<PAGE>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark One)
/X/ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 1995
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 1-11411
Polaris Industries Inc.
(Exact name of registrant as specified in its charter)
Minnesota 41-1790959
(State or other jurisdiction (IRS Employer
of incorporation or organization) Identification No.)
1225 Highway 169 North, Minneapolis, MN 55441
(Address of principal executive offices) (Zip Code)
(612) 542-0500
(Registrant's telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed all reports
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_____
APPLICABLE ONLY TO CORPORATE ISSUERS:
Indicate the number of shares outstanding of each of the issuer's
classes of common stock, as of the latest practicable date.
As of November 10, 1995, 27,323,715 shares of Common Stock of the issuer
were outstanding.
<PAGE>
POLARIS INDUSTRIES INC.
TABLE OF CONTENTS
Part I. FINANCIAL INFORMATION
Item 1 - Consolidated Financial Statements
Consolidated Balance Sheets Pg. 3
Consolidated Statements of Operations Pg. 4
Consolidated Statements of Cash Flows Pg. 5
Consolidated Statement of Shareholders' Equity Pg. 6
Consolidated Notes to Financial Statements Pg. 7
Item 2 - Management's Discussion and Analysis of
Financial Condition and Results of
Operations
Results of Operations Pg. 9
Cash Dividends and Special Cash Distributions Pg. 10
Liquidity and Capital Resources Pg. 11
Inflation and Exchange Rates Pg. 12
Part II. OTHER INFORMATION Pg. 14
Item 1 - Legal Proceedings
Item 2 - Changes in Securities
Item 3 - Defaults upon Senior Securities
Item 4 - Submission of Matters to a Vote
of Security Holders
Item 5 - Other Information
Item 6 - Exhibits and Reports on Form 8-K
SIGNATURE PAGE Pg. 15
-2-
<PAGE>
POLARIS INDUSTRIES INC.
CONSOLIDATED BALANCE SHEETS
(IN THOUSANDS)
<TABLE>
<CAPTION>
SEPTEMBER 30, 1995 DECEMBER 31, 1994
------------------ -----------------
ASSETS (UNAUDITED)
<S> <C> <C>
Current Assets
Cash and cash equivalents $2,593 $62,881
Trade receivables 57,716 29,700
Inventories 108,765 88,714
Prepaid expenses and other 4,320 5,194
Deferred tax assets 20,000 20,000
-------- --------
Total current assets 193,394 206,489
-------- --------
Deferred Tax Assets 40,000 45,000
Property and Equipment, at cost, net of accumulated
depreciation of $55,953 in 1995 and $38,368 in 1994 70,375 53,661
-------- --------
Intangible Assets:
Cost in excess of net assets of business acquired,
net of accumulated amortization of $6,287 in 1995 and $5,722 in 1994 24,391 24,956
Other, net of accumulated amortization of $2,503 in 1995
and $2,421 in 1994 978 1,060
-------- --------
Total intangible assets 25,369 26,016
-------- --------
Total Assets $329,138 $331,166
-------- --------
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities:
Note payable to banks $25,000 $ -
Accounts payable 63,102 58,932
Distributions payable 38,527 12,736
Accrued expenses 85,716 74,634
Income taxes payable 15,958 15,155
-------- --------
228,303 161,457
-------- --------
Shareholders' Equity:
Common stock 273 181
Additional paid in capital 109,150 103,935
Compensation payable in common stock 10,690 12,251
Retained earnings (accumulated deficit) (19,278) 53,342
-------- --------
Total shareholders' equity 100,835 169,709
-------- --------
Total Liabilities and Shareholders' Equity $329,138 $331,166
-------- --------
-------- --------
</TABLE>
See Notes To Consolidated Financial Statements
-3-
<PAGE>
POLARIS INDUSTRIES INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(IN THOUSANDS, EXCEPT PER SHARE DATA)
UNAUDITED
<TABLE>
<CAPTION>
THIRD QUARTER NINE MONTHS
ENDED SEPTEMBER 30, ENDED SEPTEMBER 30,
------------------- -------------------
1995 1994 1995 1994
-------- -------- -------- --------
<S> <C> <C> <C> <C>
Sales $291,431 $258,370 $831,581 $584,725
Cost of Sales 228,226 194,697 663,627 458,942
-------- -------- -------- --------
Gross profit 63,205 63,673 167,954 125,783
Operating Expenses 31,744 29,301 96,583 69,937
-------- -------- -------- --------
Operating income 31,461 34,372 71,371 55,846
Nonoperating Expense (Income), net 1,552 (485) 373 (772)
-------- -------- -------- --------
Income before income taxes 29,909 34,857 70,998 56,618
Provision for Income Taxes 11,365 3,354 26,979 6,007
-------- -------- -------- --------
Net Income $18,544 $31,503 $44,019 $50,611
-------- -------- -------- --------
-------- -------- -------- --------
Net Income Per Share $0.67 $1.59
----- ------
Weighted Average Number of
Common and Common Equivalent
Shares Outstanding 27,799 27,623 27,793 27,623
-------- -------- -------- --------
-------- -------- -------- --------
Pro Forma Information (Note 7)
- ------------------------------
Income before income taxes $34,857 $56,618
Provision for income taxes 13,246 21,515
------- -------
Net income $21,611 $35,103
------- -------
------- -------
Net income per share $0.78 $1.27
----- -----
----- -----
</TABLE>
See Notes to Consolidated Financial Statements
-4-
<PAGE>
POLARIS INDUSTRIES INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(IN THOUSANDS)
UNAUDITED
<TABLE>
<CAPTION>
FOR THE NINE MONTHS
ENDED SEPTEMBER 30,
-----------------------
1995 1994
------- -------
<S> <C> <C>
Cash Flows From Operating Activities
Net Income $44,019 $50,611
Adjustments to reconcile net income to
cash flow from operating activities:
Depreciation 17,585 14,572
Amortization 647 4,838
First Rights compensation 3,811 6,140
Deferred income taxes 5,000 --
Changes in current operating items -
Trade receivables (28,016) (20,774)
Inventories (20,051) (26,588)
Accounts payable 4,170 29,378
Accrued expenses 11,082 18,679
Income taxes payable 803 2,403
Others, net 809 (1,458)
------- -------
Net cash provided by
operating activities 39,859 77,801
------- -------
Cash Flows From Investing Activities:
Purchase of property and equipment (34,299) (20,544)
Cash Flows From Financing Activities:
Note payable to banks 25,000 --
Cash distributions to partners (12,736) (37,322)
Cash dividends to shareholders (78,112) --
------- -------
Net cash used in financing activities (65,848) (37,322)
------- -------
Increase (decrease) in cash and cash equivalents (60,288) 19,935
Cash and Cash Equivalents, Beginning 62,881 33,798
------- -------
Cash and Cash Equivalents, Ending $2,593 $53,733
------- -------
------- -------
</TABLE>
See Notes to Consolidated Financial Statements
-5-
<PAGE>
POLARIS INDUSTRIES INC.
CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY
(IN THOUSANDS)
UNAUDITED
<TABLE>
<CAPTION>
RETAINED
ADDITIONAL COMPENSATION EARNINGS
COMMON PAID-IN PAYABLE IN (ACCUMULATED
STOCK CAPITAL STOCK DEFICIT) TOTAL
------ --------- ------------ ------------ -----
<S> <C> <C> <C> <C> <C>
Balance, December 31, 1994 $181 $103,935 $12,251 $53,342 $169,709
First Rights conversion to common stock 1 5,306 (5,372) - (65)
First Rights grants - - 3,811 - 3,811
Stock split 91 (91) - - -
Dividends declared - - - (116,639) (116,639)
Net Income for the period - - - 44,019 44,019
---- ------- ------ --------- --------
Balance, September 30, 1995 $273 $109,150 $10,690 ($19,278) $100,835
---- ------- ------ --------- --------
---- ------- ------ --------- --------
</TABLE>
See Notes to Consolidated Financial Statements
-6-
<PAGE>
POLARIS INDUSTRIES INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE 1. BASIS OF PRESENTATION
The accompanying unaudited consolidated financial statements have
been prepared in accordance with generally accepted accounting
principles for interim financial statements and, therefore, do not
include all information and disclosures of results of operations,
financial position and changes in cash flow in conformity with
generally accepted accounting principles for complete financial
statements. Accordingly, such statements should be read in
conjunction with the previously filed Form 10-K. In the opinion of
management, such statements reflect all adjustments (which include
only normal recurring adjustments) necessary for a fair
presentation of the financial position, results of operations, and
cash flows for the periods presented. Due to the seasonality of the
snowmobile, all terrain vehicle (ATV) and personal watercraft (PWC)
business, and to certain changes in production and shipping cycles,
results of such periods are not necessarily indicative of the
results to be expected for the complete year.
NOTE 2. INVENTORIES
The major components of inventories are as follows (in thousands):
September 30, 1995 December 31, 1994
------------------ -----------------
Raw Materials $33,530 $32,717
Service Parts 34,546 29,067
Finished Goods 40,689 26,930
-------- -------
$108,765 $88,714
-------- -------
-------- -------
NOTE 3. FINANCING AGREEMENT
Effective May 8, 1995, the Company entered into an unsecured bank
line of credit arrangement with maximum available borrowings of
$125,000,000. Interest is charged at rates based on LIBOR or
"prime" (currently weighted at 6.25%) and the agreement expires
March 31, 1998. As of September 30, 1995, total borrowings under
the credit arrangement were $25,000,000.
NOTE 4. STOCK SPLIT
On September 14, 1995, the Board of Directors of the Company declared
a 3-for-2 stock split to be effected in the form of a stock dividend.
One share of common stock was issued on October 17, 1995 for every two
shares of common stock held by shareholders of record on
-7-
<PAGE>
September 25, 1995. All periods presented in these consolidated
financial statements have been restated to reflect the stock split.
NOTE 5. DIVIDEND PAYABLE
On August 21, 1995, the Board of Directors of the Company declared a
special cash distribution of $1.92 per pre-split share (or $1.28 per
share on a post-split basis) payable on October 3, 1995, to holders of
record on September 21, 1995. This special cash distribution totals
approximately $34,975,000. In addition, on September 14, 1995, the
Board of Directors of the Company declared a regular quarterly cash
dividend of $0.13 per post-split share payable on November 15, 1995,
to holders of record on November 1, 1995. This regular cash dividend
totals approximately $3,552,000.
NOTE 6. COMMITMENTS AND CONTINGENCIES
The Company has elected not to insure for product liability losses.
The estimated costs resulting from any losses are charged to operating
expenses when it is probable a loss has been incurred and the amount
of the loss is determinable.
The Company is a defendant in lawsuits and subject to claims arising
in the normal course of business. It is the opinion of management
that their outcomes will not, in the aggregate, have a material
adverse effect on the financial position or operations of the
Company.
In 1990, the Canadian income tax authorities proposed certain
adjustments, principally relating to the original purchase price
allocation to the Canadian subsidiary of the Company's predecessor
and transfer pricing matters, for additional income taxes payable by
the Canadian subsidiary for 1987 and 1988. The resolution of these
proposed adjustments will also affect the Company's Canadian income
tax expense for years subsequent to 1988. The Canadian income tax
authorities have initiated an audit of the tax years 1989 through
1991. Management continues to vigorously contest certain of the
proposed adjustments. Management does not believe that the outcome
of this matter will have a materially adverse impact on the financial
position or operations of the Company.
NOTE 7. PRO FORMA INFORMATION
Pro forma information for 1994 is presented to assist in comparing
the continuing results of operations of the Company as if the Company
were a taxable corporation throughout 1994. The pro forma provision
for income taxes has been calculated at an effective tax rate of 38
percent.
-8-
<PAGE>
ITEM 2
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The following discussion pertains to the results of operations and financial
position of Polaris Industries Inc., a Minnesota corporation (the "Company"),
for the quarters and nine-month periods ended September 30, 1995 and 1994.
Due to the seasonality of the snowmobile, all terrain vehicle (ATV) and
personal watercraft (PWC) business, and to certain changes in production and
shipping cycles, results of such periods are not necessarily indicative of
the results to be expected for the complete year.
RESULTS OF OPERATIONS
Sales increased to $291.4 million in the third quarter of 1995, representing
a 13 percent increase over the $258.4 million of sales for the same period in
1994. The increase in sales is attributable to increases in unit sales of
each of snowmobiles, ATVs and PWC due to continued strong demand. Total
finished goods unit shipments for the third quarter of 1995 increased 12
percent over the same period in 1994.
Snowmobile unit sales volume in the third quarter of 1995 increased 10
percent over the comparable period in 1994.
ATV unit sales volume in the third quarter of 1995 increased 11 percent over
the comparable period in 1994.
Historically, sales of PWC in the third quarter of the year have been
minimal, resulting in percentage changes that are not meaningful for
comparison purposes. PWC unit sales volume increased in the third quarter of
1995 resulting in a sales increase of $4.5 million over the comparable period
in 1994. All Polaris PWC are now being assembled at the Company's new
manufacturing facility in Spirit Lake, Iowa.
Sales of related parts, garments and accessories in the third quarter of 1995
increased 4 percent over the comparable period in 1994, as a result of
increased sales volumes of the other product lines.
Sales increased to $831.6 million for the year-to-date period ended September
30, 1995, representing a 42 percent increase over the $584.7 million of sales
for the same period in 1994. Total finished goods unit shipments for the
year-to-date 1995 period increased 41 percent over the same period in 1994.
Year-to-date unit sales volume increases over the same period in 1994 for
snowmobiles, ATVs and PWC were 38%, 42% and 44%, respectively.
-9-
<PAGE>
Polaris Industries Inc.
Management's Discussion and Analysis of
Financial Condition and Results of
Operations (cont'd)
Gross profit of $63.2 million in the third quarter of 1995 is approximately
the same as gross profit of $63.7 million for the same period in 1994. Gross
profit of $168.0 million in the year-to-date period ended September 30, 1995
represents a 34 percent increase over gross profit of $125.8 million for the
same period in 1994. The gross profit margin percentage decreased to 21.7
percent for the third quarter of 1995 as compared to 24.6 percent for the
comparable period in 1994 and to 20.2 percent for the year-to-date period
ended September 30, 1995, as compared to 21.5 percent for the year-to-date
period in 1994. This decrease in gross margin percentage is largely
attributable to continued increases in raw material purchase prices for
engines and certain other component parts because of the weakening of the
U.S. dollar in relation to the Japanese yen when compared to the comparable
1994 periods; and, to a lesser extent, to strengthening of the U.S. dollar in
relation to the Canadian dollar when compared to the comparable 1994 periods
which results in lower gross margins from the Company's Canadian subsidiary
operation.
Operating expenses in the third quarter of 1995 increased $2.4 million (8
percent) over the comparable period in 1994 primarily as a result of the
sales volume increase, but as a percentage of sales, decreased to 10.9
percent for the third quarter of 1995 compared to 11.3 percent for the same
period in 1994. Operating expenses in the year-to-date period ended September
30, 1995 increased $26.6 million (38 percent) over the comparable period in
1994, primarily as a result of the sales volume increase, but as a percentage
of sales, decreased to 11.6 percent for the year-to-date period of 1995
compared to 12.0 percent for the same period in 1994. The percentage
decreases in the third quarter and year-to-date periods are due primarily to
the Company's supporting an increasing level of sales without a
corresponding increase in selling and administrative expenses.
The increase in nonoperating expense for the third quarter of 1995 over the
comparable period in 1994 is primarily attributable to interest expense from
bank borrowings used to fund the payment of the special cash distributions
during 1995.
CASH DIVIDENDS AND SPECIAL CASH DISTRIBUTIONS
On May 11, 1995, the Board of Directors declared a regular cash dividend of
$0.15 per pre-split share (or $0.10 per share on a post-split basis) payable
on August 15, 1995, to holders of record on August 3, 1995.
-10-
<PAGE>
Polaris Industries Inc.
Management's Discussion and Analysis of
Financial Condition and Results of
Operations (cont'd)
On August 21, 1995, the Board of Directors of the Company declared the last
of the three special cash distributions of $1.92 per pre-split share (or
$1.28 per share on a post-split basis) payable on October 3, 1995, to holders
of record on September 21, 1995. In addition, on September 14, 1995, the
Board of Directors of the Company declared a regular quarterly cash dividend
of $0.13 per post-split share payable on November 15, 1995, to holders of
record on November 1, 1995.
On a cumulative basis since January 1, 1995 the Board of Directors of the
Company has declared cash distributions and dividends totaling $116.6
million, representing a total of $6.405 per pre-split share, or $4.27 per
share on a post-split basis. This total is comprised of four regular
quarterly cash dividends totaling $11.7 million ($0.43 per post-split share)
and three special cash distributions totaling $104.9 million ($3.84 per
post-split share). Management has recommended to the Board of Directors that
future dividends be limited to regular quarterly cash dividends. However, the
timing and amount of future dividends will be at the discretion of the Board
of Directors and will depend, among other things, on continuing levels of
performance and financial strength of the Company.
On September 14, 1995, the Board of Directors of the Company declared a
3-for-2 stock split to be effected in the form of a stock dividend. One
share of common stock was issued on October 17, 1995 for every two shares of
common stock held by shareholders of record on September 25, 1995.
LIQUIDITY AND CAPITAL RESOURCES
The seasonality of production and shipments causes working capital
requirements to fluctuate during the year. Before payment of approximately
$35.0 million for the last of the three special cash distributions on October
3, 1995, the Company ended the quarter on September 30, 1995 with short-term
bank borrowings of $25.0 million and cash and cash equivalents of $2.6
million, compared to no borrowings and cash and cash equivalents of $62.9
million at December 31, 1994. This significant reduction in cash balances is
primarily a result of the payment of the special cash distributions in 1995
as well as the payment of corporate federal and state income taxes in 1995
which would not have been payable by Polaris as a limited partnership prior
to its conversion to a taxable corporation in December, 1994.
-11-
<PAGE>
Polaris Industries Inc.
Management's Discussion and Analysis of
Financial Condition and Results of
Operations (cont'd)
Effective May 8, 1995, the Company entered into an unsecured bank line of
credit arrangement with maximum available borrowings of $125 million.
Interest is charged at rates based on LIBOR or "prime" and the agreement
expires March 31, 1998.
Management believes that existing cash balances and bank borrowings, cash
flow to be generated from operating activities and available borrowing
capacity under the line of credit arrangement will be sufficient to fund
operations, regular dividends, the last scheduled special cash distribution
payable on October 3, 1995 and capital requirements for 1995.
INFLATION AND EXCHANGE RATES
The Company does not believe that inflation has had a material impact on the
results of its operations. However, the changing relationships of the U.S.
dollar to the Japanese yen and Canadian dollar have had a material impact
from time to time.
Over the past several years, weakening of the U.S. dollar in relation to the
yen had resulted in higher raw material purchase prices. The material
weakening of the U.S. dollar in relation to the yen during 1995 has had a
material effect on the Company's cost of goods sold during the third quarter
and year-to-date period of 1995. In 1994, approximately 28 percent of the
Company's cost of sales was attributable to purchases from Japanese
suppliers. In view of the foreign exchange hedging contracts currently in
place, the Company anticipates that in the fourth quarter of 1995 the
devaluation of the U.S. dollar in relation to the yen will continue to have a
negative impact on cost of goods sold. However, management believes that
such cost increases also affect its principal competitors in ATVs, and, to
varying degrees, some of its snowmobile and PWC competitors.
The Company operates in Canada through a wholly-owned subsidiary.
Strengthening of the U.S. dollar in relation to the Canadian dollar has
resulted in lower gross margin levels on a comparable basis since sales in
Canada are denominated in Canadian dollars while cost of goods sold are
denominated primarily in U.S. dollars and Japanese yen.
-12-
<PAGE>
Polaris Industries Inc.
Management's Discussion and Analysis of
Financial Condition and Results of
Operations (cont'd)
At September 30, 1995, the Company had open foreign exchange hedging
contracts to purchase Japanese yen and to sell Canadian dollars which mature
throughout the balance of 1995 and into early 1996. The Company may continue
to enter into foreign exchange hedging contracts for both the Japanese yen
and the Canadian dollar to minimize the impact of exchange rate fluctuations
within each year.
In October, 1995, the Company announced it will begin manufacturing its own
engines for selected 1996 models of personal watercraft at its Osceola,
Wisconsin facility. In addition, earlier this year, the Company entered into
an agreement with Fuji Heavy Industries Ltd. to form Robin Manufacturing
U.S.A., Inc. ("Robin"). Under the terms of the agreement, the Company has a
40 percent ownership interest in Robin, which will build engines in the
United States for recreational and industrial products. Potential advantages
to the Company of these additional sources of engines include reduced foreign
exchange risk, lower shipping costs and less dependence on a single supplier
for engines in the future. However, such benefits are not expected to be
significant for some time.
-13-
<PAGE>
POLARIS INDUSTRIES INC.
PART II. OTHER INFORMATION
ITEM 1 - LEGAL PROCEEDINGS
None.
ITEM 2 - CHANGES IN SECURITIES
None.
ITEM 3 - DEFAULTS UPON SENIOR SECURITIES
None.
ITEM 4 - SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
None.
ITEM 5 - OTHER INFORMATION
None.
ITEM 6 - EXHIBITS AND REPORTS ON FORM 8 - K
(a) EXHIBITS
Exhibit No. 10 - Credit Agreement by and between Polaris
Industries Inc., and First Bank National Association and Bank of
America Illinois, and First Union National Bank of North
Carolina, dated May 8, 1995, incorporated by reference to
Exhibit 10 to the Company's Quarterly Report on 10-Q for the
quarterly period ended March 31, 1995.
Exhibit No. 11 - Computation of Per Share Earnings.
Exhibit No. 27 - Financial Data Schedule.
(b) REPORTS ON FORM 8 - K
On August 4, 1995, Polaris filed a report on Form 8-K with
respect to the appointment of Arthur Andersen LLP as the
principal accountant to audit the Company's financial
statements.
-14-
<PAGE>
POLARIS INDUSTRIES INC.
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of
1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned thereunto duly authorized.
POLARIS INDUSTRIES INC.
(Registrant)
Date: November 10, 1995 /s/ W. Hall Wendel, Jr.
-----------------------
W. Hall Wendel, Jr.
Chairman of the Board
and Chief Executive Officer
Date: November 10, 1995 /s/ John H. Grunewald
---------------------
John H. Grunewald
Executive Vice President, Chief Financial
Officer and Secretary (Principal Financial
and Chief Accounting Officer)
-15-
<PAGE>
EXHIBIT 11
POLARIS INDUSTRIES INC.
COMPUTATION OF NET INCOME PER SHARE
(IN THOUSANDS, EXCEPT PER SHARE DATA)
(UNAUDITED)
<TABLE>
<CAPTION>
THIRD QUARTER NINE MONTHS
ENDED SEPTEMBER 30, ENDED SEPTEMBER 30,
------------------- -------------------
1995 1994 1995 1994
---- ---- ---- ----
(PRO FORMA) (PRO FORMA)
<S> <C> <C> <C> <C>
Net Income for the Period $18,544 $21,611 $44,019 $35,103
------- ------- ------- -------
------- ------- ------- -------
Weighted Average Number of Outstanding:
Common shares 27,324 27,166 27,247 27,098
Rights 475 457 546 525
------- ------- ------- -------
Total common and common equivalent shares 27,799 27,623 27,793 27,623
------- ------- ------- -------
------- ------- ------- -------
Net Income Per Share $0.67 $0.78 $1.59 $1.27
----- ----- ----- -----
----- ----- ----- -----
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
UNAUDITED INTERIM CONSOLIDATED FINANCIAL STATEMENTS OF THE COMPANY AND
IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> SEP-30-1995
<CASH> 2,593
<SECURITIES> 0
<RECEIVABLES> 57,716
<ALLOWANCES> 0
<INVENTORY> 108,765
<CURRENT-ASSETS> 193,394
<PP&E> 126,328
<DEPRECIATION> 55,953
<TOTAL-ASSETS> 329,138
<CURRENT-LIABILITIES> 228,303
<BONDS> 0
<COMMON> 273
0
0
<OTHER-SE> 100,562
<TOTAL-LIABILITY-AND-EQUITY> 329,138
<SALES> 831,581
<TOTAL-REVENUES> 831,581
<CGS> 663,627
<TOTAL-COSTS> 663,627
<OTHER-EXPENSES> 96,583
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 373
<INCOME-PRETAX> 70,998
<INCOME-TAX> 26,979
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 44,019
<EPS-PRIMARY> 1.59
<EPS-DILUTED> 1.59
</TABLE>
