UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10-Q
[X] QUARTERLY REPORT UNDER SECTION 13 OR 15 (d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended December 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 000-25l02
BRIDGEPORT MACHINES, INC.
- - - - --------------------------------------------------------------------------------
(exact name of registrant as specified in its charter)
Delaware 06-ll69678
- - - - --------------------------------------------------------------------------------
(State of Incorporation) (IRS Employer Identification No.)
500 Lindley Street, Bridgeport, CT 06606
- - - - --------------------------------------------------------------------------------
(Address of principal executive offices) (zip code)
Registrant's telephone number, including area code:
- - - - --------------------------------------------------------------------------------
(203) 367-365l
NOT APPLICABLE
(Former name, former address and former fiscal year,
if changed since last report)
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 Issuer's Common Stock, $.0l par value, outstanding on
December 28, l996 was 5,679,361 shares.
<PAGE>
BRIDGEPORT MACHINES, INC.
AND SUBSIDIARIES
INDEX
Part I - FINANCIAL INFORMATION
Item l. FINANCIAL STATEMENTS
Consolidated Balance Sheets as of
December 28, 1996 and March 30, 1996
Consolidated Income Statements for
the three month and nine month periods
ended December 28, 1996 and December 30,
1995
Consolidated Statements of Stockholders'
Equity for the nine month periods ended
December 28, 1996 and December 30, 1995
Consolidated Statements of Cash Flows
for the nine month periods ended
December 28, 1996 and December 30, 1995
Notes to Consolidated Financial Statements
Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF
OPERATIONS.
Part II - OTHER INFORMATION
Item l-4. OTHER INFORMATION
Item 5. OTHER INFORMATION
Item 6. EXHIBITS AND REPORTS ON FORM 8-K
Signatures
<PAGE>
<TABLE>
<CAPTION>
BRIDGEPORT MACHINES, INC.
CONSOLIDATED BALANCE SHEETS
(In Thousands, Except Share Amounts)
December 28, March 30,
1996 1996
--------- ---------
ASSETS
<S> <C> <C>
CURRENT ASSETS:
Cash ................................... $ 4,574 $ 4,960
Trade accounts receivable,
less allowance of $1,342
and $1,182, respectively ............. 45,704 41,321
Inventories ............................ 61,291 56,364
Deferred income taxes .................. 2,680 2,680
Prepaid expenses and other current
assets .................................. 1,785 1,275
--------- ---------
Total current assets ............... 116,034 106,600
NOTES RECEIVABLE - NON-CURRENT ................. 103 --
PROPERTY, PLANT AND EQUIPMENT
Land ................................... 351 334
Buildings and improvements ............. 3,464 3,284
Machinery and equipment ................ 18,928 18,087
Furniture and fixtures ................. 4,862 4,174
--------- ---------
27,605 25,879
Less: Accumulated depreciation ................ (7,228) (4,903)
--------- ---------
Property, plant and equipment, net. 20,377 20,976
--------- ---------
INVESTMENTS IN AFFILIATED COMPANIES ............ 1,223 1,088
OTHER ASSETS, net of accumulated amortization
of $1,453 and $1,353 respectively ........ 408 492
--------- ---------
Total assets ...................... $ 138,145 $ 129,156
========= =========
The accompanying notes to consolidated financial statements are an integral part
of these financial statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
BRIDGEPORT MACHINES, INC.
CONSOLIDATED BALANCE SHEETS
(In Thousands, Except Share Amounts)
December 28, March 30,
l996 l996
--------- ---------
<S> <C> <C>
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Bank overdrafts ....................... $ 1,769 $ 1,974
Working capital revolver .............. 28,496 27,917
Accounts payable ...................... 15,250 20,707
Accrued expenses ...................... 14,413 11,618
Income taxes payable .................. 3,262 3,548
Current portion of long-term debt
obligations ......................... 2,635 1,688
--------- ---------
Total current liabilities ........ 65,825 67,452
LONG-TERM DEBT OBLIGATIONS .................... 6,749 4,475
OTHER LONG-TERM LIABILITIES ................... 120 120
--------- ---------
Total liabilities ................ 72,694 72,047
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY
Preferred stock, $.0l par value,
2,000,000 shares authorized,
no shares issued .................... -- --
Common stock, $.0l par value,
13,000,000 shares authorized;
5,679,361 shares issued and
outstanding at December 28, 1996
and 5,676,697 shares issued and
outstanding at March 30, 1996 ....... 57 57
Capital in excess of par value ........ 38,285 38,259
Retained earnings--subsequent to
reclassification of $6,750
deficit as part of the quasi-
reorganization as of January 3, 1993. 25,347 19,075
Cumulative translation adjustment ..... 1,762 (282)
--------- ---------
Total stockholders' equity ....... 65,451 57,109
--------- ---------
Total liabilities and stock-
holders' equity .................. $ 138,145 $ 129,156
========= =========
The accompanying notes to consolidated financial statements are an integral part
of these financial statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
BRIDGEPORT MACHINES, INC.
CONSOLIDATED INCOME STATEMENTS
FOR THE THREE MONTH AND NINE MONTH PERIODS
ENDED DECEMBER 28, 1996 AND DECEMBER 30, 1995
(In Thousands, Except Per Share Amounts)
THREE MONTHS ENDED NINE MONTHS ENDED
December 28, December 30, December 28, December 30,
1996 1995 1996 1995
---- ---- ---- ----
<S> <C> <C> <C> <C>
Net sales .......... $ 59,779 $ 56,751 $ 173,471 $ 151,329
Cost of sales ...... 47,081 42,831 134,977 114,868
--------- --------- --------- ---------
Gross profit ..... 12,698 13,920 38,494 36,461
Selling, general and
administrative
expenses ......... 8,928 8,314 26,487 23,387
--------- --------- --------- ---------
Operating income 3,770 5,606 12,007 13,074
Interest expense ... (755) (703) (2,181) (1,807)
Other income, net .. 58 101 149 164
--------- --------- --------- ---------
Income before
provision for
income taxes ... 3,073 5,004 9,975 11,431
Provision for
income taxes ..... 1,135 2,014 3,703 4,727
--------- --------- --------- ---------
Net income ..... $ 1,938 $ 2,990 $ 6,272 $ 6,704
========= ========= ========= =========
Primary earnings
per share ........ $ 0.34 $ 0.52 $ 1.09 $ 1.17
========= ========= ========= =========
Weighted average
number of shares
outstanding ....... 5,705 5,745 5,730 5,746
The accompanying notes to consolidated financial statements are an integral part
of these financial statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
BRIDGEPORT MACHINES, INC.
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
FOR THE NINE MONTH PERIODS ENDED DECEMBER 28, 1996 AND DECEMBER 30, 1995
(In Thousands)
CAPITAL IN CUMULATIVE
COMMON EXCESS OF RETAINED TRANSLATION
STOCK PAR VALUE EARNINGS ADJUSTMENT
----- --------- -------- ----------
<S> <C> <C> <C> <C>
BALANCE, April 1, l995 ........ $ 57 $38,106 $10,651 $ 1,395
Translation adjustment
for the nine months
ended December 30, 1995 ..... -- -- -- (1,425)
Net income for the nine
months ended December 30,
l995 ........................ -- -- 6,704 --
Provision in lieu of
income taxes ................ -- 4 -- --
Exercise of stock options
for common stock ............ -- 35 -- --
------- ------- ------- -------
BALANCE, December 30, 1995 .... $ 57 $38,145 $17,355 $ (30)
======= ======= ======= =======
BALANCE, March 30, 1996 ....... $ 57 $38,259 $19,075 $ (282)
Translation adjustment
for the nine months
ended December 28, 1996 ..... -- -- -- 2,044
Net income for the nine
months ended December
28, 1996 .................... -- -- 6,272 --
Exercise of stock options
for common stock ............ -- 26 -- --
------- ------- ------- -------
BALANCE, December 28, 1996 .... $ 57 $38,285 $25,347 $ 1,762
======= ======= ======= =======
The accompanying notes to consolidated financial statements are an integral part
of these financial statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
BRIDGEPORT MACHINES, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE NINE MONTH PERIODS ENDED DECEMBER 28, 1996 AND DECEMBER 30, 1995
(In Thousands)
December 28, December 30,
1996 1995
-------- --------
<S> <C> <C>
CASH FLOWS PROVIDED BY OPERATING
ACTIVITIES:
Net income ................................... $ 6,272 $ 6,704
Adjustments to reconcile net
income to net cash provided
by operating activities:
Depreciation and amortization ......... 2,481 2,435
(Increase) in deferred
income taxes ........................ -- (376)
Provision in lieu of income taxes ..... -- 4
Net (gain) on sale of property,
plant and equipment ................... (3) (15)
Changes in operating assets and
liabilities:
(Increase) in net trade
accounts receivable ...................... (2,260) (11,802)
(Increase) in inventories .................. (2,535) (11,988)
(Increase) in prepaid
expenses and other current assets ........ (424) (121)
(Increase) in other assets ................ (73) (462)
Increase (decrease) in bank overdrafts ..... (205) 894
Increase (decrease) in accounts payable
and accrued expenses ..................... (4,842) 7,473
-------- --------
Total adjustments ........................ (7,861) (13,958)
-------- --------
Cash flows (used in)
operating activities ..................... (1,589) (7,254)
-------- --------
CASH FLOWS PROVIDED BY (USED IN)
INVESTING ACTIVITIES:
Capital expenditures ......................... (1,908) (14,006)
Proceeds from sale of property,
plant and equipment ........................ 71 83
-------- --------
Cash flows (used in)
investing activities ..................... (1,837) (13,923)
-------- --------
<PAGE>
<CAPTION>
BRIDGEPORT MACHINES, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE NINE MONTH PERIODS ENDED DECEMBER 28, 1996 AND DECEMBER 30, 1995
(In Thousands)
(Continued)
December 28, December 30,
1996 1995
-------- --------
<S> <C> <C>
CASH FLOWS PROVIDED BY (USED IN)
FINANCING ACTIVITIES:
Sale of common stock ....................... 26 35
Borrowings (payments) under working
capital revolver, net .................... (472) 20,661
Borrowings of other debt and
capitalized lease obligations ............ 3,417 2,739
-------- --------
Cash flows provided by
financing activities ................... 2,971 23,435
-------- --------
Effect of exchange rate changes
on cash .................................. 69 (486)
-------- --------
Net change in cash ....................... (386) 1,772
CASH, beginning of period .................. 4,960 3,806
-------- --------
CASH, end of period ........................ $ 4,574 $ 5,578
======== ========
SUPPLEMENTAL CASH FLOW INFORMATION:
Interest paid .............................. $ 2,879 $ 1,592
Income taxes paid (received), net .......... 3,927 4,817
The accompanying notes to consolidated financial statements are an integral part
of these financial statements.
</TABLE>
<PAGE>
BRIDGEPORT MACHINES, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
1. THE COMPANY AND BASIS OF PRESENTATION
Bridgeport Machines, Inc. and subsidiaries (the "Company") is a
manufacturer and distributor of metal cutting machine tools and
accessories. The Company manufactures its products in the U.S. and
Europe.
The consolidated balance sheet as of December 28, 1996 and the related
consolidated statements of income, stockholders' equity and cash flows
for the three month and nine month periods ended December 28, 1996 and
December 30, l995 have been prepared by the Company without audit. In
the opinion of management, all adjustments necessary to present fairly
the financial position, results of operations and cash flows as of or
for the periods ended December 28, 1996 and December 30, l995 have been
made. The accounting principles followed during interim periods are
generally consistent with those applied for annual periods and are
described in the Company's financial statements included in its Form
10-K filed with the Securities and Exchange Commission (the "SEC").
2. INTERIM STATEMENTS
The following accounting policies which are applied in the
preparation of the interim financial statements are different from
those applied in the year-end financial statements:
Inventories:
Inventories are valued at year-end based upon actual inventory
on hand verified by a physical count. Inventories are adjusted
during interim periods for purchases, production and shipments
based upon standard costs for material, labor and overhead.
Income Taxes:
The income tax provision is calculated based upon an estimated
tax rate for the year for each tax jurisdiction.
3. EARNINGS PER SHARE
Primary earnings per share has been computed based on the weighted
average number of common shares and common equivalent shares calculated
for stock options under the treasury stock method.
4. ACQUISITION OF ASSETS
In June 1995, the Company acquired, through a newly formed subsidiary,
for 6,000,000(pounds) (approximately $9,600,000) certain assets of a
bankrupt German machine tool manufacturer. The assets acquired consist
of machinery and equipment that are being used by the Company to
establish operations in the Republic of Germany.
<PAGE>
In addition, the subsidiary entered into a lease for manufacturing and
office space in Germany. The lease requires minimum annual rental
payments of approximately $525,000. The lease is for a minimum term of
seven years and can be extended at the Company's option up to twenty
years.
5. DEBT OBLIGATIONS
In August 1996, the Company's subsidiary, Bridgeport Machines GmbH,
borrowed DM 7,375,000 (approximately $4,868,000). This loan is with the
same financial institutions with which the Company maintains its credit
facility and falls under the same covenant guidelines. The loan bears
interest at 7.345% and is repayable in 39 monthly installments of
approximately DM 123,000 (approximately $81,000) beginning September
1996 and a final payment in December 1999 of the remaining unpaid
balance.
6. RECLASSIFICATIONS
Certain reclassifications have been made to prior period balances to
conform to current period presentation.
<PAGE>
BRIDGEPORT MACHINES, INC. AND SUBSIDIARIES
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
RESULTS OF OPERATIONS:
The following table sets forth, for the periods indicated, the
percentage of net sales represented by certain items reflected in the Company's
consolidated financial statements:
<TABLE>
<CAPTION>
THREE MONTHS ENDED NINE MONTHS ENDED
December 28, December 30, December 28, December 30,
1996 1995 1996 1995
---- ---- ---- ----
<S> <C> <C> <C> <C>
Net sales ...................................... 100.0% 100.0% 100.0% 100.0%
Gross profit ................................... 21.2 24.5 22.2 24.1
Selling, general and
administrative expenses ...................... 14.9 14.6 15.3 15.5
Operating income ............................... 6.3 9.9 6.9 8.6
Interest expense................................ 1.3 1.2 1.3 1.2
Other income, net .............................. 0.1 0.2 0.1 0.1
Income tax expense.............................. 1.9 3.5 2.1 3.1
Net income...................................... 3.2 5.3 3.6 4.4
</TABLE>
COMPARISON OF THE THREE MONTHS ENDED DECEMBER 28, 1996 ("THIRD QUARTER OF FISCAL
1997") TO THE THREE MONTHS ENDED DECEMBER 30, 1995 ("THIRD QUARTER OF FISCAL
1996")
Net sales were $59.8 million in the third quarter of fiscal l997, an
increase of $3.0 million, or 5.3%, as compared to the third quarter of fiscal
l996. The increase in sales was primarily a result of a new lathe product
introduced during the quarter.
Gross profit was $12.7 million in the third quarter of fiscal l997, a
decrease of $1.2 million, or 8.8%, as compared to the third quarter of fiscal
l996. Gross profit as a percent of net sales was 21.2% compared with 24.5% in
the third quarter of fiscal 1996. The decrease in gross profit resulted
primarily from price discounting and to a lesser extent, a change in product
mix.
Selling, general and administrative expenses were $8.9 million in the
third quarter of fiscal l997, an increase of $0.6 million, or 7.4%, as compared
to the third quarter of fiscal l996. The increase in dollar amount consisted of
increases in salaries and benefits of $0.3 million. The remaining increase was a
result of small increases in numerous categories. As a percentage of net sales,
selling, general and administrative expenses were 14.9% in the third quarter of
fiscal l997, as compared to 14.6% for the third quarter of fiscal l996.
<PAGE>
Operating income was $3.8 million in the third quarter of fiscal l997,
a decrease of $1.8 million, or 32.8%, as compared to the third quarter of fiscal
l996. The decreased operating income was primarily a result of lower gross
profit. As a percentage of net sales, operating income was 6.3% in the third
quarter of fiscal l997 as compared to 9.9% in the third quarter of fiscal l996.
Interest expense was $0.8 million in the third quarter of fiscal l997
and $0.7 million in the third quarter of fiscal l996.
Provision for income taxes was $1.1 million in the third quarter of
fiscal l996, a decrease of $0.9 million or 43.6%. The effective tax rate was
36.9% in the third quarter of fiscal l997 as compared to 40.2% for the third
quarter of fiscal l995. The decline in the effective tax rate is a result of
more income being generated in lower tax jurisdictions and the utilization of a
net operating loss carryforward in the Company's German operations.
COMPARISON OF THE NINE MONTHS ENDED DECEMBER 28, 1996 TO THE NINE MONTHS ENDED
DECEMBER 30, 1995
Net sales were $173.5 million for the nine months ended December 28,
1996, an increase of $22.1 million, or 14.6%, as compared to the nine months
ended December 30, 1995. Increased production at the Company's facilities
resulted in increased sales of machining centers of approximately $19.9 million
in the nine months ended December 28, 1996 as compared to the nine months ended
December 30, 1995. Sales increases were attributable to unit growth and
increased sales of higher priced products.
Gross profit was $38.5 million for the nine months ended December 28,
1996, an increase of $2.0 million, or 5.6%, as compared to the nine months ended
December 30, 1995. The gross profit as a percentage of net sales was 22.2% for
the nine months ended December 28, 1996 versus 24.1% for the nine months ended
December 30, 1995. The decline in gross profit is primarily a result of
increased sales of machining centers and CNC lathes, both of which have lower
gross margins than many of the Company's other products. Also contributing to
the decline in gross profit were price discounts which occurred in the third
fiscal quarter.
Selling, general and administrative expenses were $26.5 million for the
nine months ended December 28, 1996, an increase of $3.1 million, or 13.3%, as
compared to the nine months ended December 30, 1995. The increase in dollar
amount consisted primarily of salaries and benefits of $1.6 million and
advertising and trade show expenses of $0.8 million. The remaining increase was
a result of small increases in numerous categories. As a percentage of net
sales, selling, general and administrative expenses were 15.3% for the nine
months ended December 28, 1996, as compared to 15.5% for the nine months ended
December 30, 1995.
Operating income was $12.0 million for the nine months ended December
28, 1996, a decrease of $1.1 million, or 8.2%, as compared to the nine months
ended December 30, 1995. The decreased operating income was a result of the
lower gross profit margin and higher selling, general and administrative
expenses. As a percentage of net sales, operating income was 6.9% for the nine
months ended December 28, 1996 compared to 8.6% for the nine months ended
December 30, 1995.
Interest expense was $2.2 million for the nine months ended December
28, 1996 and $1.8 million for the nine months ended December 30, 1995.
<PAGE>
Provision for income taxes was $3.7 million for the nine months ended
December 28, 1996, a decrease of $1.0 million or 21.7%. The effective tax rate
was 37.1% for the nine months ended December 28, 1996 as compared to 41.4% for
the nine months ended December 30, 1995. The decline in the effective tax rate
is a result of more income being generated in lower tax jurisdictions and the
utilization of a net operating loss carryforward in the Company's German
operations.
FOREIGN OPERATIONS:
During the nine months ended December 28, 1996, net sales outside North
America represented approximately 47.5% of total net sales, as compared to 41.5%
for the nine months ended December 30, 1995. A substantial portion of these net
sales were made by the Company's European operations. The Company's European
operations were expanded during fiscal 1996 through the establishment of a
manufacturing facility in Kempten, Germany in June 1995. In addition,
approximately 50,000 square feet of leased assembly and warehouse space was
added to the Company's existing Leicester, England facility.
The Kempten, Germany operations were established through the
acquisition of machinery and equipment by the Company's newly formed indirectly
wholly owned subsidiary, Bridgeport Machines GmbH. In addition, Bridgeport
Machines GmbH entered into a lease for 124,000 square feet of manufacturing and
office space. The Kempten, Germany operations are being used to machine parts
which are used by the Leicester facility to manufacture the Company's machine
tool products. The Company paid approximately $9.6 million to acquire the
machinery and equipment in Kempten, Germany. This payment was financed through
borrowings under the Company's revolving credit facility.
Generally, from time to time, the Company enters into forward exchange
contracts to provide economic hedges against foreign currency fluctuations on
its intercompany sales transactions between its U.S. and U.K. operations. At
December 28, 1996, the Company had no outstanding forward purchase contracts.
LIQUIDITY AND CAPITAL RESOURCES:
As of December 28, 1996, the Company had working capital of $50.2
million compared with $39.1 million at March 30, 1996. The Company meets its
short-term financing needs through cash from operations and its revolving credit
facility which provides for maximum borrowings of up to $23 million in the
United States and $16 million in the United Kingdom.
The table below presents the summary of cash flow for the periods
indicated:
<TABLE>
<CAPTION>
NINE MONTHS ENDED
December 28, 1996 December 30, 1995
----------------- -----------------
<S> <C> <C>
Net cash (used in)
operating activities $( 1,589) $( 7,254)
Net cash (used in)
investing activities ( 1,837) (13,923)
Net cash provided by
financing activities 2,971 23,435
</TABLE>
<PAGE>
Net cash used in operating activities fluctuates between periods
primarily as a result of differences in net income, the level of sales activity
and the timing of the collection of accounts receivable, purchase of inventory
and payment of accounts payable. During the nine months ended December 28, 1996,
increases in the Company's trade accounts receivable and inventories accounted
for uses of cash in operations of $2.3 and $2.5 million, respectively, versus
uses of $11.8 million and $12.0 million for the nine months ended December 30,
1995, respectively.
During periods when the Company's sales are increasing, net cash used
in operating activities generally increases in order to support higher trade
accounts receivable and inventory levels. During the nine months ended December
28, 1996, net sales increased 14.6% as compared with the same period in the
prior year. During the nine months ended December 30, 1995, net sales increased
42.4% as compared with the same period in the prior year. Management expects
that if sales continue to increase, the trend of using cash in operating
activities would continue.
The net cash used in investing activities in the nine months ended
December 30, 1995 includes the acquisition of machinery and equipment in
Kempten, Germany for approximately $9.6 million. The net cash provided by
financing activities in the nine months ended December 30, 1995 represents net
borrowings under the Company's credit facility. These borrowings were made to
finance the acquisition of the machinery and equipment in Kempten, Germany, and
higher inventory and trade accounts receivable due to the Company's increased
sales level.
<PAGE>
PART II - OTHER INFORMATION
Item l 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 Exhibit No.
-------------------------------- -----------
a) Exhibits
( 2) Not Applicable
( 4) Not Applicable
(l0) Not Applicable
(ll) Statement regarding computation of per share
earnings is not required because the relevant
computation can be determined from the material
contained in the Financial Statements included
herein.
(l5) Not Applicable
(l8) Not Applicable
(l9) Not Applicable
(22) Not Applicable
(23) Not Applicable
(24) Not Applicable
(27) Not Applicable
(99) Not Applicable
b) There were no reports or exhibits on Form 8-K filed
during the three months ended December 28, 1996.
<PAGE>
Pursuant to the requirements of the Securities Exchange Act of l934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereto duly authorized.
BRIDGEPORT MACHINES, INC.
(Registrant)
February 7, 1997 /s/ Dan L. Griffith
-------------------
By: Dan L. Griffith
President and
Chief Executive Officer
February 7, 1997 /s/ Walter C. Lazarcheck
------------------------
By: Walter C. Lazarcheck
Vice President and
Chief Financial Officer
<TABLE> <S> <C>
<ARTICLE> 5
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> MAR-29-1997
<PERIOD-END> DEC-28-1997
<CASH> 4,574
<SECURITIES> 0
<RECEIVABLES> 45,704
<ALLOWANCES> 1,342
<INVENTORY> 61,291
<CURRENT-ASSETS> 116,034
<PP&E> 27,605
<DEPRECIATION> 7,228
<TOTAL-ASSETS> 138,145
<CURRENT-LIABILITIES> 65,825
<BONDS> 6,749
0
0
<COMMON> 57
<OTHER-SE> 65,394
<TOTAL-LIABILITY-AND-EQUITY> 138,145
<SALES> 173,471
<TOTAL-REVENUES> 173,471
<CGS> 134,977
<TOTAL-COSTS> 134,977
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 250
<INTEREST-EXPENSE> 2,181
<INCOME-PRETAX> 9,975
<INCOME-TAX> 3,703
<INCOME-CONTINUING> 6,272
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 6,272
<EPS-PRIMARY> 1.09
<EPS-DILUTED> 1.09
</TABLE>
