<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
Quarterly Report Under Section 13 or 15(d) of the
Securities Exchange Act of 1934
For The Quarter Ended March 31, 1997
Commission File Number 0-19544
AUTOCAM CORPORATION
A Michigan Corporation
I.R.S. Employer Identification No. 38-2790152
4070 East Paris Avenue, Kentwood, Michigan 49512
Telephone: (616) 698-0707
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, and (2) has been subject to
such filing requirements for the past 90 days.
Yes X No______
The number of Common Shares outstanding at April 30, 1997 was 5,710,014.
1 of 14
<PAGE> 2
INDEX
PART I - FINANCIAL INFORMATION PAGE NO.
Item 1. Financial Statements
Consolidated Balance Sheets as of
March 31, 1997 and June 30, 1996 3
Consolidated Statements of Operations for the
Three and Nine Months Ended March 31, 1997 and 1996 4
Consolidated Statements of Cash Flows for the
Nine Months Ended March 31, 1997 and 1996 5
Notes to Consolidated Financial Statements 6 - 8
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations 9 - 13
PART II - OTHER INFORMATION
Item 1. Legal Proceedings - None.
Item 2. Changes in Securities - None.
Item 3. Default Upon Senior Securities - None.
Item 4. Submission of Matters to a Vote of Security Holders - None.
Item 5. Other Information - None.
Item 6. Exhibits and Reports on Form 8-K - None.
2
<PAGE> 3
AUTOCAM CORPORATION & SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
<TABLE>
<CAPTION>
MARCH 31, 1997 JUNE 30, 1996
-------------- -------------
<S> <C> <C>
ASSETS
CURRENT ASSETS:
Cash and equivalents $ 1,517,832 $ 1,466,751
Accounts receivable 6,611,421 7,467,834
Inventories 4,050,244 4,171,233
Prepaid expenses and other 714,757 662,223
-------------- -------------
TOTAL CURRENT ASSETS 12,894,254 13,768,041
DEPOSITS ON EQUIPMENT 5,132,031 1,753,798
PROPERTY, PLANT AND EQUIPMENT, NET 43,213,632 40,801,512
OTHER LONG-TERM ASSETS 3,679,567 3,488,871
-------------- -------------
TOTAL ASSETS $ 64,919,484 $ 59,812,222
============== =============
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Current maturities of long-term obligations $ 4,756,150 $ 3,738,689
Accounts payable 4,970,612 4,124,240
Accrued liabilities 1,676,343 1,377,912
-------------- -------------
TOTAL CURRENT LIABILITIES 11,403,105 9,240,841
LONG-TERM OBLIGATIONS, NET OF CURRENT MATURITIES 10,632,535 12,086,326
DEFERRED TAX 6,833,000 6,333,000
DEFERRED CREDITS AND OTHER 778,588 866,206
SHAREHOLDERS' EQUITY:
Preferred stock - 200,000 shares authorized; no
shares issued or outstanding
Common stock - 10,000,000 shares authorized;
5,709,597 and 5,427,882 shares issued and
outstanding as of March 31, 1997 and June 30,
1996, respectively 26,238,418 23,185,548
Deferred compensation (684,583) (800,833)
Retained earnings 9,718,421 8,901,134
-------------- -------------
TOTAL SHAREHOLDERS' EQUITY 35,272,256 31,285,849
-------------- -------------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 64,919,484 $ 59,812,222
============== =============
</TABLE>
See notes to consolidated financial statements.
3
<PAGE> 4
AUTOCAM CORPORATION & SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
<TABLE>
FOR THE THREE MONTHS ENDED FOR THE NINE MONTHS ENDED
MARCH 31, MARCH 31,
---------------------------- -----------------------------
1997 1996 1997 1996
------------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
Sales $ 16,057,586 $ 15,046,804 $ 45,975,116 $ 43,031,705
Cost of sales 12,950,188 11,449,057 35,910,481 33,150,361
------------- ------------- ------------- -------------
Gross profit 3,107,398 3,597,747 10,064,635 9,881,344
Selling, general and administrative 1,026,483 920,563 2,716,853 2,541,906
Other operating expenses 51,875 51,875 155,625 155,625
------------- ------------- ------------- -------------
Income from operations 2,029,040 2,625,309 7,192,157 7,183,813
Interest and other expense, net 378,458 378,400 1,018,995 1,074,004
------------- ------------- ------------- -------------
Income before tax provision 1,650,582 2,246,909 6,173,162 6,109,809
Tax provision 570,100 781,600 2,147,839 2,109,797
------------- ------------- ------------- -------------
NET INCOME $ 1,080,482 $ 1,465,309 $ 4,025,323 $ 4,000,012
============= ============= ============= =============
NET INCOME PER SHARE $.19 $.25 $.70 $.69
============= ============= ============= =============
Weighted average shares outstanding 5,797,307 5,782,878 5,774,926 5,778,208
</TABLE>
See notes to consolidated financial statements.
4
<PAGE> 5
AUTOCAM CORPORATION & SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
<TABLE>
<CAPTION>
FOR THE NINE MONTHS ENDED
MARCH 31,
----------------------------
1997 1996
------------- -------------
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 4,025,323 $ 4,000,012
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization 4,051,049 3,572,114
Deferred taxes 500,000 720,000
Changes in assets and liabilities that provided
(used) cash:
Accounts receivable 853,257 39,837
Inventories 120,989 (343,516)
Prepaid expenses and other (86,923) (160,595)
Other long-term assets 158,926 195,789
Accounts payable 539,859 (204,373)
Accrued liabilities 297,997 577,154
Deferred credits and other (87,618) 232,480
----------- -----------
NET CASH PROVIDED BY OPERATING ACTIVITIES 10,372,859 8,628,902
----------- -----------
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures and deposits on equipment (9,388,121) (6,070,804)
Proceeds from sale of equipment 7,050 235,850
Payment of life insurance premiums and other (349,212) (295,741)
----------- -----------
NET CASH USED IN INVESTING ACTIVITIES (9,730,283) (6,130,695)
----------- -----------
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayments of line of credit, net (162,000)
Proceeds from issuance of long-term obligations 2,550,000 2,350,000
Principal payments of long-term obligations (2,986,330) (3,534,253)
Cash dividends paid (223,823)
Proceeds from exercise of employee stock options 68,658 91,914
----------- -----------
NET CASH USED IN FINANCING ACTIVITIES (591,495) (1,254,339)
----------- -----------
Net increase in cash and equivalents 51,081 1,243,868
Cash and equivalents at beginning of period 1,466,751 43,524
----------- -----------
Cash and equivalents at end of period $ 1,517,832 $ 1,287,392
=========== ===========
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during the period for:
Interest $ 950,132 $ 1,030,173
Income taxes 1,395,000 1,210,000
</TABLE>
SUPPLEMENTAL NON-CASH FINANCING ACTIVITY - In January 1996, the Company
satisfied its 401(k) plan employer matching contribution obligation for
calendar 1995 of $195,800 by contributing 14,007 shares of its common
shares.
See notes to consolidated financial statements.
5
<PAGE> 6
AUTOCAM CORPORATION & SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
MARCH 31, 1997
1. BASIS OF PRESENTATION
The accompanying unaudited interim consolidated financial statements
(the "Financial Statements") of Autocam Corporation and its wholly-owned
subsidiaries (together, the "Company") have been prepared pursuant to
the rules and regulations of the Securities and Exchange Commission.
Accordingly, the Financial Statements do not include all the information
and footnotes normally included in the annual consolidated financial
statements prepared in accordance with generally accepted accounting
principles. All significant intercompany accounts and transactions have
been eliminated in consolidation.
In the opinion of management, the Financial Statements reflect all
adjustments (consisting only of normal recurring adjustments) necessary
to present fairly such information in accordance with generally accepted
accounting principles. These Financial Statements should be read in
conjunction with the financial statements and footnotes thereto included
in the Company's Annual Report on Form 10-K for the fiscal year ended
June 30, 1996.
Weighted average shares outstanding and earnings per share for the three
and nine months ended March 31, 1996 have been restated to give effect
to a 5% share dividend declared on October 24, 1996 and paid on November
28, 1996 to shareholders of record on November 12, 1996.
RECLASSIFICATIONS - Certain reclassifications have been made to the
Statement of Cash Flows for the nine months ended March 31, 1996 in
order to conform with the 1997 presentation.
RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS - In October 1995, the
Financial Accounting Standards Board issued Statement of Financial
Accounting Standard ("SFAS") No. 123, "Accounting for Stock-Based
Compensation," which was effective for the Company July 1, 1996. SFAS
No. 123 requires expanded disclosures of stock-based compensation
arrangements with employees and encourages (but does not require)
compensation cost to be measured based on the fair value of the equity
instrument awarded. As allowed by SFAS No. 123, the Company will
continue to apply Accounting Principles Board Opinion No. 25,
"Accounting for Stock Issued to Employees," to determine compensation
cost. Options granted during the nine months ended March 31, 1997 did
not result in compensation expense under this method.
6
<PAGE> 7
AUTOCAM CORPORATION & SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED
MARCH 31, 1997
2. INVENTORIES
Inventories are summarized as follows:
<TABLE>
<CAPTION>
MARCH 31, 1997 JUNE 30, 1996
-------------- -------------
<S> <C> <C>
Raw materials $ 884,566 $1,037,777
Production supplies 1,204,025 1,233,360
Work in-process 1,772,335 1,414,555
Finished goods 189,318 485,541
---------- ----------
TOTAL INVENTORIES $4,050,244 $4,171,233
========== ==========
</TABLE>
3. PROPERTY, PLANT AND EQUIPMENT, NET
Property, plant and equipment is summarized by major classification as
follows:
<TABLE>
<CAPTION>
MARCH 31, 1997 JUNE 30, 1996
-------------- -------------
<S> <C> <C>
Land $ 1,655,540 $ 1,534,096
Buildings 5,879,414 5,380,345
Leasehold improvements 340,014 324,226
Machinery and equipment 49,635,279 44,165,812
Furniture and fixtures 2,394,916 2,313,836
------------ ------------
TOTAL 59,905,163 53,718,315
Accumulated depreciation and amortization (16,691,531) (12,916,803)
------------ ------------
PROPERTY, PLANT AND EQUIPMENT, NET $ 43,213,632 $ 40,801,512
============ ============
</TABLE>
4. LONG-TERM OBLIGATIONS
Long-term obligations consist of the following (interest rates are as of
March 31, 1997):
<TABLE>
<CAPTION>
MARCH 31, 1997 JUNE 30, 1996
-------------- -------------
<S> <C> <C>
Term notes with banks, 6.4% to 9.25% $ 12,565,644 $ 12,688,370
Mortgage payable to bank, 9.35% 1,060,816 1,123,385
Second mortgage payable to bank, 7% 1,021,973 1,063,514
Capital lease obligations, 7.8% 740,252 949,746
------------ ------------
TOTAL 15,388,685 15,825,015
Less current maturities 4,756,150 3,738,689
------------ ------------
LONG-TERM $ 10,632,535 $ 12,086,326
============ ============
</TABLE>
7
<PAGE> 8
AUTOCAM CORPORATION & SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONCLUDED
MARCH 31, 1997
5. INCOME TAXES
Income taxes were provided at effective rates of 34.5% and 34.8% for the
three and nine months ended March 31, 1997, respectively, and 34.8% and
34.5% for the three and nine months ended March 31, 1996, respectively.
These amounts include provision for California Unitary tax which is
levied on an allocated portion of the Company's net income at a rate of
9.3%.
8
<PAGE> 9
AUTOCAM CORPORATION AND SUBSIDIARIES
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
MARCH 31, 1997
Certain matters discussed in the following pages include forward looking
statements which include risks and uncertainties including but not
limited to economic, competitive, governmental and technological factors
affecting Autocam Corporation and its subsidiaries' (together, the
"Company") operations, markets, products, services and prices.
RESULTS OF OPERATIONS
The following table presents, for the periods indicated, the components
of the Company's Consolidated Statements of Operations as a percentage
of sales:
<TABLE>
<CAPTION>
THREE MONTHS ENDED NINE MONTHS ENDED
MARCH 31, MARCH 31,
-------------------- --------------------
1997 1996 1997 1996
--------- --------- --------- ---------
<S> <C> <C> <C> <C>
Sales 100.0% 100.0% 100.0% 100.0%
Cost of sales 80.6% 76.1% 78.1% 77.0%
-------- -------- -------- -------
Gross profit 19.4% 23.9% 21.9% 23.0%
Selling, general and administrative 6.4% 6.1% 5.9% 5.9%
Other operating expenses .3% .4% .3% .4%
-------- -------- -------- -------
Income from operations 12.7% 17.4% 15.7% 16.7%
Interest and other expense, net 2.4% 2.5% 2.2% 2.5%
-------- -------- -------- -------
Income before tax provision 10.3% 14.9% 13.5% 14.2%
Tax provision 3.6% 5.2% 4.7% 4.9%
-------- -------- -------- -------
NET INCOME 6.7% 9.7% 8.8% 9.3%
======== ======== ======== =======
</TABLE>
SALES
The following table indicates the Company's sales (in thousands) and
percentage of total sales by product application for the three and nine
month periods ended March 31, 1997 and 1996:
<TABLE>
<CAPTION>
THREE MONTHS ENDED MARCH 31, NINE MONTHS ENDED MARCH 31,
---------------------------------- ---------------------------------
1997 1996 1997 1996
---------------- ---------------- --------------- ----------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Automotive:
Fuel systems $11,996 74.7% $ 9,485 63.0% $33,862 73.7% $26,333 61.2%
Anti-lock braking systems 1,750 10.9% 3,398 22.6% 5,070 11.0% 10,008 23.3%
Other 384 2.4% 226 1.5% 1,022 2.2% 747 1.7%
------- ------ ------- ------ ------- ------ ------- ------
Total automotive 14,130 88.0% 13,109 87.1% 39,954 86.9% 37,088 86.2%
Medical devices 1,411 8.8% 1,146 7.6% 4,704 10.2% 2,697 6.3%
Computer electronics 517 3.2% 792 5.3% 1,311 2.9% 3,247 7.5%
Other 6
</TABLE>
9
<PAGE> 10
AUTOCAM CORPORATION AND SUBSIDIARIES
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS - CONTINUED
MARCH 31, 1997
SALES - CONTINUED
Sales of components for fuel system applications were $11,996,000 for
the three months ended March 31, 1997, an increase of 26% over sales for
the same period in the prior year, and now represent 75% of total sales.
Sales of fuel system components were $33,862,000 for the nine months
ended March 31, 1997, an increase of 29% over sales for the same period
in fiscal 1996. The Company continues to benefit from further
penetration into this market through supplying components to three of
the world's largest fuel injector manufacturers. The Company has been
awarded business on several new injector programs with these customers
over the past nine months which should result in continued sales growth
to this industry for the foreseeable future. During the three and nine
months ended March 31, 1997, the Company experienced a tripling of sales
of diesel fuel injector components over those of the three and nine
month periods ended March 31, 1996. Sales of fuel system components to
Delphi Automotive Systems (a division of General Motors Corporation)
represented 45% to 47% of total Company sales during the three and nine
months ended March 31, 1997 and 1996.
Sales of anti-lock braking system ("ABS") components for the three
months ended March 31, 1997 were $1,750,000, a 48% decrease from the
third quarter of fiscal 1996. For the nine months ended March 31, 1997,
ABS component sales were $5,070,000, a 49% decline from the nine months
ended March 31, 1996. The decline in ABS component sales was primarily
due to the elimination of certain components which were no longer used
on a customer's new generation system.
Sales of medical device components were $1,411,000 for the three months
ended March 31, 1997, an increase of 23% as compared to the same period
in the prior year. For the nine months ended March 31, 1997, medical
device component sales were $4,704,000, a 74% increase over the same
period in fiscal 1996. The Company continues to benefit from increased
penetration by its largest medical customer into foreign markets. Also,
the Company has been shipping components to companies developing
innovative cardiovascular surgery devices which should contribute
significantly to sales growth to these markets in the coming years.
Sales of components for computer electronic applications were $517,000
during the three months ended March 31, 1997, a 35% decrease from the
same period in fiscal 1996. For the nine months ended March 31, 1997,
computer electronic component sales were $1,311,000, a 60% decline from
the nine months ended March 31, 1996. Sales of baseplates, a specialty
metal fastener, to manufacturers of suspension assemblies for rigid disk
drives have declined as these components are now being manufactured
primarily by a precision stamping process which is more economical than
the Company's turning process.
10
<PAGE> 11
AUTOCAM CORPORATION AND SUBSIDIARIES
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS - CONTINUED
MARCH 31, 1997
SALES - CONCLUDED
Management believes that year-over-year sales growth in fiscal 1997 will
approach 10% and will be generated primarily from growth in sales of
fuel system and medical device components. Fuel system component sales
growth is expected to be realized on several new injector programs
primarily with newer customers in this area. Growth in sales of medical
device components should come primarily from anticipated increases in
demand from new cardiovascular surgical equipment manufacturers. On a
year-over-year basis, fourth quarter 1997 sales comparisons of ABS and
computer electronic components are expected to be unfavorable relative
to the same period in fiscal 1996 as certain customer systems which
utilize components produced by the Company lose market share and are
replaced by newer generation systems. Management believes opportunities
exist in the ABS and the computer electronics markets and is currently
manufacturing prototype components which should result in additional
sales to these markets during fiscal 1998.
GROSS PROFIT
Gross profit for the three months ended March 31, 1997 represented 19.4%
of sales verses 23.9% of sales in the third quarter of fiscal 1996.
Gross profit for the nine months ended March 31, 1997 represented 21.9%
of sales versus 23.0% of sales for the same period in fiscal 1996. The
decreases in gross profit margin between the three- and nine-month
periods presented can be attributed primarily to project start-up costs
associated with new fuel system programs. Although it is common for
margins to be lower on new program start-ups, third quarter 1997 margins
were adversely affected by machine tools which were not only delivered
late, but have not performed as expected. In order to meet customer
demand for these components, the Company was forced to employ
less-efficient work-around manufacturing processes in lieu of the
production processes which relied on the machine tools in question.
Most of these machine tools have been received since mid-March and are
currently undergoing qualification testing. The negative impact on
margins caused by these factors was partially offset by increased
production of medical device components which allowed for improved
utilization of existing equipment and labor.
Management believes that gross profit as a percentage of sales for the
fourth quarter will show modest improvement over third quarter levels.
Once the delayed and alternative machine tools are qualified for
production (likely no later than June 1), margins on these programs are
expected to improve and should be consistent with those of the Company's
other automotive programs early next fiscal year.
11
<PAGE> 12
AUTOCAM CORPORATION AND SUBSIDIARIES
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS - CONTINUED
MARCH 31, 1997
SELLING, GENERAL AND ADMINISTRATIVE
Selling, general and administrative expenses, as a percentage of sales,
were consistent in all periods presented with the exception of the third
quarter of fiscal 1997. The Company experienced a slight increase in
such expenses in that period as a result of placement fees for newly
hired employees and consulting fees associated with various marketing
and other management activities. Management expects selling, general
and administrative expenses, as a percentage of sales, to return to the
levels experienced in the first half of fiscal 1997 during the fourth
quarter.
OTHER OPERATING EXPENSES
Other operating expenses represent the straight-line amortization of
employment and deferred compensation agreements between the Company and
a key employee.
INTEREST AND OTHER EXPENSE, NET
Net interest and other expense remained unchanged between the three
months ended March 31, 1997 and the same period in 1996. For the nine
months ended March 31, 1997, such expenses decreased $55,000 from the
same period in the previous year. Average borrowings outstanding during
the nine months ended March 31, 1997 were lower than the same period in
fiscal 1996 explaining a majority of the decreased expense. The
retirement of certain debt with higher interest rates also reduced
interest costs.
Management anticipates that interest expense, as a percentage of sales,
during the fourth quarter will approximate levels experienced in the
first nine months of fiscal 1997.
TAX PROVISION
Income taxes were provided at effective rates of 34.5% and 34.8% for the
three and nine months ended March 31, 1997, respectively, and 34.8% and
34.5% for the three and nine months ended March 31, 1996, respectively.
These amounts include provision for California Unitary tax which is
levied on an allocated portion of the Company's net income at a rate of
9.3%.
Management expects the Company's effective tax rate to approximate 35%
for the remainder of fiscal 1997.
12
<PAGE> 13
AUTOCAM CORPORATION AND SUBSIDIARIES
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS - CONCLUDED
MARCH 31, 1997
LIQUIDITY AND CAPITAL RESOURCES
The Company generated $10.4 million in operating cash flows during the
nine months ended March 31, 1997, a 20% increase over the same period in
the prior year. This can be attributed primarily to improved management
of certain working capital items including accounts receivable and
payable.
During the nine months ended March 31, 1997, the Company paid $657,000
to purchase equipment formerly leased under operating lease agreements.
These purchases, resulting in annual cash flow improvements of $226,900,
were financed through bank borrowings. New equipment placed into
service and deposits paid on future equipment purchases during the nine
months ended March 31, 1997 totaling $8.7 million were financed through
operating cash flows and bank borrowings. The Company expects to be
reimbursed $2.6 million in equipment deposits in the fourth quarter by
acquiring $4.0 million of production equipment under operating lease
agreements. In order to meet demand primarily from automotive and
medical device customers, management anticipates acquiring $9.4 million
of equipment over the next twelve months (on which deposits of $2
million had been placed as of March 31, 1997). Management expects to
finance these equipment purchases with cash on hand, operating cash
flows, and its equipment line of credit ($6,000,000 in availability as
of March 31, 1997) which allows the Company to retire borrowings over a
period not to exceed six years with either variable or fixed interest
rates. The Company expects that certain assets currently held under an
operating lease agreement will be purchased during the next three months
at an estimated cost of $280,000. It is expected that debt service
requirements incurred for such purchases will be less than the current
rental payments under the equipment leases.
Management believes that the Company has adequate credit facilities and
cash available to meet its working capital needs through fiscal 1998.
The Company has a $6,500,000 revolving line of credit, $1,500,000 of
which was reserved for foreign currency futures contracts as of March
31, 1997, resulting in a remaining availability under this credit
facility of $5,000,000. Management anticipates retiring current
maturities of long-term obligations with cash on hand ($1.5 million as
of March 31, 1997) and future operating cash flows. None of the $15.4
million in total debt at March 31, 1997 is presently subject to variable
interest rates.
13
<PAGE> 14
SIGNATURES
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.
Date: May 5, 1997
Autocam Corporation
/s/ John C. Kennedy
----------------------
John C. Kennedy
Principal Executive Officer
/s/ Warren A. Veltman
----------------------
Warren A. Veltman
Principal Financial and
Accounting Officer
14
<PAGE> 15
Exhibit Index
Exhibit
Number Description
27 Financial Data Schedule
<TABLE> <S> <C>
<ARTICLE> 5
<CIK> 0000879235
<NAME> AUTOCAM CORP.
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> JUN-30-1997
<PERIOD-START> JUL-01-1996
<PERIOD-END> MAR-31-1997
<CASH> 1,517,832
<SECURITIES> 0
<RECEIVABLES> 6,611,421
<ALLOWANCES> 0
<INVENTORY> 4,050,244
<CURRENT-ASSETS> 12,894,254
<PP&E> 59,905,163
<DEPRECIATION> 16,691,531
<TOTAL-ASSETS> 64,919,484
<CURRENT-LIABILITIES> 11,403,105
<BONDS> 10,632,535
0
0
<COMMON> 26,238,418
<OTHER-SE> 9,033,838
<TOTAL-LIABILITY-AND-EQUITY> 64,919,484
<SALES> 45,975,116
<TOTAL-REVENUES> 45,975,116
<CGS> 35,910,481
<TOTAL-COSTS> 35,910,481
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 1,018,995
<INCOME-PRETAX> 6,173,162
<INCOME-TAX> 2,147,839
<INCOME-CONTINUING> 4,025,323
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 4,025,323
<EPS-PRIMARY> .70
<EPS-DILUTED> .70
</TABLE>
