<PAGE> 1
FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
(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, 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 1-7399
TCC INDUSTRIES, INC.
-----------------------------------------------------
(Exact name of registrant as specified in its charter)
Texas 74-1366626
- ------------------------------- --------------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
816 Congress Avenue, Suite 1250, Austin, TX 78701
-----------------------------------------------------
(Address of principal executive offices) (Zip code)
(512) 320-0976
-----------------------------------------------------
(Registrant's telephone number, including area code)
-----------------------------------------------------
(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
--- ---
APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
PROCEEDING DURING THE PRECEDING FIVE YEARS
Indicate by check mark whether the registrant has filed all documents
and reports required to be filed by Sections 12, 13 or 15(d) of the Securities
Exchange Act of 1934 subsequent to the distribution of securities under a plan
confirmed by a court.
Yes 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: 2,761,115 shares as
of November 7, 1996.
<PAGE> 2
Part I. Contents of Consolidated Financial Information:
<TABLE>
<CAPTION>
Page Number(s)
--------------
<S> <C>
Consolidated Balance Sheet 1 - 2
Consolidated Statement of Operations 3 - 4
Condensed Consolidated Statement of Cash Flows 5
Consolidated Statement of Shareholders' Equity 6
Notes to Consolidated Financial Statements 7 - 8
Management's Discussion and Analysis 9 - 11
Part II. Other Information 12 - 13
Signatures 14
</TABLE>
<PAGE> 3
TCC INDUSTRIES, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
(Unaudited)
(In Thousands)
<TABLE>
<CAPTION>
September 30, December 31,
ASSETS 1996 1995
Current assets: --------------- ---------------
<S> <C> <C>
Cash and cash equivalents $ 1,762 $ 2,224
Receivables:
Trade receivables, net
of allowance of
$115 and $118, respectively 2,977 3,136
Other, including
interest 28 66
--------------- ---------------
3,005 3,202
--------------- ---------------
Inventories:
Raw materials 939 892
Work in progress 338 347
Finished goods 5,453 6,252
--------------- ---------------
6,730 7,491
--------------- ---------------
Other 409 270
--------------- ---------------
Total current assets 11,906 13,187
--------------- ---------------
Property, plant and
equipment 9,871 9,735
Accumulated depreciation (5,598) (5,283)
--------------- ---------------
4,273 4,452
--------------- ---------------
Intangible assets:
Goodwill 1,161 1,158
Patents and trademarks 74 74
--------------- ---------------
1,235 1,232
Accumulated amortization (441) (400)
--------------- ---------------
794 832
--------------- ---------------
Other assets 665 835
--------------- ---------------
Total assets $17,638 $19,306
=============== ===============
</TABLE>
The accompanying notes are an integral part of the financial statements.
-1-
<PAGE> 4
TCC INDUSTRIES, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET - continued
(Unaudited)
(In Thousands, except share amounts)
<TABLE>
<CAPTION>
LIABILITIES AND September 30, December 31,
SHAREHOLDERS' EQUITY 1996 1995
--------------- ---------------
<S> <C> <C>
Current liabilities:
Notes payable $ 1,666 $ 882
Current maturities of
long-term debt 287 664
Accounts payable 582 839
Accrued expenses 831 828
Customer deposits 180 430
--------------- ---------------
Total current
liabilities 3,546 3,643
--------------- ---------------
Long-term debt, less
current maturities 1,610 2,459
Deferred liabilities 230 254
--------------- ---------------
Total liabilities 5,386 6,356
--------------- ---------------
Commitments and contingencies
Shareholders' equity:
Preferred stock, authorized
2,000,000 shares, no par
value, no shares issued -- --
Common stock, authorized
10,000,000 shares, par
value $1 per share,
2,841,601 and 2,840,601
shares issued, respectively 2,842 2,841
Additional paid-in capital 8,746 8,748
Cumulative foreign currency
translation adjustment (30) (53)
Retained earnings 956 1,680
--------------- ---------------
12,514 13,216
Less treasury stock,
80,486 and 81,486 shares,
respectively, at cost (262) (266)
--------------- ---------------
Total shareholders'
equity 12,252 12,950
--------------- ---------------
Total liabilities
and shareholders'
equity $17,638 $19,306
=============== ===============
</TABLE>
The accompanying notes are an integral part of the financial statements.
-2-
<PAGE> 5
TCC INDUSTRIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF OPERATIONS
(Unaudited)
(In Thousands, except per share amounts)
<TABLE>
<CAPTION>
For the Three Months Ended
September 30,
1996 1995
--------------- ---------------
<S> <C> <C>
Revenue $ 4,853 $ 4,019
Cost of goods sold 3,338 2,853
--------------- ---------------
Gross profit 1,515 1,166
Selling, general and administrative
expenses 1,797 1,606
--------------- ---------------
Operating loss (282) (440)
--------------- ---------------
Other income (expense):
Interest income 22 23
Interest expense (124) (100)
Other, net 15 149
--------------- ---------------
(87) 72
--------------- ---------------
Loss before provision (benefit)
for income taxes (369) (368)
Provision (benefit) for income taxes:
Federal 0 (55)
State 3 (5)
--------------- ---------------
3 (60)
--------------- ---------------
Net loss ($372) ($308)
=============== ===============
Weighted average number of common and
common equivalent shares outstanding 2,761 2,759
=============== ===============
Loss per common and common
equivalent share: ($0.13) ($0.11)
=============== ===============
</TABLE>
The accompanying notes are an integral part of the financial statements.
-3-
<PAGE> 6
TCC INDUSTRIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF OPERATIONS
(Unaudited)
(In Thousands, except per share amounts)
<TABLE>
<CAPTION>
For the Nine Months Ended
September 30,
1996 1995
--------------- ---------------
<S> <C> <C>
Revenue $16,010 $14,799
Cost of goods sold 11,057 10,017
--------------- ---------------
Gross profit 4,953 4,782
Selling, general and administrative
expenses 5,425 5,019
--------------- ---------------
Operating loss (472) (237)
--------------- ---------------
Other income (expense):
Interest income 75 76
Interest expense (397) (392)
Other, net 71 236
--------------- ---------------
(251) (80)
--------------- ---------------
Loss before provision (benefit)
for income taxes (723) (317)
Provision (benefit) for income taxes:
Federal 0 (37)
State 1 3
--------------- ---------------
1 (34)
--------------- ---------------
Net loss ($724) ($283)
=============== ===============
Weighted average number of common and
common equivalent shares outstanding 2,760 2,760
=============== ===============
Loss per common and common
equivalent share: ($0.26) ($0.10)
=============== ===============
</TABLE>
The accompanying notes are an integral part of the financial statements.
-4-
<PAGE> 7
TCC INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(Unaudited)
(In Thousands)
<TABLE>
<CAPTION>
For the Nine Months Ended
September 30,
1996 1995
--------------- ---------------
<S> <C> <C>
Net cash provided by operating activities $ 79 $ 1,021
-------------- --------------
Cash flows of investing activities:
Additions to property, plant and equipment (217) (187)
Proceeds from sale of assets 117 139
Other, net 2 35
-------------- --------------
Net cash used by investing activities (98) (13)
-------------- --------------
Cash flows of financing activities:
Net borrowings (repayments) of short-term debt 784 (2,191)
Proceeds from long-term debt 12 1,203
Long-term debt paid (1,243) (274)
Purchase of common stock for treasury 0 (25)
Other, net 4 0
-------------- --------------
Net cash used by financing activities (443) (1,287)
-------------- --------------
Net decrease in cash and cash equivalents (462) (279)
Cash and cash equivalents at beginning
of period 2,224 2,124
-------------- --------------
Cash and cash equivalents at end
of period $1,762 $1,845
============== ==============
</TABLE>
The accompanying notes are an integral part of the financial statements.
-5-
<PAGE> 8
TCC INDUSTRIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1996
(UNAUDITED)
(IN THOUSANDS)
<TABLE>
<CAPTION>
Cumulative
Foreign
Par Value Addt'l Currency
Number of of Common Paid-in Translation Retained Treasury
Shares Shares Capital Adjustment Earnings Stock Total
--------- ---------- ------- ----------- -------- ---------- --------
<S> <C> <C> <C> <C> <C> <C> <C>
Balances,
January 1, 1996 2,841 $ 2,841 $ 8,748 $ (53) $ 1,680 $ (266) $ 12,950
Net loss (724) (724)
Exercise of stock Options 1 1 (2) 4 3
Foreign currency
translation
adjustment 23 23
----- ------- ------- --------- -------- ---------- --------
Balances,
September 30, 1996 2,842 $ 2,842 $ 8,746 $ (30) $ 956 $ (262) $ 12,252
===== ======= ======= ========= ======== ========== ========
</TABLE>
The accompanying notes are an integral part of the financial statements.
-6-
<PAGE> 9
TCC INDUSTRIES, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
Note 1 Summary of Significant Accounting Policies
The consolidated financial statements include the accounts of
TCC Industries, Inc. and Subsidiaries ("the Company"), and have been presented
in accordance with the reporting requirements for interim financial statements.
Such requirements do not include all of the disclosures normally required by
generally accepted accounting principles or those normally made in an Annual
Report on Form 10-K. Certain amounts have been reclassified for consistency in
presentation. In connection therewith readers are referred to the Company's
most recent Annual Report on Form 10-K filed for the year ended December 31,
1995. The information furnished herein reflects all adjustments which, in the
opinion of management, are of a normal recurring nature and necessary for a
fair statement of the results of interim periods. Such results for interim
periods are not necessarily indicative of the results to be expected for a full
year, principally due to seasonal fluctuations in wholesale distribution
revenue.
Income Taxes
The Company and its wholly owned domestic subsidiaries join in
filing a consolidated federal income tax return. The provision (benefit) for
income taxes for interim financial reporting is determined utilizing the
estimated annual effective tax rate method of allocation. Separate state and
foreign income tax returns are filed by subsidiaries where required.
Statement of Cash Flows
For purposes of the statements of cash flows, the Company
considers all highly liquid debt instruments purchased with an original
maturity of three months or less to be cash equivalents.
Foreign Currency Translation
The consolidated financial statements of Meyer Europe, Ltd.
are translated into U.S. dollars in accordance with SFAS 52, "Foreign Currency
Translation". SFAS 52 requires the foreign operations to be translated using
current exchange rates for balance sheet items, historical rates for capital
accounts, and average exchange rates for income statement items. The resulting
translation adjustments are recorded directly into a separate component of
shareholders' equity.
-7-
<PAGE> 10
TCC INDUSTRIES, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED
(UNAUDITED)
Note 2 Commitments and Contingencies
There are sundry claims pending against certain of the
Company's subsidiaries, all of which are incidental to the ordinary course of
business and, in the opinion of Company management, should not result in any
significant liability.
Note 3 Shareholders' Equity
The loss per share for the three and nine months ended
September 30, 1996 and 1995 is calculated using the weighted average number of
common shares outstanding for the three and nine months ended September 30, 1996
and 1995. Common share equivalents would have diluted the loss per share and
were therefore excluded from the computation.
-8-
<PAGE> 11
TCC INDUSTRIES, INC. AND SUBSIDIARIES
MANAGEMENT'S DISCUSSION AND ANALYSIS
The following is management's discussion and analysis of the results of
operations and financial condition of TCC Industries, Inc. and Subsidiaries
("the Company") during the periods included in the accompanying consolidated
financial statements. The discussion below relates to material changes in the
results of operations for the three and nine months ended September 30, 1996 as
compared to the same periods ended September 30, 1995 and to material changes
in the financial condition of the Company occurring since the prior year end of
December 31, 1995. The reader is invited to review Management's Discussion and
Analysis of Financial Condition and Results of Operations included in the
Company's Annual Report on Form 10-K for the year ended December 31, 1995 for
further details regarding the significant factors affecting the results of
operations and financial condition of the Company.
COMPARISONS OF THE RESULTS OF OPERATIONS FOR THE THREE
MONTHS ENDED SEPTEMBER 30, 1996 AND SEPTEMBER 30, 1995
REVENUE
Consolidated revenue increased $834,000 (20.8%) to $4.9 million in the
third quarter of 1996, as compared to revenue of $4.0 million for the third
quarter of 1995. The increase in revenue is primarily attributable to
increases at both the manufacturing and wholesale distribution segments.
Manufacturing revenue increased 36.4% to $3.0 million in the third
quarter of 1996, up from $2.2 million in the same quarter in 1995. This
increase is the result of a $611,000 (28.5%) increase at Meyer Machine, the
manufacturing segment's U.S. based operation, and a $207,000 (260.8%) increase
at Meyer Vi-Tech, the European based operation. The increase at Meyer Machine
is primarily the result of a 36.4% increase in sales of equipment and a 12.7%
increase in parts and service sales. The increase in equipment sales primarily
resulted from the higher backlog at June 30, 1996 ($2,221,000) when compared to
June 30, 1995 ($1,222,000). The increase in revenue at Meyer Vi-Tech is
primarily attributable to an increase in sales of equipment of 479.3% and an
80.0% increase in parts and service sales when compared to the third quarter of
1995. The increase in equipment sales at Meyer Vi-Tech primarily resulted from
the higher backlog at June 30, 1996 ($368,000) when compared to June 30, 1995
($60,000). The increased backlogs at both Meyer Machine and Meyer Vi-Tech at
June 30, 1996 as compared to June 30, 1995, primarily resulted from increased
demand for equipment from customers in the company's traditional core markets
and an increase in orders from new markets that have been developed by Meyer
Machine and Meyer Vi-Tech from steps that have been previously reported. The
increase in parts and service sales primarily resulted from an overall increase
in the installed base of equipment.
Wholesale distribution revenue increased 2.6% during the third quarter
of 1996 to $1.8 million, when compared to the same quarter in 1995. The
increase in revenue is primarily the result of improved delivery from foreign
suppliers, when compared to the same period in 1995, and increased sales of
silkscreened soft goods.
GROSS PROFIT
Consolidated gross profit increased $349,000 (29.9%) to $1,515,000 (31.2
percent of sales) in the third quarter of 1996, when compared to $1,166,000
(29.0 percent of sales) for the same period in 1995. The increase in gross
profit is primarily the result of the increased sales (discussed above) and
improved gross profit margins at the manufacturing segment. At the
manufacturing segment, gross profit margins improved five percentage points for
the third quarter of 1996 when compared to the same period in 1995. The
improved gross profit margins is primarily attributable to the positive impact
of reduced manufacturing overhead as a percentage of sales which resulted from
the 36.4% increase in sales, while manufacturing overhead increased less than
one percentage point, partially offset by a six percentage point increase in
materials and labor, as a percent of sales, which primarily resulted from the
effect of discounts below standard pricing, which was primarily the result of
increased competition.
SELLING, GENERAL AND ADMINISTRATIVE
Consolidated selling, general and administrative expenses increased
$191,000 (11.9%) in the third quarter of 1996, when compared to the third
quarter of 1995, primarily due to a $97,000 increase in selling and marketing
expenses at the manufacturing segment which primarily resulted from the
increase in sales, discussed above.
Other Income (Expense)
During the third quarter of 1996, the Company recorded other expense,
net of other income, of $87,000, as compared to other income, net of other
expenses, of $72,000 for the same period in 1995. This $159,000 variance is
primarily the result of a $24,000 increase in interest expense, primarily
resulting from higher interest rates on outstanding debt during the third
quarter of 1996, when compared to the same period in 1995, and the absence in
the third quarter of 1996 of unusual other income similar to that recorded
during the third quarter of 1995 in the amount of $100,000.
Provision (benefit) for income taxes
In the third quarter of 1995, a benefit for federal income tax in the
amount of $55,000 was recorded. No such benefit was recorded in 1996 due to
the Company's net operating tax loss carryforward.
-9-
<PAGE> 12
TCC INDUSTRIES, INC. AND SUBSIDIARIES
MANAGEMENT'S DISCUSSION AND ANALYSIS -- (Continued)
COMPARISONS OF THE RESULTS OF OPERATIONS FOR THE NINE
MONTHS ENDED SEPTEMBER 30, 1996 AND SEPTEMBER 30, 1995
REVENUE
Consolidated revenue increased $1,211,000 (8.2%) to $16.0 million for
the nine months ended September 30, 1996, as compared to revenue of $14.8
million for the same period in 1995. The increased revenue is primarily the
result of an increase at the manufacturing segment, offset by a decline in
revenue at the wholesale distribution segment.
Manufacturing revenue increased 24.6% to $8.6 million for the nine
months ended September 30, 1996, up from $6.9 million for the same period in
1995. This increase resulted from a $1,126,000 (18.4%) increase at Meyer Machine
and a $562,000 (74.6%) increase at Meyer Vi-Tech. The increase at Meyer Machine
is primarily the result of a 21.7% increase in sales of equipment and a 12.5%
increase in parts and service sales. The increase in equipment sales at Meyer
Machine primarily resulted from a 13.1% increase in new orders received during
the nine months ended September 30, 1996, and the timing of the delivery of
equipment orders, when compared to the same period in 1995. The increase in new
orders received is primarily attributable to increased demand for equipment from
customers in the markets traditionally served by Meyer Machine, as well as an
increase in orders from new markets served, and the introduction of new
products. The increase in parts and service sales is the result of a larger
installed base of equipment. At Meyer Vi-Tech, sales of equipment increased
81.4% and parts and service sales increased 32.8%. The increase in equipment
sales is primarily the result of Meyer Vi-Tech's higher backlog at January 1,
1996, when compared to January 1, 1995, and the timing of the delivery of
equipment orders, when compared to the same period in 1995. The increase in
demand for equipment at Meyer Vi-Tech primarily resulted from improved market
conditions and increased market penetration.
Wholesale distribution revenue decreased 5.1% to $7.4 million during
nine months ended September 30, 1996, when compared to the same period in 1995.
The decline in revenue is primarily the result of an overall decline in demand
for merchandise due to weak market conditions, a condition the company has
experienced for the past two years, and increased competition in the markets
served by the wholesale distribution segment.
GROSS PROFIT
Consolidated gross profit increased $171,000 (3.6%) to $4,953,000 (30.9
percent of sales) for the nine months ended September 30, 1996, when compared to
$4,782,000 (32.3 percent of sales) for the same period in 1995. The increase in
gross profit is primarily the result of a $467,000 increase in gross profit at
the manufacturing segment, due primarily to the increase in revenue (discussed
above), the effect of which was partially offset by a one-half of one percentage
point decline in the gross profit margins at the manufacturing segment when
comparing the nine months ended September 30, 1996 to the same period in 1995.
This decline in gross profit margins is primarily the result of a five
percentage point increase in material costs, as a percentage of sales, at the
manufacturing segment when compared to the nine months ended September 30, 1995.
The higher material costs, as a percentage of sales, primarily resulted from a
change in the product mix towards more customized equipment which is more
difficult to estimate than more standard equipment. However, the effect of the
higher material costs, as a percentage of sales, was partially offset by the
effect of reduced manufacturing overhead as a percentage of sales, primarily due
to the higher sales without a proportionate increase in manufacturing overhead.
The increase in gross profit at the manufacturing segment was offset by
a $218,000 decline in gross profit at the wholesale distribution segment
resulting from the lower revenue and a decline in the gross profit margins. At
the wholesale distribution segment, gross profit margins declined 1.2 percentage
points when comparing the nine months ended September 30, 1996 to the same
period in 1995. This decline is primarily the result of a change in the product
mix towards more sales qualifying for quantity discounts and the increased sales
of discontinued items at marked down prices.
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES
Consolidated selling, general and administrative expenses increased
$406,000 (8.1%) during the nine months ended September 30, 1996, when compared
to the same period in 1995. This change was primarily due to a $203,000
increase in selling and marketing expenses at the manufacturing segment, which
primarily resulted from the increase in sales, discussed above.
Other Income (Expense)
Other expense, net of other income, increased $171,000 (213.8%) to
$251,000 for the nine months ended September 30, 1996, when compared to the
same period in 1995, primarily as a result of a $53,000 decrease in the gains
on sale of assets, and the absence of the one time gains recorded in the third
quarter of 1995, as discussed above.
-10-
<PAGE> 13
TCC INDUSTRIES, INC. AND SUBSIDIARIES
MANAGEMENT'S DISCUSSION AND ANALYSIS -- (Continued)
LIQUIDITY AND CAPITAL RESOURCES
At September 30, 1996, the Company had working capital of $8.4 million
and a current ratio of 3.4 to 1. This compares to working capital of $9.5
million and a current ratio of 3.6 to 1 at December 31, 1995. The decline in
working capital is primarily the result of $468,000 of long-term debt being
refinanced into a revolving line of credit at Allen-Lewis. Cash for the three
months ended September 30, 1996 decreased a net $462,000, while total
liabilities decreased $970,000.
At September 30, 1996, Meyer Machine maintained a $1,000,000 bank line
of credit, of which approximately $800,000 was available after a reduction of
$200,000 to support a letter of credit issued by the bank as partial collateral
for the real estate lien note payable to a bank by Meyer Vi-Tech. Meyer
Machine has a commitment from its primary bank lender to provide a line of
credit for up to $400,000, if needed, for equipment purchases. This commitment
expires in June 1997.
At September 30, 1996, Allen-Lewis maintained a line of credit with a
bank that provided maximum borrowing capabilities of $4.0 million, subject to a
borrowing base calculation, for working capital purposes and letters of credit.
At September 30, 1996, Allen-Lewis had approximately $2,334,000 available under
this line of credit. This commitment expires in July 1997.
TCC Industries has a $85,000 line of credit with a bank which did not
have an outstanding balance at September 30, 1996. This line of credit is
used to supplement the short-term cash needs of the parent company. This line
of credit matures September 30, 1997.
TCC Industries has also received a commitment from a bank for a
$500,000 line of credit, the terms of which have been accepted by the Company.
Each of the subsidiaries bank lines of credit agreements contain
provisions that limit or restrict the transfer of funds to the parent company in
the form of cash dividends, loans, or advances. Management does not believe
the restrictions will have a significant effect on the parent company's ability
to meet ordinary cash obligations.
-11-
<PAGE> 14
TCC INDUSTRIES, INC. AND SUBSIDIARIES
FORM 10-Q FOR THE QUARTER ENDED SEPTEMBER 30, 1996
PART II - OTHER INFORMATION
Item 1. Legal Proceedings
See Note 2 to the financial statements included elsewhere
herein for a discussion of legal proceedings.
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.
-12-
<PAGE> 15
TCC INDUSTRIES, INC. AND SUBSIDIARIES
FORM 10-Q FOR THE QUARTER ENDED SEPTEMBER 30, 1996
PART II - OTHER INFORMATION (CONTINUED)
Item 5. Other Information
None.
Item 6. Exhibits and Reports on Form 8-K
6(a) Exhibits:
11 The computation of fully diluted earnings per share
would be the same as primary earnings per share,
which is easily discernable on the face of the
statements of operations included elsewhere herein.
27 Financial Data Schedules:
(i) For the quarterly period ended September 30,
1996.
6(b) Reports on Form 8-K:
The following is the date and description of the events
reported on Forms 8-K filed during the third quarter of 1996:
Date of Earliest Event
Reported on Form 8-K Description
None.
-13-
<PAGE> 16
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
TCC INDUSTRIES,INC.
----------------------------------------
(Registrant)
/s/ LAWRENCE W. SCHUMANN
----------------------------------------
LAWRENCE W. SCHUMANN
President, Duly Authorized Officer,
and Principal Financial Officer
of Registrant
Date: November 13, 1996
-14-
<PAGE> 17
EXHIBIT INDEX
EXHIBIT
NO.
- -------
11 The computation of fully diluted earnings per shares would be the same
as primary earnings per share, which is easily discernable on the face
of the statements of operations included elsewhere herein.
27 Financial Data Schedules:
(i) For the quarterly period ended September 30, 1996.
<TABLE> <S> <C>
<ARTICLE> 5
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> SEP-30-1996
<CASH> 1,762
<SECURITIES> 0
<RECEIVABLES> 3,092
<ALLOWANCES> (115)
<INVENTORY> 6,730
<CURRENT-ASSETS> 11,906
<PP&E> 9,871
<DEPRECIATION> (5,598)
<TOTAL-ASSETS> 17,638
<CURRENT-LIABILITIES> 3,546
<BONDS> 1,610
0
0
<COMMON> 2,842
<OTHER-SE> 9,410
<TOTAL-LIABILITY-AND-EQUITY> 17,638
<SALES> 16,010
<TOTAL-REVENUES> 16,010
<CGS> 11,057
<TOTAL-COSTS> 11,057
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 44
<INTEREST-EXPENSE> (397)
<INCOME-PRETAX> (723)
<INCOME-TAX> 1
<INCOME-CONTINUING> (724)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (724)
<EPS-PRIMARY> (0.26)
<EPS-DILUTED> (0.26)
</TABLE>
