UNITED STATES
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 28, 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 0-238001
LaCrosse Footwear, Inc.
(Exact name of Registrant as specified in its charter)
Wisconsin 39-1446816
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
1319 St. Andrew Street, La Crosse, Wisconsin 54603
(Address of principal executive offices) (Zip Code)
(608) 782-3020
(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
Indicate the number of shares outstanding of each of the issuer's classes
of common stock, as of the latest practicable date.
Common Stock, $.01 par value, outstanding as of November 1, 1996:
6,667,627 shares
<PAGE>
LaCrosse Footwear, Inc.
Form 10-Q Index
For Quarter Ended September 28, 1996
Page
PART I. Financial Information
Item 1. Condensed Consolidated Balance
Sheets 3-4
Condensed Consolidated Statements
of Income 5
Condensed Consolidated Statements
of Cash Flows 6
Notes to Condensed Consolidated
Financial Statements 7-9
Item 2. Management's Discussion and Analysis
of Financial Condition and
Results of Operations 10-14
PART II. Other Information
Item 6. Exhibits and Reports on Form 8-K 15
Signatures 16
Exhibit Index 17
<PAGE>
PART I - FINANCIAL INFORMATION
ITEM 1. Financial Statements
LACROSSE FOOTWEAR, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
September 28, December 31,
1996 1995
(unaudited)
------------ -----------
CURRENT ASSETS
Cash and cash equivalents $971,291 $3,035,777
Accounts receivable, less allowances
of $2,126,627 and $813,260 36,668,021 15,562,585
respectively
Inventories (3) 36,651,926 26,006,620
Prepaid expenses 2,742,169 1,660,763
Deferred tax assets 1,933,000 1,621,000
----------- ----------
Total current assets 78,966,407 47,886,745
PROPERTY AND EQUIPMENT, net of
depreciation and amortization 12,546,784 11,848,366
INTANGIBLES (2) 15,480,978 13,761,938
OTHER ASSETS 1,172,770 1,364,970
----------- ----------
Total assets $108,166,939 $74,862,019
============ ===========
The accompanying notes are an integral part of the financial statements.
<PAGE>
LACROSSE FOOTWEAR, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS (cont'd)
September 28, December 31,
1996 1995
(unaudited)
------------ -----------
CURRENT LIABILITIES
Current maturities of long-term
obligations $1,760,300 $1,760,300
Borrowings under credit agreement 19,505,000 0
Accounts payable 5,050,735 4,812,107
Accrued expenses 6,763,511 5,644,358
Dividends payable 0 629,448
Income taxes payable 932,212 503,548
----------- ----------
Total current liabilities 34,011,758 13,349,761
ACCRUED POSTRETIREMENT BENEFIT COST 1,868,382 1,297,400
LONG-TERM OBLIGATIONS 15,673,172 4,893,912
DEFERRED COMPENSATION 1,487,264 2,042,277
----------- ----------
Total liabilities 53,040,576 21,583,350
----------- ----------
MINORITY INTEREST (2) 1,146,263 0
----------- ----------
REDEEMABLE PREFERRED STOCK 0 1,957,400
----------- ----------
COMMON SHAREHOLDERS' EQUITY
Common stock, par value $.01 per share 67,176 67,176
Additional paid-in capital 27,579,128 27,579,128
Retained earnings 26,777,546 24,118,715
Treasury stock (443,750) (443,750)
----------- ----------
Total common shareholders' equity 53,980,100 51,321,269
----------- ----------
Total liabilities and
shareholders' equity $108,166,939 $74,862,019
============ ===========
The accompanying notes are an integral part of the financial statements.
<PAGE>
LACROSSE FOOTWEAR, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(unaudited)
Three Months Ended Nine Months Ended
September 28, September 30, September 28, September 30,
1996 1995 1996 1995
----------- ----------- ----------- -----------
Net sales(2) $35,713,687 $31,091,950 $80,898,915 $71,253,838
Cost of goods
sold 25,398,449 22,237,400 58,669,554 52,252,595
---------- ---------- ---------- ----------
Gross profit 10,315,238 8,854,550 22,229,361 19,001,243
Selling and
administrative
expenses 6,350,308 5,259,589 17,058,711 14,983,263
---------- ---------- ---------- ----------
Operating
income 3,964,930 3,594,961 5,170,650 4,017,980
Non-operating
income (expense)
Interest
expense (552,904) (440,535) (1,140,502) (1,035,921)
Miscellaneous 43,717 50,353 247,503 311,008
---------- ---------- ---------- ----------
(509,187) (390,182) (892,999) (724,913)
Income before
income taxes 3,455,743 3,204,779 4,277,651 3,293,067
Provision for
income taxes 1,361,564 1,246,648 1,683,537 1,280,909
---------- ---------- ---------- ----------
Net income
before minority
interest $2,094,179 $1,958,131 $2,594,114 $2,012,158
---------- ---------- ---------- ----------
Minority interest
in net income
(loss) of
subsidiary (30,244) 0 (103,737) 0
---------- ---------- ---------- ----------
Net Income $2,124,423 $1,958,131 $2,697,851 $2,012,158
========== ========== ========== =========
Net income
available to
common
shareholders $2,124,423 $1,928,770 $2,658,837 $1,924,075
========== ========== ========== =========
Earnings per
common and
common equivalent
share $0.32 $0.29 $0.40 $0.29
========== ========== ========== =========
Weighted average
number of common
and common
equivalent shares
outstanding 6,677,277 6,668,110 6,672,843 6,683,873
========== ========== ========== =========
Dividends
declared per
preferred share $0.00 $1.50 $1.99 $4.50
========== ========== ========== =========
The accompanying notes are an integral part of the financial statements.
<PAGE>
LACROSSE FOOTWEAR, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
Nine Months Ended
September 28, September 30,
1996 1995
------------- ------------
Net cash used in operating
activities $(16,305,446) ($17,867,388)
------------ -----------
Cash flows from investing
activities
Purchase of property and
equipment (2,190,263) (3,167,831)
Purchase of treasury stock 0 (443,750)
Purchase of intangibles (1,630,314) 0
Purchase of Rainfair, Inc.,
net of cash acquired (10,846,861) 0
------------ -----------
Net cash used in investing
activities (14,667,438) (3,611,581)
Cash flows from financing
activities
Cash dividends paid (668,462) (722,027)
Proceeds from long-term
borrowing 12,497,849 0
Principal payments on
long-term borrowings (1,718,589) (2,400,000)
Proceeds from short-term
borrowings 19,505,000 19,883,000
Purchase of redeemable
preferred stock (1,957,400) 0
Contribution from minority
interest 1,250,000 0
------------ -----------
Net cash provided by
financing activities 28,908,398 16,760,973
Decrease in cash and cash
equivalents (2,064,486) (4,717,996)
Cash and cash equivalents:
Beginning 3,035,777 4,742,763
------------ -----------
Ending $971,291 $24,767
========== ==========
Supplemental information---cash
payments for:
Interest $887,009 $849,683
========== ==========
Income Taxes $1,408,545 $1,133,486
========== ==========
The accompanying notes are an integral part of the financial statements.
<PAGE>
LaCrosse Footwear, Inc.
and Subsidiaries
Notes to Condensed Consolidated Financial Statements
1. INTERIM FINANCIAL REPORTING
The Company reports its quarterly interim financial information based
on 13 week periods. In the opinion of management, the unaudited
condensed consolidated financial statements include all adjustments
(consisting only of normal recurring adjustments) considered
necessary for a fair presentation of financial position, results of
operations and cash flows in accordance with generally accepted
accounting principles.
Certain information and footnote disclosures normally included in
financial statements prepared in accordance with generally accepted
accounting principles have been condensed or omitted. These
condensed consolidated financial statements should be read in
conjunction with the financial statements and the applicable notes
thereto that are included in the Company's Annual Report on Form 10-
K for the year ended December 31, 1995.
2. ACQUISITIONS
RED BALL INC.
On May 20, 1996, the Company acquired trade accounts receivable,
inventories, certain machinery and equipment and trademarks of Red
Ball, Inc. for a cash purchase price of approximately $5.0 million
which included $.3 million for equipment leased from a third party.
The Company anticipates spending an additional $.5 million in
relocating and staging the inventory and installing the equipment.
The total purchase price will be allocated to the accounts
receivable, inventory, fixed assets and trademarks. The Company used
short-term borrowings under its credit agreement to finance the
acquisition, which borrowings were subsequently replaced in part by
long-term debt. The Company's condensed consolidated statements of
income for the three months ended September 28, 1996 include interest
expense of approximately $90,000 and approximately $170,000 of
operating expenses related to Red Ball. Shipments of RED BALL/R/
products commenced during the third quarter of 1996 and were
approximately $660,000 for the quarter.
In 1995, Red Ball had net sales of approximately $23.0 million which
included $3 to $4 million of closeouts. In February 1996, Red Ball,
Inc. filed for protection under Chapter 11 of the Bankruptcy Code.
The assets were purchased from Red Ball with the approval of the
Bankruptcy court. Financial statements were not available for Red
Ball for 1995 because it was operated as a division of its parent
until the middle of 1995. LaCrosse management does not believe the
historical statements of Red Ball, Inc. are relevant to the future
performance of this brand for the following reasons:
- LaCrosse is not operating either of the under-utilized
manufacturing facilities of Red Ball, Inc.
- LaCrosse is utilizing office space in their La Crosse,
Wisconsin facility for sales, marketing and administrative
personnel versus expensive leased space in Louisville,
Kentucky.
- LaCrosse is utilizing its existing distribution
organization versus utilizing the Red Ball distribution
organization.
- One management and a limited number of hourly production
personnel from the Red Ball organization are employed
by LaCrosse.
The assets of Red Ball were purchased to give the Company a brand
name product to distribute at lower price points than the current
LACROSSE/R/ and DANNER/R/ brands and to distribute through channels
of distribution generally not utilized by LaCrosse or Danner.
It is currently anticipated that sales of RED BALL/R/ products will
be less than 4% of LaCrosse's net sales for 1996 with a minimal
impact on net income. It is anticipated that $.5 million to $1.0
million of additional working capital, primarily for inventory, will
be required to support the brand during 1996. In future years, as
sales grow, additional working capital will be needed if annual sales
of the brand exceed approximately $7 million. Major capital
expenditures are not anticipated. It is not anticipated this
acquisition will have any material impact on the liquidity of the
Company.
RAINFAIR, INC.
In May, 1996, Craig Leipold, the former principal owner of Rainfair,
Inc. and the Company established a new corporation and each purchased
one-half of the new corporation's common stock, in each case for
$1,250,000, and LaCrosse also purchased all of the new corporation's
outstanding preferred stock for $500,000. On May 31, 1996, this 50%
owned subsidiary of the Company purchased substantially all of the
assets of Rainfair, Inc. for approximately $10.8 million in cash and
approximately $1.5 million in liabilities for an aggregate purchase
price of approximately $12.3 million. The name of the subsidiary was
changed to Rainfair, Inc. in June 1996 after completing the asset
purchase.
The Company loaned the 50% owned subsidiary approximately $8.0
million to fund the purchase price of the net assets of Rainfair,
Inc. which was not funded by the initial capital contributions. The
Company used long-term borrowings of approximately $9.5 million as
the source of funds to make its initial capital contribution and the
loan to the subsidiary.
The acquisition has been accounted for as a purchase. Accordingly,
the purchase price is being allocated to assets and liabilities based
on their estimated fair values as of the date of acquisition. The
approximately $.5 million of the purchase price in excess of the
estimated fair value of the net assets is being amortized on a
straight-line basis over a 15-year term. The Company's condensed
consolidated statements of income for the three months ended and
nine months ended September 28, 1996 includes Rainfair's results of
operations since May 1, 1996. The following unaudited pro forma
summary represents the consolidated results of operations as if the
acquisition of Rainfair, Inc. had occurred at the beginning of the
periods presented and does not purport to be indicative of what would
have occurred had the acquisition been made as of those dates or of
results which may occur in the future:
Three Months Ended Nine Months Ended
September 28, September 30, September 28, September 30,
1996 1995 1996 1995
------------ ------------ ------------ ------------
(in thousands, except per share amounts)
Net Sales $35,714 $34,677 $87,049 $83,180
Net Income 2,124 1,954 2,777 2,038
Net Income
Per Common Share $.32 $.29 $.41 $.30
3. INVENTORIES
Inventories are comprised of the following:
September 28, 1996 December 31, 1995
------------------ -----------------
Raw Materials $ 7,573,825 $ 6,550,337
Work-in Process 2,920,525 2,199,777
Finished Goods 30,435,673 21,355,603
LIFO Reserve (4,278,097) (4,099,097)
----------- ----------
Total $36,651,926 $26,006,620
=========== ===========
<PAGE>
ITEM 2
Management's Discussion and Analysis
of Financial Condition and Results of Operations
Results of Operations
The following table sets forth, for the periods indicated, selected
financial information derived from the Company's condensed consolidated
financial statements, expressed as a percentage of net sales. The
discussion that follows the table should be read in conjunction with the
condensed consolidated financial statements.
Percentage of Net Sales
Three Months Ended Nine Months Ended
September 28, September 30, September 28, September 30,
1996 1995 1996 1995
------------ ------------ ------------ ------------
Net Sales 100.0% 100.0% 100.0% 100.0%
Cost of Goods Sold 71.1 71.5 72.5 73.4
------ ----- ----- -----
Gross Profit 28.9 28.5 27.5 26.6
Selling and Administrative
Expenses 17.8 16.9 21.1 21.0
Operating Income 11.1 11.6 6.4 5.6
The Company's business is seasonal with lower revenues historically being
generated during the first six months of the year. As a result, revenue
for the nine-month period ending September 28, 1996 should not be
considered to be indicative of results to be reported for the balance of
the fiscal year.
Three Months Ended September 28, 1996 Compared to Three Months Ended
September 30, 1995
Net Sales
Net sales for the three months ended September 28, 1996 increased
$4,621,737, or 14.9%, to $35,713,687 from $31,091,950 for the three months
ended September 30, 1995. The growth in net sales was primarily due to
consolidating $3.7 million of net sales of Rainfair, Inc. which was
acquired in May 1996 and a $.8 million increase in shipments of DANNER/R/
products, primarily as a result of shipments of the new Dri-Foot/TM/
series. The initial shipments of the RED BALL/R/ product line, which was
acquired in May 1996, increased shipments $.7 million and was offset by
reduced shipments of LACROSSE/R/ products to two mail order catalog
customers.
Gross Profit
Gross profit for the three months ended September 28, 1996 increased 16%
to $10,315,238, or 28.9% of net sales, from $8,854,550 or 28.5% of net
sales in the third quarter of 1995. The increase in gross profit as a
percentage of net sales was due to more favorable pricing on key raw
materials and productivity increases and cost reductions at the La Crosse,
Wisconsin factory.
Selling and Administrative Expense
Selling and administrative expenses in the third quarter of 1996 increased
20.7%, to $6,350,308, or 17.8% of net sales, from $5,259,589, or 16.9% of
net sales in the third quarter of 1995. The primary reason for the
increase in operating expenses was the addition of $796,269 of operating
expenses for the Rainfair business. A planned increase in spending for
marketing/advertising support for LACROSSE/R/ products and also the
addition of Red Ball resulted in additional operating expenses during the
third quarter of 1996 compared to the third quarter of 1995.
Interest Expense
Interest expense for the three months ended September 28, 1996 increased
25% to $552,904 or 1.5% of net sales, from $440,535 or 1.4% of net sales
for the three months ended September 30, 1995. The increased long-term
debt of $12.5 million added during the second quarter of 1996 to finance
the Red Ball and Rainfair purchases accounted for the increase.
Income Tax Expense
The Company's effective income tax rate was 39.4% in the third quarter of
1996 compared to 38.9% in the third quarter of 1995.
Nine months Ended September 28, 1996 Compared to Nine Months Ended
September 30, 1995
Net Sales
Net sales for the nine months ended September 28, 1996 increased
$9,645,077, or 14%, to $80,898,915 from $71,253,838 for the first nine
months of 1995. The inclusion of the shipments for the Rainfair joint
venture and the RED BALL/R/ product line, both of which were acquired in
May 1996, contributed $5.9 million and $.7 million to net sales,
respectively. DANNER/R/ shipments were up approximately $.6 million
primarily as a result of initial shipments of the DANNER/R/ Dri-Foot/TM/
series during the third quarter. A $1.3 million increase in shipments
under a government contract received in the second half of 1995 coupled
with an increase in LACROSSE/R/ net sales to retailers, reflecting an
improvement in at-once orders in the first quarter and an increase in
industrial shipments of cold weather boots during the first quarter,
accounted for the balance of the increase.
Gross Profit
Gross profit for the nine months ended September 28, 1996 increased 17% to
$22,229,361, or 27.5% of net sales, from $19,001,243 or 26.6% of net sales
in the first nine months of 1995. The increase in gross profit was due to
the increase in net sales and the increase in the gross profit percentage.
The increase in gross profit as a percentage of net sales was primarily
due to more favorable pricing on key raw materials and productivity
increases and cost reductions at the La Crosse, Wisconsin factory.
Partially offsetting these improvements was the $5.9 million of
RAINFAIR/R/ sales, which commenced during the second quarter, at a
slightly lower gross profit percentage.
Selling and Administrative Expenses
Selling and administrative expenses in the first nine months of 1996
increased 14%, to $17,058,711, or 21.1% of net sales, from $14,983,263, or
21.0% of net sales the first nine months of 1995. The acquisition of the
Rainfair business in May 1996 accounted for $1,352,544 of the increase in
operating expenses. In addition, planned increases in marketing expenses
for LACROSSE/R/ products and volume related increases in selling expenses
were the primary reasons for the remaining increase in expenses.
Interest Expense
Interest expense in the first nine months of 1996 increased 10% to
$1,140,502 or 1.4% of net sales, from $1,035,921 or 1.5% of net sales for
the first nine months of 1995. A reduction in interest expense in the
first quarter of 1996, primarily as a result of reduced levels of
inventory, was offset by the interest expense on $12.5 million of long-
term debt borrowed during the second quarter of 1996 to finance the Red
Ball and Rainfair acquisitions.
Miscellaneous
Miscellaneous income for the first nine months of 1996 decreased $63,505
to $247,503 from $311,008 in the first nine months of 1995. A gain on an
asset sale in the first half of 1995, which did not recur in 1996, was the
reason for the decrease.
Income Tax Expense
The Company's effective income tax rate was 39.3% in the first nine months
of 1996 compared to 38.9% in the first nine months of 1995.
Liquidity and Capital Resources
The Company has historically financed its operations with cash generated
from operations, long-term lending arrangements and short-term borrowings
under an unsecured credit agreement. The Company requires working capital
primarily to support fluctuating accounts receivable and inventory levels
caused by the Company's seasonal business cycle. The Company invests
excess cash balances in short-term investment grade securities or money
market investments.
On May 20, 1996, the Company purchased the trade accounts receivable,
inventories, certain machinery and equipment (including $.3 million of
equipment leased from a third party) and trademarks of Red Ball, Inc. for
approximately $5.0 million in cash.
On May 31, 1996, the Company invested $1.75 million in a 50% owned
subsidiary. This subsidiary then purchased substantially all of the
assets of Rainfair, Inc. for approximately $10.8 million in cash and the
assumption of approximately $1.5 million in liabilities. The Company
loaned the subsidiary approximately $8.0 million to fund the balance of
the purchase price.
In April 1996, the Company repurchased all of the outstanding redeemable
preferred stock of the Company for its face value of $1,957,400. The
Company's line of credit was utilized to fund this purchase.
On May 31, 1996, the Company renegotiated its unsecured credit agreement
with Firstar Bank Milwaukee, N.A. as the lead bank. Under the terms of
the revised agreement, the line of credit was increased to $62.5 million,
including a $12.5 million term loan, from the present maximum level of
$30.0 million. The term loan, which the Company took out in May, is due
December 31, 2001 and calls for quarterly payments of $.4 million
commencing in March 1998. At the Company's option, the interest rate on
the revolving portion of the loan is either the bank's prime rate or LIBOR
(for the applicable loan period) plus either .75% or 1.0% depending upon
the Company's leverage ratio. The Company currently qualifies for LIBOR
plus .75%. The rate for the term loan is .25% higher than for the
revolving loans. Under the revised agreement, the Company also has the
option to sell unrated commercial paper through Firstar Bank Milwaukee,
N.A. The credit agreement expires on May 31, 1999.
As of September 28, 1996, the Company had working capital of $45.0 million
compared to $34.5 million at December 31, 1995. The increase in working
capital is primarily the result of the working capital acquired in the Red
Ball and Rainfair transactions in May 1996 which were financed with long-
term debt. This increase in working capital was partially offset by the
repurchase of the redeemable preferred stock and the repayment of $1.7
million of long-term debt. Accounts receivable increased $21.1 million
from December 31, 1995 to September 28, 1996 due to approximately $3.0
million of receivables resulting from sales of RED BALL/R/ and RAINFAIR/R/
products (which product lines were acquired in May 1996) and the normal
seasonal increase in receivables. Inventories increased $10.6 million
from December 31, 1995 to September 28, 1996 due to the addition of
approximately $10.0 million of inventories to support the Red Ball and
Rainfair businesses. Short-term borrowings under the credit agreement
increased $19.5 million from December 31, 1995 to September 28, 1996 due
to usage of these borrowings to fund the seasonal increase in accounts
receivable, to fund the repurchase of all of the Company's outstanding
redeemable preferred stock for $1.9 million and to fund the repayment of
$1.7 million of long-term debt on a scheduled payment date.
The $10.8 million increase in long-term obligations was primarily due to
the $12.5 million term loan entered into during the second quarter, the
proceeds of which were used to fund the Red Ball and Rainfair purchases.
This increase was partially offset by a $1.7 million repayment of long-
term debt on a scheduled payment date.
Intangibles increased $1.7 million from December 31, 1995 to September 28,
1996 primarily due to the value assigned to the trademarks acquired in the
Red Ball acquisition and the excess of the purchase price over the
estimated fair value of the net assets acquired in connection with the
Rainfair acquisition. Accrued postretirement benefit cost increased $.6
million from December 31, 1995 to September 28, 1996 primarily due to $.4
million of benefit obligations assumed in the Rainfair acquisition. The
$555,013 decrease in long-term deferred compensation was primarily a
result of a $600,000 payment to the Company's vice chairman (former
president) in January 1996 in accordance with the payment terms of his
phantom stock agreement. Payments in increments of $600,000 are required
each January until the obligation is paid in full.
As of the end of the third quarter of 1996, the Company had approximately
$27.0 million available under its credit agreement. The Company
anticipates that its current credit availability will be adequate to meet
the Company's cash flow requirements through 1997.
<PAGE>
PART II - Other Information
ITEM 6 Exhibits and Reports on Form 8-K
(a) Exhibit Number Description
(27) Financial Data Schedule (EDGAR version
only)
(b) Reports on Form 8-K
There were no reports on Form 8-K filed during the quarter
ending September 28, 1996. However, on August 5, 1996, the
Company filed an amendment on Form 8-K/A to the Company's
Current Report on Form 8-K dated May 31, 1996 regarding the
Rainfair acquisition. See Item 6(b) of Part II of the
Company's Quarterly Report on Form 10-Q for the quarter
ended June 29, 1996 for more information.
<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.
LACROSSE FOOTWEAR, INC.
(Registrant)
Date: November 11, 1996 By: /s/ Patrick K. Gantert
Patrick K. Gantert
President and Chief Executive Officer
Date: November 11, 1996 By: /s/ Robert J. Sullivan
Robert J. Sullivan
Vice President-Finance and Administration
(Principal Financial Officer)
<PAGE>
LACROSSE FOOTWEAR, INC.
EXHIBIT INDEX TO QUARTERLY REPORT ON FORM 10-Q
for the Quarterly Period ended September 28, 1996
Exhibit
(27) Financial Data Schedule (EDGAR version only)
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS OF LACROSSE FOOTWEAR, INC.
AS OF AND FOR THE PERIOD ENDED SEPTEMBER 28, 1996 AND IS QUALIFIED IN
ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> SEP-28-1996
<CASH> 971,291
<SECURITIES> 0
<RECEIVABLES> 38,794,648
<ALLOWANCES> 550,661
<INVENTORY> 36,651,926
<CURRENT-ASSETS> 78,966,407
<PP&E> 29,310,985
<DEPRECIATION> 16,764,201
<TOTAL-ASSETS> 108,166,939
<CURRENT-LIABILITIES> 34,011,758
<BONDS> 15,673,172
0
0
<COMMON> 67,176
<OTHER-SE> 53,912,924
<TOTAL-LIABILITY-AND-EQUITY> 108,166,939
<SALES> 80,792,561
<TOTAL-REVENUES> 80,898,915
<CGS> 58,669,554
<TOTAL-COSTS> 16,860,264
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 198,447
<INTEREST-EXPENSE> 1,140,502
<INCOME-PRETAX> 4,277,651
<INCOME-TAX> 1,683,527
<INCOME-CONTINUING> 2,697,851
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 2,697,851
<EPS-PRIMARY> $0.40
<EPS-DILUTED> $0.40
</TABLE>
