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 June 27, 1998
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
June 27, l998 was 5,654,404 shares.
<PAGE>
BRIDGEPORT MACHINES, INC.
AND SUBSIDIARIES
INDEX
Part I - FINANCIAL INFORMATION
- - ------------------------------
Item l. FINANCIAL STATEMENTS
Consolidated Balance Sheets as of
June 27, 1998 and March 28, 1998
Consolidated Statements of Income for
the three month periods ended June 27,
1998 and June 28, 1997
Consolidated Statements of Stockholders'
Equity for the three month periods ended
June 27, 1998 and June 28, 1997
Consolidated Statements of Cash Flows
for the three month periods ended
June 27, 1998 and June 28, 1997
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>
BRIDGEPORT MACHINES, INC.
FORWARD LOOKING STATEMENTS
The Private Securities Litigation Reform of 1995 provides a "safe
harbor" for forward-looking statements. Certain information included in this
Quarterly Report on Form 10-Q and the Company's previously filed Annual Reports
on Form 10-K is forward-looking, such as information relating to the expansion
of the use of the Company's products into the factory floor market, expansion of
the Company's marketing efforts into foreign markets, the Company's ability to
develop additional sources of supply, the Company's shipment of its current
backlog, the Company's expected expenditures on environmental matters, the
Company's use of cash in operating activities, the Company's ability to
satisfactorily resolve any outstanding litigation, the ability of the Company to
meet working capital needs, and the effect on the Company of the adoption of
certain accounting standards. Such forward-looking information involves
important risks and uncertainties that could significantly affect expected
results in the future from those expressed in any forward-looking statements
made by, or on behalf of, the Company. These risks and uncertainties include,
but are not limited to, uncertainties relating to general economic conditions,
product introductions, contingent liabilities, changes in currency exchange
rates, the mix of products sold and the profit margins thereon, order
cancellations or reduced bookings by customers or distributors, discounting
necessitated by price competition, and general market conditions.
<PAGE>
<TABLE>
<CAPTION>
BRIDGEPORT MACHINES, INC.
CONSOLIDATED BALANCE SHEETS
(In Thousands, Except Share Amounts)
June 27, March 28,
l998 l998
--------- ---------
ASSETS
<S> <C> <C>
CURRENT ASSETS:
Cash ................................... $ 5,409 $ 4,892
Trade accounts receivable,
less allowance of $1,580
and $1,551, respectively ............. 35,839 39,236
Inventories ............................ 69,731 66,707
Deferred income taxes .................. 3,100 3,100
Prepaid expenses and other current
assets ............................... 866 1,190
--------- ---------
Total current assets ............... 114,945 115,125
PROPERTY, PLANT AND EQUIPMENT
Land ................................... 348 351
Buildings, improvements and
leasehold improvements ............... 4,093 4,081
Machinery and equipment ................ 20,333 19,880
Furniture and fixtures ................. 6,109 5,979
--------- ---------
30,883 30,291
Less: Accumulated depreciation ................ (11,395) (10,586)
--------- ---------
Property, plant and equipment,
net ............................. 19,488 19,705
--------- ---------
INVESTMENTS IN AND ADVANCES TO AFFILIATES ...... 1,090 859
OTHER ASSETS, net of accumulated
amortization of $1,608
and $1,585 respectively ...................... 347 421
--------- ---------
Total assets ...................... $ 135,870 $ 136,110
========= =========
</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)
June 27, March 28,
l998 l998
--------- ---------
LIABILITIES AND STOCKHOLDERS' EQUITY
<S> <C> <C>
CURRENT LIABILITIES:
Bank overdrafts .......................... $ 1,466 $ 2,386
Working capital revolver ................. 23,771 23,106
Accounts payable ......................... 18,987 20,153
Accrued expenses ......................... 15,582 14,396
Income taxes payable ..................... 1,233 1,001
Current portion of long-term debt
obligations ............................ 2,490 2,483
--------- ---------
Total current liabilities ........... 63,529 63,525
LONG-TERM DEBT OBLIGATIONS ....................... 2,537 3,142
OTHER LONG-TERM LIABILITIES ...................... 120 120
--------- ---------
Total liabilities ................... 66,186 66,787
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;
5,704,404 shares issued at June 27,
1998 and 5,702,404 shares issued
and outstanding at March 28, 1998 ...... 57 57
Capital in excess of par value ........... 38,533 38,513
Retained earnings--subsequent to
reclassification of $6,750
deficit as part of the quasi-
reorganization as of January 3,
l993 ................................... 31,538 30,991
Other comprehensive income:
Cumulative translation adjustment ...... 65 271
Treasury stock at cost, 50,000 shares .... (509) (509)
--------- ---------
Total stockholders' equity .......... 69,684 69,323
--------- ---------
Total liabilities and stock-
holders' equity ..................... $ 135,870 $ 136,110
========= =========
</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 INCOME
THREEMONTHS ENDED JUNE 27, 1998 AND JUNE 28, 1997
(In Thousands, Except Per Share Amounts)
June 27, June 28,
1998 1997
-------- --------
<S> <C> <C>
Net sales ................................ $ 51,086 $ 54,546
Cost of sales ............................ 39,943 41,934
-------- --------
Gross profit ........................... 11,143 12,612
Selling, general and
administrative expenses ................ 9,567 9,279
-------- --------
Operating income ..................... 1,576 3,333
Interest expense ......................... (630) (644)
Other income (expense), net .............. (82) (130)
-------- --------
Income before provision
for income taxes ................... 864 2,559
Provision for income taxes ............... 317 1,058
-------- --------
Net income ........................... $ 547 $ 1,501
======== ========
Basic earnings per share ................. $ .10 $ .26
======== ========
Diluted earnings per share ............... $ .10 $ .26
======== ========
</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 THREE MONTHS ENDED JUNE 27, 1998 AND JUNE 28, 1997
(In Thousands)
ACCUMULATED
OTHER
COMPREHENSIVE
INCOME:
CAPITAL IN CUMULATIVE TOTAL
COMMON EXCESS OF RETAINED TRANSLATION TREASURY STOCKHOLDERS'
STOCK PAR VALUE EARNINGS ADJUSTMENT STOCK EQUITY
<S> <C> <C> <C> <C> <C> <C>
BALANCE, March 29, 1997 ..... $ 57 $ 38,285 $ 27,076 $ 168 -- $ 65,586
--------
Comprehensive Income:
Net income for the three
months ended June 28,
1997 -- -- 1,501 -- -- 1,501
Other Comprehensive Income:
translation adjustment
for the three months
ended June 27, 1998 ... -- -- -- 180 -- 180
--------
Total Comprehensive
Income .............. 1,681
-------- -------- -------- -------- -------- --------
BALANCE, June 28, 1997 ...... $ 57 $ 38,285 $ 28,577 $ 348 -- $ 67,267
======== ======== ======== ======== ======== ========
BALANCE, March 28, 1998 ..... $ 57 $ 38,513 $ 30,991 $ 271 $ (509) $ 69,323
--------
Comprehensive Income:
Net income for the three
months ended June 27,
l998 .................... -- -- 547 -- -- 547
Other Comprehensive Income:
translation adjustment
for the three months
ended June 27, 1998 ... -- -- -- (206) -- (206)
--------
Total Comprehensive
Income ............ 341
--------
Exercise of stock options
for common stock .......... -- 20 -- -- -- 20
-------- -------- -------- -------- -------- --------
BALANCE, June 27, 1998 ...... $ 57 $ 38,533 $ 31,538 $ 65 $ (509) $ 69,684
======== ======== ======== ======== ======== ========
</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 THREE MONTHS ENDED JUNE 27, 1998 AND JUNE 28, 1997
(In Thousands)
June 27, June 28,
1998 1997
------- -------
<S> <C> <C>
CASH FLOWS PROVIDED BY (USED IN)
OPERATING ACTIVITIES:
Net income ..................................... $ 547 $ 1,501
Adjustments to reconcile net
income to net cash provided
by operating activities:
Depreciation and amortization ........... 867 790
Net (gain) on sale of property,
plant and equipment ...................... (13) (3)
Changes in operating assets and
liabilities:
(Increase) decrease in net trade
accounts receivable ........................ 3,217 (578)
(Increase) decrease in inventories ........... (3,373) 2,548
(Increase) decrease in prepaid expenses
and other current assets ................... 321 465
(Increase) decrease in other assets .......... (187) 410
Increase (decrease) in bank overdrafts ....... (920) (491)
Increase (decrease) in accounts payable
and accrued expenses ....................... 489 (888)
------- -------
Total adjustments .......................... 401 2,253
------- -------
Cash flows provided by (used in)
operating activities ....................... 948 3,754
------- -------
CASH FLOWS PROVIDED BY (USED IN)
INVESTING ACTIVITIES:
Capital expenditures ........................... (628) (896)
Proceeds from sale of property,
plant and equipment .......................... 17 3
------- -------
Cash flows provided by (used in)
investing activities ....................... (611) (893)
------- -------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
BRIDGEPORT MACHINES, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED JUNE 27, 1998 AND JUNE 28, 1997
(In Thousands)
June 27, June 28,
1998 l997
------- -------
<S> <C> <C>
CASH FLOWS PROVIDED BY (USED IN)
FINANCING ACTIVITIES:
Sale of common stock ......................... 20 --
Borrowings (payments) under working
capital revolver, net ...................... 813 (2,739)
Payments of other debt and
capitalized lease obligations .............. (661) (671)
------- -------
Cash flows provided by (used in)
financing activities ..................... 172 (3,410)
------- -------
Effect of exchange rate changes
on cash .................................... 8 (4)
------- -------
Net change in cash ......................... 517 (553)
CASH, begining of period ..................... 4,892 2,992
------- -------
CASH, end of period .......................... $ 5,409 $ 2,439
======= =======
SUPPLEMENTAL CASH FLOW INFORMATION:
Interest paid ................................ $ 708 $ 673
Income taxes paid, net ....................... 86 151
</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 June 27, 1998 and the related
consolidated statements of income, stockholders' equity and cash flows
for the three months ended June 27, 1998 and June 28, 1997 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
June 27, 1998 and June 28, 1997 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
In February 1997, Statement of Financial Accounting Standards No. 128,
"Earnings Per Share" ("FAS 128"), was issued. FAS 128 established new
standards for computing and presenting EPS. The Company adopted the new
standard in the third quarter of fiscal 1998. Earnings per share
information for prior periods has been restated using the new
guidelines.
Basic earnings per common share for the three months ended June 27,
1998 and June 28, 1997 are calculated by dividing net income by
<PAGE>
weighted average common shares outstanding during the period. Diluted
earnings per common share for the three months ended June 27, 1998 and
June 28, 1997 are calculated by dividing net income by weighted average
common shares outstanding during the period plus dilutive potential
common shares which are determined as follows:
1998 1997
--------- ---------
Weighted average common
shares outstanding 5,654,000 5,679,000
Effect of dilutive options
to purchase common stock 34,000 4,000
Adjusted weighted average
common shares 5,688,000 5,683,000
Stock options to purchase 88,500 and 84,500 shares of common stock at
June 27, 1998 and June 28, 1997, respectively, at prices ranging from
$11.00 to $16.25 and from $11.44 to $16.25 per share were outstanding
at June 27, 1998 and June 28, 1997, respectively, but were not included
in the computation of diluted earnings per share because the options'
exercise prices were greater than the average market price of the
common stock. These options expire in fiscal years 2000 to 2002.
Dilutive potential common shares are calculated in accordance with the
treasury stock method which assumes that proceeds from the exercise of
all options are used to repurchase common stock at market value. The
number of shares remaining after the proceeds are exhausted represents
the potentially dilutive effect of the securities.
4. COMPREHENSIVE INCOME
In June 1997, Statement of Financial Accounting Standards No. 130,
"Reporting Comprehensive Income" ("FAS 130") was issued. FAS 130
requires the disclosure of comprehensive income to reflect changes in
equity that result from transactions and economic events from non-owner
sources. Comprehensive income for the three months ended June 27, 1998
and June 28, 1997 presented below include foreign currency translation
items. There was no tax expense or tax benefit associated with the
foreign currency translation items.
1998 1997
---- ----
(amounts in thousands)
Net income $547 $1,501
Foreign currency translation adjustments (206) 180
---- ------
Comprehensive income $341 $1,681
==== ======
<PAGE>
5. RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS
In June 1997, the Financial Accounting Standards Board ("FASB") issued
SFAS No. 131, "Disclosures about Segments of an Enterprise and Related
Information" ("SFAS No. 131"), which changes the way public companies
report information about segments. SFAS No. 131, which is based on the
management approach to segment reporting, includes requirements to
report selected segment information quarterly, and entity-wide
disclosures about products and services, major customers, and the
material countries in which the entity holds assets and reports
revenues. The first disclosure required by this statement is required
in the Company's annual financial statements for the year ending April
3, 1999. The Company does not expect adoption of the statement to have
a significant impact on the presentation of its financial statements.
In June 1998, the FASB issued Statement of Financial Accounting
Standards No. 133, "Accounting for Derivative Instruments and Hedging
Activities" which provides new guidelines for accounting for derivative
instruments. The Company is currently analyzing what, if any, impact
the new guideline will have on the Company. This new statement is
effective for financial periods beginning after June 15, 1999.
<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:
THREE MONTHS ENDED
June 27, 1998 June 28, 1997
------------- -------------
Net sales 100.0% 100.0%
Gross profit 21.8% 23.1%
Selling, general and adminis-
trative expenses 18.7% 17.0%
Operating income 3.1% 6.1%
Interest expense (1.2%) (1.2%)
Other income (expense), net (0.2%) (0.2%)
Income tax expense 0.6% 1.9%
Net income 1.1% 2.8%
COMPARISON OF THE THREE MONTHS ENDED JUNE 27, 1998 ("FIRST QUARTER OF FISCAL
1999") TO THE THREE MONTHS ENDED JUNE 28, 1997 ("FIRST QUARTER OF FISCAL 1998")
Net sales were $51.1 million in the first quarter of fiscal l999, a
decrease of $3.5 million, or 6.3%, as compared to the first quarter of fiscal
l998. The decrease in sales is primarily due to a $5.9 million or 18.5% decline
in sales in North America and a $2.3 million or 73.9% decline in sales in Asia
offset somewhat by a $4.2 million or 21.2% increase in sales in Europe. The
Company experienced a decline in demand for its products in North America and an
increase in demand in continental Europe for its products during the quarter.
Backlog at June 27, 1998 was approximately $38.1 million compared with
$36.5 million at March 28, 1998. 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.
Gross profit was $11.1 million in the first quarter of fiscal l999, a
decrease of $1.5 million, or 11.6%, as compared to the first quarter of fiscal
l998. The decline in gross profit is primarily a result of lower sales and
production volumes in the Company's U.S. operations. Gross profit as a percent
of sales was 21.8% in the first quarter of fiscal 1999 as compared to 23.1% in
the first quarter of fiscal 1998.
Selling, general and administrative expenses were $9.6 million in the
first quarter of fiscal l999, an increase of $0.3 million, or 3.1%, as compared
to the first quarter of fiscal l998. The increase in dollar amount consisted
<PAGE>
primarily of increases in salaries and selling commissions related to the
Company's direct selling operation in Germany which was acquired in July 1997.
As a percentage of net sales, selling, general and administrative expenses were
18.7% in the first quarter of fiscal l999, as compared to 17.0% for the first
quarter of fiscal l998.
Operating income was $1.6 million in the first quarter of fiscal l999,
a decrease of $1.8 million, or 52.7%, as compared to the first quarter of fiscal
l998. The decreased operating income was primarily a result of lower gross
profit in the U.S. operations due to decreased sales in North America. As a
percentage of net sales, operating income was 3.1% in the first quarter of
fiscal l999 as compared to 6.1% in the first quarter of fiscal l998.
Interest expense was $0.6 million in the first quarter of fiscal l999
and $0.6 million in the first quarter of fiscal l998.
Provision for income taxes was $0.3 million in the first quarter of
fiscal l999, a decrease of $0.7 million or 70.0%. The effective tax rate was
36.7% in the first quarter of fiscal l999 as compared to 41.3% for the first
quarter of fiscal l998. The decline in the effective tax rate was a result of a
higher percent of income being generated in lower tax jurisdictions. In
addition, the effective tax rate in the first quarter of fiscal 1998 was
impacted by net losses incurred in the Company's German operations for which no
tax benefit was recorded. This did not occur in the first quarter of fiscal
1999.
FOREIGN OPERATIONS:
During the three months ended June 27, 1998, net sales outside North
America represented approximately 48.9% of total net sales, as compared to 41%
for the three months ended June 28, 1997. A substantial portion of these net
sales were made by the Company's European operations.
At times 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 June 27, 1998, the Company
did not have any commitments outstanding under forward purchase contracts.
LIQUIDITY AND CAPITAL RESOURCES:
As of June 27, 1998, the Company had working capital of $51.4 million
compared with $51.6 million at March 28, 1998. 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. At June 27, 1998, the Company
had term loans totalling approximately $5.0 million.
The table below presents the summary of cash flow for the periods
indicated:
THREE MONTHS ENDED
June 27, 1998 June 28, 1997
------------- -------------
Net cash provided by (used in)
operating activities $ 948 $3,754
Net cash provided by (used in)
investing activities (611) (893)
Net cash provided by (used in)
financing activities 172 (3,410)
<PAGE>
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 and payment of accounts
payable. The net cash provided by (used in) financing activities in the three
months ended June 27, 1998 and June 28, 1997, represents primarily repayments or
borrowings under the Company's credit facility.
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
June 27, 1998. 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 June 27, 1998, trade accounts receivable decreased $3.4 million
(8.7%) and inventories increased $3.0 million (4.5%), as compared to March 28,
1998.
SEASONALITY:
The Company experiences a seasonal decline in net sales during its
second fiscal quarter, particularly during the July and August summer holiday
period. During such period, the Company's manufacturing facilities close for
approximately one to three weeks. The fourth fiscal quarter may also experience
decreases in net sales as a result of weather conditions.
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 None
Item 2 Changes in Securities None
Item 3 Defaults Upon Senior Securities None
Item 4 Submission of Matters to a None
Vote of Security Holders
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) Financial Data Schedule Ex-27
(99) Not Applicable
There were no reports or exhibits on Form 8-K filed during the three months
ended June 27, 1998.
<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)
August 5, 1998 /s/ Dan L. Griffith
-------------------
By: Dan L. Griffith
President and
Chief Executive Officer
August 5, 1998 /s/ Walter C. Lazarcheck
------------------------
By: Walter C. Lazarcheck
Vice President and
Chief Financial Officer
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> APR-3-1999
<PERIOD-END> JUN-27-1998
<CASH> 5,409
<SECURITIES> 0
<RECEIVABLES> 35,839
<ALLOWANCES> 1,580
<INVENTORY> 69,731
<CURRENT-ASSETS> 114,945
<PP&E> 30,883
<DEPRECIATION> 11,395
<TOTAL-ASSETS> 135,870
<CURRENT-LIABILITIES> 63,529
<BONDS> 2,537
0
0
<COMMON> 57
<OTHER-SE> 69,627
<TOTAL-LIABILITY-AND-EQUITY> 135,870
<SALES> 51,086
<TOTAL-REVENUES> 51,086
<CGS> 39,943
<TOTAL-COSTS> 39,943
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 630
<INCOME-PRETAX> 864
<INCOME-TAX> 317
<INCOME-CONTINUING> 547
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 547
<EPS-PRIMARY> 0.10
<EPS-DILUTED> 0.10
</TABLE>
