-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, FtzK4IQwIFGSlHnI/ZpZADe/Uq5VinEFic0qVJ25QG32S7tQlFnA7lictVvM/A6q RTkXB7bor+hToBoXsD6XWw== 0000205700-96-000002.txt : 19960514 0000205700-96-000002.hdr.sgml : 19960514 ACCESSION NUMBER: 0000205700-96-000002 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19960330 FILED AS OF DATE: 19960513 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: NEW ENGLAND BUSINESS SERVICE INC CENTRAL INDEX KEY: 0000205700 STANDARD INDUSTRIAL CLASSIFICATION: MANIFOLD BUSINESS FORMS [2761] IRS NUMBER: 042942374 STATE OF INCORPORATION: DE FISCAL YEAR END: 0627 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-11427 FILM NUMBER: 96560997 BUSINESS ADDRESS: STREET 1: 500 MAIN ST CITY: GROTON STATE: MA ZIP: 01471 BUSINESS PHONE: 5084486111 10-Q 1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 30, 1996. OR [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OF 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________ to ________ Commission file number 1-11427 NEW ENGLAND BUSINESS SERVICE, INC. ---------------------------------- (Exact name of the registrant as specified in its charter) Delaware 04-2942374 -------- ---------- (State or other jurisdiction of (I. R. S. Employer incorporation or organization) Identification No.) 500 Main Street Groton, Massachusetts, 01471 ---------------------------- (Address of principal executive offices) (Zip Code) (508) 448-6111 -------------- (Registrant's telephone number, including area code) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Sections 13 and 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 common shares of the Registrant outstanding on March 30, 1996 was 14,963,059. NEW ENGLAND BUSINESS SERVICE, INC. CONSOLIDATED BALANCE SHEET (In Thousands Except Share Data) Unaudited Mar. 30, June 30, 1996 1995 -------- -------- ASSETS Current Assets Cash and cash equivalents $ 17,528 $ 11,604 Short term investments 17,170 11,360 Accounts receivable 32,206 29,332 Inventories 9,250 9,880 Direct mail advertising 3,652 2,939 Prepaid expenses 1,137 2,716 Deferred income tax benefit 11,392 9,678 -------- -------- Total current assets 92,335 77,509 Property and Equipment Land and buildings 29,605 35,796 Less: accumulated depreciation 16,769 18,833 -------- -------- Net 12,836 16,963 Equipment 70,232 70,890 Less: accumulated depreciation 53,719 51,818 -------- -------- Net 16,513 19,072 Property and equipment - net 29,349 36,035 Property Held for Sale 639 2,587 Other Assets - net 748 8,415 -------- -------- TOTAL ASSETS $123,071 $124,546 ======== ======== NEW ENGLAND BUSINESS SERVICE, INC. CONSOLIDATED BALANCE SHEET (Continued) (In Thousands Except Share Data) Unaudited Mar. 30, June 30, 1996 1995 -------- --------- LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities Accounts payable $ 8,231 $ 7,158 Federal and state income taxes 943 2,506 Accrued profit-sharing distribution 1,935 2,408 Accrued payroll expense 4,345 5,731 Accrued employee benefit expense 6,653 6,005 Accrued exit costs/restructuring charge 2,774 2,020 Other accrued expenses 5,256 6,341 ------- -------- Total current liabilities 30,137 32,169 Deferred Income Taxes 227 854 STOCKHOLDERS' EQUITY Preferred stock Common stock 15,834 15,770 Additional paid in capital 13,454 12,450 Cumulative foreign currency translation adjustment ( 1,600) ( 1,683) Retained earnings 81,629 82,412 -------- -------- Total 109,317 108,949 Less: treasury stock ( 16,610) ( 17,426) -------- -------- Stockholders' Equity 92,707 91,523 -------- -------- TOTAL LIABILITIES & STOCKHOLDERS' EQUITY $123,071 $124,546 ======== ======== See Notes to Unaudited Consolidated Financial Statements NEW ENGLAND BUSINESS SERVICE, INC. CONSOLIDATED STATEMENTS OF INCOME (In Thousands Except Per Share Data) Unaudited --------- Three Months Ended Nine Months Ended Mar.30, Mar. 31, Mar. 30, Mar. 31, 1996 1995 1996 1995 -------- -------- --------- --------- NET SALES $ 63,100 $ 68,832 $ 194,046 $ 200,390 OPERATING EXPENSES: Cost of sales 24,988 24,620 72,375 71,151 Selling and advertising 23,064 25,236 69,879 68,909 General and administrative 10,077 12,939 35,839 37,516 Exit costs 0 1,964 3,044 1,964 ------- ------- -------- -------- Total operating expenses 58,129 64,759 181,137 179,540 INCOME FROM OPERATIONS 4,971 4,073 12,909 20,850 OTHER INCOME/(EXPENSE): Investment income 333 314 875 978 Gain on sale of product line 435 0 435 0 ------- ------ -------- ------- INCOME BEFORE INCOME TAXES 5,739 4,387 14,219 21,828 PROVISION FOR INCOME TAXES: Federal 1,634 1,326 3,692 7,035 State 579 423 1,546 2,087 ------- ------ ------- ------ Total 2,213 1,749 5,238 9,122 NET INCOME BEFORE LOSS ON EQUITY METHOD INVESTMENT 3,526 2,638 8,981 12,706 Loss on equity method investment 182 ( 68) ( 820) ( 244) --------- -------- --------- --------- NET INCOME $ 3,708 $ 2,570 $ 8,161 $ 12,462 ========= ======== ========= ========= PER SHARE AMOUNTS: Net Income $ .25 $ . 17 $ .55 $ .81 ========= ======== ========= ========= Dividends $ .20 $ .20 $ .60 $ .60 ========= ======== ========= ========= WEIGHTED AVERAGE SHARES OUTSTANDING 14,936 15,142 14,903 15,340 ========= ======== ========= ========= See Notes to Unaudited Consolidated Financial Statements NEW ENGLAND BUSINESS SERVICE, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (In Thousands) Unaudited --------- Nine Months Ended -------------------------- Mar. 30, Mar. 31, 1996 1995 -------- -------- CASH FLOWS FROM OPERATING ACTIVITIES: Net income $8,161 $12,462 Adjustments to reconcile net income to cash: Depreciation and amortization 8,974 9,061 Deferred income taxes ( 2,485) ( 2,785) Other non-cash items 6,935 4,541 Changes in assets and liabilities: Accounts receivable ( 5,005) ( 4,854) Inventories and advertising material ( 86) ( 2,687) Prepaid expenses 1,251 ( 1,319) Accounts payable 1,067 2,128 Income taxes payable ( 1,561) ( 137) Other accrued expenses ( 834) ( 683) -------- --------- Net cash provided by operating activities 16,417 15,727 -------- --------- CASH FLOWS FROM INVESTING ACTIVITIES: Additions to property and equipment ( 6,091) ( 8,958) Purchase of investments ( 24,803) ( 24,461) Proceeds from sale of investments 19,029 39,981 Proceeds from sale of building 3,465 0 Proceeds from sale of product line 4,500 0 Other assets 300 ( 386) Investment in unconsolidated subsidiary 0 ( 1,800) -------- --------- Net cash provided by (used in) investing activities ( 3,600) 4,376 -------- --------- CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds (payment) of debt 2 ( 36) Proceeds from issuing common stock 1,068 1,516 Issuance (purchase) of treasury stock 816 ( 9,578) Dividends paid ( 8,944) ( 9,195) -------- --------- Net cash (used in) financing activities ( 7,058) ( 17,293) -------- --------- EFFECT OF EXCHANGE RATE ON CASH 165 139 -------- --------- NEW ENGLAND BUSINESS SERVICE, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued) (In Thousands) Unaudited --------- Nine Months Ended -------------------------- Mar. 30, Mar. 31, 1996 1995 -------- -------- NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 5,924 2,949 CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 11,604 3,456 -------- --------- CASH AND CASH EQUIVALENTS AT END OF PERIOD $17,528 $ 6,405 ======== ========= See Notes to Unaudited Consolidated Financial Statements NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS 1. Basis of Presentation --------------------- The consolidated financial statements contained in this report are unaudited but reflect all adjustments, consisting only of normal recurring adjustments, which are, in the opinion of management, necessary for a fair statement of the results of the interim periods reflected. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been omitted pursuant to applicable rules and regulations of the Securities and Exchange Commission. The results of operations for the interim period reported herein are not necessarily indicative of results to be expected for the full year. 2. Accounting Policies ------------------- The consolidated financial statements included herein should be read in conjunction with the financial statements and notes thereto, and the Report of Independent Public Accountants incorporated by reference in the Company's Annual Report on Form 10-K for the fiscal year ended June 30, 1995 from the Company's 1995 Annual Report to Shareholders. Reference is made to the accounting policies of the Company described in the notes to consolidated financial statements incorporated by reference in the Company's Annual Report on Form 10-K for the fiscal year ended June 30, 1995 from the Company's 1995 Annual Report to Shareholders. The Company has consistently followed those policies in preparing this report. 3. Inventories ----------- Inventories are carried at the lower of first-in, first-out cost or market. Inventories at March 30, 1996 and June 30, 1995 consisted of: Mar. 30, June 30, 1996 1995 ------------ ----------- Raw paper $ 490,000 $ 1,130,000 Business forms and related office products 8,760,000 8,750,000 ------------ ----------- Total $ 9,250,000 $ 9,880,000 ============ =========== 4. Equity Method Investment ------------------------ During the first quarter of fiscal year 1996, the Company revalued its 19 percent equity interest in GST Software, plc (GST). The decision to revalue the equity interest was influenced by the continued operational losses of GST and a change in the Company's software product strategy. Accordingly, the Company's investment in GST was written down to $0 as of September 30, 1995. In January, 1996, the Company sold its 19 percent equity interest in GST for $300,000. The revaluation and subsequent sale resulted in a $820,000 loss, net of the related income tax benefit of $535,000, and was included in the consolidated statements of income as loss on equity method investment. 5. Sale of Product Line -------------------- During the third quarter of fiscal year 1996, the Company completed the sale of selected assets of its Software and Services Division to Peachtree Software, Inc. for $4,500,000, resulting in a gain of approximately $435,000. The asset sale included the rights to the Company's One-Write Plus accounting package and the Company's software development and technical support organizations. 6. Exit Costs ---------- During the first quarter of fiscal year 1996, the Company implemented a program to restructure operations which included a plan to close the Company's Flagstaff, Arizona manufacturing facility. The program's objectives are to improve manufacturing efficiency, to outsource select corporate functions and to reduce fixed costs. The accompanying consolidated statements of income include a $3,034,000 pretax charge recognized in the first quarter ended September 30, 1995 for exit costs associated with the program. The charge for exit costs reduced first quarter net income by $1,839,000 or $.12 per share. The $3,034,000 pretax charge for exit costs consisted of anticipated costs of $1,214,000 related to the facility closure and termination benefits of $1,820,000. Approximately 110 employees will be terminated as a result of the restructuring program. As of March 30, 1996, approximately $760,000 has been expended for termination benefits and substantially all of the $1,214,000 facility closure costs have been expended. The Company completed the sale of the Flagstaff, Arizona facility for consideration of approximately $3,465,000 during the third quarter of fiscal year 1996. The restructuring program is expected to be substantially complete by the end of fiscal year 1996. 7. Other Charges ------------- During the first quarter of fiscal year 1996, the Company revalued certain software-related assets resulting in a first quarter charge of approximately $3,683,000. The useful lives were also reevaluated, that resulted in additional second and third quarter charges of $316,000 and $273,000, respectively. The revaluation of the software-related assets followed an impairment of their future realizable value resulting from changes in the competitive environment and a change in the Company's software product strategy. As a result of the revaluation, $273,000 was included in cost of sales for the current quarter, and the amounts of $1,235,000, $2,030,000, and $1,007,000 were included in cost of sales, selling and advertising, and general and administrative expense, respectively, on a year to date basis. 8. Subsequent Events ----------------- On April 29, 1996, the Company announced a plan to repurchase up to 2,000,000 shares of its common stock on the open market. Unless renewed or earlier completed, the repurchase will terminate on April 28, 1998. MANAGEMENT DISCUSSION AND ANALYSIS Liquidity and Capital Resources - ------------------------------- Cash provided by operating activities for the nine months ended March 30, 1996 was $16.4 million and represented an increase from the $15.7 million provided in the same period last year. This increase in cash provided by operating activities reflected a reduced rate of inventory build-up, a reduction in prepaid expense balances and an increase in non-cash expense included in net income; offset in part by lower net income during the period. Working capital at March 30, 1996 amounted to $62.2 million including $34.7 million of cash and short term investments. This amount compares to working capital of $47.7 million and cash and short term investment balances of $28.4 million at the same time last year. At the beginning of this fiscal year, working capital amounted to $45.3 million and cash and short term investments were $23.0 million. The increase in working capital balances from year end reflect the increase in cash balances resulting from the sale of the Company's Flagstaff, Arizona manufacturing facility and the sale of the Company's One-Write Plus product line, in combination with an increase in accounts receivable and deferred income tax balances. Capital expenditures for the nine months amounted to $6.0 million and were lower than the $9.0 million expended in 1995. The Company had commitments for capital projects at quarter end of approximately $2.0 million. The Company anticipates that capital outlays will continue at about the same pace for the remainder of fiscal year 1996. These outlays are associated with efforts to upgrade existing systems, to increase capacity and address strategic initiatives throughout the Company. In April, 1996 the Company announced a plan to purchase up to 2 million shares of its common stock by the end of April, 1998. The purchase will be funded by existing cash and short term investments and funds generated internally over the period. In addition to its present cash and investment balances, the Company has consistently generated sufficient cash internally to fund its needs for working capital, dividends and capital expenditures. However, should the Company need additional funds, it has an unsecured line of credit with a major bank for $10.0 million. At present, there are no outstanding borrowings against this line. Results of Operations - --------------------- The quarter ended March 30, 1996 included thirteen weeks as compared to fourteen weeks in the prior year's third quarter. In the quarter ended March 30, 1996, net sales decreased 8.3% to $63.1 million from $68.8 million; a decrease of $5.7 million over the same period last year. This sales decrease was composed of the impact of the additional week last year of 3.9% or $2.7 million, volume decline of 9.4% or $6.4 million offset by price increases of approximately 5.0% or $3.4 million. On a year to date basis, net sales decreased 3.2% to $194.0 million from $200.4 million. This decrease was the result of the impact of the additional week in fiscal 1995 of 1.3% or $2.7 million, volume decline of 6.0% or $12.0 million offset by price increases of 4.1% or $8.3 million. For both the quarter and year to date the primary source of the decline occurred in the Company's business forms lines. The Company's priority for the remainder of the fiscal year is to counter the decline in the business forms product lines through increased spending for mail order customer acquisition and retention programs. In addition, during the quarter the Company divested its ownership of the One-Write Plus software line in order to expand the Company's opportunity to market a full range of third-party software and compatible forms. Although the Company believes these initiatives will have a positive impact on revenue trends over time, the Company's ability to completely reverse the decline over the remainder of the fiscal year is limited. For the quarter, cost of sales increased to 39.6% of sales from 35.8% last year and to 37.3% from 35.5% on a year to date basis. This increase was due primarily to one-time costs resulting from the revaluation of certain software-related assets and investments in color printing technology as well as some temporary manufacturing inefficiencies related to the closure of the Flagstaff, Arizona manufacturing plant. See Note 7 in the Notes to Unaudited Consolidated Financial Statements. Selling and advertising expenses decreased slightly as a percentage of sales from 36.7% to 36.5% in the quarter. On a year to date basis, selling and advertising expenses increased from 34.4% to 36.0% of sales. For the year this increase was due primarily to the operating charge related to the ongoing restructuring program as well as to one-time costs resulting from the revaluation of certain software-related assets. See Note 7 in the Notes to Unaudited Consolidated Financial Statements. General and administrative expenses decreased to 16.0% of sales from 18.8% for the quarter and to 18.5% from 18.7% year to date. For the quarter, this decrease was due to reduced expense resulting from the sale of the One-Write Plus product line during the quarter, the effect of the company's cost reduction program, reduced administrative system development costs and non-recurring corporate expenses. For the year, this decrease was due primarily to the aforementioned items offset by the costs resulting from the revaluation of certain software-related assets. See Note 7 in the Notes to Unaudited Consolidated Financial Statements. During fiscal 1994, the Company recorded a $5.5 million pretax charge related to a restructuring program. As of March 30, 1996, substantially all of remaining reserve has been expended pursuant to severance and other agreements. During the third quarter of fiscal 1995, the Company recorded a $2.0 million pretax charge related to exit costs associated with the closure of the Company's Wisconsin based SYCOM facility. As of March 30, 1996 approximately $.3 million remains in the reserve, of which approximately $.2 million will be expended pursuant to severance agreements and $.1 million related to facility closure costs and equipment write-offs over the remainder of fiscal 1996. During the first quarter of fiscal 1996, the Company recorded a $3.0 million pretax charge, or $.12 per share, related to exit costs associated with a plan to restructure operations including the closure of the Company's Flagstaff, Arizona manufacturing facility. The objectives of this program are to improve manufacturing efficiency, to outsource select corporate functions and to reduce fixed costs. The $3.0 million pretax charge consisted of (i) approximately $1.8 million of anticipated cash payments related to postemployment benefits in conjunction with the termination of approximately 110 employees of which approximately $1.0 million remains at March 30, 1996, and (ii) approximately $1.2 million related to the anticipated non-cash outflows associated with closure of the Flagstaff facility, all of which has been expended as of March 30, 1996. The restructuring program is expected to be completed over the remainder of fiscal 1996. The gain on sale of product line resulted from the Company's sale of selected assets of its Software and Services Division. See Note 5 in the Notes to Unaudited Consolidated Financial Statements. The provision for income taxes as a percentage of pretax income decreased from 1995 to 1996 due to a decrease in the proportion of taxable income resulting from the exit cost charge taken in the first quarter of fiscal 1996 in relation to non-taxable permanent differences. The loss on investment resulted from the Company's revaluation and subsequent sale of its investment in GST Software, plc. See Note 4 in the Notes to Unaudited Consolidated Financial Statements. PART II - OTHER INFORMATION --------------------------- Item 1. LEGAL PROCEEDINGS To the Company's knowledge, no material legal proceedings are pending on the date hereof to which the Company is a party or to which any property of the Company is subject. Item 2. CHANGES IN SECURITIES Not applicable. Item 3. DEFAULTS UPON SENIOR SECURITIES Not applicable. Item 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS Not applicable. Item 5. OTHER INFORMATION Not applicable. Item 6. EXHIBITS AND REPORTS ON FORM 8-K a. Exhibits Exhibit No. Description ----------- ----------- (2) Not applicable. (3)(a) Certificate of Incorporation of the Registrant. (Incorporated by reference to the Company's Current Report on Form 8-K dated October 31, 1986.) (3)(b) Certificate of Merger of New England Business Service, Inc. (a Massachusetts corporation) and the Company, dated October 24, 1986 amending the Certificate of Incorporation of the Company by adding Articles 14 and 15 thereto. (Incorporated by reference to the Company's Current Report on Form 8-K dated October 31, 1986.) (3)(c) Certificate of Designations, Preferences and Rights of Series A Participating Preferred Stock of the Company, dated October 27, 1989. (Incorporated by reference to the Company's Annual Report on Form 10-K for the fiscal year ended June 30, 1995, filed September 15, 1995.) (3)(d) By-Laws of the Registrant, as amended. (Incorporated by reference to Exhibit 10(a) of the Company's Quarterly Report on Form 10-Q for the Quarter ended December 31, 1995, filed February 8, 1996.) (4)(a) Specimen stock certificate for shares of Common Stock, par value $1.00 per share. (Incorporated by reference to the Company's Annual Report on Form 10-K for the fiscal year ended June 30, 1995, filed September 15, 1995.) (4)(b) Amended and Restated Rights Agreement, dated October 27, 1989 as amended as of October 20, 1994 (the "Rights Agreement"), between New England Business Service, Inc. and The First National Bank of Boston, National Association, as rights agent, including as Exhibit B the forms of Rights Certificate Election to Exercise. (Incorporated by reference to Exhibit 4 of the Company's current report on Form 8-K dated October 25, 1994.) (10)(a) Separation Agreement dated December 14, 1995 between the Company and William C. Lowe. (Incorporated by reference to Exhibit 10(a) of the Company's Quarterly Report on Form 10-Q for the Quarter ended December 31, 1995, filed February 8, 1996.) (11) Statement re computation of per share earnings. (15) Not applicable. (18) Not applicable. (19) Not applicable. (22) Not applicable. (23) Not applicable. (24) Not applicable. (27) Article 5 Financial Data Schedule. b. Reports on Form 8-K. No reports on Form 8-K were filed during the Company's third quarter. 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. NEW ENGLAND BUSINESS SERVICE, INC. ---------------------------------- (Registrant) May 13, 1996 /s/Russell V. Corsini, Jr. - ------------ -------------------------- Date Russell V. Corsini, Jr. Principal Financial and Accounting Officer EX-11 2 New England Business Service, Inc. Statement Re Computation of Per Share Earnings (In Thousands Except Per Share Data) Exhibit 11 ---------- Three Months Ended Nine Months Ended March 30, 1996 March 30, 1996 ------------------ ------------------ Fully Fully Primary Diluted Primary Diluted ------- ------- ------- ------- Shares - ------ Weighted Average Shares of Common Stock 14,936 14,936 14,903 14,903 Add: Common Stock Equivalents in the form of Stock Options 80 (1) 28 (1) 91 (1) 28 (1) ------- ------- ------- ------- Weighted Average Common Stock and Common Stock Equivalents 15,016 14,964 14,994 14,931 ======= ======= ======= ======= Earnings - -------- Earnings per Consolidated Statement of Income $ 3,708 $ 3,708 $ 8,161 $ 8,161 ======= ======= ======= ======= Earnings per Share $ .25 $ .25 $ .54 $ .55 ======= ======= ======= ======= (1) Amount considered immaterial for inclusion in earnings per share calculation as defined in Accounting Principles Board Opinion No. 15. EX-27 3
5 THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE CONSOLIDATED BALANCE SHEET OF NEW ENGLAND BUSINESS SERVICE, INC. AND ITS SUBSIDIARIES AS OF MARCH 30, 1996 AND THE RELATED STATEMENTS OF CONSOLIDATED INCOME AND CASH FLOWS AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 1,000 3-MOS 9-MOS JUN-29-1996 JUN-29-1996 MAR-30-1996 MAR-30-1996 17,528 17,528 17,170 17,170 35,626 35,626 (3,420) (3,420) 9,250 9,250 92,335 92,335 99,837 99,837 (70,488) (70,488) 123,071 123,071 30,137 30,137 0 0 0 0 0 0 15,834 15,834 76,873 76,873 123,071 123,071 63,100 194,046 63,100 194,046 24,988 72,375 33,141 108,762 (586) (490) 727 2,142 0 0 5,739 14,219 2,213 5,238 3,708 8,161 0 0 0 0 0 0 3,708 8,161 .25 .54 .25 .55
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