-----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, Cu8IVGKdGeKwhipDJEzlfxX32k52uUOf2DKdOb/N5aKAkFXOtvQtfFMLv/qX41tU JOVmTcmRzV8IUQ+EboTusg== 0000102138-97-000019.txt : 19970805 0000102138-97-000019.hdr.sgml : 19970805 ACCESSION NUMBER: 0000102138-97-000019 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19970628 FILED AS OF DATE: 19970804 SROS: AMEX FILER: COMPANY DATA: COMPANY CONFORMED NAME: THERMO VOLTEK CORP CENTRAL INDEX KEY: 0000102138 STANDARD INDUSTRIAL CLASSIFICATION: INSTRUMENTS FOR MEAS & TESTING OF ELECTRICITY & ELEC SIGNALS [3825] IRS NUMBER: 131946800 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-10574 FILM NUMBER: 97651070 BUSINESS ADDRESS: STREET 1: 470 WILDWOOD STREET STREET 2: P O BOX 2878 CITY: WODBURN STATE: MA ZIP: 01888-1587 BUSINESS PHONE: 6176221000 FORMER COMPANY: FORMER CONFORMED NAME: UNIVERSAL VOLTRONICS CORP DATE OF NAME CHANGE: 19920703 10-Q 1 SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 --------------------------------------- FORM 10-Q (mark one) [ X ] Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the Quarter Ended June 28, 1997. [ ] Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. Commission File Number 1-10574 THERMO VOLTEK CORP. (Exact name of Registrant as specified in its charter) Delaware 13-1946800 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 470 Wildwood Street, P.O. Box 2878 Woburn, Massachusetts 01888-1578 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (617) 622-1000 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 outstanding of each of the issuer's classes of Common Stock, as of the latest practicable date. Class Outstanding at July 25, 1997 ---------------------------- ---------------------------- Common Stock, $.05 par value 8,830,200 PAGE PART I - FINANCIAL INFORMATION Item 1 - Financial Statements THERMO VOLTEK CORP. Consolidated Balance Sheet (Unaudited) Assets June 28, December 28, (In thousands) 1997 1996 ------------------------------------------------------------------------ Current Assets: Cash and cash equivalents $14,605 $17,874 Available-for-sale investments, at quoted market value (amortized cost of $5,459 and $10,011; includes $1,412 and $1,399 of related-party investments) 5,539 10,067 Accounts receivable, less allowances of $694 and $587 9,711 12,123 Inventories: Raw materials 4,736 4,835 Work in process 4,246 3,097 Finished goods 2,700 2,793 Prepaid income taxes and other current assets 2,039 2,025 ------- ------- 43,576 52,814 ------- ------- Property, Plant, and Equipment, at Cost 10,238 9,739 Less: Accumulated depreciation and amortization 6,203 5,588 ------- ------- 4,035 4,151 ------- ------- Other Assets 252 299 ------- ------- Cost in Excess of Net Assets of Acquired Companies (Note 2) 18,477 16,425 ------- ------- $66,340 $73,689 ======= ======= 2PAGE THERMO VOLTEK CORP. Consolidated Balance Sheet (continued) (Unaudited) Liabilities and Shareholders' Investment June 28, December 28, (In thousands except share amounts) 1997 1996 ----------------------------------------------------------------------- Current Liabilities: Notes payable $ 2,557 $ 1,666 Accounts payable 3,433 3,718 Accrued payroll and employee benefits 1,367 1,264 Accrued income taxes 1,074 1,244 Accrued commissions 1,127 1,063 Other accrued expenses 3,142 2,043 Due to parent company and affiliates 722 901 ------- ------- 13,422 11,899 ------- ------- Subordinated Convertible Obligations (includes $10,000 of related-party debt) 18,450 19,345 ------- ------- Shareholders' Investment: Common stock, $.05 par value, 25,000,000 shares authorized; 9,939,865 and 9,765,676 shares issued 497 488 Capital in excess of par value 38,781 37,762 Retained earnings 4,111 4,284 Treasury stock at cost, 1,046,765 and 6,438 shares (8,561) (69) Cumulative translation adjustment (411) (56) Net unrealized gain on available-for-sale investments 51 36 ------- ------- 34,468 42,445 ------- ------- $66,340 $73,689 ======= ======= The accompanying notes are an integral part of these consolidated financial statements. 3PAGE THERMO VOLTEK CORP. Consolidated Statement of Operations (Unaudited) Three Months Ended ----------------------- June 28, June 29, (In thousands except per share amounts) 1997 1996 ----------------------------------------------------------------------- Revenues $11,888 $11,882 ------- ------- Costs and Operating Expenses: Cost of revenues 6,442 6,153 Selling, general, and administrative expenses 4,174 3,519 Research and development expenses 1,023 821 ------- ------- 11,639 10,493 ------- ------- Operating Income 249 1,389 Interest Income 305 492 Interest Expense (includes $151 and $177 to related party) (296) (402) ------- ------- Income Before Income Taxes 258 1,479 Income Tax Provision (98) (347) ------- ------- Net Income $ 160 $ 1,132 ======= ======= Earnings per Share: Primary $ .02 $ .13 ======= ======= Fully diluted $ .02 $ .10 ======= ======= Weighted Average Shares: Primary 9,222 8,791 ======= ======= Fully diluted 9,222 13,636 ======= ======= The accompanying notes are an integral part of these consolidated financial statements. 4PAGE THERMO VOLTEK CORP. Consolidated Statement of Operations (Unaudited) Six Months Ended ----------------------- June 28, June 29, (In thousands except per share amounts) 1997 1996 ----------------------------------------------------------------------- Revenues $21,604 $22,503 ------- ------- Costs and Operating Expenses: Cost of revenues 11,893 11,543 Selling, general, and administrative expenses 8,238 6,780 Research and development expenses 1,870 1,531 ------- ------- 22,001 19,854 ------- ------- Operating Income (Loss) (397) 2,649 Interest Income 698 994 Interest Expense (includes $302 and $354 to related party) (580) (837) ------- ------- Income (Loss) Before Income Taxes (279) 2,806 Income Tax (Provision) Benefit 106 (737) ------- ------- Net Income (Loss) $ (173) $ 2,069 ======= ======= Earnings (Loss) per Share: Primary $ (.02) $ .25 ======= ======= Fully diluted $ (.02) $ .18 ======= ======= Weighted Average Shares: Primary 9,527 8,383 ======= ======= Fully diluted 9,527 13,640 ======= ======= The accompanying notes are an integral part of these consolidated financial statements. 5PAGE THERMO VOLTEK CORP. Consolidated Statement of Cash Flows (Unaudited) Six Months Ended --------------------- June 28, June 29, (In thousands) 1997 1996 ------------------------------------------------------------------------ Operating Activities: Net income (loss) $ (173) $ 2,069 Adjustments to reconcile net income (loss) to net cash provided by operating activities: Depreciation and amortization 925 829 Provision for losses on accounts receivable 117 97 Changes in current accounts, excluding the effects of acquisition: Accounts receivable 2,651 (2,724) Inventories (417) (575) Other current assets (13) (174) Accounts payable (458) 238 Other current liabilities (17) 254 ------- ------- Net cash provided by operating activities 2,615 14 ------- ------- Investing Activities: Acquisition, net of cash acquired (2,820) - Purchases of available-for-sale investments - (2,500) Proceeds from sale and maturities of available-for-sale investments 4,500 7,000 Purchases of property, plant, and equipment (374) (674) Other (67) 91 ------- ------- Net cash provided by investing activities 1,239 3,917 ------- ------- Financing Activities: Net increase in notes payable 1,076 - Net proceeds from issuance of Company common stock 231 94 Repurchase of Company common stock (8,462) - Other (113) 29 ------- ------- Net cash provided by (used in) financing activities (7,268) 123 ------- ------- Exchange Rate Effect on Cash 145 105 ------- ------- Increase (Decrease) in Cash and Cash Equivalents (3,269) 4,159 Cash and Cash Equivalents at Beginning of Period 17,874 8,651 ------- ------- Cash and Cash Equivalents at End of Period $14,605 $12,810 ======= ======= 6PAGE THERMO VOLTEK CORP. Consolidated Statement of Cash Flows (continued) (Unaudited) Six Months Ended --------------------- June 28, June 29, (In thousands) 1997 1996 ------------------------------------------------------------------------ Noncash Activities: Fair value of assets of acquired company $ 4,807 $ - Cash paid for acquired company (3,248) - ------- ------- Liabilities assumed of acquired company $ 1,559 $ - ======= ======= Conversions of subordinated convertible obligations (includes $1,500 of related party debt in 1996) $ 895 $12,530 ======= ======= The accompanying notes are an integral part of these consolidated financial statements. 7PAGE THERMO VOLTEK CORP. Notes to Consolidated Financial Statements 1. General The interim consolidated financial statements presented have been prepared by Thermo Voltek Corp. (the Company) without audit and, in the opinion of management, reflect all adjustments of a normal recurring nature necessary for a fair statement of the financial position at June 28, 1997, the results of operations for the three- and six-month periods ended June 28, 1997, and June 29, 1996, and the cash flows for the six-month periods ended June 28, 1997, and June 29, 1996. Interim results are not necessarily indicative of results for a full year. The consolidated balance sheet presented as of December 28, 1996, has been derived from the consolidated financial statements that have been audited by the Company's independent public accountants. The consolidated financial statements and notes are presented as permitted by Form 10-Q and do not contain certain information included in the annual financial statements and notes of the Company. The consolidated financial statements and notes included herein should be read in conjunction with the financial statements and notes included in the Company's Annual Report on Form 10-K for the fiscal year ended December 28, 1996, filed with the Securities and Exchange Commission. 2. Acquisition In April 1997, the Company acquired substantially all of the assets, subject to certain liabilities, of Milmega Ltd. for approximately $3.2 million in cash. Milmega primarily manufactures and markets microwave and radio frequency products and systems that are suitable for electromagnetic compatibility (EMC) testing, physics research, and communications, medical, and military applications. This acquisition has been accounted for using the purchase method of accounting, and Milmega's results of operations have been included in the accompanying financial statements from the date of acquisition. The cost of this acquisition exceeded the estimated fair value of the net assets acquired by approximately $2.6 million, which is being amortized over 40 years. Allocation of the purchase price was based on an estimate of the fair value of the net assets acquired and is subject to adjustment upon finalization of the purchase price allocation. Pro forma data is not presented since this acquisition was not material to the Company's results of operations. 8PAGE THERMO VOLTEK CORP. Item 2 - Management's Discussion and Analysis of Financial Condition and Results of Operations Forward-looking statements, within the meaning of Section 21E of the Securities Exchange Act of 1934, are made throughout this Management's Discussion and Analysis of Financial Condition and Results of Operations. For this purpose, any statements contained herein that are not statements of historical fact may be deemed to be forward-looking statements. Without limiting the foregoing, the words "believes," "anticipates," "plans," "expects," "seeks," "estimates," and similar expressions are intended to identify forward-looking statements. There are a number of important factors that could cause the results of the Company to differ materially from those indicated by such forward-looking statements, including those detailed under the caption "Forward-looking Statements" in Exhibit 13 to the Company's Annual Report on Form 10-K for the fiscal year ended December 28, 1996, filed with the Securities and Exchange Commission. Overview The Company designs, manufactures, and markets electromagnetic compatibility (EMC) testing instruments, high-voltage power-conversion systems, programmable power amplifiers, and radio frequency (RF) power amplifiers. The Company's KeyTek Instrument (KeyTek) division manufactures instruments that test for immunity to pulsed electromagnetic interference (pulsed EMI). Through its Universal Voltronics division, the Company manufactures high-voltage power-conversion systems that transform utility-supplied AC power into voltages and currents required by the user, while allowing precise control over the performance level desired for each application. The Company's Kalmus division manufactures RF power amplifiers and systems used to test products for immunity to conducted and radiated radio frequency interference (RFI) and in communications, medical, and research applications. Comtest Europe B.V. (Comtest) manufactures and distributes a range of EMC-related products, provides EMC consulting and systems-integration services, and manufactures specialized power supplies for telecommunications equipment. Acquired in July 1996, Pacific Power Source Corporation (Pacific Power) manufactures power conversion equipment for use in a variety of commercial applications and programmable power amplifiers that can be incorporated into EMC test equipment to assess tolerance to normal variances in the quality and quantity of AC voltage. Acquired in April 1997, Milmega Ltd. (Milmega) primarily manufactures and markets microwave and radio frequency products and systems that are suitable for EMC testing, physics research, and communications, medical, and military applications. The Company's strategy is to expand through a combination of internal product development and the acquisition of new businesses and technologies. As discussed above, the Company acquired Pacific Power in July 1996 and Milmega Ltd. in April 1997 (Note 2). The Company sells its products on a worldwide basis. Although the Company seeks to charge its customers in the same currency as its operating costs, the Company's financial performance and competitive position can be affected by currency exchange rate fluctuations. 9PAGE THERMO VOLTEK CORP. Results of Operations Second Quarter 1997 Compared With Second Quarter 1996 Revenues were unchanged at $11.9 million in the second quarter of 1997 and 1996. Revenues in 1997 reflect the inclusion of $2.4 million in revenues from Pacific Power, acquired in July 1996, and Milmega, acquired in April 1997, offset by lower demand for EMC test products at Comtest, Kalmus, and to a lesser extent, KeyTek. The gross profit margin decreased to 46% in the second quarter of 1997 from 48% in the second quarter of 1996, primarily due to a decrease in the sale of certain higher-margin products at Comtest, offset in part by the inclusion of higher-margin revenues at Pacific Power. Selling, general, and administrative expenses as a percentage of revenues increased to 35% in the second quarter of 1997 from 30% in the second quarter of 1996, primarily due to $0.4 million of severance and related costs incurred at certain of the Company's business units, associated with reductions in personnel. In addition to these cost reductions, the Company is evaluating all its lines of business with the goal of improving profitability. The increase in selling, general, and administrative expenses as a percentage of revenues was also due to marginal increases in selling expenses combined with lower revenues at KeyTek and Kalmus. Research and development expenses increased to $1.0 million in 1997 from $0.8 million in 1996, primarily due to the inclusion of expenses at Pacific Power and Milmega. Interest income decreased to $0.3 million in the second quarter of 1997 from $0.5 million in the second quarter of 1996, primarily due to lower average invested balances. Interest expense decreased to $0.3 million in 1997 from $0.4 million in 1996, primarily due to conversions of the Company's subordinated convertible obligations. The effective tax rates were 38% and 23% in the second quarter of 1997 and 1996, respectively. The effective tax rate exceeded the statutory federal income tax rate in 1997 primarily due to the impact of state income taxes. The effective tax rate was below the statutory federal income tax rate in 1996 primarily due to utilization of net operating loss carryforwards, offset in part by the impact of state income taxes. As of December 28, 1996, the Company had no further net operating loss carryforwards. First Six Months 1997 Compared With First Six Months 1996 Revenues decreased to $21.6 million in the first six months of 1997 from $22.5 million in the first six months of 1996, primarily due to decreased revenues at Comtest and KeyTek, offset in part by the inclusion of $4.2 million in revenues from Pacific Power and Milmega. The decline in revenues at Comtest and KeyTek resulted primarily from lower demand for EMC test products and, to a lesser extent, a decline in the component-reliability market for electrostatic discharge test equipment caused by a slowdown in capital expenditures by the semiconductor industry. 10PAGE THERMO VOLTEK CORP. First Six Months 1997 Compared With First Six Months 1996 (continued) The gross profit margin decreased to 45% in the first six months of 1997 from 49% in the first six months of 1996, primarily due to the sale of lower-margin products at Comtest, offset in part by the inclusion of higher-margin revenues at Pacific Power. Selling, general, and administrative expenses as a percentage of revenues increased to 38% in the first six months of 1997 from 30% in the first six months of 1996, primarily due to the decrease in revenues at Comtest and KeyTek, as well as $0.4 million of severance and related costs incurred at certain of the Company's business units, associated with reductions in personnel. Research and development expenses increased to $1.9 million in 1997 from $1.5 million in 1996, primarily due to the inclusion of expenses at Pacific Power and Milmega. Interest income decreased to $0.7 million in the first six months of 1997 from $1.0 million in the first six months of 1996, primarily due to lower average invested balances. Interest expense decreased to $0.6 million in 1997 from $0.8 million in 1996, primarily due to conversions of the Company's subordinated convertible obligations. The effective tax rates were 38% and 26% in the first six months of 1997 and 1996, respectively. The effective tax rate exceeded the statutory federal income tax rate in 1997 primarily due to the impact of state income taxes. The effective tax rate was below the statutory federal income tax rate in 1996 primarily due to utilization of net operating loss carryforwards, offset in part by the impact of state income taxes. As of December 28, 1996, the Company had no further net operating loss carryforwards. Liquidity and Capital Resources Consolidated working capital was $30.2 million at June 28, 1997, compared with $40.9 million at December 28, 1996. Included in working capital are cash, cash equivalents, and available-for-sale investments of $20.1 million at June 28, 1997, compared with $27.9 million at December 28, 1996. During the first six months of 1997, $2.6 million of cash was provided by operating activities, primarily due to a decrease in accounts receivable of $2.7 million as a result of improved collection efforts and a decrease in revenues. Excluding available-for-sale investments activity, the Company's investing activities in the first six months of 1997 consisted primarily of the acquisition of Milmega for $2.8 million in cash, net of cash acquired, and $0.4 million of expenditures for purchases of property, plant, and equipment. The Company expects to make capital expenditures of approximately $0.9 million during the remainder of 1997. In April 1997, the Company's Board of Directors authorized the repurchase, through April 17, 1998, of up to $10.0 million of Company common stock, to be funded from working capital. During the six months ended June 28, 1997, the Company expended $8.5 million under this authorization. 11PAGE THERMO VOLTEK CORP. Liquidity and Capital Resources (continued) Although the Company expects to have positive cash flow from its existing operations, the Company anticipates it will require significant amounts of cash for the possible acquisition of complementary businesses and technologies. While the Company currently has no agreement to make any acquisition, it expects that it will finance any acquisition through a combination of internal funds, additional debt or equity financing, and/or short-term borrowings from Thermo Electron Corporation or Thermedics Inc., although there is no agreement with these companies to ensure that funds will be available on acceptable terms or at all. The Company believes that its existing resources are sufficient to meet the capital requirements of its existing operations for the foreseeable future. PART II - OTHER INFORMATION Item 4 - Submission of Matters to a Vote of Security Holders On June 2, 1997, at the Annual Meeting of Shareholders, the shareholders elected six incumbent directors to a one-year term expiring in 1998. The Directors elected at the meeting were: Dr. Elias P. Gyftopoulos, Mr. William W. Hoover, Ms. Sandra L. Lambert, Mr. Theo Melas-Kyriazi, Mr. Peter Richman, and Mr. John W. Wood Jr. Each director, except for Dr. Gyftopoulos, received 8,200,958 shares voted in favor of his or her election and 27,548 shares voted against. Dr. Gyftopoulos received 8,200,777 shares voted in favor of his election and 27,729 shares voted against. No abstentions or broker nonvotes were recorded on the election of directors. At the Annual Meeting, the shareholders also approved a proposal to amend the Company's equity incentive plan to reserve an additional 300,000 shares for issuance thereunder as follows: 8,109,659 shares were voted in favor of the proposal, 89,542 shares were voted against, and 29,305 shares abstained. No broker nonvotes were recorded on the proposal. Item 6 - Exhibits See Exhibit Index on the page immediately preceding exhibits. 12PAGE THERMO VOLTEK CORP. 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 as of the 4th day of August 1997. THERMO VOLTEK CORP. Paul F. Kelleher -------------------- Paul F. Kelleher Chief Accounting Officer John N. Hatsopoulos -------------------- John N. Hatsopoulos Vice President and Chief Financial Officer 13PAGE THERMO VOLTEK CORP. EXHIBIT INDEX Exhibit Number Description of Exhibit ------------------------------------------------------------------------ 11 Statement re: Computation of Earnings per Share. 27 Financial Data Schedule. EX-11 2 Exhibit 11 THERMO VOLTEK CORP. Computation of Earnings per Share Three Months Ended ------------------------- June 28, June 29, 1997 1996 ----------------------------------------------------------------------------- Computation of Primary Earnings per Share: Net Income (a) $ 160,000 $ 1,132,000 ----------- ----------- Shares: Weighted average shares outstanding 9,221,853 8,527,818 Add: Shares issuable from assumed exercise of options (as determined by the application of the treasury stock method) - 263,487 ----------- ----------- Weighted average shares outstanding, as adjusted (b) 9,221,853 8,791,305 ----------- ----------- Primary Earnings per Share (a) / (b) $ .02 $ .13 =========== =========== Computation of Fully Diluted Earnings per Share: Income: Net income $ 160,000 $ 1,132,000 Add: Convertible debt interest, net of tax - 195,000 ----------- ----------- Income applicable to common stock assuming full dilution (c) $ 160,000 $ 1,327,000 ----------- ----------- Shares: Weighted average shares outstanding 9,221,853 8,527,818 Add: Shares issuable from assumed conversion of subordinated convertible obligations - 4,845,030 Shares issuable from assumed exercise of options (as determined by the application of the treasury stock method) - 263,487 ----------- ----------- Weighted average shares outstanding, as adjusted (d) 9,221,853 13,636,335 ----------- ----------- Fully Diluted Earnings per Share (c) / (d) $ .02 $ .10 =========== =========== PAGE Exhibit 11 THERMO VOLTEK CORP. Computation of Earnings per Share Six Months Ended ------------------------- June 28, June 29, 1997 1996 ----------------------------------------------------------------------------- Computation of Primary Earnings (Loss) per Share: Net Income (Loss) (a) $ (173,000) $ 2,069,000 ----------- ----------- Shares: Weighted average shares outstanding 9,527,009 8,115,216 Add: Shares issuable from assumed exercise of options (as determined by the application of the treasury stock method) - 267,974 ----------- ----------- Weighted average shares outstanding, as adjusted (b) 9,527,009 8,383,190 ----------- ----------- Primary Earnings (Loss) per Share (a) / (b) $ (.02) $ .25 =========== =========== Computation of Fully Diluted Earnings (Loss) per Share: Income: Net income (loss) $ (173,000) $ 2,069,000 Add: Convertible debt interest, net of tax - 427,000 ----------- ----------- Income (loss) applicable to common stock assuming full dilution (c) $ (173,000) $ 2,496,000 ----------- ----------- Shares: Weighted average shares outstanding 9,527,009 8,115,216 Add: Shares issuable from assumed conversion of subordinated convertible obligations - 5,251,152 Shares issuable from assumed exercise of options (as determined by the application of the treasury stock method) - 273,314 ----------- ----------- Weighted average shares outstanding, as adjusted (d) 9,527,009 13,639,682 ----------- ----------- Fully Diluted Earnings (Loss) per Share (c) / (d) $ (.02) $ .18 =========== =========== EX-27 3
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THERMO VOLTEK CORP.'S QUARTERLY REPORT ON FORM 10-Q FOR THE QUARTER ENDED JUNE 28, 1997 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 1,000 6-MOS JAN-03-1998 JUN-28-1997 14,605 5,539 10,405 694 11,682 43,576 10,238 6,203 66,340 13,422 8,450 0 0 497 33,971 66,340 21,604 21,604 11,893 11,893 1,870 117 580 (279) (106) (173) 0 0 0 (173) (.02) (.02)
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