-----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, PYyvhqYVGxhDSagp3Ga2xGmpB+C7yTWEyZA/dlZzhdwboQyp13/vR3Db3Q1eY+3J /WR7Rl7y04lngI0s11WKnA== 0000914039-98-000229.txt : 19980601 0000914039-98-000229.hdr.sgml : 19980601 ACCESSION NUMBER: 0000914039-98-000229 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19980430 FILED AS OF DATE: 19980529 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: CUNO INC CENTRAL INDEX KEY: 0001019779 STANDARD INDUSTRIAL CLASSIFICATION: COATING, ENGRAVING & ALLIED SERVICES [3470] IRS NUMBER: 061159240 STATE OF INCORPORATION: DE FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 000-21109 FILM NUMBER: 98633978 BUSINESS ADDRESS: STREET 1: 400 RESEARCH PARKWAY CITY: HERIDEA STATE: CT ZIP: 06450 BUSINESS PHONE: 203-237-55 MAIL ADDRESS: STREET 1: 400 RESEARCH PARKWAY CITY: HERIDEA STATE: CT ZIP: 06450 10-Q 1 10-Q 1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q QUARTERLY REPORT UNDER SECTION 13 OR 15 (d) OF THE SECURITIES AND EXCHANGE ACT OF 1934 For the quarterly period ended April 30, 1998 Commission file number 000-21109 CUNO INCORPORATED (Exact name of registrant as specified in its charter) Delaware 06-1159240 (State or other jurisdiction of (I.R.S. Employer Identification No.) incorporation or organization) 400 Research Parkway, Meriden, Connecticut 06450 (Address of principal executive offices) (Zip Code) (203) 237-5541 Registrant's telephone number, including area code Not Applicable Former name, former address and former fiscal year, if changed since last report. Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter periods 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 outstanding of each of the issuer's classes of common stock, as of the latest practical date. Common Stock, .001 Par Value -- 16,159,777 shares as of April 30 , 1998. 2 CUNO INCORPORATED
Page ---- Part I. Financial Information Item 1. Condensed Consolidated Financial Statements (Unaudited) Consolidated Statements of Income -- Three months ended April 30, 1998 and 1997 1 Consolidated Statements of Income - Six months ended April 30, 1998 and 1997 2 Consolidated Balance Sheets -- April 30, 1998 and October 31, 1997 3 Consolidated Statements of Cash Flows -- Six months ended April 30, 1998 and 1997 4 Notes to Unaudited Condensed Consolidated Financial Statements 5 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 7 Part II Other Information Item 4. Submission of Matters to a Vote of Security Holders 11 Item 6. Exhibits and Reports on Form 8-K 11 Signatures 12
3 CUNO INCORPORATED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) (dollars in thousands, except share amounts)
THREE MONTHS ENDED APRIL 30, 1998 1997 -------- -------- Net sales $ 51,311 $ 46,383 Less costs and expenses: Cost of products sold 28,441 26,061 Selling, general and administrative expenses 13,847 11,977 Research, development and engineering 2,700 2,805 -------- -------- 44,988 40,843 -------- -------- Operating income 6,323 5,540 Nonoperating income (expense): Interest income 40 30 Interest expense (309) (554) Exchange (losses) gains (14) 48 Other 158 (3) -------- -------- (125) (479) -------- -------- Income before income taxes 6,198 5,061 Provision for income taxes 2,169 1,771 -------- -------- Net income $ 4,029 $ 3,290 ======== ======== Basic earnings per common share $ 0.25 $ 0.24 Diluted earnings per common share $ 0.25 $ 0.24
See notes to unaudited condensed consolidated financial statements. -1- 4 CUNO INCORPORATED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) (dollars in thousands, except share amounts)
SIX MONTHS ENDED APRIL 30, 1998 1997 -------- -------- Net sales $ 95,331 $ 91,222 Less costs and expenses: Cost of products sold 53,498 51,699 Selling, general and administrative expenses 26,193 24,600 Research, development and engineering 5,515 5,456 -------- -------- 85,206 81,755 -------- -------- Operating income 10,125 9,467 Nonoperating income (expense): Interest income 73 66 Interest expense (522) (1,145) Exchange gains 80 22 Other 337 (45) -------- -------- (32) (1,102) -------- -------- Income before income taxes 10,093 8,365 Provision for income taxes 3,531 3,010 -------- -------- Net income $ 6,562 $ 5,355 ======== ======== Basic earnings per common share $ 0.41 $ 0.39 Diluted earnings per common share $ 0.41 $ 0.39
See notes to unaudited condensed consolidated financial statements. -2- 5 CUNO INCORPORATED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (in thousands, except share amounts)
APRIL 30, OCTOBER 31, 1998 1997 --------- ----------- ASSETS Current assets Cash and cash equivalents $ 5,580 $ 3,416 Accounts receivable (less allowances for doubtful accounts of $1,280 and $1,420, respectively) 43,778 43,105 Inventories 24,480 22,047 Deferred income taxes 5,544 5,328 Prepaid expenses and other current assets 3,327 2,542 --------- --------- Total current assets 82,709 76,438 Noncurrent assets Deferred income taxes 1,661 1,612 Intangible assets, net 22,364 17,923 Pension assets 1,202 1,239 Other noncurrent assets 1,519 584 Property, plant and equipment, net 51,558 48,529 --------- --------- Total assets $ 161,013 $ 146,325 ========= ========= LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Bank loans $ 15,606 $ 16,998 Accounts payable 15,678 14,647 Accrued payroll and related taxes 7,220 9,801 Other accrued expenses 5,418 5,527 Accrued income taxes 2,002 2,943 Current portion of long-term debt 1,171 1,573 --------- --------- Total current liabilities 47,095 51,489 Noncurrent liabilities Long-term debt, less current portion 16,181 4,779 Deferred income taxes 4,083 3,990 Retirement benefits 4,347 4,177 --------- --------- Total noncurrent liabilities 24,611 12,946 Stockholders' equity Preferred stock, $.001 par value; 2,000,000 shares authorized, no shares issued -- -- Common stock, $.001 par value; 50,000,000 shares authorized, 16,159,777 and 16,003,694 shares issued and outstanding (excluding 4,328 and 3,377 shares in treasury) 16 16 Additional paid-in-capital 38,538 35,741 Retained earnings 52,283 45,721 Unearned compensation (3,267) (2,646) Minimum pension liability (1,189) (1,228) Foreign currency translation adjustments 2,926 4,286 --------- --------- Total stockholders' equity 89,307 81,890 --------- --------- Total liabilities and stockholders' equity $ 161,013 $ 146,325 ========= =========
See notes to unaudited condensed consolidated financial statements. -3- 6 CUNO INCORPORATED STATEMENTS OF CONSOLIDATED CASH FLOWS (UNAUDITED) (dollars in thousands)
SIX MONTHS ENDED APRIL 30, 1998 1997 -------- -------- OPERATING ACTIVITIES Net income $ 6,562 $ 5,355 Adjustments to reconcile net income to net cash provided by (used for) operating activities: Depreciation and amortization 3,700 3,560 (Gain) loss on sale of property, plant and equipment (330) 6 Compensation recognized under employee stock plans 1,231 658 Pension costs in excess of funding 191 582 Deferred income taxes (376) (662) Changes in operating assets and liabilities: Accounts receivable (1,090) (3,291) Inventories (1,223) (2,961) Prepaid expenses and other current assets (1,596) (180) Payables to related party -- (7,020) Accounts payable and accrued expenses (1,227) 2,250 Accrued income taxes (975) 1,123 -------- -------- Net cash provided by (used for) operating activities 4,867 (580) INVESTING ACTIVITIES Proceeds from sale of property, plant and equipment 618 85 Acquisition of companies, net of cash acquired (9,530) -- Capital expenditures (4,656) (2,623) -------- -------- Net cash used for investing activities (13,568) (2,538) FINANCING ACTIVITIES Proceeds from long-term debt 12,792 9,000 Principal payments on long-term debt (1,674) (32,434) Net borrowings under bank loan agreements (141) 4,319 Proceeds from issuance of common stock -- 26,100 Proceeds from stock options exercised -- 20 Dividends paid to related party -- (4,515) -------- -------- Net cash provided by financing activities 10,977 2,490 Effect of exchange rate changes on cash and cash equivalents (112) (21) -------- -------- Net change in cash and cash equivalents 2,164 (649) Cash and cash equivalents -- beginning of period 3,416 5,244 -------- -------- Cash and cash equivalents -- end of period $ 5,580 $ 4,595 ======== ========
See notes to unaudited condensed consolidated financial statements. -4- 7 CUNO INCORPORATED NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS April 30, 1998 NOTE 1 - ORGANIZATION AND BASIS OF PRESENTATION The Company designs, manufactures and markets a comprehensive line of filtration products for the separation, clarification and purification of liquids and gases. The Company's products, which include proprietary depth filters and semi-permeable membrane filters, are sold in the healthcare, fluid processing and potable water markets throughout the world. The accompanying unaudited condensed consolidated financial statements 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 six month period ended April 30, 1998 are not necessarily indicative of the results that may be expected for the year ending October 31, 1998. For further information, refer to the consolidated financial statements and footnotes thereto included in CUNO Incorporated's Form 10-K for the year ended October 31, 1997. Certain reclassifications have been made to prior year amounts to conform to the current year presentation. NOTE 2 - EARNINGS PER SHARE DATA In 1997, the Financial Accounting Standards Board issued Statement of Financial Accounting Standards No. 128, Earnings per Share. All earnings per share amounts for all periods have been presented, and where necessary restated, to conform with the Statement 128 requirements. The following table sets forth the computation of basic and diluted earnings per share for the three months ended:
APRIL 30, April 30, 1998 1997 NUMERATOR: Net Income $ 4,029,000 $ 3,290,000 ============ ============ DENOMINATOR: Weighted average shares outstanding 16,151,105 13,850,347 Issued but unearned performance shares (188,191) (205,846) Issued but unearned restricted shares (52,123) (20,034) ------------ ------------ DENOMINATOR FOR BASIC EARNINGS PER SHARE 15,910,791 13,624,467 ============ ============ Weighted average shares outstanding 16,151,105 13,850,347 Effect of dilutive employee stock options 123,004 32,735 ------------ ------------ DENOMINATOR FOR DILUTED EARNINGS PER SHARE 16,274,109 13,883,082 ============ ============ Basic earnings per share $ 0.25 $ 0.24 Diluted earnings per share $ 0.25 $ 0.24
5 8 The following table sets forth the computation of basic and diluted earnings per share for the six months ended:
APRIL 30, April 30, 1998 1997 NUMERATOR: Net Income $ 6,562,000 $ 5,355,000 ============ ============ DENOMINATOR: Weighted average shares outstanding 16,104,161 13,829,978 Issued but unearned performance shares (184,173) (210,673) Issued but unearned restricted shares (39,352) (27,308) ------------ ------------ DENOMINATOR FOR BASIC EARNINGS PER SHARE 15,880,636 13,591,997 ============ ============ Weighted average shares outstanding 16,104,161 13,829,978 Effect of dilutive employee stock options 91,080 41,572 ------------ ------------ DENOMINATOR FOR DILUTED EARNINGS PER SHARE 16,195,241 13,871,550 ============ ============ Basic earnings per share $ 0.41 $ 0.39 Diluted earnings per share $ 0.41 $ 0.39
NOTE 3 - INVENTORIES Inventories consist of the following:
APRIL 30, OCTOBER 31, 1998 1997 ----------- ----------- Raw materials $ 8,985 $ 8,167 Work-in-process 5,160 3,661 Finished goods 10,335 10,219 ------- ------- $24,480 $22,047 ======= =======
Inventories are stated at the lower of cost or market. Inventories in the United States are primarily valued on the last-in, first-out (LIFO) cost method. The method used for all other inventories is first-in, first-out (FIFO). An actual valuation of inventory under the LIFO method can be made only at the end of each year based on the inventory levels and costs at that time. Accordingly, interim LIFO calculations must necessarily be based on management's estimates of expected year-end inventory levels and costs. Because these are subject to many factors beyond management's control, interim results are subject to the final year-end LIFO inventory valuation. 6 9 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS THREE MONTH PERIOD ENDED APRIL 30, 1998 VS THREE MONTH PERIOD ENDED APRIL 30, 1997 NET SALES The Company had net sales of $51.3 million in the second quarter of fiscal 1998 representing a 10.6 percent increase over 1997's second quarter sales of $46.4 million. The strengthening U.S. dollar had a significant unfavorable effect on overseas results when translated from local currency into U.S. dollars. Had currency values been unchanged from the second quarter of fiscal 1997, net sales for the second quarter of fiscal 1998 would have been $2.1 million higher, or 15.1 percent greater overall than the comparable period in fiscal 1997. Sales from U.S. operations increased $4.4 million or 19.0 percent. Sales from overseas operations increased $0.5 million or 2.2 percent, but increased 11.1 percent when compared in constant valued U.S. dollars. Local currency sales in Europe increased 18.5 percent while in Japan, reflecting a weaker overall economy, sales increased 7.6 percent. Other geographic markets increased sales at double digit rates with the exception of Asia. The continuing sagging economies and weak currencies in the Asian region have stymied growth and reduced sales as compared to the same period in the prior year. GROSS PROFIT Gross profit as a percentage of net sales improved to 44.6 percent from 43.8 percent. This increase was significantly tempered by the strong U.S. dollar, affecting the cost of products and components manufactured in the U.S. and purchased by overseas affiliates. The Company has continued to focus on improving its sales of higher margin products as well as focusing on productivity gains and cost containment in its manufacturing plants. Due to increased volume and the above mentioned margin improvement, gross profit increased $2.5 million, or 12.5 percent, in the second quarter of 1998 over the second quarter of 1997. OPERATING EXPENSES Operating expenses increased by $1.8 million in the second quarter of 1998 over the second quarter of 1997, representing an 11.9 percent increase. Selling expenses have increased reflecting programs to expand the market position of the Company. Additionally, noncash expense for employee stock plans increased sharply in the quarter since the cost of these stock plans is directly associated with the market value of the Company's stock. The Company's stock hit an all time high during the second quarter of 1998. OPERATING INCOME As a result of the above, operating income increased $0.8 million, or 14.1 percent, to $6.3 million or 12.3 percent of sales in the second quarter of 1998 as compared to $5.5 million or 11.9 percent of sales in the second quarter of 1997. NONOPERATING ACTIVITY Interest expense decreased to $0.3 million in the second quarter of 1998 from $0.6 million in the second quarter of fiscal 1997. The decrease in interest expense primarily results from the decrease in debt associated with the Company's public offering of common stock in May, 1997, offset by a modest increase in debt associated with recent acquisitions -- see "Financial Position and Liquidity" below. The proceeds of the public offering were used to retire indebtedness and for working capital and general corporate purposes. INCOME TAXES The Company's effective income tax rate for both the second quarter of 1998 and 1997 was 35.0%. The mix of income attributed to various countries and their taxing authorities in which the Company does business was comparable in both quarters. 7 10 SIX MONTH PERIOD ENDED APRIL 30, 1998 VS SIX MONTH PERIOD ENDED APRIL 30, 1997 NET SALES The Company had net sales of $95.3 million in the first six months of fiscal 1998 representing a 4.5 percent increase over 1997's sales of $91.2 million. The strengthening U.S. dollar had a significant unfavorable effect on overseas results when translated from local currency into U.S. dollars. Had currency values been unchanged from the first six months of fiscal 1997, net sales for the first six months of fiscal 1998 would have been $5.1 million higher, or 10.1 percent greater overall than the same period in fiscal 1997. Sales from U.S. operations increased $4.2 million or 9.2%. Sales from overseas operations were down $0.1 million or 0.2 percent, but increased 10.9 percent when compared in constant valued U.S. dollars. Local currency sales in Europe increased 19.5 percent and in Japan 6.4 percent. Sales in other geographic areas were adversely impacted by currency and/or economic factors in Southeast Asia. GROSS PROFIT Gross profit as a percentage of net sales improved to 43.9 percent from 43.3 percent. The strength of the U.S. dollar has increased the cost of products manufactured in the U.S. and purchased overseas, however this has been substantially offset by an improvement in the mix of products sold and cost management in the Company's factories. Due to increased volume and the above mentioned margin improvement, gross profit increased $2.3 million, or 5.8 percent, in the first six months of 1998 over the first six months of 1997. OPERATING EXPENSES Operating expenses increased $1.7 million in the first six months of 1998 over the first six months of 1997, representing a 5.5 percent increase. Selling expenses have increased reflecting programs to expand the market position of the Company. Additionally, the increase reflects greater noncash expense associated with the Company's employee stock plans. The cost of these plans is directly related to the market value of the Company's common stock which achieved an all time high in the second quarter of 1998. OPERATING INCOME As a result of the above, operating income increased $0.7 million or 7.0 percent to $10.1 million or 10.6 percent of sales in the first six months of 1998 as compared to $9.5 million or 10.4 percent of sales in the first six months of 1997. NONOPERATING ACTIVITY Interest expense decreased to $0.5 million in the first six months of 1998 from $1.1 million in the first six months of fiscal 1997. The decrease in interest expense primarily results from the decrease in debt associated with the Company's public offering of common stock in May, 1997, offset by a modest increase in debt associated with recent acquisitions -- see "Financial Position and Liquidity" below. The proceeds of the public offering were used to retire indebtedness and for working capital and general corporate purposes. During the first quarter of 1998, the Company sold a tract of land in Australia, which was unrelated to the business, for $0.4 million resulting in a gain of $0.3 million. INCOME TAXES The Company's effective income tax rate for the first six months of 1998 was 35.0% as compared to 36.0% during the first six months of 1997. The decrease reflects a minor change in the mix of income attributed to various countries and their taxing authorities in which the Company does business. 8 11 FINANCIAL POSITION AND LIQUIDITY The Company assesses its liquidity in terms of its ability to generate cash to fund operating and investing activities. Of particular importance in the management of liquidity are cash flows generated from operating activities, capital expenditure levels and adequate bank financing alternatives. The Company manages its worldwide cash requirements with consideration of the cost effectiveness of the available funds from the many subsidiaries through which it conducts its business. Management believes that its existing cash position and available sources of liquidity are sufficient to meet current and anticipated requirements for the foreseeable future. Set forth below is selected key cash flow data (in thousands of dollars): Source/(Use) of funds
SIX MONTHS ENDED APRIL 30, 1998 1997 -------- -------- OPERATING ACTIVITIES: Net cash provided by net income plus depreciation, amortization and noncash compensation $ 11,493 $ 9,573 Payables to related party (former parent) -- (7,020) INVESTING ACTIVITIES: Capital expenditures (4,656) (2,623) Acquisition of companies, net of cash acquired (9,530) -- FINANCING ACTIVITIES: Net change in total debt 10,977 (19,115) Proceeds from issuance of common stock -- 26,100 Dividends paid to related party -- (4,515)
The net cash provided by net income plus depreciation, amortization and noncash compensation is an important measurement of cash generated from the earnings process before significant noncash charges. The increase in net income plus depreciation, amortization and noncash compensation of $1.9 million, or 20.1 percent, reflects the Company's increased sales, gross profit margin, and general profitability. No payments were made to the Company's former parent in the first six months of 1998 as no significant level of services have been provided subsequent to October 31, 1997. Capital expenditures amounted to $4.7 million for the six months ended April 30, 1998. The increase over the prior period reflects the Company's continued expansion and improvement of its manufacturing capabilities. During the second quarter of fiscal 1998, the Company completed an acquisition of Chemical Engineering Corporation, a leading manufacturer of water treatment equipment and related systems, for a purchase price of $8.4 million in cash (acquired assets included cash of $1.1 million). The stock purchase agreement also provides for future contingent consideration payable over a two year period and is dependent upon future sales levels and other performance criteria. Any future payments will be recorded as goodwill and are not expected to have a material impact on operating results. During the first quarter of fiscal 1998, the Company completed two overseas acquisitions -- a distribution business and a product line which were comprised primarily of working capital -- for an aggregate purchase price of $2.2 million. These acquisitions have been accounted for as purchases and, accordingly, the results of their operations are included in the Company's consolidated statements of operations from the date of acquisition. These acquisitions did not materially affect the financial statements of the Company in 1998 nor would they have materially affected the financial statements of prior periods had the results of their operations been included in those financial statements. 9 12 During the first six months of 1997, the Company completed an offering of two million shares of its common stock which, as of April 30, 1997, generated net cash proceeds to the Company of $26.1 million. The proceeds were used to pay down long term debt associated with the Company's revolving credit facility. During the comparable period in 1998, the Company increased its total outstanding debt, on a net basis, $11.0 million. This debt increase was used in part to finance the aforementioned acquisitions and capital expenditures. OTHER MATTERS NEW ACCOUNTING STANDARDS The Financial Accounting Standards Board issued Statements (SFAS No. 130 and 131) related to reporting comprehensive income and segment disclosures. The Company plans to adopt these statements upon their applicable effective dates in fiscal 1999. COMPLIANCE WITH YEAR 2000 Management has initiated an enterprise-wide program to prepare the Company's computer systems and applications to be Year 2000 compliant. The Company expects to incur internal staff costs as well as other expenses related to infrastructure and facilities enhancements necessary to prepare all of its systems for the Year 2000. The Company expects to both replace some systems and upgrade others. Maintenance or modification costs will be expensed as incurred. The costs of new leased software will be expensed over the term of the lease. The total cost of this effort is still being evaluated, but is not expected to be material to the Company. This effort will give the Company the added benefit of new technology and better functionality for many of its operational and administrative systems. 10 13 PART II. OTHER INFORMATION Item 4. Submission of Matters to a Vote of Security Holders (a) The Corporation held its annual meeting of Stockholders on March 26, 1998. (b) The following individuals were nominated and elected to serve a term of three years as Directors: Mr. Norbert A. Florek Mr. Mark G. Kachur Mr. Gerald C. McDonough (c) The stockholders voted on the following matters: 1. Election of Directors -- the voting results for each nominee, all of whom were reelected, are:
Name Votes For Votes Withheld Not Voted ---- --------- -------------- --------- Mr. Norbert A. Florek 13,896,751 115,856 2,116,418 Mr. Mark G. Kachur 13,897,735 114,872 2,116,418 Mr. Gerald C. McDonough 13,766,137 246,470 2,116,418
2. A proposal for the appointment of Ernst & Young LLP as independent auditors was approved by a count of 13,893,255 votes for, 86,871 votes against, 32,481 votes abstaining, and 2,116,418 shares not voted. Item 6. Exhibits and Reports on Form 8-K (a) Documents filed as part of this report. Exhibit 27. Financial Data Schedule (submitted electronically herewith) (b) Reports on Form 8-K No reports were filed on Form 8-K during the quarter for which this 10-Q is filed. 11 14 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. CUNO INCORPORATED Date May 29, 1998 By /s/ Ronald C. Drabik -------------------------- --------------------------- Ronald C. Drabik Senior Vice President and Chief Financial Officer 12 EX-27 2 EX-27
5 0001019779 CUNO, INC. 1,000 U.S. DOLLARS 3-MOS OCT-31-1998 FEB-01-1998 APR-30-1998 1 5,580 0 45,058 1,280 24,480 82,709 104,344 52,791 161,013 47,095 16,181 0 0 16 89,291 161,013 51,311 51,311 28,441 28,441 16,547 312 309 6,198 2,169 4,029 0 0 0 4,029 0.25 0.25
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