-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, XRUbVBY9pu1b+qMMZSThiFilNd02B1qN6DgE4gl0HcW/udeWMu7aAwySbzIMV9tI uBFnYT48Y1kYJ0pin3H3mA== 0000105770-95-000011.txt : 19950516 0000105770-95-000011.hdr.sgml : 19950516 ACCESSION NUMBER: 0000105770-95-000011 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 5 CONFORMED PERIOD OF REPORT: 19950331 FILED AS OF DATE: 19950515 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: WEST CO INC CENTRAL INDEX KEY: 0000105770 STANDARD INDUSTRIAL CLASSIFICATION: FABRICATED RUBBER PRODUCTS, NEC [3060] IRS NUMBER: 231210010 STATE OF INCORPORATION: PA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-08036 FILM NUMBER: 95538565 BUSINESS ADDRESS: STREET 1: 101 GORDON DR STREET 2: P O BOX 645 CITY: LIONVILLE STATE: PA ZIP: 19341-0645 BUSINESS PHONE: 6105942900 MAIL ADDRESS: STREET 1: 101 GORDON DRIVE STREET 2: PO BOX 645 CITY: LIONVILLE STATE: PA ZIP: 19341-0645 10-Q 1 10Q1STQTR This report contains 20 pages (including cover page) SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For The Quarterly Period Ended March 31, 1995 --------------- Commission File Number 0-5884 ------ THE WEST COMPANY, INCORPORATED ----------------------------------------------------------------- (Exact name of registrant as specified in its charter) Pennsylvania 23-1210010 ------------------------------------- ---------------------- (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification Number) 101 Gordon Drive, PO Box 645, Lionville, PA 19341-0645 ------------------------------------- ---------------------- (Address of principal executive (Zip Code) offices) Registrant's telephone number, including area code 610-594-2900 N/A --------------------------------------------------------------------------- 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 twelve months, and (2) has been subject to such filing requirements for the past 90 days. Yes X. No. ------ ------- March 31, 1995 --16,525,750 --------------------------------------------------------------------------- Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date. Page 2 Index Form 10-Q for the Quarter Ended March 31, 1995 Page Part I - Financial Information Item 1. Financial Statements Consolidated Statements of Income for the Three Months ended March 31, 1995 and March 31, 1994 3 Condensed Consolidated Balance Sheets as of March 31, 1995 and December 31, 1994 4 Condensed Consolidated Statements of Cash Flows for the Three Months ended March 31, 1995 and March 31, 1994 5 Notes to Consolidated Financial Statements 6 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 8 Part II - Other Information Item 1. Legal Proceedings 10 Item 6. Exhibits and reports on Form 8-K 10 SIGNATURES 11 Index to Exhibits F-1 Page 3 Part I - Financial Information Item 1. Financial Statements The West Company, Incorporated and Subsidiaries CONSOLIDATED STATEMENTS OF INCOME (in thousands, except per share data)
Quarter Ended March 31, 1995 March 31, 1994 --------------- -------------- Net sales $95,200 100 % $87,100 100 % Cost of goods sold 63,100 66 58,200 67 ---------------------------------------------------------------------------------------------------- Gross profit 32,100 34 28,900 33 Selling, general and administrative expenses 16,800 18 15,500 18 Other expense, net - - 700 1 ---------------------------------------------------------------------------------------------------- Operating profit 15,300 16 12,700 14 Interest expense 1,400 2 600 1 ---------------------------------------------------------------------------------------------------- Income before income taxes and minority interests 13,900 14 12,100 13 Provision for income taxes 5,100 5 4,700 5 Minority interests 200 - 500 - ---------------------------------------------------------------------------------------------------- Income from consolidated operations 8,600 9 % 6,900 8 % Equity in net income (loss) of affiliated companies (400) 100 ---------------------------------------------------------------------------------------------------- Net income $ 8,200 $ 7,000 ---------------------------------------------------------------------------------------------------- Net income per share $ .50 $ .44 ---------------------------------------------------------------------------------------------------- Average shares outstanding 16,491 15,956 Page 4 See accompanying notes to interim financial statements.
Page 5 The West Company, Incorporated and Subsidiaries CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands)
ASSETS March 31, 1995 Dec. 31, 1994 -------------- ------------- Current assets: Cash, including equivalents $ 28,900 $ 27,200 Accounts receivable 59,000 57,800 Inventories 46,200 38,100 Other current assets 13,500 13,600 ---------------------------------------------------------------------------- Total current assets 147,600 136,700 ---------------------------------------------------------------------------- Net property, plant and equipment 200,300 192,200 Investments in affiliated companies 21,900 21,900 Intangibles and other assets 51,800 46,600 ---------------------------------------------------------------------------- Total Assets $421,600 $ 397,400 ---------------------------------------------------------------------------- LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Current portion of long-term debt $ 7,800 $ 19,200 Notes payable 5,000 2,700 Accounts payable 17,000 19,300 Other current liabilities 29,100 45,100 ---------------------------------------------------------------------------- Total current liabilities 58,900 86,300 ---------------------------------------------------------------------------- Long-term debt, excluding current portion 72,000 35,900 Deferred income taxes 24,400 24,400 Other long-term liabilities 24,500 21,600 Minority interests 2,300 1,900 Shareholders' equity 239,500 227,300 ---------------------------------------------------------------------------- Total Liabilities and Shareholders' Equity $421,600 $397,400 ---------------------------------------------------------------------------- See accompanying notes to interim financial statements.
The West Company Incorporated and Subsidiaries CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands)
Quarter Ended March 31, 1995 March 31, 1994 ---------------- ------------------- Cash flows from operating activities: Net income, plus net non-cash items $ 16,000 $ 13,100 Changes in assets and liabilities (9,000) (6,100) ----------------------------------------------------------------------------------------- Net cash provided by operating activities 7,000 7,000 ----------------------------------------------------------------------------------------- Cash flows from investing activities: Property, plant and equipment acquired (6,900) (4,400) Proceeds from sale of assets 100 100 Payment for acquisition, net of cash acquired (16,500) (2,900) ----------------------------------------------------------------------------------------- Net cash used in investing activities (23,300) (7,200) ----------------------------------------------------------------------------------------- Cash flows from financing activities: New long-term debt 27,800 - Repayment of long-term debt (11,200) (900) Notes payable, net 1,800 3,600 Dividend payments (2,000) (1,800) Sale of common stock, net 800 900 ----------------------------------------------------------------------------------------- Net cash provided by financing activities 17,200 1,800 ----------------------------------------------------------------------------------------- Effect of exchange rates on cash 800 100 ----------------------------------------------------------------------------------------- Net increase in cash, including equivalents $ 1,700 $ 1,700 ----------------------------------------------------------------------------------------- See accompanying notes to interim financial statements.
Page 8 The West Company, Incorporated and Subsidiaries Notes to Consolidated Financial Statements Interim results are based on the Company's accounts without audit. The interim consolidated financial statements for the quarter ended March 31, 1995 should be read in conjunction with the consolidated financial statements and notes thereto of The West Company, Incorporated appearing in the Company's 1994 Annual Report on Form 10-K. 1. Interim Period Accounting Policy --------------------------------- In the opinion of management, the unaudited Condensed Consolidated Balance Sheet as of March 31, 1995 and the related unaudited Consolidated Statement of Income and the unaudited Condensed Consolidated Statement of Cash Flows for the three month period then ended and for the comparative periods in 1994 contain all adjustments, consisting only of normal recurring accruals, necessary to present fairly the financial position as of March 31, 1995 and the results of operations and cash flows for the respective periods. The results of operations for any interim period are not necessarily indicative of results for the full year. Operating Expenses ------------------ Certain operating expenses have been annualized for interim reporting purposes. Income Taxes ------------- The tax rate used for interim periods is the estimated annual effective consolidated tax rate, based on current estimates of full year results, except that taxes applicable to operating results in Brazil are recorded on a basis discrete to the period and prior year adjustments, if any, are recorded as identified. 2. Inventories at March 31, 1995 and December 31, 1994 are summarized as follows: Audited (in thousands) 1995 1994 -------- -------- Finished goods $ 19,900 $ 17,000 Work in process 8,600 5,300 Raw materials and supplies 17,700 15,800 -------- -------- $ 46,200 $ 38,100 -------- -------- -------- -------- Page 9 The West Company, Incorporated and Subsidiaries Notes to Consolidated Financial Statements (Continued) 3. The carrying value of property, plant and equipment is determined as follows: Audited (in thousands) 1995 1994 -------- -------- Property, plant and equipment $ 385,100 $ 366,800 Less accumulated depreciation 184,800 174,600 -------- -------- Net property, plant and equipment$ 200,300 $ 192,200 -------- -------- -------- -------- 4. Common stock issued at March 31, 1995 was 16,844,735 shares, of which 318,985 shares were held in treasury. Dividends of $.12 per common share were paid in the first quarter of 1995 and a dividend of $.12 per share payable to holders of record on April 19, 1995 was declared on March 7, 1995. 5. The Company has accrued the estimated cost of environmental compliance expenses related to current and former manufacturing facilities. The ultimate cost to be incurred by the Company cannot be fully determined; however, based on information currently available, the Company believes the accrued liability is sufficient to cover the future costs of required remedial actions. 6. Subsequent event: On April 27, 1995 the Company announced that it completed its acquisition of PACO Pharmaceutical Services, Inc., a public company traded over-the-counter. The merger follows the completion of a cash tender offer for PACO common stock at $12.25 per share. PACO will become a wholly-owned subsidiary of the Company, and will be consolidated beginning in the second quarter of 1995. The following table presents selected financial information for the year ended December 31, 1994 on a proforma basis assuming the acquisition of 100% of PACO Pharmaceuticals Services, Inc. and subsidiaries had occured on January 1, 1994 and $1.4 million of savings related to synergies of the companies had been realized. Net sales $429,900 Income before taxes 43,500 Income from consolidated operations 28,100 Net income 28,600 Net income per share 1.78 Page 10 Item 2. Management's Discussion and Analysis of Financial Condition and -------------------------------------------------------------- Results of Operations. ---------------------- Results of Operations for the Quarter Ended March 31, 1995 Versus ----------------------------------------------------------------- the Quarter ended March 31, 1994. --------------------------------- Net Sales --------- Net sales for the first quarter of 1995 increased by $8.1 million, or 9%, compared with the same period in 1994. A weak U.S. dollar and inclusion of sales generated by Schubert Seals A/S, 51% of which was acquired in May 1994, were the primary reasons for the increase. Strong demand for products in international health care markets were offset in part by lower sales in U.S. markets and lower machinery sales. Demand for the Company's Spout-Pak closure system for gable-carton juice containers remained strong. Gross Profit ------------ Gross margin as a percentage of sales increased to 33.7% in 1995 from 33.2% in the first quarter of 1994. The margin improvement reflects increased sales volume in international health care markets. Margins in the U.S. were lower because of product mix and higher material prices. Selling, general and administrative (SG&A) expenses increased by $1.3 million in the first quarter 1995 compared with first quarter 1994. SG&A expenses for Schubert Seals A/S and translation differences due to the weakening U.S. dollar were the primary causes. Other expense, net in 1995 decreased by $0.7 million compared with the same period in 1994. In 1995, foreign exchange losses in Europe because of a strong German mark, and in Brazil were offset by higher interest income earned on the large cash balances. In 1994, exchange losses in Brazil were significantly higher than in 1995, and more than offset other income sources resulting in net other expenses of $0.7 million. Interest Expense, Minority Interests and Equity in Affiliates -------------------------------------------------------------- Higher average debt levels related to acquired companies and to the financing of acquisitions in 1994, including the minority interests in five European subsidiaries in the fourth quarter of 1994, and a weaker U.S. dollar compared to European currencies, increased interest expense Page 11 Item. 2. Management Discussion and Analysis of Financial Condition and -------------------------------------------------------------- Results of Operations. (Continued) ---------------------------------- by $0.8 million in the first quarter 1995 compared with 1994. Minority interests are lower because of the minority buyout mentioned above. Equity in net income of affiliates showed a loss of $0.4 million for the first quarter of 1995 compared with income of $0.1 million for the same period in 1994. Further devaluation of the Mexican peso produced significant translation losses on net monetary assets of the Company's affiliate in Mexico, and was responsible for the reported loss. Taxes ----- The estimated effective annual tax rate for 1995 is 37%. This is two percentage points lower than the rate estimated in the first quarter of 1994 primarily due to lower state taxes. The effective annual tax rate at the end of 1994 was 31.8%, reflecting the one-time impact of a net refund of foreign taxes paid by subsidiaries in prior years, triggered by the payment of dividends. No similar significant one-time benefits are expected in 1995. Net Income ---------- Net income for the first quarter 1995 was $8.2 million, or $.50 per share, compared with net income for the first quarter 1994 of $7.0 million, or $.44 per share. Financial Position ------------------- Working capital at March 31, 1995 was $88.7 million compared with $50.4 million at December 31, 1994. Working capital increased because of the long-term financing of the final payment for the acquisition of minority owners' interests in five European subsidiaries, and the settlement of liability on an interest rate swap agreement. U.S. inventory levels were also higher. The working capital ratio at March 31, 1995 was 2.5 to 1. Cash flow from operations and available cash funded capital expenditures and dividends. Page 12 Total debt as a percentage of total invested capital rose to 25.9% at March 31, 1995 compared to 20.1% at December 31, 1994. At March 31, 1995 the Company had available unused lines of credit totaling $49.8 million. On April 27, 1995 the Company completed the acquisition of PACO Pharmaceutical Services, Inc. (see subsequent event in the Notes to Consolidated Financial Statements). The Company intends to finance the acquisition with available cash and drawdown of funds from available lines of credit. Page 13 Part II - Other Information Item 1. Legal Proceedings. ------------------ A. Wayne, New Jersey ------------------ The Company is a party to an Administrative Consent Order with the New Jersey Department of Environment Protection (DEP) under which the Company is required to submit and perform a cleanup plan for property formerly owned by the Company in Wayne, New Jersey. The DEP has approved the Company's plan which permits a plastic waste-disposal area to be capped and to remain in place, subject to placing a use restriction on that portion of the property, and subject to the DEP's further determination of the extent to which groundwater monitoring will be required. The present owner of the property has thus far declined to provide the use restriction and the Company has initiated legal action against him to compel him to provide the use restriction. The DEP has not yet taken final action with respect to any further remedial steps such as ground water monitoring which may be required as part of the cleanup plan. See note number 5 of the Notes to Consolidated Financial Statments beginning on page 6 of this report. Item 6. Exhibits and Reports on Form 8-K -------------------------------- (a) See Index to Exhibits on pages F-1, F-2, F-3 and F-4 of this Report. (b) No reports on Form 8-K have been filed for the quarter ended March 31, 1995. Page 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. THE WEST COMPANY, INCORPORATED ----------------------------------- (Registrant) May 15, 1995 R. J. Land -------------------- ----------------------------------- Date (Signature) R. J. Land Sr. Vice President, Finance and Administration (Chief Financial Officer) May 15, 1995 A. M. Papso -------------------- ----------------------------------- Date (Signature) A. M. Papso Vice President and Corporate Controller (Chief Accounting Officer) INDEX TO EXHIBITS Exhibit Page Number Number ------ -------- (3) (a) Restated Articles of Incorporation of the Company, incorporated by reference to Exhibit (4) to the Company's Registration Statement on Form S-8 (Registration No. 33-37825). (3) (b) Bylaws of the Company, as amended and restated December 13, 1994, incorporated by reference to Exhibit 3(b) to the Company's Annual Report on Form 10-K for the year ended 12/31/94 (File No.0-5884). (4) (a) Form of stock certificate for common stock incorporated by reference to Exhibit (3) (b) to the Company's Annual Report on Form 10-K for the year ended December 31, 1989 (File No. 0-5884). (4) (b) Flip-In Rights Agreement between the Company and American Stock Transfer & Trust Company, as Rights Agent, dated as of January 16, 1990, incorporated by reference to Exhibit 1 to the Company's Form 8-A Registration Statement (File No. 1-8036). (4) (c) Flip-Over Rights Agreement between the Company and American Stock Transfer & Trust Company, as Rights Agent, dated as of January 16, 1990, incorporated by reference to Exhibit 2 to the Company's Form 8-A Registration Statement (File No. 1-8036). (10) (a) Registration Rights Agreement dated March 23, 1993 between the Company and Hans Wimmer, incorporated by reference to The Company's Annual Report on Form 10-K for the year ended December 31, 1992 (File No. 0-5884). (10) (b) Lease dated as of December 31, 1992 between Lion Associates, L.P. and LuMont Keystone/Lionville Trust, relating to the lease of the Company's headquarters in Lionville, Pa., incorporated by reference to F-1 Exhibit Page Number Number ------ ------- The Company's Annual Report on Form 10-K for the year ended December 31, 1992 (File No. 0- 5884). (10) (c) Long-Term Incentive Plan, as amended March 2, 1993, incorporated by reference to the Company's Annual Report on Form 10-K for the year ended December 31, 1992 (File No. 0- 5884). (10) (d) 1995 Annual Incentive Bonus Plan, incorporated by reference to The Company's Annual Report on Form 10-K for the year ended December 31, 1993 (File No. 0-5884). (10) (e) Non-Qualified Stock Option Plan for Non- Employee Directors, incorporated by reference to The Company's Annual Report on Form 10-K for the year ended December 31, 1992 (File No. 0-5884). (10) (f) Pension agreement dated February 17, 1994 between Pharma-Gummi Wimmer West GmbH and Ulf Tychsen, incorporated by reference to the Company's Annual Report on Form 10-K for the year ended December 31, 1994 (File No. 0- 5884). (10) (g) Form of agreement between the Company and certain of its executive officers, incorporated by reference to the Company's Annual Report on Form 10-K for the year ended December 31, 1991 (File No.0-5884). (10) (h) Schedule of agreements with executive officers. (10) (i) Supplemental Employees' Retirement Plan ("SERP"), incorporated by reference to the Company's Annual Report on Form 10-K for the year ended December 31, 1989 (File No. 0-5884). F-2 Exhibit Page Number Number ------- ------ (10 (j) Amendment No. 1 to the Company's Supplemental Employees' Retirement Plan. (10) (k) Retirement Plan for Non-Employee Directors of the Company, as amended November 5, 1991, incorporated by reference to the Company's Annual Report on Form 10-K for the year ended December 31, 1991 (File No. 0-5884). (10) (l) Employment Agreement dated May 20, 1991 between the Company and William G. Little, incorporated by reference to the Company's Annual Report on Form 10-K for the year ended December 31, 1991 (File No. 0-5884). (10) (m) Management Contract dated as of March 7, 1986, between Hans Wimmer and Pharma-Gummi Wimmer West GmbH, as amended, incorporated by reference to The Company's Annual Report on Form 10-K for the year ended December 31, 1992 (File No. 0-5884). (10) (n) Contract of Employment dated April 2, 1992 between Ulf C. Tychsen and Pharma-Gummi Wimmer West GmbH, and related letter agreement of even date and Addendum No. 1 dated September 26, 1994, incorporated by reference to the Company's Annual Report on form 10-K for the year ended December 31, 1994 (File No. 0-5884). (10) (o) Non-qualified Deferred Compensation Plan for Designated Executive Officers ("Officiers Deferred Comp Plan") incorporated by reference to Exhibit (10) (s) to the Company's Annual Report on Form 10-K for the year ended December 31, 1994 (File No. 0- 5884). (10) (p) Amendment No. 1 to the Non-qualified Deferred Compensation Plan for Designated Executive Officers. F-3 Exhibit Page Number Number ------ ------ (10) (q) Non-qualified Deferred Compensation Plan for Outside Directors, incorporated by reference to the Company's Annual Report on Form 10-K for the year ended December 31, 1989 (File No. 0-5884). (10) (r) Agreement and Plan of Merger dated March 24, 1995 Among the Company, Stoudt Acquisition Corp. and Paco Pharmaceutical Services, Inc. incorporated by reference to the Company's Schedule 14 D-1 filed on March 31, 1995. (11) Not applicable. (15) Not applicable. (18) None. (22) None. (23) Not applicable. (24) None. (27) Financial Data Schedules. (99) None. F-4 EX-10 2 10QEXH10H Exhibit 10 (h) SCHEDULE OF AGREEMENTS WITH EXECUTIVE OFFICERS ---------------------------------------------- The Company has entered into agreements with the following individuals. Such agreements are substantially identical in all material respects to the form of agreement set forth in Exhibit (10) (g). George R. Bennyhoff John R. Gailey III J. E. Dorsey Stephen M. Heumann Raymond J. Land Anna Mae Papso Victor E. Ziegler EX-10 3 10QEXH10J Exhibit (10) (j) AMENDMENT NO. 1 THE WEST COMPANY INCORPORATED SUPPLEMENTAL EMPLOYEES' RETIREMENT PLAN The West Company, Incorporated hereby amends its Supplemental Employees' Retirement Plan as set forth below: I. SECTION 3 is hereby deleted and the following substituted therefor: 3. The monthly normal retirement benefit calculated under this Plan at a Participant's attainment of age 65 shall be equal to the benefit that would have been paid under the SERP if the amount of the monthly benefit under the SERP as in effect when the Participant attained age 65 (assuming payment in the form of a single life annuity with no period certain) was calculated (i) by taking into account compensation a Participant elected to defer under The West Company Non-Qualified Plan for Designated Executive Officers for purposes of determining his Average Annual Earnings, and (ii) without taking the Code Limits into account, reduced by the offset provided in paragraph 4. To record the adoption of this Amendment No. 1 to the Plan, The West Company, Incorporated has caused its authorized officers to affix its name and seal this 1st day of November, 1994. [CORPORATE SEAL] THE WEST COMPANY, INCORPORATED Attest: By: ------------------ ----------------------------------- John R. Gailey III George R. Bennyhoff Secretary Senior Vice President Human Resources and Public Affairs EX-10 4 10QEXH10P Exhibit (10) (p) AMENDMENT NO. 1 THE WEST COMPANY, INCORPORATED NON-QUALIFIED DEFERRED COMPENSATION PLAN FOR DESIGNATED EXECUTIVE OFFICERS The West Company, Incorporated hereby amends its Non- Qualified Deferred Compensation Plan for Designated Executive Officers as set forth below: I. SECTION 3(b) is hereby re-numbered as Section 3(c) and a new Section 3(b) is hereby inserted as follows: (b) Notwithstanding Section 3(a) above, if an eligible Executive Officer is hired by the Company during a calendar year, the Executive Officer may elect to participate in the Plan by notifying the Company's Secretary in writing before the Executive Officer performs any services for the Company how much of his Compensation shall be deferred. An election so made shall be irrevocable during that calendar year and shall apply to each calendar year thereafter until the Executive Officer changes his election in accordance with the procedure set forth in Section 3(a) above. To record the adoption of this Amendment No. 1 to the Plan, The West Company, Incorporated has caused its authorized officers to affix its name and seal this 7th day of March, 1995. [CORPORATE SEAL] THE WEST COMPANY, INCORPORATED Attest: By: ---------------------------- ------------------------- John R. Gailey III George R. Bennyhoff Secretary Senior Vice President Human Resources EX-27 5
5 3-MOS DEC-31-1995 MAR-31-1995 28,900 0 59,000 0 46,200 13,500 385,100 184,800 421,600 58,900 84,800 4,200 0 0 235,300 421,600 95,200 95,200 63,100 63,100 16,800 0 1,400 13,900 5,100 8,200 0 0 0 8,200 .50 .0
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