<PAGE>
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 the quarterly period ended September 27, 1997
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES
EXCHANGE ACT OF 1934
Commission File Number 0-23070
AFC CABLE SYSTEMS, INC.
(Exact name of registrant as specified in its charter)
<TABLE>
<S> <C>
Delaware 95-1517994
(State or other jurisdiction of incorporation or organization) (I.R.S.Employer Identification No.)
50 Kennedy Plaza, Suite 1250, Providence, Rhode Island 02903
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (401) 453-2000
</TABLE>
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 of the Registrant's Common Stock outstanding as of
the latest practicable date:
<TABLE>
<CAPTION>
Class Outstanding as of November 10, 1997
----- -----------------------------------
<S> <C>
Common Stock, $.01 par value 11,385,308
</TABLE>
Page 1 of 13 pages
<PAGE>
PART I - FINANCIAL INFORMATION
AFC CABLE SYSTEMS, INC.
ITEM 1. FINANCIAL STATEMENTS
CONSOLIDATED BALANCE SHEETS
(In thousands, except share data)
<TABLE>
<CAPTION>
September 27, December 31,
1997 1996
------------- ------------
<S> <C> <C>
ASSETS
Current assets:
Cash and cash equivalents ................................. $ 1,046 $ 980
Investments, marketable securities (Note 5) ............... 38,291 30,508
Accounts receivable, net of allowance for doubtful accounts
and sales allowances of $3,207 and $3,140, respectively 32,417 23,919
Inventories:
Finished goods ......................................... 23,943 11,559
Work-in-process ........................................ 7,082 3,702
Raw materials .......................................... 7,287 5,665
--------- --------
38,312 20,926
Current deferred taxes .................................... 656 637
Other current assets ...................................... 1,223 1,121
--------- --------
Total current assets ...................................... 111,945 78,091
Property, plant and equipment, at cost ...................... 35,957 27,188
Less accumulated depreciation ............................... 12,638 9,482
--------- --------
Net property, plant and equipment ......................... 23,319 17,706
Other long-term assets ...................................... 11,178 2,126
--------- --------
Total assets ................................................ $ 146,442 $ 97,923
========= ========
</TABLE>
Note: The balance sheet at December 31, 1996 has been derived from the audited
financial statements at that date but does not include all of the information
and footnotes required by generally accepted accounting principles for complete
financial statements.
See accompanying notes.
2
<PAGE>
AFC CABLE SYSTEMS, INC.
CONSOLIDATED BALANCE SHEETS--Continued
(In thousands, except share data)
<TABLE>
<CAPTION>
September 27, December 31,
1997 1996
------------ ------------
<S> <C> <C>
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Current portion of long-term debt ......................... $ 229 $ 270
Revolving credit note payable ............................. 1,600 2,000
Accounts payable .......................................... 12,442 12,471
Accrued expenses:
Payroll and employee benefits .......................... 3,301 2,506
Other .................................................. 4,718 1,885
--------- ---------
Total accrued expenses 8,019 4,391
--------- ---------
Total current liabilities ................................... 22,290 19,132
Long-term debt .............................................. 3,883 3,300
Deferred income taxes ....................................... 1,564 1,547
Other long-term liabilities ................................. 1,727 954
Shareholders' equity:
Preferred stock, $.01 par value, 1,000,000 shares
authorized, none issued ................................ - -
Common stock, $.01 par value, 15,000,000 shares
authorized, 11,385,359 and 9,168,781 shares issued
and outstanding, respectively (Note 9) ................. 114 92
Paid-in capital ........................................... 78,495 48,011
Other ..................................................... 878 218
Treasury stock, 4,825 shares, at cost ..................... (82) (82)
Retained earnings (Note 9) ................................ 37,573 24,751
--------- ---------
116,978 72,990
--------- ---------
Total liabilities and shareholders' equity .................. $ 146,442 $ 97,923
========= =========
</TABLE>
Note: The balance sheet at December 31, 1996 has been derived from the audited
financial statements at that date but does not include all of the information
and footnotes required by generally accepted accounting principles for complete
financial statements.
See accompanying notes.
3
<PAGE>
AFC CABLE SYSTEMS, INC.
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except share data)
<TABLE>
<CAPTION>
Quarter ended
------------------------------
<S> <C> <C>
September 27, September 28,
1997 1996
------------ ------------
Net sales .................................................... $ 56,704 $ 41,559
Cost of goods sold ........................................... 40,152 29,714
---------- ---------
Gross profit ................................................. 16,552 11,845
Selling, general and administrative expenses ................. 8,871 6,586
---------- ---------
Income from operations ....................................... 7,681 5,259
Other income (expense):
Interest expense ............................................. (159) (204)
Net investment and other income .............................. 574 422
---------- ---------
Income before taxes .......................................... 8,096 5,477
Income taxes ................................................. 3,118 2,127
---------- ---------
Net income ................................................... $ 4,978 $ 3,350
========== =========
Earnings per common share (Note 9) ........................... $ .43 $ .36
========== =========
Average shares outstanding and
common stock equivalents (Note 9) .......................... 11,670,315 9,287,399
========== =========
</TABLE>
See accompanying notes.
4
<PAGE>
AFC CABLE SYSTEMS, INC.
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except share data)
<TABLE>
<CAPTION>
Nine months ended
-----------------------------
<S> <C> <C>
September 27, September 28,
1997 1996
------------ ------------
Net sales .................................................... $ 158,701 $ 117,662
Cost of goods sold ........................................... 113,277 86,880
---------- ----------
Gross profit ................................................. 45,424 30,782
Selling, general and administrative expenses ................. 25,418 19,193
---------- ----------
Income from operations ....................................... 20,006 11,589
Other income (expense):
Interest expense ............................................. (431) (633)
Net investment and other income .............................. 1,278 1,820
---------- ----------
Income before taxes .......................................... 20,853 12,776
Income taxes ................................................. 8,028 4,886
---------- ----------
Net income ................................................... $ 12,825 $ 7,890
========== ==========
Earnings per common share (Note 9) ........................... $ 1.19 $ .85
========== ==========
Average shares outstanding and
common stock equivalents (Note 9) .......................... 10,745,624 9,252,734
========== =========
</TABLE>
See accompanying notes.
5
<PAGE>
AFC CABLE SYSTEMS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
<TABLE>
<CAPTION>
Nine months ended
-----------------------------
<S> <C> <C>
September 27, September 28,
1997 1996
------------ ------------
OPERATING ACTIVITIES
Net income ................................................. $ 12,825 $ 7,890
Adjustments to reconcile net income to cash provided
by operating activities:
Depreciation .......................................... 2,232 1,667
Amortization of intangibles ........................... 185 200
Net realized (gain) loss on available-for-sale securities 9 (618)
Deferred income taxes ................................. (385) (536)
Provision for bad debts ............................... 116 154
Provision for sales allowances ........................ (289) (175)
Compensation expense for restricted stock
and compensatory options ......................... 68 205
Increase (decrease) in cash arising from changes
in assets and liabilities:
Accounts receivable .............................. (4,454) (5,346)
Inventories ...................................... (12,620) 1,093
Other current assets ............................. 3 76
Other long-term assets ........................... 253 (193)
Accounts payable ................................. (1,456) (1,584)
Accrued payroll and employee benefits ............ 604 808
Other accrued liabilities ........................ 1,991 1,848
Other long-term liabilities ...................... 773 (273)
---------- ---------
Net cash provided by (used in) operating activities ........ (145) 5,216
INVESTING ACTIVITIES
Acquisitions, including expenses, less cash acquired (Note 6) (14,029) -
Capital expenditures ....................................... (6,115) (4,714)
Purchase of available-for-sale securities .................. (29,083) (28,852)
Proceeds from sale of available-for-sale securities ........ 22,323 26,328
---------- ---------
Net cash used in investing activities ...................... (26,904) (7,238)
FINANCING ACTIVITIES
Net revolving line of credit repayments .................... (400) (925)
Proceeds from issuance of long-term debt ................... - 3,570
Payments on long-term debt, including current portion ...... (386) -
Proceeds from issuance of common stock (Note 8) ............ 27,901 248
---------- ---------
Net cash provided by financing activities .................. 27,115 2,893
---------- ---------
Net increase in cash and cash equivalents .................. 66 871
Cash and cash equivalents at beginning of period ........... 980 2,090
---------- ---------
Cash and cash equivalents at end of period ................. $ 1,046 $ 2,961
========== =========
Supplemental schedule of cash flow information:
Cash paid during the period for interest ................. $ 332 $ 566
========== =========
Cash paid during the period for income taxes ............. $ 7,265 $ 3,698
========== =========
</TABLE>
See accompanying notes
6
<PAGE>
AFC CABLE SYSTEMS, INC.
NOTES TO FINANCIAL STATEMENTS
September 27, 1997
NOTE 1. BASIS OF PRESENTATION
The accompanying unaudited financial statements of AFC Cable Systems, Inc.
(the "Company" or "AFC") have been prepared in accordance with generally
accepted accounting principles for interim financial information and with the
instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do
not include all of the information and footnotes required by generally accepted
accounting principles for complete financial statements. In the opinion of
management, all adjustments (consisting of normal recurring accruals) considered
necessary for a fair presentation have been included. Operating results for the
three and nine month periods ended September 27, 1997 are not necessarily
indicative of the results that may be expected for the year ended December 31,
1997. Certain prior year amounts have been reclassified to conform to current
period presentation. For further information, refer to the financial statements
and footnotes thereto included in the Company's annual report on Form 10-K for
the year ended December 31, 1996.
NOTE 2. INCOME TAXES
For the nine month periods ended September 27, 1997 and September 28, 1996,
the Company's effective tax rates of approximately 38.5% and 38.2%,
respectively, were greater than the statutory rate due primarily to state income
taxes.
NOTE 3. CONTINGENCIES
The Company is a defendant in certain claims that relate to matters that
occurred prior to present ownership. In accordance with the purchase and sale
agreement, the prior owner has indemnified the Company for such claims and,
accordingly, the matters are being defended by the prior owner and its insurance
companies. Management is of the opinion that these claims relate to the prior
owners and therefore will not have a material adverse effect on the Company's
financial position or results of operations.
Additionally, the Company is a party to one environmental matter and certain
other legal proceedings not covered by the indemnification. In the environmental
matter, a number of responsible parties entered into a consent decree with the
EPA in 1991 and subsequently, such parties as plaintiffs have sought
contribution from the Company, which was not named as a responsible party by the
EPA. The Company has admitted that a predecessor of the business currently
operated by the Company had disposed of a de minimis amount of waste at the
site. On December 17, 1996, the U.S. District Court for the district of
Massachusetts entered a judgment in favor of the Company with respect to this
claim. The time during which the Plaintiffs may file an appeal has not yet
lapsed.
NOTE 4. FINANCING
The Company has an unsecured revolving line of credit agreement with a bank
which provides for direct borrowings of up to $25.0 million, of which up to
$10.0 million is available, without the lender's prior consent, for business
acquisitions. The line of credit agreement also provides for letter of credit
borrowings of up to $3.0 million. A monthly fee based on the unused portion of
credit is payable under the agreement.
Borrowings under the line of credit are available at interest rates equal to
either the lender's base rate or the Eurodollar rate plus 0.5% for a fixed
period of one, two, three or six months. The Company has the option of electing
the applicable rate upon notification to the lender and as a result, portions of
the outstanding balance accrue interest at different rates. At September 27,
1997, the interest rate on the outstanding borrowings under the line of credit
was 8.5%. Total letters of credit issued at September 27, 1997 were $885,000.
The line of credit contains certain restrictive covenants, including the
requirement that the Company maintain minimum levels of tangible capital funds
and meet other specified ratio requirements.
7
<PAGE>
During 1996, the Company was loaned the proceeds from the issuance of $3.57
million in Industrial Revenue Bonds ("IRBs") by the Massachusetts Industrial
Finance Agency for the purpose of acquiring and refurbishing a 99,000
square-foot facility in New Bedford, Massachusetts, which secures the IRBs. The
IRBs mature on July 24, 2016, and carry an average interest rate of
approximately 3.7% adjustable on a weekly basis. In addition, an annual fee of
1.0% of the amount of an unsecured stand-by letter of credit is payable to the
bank holding the letter of credit and also acting as trustee under the terms of
the issuance of the IRBs. The Company has the right to convert from the weekly
interest rate to a fixed rate established at the time of conversion. The bonds
are payable in nineteen annual installments of $180,000 with a final payment of
$150,000 due at maturity, all funded through monthly payments of $15,000 to the
trustee over the twelve months preceding the installment due dates. At September
27, 1997, $3.2 million of the total was classified as long-term debt. The
carrying value of the bonds approximates market at September 27, 1997.
NOTE 5. INVESTMENTS
The following is a summary of securities held by the Company. All securities
are classified as available-for-sale.
<TABLE>
<CAPTION>
GROSS GROSS ESTIMATED
COST UNREALIZED GAINS UNREALIZED LOSSES FAIR VALUE
---------- ---------------- ----------------- ---------------
<S> <C> <C> <C> <C>
(IN THOUSANDS)
September 27, 1997
U.S. corporate debt
securities ................ $ 9,464 $ 354 $ (3) $ 9,815
U.S. Treasury securities
and obligations of U.S.
government agencies ....... 22,022 82 - 22,104
Equity securities ............ 5,687 776 (91) 6,372
--------- --------- --------- --------
Total investments,
marketable securities ..... $ 37,173 $ 1,212 $ (94) $ 38,291
========= ========= ========= ========
December 31, 1996
U.S. corporate debt
securities ................ $ 1,509 $ 92 $ - $ 1,601
U.S. Treasury securities
and obligations of U.S.
government agencies ....... 26,193 52 (6) 26,239
Equity securities ............ 2,576 168 (76) 2,668
--------- --------- --------- --------
Total investments,
marketable securities ..... $ 30,278 $ 312 $ (82) $ 30,508
========= ========= ========= ========
</TABLE>
U.S. corporate debt securities and U.S. Treasury securities generally mature
within the year and after one year. Expected maturities will differ from
contractual maturities because the issuers of the securities may have the right
to prepay obligations without prepayment penalties. Net realized losses included
in investment income amounted to $9,000 in the nine months ended September 27,
1997.
NOTE 6. ACQUISITIONS
On January 28, 1997, the Company acquired all of the outstanding stock of
Illinois-based B&B Electronics Manufacturing Company ("B&B"), a manufacturer and
distributor of electronic interfaces and connectors that facilitate data
communications. The purchase price consisted of $4.2 million in cash and 60,000
shares of the Company's Common Stock. On January 31, 1997, the Company acquired
certain assets and assumed certain liabilities of New Jersey-based Area Lighting
Research, Inc. ("ALR"), a designer, manufacturer and distributor of photo
controls and electrical devices for lighting control and fixture industries.
Assets acquired include inventories, accounts receivable, equipment, tooling,
patents and other intangible assets. The purchase price, funded from the
liquidation of marketable securities, was $7.7 million (plus $0.9 million of
assumed liabilities). In both instances, additional consideration will be paid
by the Company if certain financial targets are achieved by the acquired
companies.
8
<PAGE>
The acquisitions are accounted for as purchases, therefore, the income
statement of the Company reflects operations of B&B and ALR from the acquisition
date through September 27, 1997. Purchase price allocations are preliminary and
the resulting goodwill is being amortized over forty years.
The pro forma statements of income assuming the stock of B&B and the assets
and liabilities of ALR had been acquired at the beginning of 1997 and 1996 are
as follows:
<TABLE>
<CAPTION>
Nine months ended
--------------------------
<S> <C> <C>
Sept. 27, Sept. 28,
1997 1996
------------- ------------
Net Sales .................................... $ 160,492 $ 130,801
Income from operations ....................... 20,197 12,956
Net income ................................... 12,941 8,748
Earnings per common share (Note 9) ........... $ 1.20 $ .94
</TABLE>
The above pro forma information does not purport to represent what the
Company's results of operations would actually have been had the acquisitions of
B&B and ALR in fact occurred at the beginning of the periods indicated or to
project the Company's results for any future periods.
NOTE 7. EARNINGS PER SHARE
In February 1997, the Financial Accounting Standards Board issued Statement
No. 128, "Earnings Per Share" ("SFAS 128"), which is required to be adopted for
fiscal years ending after December 15, 1997. At that time, the Company will be
required to change the method currently used to compute earnings per share and
to restate all prior periods. Under SFAS 128, the dilutive effect of stock
options will be excluded in calculating basic earnings per share. There is no
material impact on earnings per share for the nine months ended September 27,
1997 and September 28, 1996 from the adoption of SFAS 128.
NOTE 8. STOCK OFFERING
On April 23, 1997, the Company completed the issuance of 1,250,000 shares of
common stock at a price of $19.25 per share. As part of this offering, the
Company granted the underwriters an option to purchase a maximum of 300,000
additional shares to cover over-allotments, which was exercised in full on April
29, 1997.
NOTE 9. COMMON STOCK SPLIT
On September 16, 1997, the Board of Directors declared a five-for-four split
of the Company's common stock effective in the form of a 25% stock dividend to
shareholders of record on October 6, 1997, which was distributed on October 20,
1997. The effect of the split is presented retroactively within stockholders'
equity at September 27, 1997 and December 31, 1996 by transferring the par value
of the additional shares issued from the retained earnings account to the common
stock account. All share and per share amounts for the periods ended September
27, 1997 and September 28, 1996 have been restated to reflect the effect of the
stock split.
9
<PAGE>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
Comparative Results of Operations for the Three and Nine Months
Ended September 27, 1997 and September 28, 1996
This report contains certain forward-looking statements within the meaning
of section 21E of the Securities Exchange Act of 1934, as amended. These
statements include, among others, statements relating to future events or the
future financial performance of the Company. Such statements are only
expectations and actual events or results may differ materially. Factors which
could cause actual results to differ materially from those indicated in such
forward-looking statements are set forth in "Factors That May Affect Future
Performance" in the Company's Annual Report on Form 10-K for the year 1996.
RESULTS OF OPERATIONS
NET SALES. Net sales for the quarter ended September 27, 1997 increased
$15.1 million, or 36.4% to a record $56.7 million from $41.6 million for the
quarter ended September 28, 1996. Net sales for the nine months ended September
27, 1997 increased $41.0 million, or 34.9%, to $158.7 million from $117.7
million for the nine months ended September 28, 1996. Net sales for the Wire and
Cable Division increased $7.7 million, or 20.9%, to $44.8 million for the
quarter ended September 27, 1997 from $37.1 million for the quarter ended
September 28, 1996. For the nine months ended September 27, 1997, net sales for
the Wire and Cable Division increased $22.3 million, or 21.3%, to $126.8 million
from $104.5 million for the nine months ended September 28, 1996. These
increases in net sales are mainly attributable to continued higher sales of the
Company's traditional armored cable products as well as increased sales of the
Company's higher margin specialty application cables. In addition, net sales of
this division's specialty coated metals products further improved over sales of
these products in the prior year. Net sales for the America Cable Systems
Division increased $0.3 million, or 7.5%, to $4.6 million for the quarter ended
September 27, 1997 from $4.3 million for the quarter ended September 28, 1996.
This division's net sales for the nine months ended September 27, 1997 increased
$0.6 million, or 4.7%, to $13.1 million from $12.5 million for the nine months
ended September 28, 1996. Net sales for businesses acquired in 1997 accounted
for $7.1 million, or 17.0%, and $18.2 million, or 15.4%, of the increases in net
sales for the quarter and nine months ended September 27, 1997, respectively.
GROSS PROFIT. Gross profit for the quarter ended September 27, 1997
increased $4.8 million, or 39.7%, to $16.6 million from $11.8 million for the
quarter ended September 28, 1996. Gross profit for the nine months ended
September 27, 1997 increased $14.6 million, or 47.6%, to $45.4 million from
$30.8 million for the nine months ended September 28, 1996. Gross margin
increased to 29.2% for the quarter ended September 27, 1997 from 28.5% for the
quarter ended September 28, 1996. Gross margin for the nine months ended
September 27, 1997 increased to 28.6% from 26.2% for the nine months ended
September 28, 1996. These increases are attributable to (i) decreased cost of
raw materials through better purchasing practices and more efficient
manufacturing processes resulting in better yields on materials (ii) increased
sales of higher margin specialty application products and (iii) efficiencies
arising from producing at near capacity.
INCOME FROM OPERATIONS. Income from operations for the quarter ended
September 27, 1997 increased $2.4 million, or 46.1%, to $7.7 million from $5.3
million for the quarter ended September 28, 1996. Income from operations for the
nine months ended September 27, 1997 increased $8.4 million, or 72.6%, to $20.0
million from $11.6 million for the nine months ended September 28, 1996. Income
from operations as a percentage of net sales increased to 13.5% for the quarter
ended September 27, 1997 from 12.7% for the quarter ended September 28, 1996.
For the nine months ended September 27, 1997 income from operations as a
percentage of net sales increased to 12.6% from 9.8% for the nine months ended
September 28, 1996. These increases are attributable to improved gross margins
combined with a 0.3% decrease in selling, general and administrative expenses as
a percent of net sales for the nine months ended September 27, 1997 compared to
the nine months ended September 28, 1996.
10
<PAGE>
NET INCOME. Net income for the quarter ended September 27, 1997 increased
$1.6 million, or 48.6%, to $5.0 million from $3.4 million for the quarter ended
September 28, 1996. Net income for the nine months ended September 27, 1997
increased $4.9 million, or 62.5%, to $12.8 million from $7.9 million for the
nine months ended September 28, 1996. Net income as a percentage of net sales
increased to 8.8% for the quarter ended September 27, 1997 from 8.1% for the
quarter ended September 28, 1996. For the nine months ended September 27, 1997
net income as a percentage of net sales increased to 8.1% from 6.7% for the nine
months ended September 28, 1996. These increases were primarily due to (i)
increased income from operations and (ii) decreased interest expense partially
offset by decreased investment income for the nine months ended September 27,
1997.
LIQUIDITY AND CAPITAL RESOURCES
Cash used in operations totaled $145,000 for the nine month period ended
September 27, 1997. Increased accounts receivable and inventories, each
resulting from the much higher level of business, were substantially offset by
higher profitability. Working capital on September 27, 1997 was $89.7 million
and the ratio of current assets to current liabilities was 5.0 to 1.0.
The Company believes that funds generated from operations, proceeds from the
April 23, 1997 sale of common stock described in Note 8 to the financial
statements and available borrowings under its revolving line of credit will be
sufficient to meet its on-going working capital and capital expenditure
requirements for the foreseeable future.
11
<PAGE>
PART II - OTHER INFORMATION
AFC CABLE SYSTEMS, INC.
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits
None
(b) No Reports on Form 8-K were filed during the quarter ended September 27,
1997.
12
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Act of 1934, the Registrant
has duly caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.
Date: November 10, 1997
AFC CABLE SYSTEMS, INC.
By:/s/Ralph R. Papitto
---------------------------
Ralph R. Papitto
Chairman of the Board and
Chief Executive Officer
By:/s/Raymond H. Keller
---------------------------
Raymond H. Keller
Vice President and
Chief Financial Officer
13
<TABLE> <S> <C>
<ARTICLE> 5
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> SEP-27-1997
<CASH> 1,046
<SECURITIES> 38,291
<RECEIVABLES> 35,624
<ALLOWANCES> 3,207
<INVENTORY> 38,312
<CURRENT-ASSETS> 111,945
<PP&E> 35,957
<DEPRECIATION> 12,638
<TOTAL-ASSETS> 146,442
<CURRENT-LIABILITIES> 22,290
<BONDS> 0
0
0
<COMMON> 114
<OTHER-SE> 116,864
<TOTAL-LIABILITY-AND-EQUITY> 146,442
<SALES> 158,701
<TOTAL-REVENUES> 158,701
<CGS> 113,277
<TOTAL-COSTS> 113,277
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 116
<INTEREST-EXPENSE> 431
<INCOME-PRETAX> 20,853
<INCOME-TAX> 8,028
<INCOME-CONTINUING> 12,825
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 12,825
<EPS-PRIMARY> 1.19
<EPS-DILUTED> 0
</TABLE>
