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 September 27, 1997
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from to
Commission file 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
September 27, l997 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
September 27, 1997 and March 29, 1997
Consolidated Statements of Operations for
the three month and six month periods
ended September 27, 1997 and
September 28, 1996
Consolidated Statements of Stockholders'
Equity for the six month periods ended
September 27, 1997 and September 28, 1996
Consolidated Statements of Cash Flows
for the six month periods ended
September 27, 1997 and September 28, 1996
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-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)
September 27, March 29,
l997 l997
--------- ---------
ASSETS
<S> <C> <C>
CURRENT ASSETS:
Cash ................................... $ 5,475 $ 2,992
Trade accounts receivable,
less allowance of $1,636
and $1,440, respectively ............. 33,046 38,691
Inventories ............................ 64,334 63,068
Deferred income taxes .................. 3,144 3,144
Prepaid expenses and other current
assets ................................. 1,431 1,944
--------- ---------
Total current assets ............... 107,430 109,839
PROPERTY, PLANT AND EQUIPMENT
Land ................................... 343 345
Buildings, improvements and
leasehold improvements ............... 3,979 3,908
Machinery and equipment ................ 19,570 19,164
Furniture and fixtures ................. 5,387 4,732
--------- ---------
29,279 28,149
Less: Accumulated depreciation ................ (9,275) (7,848)
--------- ---------
Property, plant and equipment,
net ............................... 20,004 20,301
--------- ---------
INVESTMENTS IN AND ADVANCES TO AFFILIATES ...... 671 1,008
OTHER ASSETS, net of accumulated
amortization of $1,533
and $1,485 respectively ...................... 535 563
--------- ---------
Total assets ...................... $ 128,640 $ 131,711
========= =========
</TABLE>
The accompanying notes to consolidated financial statements are an integral part
of these financial statements.
<PAGE>
<TABLE>
<CAPTION>
BRIDGEPORT MACHINES, INC.
CONSOLIDATED BALANCE SHEETS
(In Thousands, Except Share Amounts)
September 27, March 29,
1997 l997
--------- ---------
<S> <C> <C>
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Bank overdrafts .................................... $ 1,648 $ 2,254
Working capital revolver ........................... 21,804 21,910
Accounts payable ................................... 15,491 16,568
Accrued expenses ................................... 14,411 13,055
Income taxes payable ............................... 2,897 3,794
Current portion of long-term debt
obligations ...................................... 2,516 2,562
--------- ---------
Total current liabilities ..................... 58,767 60,143
LONG-TERM DEBT OBLIGATIONS ................................. 4,472 5,862
OTHER LONG-TERM LIABILITIES ................................ 120 120
--------- ---------
Total liabilities ............................. 63,359 66,125
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, including treasury
stock, at September 27, 1997 and 5,679,361 shares
issued and outstanding at March 29, 1997 ........ 57 57
Capital in excess of par value ..................... 38,285 38,285
Retained earnings--subsequent to
reclassification of $6,750
deficit as part of the quasi-
reorganization as of January 3,
l993 ............................................. 27,820 27,076
Cumulative translation adjustment .................. (372) 168
Treasury stock at cost, 50,000 shares .............. (509) --
--------- ---------
Total stockholders' equity .................... 65,281 65,586
--------- ---------
Total liabilities and stock-
holders' equity ............................... $ 128,640 $ 131,711
========= =========
</TABLE>
The accompanying notes to consolidated financial statements are an integral part
of these financial statements.
<PAGE>
<TABLE>
<CAPTION>
BRIDGEPORT MACHINES, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THREE MONTH AND SIX MONTH PERIODS
ENDED SEPTEMBER 27, 1997 AND SEPTEMBER 28, 1996
(In Thousands, Except Per Share Amounts)
THREE MONTHS ENDED SIX MONTHS ENDED
September 27, September 28, September 27, September 28,
1997 1996 1997 1996
--------- --------- --------- ---------
<S> <C> <C> <C> <C>
Net sales............ $ 44,896 $ 51,478 $ 99,442 $ 113,692
Cost of sales ....... 35,393 39,629 77,327 87,896
--------- --------- --------- ---------
Gross profit ...... 9,503 11,849 22,115 25,796
Selling, general and
administrative
expenses .......... 9,653 8,603 18,932 17,559
--------- --------- --------- ---------
Operating income
(loss) ........... (150) 3,246 3,183 8,237
Interest expense .... (657) (723) (1,301) (1,426)
Other income
(expense), net .... 176 (61) 46 91
--------- --------- --------- ---------
Income (loss)
before provision
for income taxes . (631) 2,462 1,928 6,902
Provision for
income taxes ...... 126 853 1,184 2,568
--------- --------- --------- ---------
Net income (loss) ($ 757) $ 1,609 $ 744 $ 4,334
========= ========= ========= =========
Earnings (loss)
per share ......... ($ 0.13) $ 0.28 $ 0.13 $ 0.75
========= ========= ========= =========
Weighted average
number of shares
outstanding ........ 5,646 5,738 5,668 5,743
</TABLE>
The accompanying notes to consolidated financial statements are an integral part
of these financial statements.
<PAGE>
<TABLE>
<CAPTION>
BRIDGEPORT MACHINES, INC.
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
FOR THE SIX MONTH PERIODS
ENDED SEPTEMBER 27, 1997 AND SEPTEMBER 28, 1996
(In Thousands)
CAPITAL IN CUMULATIVE
COMMON EXCESS OF RETAINED TRANSLATION TREASURY
STOCK PAR VALUE EARNINGS ADJUSTMENT STOCK
----- --------- -------- ---------- -----
<S> <C> <C> <C> <C> <C>
BALANCE, March 30, 1996 ... $ 57 $38,259 $19,075 $ (282) $ --
Net income for the six
months ended September
28, 1996 ................ -- -- 4,334 -- --
Translation adjustment
for the six months
ended September 28, 1996 -- -- -- 122 --
Exercise of stock options
for common stock ........ -- 26 -- -- --
------- ------- ------- ------- -------
BALANCE, September 28, 1996 $ 57 $38,285 $23,409 $ (160) $ --
======= ======= ======= ======= =======
BALANCE, March 29, l997 ... $ 57 $38,285 $27,076 $ 168 $ --
Net income for the six
months ended September
27, 1997 ................ -- -- 744 -- --
Translation adjustment
for the six months
ended September 27, 1997 -- -- -- (540) --
Purchase of common stock
for treasury ............ -- -- -- -- (509)
------- ------- ------- ------- -------
BALANCE, September 27, 1997 $ 57 $38,285 $27,820 $ (372) $ (509)
======= ======= ======= ======= =======
</TABLE>
The accompanying notes to consolidated financial statements are an integral part
of these financial statements.
<PAGE>
<TABLE>
<CAPTION>
BRIDGEPORT MACHINES, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE SIX MONTH PERIODS
ENDED SEPTEMBER 27, 1997 AND SEPTEMBER 28, 1996
(In Thousands)
September 27, September 28,
1997 1996
------- -------
<S> <C> <C>
CASH FLOWS PROVIDED BY (USED IN)
OPERATING ACTIVITIES:
Net income ....................................... $ 744 $ 4,334
Adjustments to reconcile net
income to net cash provided
by operating activities:
Depreciation and amortization .............. 1,600 1,652
Net (gain) on sale of property,
plant and equipment ........................ (3) (13)
Changes in operating assets and liabilities:
Decrease (increase) in net trade
accounts receivable ........................ 7,248 (1,192)
Decrease (increase) in inventories ........... 862 (6,576)
Decrease (increase) in prepaid expenses
and other current assets ................... 551 (1,281)
Decrease (increase) in other assets .......... 310 (167)
(Decrease) in bank overdrafts ................ (606) (412)
Increase (decrease) in accounts payable
and accrued expenses ....................... (3,667) 2,387
------- -------
Total adjustments .......................... 6,295 (5,602)
------- -------
Cash flows provided by (used in)
operating activities ....................... 7,039 (1,268)
------- -------
CASH FLOWS PROVIDED BY (USED IN)
INVESTING ACTIVITIES:
Capital expenditures ............................. (1,505) (1,385)
Proceeds from sale of property,
plant and equipment ............................ 9 13
Purchase of certain assets of
a distributor .................................. (1,245) --
Purchase of treasury stock ....................... (509) --
------- -------
Cash flows provided by (used in)
investing activities ......................... (3,250) (1,372)
------- -------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
BRIDGEPORT MACHINES, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE SIX MONTH PERIODS
ENDED SEPTEMBER 27, 1997 AND SEPTEMBER 28, 1996
(In Thousands)
(Continued)
September 27, September 28,
1997 1996
------- -------
<S> <C> <C>
CASH FLOWS PROVIDED BY (USED IN)
FINANCING ACTIVITIES:
Sale of common stock ............................ $ -- $ 26
Borrowings (payments) under working
capital revolver, net ......................... 17 (281)
Borrowings (payments) of other debt and
capitalized lease obligations ................. (1,233) 4,317
------- -------
Cash flows provided by (used in)
financing activities ........................ (1,216) 4,062
------- -------
Effect of exchange rate changes
on cash ....................................... (90) 60
------- -------
Net change in cash ............................ 2,483 1,482
CASH, begining of period ........................ 2,992 4,960
------- -------
CASH, end of period ............................. $ 5,475 $ 6,442
======= =======
SUPPLEMENTAL CASH FLOW INFORMATION:
Interest paid ................................... $ 1,307 $ 1,386
Income taxes paid, net .......................... 1,093 412
</TABLE>
The accompanying notes to consolidated financial statements are an integral part
of these financial statements.
<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. Sales are principally in North America and Europe. A
substantial portion of the end users of the Company's products are
small and medium sized independent job shops who produce machined parts
for customers in a wide variety of industries.
The consolidated balance sheet as of September 27, 1997 and the related
consolidated statements of income, stockholders' equity and cash flows
for the six months ended September 27, 1997 and September 28, 1996 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 September 27, 1997 and September 28, 1996 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
effective 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.
<PAGE>
In February 1997, Statement of Financial Accounting Standards No. 128,
"Earnings Per Share" ("FAS 128"), was issued. FAS 128 establishes new
standards for computing and presenting EPS. The Company is required to
adopt the new standard in the third quarter of fiscal 1998. As
required, the Company currently calculates EPS in accordance with APB
Opinion No. 15. Had the Company calculated EPS in accordance with FAS
128 for the three month and six month periods ended September 27, 1997
and September 28, 1996, the amounts to be presented under the new
standards would not be materially different than the amounts shown in
the financial statements.
4. ACQUISITION
On August 1, 1997, the Company acquired certain assets and assumed
certain liabilities of its German distributor. The acquisition was
accounted for as a purchase. The Company will pay in installments
approximately $2.1 million in cash for the assets acquired and assumed
approximately $2.5 million of liabilities. The purchase price
approximated book value. The purchase did not meet the significant
subsidiary rules of SEC reporting requirements.
<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 SIX MONTHS ENDED
September 27, September 28, September 27, September 28,
1997 1996 1997 1996
---- ---- ---- ----
<S> <C> <C> <C> <C>
Net sales 100.0% 100.0% 100.0% 100.0%
Gross profit 21.2 23.0 22.2 22.7
Selling, general and
administrative
expenses 21.5 16.7 19.0 15.4
Operating income
(loss) (0.3) 6.3 3.2 7.3
Interest expense 1.5 1.4 1.3 1.3
Other income
(expense) 0.4 (0.1) 0.0 0.1
Income tax expense 0.3 1.7 1.2 2.3
Net income (loss) (1.7) 3.1 0.7 3.8
</TABLE>
COMPARISON OF THE THREE MONTHS ENDED SEPTEMBER 27, 1997 ("SECOND QUARTER OF
FISCAL 1998") TO THE THREE MONTHS ENDED SEPTEMBER 28, 1996 ("SECOND QUARTER OF
FISCAL 1997")
Net sales were $44.9 million in the second quarter of fiscal l998, a
decrease of $6.6 million, or 12.8%, as compared to the second quarter of fiscal
l997. The decrease in sales is due to a decline in sales in Europe of $7.7
million offset by an increase in sales in North America. The decline in European
sales is a result of weak market conditions in continental Europe and higher
selling prices in continental Europe of the Company's United Kingdom
manufactured products due to the increased value of the British pound versus
other European currencies.
Backlog at September 27, 1997 was approximately $29.2 million compared
with $35.5 million at March 29, 1997. The Company's backlog balances fluctuate
as a result of many factors including length of time to deliver products, new
product introductions and market conditions.
<PAGE>
Gross profit was $9.5 million in the second quarter of fiscal l998, a
decrease of $2.3 million, or 19.8%, as compared to the second quarter of fiscal
l997. Gross profit as a percent of net sales was 21.2% compared with 23.0% in
the second quarter of fiscal 1997. Included in cost of sales in the second
quarter of fiscal 1997 is a $700,000 refund of import duties for prior periods
which had previously been expensed. In August 1996, the United States government
retroactively reinstated the General System of Preferences which allowed the
Company to obtain a refund of import duties. Without this refund, gross profit
as a percent of sales was 21.7% in the second quarter of fiscal 1997. The
decrease in gross profit as percent of sales in the second quarter of fiscal
1998 as compared to the fiscal 1997 normalized gross profit is a result of less
absorption of fixed costs in the Company's European manufacturing operations due
to lower production.
Selling, general and administrative expenses were $9.7 million in the
second quarter of fiscal l998, an increase of $1.1 million, or 12.2%, as
compared to the second quarter of fiscal l997. The increase in dollar amount
consisted of increases in salaries of $0.4 million and professional fees of $0.1
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 21.5% in the second quarter of fiscal l998, as compared to 16.7%
for the second quarter of fiscal l997.
Operating loss was $0.1 million for the second quarter of fiscal l998,
as compared to operating income of $3.2 million for the second quarter of fiscal
l997.
Interest expense was $0.7 million for the second quarter of fiscal l998
and fiscal l997.
Provision for income taxes was $0.1 million in the second quarter of
fiscal l998, compared to a provision for income taxes of $0.9 million in the
second quarter of fiscal 1997. The tax provision in the second quarter of fiscal
1998 primarily represents a tax provision for the U.S. operating results offset
by a tax benefit for the Company's U.K. results. Tax benefits for losses
incurred in the Company's German operations have not been established because
they are not currently recognizable for tax return purposes.
COMPARISON OF THE SIX MONTHS ENDED SEPTEMBER 27, 1997 TO THE SIX MONTHS ENDED
SEPTEMBER 28, 1996
Net sales were $99.4 million for the six months ended September 27,
1997, a decrease of $14.3 million, or 12.5%, as compared to the six months ended
September 28, 1996. The decrease in sales is due to a decline in sales in Europe
of $15.0 million offset by an increase in sales in North America. The decline in
European sales is a result of weak market conditions in continental Europe and
higher selling prices in continental Europe of the Company's United Kingdom
manufactured products due to the increased value of the British pound versus
other European currencies.
Gross profit was $22.1 million for the six months ended September 27,
1997, a decrease of $3.7 million, or 14.3%, as compared to the six months ended
September 28, 1996. The gross profit as a percentage of net sales was 22.2% for
the six months ended September 27, 1997 versus 22.7% for the six months ended
September 28, 1996. Included in cost of sales for the six months ended September
28, 1996 is a $700,000 refund of import duties for prior periods which had
<PAGE>
previously been expensed. In August 1996, the United States government
retroactively reinstated the General System of Preferences which allowed the
Company to obtain a refund of import duties. Without this refund, gross profit
as a percent of sales was 22.1%.
Selling, general and administrative expenses were $18.9 million for the
six months ended September 27, 1997, an increase of $1.4 million, or 7.8%, as
compared to the six months ended September 28, 1996. The increase in dollar
amount consisted primarily of salaries of $0.6 million and professional fees of
$0.2 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 19.0% for the six months ended September 27, 1997, as compared to
15.4% for the six months ended September 28, 1996.
Operating income was $3.2 million for the six months ended September
27, 1997, as compared to $8.2 million for the six months ended September 28,
1996.
Interest expense was $1.3 million for the six months ended September
27, 1997 and $1.4 million for the six months ended September 28, 1996.
Provision for income taxes was $1.2 million for the six months ended
September 27, 1997, a decrease of $1.4 million or 53.9%. The tax provision in
the six months ended September 27, 1997 primarily represents a tax provision for
the U.S. operating results offset by a tax benefit for the Company's U.K.
results. Tax benefits for losses incurred in the Company's German operations
have not been established because they are not currently recognizable for tax
return purposes.
FOREIGN OPERATIONS:
During the six months ended September 27, 1997, net sales outside North
America represented approximately 40% of total net sales, as compared to 49% for
the six months ended September 28, 1996. A substantial portion of these net
sales were made by the Company's European operations.
Generally, from time to time, the Company enters into forward exchange
contracts to provide economic hedges against foreign currency fluctuations
primarily on its intercompany sales transactions between its U.S. and U.K.
operations. At September 27, 1997, the Company did not have any outstanding
commitments under forward purchase contracts.
LIQUIDITY AND CAPITAL RESOURCES:
As of September 27, 1997, the Company had working capital of $48.7
million compared with $49.7 million at March 29, 1997. 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 $24.5 million in the
United States and $19.5 million in the United Kingdom.
<PAGE>
The table below presents the summary of cash flow for the periods
indicated:
<TABLE>
<CAPTION>
SIX MONTHS ENDED
September 27, 1997 September 28, 1996
------------------ ------------------
<S> <C> <C>
Net cash provided by (used in)
operating activities $ 7,039 $ (1,268)
Net cash (used in)
investing activities (3,250) (1,372)
Net cash provided by (used in)
financing activities (1,216) 4,062
</TABLE>
Net cash provided by (used in) operating activities fluctuates between
periods primarily as a result of differences in net income, the timing of the
collection of accounts receivable, purchase of inventory, level of sales and
payment of accounts payable. Included in cash used in investing activities in
the six months ended September 27, 1997 is a $1.2 million payment for the
purchase of certain assets as discussed in Note 4 to the financial statements.
The net cash provided by (used in) financing activities in the six months ended
September 27, 1997 and September 28, 1996, represents primarily net borrowings
or repayments of debt.
The Company believes that cash generated from operations and borrowings
available under the revolving credit facility will be sufficient to meet its
working capital and capital expenditure requirements for at least 12 months from
September 27, 1997. Such facility, together with cash from operations, is
expected to be sufficient to enable the Company to meet its working capital and
capital expenditure needs for the longer term. However, there can be no
assurance that liquidity would not be adversely impacted by a decline in general
economic conditions or other factors, or that future credit facilities will be
available.
CHANGES IN FINANCIAL POSITION:
At September 27, 1997, accounts receivable decreased $5.6 million as
compared to March 27, 1997 primarily due to lower sales and inventories
increased $1.3 million as compared to March 27, 1997 due to a buildup for new
products to be launched later in the fiscal year and lower than anticipated
sales.
ECONOMIC CYCLES:
The overall market for machine tools is cyclical, reflecting economic
conditions, production capacity utilization, changes in tax and fiscal policies,
corporate profitability and financial condition as well as the general level of
business confidence.
<PAGE>
PART II - OTHER INFORMATION
Item l Legal Proceedings
On September 9, 1997, the Company settled out of court a legal
action in which the Company was a defendant. The action which
was filed by IMS Technology, Inc., the plaintiff, related to
alleged patent infringement. The settlement entered into by
the Company did not have a material adverse effect on the
Company's financial position or results of operations.
Item 2 Changes in Securities None
Item 3 Defaults Upon Senior Securities None
Item 4 Submission of Matters to a
Vote of Security Holders
a) Election of Directors:
Eliot M. Fried
Votes For 4,750,507
Votes Withheld 22,020
Dan L. Griffith
Votes For 4,749,142
Votes Withheld 23,385
b) Approval of amendment and restatement of the
Company's 1994 Non-Employee Directors Stock Option
Plan.
Votes For 4,655,162
Votes Against 60,856
Abstained 5,612
Non Votes 50,897
c) Ratification of the selection of Arthur Andersen LLP
as independent public accountants for fiscal 1998.
Votes For 4,748,397
Votes Against 10,740
Abstained 13,390
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
<PAGE>
(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
(18) Not Applicable
(l9) Not Applicable
(22) Not Applicable
(23) Not Applicable
(24) Not Applicable
(27) Financial Data Schedule 27
(99) Not Applicable
b) There were no reports or exhibits on Form 8-K filed
during the three months ended September 27, 1997.
<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)
November 6, 1997 /s/ Dan L. Griffith
-------------------
By: Dan L. Griffith
President and
Chief Executive Officer
November 6, 1997 /s/ Walter C. Lazarcheck
------------------------
By: Walter C. Lazarcheck
Vice President and
Chief Financial Officer
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAR-28-1998
<PERIOD-END> SEP-27-1997
<CASH> 5,475
<SECURITIES> 0
<RECEIVABLES> 33,046
<ALLOWANCES> 1,636
<INVENTORY> 64,334
<CURRENT-ASSETS> 107,430
<PP&E> 29,279
<DEPRECIATION> 9,275
<TOTAL-ASSETS> 128,640
<CURRENT-LIABILITIES> 58,767
<BONDS> 0
0
0
<COMMON> 57
<OTHER-SE> 65,224
<TOTAL-LIABILITY-AND-EQUITY> 128,640
<SALES> 99,442
<TOTAL-REVENUES> 99,442
<CGS> 77,327
<TOTAL-COSTS> 77,327
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 100
<INTEREST-EXPENSE> 1,301
<INCOME-PRETAX> 1,928
<INCOME-TAX> 1,184
<INCOME-CONTINUING> 744
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 744
<EPS-PRIMARY> 0.13
<EPS-DILUTED> 0.13
</TABLE>