-----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, TpBYk/iqHDAcD/x8/YRQZT3IZwCHDidK3xE3++66ZXzPqziwtjnwRyhEywTLyTH0 iDmwk/gVsMVGx1pF2J/QPA== 0000835910-97-000020.txt : 19970515 0000835910-97-000020.hdr.sgml : 19970515 ACCESSION NUMBER: 0000835910-97-000020 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19970330 FILED AS OF DATE: 19970514 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: AMERICAN POWER CONVERSION CORPORATION CENTRAL INDEX KEY: 0000835910 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRICAL INDUSTRIAL APPARATUS [3620] IRS NUMBER: 042722013 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-12432 FILM NUMBER: 97604840 BUSINESS ADDRESS: STREET 1: 132 FAIRGROUNDS RD CITY: WEST KINGSTON STATE: RI ZIP: 02892 BUSINESS PHONE: 4017895735 MAIL ADDRESS: STREET 1: 132 FAIRGROUNDS ROAD CITY: WEST KINGSTON STATE: RI ZIP: 02892 10-Q 1 U.S. SECURITIES AND EXCHANGE COMMISSION WASHINGTON D.C. 20549 FORM 10-Q (Mark One) [ X ] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 30, 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: 1-12432 AMERICAN POWER CONVERSION CORPORATION (Exact name of Registrant as specified in its charter) MASSACHUSETTS 04-2722013 (State or other jurisdiction of (I.R.S. employer identification no.) incorporation or organization) 132 FAIRGROUNDS ROAD, WEST KINGSTON, RHODE ISLAND 02892 401-789-5735 (Address and telephone number of principal executive offices) Indicate by check mark whether the Registrant (1) has filed all reports 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 [ ] _________ Registrant's Common Stock outstanding, $.01 par value, at May 9, 1997 - 94,878,000 shares 1 FORM 10-Q March 30, 1997 AMERICAN POWER CONVERSION CORPORATION AND SUBSIDIARIES INDEX Page No. Part I - Financial Information: Item 1. Consolidated Condensed Financial Statements: Consolidated Condensed Balance Sheets - March 30, 1997 (Unaudited) and December 31, 1996 3 - 4 Consolidated Condensed Statements of Income - Three Months Ended March 30, 1997 and March 31, 1996 (Unaudited) 5 Consolidated Condensed Statements of Cash Flows - Three Months Ended March 30, 1997 and March 31, 1996 (Unaudited) 6 Notes to Consolidated Condensed Financial Statements (Unaudited) 7 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 8 - 11 Part II - Other Information: Item 2. Changes in Securities: (c) Recent Sales of Unregistered Securities 12 Item 6. Exhibits and Reports on Form 8-K 12 Signatures 13 2 FORM 10-Q March 30, 1997 PART I - CONSOLIDATED CONDENSED FINANCIAL STATEMENTS ITEM 1 - FINANCIAL STATEMENTS AMERICAN POWER CONVERSION CORPORATION AND SUBSIDIARIES CONSOLIDATED CONDENSED BALANCE SHEETS (In thousands) ASSETS
March 30, December 31, 1997 1996 (Unaudited) Current assets: Cash and cash equivalents $ 151,097 $ 153,234 Accounts receivable, less allowance for doubtful accounts of $10,963 in 1997 and $10,789 in 1996 106,756 108,544 Inventories: Raw materials 82,314 68,657 Work-in-process and finished goods 77,300 61,786 Total inventories 159,614 130,443 Prepaid expenses and other current assets 9,935 11,610 Deferred income taxes 23,878 20,284 Total current assets 451,280 424,115 Property, plant and equipment: Land, buildings and improvements 22,772 18,710 Machinery and equipment 71,376 64,986 Office equipment and furniture 25,885 23,299 Purchased software 7,799 7,357 127,832 114,352 Less accumulated depreciation and amortization 40,017 35,655 Net property, plant and equipment 87,815 78,697 Other assets 1,884 1,190 Total assets $ 540,979 $ 504,002
See accompanying notes to consolidated condensed financial statements 3 FORM 10-Q March 30, 1997 AMERICAN POWER CONVERSION CORPORATION AND SUBSIDIARIES CONSOLIDATED CONDENSED BALANCE SHEETS (CONTINUED) (In thousands) LIABILITIES AND SHAREHOLDERS' EQUITY
March 30, December 31, 1997 1996 (Unaudited) Current liabilities: Accounts payable $ 55,816 $ 41,587 Accrued expenses 12,309 12,576 Accrued compensation 11,136 12,217 Accrued sales and marketing programs 17,709 16,360 Accrued pension contributions 2,994 6,290 Income taxes payable 17,047 17,294 Total current liabilities 117,011 106,324 Deferred tax liability 6,340 5,780 Total liabilities 123,351 112,104 Shareholders' equity: Common stock, $.01 par value; authorized 200,000 shares; issued 95,117 shares in 1997, 94,417 shares in 1996 951 944 Additional paid-in capital 52,316 48,374 Retained earnings 365,912 344,131 Treasury stock, 125 shares, at cost (1,551) (1,551) Total shareholders' equity 417,628 391,898 Total liabilities and shareholders' equity $ 540,979 $ 504,002
See accompanying notes to consolidated condensed financial statements 4 FORM 10-Q March 30, 1997 AMERICAN POWER CONVERSION CORPORATION AND SUBSIDIARIES CONSOLIDATED CONDENSED STATEMENTS OF INCOME (In thousands, except earnings per share)
Three months ended (Unaudited) March 30, March 31 1997 1996 Net sales $ 171,989 $ 141,626 Cost of goods sold 95,801 83,441 Gross margin 76,188 58,185 Operating expenses: Marketing, selling, general and administrative 40,987 32,298 Research and development 4,205 3,719 Total operating expenses 45,192 36,017 Operating income 30,996 22,168 Other income (deductions), net (375) 708 Earnings before income taxes 30,621 22,876 Income taxes 9,646 7,663 Net income $ 20,975 $ 15,213 Earnings per share $ .22 $ .16 Weighted average common stock and common stock equivalents outstanding 95,551 93,750
See accompanying notes to consolidated condensed financial statements 5 FORM 10-Q March 30, 1997 AMERICAN POWER CONVERSION CORPORATION AND SUBSIDIARIES CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (In thousands)
Three months ended (Unaudited) March 30, March 31, 1997 1996 Cash flows from operating activities Net income $ 20,975 $ 15,213 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Depreciation and amortization 3,902 2,731 Provision for doubtful accounts 973 1,475 Deferred taxes (3,321) 69 Changes in operating assets and liabilities: Decrease (increase) in accounts receivable 1,399 (3,950) Decrease (increase) in inventories (28,812) 10,698 Decrease (increase) in prepaid expenses and other current assets 1,964 (2,043) Decrease (increase) in other assets 369 (168) Increase (decrease) in accounts payable 13,751 (4,263) Increase (decrease) in accrued expenses (4,345) 2,364 Increase (decrease) in income taxes payable (247) 5,209 Net cash provided by operating activities 6,608 27,335 Cash flows from investing activities Capital expenditures, net of capital grants (12,792) (3,620) Cash acquired in acquisition 101 - Net cash used in investing activities (12,691) (3,620) Cash flows from financing activities Proceeds from issuances of common stock 3,946 4,316 Net cash provided by financing activities 3,946 4,316 Net increase (decrease) in cash and cash equivalents (2,137) 28,031 Cash and cash equivalents at beginning of period 153,234 39,040 Cash and cash equivalents at end of period $ 151,097 $ 67,071 Supplemental disclosures of cash flow information Cash paid during the period for income taxes (net of refunds) $ 13,142 $ 2,385
See accompanying notes to consolidated condensed financial statements 6 FORM 10-Q March 30, 1997 AMERICAN POWER CONVERSION CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS (Unaudited) 1. Management Representation In the opinion of management, the accompanying unaudited interim financial statements contain all adjustments (consisting of only normal recurring accruals) necessary to present fairly the financial position and the results of operations for the interim periods. The results of operations for the interim period are not necessarily indicative of results to be expected for the full year. 2. Principles of Consolidation The consolidated financial statements include the financial statements of American Power Conversion Corporation and its wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. On February 14, 1997, the Company completed its acquisition of Systems Enhancement Corporation ("Systems Enhancement"), a privately-held manufacturer of power management software and accessories. The Company has accounted for the acquisition as a pooling-of-interests and, accordingly, Systems Enhancement's results of operations and cash flows are included in the Company's financial statements from January 1, 1997. The acquisition was deemed to be immaterial to the Company's consolidated results of operations and financial condition and, therefore, comparative prior period results have not been restated. 3. Per Share Data Earnings per common share are based on the weighted average number of shares of common stock and dilutive common stock options outstanding during each period. Under the treasury stock method, the unexercised options were assumed to be exercised at the beginning of the period or at issuance, if later. The assumed proceeds were then used to purchase common stock at the average market price during the period. Common stock equivalents whose inclusion would have the effect of increasing earnings per share (i.e., antidilutive) are excluded from the computation. Primary and fully diluted earnings per share are equivalent for all periods presented. 4. Shareholders' Equity Changes in paid-in capital for the periods presented represent the issuances of common stock resulting from the exercise of employee stock options, as well as the Company's contributions to the Employee Stock Ownership Plan. 7 FORM 10-Q March 30, 1997 ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS RESULTS OF OPERATIONS: Revenues Net sales were $172.0 million for the first quarter of 1997, an increase of 21.4% compared to $141.6 million for the same period in 1996. The increase was attributable to continued strong demand for the Company's products across fast- growing core markets, including computer networking, internetworking equipment and point-of-sale devices, as well as what the Company believes is an increasing awareness by computer users of the consequences of data loss and hardware damage which can be caused by power problems. The North American market continued to be strong in the first quarter of 1997, with North American net sales up 29% versus the first quarter of 1996. International net sales were up 10% overall, with European revenue approximating last year's level. International sales (excluding Canada) comprised 37% of net sales in the first quarter of 1997 compared to 40% in the first quarter of 1996. Cost of Goods Sold Cost of goods sold was $95.8 million or 55.7% of net sales in the first quarter of 1997 compared to $83.4 million or 58.9% in the first quarter of 1996. The year-to-date gross margin improvement of approximately 320 basis points was primarily attributable to increasing sales volume of higher margin third generation Smart-UPS(R) products and lower cost Back-UPS(R) products manufactured in the Philippines. The total inventory reserves at March 30, 1997 were $17.6 million compared to $16.1 million at December 31, 1996. The increased inventory reserves have been provided primarily to cover the potential loss exposure that may result from excess inventories as the demand for second generation products diminishes. Second generation Smart-UPS represented approximately 5% of total inventories at March 30, 1997 unchanged from December 31, 1996. The Company's reserve estimate methodology involves quantifying the total inventory position having potential loss exposure, reduced by an amount reasonably forecasted to be sold, and adjusting its interim reserve provisioning to cover the net loss exposure. Operating Expenses Operating expenses include marketing, selling, general and administrative, and research and development expenses. Marketing, selling, general and administrative (SG&A) expenses were $41.0 million or 23.8% of net sales for the first quarter of 1997 compared to $32.3 million or 22.8% of net sales for the first quarter of 1996. The increases in total spending for the first quarter of 1997 over last year were due primarily to increased advertising and promotional costs, as well as costs associated with increased staffing of sales and other related positions both domestically and internationally. The allowance for doubtful accounts at March 30, 1997 was 9.3% of accounts receivable, compared to 9.0% at December 31, 1996. The Company continues to experience strong collection performance with accounts receivable balances outstanding over 60 days representing 9.1% of total receivables, unchanged from December 31, 1996. Write-offs of uncollectible accounts have historically represented less than 1% of total receivable balances. A majority of international customer balances are covered by receivables insurance. Research and development expenses were $4.2 million or 2.4% of net sales and $3.7 million or 2.6% of net sales for the first quarter of 1997 and 1996, respectively. The increased research and development spending primarily reflects increased numbers of software and hardware engineers and costs associated with new product development and engineering support. Although the aggregate dollars of research and development expenses have increased as a result of continued product and process development, the slight decrease from first quarter 1996 to first quarter 1997 as a percentage of sales is attributable to certain fixed research and development expenses spread over a higher revenue base. . Other Income (Deductions) and Income Taxes Net foreign currency losses in the first quarter of 1997 (primarily related to foreign currency denominated assets of international subsidiaries for which the U.S. dollar is the functional currency) were partially offset by higher interest 8 income which increased by 135% over the first quarter of 1996. This increase was due to higher average cash balances available for investment during the first quarter of 1997 compared to the same period in 1996. The Company's effective income tax rates were approximately 31.5% and 33.5% for the quarters ended March 30, 1997 and March 31, 1996, respectively. The decrease from first quarter 1996 to first quarter 1997 is due to the expected tax savings from an increasing portion of taxable earnings being generated from the Company's operations in Ireland, a jurisdiction which currently has a lower income tax rate for manufacturing companies than the present U.S. statutory income tax rate. LIQUIDITY AND CAPITAL RESOURCES Working capital at March 30, 1997 was $334.3 million compared to $317.8 million at December 31, 1996. The Company has been able to increase its working capital position as the result of continued strong operating results and despite internally financing the build-up of inventories and the capital investment required to expand its operations. The Company's cash position decreased slightly to $151.1 million at March 30, 1997 compared to $153.2 million at December 31, 1996. Worldwide inventories were $159.6 million at March 30, 1997 compared to $130.4 million at December 31, 1996. The first quarter 1997 inventory build was primarily attributable to the effects of seasonal factors, opening up new plant capacity in the Philippines, and the introduction of a new product line, the Symmetra (TM) Power Array (TM). Inventory levels as a percentage of quarterly sales were 93% in the first quarter of 1997, up from 62% in the fourth quarter of 1996. At March 30, 1997, the Company had available for future borrowings $50 million under an unsecured line of credit agreement at a floating interest rate equal to the bank's cost of funds rate plus .625% and an additional $15 million under an unsecured line of credit agreement with a second bank at a similar interest rate. No borrowings were outstanding under these facilities at March 30, 1997. Additionally, the Company has no significant financial commitments outstanding other than those required in the normal course of business. Capital investment for the first quarter of 1997 consisted primarily of manufacturing and office equipment. The nature and level of capital spending was made to improve manufacturing capabilities and to support the increased marketing, selling, and administrative efforts necessitated by the Company's significant growth. Net capital expenditures were financed from available operating cash. The Company had no material capital commitments at March 30, 1997. The Company continues to investigate potential sites for manufacturing expansion in international locations. During the second quarter of 1996, the Company established a manufacturing operation in the Philippines which is operating within a designated economic zone which provides certain economic incentives, primarily in the form of tax exemptions. The Company purchased and improved a 70,000 square foot facility for approximately $1.5 million which was financed from operating cash. This facility currently manufactures certain Back-UPS products sold in the Company's domestic markets. In the future this operation will also provide manufacturing and technical support to better serve the Company's markets in the Asia Pacific region. In January 1997, the Company purchased a second location in the Philippines for approximately $3 million. The Company expects to begin manufacturing selected products at this facility beginning in the third quarter of 1997. The Company's Ireland facility is providing manufacturing and technical support in order to better service the Company's markets in Europe, the Middle East, Africa and Russia. In 1994, the Company executed an agreement with the Industrial Development Authority of Ireland ("IDA") under which the Company will receive grant monies equal to 40% of the costs incurred for machinery, equipment and building improvements for the Galway facility. The maximum amount attainable under the agreement is approximately $13.1 million. The grant monies would be repayable, in whole or in part, should (a) the Company fail to meet certain employment goals established under the agreement which are to be achieved over a five year implementation period and/or (b) the Company discontinues operations in Ireland prior to the termination of the agreement. The agreement terminates eight years from the date of the last claim made by the Company for grant monies. The total cumulative amount of capital grant claims submitted through March 30, 1997 was approximately $9.5 million. The total cumulative amount of capital grants received through March 30, 1997 amounted to approximately $8.4 million. Under a separate agreement with the IDA, the Company will also receive up to $3,000 per new employee hired for the direct reimbursement of training costs. The total cumulative amount of training grant claims submitted through March 30, 1997 was approximately $2.0 million. The total cumulative amount of training grants received through March 30, 1997 amounted to approximately $1.4 million. 9 Management believes that current internal cash flows, together with available cash, available credit facilities or, if needed, the proceeds from the sale of additional equity, will be sufficient to support anticipated capital spending and other working capital requirements for the foreseeable future. Acquisition On February 14, 1997, the Company completed its acquisition of Systems Enhancement Corporation ("Systems Enhancement"), a privately-held manufacturer of power management software and accessories, by means of a merger of a wholly- owned subsidiary of the Company with and into Systems Enhancement. As a result of the merger, Systems Enhancement became a wholly-owned subsidiary of the Company. The Company issued 480,144 shares of its Common Stock, $.01 par value, in exchange for all of the issued and outstanding shares of Systems Enhancement. The Company has accounted for the acquisition as a pooling-of-interests and, accordingly, Systems Enhancement's results of operations and cash flows are included in the Company's financial statements from January 1, 1997. Foreign Currency Activity Financial statements for the Company's international subsidiaries for which the U.S. dollar is the functional currency are remeasured into U.S. dollars using current rates of exchange for monetary assets and liabilities and historical rates of exchange for nonmonetary assets. Gains and losses from remeasurement are included in other income (deductions), net. During 1994, the Company began invoicing its customers in Great Britain, France and Germany in their respective local currencies. During the second quarter of 1996, the Company began invoicing certain of its Japan customers in Yen. At March 30, 1997 the Company's unhedged foreign currency accounts receivable, by currency, were as follows: (In thousands) Foreign U.S. Currency Dollars British Pounds 3,390 $5,494 French Francs 13,707 2,417 German Marks 5,585 3,325 Japanese Yen 495,746 4,030 Total gross accounts receivable at March 30, 1997 was approximately $117.7 million. The Company had non-trade receivables of 1,052 thousand Irish Pounds (approximately US$1,657 thousand), as well as Irish Pound denominated liabilities of 9,908 thousand (approximately US$15,606 thousand). The Company also had liabilities denominated in various European currencies of US$3,818 thousand, as well as Yen denominated liabilities of approximately US$877 thousand. The Company continually reviews its foreign exchange exposure and considers various risk management techniques including the netting of foreign currency receipts and disbursements, rate protection agreements with customers/vendors and derivatives arrangements, including foreign exchange contracts. The Company presently does not utilize rate protection agreements or derivatives arrangements. Legal Proceedings As initially reported in Report on Form 10-Q for the quarter ended June 30, 1995, several purported class action lawsuits were filed in the United States District Court for the District of Rhode Island in which the Company was named as a defendant, along with certain of its officers. The lawsuits relate to disclosures made by the Company in its public filings and press releases and assert violations of federal securities laws. The plaintiffs seek unspecified damages, interest, costs and fees. In mid-February 1996, a derivative lawsuit was filed by two shareholders on behalf and for the benefit of the Company against certain present and former officers and/or directors of the Company in the Superior Court of Suffolk County, Massachusetts. The Company was also named as a nominal defendant. The derivative action plaintiffs allege that the individual defendants in that case traded in the stock of the Company allegedly in breach of their fiduciary duty to the Company. It is possible that other claims may be made against the Company in these actions or that related allegations could be made that could give rise to other consequences. The Company intends to defend these lawsuits vigorously and any similar lawsuits that may be filed; however, the ultimate outcome of these matters cannot yet be determined. No provision for any liability that may result from these actions has been recognized in the consolidated condensed financial statements included in Item 1 of this Report. Recently Issued Accounting Standard The Financial Accounting Standards Board recently issued SFAS No. 128, "Earnings per Share." This statement establishes standards for computing and presenting earnings per share, simplifying previous standards and making them comparable to 10 international earnings per share standards. The Company will adopt SFAS No 128 at December 31, 1997 and does not expect its provisions to have a material effect on the Company's computation or presentation of earnings per share. Factors That May Affect Future Performance This document may include forward looking statements. Any statements contained herein that do not describe historical facts are forward-looking statements. The Company makes such forward-looking statements under the provisions of the "safe harbor" section of the Private Securities Litigation Reform Act of 1995. The forward-looking statements contained herein are based on current expectations, but are subject to a number of risks and uncertainties. The factors that could cause actual results to differ materially from such forward- looking statements include: the general economic conditions and growth rates in the power protection industry and related industries; pricing pressures, changes in product mix; changes in the seasonality of demand patterns; inventory risks due to shifts in market demand; component restraints and shortages; expansion of manufacturing capacity; risks of nonpayment of accounts receivable; factors associated with international operations; and the risk factors described from time to time in the Company's filings with the Securities and Exchange Commission. 11 FORM 10-Q March 30, 1997 Part II - Other Information Item 2. Changes in Securities, (c) Recent Sales of Unregistered Securities On February 14, 1997, the Company completed a private placement of 480,144 shares (the "Shares") of its Common Stock to the holders of the outstanding capital stock of Systems Enhancement Corporation ("Systems Enhancement") in exchange for all of the outstanding shares of capital stock of Systems Enhancement. Such private placement was made to effect the acquisition of Systems Enhancement by the Company. The Company claims that the offer and sale of the Shares were exempt from registration under the Securities Act of 1933, as amended (the "Securities Act") pursuant to Rule 506 of Regulation D under the Securities Act in reliance upon information available to the Company as of February 14, 1997, including certain representations and warranties of the purchasers of the Shares. The Shares were offered only to "accredited investors" (as such terms are defined in Regulation D) or to purchasers who, in the reasonable belief of the Company, either alone or with his/her purchaser representative, had such knowledge and experience in financial and business matters that he/she was capable of evaluating the merits and risks of the investment. On March 7, 1997, the Company filed a registration statement on Form S-3 (File No. 333-23007) with the SEC covering the resale of the shares sold in the private placement and the registration statement became effective on April 25, 1997. Item 6. Exhibits and Reports on Form 8-K (A) Exhibits Exhibit No. 11 - Computation of Earnings per Share (Page 14) Exhibit No. 27 - Financial Data Schedule (For SEC EDGAR Filing Only; Intentionally Omitted) (B) Reports on Form 8-K No reports on Form 8-K were filed by American Power Conversion Corporation during the quarter ended March 30, 1997. 12 FORM 10-Q March 30, 1997 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. AMERICAN POWER CONVERSION CORPORATION Date: May 13, 1997 /s/ Donald M. Muir Donald M. Muir Chief Financial Officer (Principal Accounting And Financial Officer) 13 FORM 10-Q March 30, 1997 EXHIBIT 11 AMERICAN POWER CONVERSION CORPORATION COMPUTATION OF EARNINGS PER SHARE (In thousands, except for earnings per share)
Three months ended (Unaudited) March 30, March 31, 1997 1996 Primary Weighted average common stock outstanding 94,667 93,419 Net effect of dilutive stock options based on the treasury stock method using the average market price 884 331 Total 95,551 93,750 Net income $ 20,975 $ 15,213 Per share amount $ .22 $ .16 Fully diluted Weighted average common stock outstanding 94,667 93,419 Net effect of dilutive stock options based on the treasury stock method using the period end market price 840 368 Total 95,507 93,787 Net income $ 20,975 $ 15,213 Per share amount $ .22 $ .16
EX-27 2
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE CONSOLIDATED BALANCE SHEET AT MARCH 30, 1997 AND THE CONSOLIDATED STATEMENT OF INCOME FOR THE PERIOD ENDED MARCH 30, 1997 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 1 U.S. DOLLARS 3-MOS DEC-31-1996 DEC-31-1996 1 151,097,000 0 117,719,000 10,963,000 159,614,000 451,280,000 127,832,000 40,017,000 540,979,000 117,011,000 0 0 0 951,000 416,677,000 540,979,000 171,989,000 171,989,000 95,801,000 140,993,000 (375,000) 0 0 30,621,000 9,646,000 20,975,000 0 0 0 20,975,000 .22 .22
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