SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 10-Q
XX QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934 For
the quarterly period ended September 29, 1996
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 0-21052
ALLTRISTA CORPORATION
State of Indiana 35-1828377
301 South High Street, P.O. Box 5004
Muncie, IN 47307-5004
317/281-5000
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
Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date.
Class Outstanding at September 29, 1996
Common Stock,
without par value 7,600,489 shares
This document contains 13 pages. The exhibit index is on page 12 of 13.
Page 1 of 13
<PAGE>
ALLTRISTA CORPORATION
Quarterly Report on Form 10-Q
For the period ended September 29, 1996
INDEX
Page Number
PART I. FINANCIAL INFORMATION:
Item 1. Financial Statements
Unaudited Condensed Statement of Income
for the three and nine month periods ended
September 29, 1996 and October 1, 1995 3
Unaudited Condensed Balance Sheet at
September 29, 1996 and December 31, 1995 4
Unaudited Condensed Statement of Cash
Flows for the nine month periods ended
September 29, 1996 and October 1, 1995 5
Notes to Unaudited Condensed Financial
Statements 6-7
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations 8-10
PART II. OTHER INFORMATION 11
Page 2 of 13
<PAGE>
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
<TABLE>
<CAPTION>
ALLTRISTA CORPORATION AND SUBSIDIARIES
UNAUDITED CONDENSED STATEMENT OF INCOME
(thousands of dollars except per share amounts)
Three month period ended Nine month period ended
September 29, October 1, September 29, October 1,
1996 1995 1996 1995
------------ ----------- ----------- ------------
<S> <C> <C> <C> <C>
Net sales $65,763 $60,123 $186,289 $178,094
Costs and expenses
Cost of sales 45,647 42,400 129,842 127,637
Selling, general and
administrative expense 12,636 9,311 32,490 27,711
Unusual item - 2,430 - 2,430
----------- ----------- ----------- -----------
Operating earnings 7,480 5,982 23,957 20,316
Interest expense, net (567) (821) (2,155) (2,745)
----------- ----------- ----------- -----------
Income from continuing operations
before taxes 6,913 5,161 21,802 17,571
Provision for income taxes (2,737) (2,062) (8,632) (7,020)
----------- ----------- ----------- -----------
Income from continuing operations 4,176 3,099 13,170 10,551
----------- ----------- ----------- -----------
Discontinued operation:
Earnings from discontinued
operation, net of income taxes
of $0 and $168 for the three
month periods and $0 and $827
for the nine month periods,
respectively - 256 - 1,227
Net gain or loss on disposal of
discontinued operation - - - -
----------- ----------- ----------- -----------
Income from discontinued operation - 256 - 1,227
----------- ----------- ----------- -----------
Net income $ 4,176 $3,355 $13,170 $11,778
=========== =========== =========== ===========
Earnings per share of common stock:
Income from continuing operations
Primary and fully diluted $ .53 $ .39 $ 1.64 $ 1.32
=========== =========== =========== ===========
Net income
Primary and fully diluted $ .53 $ .42 $ 1.64 $ 1.47
=========== =========== =========== ===========
See accompanying notes to unaudited condensed financial statements.
</TABLE>
Page 3 of 13
<PAGE>
<TABLE>
<CAPTION>
ALLTRISTA CORPORATION AND SUBSIDIARIES
UNAUDITED CONDENSED BALANCE SHEET
(thousands of dollars)
September 29, December 31,
1996 1995
--------------- ------------------
<S> <C> <C>
ASSETS
Current assets
Cash and cash equivalents $ 12,040 $ 2,333
Accounts receivable, net 38,917 36,387
Inventories
Raw materials and supplies 10,646 28,373
Work in process and finished goods 22,405 26,202
Deferred taxes 3,242 2,849
Prepaid expenses 599 607
------------ ------------
Total current assets 87,849 96,751
------------ ------------
Property, plant and equipment, at cost 152,105 196,135
Accumulated depreciation (107,201) (140,052)
------------ ------------
44,904 56,083
Intangibles and other assets 23,504 9,816
------------ ------------
Total assets $156,257 $162,650
============ ============
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Notes payable $ - $ 3,500
Accounts payable 12,875 23,376
Other current liabilities 19,903 18,063
------------ ------------
Total current liabilities 32,778 44,939
------------ ------------
Noncurrent liabilities
Long-term debt 30,000 30,000
Deferred taxes on income - 687
Other noncurrent liabilities 8,425 7,773
------------ ------------
Total noncurrent liabilities 38,425 38,460
------------ ------------
Contingencies
Common stock (includes 7,953,659 common shares
issued and 7,600,489 shares outstanding at
September 29, 1996) 40,900 40,679
Retained earnings 52,135 38,965
Minimum pension liability (367) (367)
Cumulative translation adjustment (14) (26)
------------ ------------
92,654 79,251
Less: treasury stock (341,561 shares, at cost) (7,600) -
------------ ------------
Total shareholders' equity 85,054 79,251
------------ ------------
Total liabilities and shareholders' equity $156,257 $162,650
============ ============
See accompanying notes to unaudited condensed financial statements.
</TABLE>
Page 4 of 13
<PAGE>
<TABLE>
<CAPTION>
ALLTRISTA CORPORATION AND SUBSIDIARIES
UNAUDITED CONDENSED STATEMENT OF CASH FLOWS
(thousands of dollars)
Nine month period ended
September 29, October 1,
1996 1995
------------- ------------
<S> <C> <C>
Cash flows from operating activities
Net income $ 13,170 $ 11,778
Reconciliation of net income to net cash
provided by operating activities:
Depreciation and amortization 7,403 9,464
Loss on disposal of assets 514 52
Deferred taxes on income (1,170) (525)
Unusual item - 2,430
Deferred employee benefits 767 864
Other (89) 256
Changes in working capital components 9,256 (8,768)
------------- -------------
Net cash provided by operating activities 29,851 15,551
------------- -------------
Cash flows from financing activities
Proceeds from revolving credit borrow 20,695 17,213
Principal payments of revolving credit
borrowings (24,195) (25,437)
Proceeds from issuance of common stock 2,442 1,923
Purchase of treasury stock (9,758) -
------------- ------------
Net cash used in financing activities (10,816) (6,301)
------------- ------------
Cash flows from investing activities
Additions to property, plant and equipment
including product line acquisition (24,095) (8,651)
Proceeds from sale of property, plant and
equipment 383 103
Proceeds from sale of certain assets of
discontinued operation 14,384 -
------------- ------------
Net cash used in investing activities (9,328) (8,548)
------------- ------------
Net increase in cash 9,707 702
Cash and cash equivalents, beginning of period 2,333 1,229
------------- ------------
Cash and cash equivalents, end of period $ 12,040 $ 1,931
============= ============
See accompanying notes to unaudited condensed financial statements.
</TABLE>
Page 5 of 13
<PAGE>
ALLTRISTA CORPORATION AND SUBSIDIARIES
NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS
1. Presentation of Condensed Financial Statements
Certain information and footnote disclosures, including significant
accounting policies normally included in financial statements prepared in
accordance with generally accepted accounting principles, have been condensed or
omitted. In the opinion of management, the accompanying condensed financial
statements include all adjustments necessary for a fair presentation of the
results for the interim periods presented. Results of operations for the periods
shown are not necessarily indicative of results for the year, particularly in
view of some seasonality in the Consumer Products business. The accompanying
unaudited condensed financial statements should be read in conjunction with the
Consolidated Financial Statements and Notes to Consolidated Financial Statements
of Alltrista Corporation and Subsidiaries included in the Company's latest
annual report.
2. Contingencies
The Company is subject to and involved in claims arising out of the
conduct of its business including those relating to product liability,
environmental and safety and health matters. The Company's information at this
time does not indicate that the resolution of the aforementioned claims will
have a material, adverse effect upon financial condition, results of operations,
cash flows or competitive position of the Company.
3. Earnings per share
Earnings per share for the periods are computed by dividing net income
for the period by the sum of the weighted average number of shares outstanding
for the period and the common stock equivalents which result from stock option
activity.
4. Acquisition of assets
On March 15, 1996, the Company acquired certain assets related to the home food
preservation product line of Kerr Group, Inc. ("Kerr") for $14.5 million and
accounted for the acquisition as a purchase. The purchase price was allocated to
the equipment, raw materials inventory and a perpetual license to use the Kerr
trade name, based on their estimated fair values. The license to use the Kerr
trade name is being amortized over 20 years. In addition, the Company assumed
the operating lease at Kerr's Jackson, Tennessee manufacturing facility. During
the third quarter, the Company completed its facility assessment and announced
its intention to close the Jackson facility and consolidate operations in its
Muncie, Indiana facility. As a result of this decision, additional acquisition
costs of $2.6 million have been recorded for severance, and the estimated net
costs to close the Jackson facility, resulting in an increase in goodwill.
Concurrent with the purchase, the Company and Kerr entered into a non-exclusive
Sales Agent Agreement whereby the Company agreed to sell certain pre-closing
inventory retained by Kerr. Management estimates that its duties under the Sales
Agent Agreement will last through November 1996. The impact of including the
financial results of Kerr in a pro forma presentation for nine months of 1995
and 1996 would not have been material.
5. Discontinued Operation - Sale of Metal Services Company assets
Effective April 26, 1996 ( "Measurement date"), the Company sold its Metal
Services Company plants, real estate, equipment and coatings and inks inventory
to U.S. Can Corporation for approximately $14.9 million. The Company retained
all accounts receivable and inventory other than inks and coatings, as well as
substantially all liabilities accrued prior to April 26, 1996. The Company used
the proceeds from the sale to reduce outstanding borrowings.
At this time, the Company entered into a non-exclusive sales agreement
whereby U.S. Can agreed to sell the retained inventory. On June 28, 1996, the
two companies entered into an agreement whereby U.S. Can purchased the inventory
remaining on June 30, 1996 for approximately $9 million. The Company expects to
receive approximately $15 million, primarily during 1996, from the sale of the
retained inventory and the collection of the accounts receivable less amounts
required to settle the accounts payable and other liabilities.
Page 6 of 13
<PAGE>
The disposal of the Metal Services Company assets has been accounted for as
a discontinued operation and, accordingly, its operating results are segregated
and reported as a discontinued operation in the accompanying Unaudited Condensed
Statement of Income. The prior year Statement of Income has been restated to
conform to the current year presentation. The net assets of Metal Services
Company are included in the balance sheet at December 31, 1995. Management
estimates the combined effect of Metal Services' 1996 operating loss, the gain
on the sale of the business and estimated costs to be incurred in connection
with the sale, including a $.7 million curtailment loss for pension benefits
related to Metal Services Company, will be zero. Sales from this operation were
$69.5 million for the first nine months of 1995 and $18.0 million up to the
Measurement date in 1996.
Page 7 of 13
<PAGE>
Item 2.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
Results of Operations - Comparing Third Quarter 1996 to Third Quarter 1995
The Company reported net sales of $65.8 million and operating earnings of $7.5
million for the third quarter ended September 29, 1996. This represents a 9.4%
and 25.0 % increase over the same period of 1995. Excluding the impact of a $2.4
million pretax, non-cash charge related to the termination of the zinc wine
capsule development program in 1995, operating earnings declined 11.1% for the
quarter. Sales increased while earnings decreased in the food containers
segment compared to the prior year third quarter. While domestic home canning
sales of the Ball brand were hampered by a poor growing season, the overall
sales increase was mostly the result of increased market share in Canada and
sales of the newly acquired Kerr brand. Earnings were off as a result of higher
warehousing costs as well as increased advertising and sales promotion expense
to support the home canning category. In addition, the Kerr acquisition
increased operating costs as the brand was integrated into the Consumer Products
division. In connection with the integration, the Company announced during the
third quarter it will be closing the Jackson, Tennessee facility and
consolidating the domestic manufacture of home canning closures at its
plant in Muncie, Indiana. Sales of the Kerr brand of home canning products
were made primarily from inventories retained by the previous owner and,
consequently, were not as significant a contributor in the third quarter
as they will be in future periods. The Company expects the majority of
the inventory retained by Kerr to be sold by the end of November 1996,
after which sales of the Kerr brand of home canning products excluding
residual retained inventory, if any, will be for the Company's
account. Plastic Packaging Company's sales and earnings for the quarter were
level with the prior year. The industrial components segment reported a 9%
increase in sales over the 1995 third quarter, with nearly every division
showing increases. Segment earnings more than tripled from 1995. Zinc Products
Company had increased sales and earnings due mostly to increased volume of penny
blanks, and favorable sales mix in industrial products and battery cans.
Earnings were lower in the third quarter of 1995 due to the $2.4 million pretax,
non-cash charge related to the termination of the zinc wine capsule development
program. Industrial Plastics had lower sales and earnings for the quarter as a
result of volume and price decreases to its largest customer. Increased sales
volume and improved material usage resulted in increased sales and earnings at
Unimark Plastics comparing the third quarter of 1996 to the prior year. LumenX
reported increased sales from the prior year third quarter; however, this
business continued to operate at a slight deficit.
Third quarter gross margins improved in the food containers segment over the
prior year. Increased sales of Bernardin brand home canning products in Canada,
and improved efficiencies at the Plastic Packaging Company caused the increases.
Within the industrial components segment, slight margin improvement at Unimark
Plastics and Zinc Products was mostly the result of volume increases.
As the majority of Kerr brand home canning sales were for the benefit of the
previous owner, selling, general and administrative costs increased as a
percentage of total sales in the quarter ended September 29, 1996 due to costs
associated with the integration of the Kerr brand into the Consumer Products
division, along with increased marketing and promotional efforts in this
division. Increased market research activities at Zinc Products have also
increased selling, general and administrative costs.
Net interest expense for the third quarter of 1996 was $567, compared to $821
for the same period in 1995. The decrease is the result of reduced daily average
borrowings and interest income earned on cash equivalents which has been netted
against expense in the statement of income.
Results of Operations - Comparing Year to Date 1996 to Year to Date 1995
Net sales were $186.3 million or 4.6% higher for the nine month period ended
September 29, 1996 compared with the 1995 nine month period. Operating earnings
were $24.0 million, 17.9% higher than earnings for the same period of 1995 and
5.3% higher, excluding the $2.4 million unusual item from 1995. Sales and
earnings increased in the food containers segment for the nine month period. The
Consumer Products division contributed most of the sales increase as a result of
increased market share in Canada and sales of the newly acquired Kerr brand,
offset to a lesser extent by a decrease in sales of Ball brand home canning
products. Under the terms of a non-exclusive sales agent agreement with Kerr
Group, Inc. ("Kerr") sales of the Kerr brand home canning products are recorded
for the
Page 8 of 13
<PAGE>
account of Consumer Products Company only after the inventories for such
products retained by Kerr have been sold. As a result, the Company's portion of
1996 sales of the Kerr brand are expected to be approximately $5 million.
Although sales increased, the earnings decrease compared to 1995 was primarily
due to duplicate costs prior to the full integration of the Kerr brand into the
home canning business, increased warehousing costs, and advertising and sales
promotion efforts. Plastic Packaging Company's sales and earnings continued to
benefit from favorable sales mix, reduced scrap and controlled research and
development spending. Every division in the industrial components segment
reported increased sales and earnings comparing the first nine months of 1996 to
the same period of 1995. Earnings were higher in the current year due mostly to
a $2.4 million pretax, non-cash charge related to the termination of the zinc
wine capsule business in 1995. Zinc Products Company had increased volumes in
coinage for the nine month period, offset to a lesser degree by decreased volume
for battery cans versus the prior year. The Industrial Plastics division showed
slightly higher sales and earnings in both plastic tables and refrigeration
products. Unimark Plastics Company's sales improvements are a result of
increases in the Pennsylvania and Springfield locations. Despite
under-utilization at the new Springfield plant, decreased benefits costs along
with volume increases and improved operating efficiencies at other Unimark
locations resulted in higher overall earnings year-to-date. LumenX increased its
sales and margins in x-ray products, slightly reducing its deficit compared to a
year ago.
Gross margins improved in the food containers segment as a result of favorable
product mix at each division along with operating efficiency gains at the
Plastic Packaging Company and increased sales volumes at Consumer Products.
Overall, the industrial components segment had slightly higher gross margin
percentages. Improved margins at Zinc Products and LumenX were a result of
volume and sales mix. These improvements were somewhat offset by start-up costs
and lower than expected volume at Unimark's Springfield location.
The reason for the increase in selling, general and administrative costs
relative to sales for the nine month period was consistent with the explanation
of the increase for the quarter.
Interest expense of $2,155 for the first nine months of 1996 was well under
interest expense of $2,745 for the same period of 1995 due to lower daily
average borrowings and lower interest rates. In addition, interest earned on
cash equivalents has been netted against interest expense in the 1996 statement
of income. The Company's weighted average borrowing rate year to date for 1996
is 5.4% compared with 7.1% for 1995.
Financial Condition, Liquidity and Capital Resources
Working capital as of September 29, 1996 increased to $55.2 million from the
1995 year end level of $51.8 million and includes a $10 million increase in cash
and cash equivalents.
Effective April 26, 1996, the Company sold its Metal Services Company plants,
real estate, equipment and coatings and inks inventory to U.S. Can Corporation
for approximately $14.9 million. The Company retained all accounts receivable
and inventory other than inks and coatings, as well as substantially all
liabilities accrued prior to April 26, 1996. Proceeds from the sale were used to
reduce borrowings under the Company's revolving credit agreement. On June 28,
1996 the remaining Metal Services Company inventory was sold to U.S. Can for
approximately $9 million. The sale of Metal Services has reduced the Company's
working capital by approximately $9 million. The decreases are mostly in reduced
inventories offset in part by accounts payable and accrued liabilities. The
Company has received approximately $10 million from the sales of the retained
inventory and the collection of the accounts receivable less amounts required to
settle the accounts payable and other liabilities. In addition, management
expects to collect Metal Services-related receivables of approximately $5
million during the fourth quarter.
Within the Company's continuing operations, the acquisition of the Kerr product
line has increased working capital as this operation built inventories and
receivables throughout the second and third quarter. Increased short-term
investments, the result of the Metal Services transaction, have also contributed
to the working capital increase.
The Company has $30 million of long-term debt with maturity dates beginning in
1998 and continuing through 2004 at a fixed interest rate of 7.8%. In May 1995,
the Company terminated a swap agreement, resulting in a transaction gain of $.5
million. This gain is being amortized over the original three-year term of the
swap and effectively fixes the Company's interest rate on the long-term debt
through December 1997 at 7.19%. The Company participates in a $50 million
revolving credit agreement with a group of banks, of which no borrowings were
outstanding at quarter end or year end. The Company also has available $96
million in committed and
Page 9 of 13
<PAGE>
uncommitted credit lines of which no borrowings were outstanding at September
29, 1996. After reducing outstanding debt by the cash balance, the debt-to-total
capitalization ratio was 17.4% at the end of the third quarter versus 28.2% at
December 31, 1995. During the first nine months of 1996, the Company purchased
434,500 shares of its stock in the open market at a total cost of $9.8 million.
During the fourth quarter, the Company purchased an additional 195,000 shares of
Company stock at a cost of $4.2 million, completing its board-authorized stock
repurchase programs. The stock acquired will be reissued for employee stock
plans as needed. Capital expenditures of $24.1 million in the nine months ended
September 29, 1996 include the $14.5 million acquisition of the Kerr home food
preservation product line from the first quarter. Spending for the remainder of
1996 is expected to be approximately $5 million. The Company is subject to and
involved in claims arising out of the conduct of its business including those
relating to product liability, environmental and safety and health matters. The
Company's information at this time does not indicate that the resolution of the
aforementioned claims will have a material, adverse effect upon financial
condition, results of operations, capital expenditures or competitive position
of the Company.
Page 10 of 13
<PAGE>
PART II. OTHER INFORMATION
Item 1. Legal proceedings
There were no events required to be reported under Item 1 for the quarter ending
September 29, 1996.
Item 2. Changes in securities
There were no events required to be reported under Item 2 for the quarter ending
September 29, 1996.
Item 3. Defaults upon senior securities
There were no events required to be reported under Item 3 for the quarter ending
September 29, 1996.
Item 4. Submission of matters to a vote of security holders
There were no events required to be reported under Item 4 for the quarter ending
September 29, 1996.
Item 5. Other information
There were no events required to be reported under Item 5 for the quarter ending
September 29, 1996.
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits
11.1 Computation of earnings per share
27 Financial Data Schedule (EDGAR filing only)
(b) Reports of Form 8-K
There were no events required to be reported under Form 8-K for the quarter
ending September 29, 1996.
SIGNATURE
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.
Alltrista Corporation
(Registrant)
Date: November 12, 1996 By: \S\ Kevin D. Bower
-------------------- ----------------------------
Kevin D. Bower
Vice President of Finance
and Controller
Page 11 of 13
<PAGE>
ALLTRISTA CORPORATION AND SUBSIDIARIES
QUARTERLY REPORT ON FORM 10-Q
September 29, 1996
EXHIBIT INDEX
Exhibit Description Page
- --------- --------------------------------- -----------------
11.1 Computation of earnings per share. 11
27 Financial Data Schedule EDGAR filing only
Page 12 of 13
<TABLE>
<CAPTION>
Exhibit 11.1
ALLTRISTA CORPORATION
STATEMENT RE: COMPUTATION OF EARNINGS PER SHARE
(Thousands of dollars except share data)
Three month period ended Nine month period ended
September 29, October 1, September 29, October 1,
1996 1995 1996 1995
------------- ---------- ------------- ----------
<S> <C> <C> <C> <C>
Primary Earnings Per Share
Income from continuing operations $ 4,176 $ 3,099 $13,170 $10,551
Discontinued operation - 256 - 1,227
----------- --------- ---------- ---------
Net income $ 4,176 $ 3,355 $13,170 $11,778
=========== ========= ========== =========
Weighted average number of common
shares outstanding (000s) 7,776 7,830 7,840 7,790
Additional shares assuming conversion
of stock options 152 173 171 204
----------- --------- ---------- ---------
Weighted average number of common and
equivalent shares 7,928 8,003 8,011 7,994
=========== ========= ========== =========
Primary earnings per common share:
Continuing operations $ .53 $ .39 $ 1.64 $ 1.32
Discontinued operation - .03 - .15
----------- --------- ---------- ---------
Net income $ .53 $ .42 $ 1.64 $ 1.47
=========== ========= ========== =========
Fully Diluted Earnings Per Share
Income from continuing operations $ 4,176 $ 3,099 $ 13,170 $ 10,551
Discontinued operation - 256 - 1,227
----------- --------- ---------- ---------
Net income $ 4,176 $ 3,355 $ 13,170 $ 11,778
=========== ========= ========== =========
Weighted average number of common
shares outstanding (000s) 7,776 7,830 7,840 7,790
Additional shares assuming conversion
of stock options 157 182 195 222
----------- --------- ---------- ---------
Weighted average number of common and
equivalent shares 7,933 8,012 8,035 8,012
=========== ========= ========== =========
Fully diluted earnings per common share:
Continuing operations $ .53 $ .39 $ 1.64 $ 1.32
Discontinued operation - .03 - .15
----------- --------- ---------- ---------
Net income $ .53 $ .42 $ 1.64 $ 1.47
=========== ========= ========== =========
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
THE CONSOLIDATED BALANCE SHEET AND STATEMENTS OF INCOME FOUND IN THE
COMPANY'S FORM 10-Q FOR THE YEAR-TO-DATE, AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> SEP-29-1996
<CASH> 12,040
<SECURITIES> 0
<RECEIVABLES> 38,917
<ALLOWANCES> 0
<INVENTORY> 33,051
<CURRENT-ASSETS> 87,849
<PP&E> 152,105
<DEPRECIATION> 107,201
<TOTAL-ASSETS> 156,257
<CURRENT-LIABILITIES> 32,778
<BONDS> 30,000
0
0
<COMMON> 40,900
<OTHER-SE> 44,154
<TOTAL-LIABILITY-AND-EQUITY> 156,257
<SALES> 186,289
<TOTAL-REVENUES> 186,289
<CGS> 129,842
<TOTAL-COSTS> 162,332
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 2,155
<INCOME-PRETAX> 21,802
<INCOME-TAX> 8,632
<INCOME-CONTINUING> 13,170
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 13,170
<EPS-PRIMARY> 1.64
<EPS-DILUTED> 1.64
</TABLE>
