0000898430-95-001582.txt : 19950815
0000898430-95-001582.hdr.sgml : 19950815
ACCESSION NUMBER: 0000898430-95-001582
CONFORMED SUBMISSION TYPE: 10-Q
PUBLIC DOCUMENT COUNT: 2
CONFORMED PERIOD OF REPORT: 19950630
FILED AS OF DATE: 19950814
SROS: NASD
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME: CERADYNE INC
CENTRAL INDEX KEY: 0000018937
STANDARD INDUSTRIAL CLASSIFICATION: ABRASIVE ASBESTOS & MISC NONMETALLIC MINERAL PRODUCTS [3290]
IRS NUMBER: 330055414
STATE OF INCORPORATION: DE
FISCAL YEAR END: 1231
FILING VALUES:
FORM TYPE: 10-Q
SEC ACT: 1934 Act
SEC FILE NUMBER: 000-13059
FILM NUMBER: 95563039
BUSINESS ADDRESS:
STREET 1: 3169 RED HILL
CITY: COSTA MESA
STATE: CA
ZIP: 92626
BUSINESS PHONE: 7145490421
MAIL ADDRESS:
STREET 2: 3169 RED HILL
CITY: COSTA MESA
STATE: CA
ZIP: 92626
10-Q
1
FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
X QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES AND
--- EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 1995
or
___ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
AND EXCHANGE ACT OF 1934
For the transition period from _____________ to ____________
Commission File No. 0-13059
CERADYNE, INC.
-------------------------------------------------------------------------------
(Exact name of Registrant as specified in its charter)
Delaware 33-0055414
-------------------------------------- ---------------------------------------
(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization)
3169 Redhill Avenue, Costa Mesa, CA 92626
-------------------------------------------------------------------------------
(Address of principal executive) (Zip Code)
Registrant's telephone number, including area code (714) 549-0421
--------------
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 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 June 30, 1995
--------------------------------------- -------------------------------------
Common Stock, $.01 par value 6,274,634 Shares
Page 1 of 17 Pages
CERADYNE, INC.
INDEX
-----
PAGE NO.
--------
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
Statement Regarding Financial Information.......................... 3
Consolidated Balance Sheets - June 30, 1995........................ 4-5
and December 31, 1994
Consolidated Statements of Income - ............................... 6
Three months ended June 30, 1995 & 1994;
Six months ended June 30, 1995 & 1994
Consolidated Statements of Cash Flow -............................. 7-8
Six months ended June 30, 1995 & 1994
Condensed notes to Consolidated Financial.......................... 9-11
Financial Statements
Item 2. Management's Discussion and Analysis of............................ 12-14
Financial Condition & Results of Operations
PART II. OTHER INFORMATION
Item 1. Legal Proceedings.................................................. 15
Item 4. Submission of Matters to Vote of................................... 16
Security Holders
Item 6. Exhibits and Reports on Form 8-K................................... 17
SIGNATURE.................................................................... 17
2
CERADYNE, INC.
FORM 10-Q
FOR THE QUARTER ENDED JUNE 30, 1995
I. FINANCIAL INFORMATION
The Financial Statements included herein have been prepared by Ceradyne,
Inc. (the "Company"), without audit, pursuant to the rules and regulations
of the Securities and Exchange Commission. Certain information normally
included in the Financial Statements prepared in accordance with generally
accepted accounting principles has been omitted pursuant to such rules and
regulations. However, the Company believes that the disclosures are
adequate to make the information presented not misleading. It is suggested
that the Financial Statements be read in conjunction with the Financial
Statements and notes thereto included in the Company's Annual Report
pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 on
Form 10-K for the fiscal year ended December 31, 1994, as filed with the
Securities and Exchange Commission on March 31, 1995.
3
CERADYNE, INC.
CONSOLIDATED BALANCE SHEETS
ASSETS
(AMOUNTS IN THOUSANDS)
6-30-1995 12-31-1994
(UNAUDITED) (AUDITED)
==========================================================================
CURRENT ASSETS:
Cash & cash equivalents $ 302 $ -0-
Accounts receivable, net of allowances of $ 3,684 $ 2,891
approximately $157 & $199 for doubtful accts
at 6-30-1995 & 12-31-1994
Receivables from related parties $ 10 $ 6
Inventories $ 6,432 $ 5,736
Production Tooling $ 310 $ 243
Prepaid expenses and other $ 149 $ 21
---------- -----------
TOTAL CURRENT ASSETS $ 10,887 $ 8,897
---------- -----------
PROPERTY, PLANT & EQUIPMENT, AT COST:
Land $ 422 $ 422
Buildings & improvements $ 1,825 $ 1,825
Lease rights $ 2,659 $ 2,659
Machinery & equipment $ 14,483 $ 14,083
Leasehold improvements $ 1,135 $ 1,118
Office equipment $ 1,363 $ 1,344
Construction in progress $ 119 $ -0-
---------- -----------
$ 22,006 $ 21,451
Less accumulated depreciation & amortization $ 17,050 $ 16,410
---------- -----------
$ 4,956 $ 5,041
INTANGIBLES RESULTING FROM ACQUISITIONS, $ 2,311 $ 2,389
net of accumulated amortization of $1,364
& $1,286 at 6-30-1995 & 12-31-1994
OTHER ASSETS, net of accumulated amortization $ 512 $ 535
of $526 and $503 at 6-30-1995 & 12-31-1994
TOTAL ASSETS $ 18,666 $ 16,862
========== ===========
==========================================================================
SEE ACCOMPANYING CONDENSED NOTES TO
CONSOLIDATED FINANCIAL STATEMENTS.
4
CERADYNE, INC.
CONSOLIDATED BALANCE SHEETS
LIABILITIES AND SHAREHOLDERS' EQUITY
(AMOUNTS IN THOUSANDS, EXCEPT SHARE DATA)
6-30-1995 12-31-1994
(UNAUDITED) (AUDITED)
====================================================================
CURRENT LIABILITIES:
Current portion of long-term debt $ 1,832 $ 1,029
Accounts payable $ 1,531 $ 1,930
Accrued expenses:
Payroll and payroll related $ 548 $ 433
Other $ 1,006 $ 452
---------- -----------
Total current liabilities $ 4,917 $ 3,844
---------- -----------
LONG-TERM DEBT $ 787 $ 905
---------- -----------
DEFERRED REVENUE $ 473 $ 511
---------- -----------
SHAREHOLDERS' EQUITY:
Common stock, $.01 par value:
Authorized - 12,000,000 shares;
Outstanding - 6,274,634 shares &
6,234,734 shares at 6-30-1995 &
12-31-1994, respectively $ 30,512 $ 30,429
Accumulated deficit $ (18,023) $ (18,827)
---------- -----------
TOTAL SHAREHOLDERS' EQUITY $ 12,489 $ 11,602
---------- -----------
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY $ 18,666 $ 16,862
========== ===========
====================================================================
SEE ACCOMPANYING CONDENSED NOTES TO
CONSOLIDATED FINANCIAL STATEMENTS.
5
CERADYNE, INC.
CONSOLIDATED STATEMENTS OF INCOME
FOR THE THREE MONTHS ENDED 6-30-1995 & 1994
AND SIX MONTHS ENDED 6-30-1995 & 1994
(AMOUNTS IN THOUSANDS, EXCEPT PER SHARE DATA)
==========================================================================
THREE MONTHS ENDED SIX MONTHS ENDED
JUNE 30 JUNE 30
--------------------------------------------------------------------------
1995 1994 1995 1994
------ ------ ------- ------
UNAUDITED UNAUDITED
==========================================================================
NET SALES $5,757 $4,229 $11,136 $8,729
COST OF PRODUCT SALES $4,229 $3,726 $ 8,224 $7,656
------ ------ ------- ------
Gross Profit $1,528 $ 503 $ 2,912 $1,073
------ ------ ------- ------
OPERATING EXPENSES:
Selling $ 364 $ 408 $ 751 $ 801
General & Administration $ 624 $ 574 $ 1,197 $1,096
------ ------ ------- ------
Income (Loss) from operation $ 540 $ (479) $ 964 $ (824)
------ ------ ------- ------
OTHER (INCOME) EXPENSE:
Other (income) expense $ 1 $ 7 $ (2) $ (216)
Interest expense $ 86 $ 72 $ 162 $ 139
------ ------ ------- ------
$ 87 $ 79 $ 160 $ (77)
------ ------ ------- ------
Income (Loss) before $ 453 $ (558) $ 804 $ (747)
provision for income taxes
PROVISION FOR INCOME TAXES $ - $ - $ - $ -
NET INCOME (LOSS) $ 453 $ (558) $ 804 $ (747)
====== ====== ======= ======
NET INCOME (LOSS) PER COMMON
& EQUIVALENT SHARE
Primary $ .07 $ (.09) $ .13 $ (.12)
====== ====== ======= ======
==========================================================================
SEE ACCOMPANYING CONDENSED NOTES TO
CONSOLIDATED FINANCIAL STATEMENTS.
6
CERADYNE, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE SIX MONTHS ENDED 6-30-1995 & 1994
(AMOUNTS IN THOUSANDS)
==========================================================================
SIX MONTHS ENDED
JUNE 30
--------------------------------------------------------------------------
1995 1994
Unaudited Unaudited
==========================================================================
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income (Loss) $ 804 $ (747)
ADJUSTMENTS TO RECONCILE NET INCOME (LOSS) TO NET
CASH PROVIDED FROM (USED IN) OPERATING ACTIVITIES:
Depreciation and amortization $ 741 $ 738
(Increase) decrease in accounts receivable, net $ (793) $ (201)
(Increase) Decrease in receivables from related
parties $ (4) $ 12
Increase in inventories $ (696) $ (705)
(Increase) decrease in production tooling $ (67) $ 71
Increase in prepaid expenses & other assets $ (128) $ (87)
Increase (decrease) in accounts payable $ (399) $ 596
Increase in accrued expenses $ 669 $ 55
Increase (decrease) in deferred revenue $ (38) $ 274
------ ------
NET CASH PROVIDED FROM (USED IN) OPERATING
ACTIVITIES $ 89 $ 6
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property, plant & equipment $ (555) $ (56)
------ ------
NET CASH USED IN INVESTING ACTIVITIES $ (555) $ (56)
------ ------
==========================================================================
SEE ACCOMPANYING CONDENSED NOTES TO
CONSOLIDATED FINANCIAL STATEMENTS.
7
CERADYNE, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE SIX MONTHS ENDED 6-30-1995 & 1994
(AMOUNTS IN THOUSANDS)
==========================================================================
SIX MONTHS ENDED
JUNE 30
--------------------------------------------------------------------------
1995 1994
UNAUDITED UNAUDITED
==========================================================================
CASH FLOWS FROM FINANCING ACTIVITIES:
Issuance of common stock, net $ 83 $ 9
Net borrowings (payments) of long-term debt $ 685 $ (1)
----- -----
Net cash provided by financing activities $ 768 $ 8
----- -----
Decrease in cash and cash equivalents $ 302 $ (42)
Cash & cash equivalents, beginning of period $ -0- $ 94
Cash & cash equivalents, end of period $ 302 $ 52
===== =====
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Interest paid $ 162 $ 139
Income taxes paid $ -0- $ -0-
===== =====
==========================================================================
SEE ACCOMPANYING CONDENSED NOTES TO
CONSOLIDATED FINANCIAL STATEMENTS.
8
CERADYNE, INC.
CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
JUNE 30, 1995
(Unaudited)
1. Basis of Presentation
---------------------
The consolidated financial statements include the financial statements of
Ceradyne, Inc. (the Company) and its subsidiaries. All material
intercompany accounts and transactions have been eliminated.
2. Inventories
-----------
Inventories are valued at the lower of cost (first in, first out) or
market. Inventory costs include the cost of material, labor and
manufacturing overhead. The following is a summary of the inventory
components as of June 30, 1994 and December 31, 1994:
June 30, 1995 December 31, 1994
=====================================================
Raw materials $2,424,000 $1,984,000
Work-in-process $3,120,000 $3,090,000
Finished goods $ 888,000 $ 662,000
---------- ----------
Total inventories $6,432,000 $5,736,000
========== ==========
=====================================================
3. Net Income (Loss) Per Share
---------------------------
The number of shares used in computing primary net income (loss) per share
equals the total of the weighted average number of shares outstanding
during the periods plus common stock equivalents relating to options.
Common stock equivalents relating to options issued under the 1983 Stock
Option Plan (as amended), the 1994 Stock Incentive Plan (as amended), and
the 1985 Employee Stock Purchase Plan represent additional shares which may
be issued in connection with their exercise, reduced by the number of
shares which could be repurchased with the proceeds at the average market
price per share. Common stock equivalents relating to options are not
included when their effect is antidilutive.
9
The following is a summary of the number of shares entering into the
computation of net income (loss) per common and common equivalent share for
the three and six-month periods ended June 30, 1995 and 1994.
THREE MONTHS ENDED JUNE 30 SIX MONTHS ENDED JUNE 30
1995 1994 1995 1994
=============================================================================================
Weighted average number of
shares outstanding 6,263,000 6,234,000 6,253,000 6,233,000
Common stock equivalents:
Employee Stock Purchase 13,000 - 12,000 -
Plan --------- --------- --------- ---------
Stock Options 195,000 - 124,000 -
--------- --------- --------- ---------
Number of shares primary &
fully diluted 6,471,000 6,234,000 6,389,000 6,233,000
========= ========= ========= =========
=============================================================================================
4. Long-term Debt and Bank Borrowing Arrangements
----------------------------------------------
Long-term debt consisting of the following at June 30, 1995.
Note payable to asset-based lender, bearing interest at the $2,536,000
institution's prime rate (9.00 percent at June 30, 1995), plus
3.60 percent, payable in monthly installments of $26,428.
Four contract capital leases, bearing interest between 5.38 $ 83,000
percent and 11.64 percent, payable in monthly installments of
$14,432 expiring from July 1995 through September 1996,
secured by equipment with a net book value of $227,000.
$2,619,000
Less - Current portion $1,832,000
----------
Long-term debt $ 787,000
==========
===========================================================================
On September 22, 1994, the Company amended its existing revolving credit
agreement with an asset-based lender for the purpose of financing the
Company's working capital needs. The facility, now limited to $4,000,000
is composed of two parts: a $1,585,600 (previously $1,553,300) five-year
term loan dated September 22, 1993 and a $2,414,400 (previously $2,446,700)
revolving line of credit expiring on November 29, 1996. Included in the
revolving line of credit is a foreign accounts sublimit which is the lesser
of $500,000 or 33.3% of the total outstanding borrowing against "eligible
domestic accounts." Borrowings under both sections of the facility are
tied to availability formulas - eighty percent (80%) of the appraised value
of fixed assets for the term loan, and for the revolving line of credit,
seventy-five percent (75%) of eligible trade
10
receivables and twenty-five percent (25%) of eligible inventory (up to
$250,000). The term loan and the revolving line of credit are secured by
all of the Company's assets and require the Company, among other things, to
maintain certain financial ratios and limit capital expenditures. The
interest rate under this credit facility is equal to the lender's prime
rate (nine percent (9.0%) at June 30, 1995) plus three and six-tenths
percent (3.6%). A one and one-half percent (1.5%) facility fee is payable
annually on the total value of the credit facility.
5. Income Tax
----------
Effective the first quarter of 1993, the Company adopted Statement of
Financial Accounting Standards (SFAS) No. 109, "Accounting for Income
Taxes." The new standard provides revised criteria for the recognition of
net deferred tax assets. The Company's net deferred tax asset, which is
approximately $7,000,000, relates primarily to its net operating loss
carryforward and has been offset with a valuation allowance since there is
uncertainty regarding the Company's ability to recognize this tax benefit
since the benefit is dependent upon the Company's ability to continue to
generate future taxable income.
11
ITEM 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations.
---------------------------------------------------------------
Reference is made to the Company's Annual Report on Form 10-K for the fiscal
year ended December 31, 1994, for an analysis and detailed discussion of the
Company's financial condition and results of operations for the period covered
by that report.
Results of Operations
---------------------
Net sales increased $1.528 million or 36.1% to $5.76 million in the quarter
ending June 30, 1995, from $4.23 million for the quarter ending June 30, 1994.
For the six months ended June 30, 1995, net sales increased $2.407 million or
27.5% to $11.14 million from $8.73 million shipped in the first six months of
1994. This increase in sales is the result of an increase in demand for the
various product offering. These changes are highlighted by the following
summary of net sales:
QUARTER ENDED JUNE 30 SIX MONTHS ENDED JUNE 30
(In Millions) (In Millions)
1995 1994 1995 1994
==============================================================================
Lightweight ceramic armor $ 1.1 $ 1.1 $ 2.2 $ 2.1
Ceramic-to-Metal assemblies .0 .3 .0 .7
Orthodontic products .4 .2 .7 .4
Fused silica ceramics 1.5 .9 3.0 2.0
Cathodes 1.1 .8 2.2 1.7
Magnets .3 .2 .5 .4
Silicon Nitride Products .7 .4 1.3 .7
Machined Products .6 .3 1.2 .7
----- ----- ----- -----
TOTAL $ 5.7 $ 4.2 $11.1 $ 8.7
===== ===== ===== =====
==============================================================================
The increase in sales of lightweight ceramic armor for the year-to-date vs. the
comparable prior year period results from an increase in 1995 shippable
bookings. The decrease in Ceramic-To-Metal shipments for the second quarter of
1995 and the year-to-date vs. the comparable prior year periods results from the
fact that the product line was sold to a competitor during the fourth quarter of
1994 with the understanding that the Company would cease selling the product by
the end of 1994. The increase in orthodontic product sales for the second
quarter of 1995 and the year-to-date vs. the comparable prior year periods
results from a need by the
12
Company's distributor to replenish their inventory. The increase in fused
silica ceramic sales in the second quarter of 1995 and the year-to-date vs. the
comparable prior year periods result from an increase in the level of shippable
bookings in the first half of 1995. The increase in cathode sales for the
second quarter of 1995 and the year-to-date vs. the comparable prior year
periods results from an increase in the level of 1995 shippable bookings. The
increase in silicon nitride sales for the second quarter of 1995 and the year-
to-date vs. the comparable prior year periods results from an increase in the
level of 1995 shippable bookings. The increase in machined product sales for
the second quarter of 1995 and the year-to-date vs. the comparable prior year
periods results from an increase in the level of 1995 shippable bookings.
Gross profit increased 203.8% to $1.528 million for the quarter ending June 30,
1995 from $503 thousand for the quarter ending June 30, 1994. For the first six
months of 1995, gross profit increased 171.4% to $2.912 million from $1.073
million in the first six months of 1994. The increase in gross profit for the
second quarter of 1995, as well as the year-to-date, vs. the comparable prior
year periods is the result of: (1) a significant increase in net sales, (2)
continued improvements in manufacturing productivity and (3) a change in sales
mix towards sales in more profitable product lines.
Selling, general and administrative expenses increased by $6 thousand to $988
thousand in the quarter ending June 30, 1995 from $982 thousand for the quarter
ending June 30, 1994 and increased by $51 thousand to $1.948 million for the six
months ended June 30, 1995 from $1.897 million for the six months ended June 30,
1994. The increase in the second quarter of 1995, as well as the six months
ended June 30, 1995, vs. the comparable prior year periods results from the fact
that in 1995 the Corporation commenced paying a bonus to employees based on
their location's profitability.
Other income decreased for the six months ended June 30, 1995 vs. the comparable
prior year period. The decrease results from the fact that in the six months
ended June 30, 1994 the Corporation recorded: the finalization of a contract
cancellation, the settlement of a claim for costs incurred to make non-
conforming material usable, and an increase in the licensing fees received by
the Company vs. the amount accrued. Interest expense increased for the three
and six month period ended June 30, 1995 vs. the same periods in 1994. This
increase was the result of an increase in the rate of interest charged by the
lender.
13
Liquidity and Capital Resources
-------------------------------
The Company has a revolving credit agreement with an asset-based lender for the
purpose of financing the Company's working capital needs. The facility, which
is limited to $4 million, is composed of two parts: a $1,585,600 five-year term
loan, and a $2,414,400 revolving line of credit expiring on November 29, 1996.
Under both sections of the facility, borrowings are tied to availability
formulas: eighty percent (80%) of the appraised value of fixed assets for the
term loan, and seventy-five percent (75%) of eligible trade receivables, and
twenty-five percent (25%) of eligible inventory (up to $250,000) for the
revolving line of credit. The term loan and the revolving line of credit are
secured by all of the Company's assets and require the Company, among other
things, to maintain certain financial ratios and limit capital expenditures.
Borrowing, under the facility, totaled $2.536 million at June 30, 1995.
At June 30, 1995, the Company had short-term cash resources (i.e., cash and cash
equivalents) equal to $302 thousand. Management believes that funds generated
from operations and the ability to borrow under the revolving credit facility
will be sufficient to finance currently anticipated cash requirements for at
least the next twelve months.
During the second quarter, the Company completed lease renewal negotiations for
the West Coast facility. Due to a reduction in leased space and a reduction in
rent, the West Coast facility rent, commencing in November 1995, will decrease
approximately $30K/month.
14
PART II. OTHER INFORMATION
Item 1. Legal Proceedings
-----------------
The Company is, from time to time, involved in various legal and other
proceedings that relate to the ordinary course of operating its business,
including, but not limited to, employment-related actions and workers'
compensation claims.
Currently, the Company is involved in one action filed by a current employee in
the Superior Court of the State of California, County of Orange. The employee
and his wife filed suit in December 1994 alleging that he contracted chronic
beryllium disease during the course and scope of his employment. Defense of the
case has been tendered to the Company's insurance carriers.
While the Company is unable to predict the outcome of current proceedings, based
upon the facts currently known to it, the Company, after consultation with legal
counsel, does not believe that resolution of these proceedings will have a
material adverse effect on the financial condition or operations of the Company.
15
Item 4. Submission of Matters to Vote of Security Holders
-------------------------------------------------
The following matters were voted upon at the Annual Meeting of Stockholders held
on July 24, 1995.
1. The following eight persons were elected as Directors of the Company to
serve until the next annual meeting of stockholders or until their
successors are elected and have qualified:
NUMBER OF SHARES
FOR AUTHORITY WITHHELD
=================================================
J. P. Moskowitz 5,644,606 124,433
L. M. Allenstein 5,644,785 124,254
R. A. Alliegro 5,644,785 124,254
F. Edelstein 5,644,585 124,454
N. A. Gjostein 5,644,685 124,354
M. A. Shader 5,644,785 124,254
M. Lohr 5,644,785 124,254
W. P. Lanphear 5,644,785 124,254
=================================================
2. The Company's 1995 Employee stock Purchase Plan was approved.
Votes: For: 5,558,843 Against: 26,877 Abstain: 120,719
Broker non votes: 62,600
3. The Amendment to the Company's 1994 Stock Incentive Plan was approved.
Votes: For: 5,521,457 Against: 57,382 Abstain: 127,600
Broker non votes: 62,600
16
Item 6. Exhibits and Reports on Form 8-K
--------------------------------
(a) Exhibits:
None
(b) Reports on Form 8-K:
None
SIGNATURE
---------
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.
CERADYNE, INC.
By: _______________________________
James F. Gardner
Vice President
Chief Financial Officer
(Principal Financial and Accounting Officer)
Dated: August 11, 1995
17
EX-27
2
FINANCIAL DATA SCHEDULE
5
1,000
6-MOS
DEC-31-1995
JAN-01-1995
JUN-30-1995
302
0
3,841
157
6,432
10,887
22,006
17,050
18,666
4,917
787
30,512
0
0
0
18,666
11,136
11,136
8,224
1,948
(2)
0
162
804
0
804
0
0
0
804
.13
.13