-----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, WhSfQqh5MekdnvXSDvKay4LjPWdXl+gG0vgqL+V1PtNT7JlZlcPOrZZHW6kY6i6T 5RY+1k5l98SSEGudM9VKPg== 0000913360-97-000003.txt : 19971114 0000913360-97-000003.hdr.sgml : 19971114 ACCESSION NUMBER: 0000913360-97-000003 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19970927 FILED AS OF DATE: 19971112 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: AFC CABLE SYSTEMS INC CENTRAL INDEX KEY: 0000913360 STANDARD INDUSTRIAL CLASSIFICATION: DRAWING AND INSULATING NONFERROUS WIRE [3357] IRS NUMBER: 951517994 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 000-23070 FILM NUMBER: 97713623 BUSINESS ADDRESS: STREET 1: 55 SAMUEL BARNET BLVD CITY: NEW BEDFORD STATE: MA ZIP: 02745 BUSINESS PHONE: 5089981131 MAIL ADDRESS: STREET 1: 55 SAMUEL BARNET BLVD CITY: NEW BEDFORD STATE: MA ZIP: 02745 10-Q 1 QUARTERLY REPORT FOR PERIOD ENDED 9/27/97 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 September 27, 1997 OR [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 0-23070 AFC CABLE SYSTEMS, INC. (Exact name of registrant as specified in its charter) Delaware 95-1517994 (State or other jurisdiction of incorporation or organization) (I.R.S.Employer Identification No.) 50 Kennedy Plaza, Suite 1250, Providence, Rhode Island 02903 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (401) 453-2000
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[ ]. Indicate the number of shares of the Registrant's Common Stock outstanding as of the latest practicable date:
Class Outstanding as of November 10, 1997 ----- ----------------------------------- Common Stock, $.01 par value 11,385,308
Page 1 of 13 pages PART I - FINANCIAL INFORMATION AFC CABLE SYSTEMS, INC. ITEM 1. FINANCIAL STATEMENTS CONSOLIDATED BALANCE SHEETS (In thousands, except share data)
September 27, December 31, 1997 1996 ------------- ------------ ASSETS Current assets: Cash and cash equivalents ................................. $ 1,046 $ 980 Investments, marketable securities (Note 5) ............... 38,291 30,508 Accounts receivable, net of allowance for doubtful accounts and sales allowances of $3,207 and $3,140, respectively 32,417 23,919 Inventories: Finished goods ......................................... 23,943 11,559 Work-in-process ........................................ 7,082 3,702 Raw materials .......................................... 7,287 5,665 --------- -------- 38,312 20,926 Current deferred taxes .................................... 656 637 Other current assets ...................................... 1,223 1,121 --------- -------- Total current assets ...................................... 111,945 78,091 Property, plant and equipment, at cost ...................... 35,957 27,188 Less accumulated depreciation ............................... 12,638 9,482 --------- -------- Net property, plant and equipment ......................... 23,319 17,706 Other long-term assets ...................................... 11,178 2,126 --------- -------- Total assets ................................................ $ 146,442 $ 97,923 ========= ========
Note: The balance sheet at December 31, 1996 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. See accompanying notes. 2 AFC CABLE SYSTEMS, INC. CONSOLIDATED BALANCE SHEETS--Continued (In thousands, except share data)
September 27, December 31, 1997 1996 ------------ ------------ LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Current portion of long-term debt ......................... $ 229 $ 270 Revolving credit note payable ............................. 1,600 2,000 Accounts payable .......................................... 12,442 12,471 Accrued expenses: Payroll and employee benefits .......................... 3,301 2,506 Other .................................................. 4,718 1,885 --------- --------- Total accrued expenses 8,019 4,391 --------- --------- Total current liabilities ................................... 22,290 19,132 Long-term debt .............................................. 3,883 3,300 Deferred income taxes ....................................... 1,564 1,547 Other long-term liabilities ................................. 1,727 954 Shareholders' equity: Preferred stock, $.01 par value, 1,000,000 shares authorized, none issued ................................ - - Common stock, $.01 par value, 15,000,000 shares authorized, 11,385,359 and 9,168,781 shares issued and outstanding, respectively (Note 9) ................. 114 92 Paid-in capital ........................................... 78,495 48,011 Other ..................................................... 878 218 Treasury stock, 4,825 shares, at cost ..................... (82) (82) Retained earnings (Note 9) ................................ 37,573 24,751 --------- --------- 116,978 72,990 --------- --------- Total liabilities and shareholders' equity .................. $ 146,442 $ 97,923 ========= =========
Note: The balance sheet at December 31, 1996 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. See accompanying notes. 3 AFC CABLE SYSTEMS, INC. CONSOLIDATED STATEMENTS OF INCOME (In thousands, except share data)
Quarter ended ------------------------------ September 27, September 28, 1997 1996 ------------ ------------ Net sales .................................................... $ 56,704 $ 41,559 Cost of goods sold ........................................... 40,152 29,714 ---------- --------- Gross profit ................................................. 16,552 11,845 Selling, general and administrative expenses ................. 8,871 6,586 ---------- --------- Income from operations ....................................... 7,681 5,259 Other income (expense): Interest expense ............................................. (159) (204) Net investment and other income .............................. 574 422 ---------- --------- Income before taxes .......................................... 8,096 5,477 Income taxes ................................................. 3,118 2,127 ---------- --------- Net income ................................................... $ 4,978 $ 3,350 ========== ========= Earnings per common share (Note 9) ........................... $ .43 $ .36 ========== ========= Average shares outstanding and common stock equivalents (Note 9) .......................... 11,670,315 9,287,399 ========== =========
See accompanying notes. 4 AFC CABLE SYSTEMS, INC. CONSOLIDATED STATEMENTS OF INCOME (In thousands, except share data)
Nine months ended ----------------------------- September 27, September 28, 1997 1996 ------------ ------------ Net sales .................................................... $ 158,701 $ 117,662 Cost of goods sold ........................................... 113,277 86,880 ---------- ---------- Gross profit ................................................. 45,424 30,782 Selling, general and administrative expenses ................. 25,418 19,193 ---------- ---------- Income from operations ....................................... 20,006 11,589 Other income (expense): Interest expense ............................................. (431) (633) Net investment and other income .............................. 1,278 1,820 ---------- ---------- Income before taxes .......................................... 20,853 12,776 Income taxes ................................................. 8,028 4,886 ---------- ---------- Net income ................................................... $ 12,825 $ 7,890 ========== ========== Earnings per common share (Note 9) ........................... $ 1.19 $ .85 ========== ========== Average shares outstanding and common stock equivalents (Note 9) .......................... 10,745,624 9,252,734 ========== =========
See accompanying notes. 5 AFC CABLE SYSTEMS, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands)
Nine months ended ----------------------------- September 27, September 28, 1997 1996 ------------ ------------ OPERATING ACTIVITIES Net income ................................................. $ 12,825 $ 7,890 Adjustments to reconcile net income to cash provided by operating activities: Depreciation .......................................... 2,232 1,667 Amortization of intangibles ........................... 185 200 Net realized (gain) loss on available-for-sale securities 9 (618) Deferred income taxes ................................. (385) (536) Provision for bad debts ............................... 116 154 Provision for sales allowances ........................ (289) (175) Compensation expense for restricted stock and compensatory options ......................... 68 205 Increase (decrease) in cash arising from changes in assets and liabilities: Accounts receivable .............................. (4,454) (5,346) Inventories ...................................... (12,620) 1,093 Other current assets ............................. 3 76 Other long-term assets ........................... 253 (193) Accounts payable ................................. (1,456) (1,584) Accrued payroll and employee benefits ............ 604 808 Other accrued liabilities ........................ 1,991 1,848 Other long-term liabilities ...................... 773 (273) ---------- --------- Net cash provided by (used in) operating activities ........ (145) 5,216 INVESTING ACTIVITIES Acquisitions, including expenses, less cash acquired (Note 6) (14,029) - Capital expenditures ....................................... (6,115) (4,714) Purchase of available-for-sale securities .................. (29,083) (28,852) Proceeds from sale of available-for-sale securities ........ 22,323 26,328 ---------- --------- Net cash used in investing activities ...................... (26,904) (7,238) FINANCING ACTIVITIES Net revolving line of credit repayments .................... (400) (925) Proceeds from issuance of long-term debt ................... - 3,570 Payments on long-term debt, including current portion ...... (386) - Proceeds from issuance of common stock (Note 8) ............ 27,901 248 ---------- --------- Net cash provided by financing activities .................. 27,115 2,893 ---------- --------- Net increase in cash and cash equivalents .................. 66 871 Cash and cash equivalents at beginning of period ........... 980 2,090 ---------- --------- Cash and cash equivalents at end of period ................. $ 1,046 $ 2,961 ========== ========= Supplemental schedule of cash flow information: Cash paid during the period for interest ................. $ 332 $ 566 ========== ========= Cash paid during the period for income taxes ............. $ 7,265 $ 3,698 ========== =========
See accompanying notes 6 AFC CABLE SYSTEMS, INC. NOTES TO FINANCIAL STATEMENTS September 27, 1997 NOTE 1. BASIS OF PRESENTATION The accompanying unaudited financial statements of AFC Cable Systems, Inc. (the "Company" or "AFC") have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three and nine month periods ended September 27, 1997 are not necessarily indicative of the results that may be expected for the year ended December 31, 1997. Certain prior year amounts have been reclassified to conform to current period presentation. For further information, refer to the financial statements and footnotes thereto included in the Company's annual report on Form 10-K for the year ended December 31, 1996. NOTE 2. INCOME TAXES For the nine month periods ended September 27, 1997 and September 28, 1996, the Company's effective tax rates of approximately 38.5% and 38.2%, respectively, were greater than the statutory rate due primarily to state income taxes. NOTE 3. CONTINGENCIES The Company is a defendant in certain claims that relate to matters that occurred prior to present ownership. In accordance with the purchase and sale agreement, the prior owner has indemnified the Company for such claims and, accordingly, the matters are being defended by the prior owner and its insurance companies. Management is of the opinion that these claims relate to the prior owners and therefore will not have a material adverse effect on the Company's financial position or results of operations. Additionally, the Company is a party to one environmental matter and certain other legal proceedings not covered by the indemnification. In the environmental matter, a number of responsible parties entered into a consent decree with the EPA in 1991 and subsequently, such parties as plaintiffs have sought contribution from the Company, which was not named as a responsible party by the EPA. The Company has admitted that a predecessor of the business currently operated by the Company had disposed of a de minimis amount of waste at the site. On December 17, 1996, the U.S. District Court for the district of Massachusetts entered a judgment in favor of the Company with respect to this claim. The time during which the Plaintiffs may file an appeal has not yet lapsed. NOTE 4. FINANCING The Company has an unsecured revolving line of credit agreement with a bank which provides for direct borrowings of up to $25.0 million, of which up to $10.0 million is available, without the lender's prior consent, for business acquisitions. The line of credit agreement also provides for letter of credit borrowings of up to $3.0 million. A monthly fee based on the unused portion of credit is payable under the agreement. Borrowings under the line of credit are available at interest rates equal to either the lender's base rate or the Eurodollar rate plus 0.5% for a fixed period of one, two, three or six months. The Company has the option of electing the applicable rate upon notification to the lender and as a result, portions of the outstanding balance accrue interest at different rates. At September 27, 1997, the interest rate on the outstanding borrowings under the line of credit was 8.5%. Total letters of credit issued at September 27, 1997 were $885,000. The line of credit contains certain restrictive covenants, including the requirement that the Company maintain minimum levels of tangible capital funds and meet other specified ratio requirements. 7 During 1996, the Company was loaned the proceeds from the issuance of $3.57 million in Industrial Revenue Bonds ("IRBs") by the Massachusetts Industrial Finance Agency for the purpose of acquiring and refurbishing a 99,000 square-foot facility in New Bedford, Massachusetts, which secures the IRBs. The IRBs mature on July 24, 2016, and carry an average interest rate of approximately 3.7% adjustable on a weekly basis. In addition, an annual fee of 1.0% of the amount of an unsecured stand-by letter of credit is payable to the bank holding the letter of credit and also acting as trustee under the terms of the issuance of the IRBs. The Company has the right to convert from the weekly interest rate to a fixed rate established at the time of conversion. The bonds are payable in nineteen annual installments of $180,000 with a final payment of $150,000 due at maturity, all funded through monthly payments of $15,000 to the trustee over the twelve months preceding the installment due dates. At September 27, 1997, $3.2 million of the total was classified as long-term debt. The carrying value of the bonds approximates market at September 27, 1997. NOTE 5. INVESTMENTS The following is a summary of securities held by the Company. All securities are classified as available-for-sale.
GROSS GROSS ESTIMATED COST UNREALIZED GAINS UNREALIZED LOSSES FAIR VALUE ---------- ---------------- ----------------- --------------- (IN THOUSANDS) September 27, 1997 U.S. corporate debt securities ................ $ 9,464 $ 354 $ (3) $ 9,815 U.S. Treasury securities and obligations of U.S. government agencies ....... 22,022 82 - 22,104 Equity securities ............ 5,687 776 (91) 6,372 --------- --------- --------- -------- Total investments, marketable securities ..... $ 37,173 $ 1,212 $ (94) $ 38,291 ========= ========= ========= ======== December 31, 1996 U.S. corporate debt securities ................ $ 1,509 $ 92 $ - $ 1,601 U.S. Treasury securities and obligations of U.S. government agencies ....... 26,193 52 (6) 26,239 Equity securities ............ 2,576 168 (76) 2,668 --------- --------- --------- -------- Total investments, marketable securities ..... $ 30,278 $ 312 $ (82) $ 30,508 ========= ========= ========= ========
U.S. corporate debt securities and U.S. Treasury securities generally mature within the year and after one year. Expected maturities will differ from contractual maturities because the issuers of the securities may have the right to prepay obligations without prepayment penalties. Net realized losses included in investment income amounted to $9,000 in the nine months ended September 27, 1997. NOTE 6. ACQUISITIONS On January 28, 1997, the Company acquired all of the outstanding stock of Illinois-based B&B Electronics Manufacturing Company ("B&B"), a manufacturer and distributor of electronic interfaces and connectors that facilitate data communications. The purchase price consisted of $4.2 million in cash and 60,000 shares of the Company's Common Stock. On January 31, 1997, the Company acquired certain assets and assumed certain liabilities of New Jersey-based Area Lighting Research, Inc. ("ALR"), a designer, manufacturer and distributor of photo controls and electrical devices for lighting control and fixture industries. Assets acquired include inventories, accounts receivable, equipment, tooling, patents and other intangible assets. The purchase price, funded from the liquidation of marketable securities, was $7.7 million (plus $0.9 million of assumed liabilities). In both instances, additional consideration will be paid by the Company if certain financial targets are achieved by the acquired companies. 8 The acquisitions are accounted for as purchases, therefore, the income statement of the Company reflects operations of B&B and ALR from the acquisition date through September 27, 1997. Purchase price allocations are preliminary and the resulting goodwill is being amortized over forty years. The pro forma statements of income assuming the stock of B&B and the assets and liabilities of ALR had been acquired at the beginning of 1997 and 1996 are as follows:
Nine months ended -------------------------- Sept. 27, Sept. 28, 1997 1996 ------------- ------------ Net Sales .................................... $ 160,492 $ 130,801 Income from operations ....................... 20,197 12,956 Net income ................................... 12,941 8,748 Earnings per common share (Note 9) ........... $ 1.20 $ .94
The above pro forma information does not purport to represent what the Company's results of operations would actually have been had the acquisitions of B&B and ALR in fact occurred at the beginning of the periods indicated or to project the Company's results for any future periods. NOTE 7. EARNINGS PER SHARE In February 1997, the Financial Accounting Standards Board issued Statement No. 128, "Earnings Per Share" ("SFAS 128"), which is required to be adopted for fiscal years ending after December 15, 1997. At that time, the Company will be required to change the method currently used to compute earnings per share and to restate all prior periods. Under SFAS 128, the dilutive effect of stock options will be excluded in calculating basic earnings per share. There is no material impact on earnings per share for the nine months ended September 27, 1997 and September 28, 1996 from the adoption of SFAS 128. NOTE 8. STOCK OFFERING On April 23, 1997, the Company completed the issuance of 1,250,000 shares of common stock at a price of $19.25 per share. As part of this offering, the Company granted the underwriters an option to purchase a maximum of 300,000 additional shares to cover over-allotments, which was exercised in full on April 29, 1997. NOTE 9. COMMON STOCK SPLIT On September 16, 1997, the Board of Directors declared a five-for-four split of the Company's common stock effective in the form of a 25% stock dividend to shareholders of record on October 6, 1997, which was distributed on October 20, 1997. The effect of the split is presented retroactively within stockholders' equity at September 27, 1997 and December 31, 1996 by transferring the par value of the additional shares issued from the retained earnings account to the common stock account. All share and per share amounts for the periods ended September 27, 1997 and September 28, 1996 have been restated to reflect the effect of the stock split. 9 ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Comparative Results of Operations for the Three and Nine Months Ended September 27, 1997 and September 28, 1996 This report contains certain forward-looking statements within the meaning of section 21E of the Securities Exchange Act of 1934, as amended. These statements include, among others, statements relating to future events or the future financial performance of the Company. Such statements are only expectations and actual events or results may differ materially. Factors which could cause actual results to differ materially from those indicated in such forward-looking statements are set forth in "Factors That May Affect Future Performance" in the Company's Annual Report on Form 10-K for the year 1996. RESULTS OF OPERATIONS NET SALES. Net sales for the quarter ended September 27, 1997 increased $15.1 million, or 36.4% to a record $56.7 million from $41.6 million for the quarter ended September 28, 1996. Net sales for the nine months ended September 27, 1997 increased $41.0 million, or 34.9%, to $158.7 million from $117.7 million for the nine months ended September 28, 1996. Net sales for the Wire and Cable Division increased $7.7 million, or 20.9%, to $44.8 million for the quarter ended September 27, 1997 from $37.1 million for the quarter ended September 28, 1996. For the nine months ended September 27, 1997, net sales for the Wire and Cable Division increased $22.3 million, or 21.3%, to $126.8 million from $104.5 million for the nine months ended September 28, 1996. These increases in net sales are mainly attributable to continued higher sales of the Company's traditional armored cable products as well as increased sales of the Company's higher margin specialty application cables. In addition, net sales of this division's specialty coated metals products further improved over sales of these products in the prior year. Net sales for the America Cable Systems Division increased $0.3 million, or 7.5%, to $4.6 million for the quarter ended September 27, 1997 from $4.3 million for the quarter ended September 28, 1996. This division's net sales for the nine months ended September 27, 1997 increased $0.6 million, or 4.7%, to $13.1 million from $12.5 million for the nine months ended September 28, 1996. Net sales for businesses acquired in 1997 accounted for $7.1 million, or 17.0%, and $18.2 million, or 15.4%, of the increases in net sales for the quarter and nine months ended September 27, 1997, respectively. GROSS PROFIT. Gross profit for the quarter ended September 27, 1997 increased $4.8 million, or 39.7%, to $16.6 million from $11.8 million for the quarter ended September 28, 1996. Gross profit for the nine months ended September 27, 1997 increased $14.6 million, or 47.6%, to $45.4 million from $30.8 million for the nine months ended September 28, 1996. Gross margin increased to 29.2% for the quarter ended September 27, 1997 from 28.5% for the quarter ended September 28, 1996. Gross margin for the nine months ended September 27, 1997 increased to 28.6% from 26.2% for the nine months ended September 28, 1996. These increases are attributable to (i) decreased cost of raw materials through better purchasing practices and more efficient manufacturing processes resulting in better yields on materials (ii) increased sales of higher margin specialty application products and (iii) efficiencies arising from producing at near capacity. INCOME FROM OPERATIONS. Income from operations for the quarter ended September 27, 1997 increased $2.4 million, or 46.1%, to $7.7 million from $5.3 million for the quarter ended September 28, 1996. Income from operations for the nine months ended September 27, 1997 increased $8.4 million, or 72.6%, to $20.0 million from $11.6 million for the nine months ended September 28, 1996. Income from operations as a percentage of net sales increased to 13.5% for the quarter ended September 27, 1997 from 12.7% for the quarter ended September 28, 1996. For the nine months ended September 27, 1997 income from operations as a percentage of net sales increased to 12.6% from 9.8% for the nine months ended September 28, 1996. These increases are attributable to improved gross margins combined with a 0.3% decrease in selling, general and administrative expenses as a percent of net sales for the nine months ended September 27, 1997 compared to the nine months ended September 28, 1996. 10 NET INCOME. Net income for the quarter ended September 27, 1997 increased $1.6 million, or 48.6%, to $5.0 million from $3.4 million for the quarter ended September 28, 1996. Net income for the nine months ended September 27, 1997 increased $4.9 million, or 62.5%, to $12.8 million from $7.9 million for the nine months ended September 28, 1996. Net income as a percentage of net sales increased to 8.8% for the quarter ended September 27, 1997 from 8.1% for the quarter ended September 28, 1996. For the nine months ended September 27, 1997 net income as a percentage of net sales increased to 8.1% from 6.7% for the nine months ended September 28, 1996. These increases were primarily due to (i) increased income from operations and (ii) decreased interest expense partially offset by decreased investment income for the nine months ended September 27, 1997. LIQUIDITY AND CAPITAL RESOURCES Cash used in operations totaled $145,000 for the nine month period ended September 27, 1997. Increased accounts receivable and inventories, each resulting from the much higher level of business, were substantially offset by higher profitability. Working capital on September 27, 1997 was $89.7 million and the ratio of current assets to current liabilities was 5.0 to 1.0. The Company believes that funds generated from operations, proceeds from the April 23, 1997 sale of common stock described in Note 8 to the financial statements and available borrowings under its revolving line of credit will be sufficient to meet its on-going working capital and capital expenditure requirements for the foreseeable future. 11 PART II - OTHER INFORMATION AFC CABLE SYSTEMS, INC. ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K (a) Exhibits None (b) No Reports on Form 8-K were filed during the quarter ended September 27, 1997. 12 SIGNATURES Pursuant to the requirements of the Securities Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Date: November 10, 1997 AFC CABLE SYSTEMS, INC. By:/s/Ralph R. Papitto --------------------------- Ralph R. Papitto Chairman of the Board and Chief Executive Officer By:/s/Raymond H. Keller --------------------------- Raymond H. Keller Vice President and Chief Financial Officer 13 EX-27 2 FDS --
5 1,000 9-MOS DEC-31-1997 JAN-01-1997 SEP-27-1997 1,046 38,291 35,624 3,207 38,312 111,945 35,957 12,638 146,442 22,290 0 0 0 114 116,864 146,442 158,701 158,701 113,277 113,277 0 116 431 20,853 8,028 12,825 0 0 0 12,825 1.19 0
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