1,527
Other accrued expenses..................................... 4,863 4,254
-------------- ---------------
Total current liabilities......................... 14,600 16,032
Accrued post-retirement benefits..................................... 631 631
Long-term debt....................................................... 24,490 24,703
-------------- ---------------
Total liabilities................................. 39,721 41,366
STOCKHOLDERS' EQUITY
Total stockholders' equity................................. 24,778 26,230
-------------- ---------------
Total Liabilities and Stockholders' Equity........ $64,499 $67,596
============== ===============
</TABLE>
See Accompanying Notes
<PAGE>
STIMSONITE CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(Dollars in Thousand)
(Unaudited)
<TABLE>
<CAPTION>
Quarter Ended Year Ended
--------------------------- ---------------------------
3/31/96 4/2/95 3/31/96 4/2/95
------- ------ ------- ------
<S> <C> <C> <C> <C>
Cash flows from operating activities:
Net income (loss) ............................................. $(992) $(981) $2,599 $5,859
Adjustments to reconcile net income (loss) to net
cash provided by operating activities:
Depreciation ......................................... 759 495 2,830 1,942
Amortization of intangibles, deferred financing
costs and discount on long-term debt ........... 832 746 3,298 3,048
Provision for uncollectible accounts ................. - - 303 259
Deferred income taxes ............................... - - (1,204) (145)
Extraordinary item .................................. - - - 143
Joint venture partnership loss ...................... - - 111 197
Changes in assets and liabilities:
Trade account receivables ........................... 4,362 3,063 2,618 (2,565)
Inventories ......................................... (1,592) (2,285) (3,676) (2,552)
Prepaid expenses and other ......................... (184) (126) (139) (178)
Accounts payable ................................... (1,487) 399 (3,451) 1,675
Other accrued expenses ............................. 47 (113) (52) (139)
Accrued employee benefits .......................... 471 (616) 212 376
Accrued warranty ................................... 78 100 188 (173)
Accrued income taxes ............................... (689) (1,553) 522 (1,222)
------------ ----------- ------------ ------------
Net cash provided by (used in) operating activities 1,605 (871) 4,159 6,525
------------ ----------- ------------ ------------
Cash flows from investing activities:
Purchase of property, plant and equipment ................... (969) (535) (4,186) (2,418)
Acquisition of Pave-Mark ..................................... - - (7,961) -
Investment in joint venture partnership ..................... (19) (30) (100) (214)
Other ....................................................... - (3) (100) (203)
------------ ----------- ------------ ------------
Net cash used in investing activities ......... (988) (568) (12,347) (2,835)
------------ ----------- ------------ ------------
Cash flows from financing activities:
Net proceeds from the issuance of common stock ............... 45 - 160 10
Payment to reacquire common stock .......................... (298) - (792) -
Payments on notes receivable on common stock ................ - 30 31 30
Proceeds from long-term debt ................................ 450 2,000 11,250 2,500
Payments on long-term debt .................................. (515) (777) (2,833) (6,181)
Cash overdraft .............................................. - - 926 -
Financing fees paid in connection with debt refinancing ...... - - (151) (35)
------------ ----------- ------------ ------------
Net cash provided by (used in)
financing activities ...................... (318) 1,253 8,591 (3,676)
Effect of exchange rate changes on cash ......... (207) 19 (256) 3
------------ ----------- ------------ ------------
Net increase (decrease) in cash and cash equivalents ................ 92 (167) 147 17
Cash and cash equivalents, beginning of period ...................... 251 363 196 179
------------ ----------- ------------ ------------
Cash and cash equivalents, end of period ........................... $343 $196 $343 $196
============ =========== ============ ============
Supplemental disclosure of cash flow information:
Cash paid during the period for interest ..................... $571 $433 $2,366 $1,737
============ =========== ============ ============
Cash paid during the period for income taxes ................. $155 $903 $2,984 $4,376
============ =========== ============ ============
</TABLE>
See Accompanying Notes
<PAGE>
NOTES TO CONDENSED CONSOLIDATED
FINANCIAL STATEMENTS
(Dollars in Thousands)
(Unaudited)
Note 1 - Financial Information
The condensed consolidated financial statements included herein have been
prepared pursuant to the rules and regulations of the Securities and Exchange
Commission. Certain information and footnote disclosures normally included in
financial statements prepared in accordance with generally accepted accounting
principles have been condensed or omitted pursuant to or as permitted by such
rules and regulations, although the Company believes that the disclosures are
adequate to make the information presented not misleading. In the opinion of
management, the financial information presented reflects all adjustments that
are necessary to a fair statement of results for the interim period presented.
Such adjustments are of a normal recurring nature. These financial statements
should be read in conjunction with the consolidated financial statements and
footnotes thereto in the Company's Annual Report on Form 10-K for the year ended
December 31, 1995 (the "1995 Form 10-K").
The Company's business is highly seasonal and accordingly comparative trailing
full year information is provided. The financial information included herein at
March 31, 1996 and for the periods ended March 31, 1996 and April 2, 1995 is
unaudited and, in the opinion of the Company, reflects all adjustments (which
include normal recurring adjustments) necessary for the fair presentation of the
Company's financial position as of that date and results of operations for those
periods. The information in the condensed consolidated balance sheet at December
31, 1995 was derived from the Company's consolidated financial statements
included in the 1995 Form 10-K.
Note 2 - Inventories
Inventories consist of the following:
3/31/96 12/31/95
------- --------
(Unaudited) (Audited)
Raw materials $4,816 $4,735
Work in process 4,065 4,062
Finished goods 7,559 6,051
------ ------
$16,440 $14,848
====== ======
<PAGE>
Note 3 - Income Taxes
The differences between the statutory federal income tax rate and the effective
tax rates for the quarters and years ended March 31, 1996 and April 2, 1995 are
as follows:
<TABLE>
<CAPTION>
Qtr Ended Year Ended Qtr Ended Year Ended
--------- ---------- --------- ----------
March 31, 1996 April 2, 1995
------------------------ ----------------------
<S> <C> <C> <C> <C>
Statutory rate (34.0) 34.0 (34.0) 34.0
State franchise rate (5.0) 5.0 (5.0) 5.0
Inability to utilize foreign
operating losses 1.0 6.8 1.2
Net operating loss utilized (3.2)
Provision for contingencies 5.8
Reversal of opening domestic
valuation allowance (6.8)
Other items (1.0) 0.3 (0.9) 1.0
-------- --------- -------- --------
(39.0) 45.1 (39.9) 38.0
======== ========= ======== ========
</TABLE>
Note 4 - Subsequent Event
On April 25, 1996, the Company purchased 20 acres of raw land in Waukegan,
Illinois, a suburb of Chicago, for use as the future headquarters and
manufacturing facility for the Company. The purchase price of the land was $3.5
million which was financed by $2.8 million in short term debt and borrowings
under the Company's bank credit facility. The additional cost of completing the
facility is expected to approximate $10.5 million and is expected to be
completed by the middle of 1997. The Company anticipates financing these
additional costs as well as refinancing the $2.8 million in short term debt with
long term debt. The Company is currently in the early stages or arranging for
the long term debt to finance this project, and there can be no guarante or
assurance that such long term debt will be obtained.
<PAGE>
Management's Discussion and Analysis
of Financial Condition and Results of Operations
The following is a discussion and analysis of the consolidated financial
condition and results of operations of the Company for the quarters and years
ended March 31, 1996 and April 2, 1995. The following should be read in
conjunction with the condensed consolidated financial statements and related
notes appearing elsewhere herein and the consolidated financial statements and
related notes contained in the 1995 Form 10-K.
The Company manufactures and markets highway delineation products and optical
film used in a variety of applications where optical performance is important.
Seasonality and Quarterly Results
- - ---------------------------------
The Company's sales are highly seasonal. The domestic highway maintenance and
construction season tends to reach its peak in the second and third quarters of
the year, and domestic sales of the Company's products are generally highest in
these quarters. While interest and sales are also seasonal, international
maintenance and construction seasons vary from the domestic season and tend to
offset somewhat the seasonality of domestic sales. International sales
constituted 18.0% and 26.0% of net sales in the first quarters. Because the
Company operates with little backlog, sales in any given quarter generally
result from orders booked and shipped in that quarter. Accordingly, net sales
and operating income are particularly sensitive to the timing of domestic market
demand and tend to be highest in the second and third quarters, whereas net
sales and operating income tend to be reduced during the first and fourth
quarters, resulting in either operating losses or reduced earnings for those
periods. In addition, the Company's performance in any given quarter is further
affected by weather anomalies.
Results of Operations
- - ---------------------
The following table sets forth, for the periods indicated, the percentage of net
sales of certain items in the Company's condensed consolidated statement of
operations and the percentage change in each item from the prior period.
<PAGE>
<TABLE>
<CAPTION>
Percentage of Percentage Percentage of Percentage
Net Sales Change from Net Sales Change from
Quarter Ended Prior Year Ended Prior
3/31/96 4/2/95 Period 3/31/96 4/2/95 Period
------- ------ ------ ------- ------ ------
<S> <C> <C> <C> <C> <C> <C>
Net sales 100.0% 100.0% 69.7% 100.0% 100.0% 32.7%
Cost of goods sold 67.3 61.7 85.1 62.2 49.2 67.7
Gross profit 32.7 38.3 44.9 37.8 50.8 (1.2)
Selling and administrative 28.6 34.1 42.7 19.4 20.9 23.3
Research and development 5.9 9.5 5.6 4.3 4.5 25.4
Amortization of intangibles 5.3 8.8 1.7 3.8 5.0 2.3
Operating income (loss) (7.1) (14.0) 14.2 10.3 20.5 (33.0)
Interest expense 5.0 6.6 29.1 3.7 3.5 43.9
Joint venture partnership loss - - - 0.2 0.4 (43.7)
Income (loss) before provision
for income taxes (12.1) (20.6) 0.4 6.4 17.0 (49.9)
Net income (loss) (7.4) (12.4) 1.1 3.5 10.6 (55.6)
</TABLE>
Quarter Ended March 31, 1996
Compared to
Quarter Ended April 2, 1995
Net sales of $13.4 million for the quarter ended March 31, 1996 increased $5.5
million or 69.7% over the comparable fiscal 1995 quarter. Domestic highway
delineation sales increased by 112% compared with the first quarter of 1995.
Excluding the effect of the Company's thermoplastic operations, which were
acquired in the second quarter of 1995, domestic highway delineation and optical
film revenues advanced 25%. International sales increased by 15% in the quarter
but were virtually even with last year's first quarter after excluding the
effect of the acquired business. The disappointing performance in international
markets results from the soft market demand in certain European markets and a
deferral of expected orders in the Asian markets.
<PAGE>
Cost of goods sold for the first quarter of 1996 totaled $9.0 million compared
to $4.9 million in 1995. As a percentage of net sales, costs of goods sold
increased from 61.7% in the first quarter of 1995 to 67.3% in 1996. Excluding
the effect of the acquired thermoplastic business, cost of goods sold as a
percentage of net sales was 57.2% in the 1996 period compared to 61.7% in 1995.
The acquired thermoplastic business has historically generated a substantially
lower gross margin than Stimsonite's other operations. International cost of
goods as a percentage of net sales increased due to product mix and reduced unit
selling prices in response to competition in foreign markets, while domestic
cost of goods as a percentage of net sales decreased due to product mix,
manufacturing efficiencies and the spreading of fixed plant administration costs
over higher sales volume.
Gross margin of 33% achieved in the first quarter of 1996 compares to a 38%
gross margin achieved in the same period of 1995. Excluding the effect of the
acquired business, gross margin increased slightly compared to the margin earned
in 1995.
Selling and administrative expenses for the first quarter of 1996 were $3.8
million, an increase of $1.1 million. The increase was largely attributable to
the acquired operations and increased domestic sales commissions related to
sales product mix. Excluding the effect of the thermoplastic operations, selling
and administrative expenses were $2.9 million in the first quarter of 1996
compared to $2.7 million in 1995.
Research and development expenses were essentially flat as increased spending
for new product development and improvements in existing product quality were
offset by lower tooling expenses. As a percentage of net sales, research and
development expenses were 5.9% in the 1996 period compared to 9.5% in 1995.
Interest expense was $0.7 million in the first quarter of 1996 an increase of
$0.2 million compared to 1995. The increase was primarily related to increased
debt resulting from the acquisition.
Year Ended March 31, 1996
Compared to
Year Ended April 2, 1995
Net sales for the year ended March 31, 1996 were $73.4 million an increase of
$18.1 million or 32.7% compared to the year ended April 2, 1995. Excluding the
effect of the thermoplastic acquisition, net sales decreased $2.0 million or
3.6%.
Cost of goods sold for the year ended March 31, 1996 totaled $45.8 million
compared to $27.3 million in 1995. The 67.7% increase was primarily related to
the acquisition and product mix. Excluding the effect of the thermoplastic
acquisition, cost of goods sold was $28.6 million for the year 1996 period.
Selling and administrative expenses for the year ended March 31, 1996 totaled
$14.3 million, an increase of $2.7 million or 23.3% compared to a year earlier.
The increase was principally a result of the acquisition. Excluding the effect
of this acquisition, selling and administrative expenses were $11.5 million for
the 1996 period.
<PAGE>
Research and development expenses for the year ended March 31, 1996 were $3.1
million compared to $2.5 million a year earlier. As a percentage of net sales,
research and development expenses were 4.3% for the year ended March 31, 1996
compared to 4.5% for a year earlier.
Interest expense for the year ended March 31, 1996 was $2.8 million, an increase
of $0.8 million or 43.9% compared to the year earlier. The increase was
primarily related to increased debt resulting from the acquisition.
Liquidity and Capital Resources
- - -------------------------------
The Company finances working capital expenditures through internally generated
funds, revolving credit and working capital borrowings. During the quarter ended
March 31, 1996, the Company repaid $0.1 million in excess of advances on bank
debt as the result of minimal changes in working capital requirements.
The Company's sales are highly seasonal, with domestic revenues tending to be
highest in the second and third quarter of the year consistent with the domestic
highway maintenance and construction season. The Company builds working capital,
principally accounts receivable and inventory, during the second and third
quarters to support sales. Positive cash flow from operations is generally
realized in the third quarter as cash collections are higher than production
levels and in the fourth quarter of the year as production and related
expenditures seasonally decline and accounts receivable are collected.
Conversely, the Company generally experiences negative cash flow in the first
quarter, when sales are lower, and in the second quarter, when the Company is
building working capital but has not yet collected revenues from second quarter
sales. The Company has historically borrowed funds available under its revolving
credit facilities to fund working capital during these quarters. As a result of
seasonal fluctuations and lower than expected working capital needs, the Company
realized $1.6 million from operating activities in the first quarter of 1996,
compared to expending $0.9 million in the first quarter of 1995. The Company
realized $4.1 million from operating activities in the year ended the first
quarter of 1996, compared to $6.5 million from operating activities in the year
ended the first quarter of 1995. Lower operating income was the primary reason
for the decrease in cash flow from operating activities.
Excluding amounts expended for the Company's new facility in Waukegan, Illinois,
the Company expects capital expenditure spending for additions and replacements
to approximate $4.0 million in each of 1996 and 1997 with funding to be
principally provided from internally generated funds. Maximum permitted capital
expenditure levels under the Company's credit agreement are $3.5 million in each
of 1996 and 1997 as adjusted for unused spending capacity in the immediate prior
year. To the extent necessary to meet its capital expenditure requirements, the
Company intends to seek approval from its lenders; however there can be no
assurance that such approval, if required, could be obtained.
<PAGE>
The Company currently uses the major portion of its manufacturing capacity and
intends to expand this capacity in 1997. In April 1996, the Company purchased a
20 acre site in Waukegan, Illinois for use as the future headquarters and
manufacturing facility for the Company. The purchase price of the land was $3.5
million which was financed by $2.8 million in short term debt and borrowings
under the Company's bank credit facility. The additional cost of completing the
facility is expected to approximate $10.5 million and is expected to be
completed by the middle of 1997. The Company anticipates financing these
additional costs as well as refinancing the $2.8 million in short term debt with
long term borrowings.
In October 1995 the board of directors authorized the repurchase of up to
500,000 shares of the Company's common stock. As of March 31, 1996, the Company
had purchased 94,000 shares of its common stock at an average price of $8.42 per
share. Completion of this stock repurchase program will be dependent upon
approval of the Company's lenders under the credit agreement.
At March 31, 1996, the Company's outstanding borrowings under its credit
facility consisted of $14.6 million of term loans and $13.3 million in revolving
loans. At March 31, 1996, the additional amount available under the revolving
loan portion of the credit agreement after consideration of all borrowing base
limitations and outstanding loans was $3.7 million. The Company is required to
make scheduled payments under its credit facility of $3.2 million in 1996 and
$3.8 million in 1997. The Company intends to meet these obligations with
internally generated funds.
The Company expects that cash flow from operations and borrowings under the
credit facility will be sufficient to fund working capital needs and capital
expenditures and make mandatory principal payments under its credit facility
through 1997. The Company is currently seeking additional financing to fund the
construction of its new manufacturing and corporate headquarters.
From time to time, the Company considers possible acquisitions of businesses
complimentary to the Company's business. It is likely that any significant
acquisition would be funded with additional long term debt.
This Form 10-Q contains "forward looking statements" within the meaning of the
Private Securities Litigation Reform Act of 1995, including (without limitation)
statements as to expectations, beliefs and future financial performance and
assumptions underlying the foregoing relating to product demand, international
prospects, ability to meet short and long term debt requirements, expected cash
flow from operations, and projected capital spending levels. The actual results
or outcomes could differ materially from those discussed in the particular
forward looking statements based on a number of factors, including (i) changes
in economic conditions and (ii) pricing and other actions taken by competitors.
<PAGE>
Part II - Other Information
---------------------------
Item 6 - Exhibits and Reports of Form 8-K
(A) Exhibits
11.1-Statement Regarding Computation of Per Share Earnings.
(B) Reports on Form 8-K
There were no reports on Form 8-K filed during the quarter ended March
31, 1996.
<PAGE>
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) 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.
Dated May 15, 1996 STIMSONITE CORPORATION
THOMAS C. RATCHFORD
-------------------
Thomas C. Ratchford
Vice President-Finance, Treasurer,
Secretary and Chief Financial Officer
(Its Duly Authorized Officer and
Principal Financial and Accounting Officer)
<PAGE>
Exhibit Index
-------------
Sequential
Exhibit Page
Number Description Number
- - ------ ----------- ------
11.1 Statement Regarding Computation of Per Share Earnings 17
27.1 Financial Data Schedule 18
STIMSONITE CORPORATION
COMPUTATION OF PER SHARE EARNINGS
(Unaudited)
Exhibit 11.1
<TABLE>
<CAPTION>
Quarter Ended Year Ended
---------------------- ---------------------
Description 3/31/96 4/2/95 3/31/96 4/2/95
------- ------ ------- ------
<S> <C> <C> <C> <C>
Average shares outstanding ................ 8,856,400 8,903,900 8,899,129 8,903,317
Net additional shares assuming
dilutive stock options exercised
and proceeds used to purchase
treasury shares at fair market
value ................................... 160,542 156,759 176,259 154,472
Options issued within one year
prior to the initial filing date
of the registration statement
for an initial public offering
in accordance with Staff
Accounting Bulletin No. 83 .............. 16,259 27,071 22,313 27,085
----------- ----------- ----------- -----------
Average number of common
shares and common equivalent
shares outstanding ...................... 9,033,201 9,087,730 9,097,701 9,084,874
=========== =========== =========== ===========
Net income (loss) ......................... ($ 992,000) ($ 981,000) $ 2,599,000 $ 5,859,000
=========== =========== =========== ===========
Per share data:
Net income (loss) ......................... ($ 0.11) ($ 0.11) $ 0.29 $ 0.64
=========== =========== =========== ===========
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY INFORMATION EXTRACTED FROM FORM 10-Q FOR THE
QUARTERLY PERIOD ENDED MARCH 31, 1996 AND IS QUALIFIED IN ITS ENTIRETY BY
REFERENCE TO SUCH FORM 10-Q.
</LEGEND>
<CIK> 0000876400
<NAME> STIMSONITE CORPORATION
<MULTIPLIER> 1,000
<CURRENCY> dollars
<S> <C>
<PERIOD-TYPE> 3-mos
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> MAR-31-1996
<EXCHANGE-RATE> 1.000
<CASH> 343
<SECURITIES> 0
<RECEIVABLES> 14,858
<ALLOWANCES> 1,076
<INVENTORY> 16,440
<CURRENT-ASSETS> 33,015
<PP&E> 23,642
<DEPRECIATION> 11,542
<TOTAL-ASSETS> 64,499
<CURRENT-LIABILITIES> 14,600
<BONDS> 0
0
0
<COMMON> 89
<OTHER-SE> 24,689
<TOTAL-LIABILITY-AND-EQUITY> 64,499
<SALES> 13,425
<TOTAL-REVENUES> 13,425
<CGS> 9,030
<TOTAL-COSTS> 9,030
<OTHER-EXPENSES> 5,346
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 674
<INCOME-PRETAX> (1,625)
<INCOME-TAX> (633)
<INCOME-CONTINUING> (992)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (992)
<EPS-PRIMARY> (.11)
<EPS-DILUTED> 0
</TABLE>
