Exhibit 99.1
NEWS BULLETIN
FROM:
DT INDUSTRIES, INC.
[Graphic omitted]
1949 East Sunshine
Suite 2-300
Springfield MO 65804
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FOR FURTHER INFORMATION:
At the company:
Wayne W. Schultz
Senior Vice President - Finance
(417) 890-0102
FOR IMMEDIATE RELEASE
Monday, October 16, 2000
DT INDUSTRIES ANNOUNCES FOURTH QUARTER AND FISCAL 2000 FINANCIAL RESULTS,
ISSUES RESTATED FINANCIAL STATEMENTS, AMENDS CREDIT AGREEMENT
SPRINGFIELD, Mo., October 16, 2000 -- DT Industries, Inc. (NASDAQ: DTIIE)
announced the filing of its Annual Report on Form 10-K for the year ended June
25, 2000. It contains restated financial data for the first three quarters of
fiscal 2000 and for fiscal years 1999, 1998 and 1997 as a result of accounting
irregularities at its Kalish and Sencorp subsidiaries. At Kalish, consolidated
results for fiscal years 1997 through 2000 were impacted. At Sencorp, only
consolidated results for fiscal year 2000 were impacted. The company also
announced that it will file with the Securities and Exchange Commission amended
quarterly reports on Form 10-Q for the first three quarters of fiscal 2000 and
an amended annual report on Form 10-K for fiscal 1999 as soon as practicable.
Restated Financial Statements
The company announced restatements of earnings for the first three quarters
of fiscal 2000 that lowered, in the aggregate, previously reported gross profit
and operating income by $8.2 million, net income by $5.2 million and diluted
earnings per share by $0.52. The restatements resulted in decreases in the
following financial statement components from amounts shown in previously
reported financial statements for fiscal 1999, 1998 and 1997 as follows (all
amounts are in millions, except per share data):
<TABLE>
<CAPTION>
1999 1998 1997
Decrease As Restated Decrease As Restated Decrease As Restated
------------- ------------- ------------ ------------ ---------- -----------
<S> <C> <C> <C> <C> <C> <C>
Gross Profit $ 4.0 $ 89.6 $ 7.4 $ 131.8 $ 2.1 $ 109.0
Operating Income $ 4.0 $ 6.3 $ 7.4 $ 55.2 $ 2.1 $ 54.6
Net Income (Loss) $ 3.4 $ (5.1) $ 4.0 $ 25.7 $ 1.6 $ 24.4
Diluted Earnings (loss) per Common $ 0.34 $ (0.51) $ 0.30 $ 2.10 $ 0.15 $ 2.23
Share
</TABLE>
The attached tables reflect the company's consolidated balance sheet and
consolidated statement of operations as of and for fiscal year 2000, restated
consolidated balance sheet and consolidated statement of operations as of and
for fiscal years 1999, 1998 and 1997, and certain restated quarterly information
for fiscal 2000, 1999, 1998 and 1997.
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<PAGE>
Wayne W. Schultz, the company's Interim Senior Vice President -- Finance,
reported, "The investigation and restatements of the company's financial
statements were a substantial and time-consuming undertaking. As previously
announced, the restatements arose out of accounting irregularities related to
certain asset accounts. Each of the individuals previously placed on
administrative leave has been terminated as a result of our investigation. We
have expended considerable effort reviewing the company's financial reporting
processes, systems of controls, and business practices and intend to achieve the
highest standards going forward. With the restatements substantially complete,
we look forward to putting this matter behind us and concentrating on the
company's current and future operations."
James J. Kerley, Chairman and Interim Chief Executive Officer, commented,
"The past few months have been frustrating for us and our stockholders.
Recruiting top flight, experienced senior management for the company is a top
priority. With our filing of the restated financial statements, we can focus
management's attention on the improvement of the company's financial control
systems and the need for stronger performance evaluation methods. I am confident
that these improvements can be implemented while we continue to meet the needs
of our valued customers."
Bank Amendment
The company also reported that its senior lenders have agreed to an amendment
to its credit facility that waives prior defaults, modifies financial covenants
for fiscal 2001, increases the interest rate on borrowings, and adds an event of
default in the event of a change of control of the company or the failure to
secure and maintain additional management resources. The total amount available
for borrowings remains at $140 million, subject to reductions in connection with
certain asset sales and other transactions, and the maturity date remains July
2, 2001. This will require the Company to obtain a new bank credit facility by
that date. The company intends to divest one or more business units as part of
its strategy to reduce current debt.
Nasdaq Listing
Nasdaq halted trading in the company's common stock on August 23, 2000, as a
result of questions arising out of the accounting irregularities at the
company's Kalish subsidiary. A panel authorized by Nasdaq to consider the
company's request for continued listing will hold a hearing on October 20, 2000.
Although the company believes it will be able to adequately address the concerns
of Nasdaq, there can be no assurance that it will be able to do so and remain
listed on the Nasdaq National Market System.
Fourth Quarter Results
DT Industries reported a fourth quarter 2000 net loss of $2.7 million, or 26
cents per diluted share, compared with a restated net loss of $9.0 million, or
89 cents per diluted share, for the same period a year earlier. Excluding
special and restructuring charges, the prior-year restated fourth quarter net
loss would have been $0.8 million, or 8 cents per diluted share. Although fourth
quarter net sales increased over 17 percent to $133.2 million in fiscal 2000
from $113.5 million in fiscal 1999, operating results were adversely affected by
significant margin erosion and losses on large integration projects at Kalish
and on large extrusion systems and special machinery at Sencorp.
Schultz said fourth-quarter orders totaled $135.3 million, up nearly 51
percent from $89.7 million a year earlier, bringing the full-year total to
$541.3 million. The year-end backlog increased 44 percent to $259.6 million at
June 25, 2000 from $180.0 million at June 27, 1999.
Fourth-quarter Automation segment sales increased to $93.4 million from $74.4
million in the prior year, largely due to ongoing capital programs in the
electronics industry. The company also reported strong sales of tire-building
systems and ongoing increases in revenues for material-handling systems,
primarily for the heavy equipment industry. Automotive market sales continued to
be soft, although quoting opportunities remain strong. Packaging segment sales
decreased during the fourth quarter to $29.3 million from $31.7 million in the
prior year, primarily the result of a highly competitive environment for tablet
processing equipment. Although sales of plastics processing equipment remained
strong throughout the fiscal year, fourth-quarter results were lower than the
prior-year period, which was unusually strong. The segment decreases were
partially offset by incremental sales increases resulting from the acquisition
of C.E. King in July 1999. Fourth quarter sales for the stamping and fabrication
business increased 43 percent to $10.5 million from $7.3 million the prior year,
primarily because of new customer sales in the light truck market and the
transfer of some production previously reported by the Automation segment.
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<PAGE>
Gross profit for the fourth quarter increased to $21.7 million from a
restated $13.6 million a year earlier, a gross margin of 16.3 percent compared
with 12.0 percent in the prior year. Excluding a special charge related to cost
and performance issues in three automation projects in last year's fourth
quarter, restated gross profit during that period would have been $23.4 million,
or a gross margin of 20.6 percent. Excluding the special charges last year, more
efficient plant utilization in the Automation segment led to improved gross
margins in the fourth quarter for that business. The Packaging segment, however,
experienced a decrease in gross margin in the fourth quarter, primarily because
of a change in product mix to lower-margin packaging lines and strong extrusion
equipment sales, the margin erosion and losses at Kalish and Sencorp referenced
earlier, the acquisition of C. E. King's line of lower-priced, lower-margin
tablet counting equipment, under-utilization of the tablet press facility, and
pricing pressures in the tablet-press markets. Gross margin in the stamping and
fabrication business was up significantly due to higher production levels
resulting in better overhead absorption.
"The progress we have made in cost-control efforts and the benefits of last
year's restructuring were most evident in our fourth-quarter selling, general
and administrative expenses in fiscal 2000, which, while increasing slightly to
$20.9 million from $20.7 million a year earlier, decreased as a percentage of
sales to 15.7 percent from 18.3 percent in fiscal 1999," Schultz said. "That
improvement resulted despite additional SG&A expenses of about $0.9 million
associated with our start-up businesses and the C.E. King acquisition this
year." Operating income for the quarter was $0.8 million compared with a
restated operating loss of $9.6 million a year earlier -- or restated operating
income of $3.4 million before last year's special and restructuring charges.
Fiscal Year 2000 Results
For the year ended June 25, 2000, the net loss was $4.6 million, or 45 cents
per diluted share, compared with a restated net loss of $5.1 million, or 51
cents per diluted share a year earlier. Excluding special and restructuring
charges, last year's restated net income would have been $3.1 million, or 31
cents per diluted share.
Full-year net sales increased to $464.3 million in fiscal 2000 from $442.1
million in fiscal 1999. Full-year Automation segment sales were $302.8 million
compared with $299.8 million in the prior year. Packaging segment sales for the
year increased 12.6 percent to $123.2 million from $109.5 million in the prior
year. Stamping and fabrication segment sales totaled $38.3 million, up 17
percent from $32.8 million in the prior year.
Gross profit for fiscal 2000 increased $0.6 million to $90.2 million.
Excluding the special charges last year, gross profit for fiscal 2000 decreased
$9.2 million. The gross margin decreased to 19.4% in fiscal 2000 from 22.5%,
excluding special charges, primarily reflecting the significant decrease in
margins in the Packaging segment resulting mainly from the issues at Kalish and
Sencorp, a less favorable product mix and manufacturing inefficiencies at the
tablet press facility.
"We completed a strong second half of sales, bookings and backlog in fiscal
2000. We are also pleased with our progress in broadening and diversifying our
customer base, beginning the standardization of engineering and manufacturing
processes, and apportioning production among our facilities as appropriate,"
said Kerley. "In recent months, we developed a significant number of new
customers in the electronics, telecommunications, medical devices, fiber optics,
life sciences and disk drive markets. Additionally, we are continuing our
cost-control efforts and further refining our marketing strategy to take
advantage of the significant opportunities we see in most of the industries we
serve."
Optimism For Fiscal 2001
"Fiscal year 2000 was a difficult and trying year for DT Industries. We face
many stiff challenges in the year ahead - improving margins, identifying and
implementing corrective measures at Kalish and Sencorp, completing a new bank
credit facility, recruiting new, top flight senior management, executing our
strategy to divest one or more business units, and improving our management of
working capital, " Kerley said. However, with many positive signs -- the strong
year-end backlog, our early-on success in cost-control efforts, the progress we
have made in diversifying our customer base, our progress in standardizing
processes and engineering among our many divisions, and the solid opportunities
we see in virtually all of our markets -- we maintain our optimism that we are
on the way to achieving meaningful revenue and profitability," Kerley said.
"Assuming a stable U.S. economy, particularly in the markets we serve, we expect
fiscal 2001 to show operating improvement over the last two fiscal years."
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<PAGE>
"We have begun the new fiscal year with a much stronger backlog than a year
earlier, with significant opportunities going forward, especially in the
electronics, heavy equipment, automotive and medical devices markets." Kerley
said. "Although the automotive market remains soft and order timing is
uncertain, we believe continued strength in quoting opportunities indicates
improvement in the coming quarters. In fact, our first quarter orders were a
record $165 million, approximately $40 million higher than the comparable
quarter last year," Kerley stated.
DT Industries, Inc. is a leading designer, manufacturer and integrator of
automated production systems used to assemble, test or package industrial and
consumer products. The company also produces precision metal components, tools
and dies for a broad range of industrial applications.
Certain information contained in this press release includes forward-looking
statements. These statements comprising all statements herein which are not
historical are based upon the Company's interpretation of what it believes are
significant factors affecting its businesses, including many assumptions
regarding future events, and are made pursuant to the safe harbor provisions of
Section 27A of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. References to "opportunities",
"growth potential", "objectives" and "goals", the words "anticipate", "believe",
"estimate", "expect", and similar expressions used herein indicate such
forward-looking statements. Actual results could differ materially from those
anticipated in any forward-looking statements as a result of various factors,
including economic downturns in industries or markets served, delays or
cancellations of customer orders, delays in shipping dates of products,
significant cost overruns on certain projects, excess product warranty expenses,
collectibility of past due receivables, significant restructuring or other
special, non-recurring charges, foreign currency exchange rate fluctuations,
delays in achieving anticipated cost savings or in fully implementing project
management systems, availability of credit at acceptable terms, changes in
interest rates, increased inflation, the outcome of pending litigation related
to the previously announced accounting irregularities, and the company's ability
to implement operational and financial systems to manage the company's
decentralized operations.
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<TABLE>
<CAPTION>
Consolidated Balance Sheets
(In thousands, except share and per share amounts)
June 27, June 28, June 29,
1999 June 27, 1998 June 28, 1997 June 29,
June 25, As Previously 1999 As Previously 1998 As Previously 1997
2000 Reported As Restated Reported As Restated Reported As Restated
----------- ------------- ------------- ------------- ----------- -------------- ------------
<S> <C> <C> <C> <C> <C> <C> <C>
Assets
Current assets:
Cash........................... $ 8,705 $ 10,487 $ 10,487 $ 6,915 $ 6,915 $ 2,821 $ 2,821
Accounts receivable, net....... 58,924 50,691 50,006 75,634 74,984 68,538 68,538
Costs and estimated earnings in
excess of amounts billed on
uncompleted contracts........ 94,925 64,894 65,806 66,910 67,469 51,643 51,643
Inventories, net............... 52,926 56,876 49,377 48,755 41,193 42,198 40,428
Prepaid expenses and other..... 14,296 12,320 16,070 8,931 8,282 7,051 7,051
--------- --------- --------- --------- --------- --------- ---------
Total current assets......... 229,776 195,268 191,746 207,145 198,843 172,251 170,481
Property, plant and equipment, net 73,218 77,402 77,402 69,183 69,183 51,132 51,132
Goodwill, net.................... 173,823 180,066 180,066 177,578 177,578 168,401 168,401
Other assets, net................ 4,253 4,051 4,051 6,096 6,096 3,412 3,412
--------- --------- --------- --------- --------- --------- ---------
$ 481,070 $ 456,787 $ 453,265 $ 460,002 $ 451,700 $ 395,196 $ 393,426
========= ========= ========= ========= ========= ========= =========
Liabilities and stockholders' equity
Current liabilities:
Current portion of long-term debt $ 713 $ 384 $ 384 $ 55 $ 55 $ 1,527 $ 1,527
Accounts payable............... 47,189 37,507 37,507 33,627 33,627 31,353 31,353
Customer advances.............. 14,878 15,066 15,087 13,573 12,529 11,232 11,232
Billings in excess of costs and
estimated earnings on
uncompleted contracts........ 7,533 6,837 6,837 8,218 8,218 7,172 7,172
Accrued liabilities............ 35,446 32,418 35,123 43,232 41,391 29,986 29,861
--------- --------- --------- --------- --------- --------- ---------
Total current liabilities.... 105,759 92,212 94,938 98,705 95,820 81,270 81,145
--------- --------- --------- --------- --------- --------- ---------
Long-term debt................... 126,144 103,659 104,209 89,956 89,956 46,978 46,978
Deferred income taxes............ 10,375 8,376 10,442 7,827 7,827 6,435 6,435
Other long-term liabilities...... 3,709 3,400 3,400 3,455 3,455 5,246 5,246
--------- --------- --------- --------- --------- --------- ---------
140,228 115,435 118,051 101,238 101,238 58,659 58,659
--------- --------- --------- --------- --------- --------- ---------
Commitments and contingencies
Company-obligated, mandatorily
redeemable convertible preferred
securities of subsidiary DT Capital
Trust holding solely convertible
junior subordinated debentures of
the Company.................... 70,000 70,000 70,000 70,000 70,000 70,000 70,000
-------- --------- --------- --------- --------- --------- ---------
Stockholders' equity:
Preferred stock, $0.01 par value;
1,500,000 shares authorized; no
shares issued and outstanding
Common stock, $0.01 par value;
100,000,000 shares authorized;
10,107,274 shares issued and
outstanding.................. 113 113 113 113 113 113 113
Additional paid-in capital..... 133,348 133,348 133,348 134,608 134,608 133,370 133,370
Retained earnings.............. 64,378 77,984 68,968 80,561 74,917 51,784 50,139
Cumulative translation
adjustment................... (1,978) (1,527) (1,375) (778) (551) -- --
Less--
Treasury stock (1,268,488,
873,000 and 0 shares), at
cost...................... (30,778) (30,778) (30,778) (24,445) (24,445) -- --
--------- --------- --------- --------- --------- --------- ---------
Total stockholders' equity... 165,083 179,140 170,276 190,059 184,642 185,267 183,622
--------- --------- --------- --------- --------- --------- ---------
$ 481,070 $ 456,787 $ 453,265 $ 460,002 $ 451,700 $ 395,196 $ 393,426
========= ========= ========= ========= ========= ========= =========
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<PAGE>
Consolidated Statement of Operations
(In thousands, except share and per share amounts)
Fiscal Year Ended
------------- ------------- ------------- -------------- ------------- ------------- -------------
June 27, June 28, June 29,
1999 June 27, 1998 June 28, 1997 June 29,
June 25, As Previously 1999 As Previously 1998 As Previously 1997
2000 Reported As Restated Reported As Restated Reported As Restated
------------- ------------- ------------- -------------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C> <C> <C>
Net sales................. $ 464,285 $ 442,084 $ 442,084 $ 519,342 $ 519,342 $ 396,110 $ 396,110
Cost of sales............. 374,091 348,487 352,526 380,126 387,515 285,044 287,150
------------ ----------- ------------ ----------- ----------- ----------- -----------
Gross profit.............. 90,194 93,597 89,558 139,216 131,827 111,066 108,960
Selling, general and
administrative expenses. 79,852 80,740 80,740 75,246 75,246 54,367 54,367
Restructuring charge...... -- 2,500 2,500 -- -- -- --
Loss on sale of assets of
Knitting Elements
division................ -- -- -- 1,383 1,383 -- --
------------ ----------- ------------ ----------- ----------- ----------- -----------
Operating income.......... 10,342 10,357 6,318 62,587 55,198 56,699 54,593
Interest expense, net..... 10,305 7,742 7,742 6,509 6,509 11,088 11,088
Dividends on
Company-obligated,
mandatorily redeemable
convertible preferred
securities of subsidiary
DT Capital Trust holding
solely convertible junior
subordinated debentures of
the Company, at 7.16% per
annum................... 5,146 5,012 5,012 5,012 5,012 251 251
------------ ----------- ------------ ----------- ----------- ----------- -----------
Income (loss) before
provision for income taxes
and extraordinary loss.. (5,109) (2,397) (6,436) 51,066 43,677 45,360 43,254
Provision (benefit) for
income taxes............ (519) (634) (1,301) 20,182 16,792 18,979 18,518
------------ ----------- ------------ ----------- ----------- ----------- -----------
Income (loss) before
extraordinary loss...... (4,590) (1,763) (5,135) 30,884 26,885 26,381 24,736
Extraordinary loss on debt
refinancing, net of income
tax benefits of $800 and
$216, respectively...... -- -- -- 1,200 1,200 324 324
------------ ----------- ------------ ----------- ----------- ----------- -----------
Net income (loss)......... $ (4,590) $ (1,763) $ (5,135) $ 29,684 $ 25,685 $ 26,057 $ 24,412
============ =========== ============ =========== =========== =========== ===========
Basic earnings (loss) per
common share:
Income (loss) before
extraordinary loss.... $ (0.45) $ (0.17)$ (0.51) $ 2.73 $ 2.38 $ 2.55 $ 2.40
Extraordinary loss...... -- -- -- 0.10 0.11 0.03 0.03
------------ ----------- ------------ ------------ ----------- ------------ -----------
Net income (loss)....... $ (0.45) $ (0.17)$ (0.51) $ 2.63 2.27 $ 2.52 $ 2.37
============ ============ ============ ============ =========== ============ ===========
Diluted earnings (loss) per
common share:
Income (loss) before
extraordinary loss.... $ (0.45) $ (0.17)$ (0.51) $ 2.49 $ 2.19 $ 2.41 $ 2.26
Extraordinary loss...... -- -- -- 0.09 0.09 0.03 0.03
------------ ----------- ------------ ------------ ----------- ------------ -----------
Net income (loss)....... $ (0.45) $ (0.17)$ (0.51) $ 2.40 $ 2.10 $ 2.38 $ 2.23
============ ============ ============ ============ =========== ============ ===========
Weighted average common shares outstanding:
Basic................... 10,107,274 10,149,215 10,149,215 11,297,409 11,297,409 10,349,444 10,349,444
Diluted................. 10,107,274 10,181,800 10,149,215 13,621,481 13,621,481 11,022,080 11,022,080
============ =========== ============ =========== =========== =========== ===========
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Quarterly Financial Data (unaudited)
(In thousands, except per share amounts)
1st Quarter 2nd Quarter 3rd Quarter
As Previously 1st Quarter As Previously 2nd Quarter As Previously 3rd Quarter
Reported As Restated Reported As Restated Reported As Restated 4th Quarter
-------- ----------- -------- ----------- -------- ----------- -----------
Year ended June 25, 2000
------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Net sales.............. $ 100,969 $ 101,129 $ 107,982 $107,982 $ 121,895 $121,995 $133,179
Cost of sales.......... 78,086 81,078 82,835 85,588 93,263 95,958 111,467
Gross profit........... 22,883 20,051 25,147 22,394 28,632 26,037 21,712
Operating income....... 3,037 204 5,775 3,022 8,944 6,349 767
Net income (loss)...... (338) (2,137) 873 (887) 2,733 1,103 (2,669)
Diluted earnings (loss)
per share............ (0.03) (0.21) 0.09 (0.09) 0.27 0.11 (0.26)
1st Quarter 2nd Quarter 3rd Quarter 4th Quarter
As Previously 1st Quarter As Previously 2nd Quarter As Previously 3rd Quarter As Previously
Reported As Restated Reported As Restated Reported As Restated Reported
-------- ----------- -------- ----------- -------- ----------- --------
Year ended June 27, 1999
------------------------
Net sales.............. $ 112,907 $ 112,907 $ 111,627 $111,627 $ 104,097 $104,097 $ 113,453
Cost of sales.......... 84,682 85,754 86,052 86,768 79,604 80,166 98,149
Gross profit........... 28,225 27,153 25,575 24,859 24,493 23,931 15,304
Operating income (loss) 9,444 8,372 5,051 4,334 3,777 3,214 (7,915)
Net income (loss)...... 3,785 3,121 1,092 647 492 143 (7,132)
Diluted earnings (loss)
per share............ 0.37 0.31 0.11 0.06 0.05 0.01 (0.70)
Year ended June 28, 1998
------------------------
Net sales.............. $ 115,764 $ 115,764 $ 132,431 $132,431 $ 132,561 $132,561 $ 138,586
Cost of sales.......... 84,856 86,316 96,454 98,001 96,054 97,860 102,762
Gross profit........... 30,908 29,448 35,977 34,430 36,507 34,701 35,824
Operating income....... 13,819 12,359 16,848 15,301 15,544 15,015 16,376
Net income............. 5,335 4,430 8,228 7,269 7,714 6,594 8,407
Diluted earnings per
share................ 0.44 0.38 0.66 0.59 0.62 0.54 0.68
Year ended June 29, 1997
------------------------
Net sales.............. $ 82,635 $ 82,635 $ 100,693 $100,693 $ 103,359 $103,359 $ 109,423
Cost of sales.......... 59,870 60,268 73,023 73,555 73,652 74,177 78,499
Gross profit........... 22,765 22,367 27,670 27,138 29,707 29,182 30,924
Operating income....... 11,177 10,780 13,908 13,377 14,952 14,429 16,662
Net income............. 4,549 4,301 6,038 5,708 7,216 6,891 8,254
Diluted earnings per
share................ 0.48 0.45 0.58 0.54 0.61 0.58 0.69
(Table continued)
Quarterly Financial Data (unaudited)
(In thousands, except per share amounts)
4th Quarter
As Restated
-----------
Year ended June 27, 1999
------------------------
Net sales.............. $113,453
Cost of sales.......... 99,838
Gross profit........... 13,615
Operating income (loss) (9,602)
Net income (loss)...... (9,046)
Diluted earnings (loss)
per share............ (0.89)
Year ended June 28, 1998
------------------------
Net sales.............. $138,586
Cost of sales.......... 105,338
Gross profit........... 33,248
Operating income....... 12,523
Net income............. 7,392
Diluted earnings per
share................ 0.59
Year ended June 29, 1997
------------------------
Net sales.............. $109,423
Cost of sales.......... 79,150
Gross profit........... 30,273
Operating income....... 16,007
Net income............. 7,512
Diluted earnings per
share................ 0.66
</TABLE>