-----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, S8SNjK3CsvTlAKVaq9GiZdnzf/94TtpK6xM7Z3tUndmn4HIdK05/JF6FGiiVJnOD cyht9nCuya+eC7XjkxzJlA== 0000950169-96-000166.txt : 19960613 0000950169-96-000166.hdr.sgml : 19960613 ACCESSION NUMBER: 0000950169-96-000166 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19960427 FILED AS OF DATE: 19960611 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: BOWLES FLUIDICS CORP CENTRAL INDEX KEY: 0000013585 STANDARD INDUSTRIAL CLASSIFICATION: MOTOR VEHICLE PARTS & ACCESSORIES [3714] IRS NUMBER: 520741762 STATE OF INCORPORATION: MD FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 002-37706 FILM NUMBER: 96579238 BUSINESS ADDRESS: STREET 1: 6625 DOBBIN RD CITY: COLUMBIA STATE: MD ZIP: 21045-4707 BUSINESS PHONE: 4103810400 MAIL ADDRESS: STREET 1: 6625 DOBBIN ROAD CITY: COLUMBIA STATE: MD ZIP: 21045-4707 FORMER COMPANY: FORMER CONFORMED NAME: BOWLES ENGINEERING CORP DATE OF NAME CHANGE: 19700629 10-Q 1 BOWLES FLUIDICS SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q QUARTERLY REPORT UNDER SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For Quarter Ended April 27, 1996 Commission File Number 2-37706 Bowles Fluidics Corporation (exact name of registrant as specified in its charter) MARYLAND 52-0741762 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 6625 Dobbin Road, Columbia, Maryland 21045 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (410) 381-0400 Indicate by check mark whether the registrant has filed all annual, quarterly and other reports required to be filed with the Commission within the past 90 days and in addition has filed the most recent annual report required to be filed. Yes X No Indicate the number of shares outstanding of each issuer's classes of common stock, as of January 27, 1996. Class Outstanding at April 27, 1996 Common Stock, $.10 12,610,011 shares INDEX BOWLES FLUIDICS CORPORATION FOR THE SIX MONTHS ENDED APRIL 27, 1996 Page PART I. Financial Information Number Item 1. Financial Statements Consolidated Statements of Income For the three and six months ended April 27, 1996 and April 29, 1995 ............. 3 Consolidated Balance Sheets April 27, 1996 and October 28, 1995 ........... 4 Consolidated Statements of Cash Flows For the six months ended April 27, 1996 and April 29, 1995 ............. 5 Notes to Consolidated Financial Statements........ 6 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations ................................ 7 PART II. Other Information Item 6. Exhibits and Reports on Form 8-K ............... 10 Exhibit 11 ............................ 11 Exhibit 20 ............................ 13 Form 8-K .............................. 15 2 BOWLES FLUIDICS CORPORATION CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
For the three months ended For the six months ended April 27, April 29, April 27, April 29, 1996 1995 1996 1995 ---------- ---------- ---------- ---------- Net Sales $4,687,296 $4,419,120 $9,237,357 $8,612,438 Cost of Sales 2,872,639 2,723,350 5,934,760 5,449,382 ---------- ---------- ---------- ---------- Gross profit 1,814,657 1,695,770 3,302,597 3,163,056 Selling, general and administrative expenses 1,168,405 689,576 1,831,780 1,278,320 Research and development costs 363,532 151,675 579,006 305,212 ---------- ---------- ---------- ---------- Operating Income 282,720 854,519 891,811 1,579,524 Interest expense (63) (7,132) (6,018) (25,223) Other income, net 21,400 28,881 37,848 45,780 ---------- ---------- ---------- ---------- Income before taxes 304,057 876,268 923,641 1,600,081 Provision for income taxes 106,220 328,869 332,836 599,749 ---------- ---------- ---------- ---------- Net Income 197,837 547,399 590,805 1,000,332 Preferred stock dividends accrued (18,662) (18,662) (37,324) (37,324) ---------- ---------- ---------- ---------- Income applicable to common shareholders $ 179,175 $ 528,737 $ 553,481 $ 963,008 ========== ========== ========== ========== Primary earnings per share $ .01 $ .04 $ .04 $ .08 ========== ========== ========== ========== Fully diluted earnings per share $ .01 $ .03 $ .04 $ .06 ========== ========== ========== ==========
The accompanying notes are an integral part of these financial statements. 3 BOWLES FLUIDICS CORPORATION CONSOLIDATED BALANCE SHEETS (Unaudited) (Audited) April 27, October 28, 1996 1995 ----------- ----------- Assets Current Cash and cash equivalents $1,169,217 $ 676,981 Investments available for sale 195,784 679,513 Accounts receivable 2,934,193 2,761,394 Inventories 1,735,374 1,899,346 Other current assets 387,625 306,974 ---------- ----------- Total current assets 6,422,193 6,324,208 ---------- ----------- Property and equipment, net 3,020,804 2,821,804 Other assets 284,587 146,434 ---------- ----------- Total assets $9,727,584 $9,292,446 =========== =========== Liabilities and Stockholders' Equity Current Accounts payable - trade $ 691,526 $ 995,421 Accrued expenses and other liabilities 755,499 852,121 Income taxes payable 191,555 111,441 Current portion of long-term debt - 68,857 ---------- ----------- Total current liabilities 1,638,580 2,027,840 Long-term debt - 202,811 Other liabilities 756,630 282,904 Deferred income taxes 149,000 149,000 ---------- ----------- Total liabilities 2,544,210 2,662,555 ---------- ----------- Commitments and Contingencies Stockholders' Equity 8% Convertible preferred stock 933,080 933,080 Common stock 1,261,001 1,261,001 Additional paid-in capital 2,726,583 2,726,583 Retained earnings ($2,407,467 deficit eliminated at 10/29/94) Note 5 2,262,710 1,709,227 ---------- ----------- Total stockholders' equity 7,183,374 6,629,891 ---------- ----------- Total liabilities and stockholders' equity $9,727,584 $ 9,292,446 ========== =========== The accompanying notes are an integral part of these financial statements. 4 BOWLES FLUIDICS CORPORATION CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) For the six months ended April 27, April 29, 1996 1995 ---------- ---------- Net Income $ 590,805 $1,000,332 Adjustments to reconcile net income provided by operating activities: Depreciation and amortization 353,866 327,708 Deferred income taxes (162,000) - (Gain)/Loss on disposal of assets 15,217 (8,877) Accretion of interest on investments (5,329) (7,977) ---------- ---------- 792,559 1,311,186 ---------- ---------- Change in operating accounts: Accounts receivable (172,799) (162,238) Inventories 163,972 111,875 Other assets (80,651) (53,197) Accounts payable (303,895) (276,190) Accrued expenses (59,299) (81,999) Income taxes payable 80,114 (385,168) Other liabilities 473,726 26,652 ---------- ---------- Change in operating accounts 101,168 (820,265) ---------- ---------- Cash provided by operating activities 893,727 490,921 ---------- ---------- Investing activities: Capital expenditures (544,233) (241,310) Proceeds from sale of equipment - 31,025 Purchase of investments - (475,814) Proceeds from sale of investments 489,058 390,105 ---------- ---------- Net cash used in investing activities (55,175) (295,994) ---------- ---------- Financing activities: Principal payment of debt (271,668) (492,626) Preferred stock dividend (74,648) (74,646) ---------- ---------- Net cash used in financing activities (346,316) (567,272) ---------- ---------- Increase (decrease) in cash and cash equivalents 492,236 (372,345) Cash and cash equivalents - beginning of period 676,981 1,557,230 ---------- ---------- Cash and cash equivalents - end of period $1,169,217 $1,184,885 ========== ========== The accompanying notes are an integral part of these financial statements. 5 BOWLES FLUIDICS CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS NOTE 1 - General In the opinion of the Company, the accompanying unaudited financial statements contain all adjustments (consisting of only normal recurring adjustments) necessary to present fairly the financial position as of April 27, 1996, the results of operations and cash flows for three and six months ended April 27, 1996 and April 29, 1995. While the Company believes that the disclosures presented are adequate to make the information not misleading, it is suggested that these financial statements be read in conjunction with the financial statements and the notes included in the Company's latest annual report on Form 10-K. NOTE 2 - Inventories Inventories are comprised of: April 27, October 28, 1996 1995 Raw Material $ 603,463 $ 703,864 Work and tooling in process 132,675 416,090 Finished Goods 999,236 779,392 ---------- ---------- Total $1,735,374 $1,899,346 ========== ========== NOTE 3 - Property and Equipment, and Accumulated Depreciation Property and Equipment, and Accumulated Depreciation are comprised of: April 27, October 28, 1996 1995 Production machinery and equipment $ 4,110,704 $ 4,047,602 Office furniture and equipment 1,850,805 1,580,026 Laboratory and machine shop equipment 1,268,050 1,159,087 Leasehold improvements 566,681 539,274 ----------- ----------- Total property and equipment 7,796,240 7,325,989 Less accumulated depreciation (4,775,436) (4,504,185) ----------- ----------- Net property and equipment $ 3,020,804 $ 2,821,804 =========== =========== NOTE 4 - Debt The Board of Directors authorized management to pay all of the outstanding debt with Mercantile-Safe Deposit & Trust Company as of February 1, 1996. NOTE 5 - Quasi reorganization Effective October 29, 1994, the Board of Directors approved a quasi-reorganization which had the impact of eliminating the retained earnings deficit as an adjustment to the additional paid-in capital. NOTE 6 - Termination of sales agreement In the second quarter ended April 27, 1996, the Company accrued an additional selling expense of $258,000, net of income taxes, related to the planned termination of the sales agreement with one of its manufacturers' representatives. The payments are expected to commence in May 1997. 6 MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS AND FINANCIAL CONDITION The following discussion should be read in conjunction with the attached financial statements and notes thereto, and with the Company's audited financial statements and notes thereto for the fiscal year ended October 28, 1995. RESULTS OF OPERATIONS Second Quarter FY 1996 Compared with Second Quarter FY 1995 The Company achieved record sales in the second quarter FY 1996 in spite of the unfavorable effect of the two-week shutdown of the General Motors plants in March. Net income, however, was less than last year's second quarter as an additional charge related to the planned termination of the Company's sales agreement with one of its manufacturers' representatives was recorded, higher additional expenses were incurred for research and develop-ment, and product profit margins decreased. Net sales in the second quarter of FY 1996 rose to $4,687,296, 6% above last year's second quarter sales of $4,419,120. Net income was $197,837, 64% or $349,562 lower than last year's second quarter of $547,399. Sales of light vehicle windshield washer and defroster nozzles of $4,640,865 increased 14% over last year's second quarter sales of $4,075,225, principally due to a larger volume of shipments of newly designed products. Sales of prototype and production tooling of $46,431 for future product manufacturing decreased 86% from last year's second quarter, reflecting a much lower rate of culmination of new washer and defroster nozzle programs. This decline is expected to continue through the 1996 fiscal year. Gross profit in this year's second quarter was $1,814,657, 7% above last year's second quarter of $1,695,770, principally because of the higher volume. However, lower margins on new products reduced overall profit margins and are expected to continue to do so in the future. While having little net impact on gross profit, engineering resources were redirected in the FY 1996 second quarter more towards applications engineering, i.e., the custom-ization of new auto products, with less emphasis on tooling and product qualification activities. One significant new product is the air conditioning outlets for an automotive customer, for which prototypes are scheduled for delivery in the fall. Selling, general and administrative expenses were 69% higher due to increases in sales commissions and personnel costs. The sales commissions include an additional charge of $420,000 related to the planned termination of the Company's sales agreement with one of its manufacturers' representatives. Research and development costs rose 140% as greater efforts were applied to the development of new products for both automotive and nonautomotive applications. Operating income decreased 67% or $571,799 to $282,720 in this year's second quarter versus $854,519 in last year's comparable period. Provision for income taxes, both federal and state, was determined based upon an estimate of the total year's pretax income. The effective tax rates for both years' second quarters were essentially the same. 7 Six Months Ended April 27, 1996, Compared with Six Months Ended April 29, 1995 For the first six months of the 1996 fiscal year ended April 27, 1996, sales rose but net income declined primarily due to an additional charge related to the termination of the Company's sales agreement, product profit margin pressures, and increases in expenses for research and development. Net sales gained 7% to $9,237,357 for the first six months of the 1996 fiscal year compared with $8,612,438 in the comparable period in 1995. Net income of $590,805 was 41% below the results of the prior fiscal year's first six months. Sales of light vehicle windshield washer and defroster nozzles of $8,812,042 increased 11.5% in the first six months compared with the same period in the prior fiscal year, principally because of increased shipments of newly designed products. Sales of prototype and production tooling of $425,315 in 1996 for future product manu-facturing declined 40% versus sales of $708,820 for the first six months of the 1995 fiscal year. This decline reflects the lower rate of culmination of new washer and defroster nozzle programs. Gross profit in the first six months of the 1996 fiscal year gained 4% to $3,302,597 from $3,163,056 in the similar 1995 period as a result of the larger sales volume. However, lower margins on new products reduced overall profit margins. During the first six months of this fiscal year, with little net impact on gross profit, engineering resources were redirected towards more applications engineering, i.e., the customization of new auto products, from tooling and product qualification activities. One significant new product is the air conditioning outlets for an automotive customer, for which prototypes are scheduled for delivery in the fall. Selling, general and administrative expenses were 43% higher in the first six months of fiscal year 1996 compared with the similar 1995 period because of increases in sales commissions and personnel costs. The sales commissions include an additional charge of $420,000 related to the planned termination of the Company's sales agreement with one of its manufacturers' representatives. Research and development costs rose 90% in the same period as greater efforts were applied to the development of new products for both automotive and nonautomotive applications. Operating income decreased 44% or $687,713 to $891,811 in this year's first six months versus $1,579,524 in last year's comparable period. Provision for income taxes, both federal and state, was determined based upon an estimate of the total year's pretax income. The effective tax rates for both years' six months were essentially the same. FINANCIAL CONDITION The Company's working capital at April 27, 1996, increased $487,245 from the previous year end at October 28, 1995. The current ratio rose from 3.1 to 3.9 during the first six months. Accounts receivable increased as a result of the higher sales, and inventories decreased because of the sale of tooling from work-in-process inventory. Current liabilities declined with the paydown of accounts payable and year-end accruals. Cash provided by operations was $893,727 during the first six months of the 1996 fiscal year compared with $490,921 in last year's similar period. This year's cash flow from net income was lower but was used to a lesser extent than last year to pay down income tax accruals. Capital expenditures were $544,233 in this fiscal year's first six months, $302,923 greater than last year as more funds were spent on computer facilities and production equipment. 8 Cash used for financing activities was lower than last year as the early payment of all outstanding bank debt this year was less than the early payment of certain notes last year. The quasi-reorganization that was carried out at October 29, 1994, was implemented in order to eliminate the deficit in retained earnings. The deficit had occurred due to the settlement of a lawsuit in 1991 related to prior years' activities and operating losses related to discontinued products prior to 1980. With new products and profitable operations, management desired to reflect the current financial strength of the Company. The only impact on the financial statements was to record the elimination of the retained earnings deficit to date and the corresponding reduction in additional paid-in capital. Upon evaluation, the Company's assets and liabilities did not require readjustments. North American light vehicle production (excluding Mexican output) by the three major U.S. automotive companies, which generates most of the Company's sales, decreased 14% in the first calendar quarter of 1996 versus the same period in 1995. Production for the second calendar quarter of 1996 is forecasted by Ward's Automotive Reports to increase 6% over last year's second quarter. The Company's management believes that the present and planned production capacity should be satisfactory to meet the anticipated demands referred to above, additional market penetration, and new product deliveries. Cash flow from operations and available cash are expected to provide the funds needed for future product development, capital expenditures, and working capital requirements. The Company currently has no debt. 9 BOWLES FLUIDICS CORPORATION PART II. OTHER INFORMATION FOR THE SIX MONTHS ENDED APRIL 27, 1996 Item 6. Exhibits and Reports on Form 8-K Exhibits Description (a) Exhibit 11 Computation of Earnings Per Common Share Exhibit 20 Report furnished to Security Holders (b) Reports on Form 8-K 10 BOWLES FLUIDICS CORPORATION PART II. OTHER INFORMATION Item 6. (a) EXHIBIT 11 - CALCULATION OF EARNINGS PER SHARE A. PRIMARY EARNINGS PER COMMON SHARE AND COMMON EQUIVALENT SHARES
For the three months ended For the six months ended April 27, April 29, April 27, April 29, 1996 1995 1996 1995 ---------- ---------- ---------- ---------- Calculation of Net Income Net income per books $ 197,837 $ 547,399 $ 590,805 $ 1,000,332 Less: Dividends on convertible preferred stock 18,662 18,662 37,324 37,324 ----------- ----------- ----------- ----------- Net income as adjusted $ 179,175 $ 528,737 $ 553,481 $ 963,008 =========== =========== =========== =========== Calculation of Outstanding Shares Weighted average of common shares outstanding 12,610,011 12,590,011 12,610,011 12,590,011 Add: Assumed exercise of stock options 86,726 108,644 114,837 97,959 ----------- ----------- ----------- ----------- Number of common shares outstanding adjusted 12,696,737 12,698,655 12,724,848 12,687,970 =========== =========== =========== =========== Primary earnings per common share $ .01 $ .04 $ .04 $ .08 =========== =========== =========== ===========
11 BOWLES FLUIDICS CORPORATION PART II. OTHER INFORMATION Item 6. (a) EXHIBIT 11 - CALCULATION OF EARNINGS PER SHARE (continued) B. FULLY DILUTED EARNINGS PER SHARE
For the three months ended For the six months ended April 27, April 29, April 27, April 29, 1996 1995 1996 1995 ---------- ---------- ---------- ---------- Net Income per books $ 197,837 $ 547,399 $ 590,805 $ 1,000,332 =========== =========== =========== =========== Weighted average of common shares outstanding 12,610,011 12,590,011 12,610,011 12,590,011 Add: Assumed conversion of preferred stock 3,732,320 3,732,320 3,732,320 3,732,320 Assumed exercise of stock options 87,556 130,667 114,837 130,667 ----------- ----------- ----------- ----------- Number of shares 16,429,887 16,452,998 16,457,168 16,452,998 =========== =========== =========== =========== Fully diluted earnings per share $ .01 $ .03 $ .04 $ .06 =========== =========== =========== ===========
12 EX-20 2 LETTER TO STOCKHOLDERS Exhibit 20 BOWLES FLUIDICS CORPORATION 6625 Dobbin Road, Columbia, Maryland 21045-4707 USA Phone: 410-381-0400 Fax: 410-381-2718 June 11, 1996 TO THE STOCKHOLDERS OF BOWLES FLUIDICS CORPORATION: BFC sales in the second quarter of 1996 rose 14% above last year's second quarter. This increase occurred in spite of a strike-induced shutdown of GM assembly plants averaging about a two-week duration in March and against the 5% decrease in volume of light vehicle production in the first five months of 1996. The sales gain is attributed to a larger sales volume of newly designed products. However, net income was 64% lower than the same period last year. An additional charge was recorded relating to the planned termination of the Company's sales agreements with one of its manufacturers' representatives. Lower margins on the new products, our commitment to expand R&D efforts in basic research, and new product development (in and out of the auto industry) are major contributors to this decline. Our application of more engineering resources toward new product development, specifically the AC outlet, and less on tooling have had little impact on net income. Several parts are up and running on the new information system and we have scheduled a summer date for our QS-9000 pre-assessment audit. We will be continuing these instigation efforts through the next quarter. The AC outlet program has entered the prototype stage on schedule and is proceeding toward prototype delivery in the fall. North American auto production predictions were up from last quarter and show rate increases for the second and third quarters over last year. We believe we can continue to support these expansion efforts. Sincerely, Ronald Stouffer President RS:lto Enclosure 13 Exhibit 20 BOWLES FLUIDICS CORPORATION - ------------------------------------------------------------------------------- CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
Three Months Ended Six Months Ended April 27, 1996 April 29, 1995 April 27, 1996 April 29, 1995 -------------- -------------- -------------- -------------- Net Sales $4,687,296 $4,419,120 $9,237,357 $8,612,438 Cost of Sales 2,872,639 2,723,350 5,934,760 5,449,382 Selling, General and Administrative Expenses 1,168,405 689,576 1,831,780 1,278,320 Research and Development Costs 363,532 151,675 579,006 305,212 Interest Expense and Other (Income) and Expense, Net (21,337) (21,749) (31,830) (20,557) -------------- -------------- -------------- -------------- Income before Taxes $ 304,057 $ 876,268 $ 923,641 $1,600,081 Provision for Taxes 106,220 328,869 332,836 599,749 -------------- -------------- -------------- -------------- Net Income $ 197,837 $ 547,399 $ 590,805 $1,000,332 ============== ============== ============== ============== Net Income per Share Primary $ 0.01 $ 0.04 $ 0.04 $ 0.08 Fully Diluted $ 0.01 $ 0.03 $ 0.04 $ 0.06
- -------------------------------------------------------------------------------- CONSOLIDATED BALANCE SHEETS
Unaudited Audited April 27,1996 October 28,1995 Assets Cash and Cash Equivalents $1,169,217 $ 676,981 Investments Available for Sale 195,784 679,513 Accounts Receivable 2,934,193 2,761,394 Inventories 1,735,374 1,899,346 Other Current Assets 387,625 306,974 -------------------- ----------------------- Total Current Assets 6,422,193 6,324,208 Property, Plant and Equipment, Net 3,020,804 2,821,804 Other Assets 284,587 146,434 -------------------- ----------------------- Total Assets $9,727,584 $9,292,446 ==================== ======================= Liabilities and Stockholders' Equity Accounts Payable--Trade $ 691,526 $ 995,421 Accrued Expenses and Other Liabilities 755,499 852,121 Income Taxes Payable 191,555 111,441 Current Portion of Long-Term Debt - 68,857 -------------------- ----------------------- Total Current Liabilities 1,638,580 2,027,840 Long-Term Debt - 202,811 Other Liabilities and Deferred Income Taxes 905,630 431,904 -------------------- ----------------------- Total Liabilities 2,544,210 2,662,555 -------------------- ----------------------- 8% Convertible Preferred Stock 933,080 933,080 Common Stock 1,261,001 1,261,001 Additional Paid-in Capital 2,726,583 2,726,583 Retained Earnings 2,262,710 1,709,227 -------------------- ----------------------- Stockholders' Equity 7,183,374 6,629,891 -------------------- ----------------------- Total Liabilities and Stockholders' Equity $9,727,584 $9,292,446 ==================== =======================
14 BOWLES FLUIDICS CORPORATION PART II. OTHER INFORMATION Item 6. (b) Reports on Form 8-K March 14, 1996 An Annual Meeting of Stockholders of Bowles Fluidics Corporation was held on March 14, 1996. 1. The following Board of Directors was elected: William Ewing, Jr. William Ewing, III Julian Lazrus Ronald D. Stouffer John E. Searle, Jr. David C. Dressler 2. Also at the meeting of stockholders, Coopers & Lybrand L.L.P. was appointed as the Corporation's certified public accountants. 3. At a Director's meeting immediately following the meeting of Stockholders, the following officers were elected: Chairman of the Board William Ewing, Jr. Vice Chairman of the Board Julian Lazrus President Ronald D. Stouffer Vice President, Administration, & Secretary Eleanor M. Kupris Vice President, Engineering Richard W. Hess Vice President, Finance David A. Quinn Vice President, Marketing Eric W. Koehler Vice President, Quality Assurance Dharaphuram N. Srinath Corporate Controller Arlene M. Hardy Vice President, Operations Melvyn J. L. Clough 15 FORM 10-Q BOWLES FLUIDICS CORPORATION 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. BOWLES FLUIDICS CORPORATION Date ___________________ By _______________________ Ronald D. Stouffer President Date ___________________ By ________________________ David A. Quinn Vice President-Finance 16 EX-27 3 FINANCIAL DATA SCHEDULE
5 1 3-MOS Oct-26-1996 Apr-27-1996 1,169,217 195,784 2,934,193 0 1,735,374 6,422,193 7,796,240 3,020,804 9,727,584 1,638,580 0 0 933,080 1,261,001 4,989,293 9,727,584 4,687,296 4,687,296 2,872,639 4,404,576 (21,400) 0 63 304,057 106,220 197,837 0 0 0 197,837 0.01 0.01
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