<PAGE> 1
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UNITED STATES
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 30, 1995
OR
/ / TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period ________ to ________
Commission file number 1-4987
SL INDUSTRIES, INC.
(Exact name of registrant as specified in its charter)
<TABLE>
<S> <C>
NEW JERSEY 21-0682685
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
SUITE 306-C, 520 FELLOWSHIP ROAD, MT. LAUREL, NJ 08054
(Address of principal executive offices) (Zip Code)
</TABLE>
Registrant's telephone number, including area code: 609-727-1500
<TABLE>
<S> <C>
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Name of each exchange on which registered
Common stock, $.20 par value New York Stock Exchange
Philadelphia Stock Exchange
</TABLE>
Securities registered pursuant to Section 12(g) of the Act:
None
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 common stock outstanding as of May 31, 1995, was
5,617,000.
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1
<PAGE> 2
PART I - FINANCIAL INFORMATION
-------------------------------
Item 1. Financial Statements
-----------------------------
SL INDUSTRIES, INC.
Consolidated Balance Sheets
<TABLE>
<CAPTION>
April 30, July 31,
1995 1994
------------ -----------
(Unaudited) *
<S> <C> <C>
ASSETS
Current assets:
Cash and cash equivalents . . . . . . . . . . . . . . . . . . . . $ 0 $ 197,000
Receivables, less allowance for doubtful
accounts of $347,000 and $256,000, respectively . . . . . . . . 12,540,000 13,489,000
Inventories (Note 2) . . . . . . . . . . . . . . . . . . . . . . 17,741,000 16,719,000
Prepaid expenses . . . . . . . . . . . . . . . . . . . . . . . . 1,941,000 797,000
Deferred income taxes . . . . . . . . . . . . . . . . . . . . . . 1,327,000 1,327,000
----------- -----------
Total current assets . . . . . . . . . . . . . . . . . . . . 33,549,000 32,529,000
----------- -----------
Property, plant and equipment,
less accumulated depreciation of
$12,347,000 and $11,306,000, respectively . . . . . . . . . . . . 9,441,000 9,682,000
Deferred income taxes . . . . . . . . . . . . . . . . . . . . . . . 982,000 982,000
Cash surrender value of life insurance policies . . . . . . . . . . 6,522,000 5,934,000
Other assets and deferred charges . . . . . . . . . . . . . . . . . 3,544,000 3,798,000
----------- -----------
Total assets . . . . . . . . . . . . . . . . . . . . . . . . $54,038,000 $52,925,000
=========== ===========
LIABILITIES
Current liabilities:
Long-term debt due within one year . . . . . . . . . . . . . . . $ 187,000 $ 168,000
Accounts payable . . . . . . . . . . . . . . . . . . . . . . . . 6,468,000 4,925,000
Accrued income taxes . . . . . . . . . . . . . . . . . . . . . . 791,000 821,000
Other accrued liabilities . . . . . . . . . . . . . . . . . . . . 6,422,000 5,490,000
----------- -----------
Total current liabilities . . . . . . . . . . . . . . . . . 13,868,000 11,404,000
----------- -----------
Long-term debt less portion due within one year . . . . . . . . . . 9,973,000 11,918,000
Deferred compensation and other liabilities . . . . . . . . . . . . 5,005,000 6,026,000
----------- -----------
Total liabilities . . . . . . . . . . . . . . . . . . . . . $28,846,000 $29,348,000
----------- -----------
Commitments and contingencies
SHAREHOLDERS' EQUITY
Preferred stock, no par value; authorized, 6,000,000 shares;
none issued . . . . . . . . . . . . . . . . . . . . . . . . . . . $ --- $ ---
Common stock, $.20 par value; authorized, 25,000,000 shares;
issued, 7,758,000 and 7,739,000 shares, respectively. . . . . . . 1,552,000 1,548,000
Capital in excess of par value . . . . . . . . . . . . . . . . . . 33,684,000 33,620,000
Accumulated deficit . . . . . . . . . . . . . . . . . . . . . . . . (2,692,000) (4,239,000)
Treasury stock at cost, 1,741,000 and 1,741,000 shares,
respectively. . . . . . . . . . . . . . . . . . . . . . . . . . . (7,352,000) (7,352,000)
----------- -----------
Total shareholders' equity . . . . . . . . . . . . . . . . . 25,192,000 23,577,000
----------- -----------
Total liabilities & shareholders' equity . . . . . . . . . . $54,038,000 $52,925,000
=========== ===========
</TABLE>
*Condensed from audited financial statements and contains reclassifications to
conform with current year's presentation.
See accompanying notes to consolidated financial statements.
2
<PAGE> 3
SL INDUSTRIES, INC.
Consolidated Statements of Earnings
<TABLE>
<CAPTION>
Three Months Ended Nine Months Ended
April 30, April 30,
1995 1994 1995 1994
----------- ----------- ----------- -----------
(Unaudited) (Unaudited)
<S> <C> <C> <C> <C>
Net sales . . . . . . . . . . . . . . . . . . . . . . . . $21,938,000 $19,147,000 $64,143,000 $55,107,000
----------- ----------- ----------- -----------
Cost and expenses:
Cost of sales . . . . . . . . . . . . . . . . . . . . . 13,615,000 12,496,000 41,683,000 36,834,000
Selling, general and administrative expenses . . . . . 6,455,000 4,940,000 17,676,000 14,251,000
Depreciation and amortization . . . . . . . . . . . . . 485,000 495,000 1,450,000 1,541,000
----------- ----------- ----------- -----------
Total cost and expenses . . . . . . . . . . . . . . . . . 20,555,000 17,931,000 60,809,000 52,626,000
----------- ----------- ----------- -----------
Income from operations . . . . . . . . . . . . . . . . . 1,383,000 1,216,000 3,334,000 2,481,000
Nonoperating income (expense):
Interest income . . . . . . . . . . . . . . . . . . . . 32,000 12,000 47,000 39,000
Interest expense . . . . . . . . . . . . . . . . . . . (184,000) (205,000) (558,000) (447,000)
----------- ----------- ----------- -----------
Income before income taxes and cumulative effect . . . . 1,231,000 1,023,000 2,823,000 2,073,000
Provision for federal and state income taxes. . . . . . . 453,000 383,000 1,048,000 798,000
----------- ----------- ----------- -----------
Income before cumulative effect of change
in accounting for income taxes. . . . . . . . . . . . . 778,000 640,000 1,775,000 1,275,000
Cumulative effect to August 1, 1993, of change
in accounting for income taxes. . . . . . . . . . . . . --- --- --- 603,000
----------- ----------- ----------- -----------
Net income . . . . . . . . . . . . . . . . . . . . . . . $ 778,000 $ 640,000 $ 1,775,000 $ 1,878,000
=========== =========== =========== ===========
Net income per common share: *
Income before cumulative effect of change
in accounting for income taxes. . . . . . . . . . . . $ 0.13 $ 0.11 $ 0.30 $ 0.21
Cumulative effect to August 1, 1993, of change
in accounting for income taxes. . . . . . . . . . . . --- --- --- 0.10
----------- ----------- ----------- -----------
Net income . . . . . . . . . . . . . . . . . . . . . . . $ 0.13 $ 0.11 $ 0.30 $ 0.30
=========== =========== =========== ===========
Weighted average shares outstanding . . . . . . . . . . . 6,017,000 5,992,000 6,013,000 6,204,000
Cash dividend per share . . . . . . . . . . . . . . . . . --- --- $0.03 $0.03
</TABLE>
* The computation for net income per common share is based on weighted average
shares outstanding and as a result its components may not add to net income.
See accompanying notes to consolidated financial statements.
3
<PAGE> 4
SL INDUSTRIES, INC.
Consolidated Statements Of Cash Flows
<TABLE>
<CAPTION>
Nine Months Ended
January 31,
1995 1994
------------- -------------
(Unaudited) *
<S> <C> <C>
OPERATING ACTIVITIES:
Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,775,000 $ 1,878,000
Adjustments to reconcile net income to net cash
provided by operating activities:
Cumulative effect of change in accounting for income taxes . . . . . . --- (603,000)
Depreciation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,192,000 1,141,000
Amortization of intangible assets and deferred charges . . . . . . . . 258,000 400,000
Provisions for losses on accounts receivable . . . . . . . . . . . . . 86,000 41,000
Additions to deferred charges and other assets . . . . . . . . . . . . (23,000) (46,000)
Cash surrender value of life insurance premiums . . . . . . . . . . . (587,000) (547,000)
Supplemental retirement benefits . . . . . . . . . . . . . . . . . . . 394,000 360,000
Deferred compensation cash payments . . . . . . . . . . . . . . . . . (579,000) (359,000)
Loss (Gain) on the sale of equipment . . . . . . . . . . . . . . . . . (3,000) 5,000
Changes in operating assets and liabilities:
Accounts receivable . . . . . . . . . . . . . . . . . . . . . . . . 863,000 235,000
Inventories . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,022,000) 256,000
Prepaid expenses . . . . . . . . . . . . . . . . . . . . . . . . . . (1,144,000) (665,000)
Accounts payable . . . . . . . . . . . . . . . . . . . . . . . . . . 1,543,000 (829,000)
Other accrued liabilities . . . . . . . . . . . . . . . . . . . . . 114,000 (1,875,000)
Income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . (30,000) 695,000
----------- -----------
NET CASH PROVIDED BY OPERATING ACTIVITIES . . . . . . . $ 2,837,000 $ 87,000
----------- -----------
INVESTING ACTIVITIES:
Proceeds from sales of equipment . . . . . . . . . . . . . . . . . . . . . 11,000 4,000
Purchases of property, plant and equipment . . . . . . . . . . . . . . . . (959,000) (859,000)
Proceeds from long-term notes receivable . . . . . . . . . . . . . . . . . --- 11,000
----------- -----------
NET CASH USED BY INVESTING ACTIVITIES . . . . . . . . . $ (948,000) $ (844,000)
----------- -----------
FINANCING ACTIVITIES:
Cash dividends paid. . . . . . . . . . . . . . . . . . . . . . . . . . . . (180,000) (195,000)
Rights redeemed. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (48,000) ---
Treasury stock acquired . . . . . . . . . . . . . . . . . . . . . . . . . --- (2,049,000)
Proceeds from long-term debt . . . . . . . . . . . . . . . . . . . . . . . 1,600,000 6,100,000
Payments on long-term debt . . . . . . . . . . . . . . . . . . . . . . . . (3,526,000) (3,100,000)
Proceeds from stock options exercised . . . . . . . . . . . . . . . . . . 68,000 1,000
----------- -----------
NET CASH PROVIDED (USED) BY FINANCING ACTIVITIES . . . $(2,086,000) $ 757,000
----------- -----------
NET CHANGE (DECREASE) IN CASH AND CASH EQUIVALENTS . . (197,000) 0
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR . . . . . . . . . . . . . . . 197,000 0
----------- -----------
CASH AND CASH EQUIVALENTS AT APRIL 30, . . . . . . . . $ 0 $ 0
=========== ===========
Supplemental disclosures of cash flow information:
Cash paid during the year for:
Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $553,000 $438,000
Income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $989,000 $199,000
</TABLE>
*Contains reclassifications to conform with current year's presentation.
See accompanying notes to consolidated financial statements.
4
<PAGE> 5
SL INDUSTRIES, INC.
Notes to Consolidated Financial Statements
1. In the opinion of the Registrant, the accompanying unaudited consolidated
financial statements contain all adjustments (consisting of only normal
recurring accruals) and reclassifications necessary to present fairly the
financial position as of April 30, 1995, and July 31, 1994, the results of
operations for the three-month and nine-month periods ended April 30, 1995 and
1994, and the cash flows for the three-month and nine-month periods ended April
30, 1995 and 1994.
2. Inventories at April 30, 1995, and July 31, 1994, were as follows:
<TABLE>
<CAPTION>
April 30, July 31,
1995 1994
----------- -----------
<S> <C> <C>
Finished goods $ 5,623,000 $ 5,894,000
Work in process 3,020,000 2,419,000
Raw materials 9,098,000 8,406,000
----------- -----------
$17,741,000 $16,719,000
=========== ===========
</TABLE>
3. These statements should be read in conjunction with the financial statements
and notes thereto included in the Company's Annual Report To Shareholders and
Form 10-K for the year ended July 31, 1994.
5
<PAGE> 6
Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
Liquidity and Capital Resources
Principal uses of cash during the first nine months of fiscal 1995 were
$948,000 by investing activities and $2,086,000 by financing activities, while
operating activities provided cash of $2,837,000. The net cash used by
investing activities was primarily for purchases of property, plant and
equipment. The net cash used by financing activities was primarily for
repayments on long-term debt and cash dividends. The net cash provided from
operations was primarily from increased earnings adjusted for depreciation and
amortization.
The Registrant's borrowing capacity at April 30, 1995, remained above its use
of outside financing. The Registrant presently has $5,647,000 available under
its $22,000,000 Revolving Credit Agreement since $453,000 was allocated to
outstanding trade letters of credit, $6,300,000 utilized to purchase
substantially all of the assets of Teal Electronics Corporation on May 8, 1995,
$7,100,000 utilized to purchase all of the stock of Condor D.C. Power Supplies,
Inc., and all of the assets of Electronica Condor de Mexico, S.A. de C.V., on
February 16, 1993, $470,000 utilized for working capital requirements and
$2,030,000 utilized on November 23, 1993, to purchase 507,361 shares of common
stock held by two former directors, Wilmer J. Thomas, Jr. and Martin Solomon.
The available credit facility is subject to commitment fees, but not
compensating balances. In addition, the Agreement contains limitations on
borrowings and their use, restricts the payment of cash dividends to $600,000
per fiscal year, requires maintenance of specified ratios, with all of which
the Registrant is in compliance, and has a maturity date of December 31, 1997.
Also, as of April 30, 1995, the Registrant had $6,513,000 available from the
cash surrender value of its life insurance policies.
During the three-month period ended April 30, 1995, the ratio of current assets
to current liabilities decreased slightly from 2.9 to 1 to 2.4 to 1, primarily
because of increased accounts payable.
Capital expenditures for the nine-month period ended April 30, 1995, amounted
to $959,000 and were primarily for purchases of manufacturing equipment. The
Registrant anticipates that future commitments for additional capital
expenditures will be funded primarily by cash generated by operations and, to
the extent necessary, the utilization of borrowings under its Revolving Credit
Agreement.
6
<PAGE> 7
On May 24, 1995, the Registrant's Board of Directors declared a $.03 per share
semi-annual cash dividend payable on June 14, 1995, to shareholders of record
on June 7, 1995.
The Registrant is not aware of any demands, commitments or uncertainties in the
normal course which are likely to impair its ability to generate or borrow
adequate amounts of cash to meet its future needs, which include payment of
dividends, capital expenditures and working capital requirements.
Results of Operations
SALES
Consolidated net sales for the three-month and nine-month periods ended April
30, 1995, increased 15% and 16%, respectively, as compared to the net sales
realized during the corresponding periods a year ago. An analysis of net sales
by business group for the three-month and nine-month periods of fiscal year
1995, as compared to the same periods of the prior year, is as follows.
Power and Data Quality Group-
For the three-month and nine-month periods, net sales for the power and data
quality group increased 15% and 18%, respectively, when compared to net sales
of the prior year. For the three-month and nine-month periods, sales of surge
protection and uninterruptible power supplies increased 13% and 23%,
respectively, and sales of standard and custom AC-DC power supplies increased
28% and 20%, respectively. These increases were primarily a result of
increased market share and the sales of new products. Sales of avionic
products for the three-month and nine-month periods increased 15% and 8%,
respectively, primarily as a result of demand and new products. For the
three-month and nine-month periods, sales of igniters and spark plugs increased
3% and 4%, respectively, primarily due to increased sales of industrial
products.
Specialty Products Group -
For the three-month and nine-month periods, net sales for the specialty
products group increased 8% and 4%, respectively, when compared to net sales
reported for the preceding year. Sales of automatic lubrication devices for the
three-month and nine-month periods increased 24% and 16%, respectively,
primarily due to increased market penetration. Sales of chrome plating
services for the three-month and nine-month periods decreased 16% and 5%,
respectively, primarily due to fluctuations in demand, caused, in part, by
corrugated roll customers replacing chrome with other alternative materials.
Sales of pipe fabrication products for the three- month and nine-month periods
increased 26% and 7%, respectively, primarily due to demand.
7
<PAGE> 8
COST OF SALES
Cost of sales for the three-month and nine-month periods increased 9% and 13%,
respectively, as compared to last year. This increase was primarily related to
increased volume. As a percentage of net sales, cost of sales for the
three-month and nine-month periods was 62% and 65%, respectively, as compared
to 65% and 67% for the corresponding periods a year ago. As a percentage of
net sales, this decrease was primarily a result of product mix, cost reduction
efforts, improved efficiencies and the peso devaluation in Mexico.
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES
For the three-month and nine-month periods, selling, general and administrative
expenses increased 31% and 24%, respectively, as compared to last year. As a
percentage of net sales, selling, general and administrative expenses for the
three-month and nine- month periods were 29% and 28%, as compared to 26% for
both periods a year ago. The above increases resulted primarily from increased
personnel recruiting costs and selling and marketing expenses.
DEPRECIATION AND AMORTIZATION EXPENSE
Depreciation and amortization expense decreased 2% and 6% for the three-month
and nine-month periods, respectively, as compared to last year. This decrease
was primarily related to the prior year amortization of a
covenant-not-to-compete which was fully amortized during fiscal 1994.
INTEREST
Interest income for the three-month and nine-month periods increased 167% and
21%, respectively, as compared to last year. Both increases were a result of
higher interest rates and additional funds available for investment. Interest
expense for the three- month and nine-month periods decreased 10% and increased
25%, respectively, as compared to last year. The three-month decrease was due
to one-time interest charges in the prior years' three-month period. The
nine-month increase was a result of increased interest rates on borrowed funds.
TAXES
The effective tax rate for both the three-month and nine-month periods was 37%,
as compared to 37% and 38%, respectively, a year ago.
8
<PAGE> 9
PART II - OTHER INFORMATION
Item 5. Other information
On May 8, 1995, the Registrant acquired substantially all of the assets of Teal
Electronics Corporation, including its name. Based in San Diego, California,
Teal Electronics Corporation was founded in 1985 and currently has annual sales
in excess of $9 million.
On May 24, 1995, the Registrant distributed all of the stock of SL
LUBE/systems, Inc., to Vesper Corporation in exchange for 400,000 shares of SL
Industries, Inc., common stock owned by Vesper Corporation.
Item 6. Exhibits and Reports on Form 8-K
On May 22, 1995, the Registrant filed a report dated May 8, 1995, on Form 8-K
covering the May 8, 1995, acquisition of substantially all of the assets of
Teal Electronics Corporation.
On June 8, 1995, the Registrant filed a report dated May 24, 1995, on Form 8-K
covering the May 24, 1995, distribution of all of the stock of SL LUBE/systems,
Inc.
9
<PAGE> 10
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.
SL INDUSTRIES, INC.
-------------------
Registrant
Dated: June 9, 1995 /s/ Owen Farren
---------------- ---------------
Owen Farren
President and
Chief Executive Officer
Dated: June 9, 1995 /s/ James E. Morris
---------------- -------------------
James E. Morris
Vice President and
Corporate Controller
10
<PAGE> 11
INDEX TO EXHIBITS
The exhibit number, description and sequential page number in the original copy
of this document where exhibits can be found follows:
<TABLE>
<CAPTION>
Exhibit Description Page
------- ----------- ----
<S> <C> <C>
11 Statement Re Computation of Per Share 12
Earnings
27 Financial Data Schedule
</TABLE>
11
<PAGE> 1
EXHIBIT 11
STATEMENT RE COMPUTATION OF PER SHARE EARNINGS
(In Thousands, Except Per Share Data)
<TABLE>
<CAPTION>
Three-Months Ended Nine-Months Ended
April 30, April 30,
1995 1994 1995 1994
---- ---- ------ ------
(Unaudited)
<S> <C> <C> <C> <C>
EARNINGS
Income before cumulative effect of change
in accounting for income taxes . . . . . . . . . . . . . . $778 $640 $1,775 $1,275
Cumulative effect to August 1, 1993, of change
in accounting for income taxes . . . . . . . . . . . . . . --- --- --- 603
---- ---- ------ ------
Net income . . . . . . . . . . . . . . . . . . . . . . . . . $778 $640 $1,775 $1,878
==== ==== ====== ======
- - ------------------------------------------------------------------------------------------------------------------------
SHARES
Weighted average number of common shares outstanding
during the year . . . . . . . . . . . . . . . . . . . . . 6,017 5,992 6,013 6,204
Add: shares of common stock equivalents . . . . . . . . . . 111 48 84 30
----- ----- ------ ------
Weighted average number of common shares used in
primary earnings per share calculation . . . . . . . . . . 6,128 6,040 6,097 6,234
Add: incremental shares of common stock equivalents . . . . --- --- 19 6
----- ----- ------ ------
Weighted average number of common shares used in fully
diluted earnings per share calculation . . . . . . . . . . 6,128 6,040 6,116 6,240
===== ===== ===== =====
- - ------------------------------------------------------------------------------------------------------------------------
PRIMARY EARNINGS PER SHARE
Income before cumulative effect of change
in accounting for income taxes . . . . . . . . . . . . . . $0.13 $0.11 $0.29 $0.20
Cumulative effect to August 1, 1993, of change
in accounting for income taxes . . . . . . . . . . . . . . --- --- --- 0.10
----- ----- ------ ------
Net income . . . . . . . . . . . . . . . . . . . . . . . . . $0.13 $0.11 $0.29 $0.30
===== ===== ===== =====
- - ------------------------------------------------------------------------------------------------------------------------
FULLY DILUTED EARINGS PER SHARE
Income before cumulative effect of change
in accounting for income taxes . . . . . . . . . . . . . . $0.13 $0.11 $0.29 $0.20
Cumulative effect to August 1, 1993, of change
in accounting for income taxes . . . . . . . . . . . . . . --- --- --- 0.10
----- ----- ------ ------
Net income . . . . . . . . . . . . . . . . . . . . . . . . . $0.13 $0.11 $0.29 $0.30
===== ===== ===== =====
- - ------------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
</TABLE>
12
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM STATEMENTS
OF EARNINGS, CONSOLIDATED BALANCE SHEET, AND CONSOLIDATED STATEMENTS OF CASH
FLOWS AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FORM 10-Q -- QUARTER
ENDED APRIL 30, 1995
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> JUL-31-1995
<PERIOD-START> AUG-01-1994
<PERIOD-END> APR-30-1995
<CASH> 0
<SECURITIES> 0
<RECEIVABLES> 12,887
<ALLOWANCES> 347
<INVENTORY> 17,741
<CURRENT-ASSETS> 33,549
<PP&E> 21,788
<DEPRECIATION> 12,347
<TOTAL-ASSETS> 54,038
<CURRENT-LIABILITIES> 13,868
<BONDS> 9,973
<COMMON> 1,552
0
0
<OTHER-SE> 23,640
<TOTAL-LIABILITY-AND-EQUITY> 54,038
<SALES> 64,143
<TOTAL-REVENUES> 64,143
<CGS> 41,683
<TOTAL-COSTS> 41,683
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 86
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 2,823
<INCOME-TAX> 1,048
<INCOME-CONTINUING> 1,775
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 1,775
<EPS-PRIMARY> .30
<EPS-DILUTED> 0
</TABLE>