<PAGE>
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
--------------
FORM 10-Q
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(MARK ONE)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
FOR THE QUARTERLY PERIOD ENDED JULY 31, 1997
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 NO. 0-23442
CAMERON ASHLEY BUILDING PRODUCTS, INC.
------------------------------------------------------
(Exact name of registrant as specified in its charter)
GEORGIA 58-1984957
------------------------------- ----------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification Number)
11651 PLANO ROAD, DALLAS TX 75243
----------------------------------------
(Address of principal executive offices)
(Zip Code)
214-860-5100
------------
(Registrant's telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days.
Yes X No
--------- ---------
The number of shares of Registrant's Common Stock outstanding at
September 8, 1997 was 9,272,285.
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<PAGE>
CAMERON ASHLEY BUILDING PRODUCTS, INC.
INDEX
PART I. FINANCIAL INFORMATION PAGE NO.
Item 1. Consolidated Condensed Financial Statements
Consolidated Condensed Balance Sheets as of July 31,
1997 and October 31, 1996 3
Consolidated Condensed Statements of Income for the three
months and the nine months ended July 31, 1997 and 1996 4
Consolidated Condensed Statements of Stockholders' Equity
for the nine months ended July 31, 1997 5
Consolidated Condensed Statements of Cash Flows for the
nine months ended July 31, 1997 and 1996 6
Notes to Consolidated Condensed Financial Statements 7-8
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations 9-11
Item 3. Quantitative and Qualitative Disclosures About Market
Risk 11
PART II. OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K 12
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<PAGE>
PART I. FINANCIAL INFORMATION
ITEM 1. CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
CAMERON ASHLEY BUILDING PRODUCTS, INC.
CONSOLIDATED CONDENSED BALANCE SHEETS
(UNAUDITED)
(IN THOUSANDS)
July 31, October 31,
1997 1996
-------- ----------
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 6,898 $ 5,078
Accounts and notes receivable, net 123,066 92,932
Inventories 98,813 64,644
Prepaid expenses and other assets 4,355 1,223
Deferred income taxes 1,732 1,141
-------- --------
Total current assets 234,864 165,018
PROPERTY, PLANT AND EQUIPMENT, NET 39,910 31,219
INTANGIBLES, NET 24,631 22,538
OTHER ASSETS 1,120 895
-------- --------
TOTAL $300,525 $219,670
-------- --------
-------- --------
LIABILITIES & STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable $ 66,854 $ 54,839
Accrued expenses 21,110 14,956
Warehouse line of credit 6,993 -
Current maturities of debt and notes payable 958 790
-------- --------
Total current liabilities 95,915 70,585
LONG-TERM DEBT, LESS CURRENT MATURITIES 96,734 52,078
DEFERRED INCOME TAXES 1,444 1,398
-------- --------
Total liabilities 194,093 124,061
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY:
Preferred stock; authorized 100,000 shares, no shares
issued and outstanding
Common stock; no par value; authorized 20,000,000 shares;
9,693,610 shares issued at July 31, 1997
9,477,480 shares issued at October 31, 1996 62,115 60,641
Retained earnings 48,631 39,143
Treasury stock, at cost, 440,521 shares at July 31,
1997, 431,974 shares at October 31, 1996 (4,296) (4,175)
Foreign currency translation (18) -
-------- --------
Total stockholders' equity 106,432 95,609
-------- --------
TOTAL $300,525 $219,670
-------- --------
-------- --------
See notes to consolidated condensed financial statements.
-3-
<PAGE>
CAMERON ASHLEY BUILDING PRODUCTS, INC.
CONSOLIDATED CONDENSED STATEMENTS OF INCOME
(UNAUDITED)
(IN THOUSANDS EXCEPT PER SHARE AMOUNTS)
<TABLE>
Three Months Ended Nine Months Ended
--------------------- ---------------------
July 31, July 31, July 31, July 31,
1997 1996 1997 1996
--------------------- ---------------------
<S> <C> <C> <C> <C>
NET SALES $219,118 $163,852 $535,543 $418,978
COST OF SALES 176,278 131,676 429,724 337,064
-------- -------- -------- --------
GROSS PROFIT 42,840 32,176 105,819 81,914
OPERATING EXPENSES 32,932 24,181 86,368 66,705
-------- -------- -------- --------
INCOME FROM OPERATIONS 9,908 7,995 19,451 15,209
OTHER (INCOME) EXPENSE (127) 9 (277) (31)
INTEREST EXPENSE 1,618 1,009 4,184 2,576
-------- -------- -------- --------
INCOME BEFORE INCOME TAXES 8,417 6,977 15,544 12,664
PROVISION FOR INCOME TAXES 3,359 2,811 6,056 4,877
-------- -------- -------- --------
INCOME BEFORE EXTRAORDINARY CHARGE $ 5,058 $ 4,166 $ 9,488 $ 7,787
EXTRAORDINARY CHARGE - EARLY
EXTINGUISHMENT OF DEBT, NET OF
INCOME TAX 0 0 0 245
-------- -------- -------- --------
NET INCOME $ 5,058 $ 4,166 $ 9,488 $ 7,542
-------- -------- -------- --------
-------- -------- -------- --------
INCOME PER SHARE BEFORE
EXTRAORDINARY CHARGE $ 0.54 $ 0.45 $ 1.01 $ 0.85
-------- -------- -------- --------
-------- -------- -------- --------
NET INCOME PER SHARE AFTER
EXTRAORDINARY CHARGE $ 0.54 $ 0.45 $ 1.01 $ 0.82
-------- -------- -------- --------
-------- -------- -------- --------
WEIGHTED AVERAGE SHARES
OUTSTANDING 9,427 9,255 9,404 9,163
-------- -------- -------- --------
-------- -------- -------- --------
</TABLE>
See notes to consolidated condensed financial statements.
-4-
<PAGE>
CAMERON ASHLEY BUILDING PRODUCTS, INC.
CONSOLIDATED CONDENSED STATEMENTS OF STOCKHOLDERS' EQUITY
(UNAUDITED)
(IN THOUSANDS)
<TABLE>
COMMON STOCK FOREIGN
---------------- RETAINED TREASURY CURRENCY
SHARES VALUE EARNINGS STOCK TRANSLATION TOTAL
------ ----- -------- -------- ----------- -----
<S> <C> <C> <C> <C> <C> <C>
BALANCE AS OF OCTOBER 31, 1996 9,477 $60,641 $39,143 $(4,175) - $ 95,609
Proceeds from exercise of stock options,
including tax benefits of $988,000 207 1,366 - - - 1,366
Proceeds from employee stock purchase plan 10 108 - - - 108
Purchase of 8,547 shares of treasury stock - - - (121) - (121)
Foreign currency translation (18) (18)
Net income - - 9,488 - - 9,488
------ ------- ------- ------- ------ --------
BALANCE AS OF JULY 31, 1997 9,694 $62,115 $48,631 $(4,296) ($18) $106,432
------ ------- ------- ------- ------ --------
------ ------- ------- ------- ------ --------
</TABLE>
See notes to consolidated condensed financial statements
-5-
<PAGE>
CAMERON ASHLEY BUILDING PRODUCTS, INC.
CONSOLIDATED CONDENSED STATEMENT OF CASH FLOWS
(UNAUDITED)
(IN THOUSANDS)
<TABLE>
Nine months ended
-----------------------
July 31, July 31,
1997 1996
-----------------------
<S> <C> <C>
OPERATING ACTIVITIES:
Net income $ 9,488 $ 7,542
Adjustments to reconcile net income to cash provided by
operating activities:
Depreciation and amortization 5,471 4,312
Loss (gain) on sale of property, plant and equipment (54) (38)
Deferred income taxes (587) -
Changes in operating assets and liabilities, net of
acquisitions:
Accounts and Notes Receivable (11,336) 3,473
Inventories (17,557) (10,043)
Prepaid and deferred expenses (2,705) (96)
Accounts payable and accrued expenses 3,627 5,887
Borrowings on warehouse line of credit 6,993 -
Other assets/liabilities 1,533 (700)
-------- --------
Net cash provided by operating activities (5,127) 10,337
INVESTING ACTIVITIES:
Acquisitions (26,660) (24,317)
Seller financing of acquired businesses - 500
-------- --------
Cash paid at closing for acquisitions (26,660) (23,817)
Purchases of property, plant and equipment, net (8,758) (5,374)
Other (33) (7)
-------- --------
Net cash used in investing activities (35,451) (29,198)
FINANCING ACTIVITIES:
Net Borrowings under revolving credit note 41,880 -
Borrowings under Senior Debt - 50,000
Issuance costs paid on Senior Debt and notes payable (182) (751)
Repayments of seller financing of acquired business (389) (2,431)
Proceeds from employee stock purchase plan 108 86
Exercise of stock options 1,366 1,736
Purchase of treasury stock (121) (1,292)
Repayment of long term debt - (30,067)
Other (264) (168)
-------- --------
Net cash provided by financing activities 42,398 17,113
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS 1,820 (1,748)
CASH AND CASH EQUIVALENTS,
BEGINNING OF PERIOD 5,078 3,494
-------- --------
END OF PERIOD $ 6,898 $ 1,746
-------- --------
-------- --------
SUPPLEMENTAL DISCLOSURE OF CASH
FLOW INFORMATION:
Cash paid for interest $ 2,917 $ 1,728
-------- --------
-------- --------
Cash paid for income taxes $ 3,162 $ 4,331
-------- --------
-------- --------
</TABLE>
See notes to consolidated condensed financial statements.
-6-
<PAGE>
CAMERON ASHLEY BUILDING PRODUCTS, INC.
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
JULY 31, 1997
1. INTERIM FINANCIAL STATEMENTS
The accompanying consolidated condensed financial statements of Cameron
Ashley Building Products, Inc. and its subsidiaries (the "Company") have not
been audited, however, the balance sheet at October 31, 1996 has been derived
from the Company's audited financial statements. In the opinion of the
Company's management, the financial statements reflect all adjustments
necessary to present fairly the results of operations for the three-month and
nine-month periods ended July 31, 1997 and 1996, the Company's financial
position at July 31, 1997 and October 31, 1996, and the cash flows for the
nine-month periods ended July 31, 1997 and 1996. These adjustments are of a
normal recurring nature.
FOREIGN CURRENCY TRANSLATION in stockholders' equity reflects the unrealized
adjustment resulting from translating the financial statements of foreign
subsidiaries. The functional currency of the Company's foreign subsidiaries
is the local currency of the country. Accordingly, assets and liabilities of
the foreign subsidiaries are translated to U.S. dollars at quarter-end
exchange rates. Income and expense items are translated at the average rates
prevailing during the year. Changes in exchange rates which affect cash
flows and the related receivables or payables are recognized as transaction
gains and losses in the determination of net income.
Certain notes and other information have been condensed in or omitted from
the interim financial statements presented in the Quarterly Report on Form
10-Q. Therefore, these financial statements should be read in conjunction
with the Company's 1996 Annual Report on Form 10-K.
The operating results for the third quarter and for the nine-month period
ended July 31, 1997 are not necessarily indicative of the results that may be
expected for the entire year.
2. NET INCOME PER COMMON AND COMMON EQUIVALENT SHARE
Net income per share is computed by dividing net income by the weighted
average shares outstanding. Weighted average shares include the actual
shares outstanding and the net additional shares which would be issuable upon
the exercise of stock options, assuming that the Company used the proceeds
(including related income tax benefits) to purchase additional shares at the
average market price during the interim periods of 1997 and 1996. Only the
primary method has been presented, since the number of shares derived under
this method is not significantly different from the fully-diluted method.
3. LONG-TERM DEBT
Long-term debt consists of the following at July 31, 1997: (In thousands)
Senior Debt:
Unsecured Senior Notes with maturities and interest rates as
follows:
$10,000,000 due April 15, 2001 bearing interest at 6.79%
$15,000,000 due April 15, 2002 bearing interest at 6.79%
$10,000,000 due April 15, 2003 bearing interest at 7.21%
$15,000,000 due April 15, 2006 bearing interest at 7.61% $50,000
Interest is due semi-annually, with an average interest rate
of 7 1/8%.
NationsBank of Texas, N.A. (as lead agent):
Revolving credit note due January 15, 2002; unsecured;
interest is due quarterly at the LIBOR rate plus 0.50%
to 1.0%, or at a base rate (defined in the agreement as prime)
At July 31, 1997, the average interest rate on advances was 6.7% 45,229
BankOne Texas, N.A.
Revolving credit note due within one year from the date of any
borrowings, secured by consumer notes held by CAFS, interest due
monthly at base rate (defined in the agreement as prime rate)
less 1.375%, currently at 7.125% 6,993
-7-
<PAGE>
Seller Financing of Acquired Businesses:
Various terms, interest rates ranging from 7% to 9% 1,814
Other, including capital leases 649
--------
104,685
Less Current Maturities (7,951)
--------
Long-term Debt $ 96,734
--------
--------
In December 1996, the Company entered into a warehouse line of credit of
$20 million with BankOne, Texas, N.A. The financing agreement provides for
advances secured by consumer notes, to fund home improvement loans for
products sourced by Cameron Ashley branches.
In January 1997, the Company amended the credit facility with
NationsBank and other banks (collectively referred to as "NationsBank"). The
financing agreement with NationsBank covers a revolving line of credit up to
$80 million U.S. dollars and $25 million Canadian dollars. The financing
agreement requires compliance with certain financial ratios and covenants.
The obligations of the Company to NationsBank are unsecured.
NOTE 4. ACQUISITIONS - COMPLETED AND PENDING
On May 5, 1997, the Company acquired all of the issued and outstanding
stock of Bois Daigle, Ltee. (Daigle Lumber Ltd.), a subsidiary of
Simard-Beaudry Inc. which is headquartered in Montreal, Quebec, Canada. The
operations include 7 locations in Quebec and Eastern Canada. The purchase
price was $5,000,000 plus assumption of debt of $12,300,000. The purchase
price is subject to certain post-closing adjustments and was funded by the
NationsBank revolving credit note.
On June 20, 1997, the Company acquired certain assets of DMG Supply, a
siding distributor with locations in Greer, Rockhill, and Anderson, South
Carolina for a purchase price of $378,000. The purchase price is subject to
certain post-closing adjustments and was funded by the NationsBank revolving
credit note.
On August 22, 1997, the Company acquired certain assets of Vinyl
Wholesale Supply located in Greensboro, North Carolina for a purchase price
of $543,000. The purchase price is subject to certain post closing
adjustments and was funded by the NationsBank revolving credit note.
-8-
<PAGE>
ITEM 2. MANAGEMENT DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
The following table sets forth items from Cameron Ashley Building Products,
Inc.'s Consolidated Condensed Statements of Income as percentages of net
sales. All percentages are before the one-time extraordinary charge.
<TABLE>
(In thousands except per share amounts)
Three Months Ended Nine Months Ended
------------------- -------------------
July 31, July 31, July 31, July 31,
1997 1996 1997 1996
-------- -------- -------- --------
<S> <C> <C> <C> <C>
Net Sales 100.0% 100.0% 100.0% 100.0%
Cost of Sales 80.4 80.4 80.2 80.4
----- ----- ----- -----
Gross Profit 19.6 19.6 19.8 19.6
Operating Expenses 15.1 14.8 16.2 16.0
----- ----- ----- -----
Income from Operations 4.5 4.8 3.6 3.6
Other (Income) Expense (0.1) 0.0 (0.1) 0.0
Interest Expense 0.8 0.6 0.8 0.6
----- ----- ----- -----
Income Before Income Taxes 3.8 4.2 2.9 3.0
Provision for Income Taxes 1.5 1.7 1.1 1.1
----- ----- ----- -----
Income before extraordinary charge in 1996 2.3% 2.5% 1.8% 1.9%
----- ----- ----- -----
----- ----- ----- -----
</TABLE>
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RESULTS OF OPERATIONS
THIRD QUARTER ENDED JULY 31, 1997 COMPARED TO THIRD QUARTER ENDED JULY 31, 1996
Net sales increased 33.7% from $163.9 million in the three months ended July
31, 1996 to $219.1 million in the three months ended July 31, 1997, an
increase of $55.2 million. Same branch sales for the third quarter increased
0.9% or $1.5 million, the remaining $53.7 million in additional sales was
contributed from acquisitions and new branch openings.
Gross profit for the third quarter increased $10.7 million or 33.1% on higher
sales, and remained unchanged as a percentage of net sales at 19.6%.
Operating expenses increased 36.0% from $24.2 million in the 1996 period to
$32.9 million in the 1997 period and increased as a percentage of net sales
from 14.8% to 15.1%. Operating expenses include both branch operations
expenses as well as corporate overhead costs and increased primarily as a
result of acquisitions and new branch openings. As a percentage of sales,
the increase is primarily due to sales mix, overhead and delivery costs.
Income from operations increased 23.8% from $8.0 million in the 1996 period
to $9.9 million in the 1997 period, and decreased as a percentage of net
sales from 4.8% to 4.5%.
As a result of the above factors and an increase in interest expense of $0.6
million, income before income taxes increased 20.0% from $7.0 million in the
1996 period to $8.4 million in the 1997 period. Net income increased 21.4%
from $4.2 million in the 1996 period to $5.1 million in the 1997 period. Net
income as a percentage of net sales decreased from 2.5% in the 1996 period to
2.3%
-9-
<PAGE>
in the 1997 period. Earnings per share before the extraordinary charge
increased $.09 per share to $.54 per share on 9,427,000 weighted average
shares outstanding.
NINE MONTHS ENDED JULY 31, 1997 COMPARED TO NINE MONTHS ENDED JULY 31, 1996
Net sales increased 27.8% from $419.0 million in the nine months ended July 31,
1996, to $535.5 million in the nine months ended July 31, 1997, an increase of
$116.5 million. Acquisitions and new branches contributed additional sales for
the nine month period ended July 31, 1997 of $112.5; while same branch sales
for the period increased $4.0 million or 1.0%. This sales growth continues to
reflect the benefits of acquisitions and the introduction of new product lines
to acquired locations.
Gross profit for the nine month period increased $23.9 million or 29.2% on
higher sales, and as a percentage of net sales increased from 19.6% in the 1996
period to 19.8% in the 1997 period. The increase in gross profit resulted from
an improved selling margin and greater purchasing power from the Company's
larger operating base.
Operating expenses increased 29.5% from $66.7 million in the 1996 period to
$86.4 million in the 1997 period, and increased as a percentage of net sales
from 16.0% to 16.2%. The dollar increase in operating expenses resulted
primarily from acquisitions and new branches. As a percentage of sales, the
increase was due to higher operating costs in the second and third quarter
associated with sales mix, overhead and delivery costs.
Income from operations increased 28.3% from $15.2 million in the 1996 period to
$19.5 million in the 1997 period and remained unchanged as a percentage of net
sales at 3.6%.
As a result of the above factors, income before income taxes increased 22.0%
from $12.7 million in the 1996 period to $15.5 million in the 1997 period.
Income before the extraordinary charge in 1996 increased 21.8% from $7.8
million in the 1996 period to $9.5 million in the 1997 period, and income
before the extraordinary charge in 1996 as a percentage of net sales
decreased from 1.9% to 1.8% during the nine month period. Earnings per share
before the extraordinary charge in 1996 increased $.16 per share from $.85
per share in the 1996 period to $1.01 per share in the 1997 period on 2.6%
more weighted average shares outstanding.
EFFECTS OF INFLATION
Management does not believe that inflation has had a material impact on results
of operations for the periods presented. Substantial increases in costs,
however, could have a significant impact on the Company and the industry.
Management believes that, to the extent inflation affects its costs in the
future, the Company can generally offset inflation by increasing prices if
competitive conditions permit.
LIQUIDITY AND CAPITAL RESOURCES
The Company's primary needs for capital resources are to finance acquisitions,
inventories, accounts receivable, and capital expenditures. Borrowings for
working capital typically increase during periods of sales expansion when
higher levels of inventory and receivables are needed and decrease as
inventories and receivables are converted to cash which is then used to pay
down debt. The Company had $96.7 million of long-term debt, less current
maturities, outstanding as of July 31, 1997, consisting of the facilities
described in the Company's 1996 Annual Report on Form 10-K and in the notes to
the accompanying interim financial statements.
Net cash used in operating activities was $5.1 million for the nine months
ended July 31, 1997 compared to net cash generated from operations of $10.3
million for nine months ended July 31, 1996. This change is primarily due to
increases in inventories and receivables in the second and third quarter of
1997.
Capital expenditures were $8.8 million and $5.4 million for the nine months
ended July 31, 1997 and 1996, respectively. The increase was attributable to
acquisitions or acquiring equipment, primarily trucks, previously financed
under operating leases.
-10-
<PAGE>
Management believes that funds generated from operations, working capital and
funds available from bank lines of credit will be sufficient to meet the needs
of the Company's current operations for the next 12 months.
SEASONALITY
The Company's first and, to a lesser extent, its second quarter, are typically
adversely affected by winter construction cycles and weather patterns as the
level of activity in both the home improvement and new construction markets
decreases. Management closely monitors operating expenses and inventory levels
during seasonal periods and, to the extent possible, controls variable
operating costs.
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
The Company does not have any material exposure to market risk associated with
activities in derivative financial instruments, other financial instruments and
derivative commodity instruments.
-11-
<PAGE>
CAMERON ASHLEY BUILDING PRODUCTS, INC.
PART II. OTHER INFORMATION
ITEM 6. Exhibits and Reports on Form 8-K
(a) Exhibits
Exhibits required to be filed with this Report on Form 10-Q are listed on
the Exhibit Index following the signature page hereof.
(b) Reports on Form 8-K
During the quarter ended July 31, 1997, the Registrant did not file any
reports on Form 8-K.
-12-
<PAGE>
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.
CAMERON ASHLEY BUILDING PRODUCTS, INC.
(Registrant)
Date: September 15, 1997 /s/ F. Dixon McElwee
--------------------------------------
F. Dixon McElwee
Vice President/Chief Financial Officer
-13-
<PAGE>
CAMERON ASHLEY BUILDING PRODUCTS, INC.
EXHIBIT INDEX
EXHIBITS
- --------
11 Computation of Earnings per Share
27 Financial Data Schedule
-14-
<PAGE>
EXHIBIT 11
CAMERON ASHLEY BUILDING PRODUCTS, INC.
COMPUTATION OF EARNINGS PER SHARE
(THOUSANDS)
<TABLE>
Three Months Ended Nine Months Ended
----------------------- ----------------------
July 31, July 31, July 31, July 31,
1997 1996 1997 1996
----------------------- ----------------------
<S> <C> <C> <C> <C>
Average common stock outstanding 9,248 8,998 9,183 8,857
Average options outstanding 1,085 831 1,076 1,013
Effects of treasury stock method
(based on exercise proceeds and tax benefits) (906) (574) (855) (707)
------ ------ ------ ------
Weighted average common shares outstanding 9,427 9,255 9,404 9,163
------ ------ ------ ------
------ ------ ------ ------
Income before extraordinary charge $5,058 $4,166 $9,488 $7,787
------ ------ ------ ------
------ ------ ------ ------
Net income $5,058 $4,166 $9,488 $7,542
------ ------ ------ ------
------ ------ ------ ------
Income per share before extraordinary charge $ .54 $ .45 $ 1.01 $ .85
------ ------ ------ ------
------ ------ ------ ------
Net income per share after extraordinary charge $ .54 $ .45 $ 1.01 $ .82
------ ------ ------ ------
------ ------ ------ ------
</TABLE>
- -------------------
The fully diluted computation of earnings per share is not presented since
fully diluted earnings per share and primary earnings per share do not differ
by more than 3%.
-15-
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<MULTIPLIER> 1,000
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-START> MAY-01-1997
<PERIOD-END> JUL-31-1997
<EXCHANGE-RATE> 1
<CASH> 6,898
<SECURITIES> 0
<RECEIVABLES> 126,495
<ALLOWANCES> 3,429
<INVENTORY> 98,813
<CURRENT-ASSETS> 234,864
<PP&E> 59,184
<DEPRECIATION> 19,274
<TOTAL-ASSETS> 300,525
<CURRENT-LIABILITIES> 95,915
<BONDS> 0
0
0
<COMMON> 62,115
<OTHER-SE> 44,317
<TOTAL-LIABILITY-AND-EQUITY> 300,525
<SALES> 535,543
<TOTAL-REVENUES> 535,543
<CGS> 429,724
<TOTAL-COSTS> 84,535
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 1,833
<INTEREST-EXPENSE> 4,184
<INCOME-PRETAX> 15,544
<INCOME-TAX> 6,056
<INCOME-CONTINUING> 9,488
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 9,488
<EPS-PRIMARY> 1.01
<EPS-DILUTED> 1.01
</TABLE>
