-----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, YHyCQ4TwIDqF2HxrjwpD/p/f695QGPgfaSTui7TMnJD7jGrsuDwgonHd/4Sg3PBF CJldwQex6zNMBfP39vURiA== 0000912057-95-003797.txt : 19950516 0000912057-95-003797.hdr.sgml : 19950516 ACCESSION NUMBER: 0000912057-95-003797 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: BMC INDUSTRIES INC/MN/ CENTRAL INDEX KEY: 0000215310 STANDARD INDUSTRIAL CLASSIFICATION: COATING, ENGRAVING & ALLIED SERVICES [3470] IRS NUMBER: 410169210 STATE OF INCORPORATION: MN FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-08467 FILM NUMBER: 95539059 BUSINESS ADDRESS: STREET 1: 2 APPLETREE SQUARE CITY: MINNEAPOLIS STATE: MN ZIP: 55425 BUSINESS PHONE: 6128516000 MAIL ADDRESS: STREET 1: TWO APPLETREE SW SUITE 400 STREET 2: TWO APPLETREE SW SUITE 400 CITY: MINNEAPOLIS STATE: MN ZIP: 55425 FORMER COMPANY: FORMER CONFORMED NAME: BUCKBEE MEARS CO/MN DATE OF NAME CHANGE: 19830517 10-Q 1 10Q FORM 10-Q SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 X QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE - ----------- SECURITIES EXCHANGE ACT OF 1934. For the Quarterly Period ended March 31, 1995. TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE - ----------- SECURITIES EXCHANGE ACT OF 1934. For the Transition Period from N/A to . --- --- Commission File No. 1-8467 BMC INDUSTRIES, INC. (Exact Name of Registrant as Specified in its Charter) MINNESOTA 41-0169210 ------------------------ -------------------------------- (State of Incorporation) (IRS Employer Identification No.) Two Appletree Square, Minneapolis, Minnesota 55425 -------------------------------------------------- (Address of Principal Executive Offices) (Zip Code) (612) 851-6000 --------------------------------------------------- (Registrant's Telephone Number, Including Area Code) 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 at least the past 90 days. X Yes No ------ ------ BMC Industries, Inc. has outstanding 13,430,692 shares of common stock as of May 12, 1995. There is no other class of stock outstanding. Page 1 of 14. Exhibit Index Begins at Page 9. PART I FINANCIAL INFORMATION BMC INDUSTRIES, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (in thousands) Item 1: Financial Statements
MARCH 31 December 31 ASSETS 1995 1994 - -------------------------------------------------------------------------------- Current Assets Cash and cash equivalents $ 16,530 $ 14,327 Trade accounts and notes receivable, net of allowances 23,478 24,564 Inventories - Note 3 32,724 28,792 Deferred income taxes 5,241 5,914 Other current assets 5,596 5,221 - -------------------------------------------------------------------------------- Total Current Assets 83,569 78,818 - -------------------------------------------------------------------------------- Property, Plant and Equipment 142,223 130,622 Less Accumulated Depreciation 87,094 80,764 ----------------------- Property, Plant and Equipment - Net 55,129 49,858 ----------------------- Deferred Income Taxes 3,344 3,297 Other Assets - Net 7,256 6,713 - --------------------------------------------------------------------------------- Total Assets $ 149,298 $138,686 - --------------------------------------------------------------------------------- - --------------------------------------------------------------------------------- LIABILITIES AND STOCKHOLDERS' EQUITY - --------------------------------------------------------------------------------- Current Liabilities Accounts payable $ 12,005 $ 12,090 Income taxes payable 7,454 5,514 Accrued expenses and other liabilities 22,941 22,445 - --------------------------------------------------------------------------------- Total Current Liabilities 42,400 40,049 - --------------------------------------------------------------------------------- Other Liabilities 17,111 15,835 Deferred Income Taxes 1,036 1,014 Stockholders' Equity Common stock 51,222 51,156 Other (1,270) (1,263) Retained earnings 31,985 27,559 Cumulative translation adjustment 6,814 4,336 - --------------------------------------------------------------------------------- Total Stockholders' Equity 88,751 81,788 - --------------------------------------------------------------------------------- Total Liabilities and Stockholders' Equity $149,298 $138,686 - --------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------
See accompanying Notes to Condensed Consolidated Financial Statements. Page 2 BMC INDUSTRIES, INC. CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (Unaudited) (in thousands, except per share amounts)
Three Months Ended March 31 --------------------- 1995 1994 - ----------------------------------------------------------------------------------------------- Revenues Net sales of primary products $57,753 $52,245 Equipment and technology sales 3,581 161 - ----------------------------------------------------------------------------------------------- Total revenues 61,334 52,406 - ----------------------------------------------------------------------------------------------- Operating Costs and Expenses Cost of sales of primary products 48,346 44,066 Cost of equipment and technology sales 1,911 270 Selling 2,275 2,035 Administrative 1,254 1,110 - ------------------------------------------------------------------------------------------------ Total operating costs and expenses 53,786 47,481 - ------------------------------------------------------------------------------------------------ Income from Operations 7,548 4,925 - ------------------------------------------------------------------------------------------------ Other Income and (Expense) Interest expense (77) (975) Interest income 185 84 Other (67) 61 - ------------------------------------------------------------------------------------------------ Earnings from Continuing Operations before Income Taxes 7,589 4,095 Income Tax Provision 2,895 1,393 - ------------------------------------------------------------------------------------------------ Earnings from Continuing Operations 4,694 2,702 Provision for Loss Related to Discontinued Operation (less applicable income tax benefit of $461) -- (Note 2) -- (839) - ------------------------------------------------------------------------------------------------ Net Earnings $ 4,694 $ 1,863 - ------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------ Earnings Per Share from Continuing Operations $ 0.33 $ .20 Loss Per Share Related to Discontinued Operation -- (0.06) - ------------------------------------------------------------------------------------------------ Net Earnings Per Share $ 0.33 $ 0.14 - ------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------ Number of Shares Included in Per Share Computation 14,014 13,274 - ------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------ Dividends Declared Per Share $ .02 $ -- - ------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------
See accompanying Notes to Condensed Consolidated Financial Statements. Page 3 BMC INDUSTRIES, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (in thousands)
Three Months Ended March 31 --------------------- 1995 1994 - ----------------------------------------------------------------------------------------- Net Cash Provided by Operating Activities Net earnings $ 4,694 $ 1,863 Depreciation and amortization 2,438 2,231 Changes in operating assets and liabilities 227 4,598 - ----------------------------------------------------------------------------------------- Total 7,359 8,692 - ----------------------------------------------------------------------------------------- Net Cash Used in Investing Activities Additions to property, plant and equipment (5,547) (923) - ----------------------------------------------------------------------------------------- Net Cash Provided by (Used in) Financing Activities Repayment of long-term debt (4) (4,271) Common stock issued 59 1,174 - ----------------------------------------------------------------------------------------- Total 55 (3,097) - ----------------------------------------------------------------------------------------- Effect of Exchange Rate Changes on Cash and Cash Equivalents 336 65 - ----------------------------------------------------------------------------------------- Net Increase in Cash and Cash Equivalents 2,203 4,737 Cash and Cash Equivalents at Beginning of Period 14,327 10,927 - ----------------------------------------------------------------------------------------- Cash and Cash Equivalents at End of Period $16,530 $15,664 - ----------------------------------------------------------------------------------------- - -----------------------------------------------------------------------------------------
See accompanying Notes to Condensed Consolidated Financial Statements. Page 4 BMC INDUSTRIES, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (in thousands, except per share amounts) 1. Financial Statements In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments necessary to present fairly the financial position of the Company as of March 31, 1995, and the results of operations and the cash flows for the periods ended March 31, 1995 and 1994. Such adjustments are of a normal recurring nature. Certain items in the financial statements for the period ended March 31, 1994 have been reclassified to conform to the presentation for the period ended March 31, 1995. Per share amounts for the period ended March 31, 1994 have been restated to reflect a two-for-one stock split in the third quarter of 1994. The results of operations for the three-month period ended March 31, 1995 are not necessarily indicative of the results to be expected for the full year. The balance sheet as of December 31, 1994 is derived from the audited balance sheet as of that date. For further information, refer to the financial statements and footnotes thereto included in the Company's annual report on Form 10-K for the year ended December 31, 1994. 2. Provision for Loss Related to Discontinued Operation In the first quarter of 1994, the Company made a provision for estimated losses of $1,300, less applicable income tax effect of $461, related to a discontinued operation. This provision was prompted by claims and expenses growing out of environmental contamination and other claims related to the discontinued operation. The environmental contamination occurred before 1980 at an operation acquired by the Company in 1983 and disposed of in 1986. 3. Inventories
March 31, 1995 December 31, 1994 -------------- ----------------- Raw materials $11,588 $ 9,748 Work in process 5,426 5,501 Finished goods 15,710 13,543 ------- ------- Total Inventories $32,724 $28,792 ------- ------- ------- -------
Page 5 4. Long-term Contract Work is continuing on a long-term contract for the construction of aperture mask production equipment for a customer in China. At March 31, 1995, the contract was approximately 75% complete. At March 31, 1995, no material change had been made in the estimate of costs to complete the contract. 5. Earnings Per Share Primary earnings per share is computed using the weighted average number of common and common equivalent shares outstanding during the period. Common stock equivalents include dilutive stock options and warrants using the treasury stock method. All remaining such warrants were exercised during the third quarter of 1994. Fully diluted earnings per share did not differ significantly from primary earnings per share in both years. As noted in Note 1, per share amounts for the period ended March 31, 1994 have been restated to reflect a two-for-one stock split in the third quarter of 1994. Page 6 BMC INDUSTRIES, INC. ITEM 2: MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS RESULTS OF OPERATIONS COMPARISON OF THREE MONTHS ENDED MARCH 31, 1995 AND 1994 Total revenues for the first quarter of 1995 increased by $8.9 million or 17.0% from the first quarter of 1994. Net sales of primary products increased $5.5 million or 10.5% from the first quarter of 1994. Net sales of the Precision Imaged Products group, which excludes equipment and technology sales, increased by 14.2% due primarily to an improvement in sales mix related to increased sales of larger-sized and invar color television aperture masks. Net sales of the Optical Products group increased 4.2% due primarily to an increase in unit sales of polycarbonate eyewear lenses, offset by declines in unit sales of glass and plastic eyewear lenses. Cost of sales of primary products was 83.7% of net sales for the first quarter of 1995, compared to 84.3% in the same period of 1994. The improvement occurred in both groups and was due primarily to improved sales mix and improved manufacturing efficiency. Net interest expense for the first quarter of 1995 declined by $1.0 million in comparison to the prior year s first quarter. This was due primarily to the payoff of all the Company s outstanding debt during the third quarter of 1994. The provision for income taxes was 38.1% of pre-tax income in the first quarter of 1995 compared to 34.0% for the same period in 1994. The higher effective rate in the first quarter of 1995 versus the same period in 1994 was due to a higher proportion of foreign earnings which incur taxes at rates higher than in the U.S. The Company anticipates that its effective tax rate for the total year of 1995 will be in the approximate range of 34% to 38% compared to 38% for the total year of 1994. FINANCIAL POSITION AND LIQUIDITY Cash and cash equivalent balances increased by $2.2 million during the first three months of 1995, due primarily to cash generated from earnings, offset by capital expenditures. Working capital was $41.2 million at March 31, 1995 compared to $38.8 million at December 31, 1994. The current ratio was 1.97 at March 31, 1995, consistent with the 1.97 at December 31, 1994. The ratio of total liabilities to equity declined to .68 at March 31, 1995 compared to .70 at December 31, 1994. The Company had $43.9 million available for borrowing under domestic and foreign bank lines at March 31, 1995. As of March 31, 1995, the Company had commitments of approximately $4.1 million related to capital projects. This amount included approximately $2.3 million related to the ongoing line upgrades at the Company's Cortland aperture mask facility. The Company announced in May 1995 an increase in its previously-announced expansion program for its aperture mask operations. Capital expenditures associated with the expansion have been increased from $35 million to $80 to $85 million. The cost of this expansion is expected to be financed primarily through internally-generated cash and bank debt. The Company believes that such sources are adequate to meet its short and long-term financing needs. Page 7 PART II. OTHER INFORMATION. Item 4. Submission of Matters to a Vote of Securities Holders. The Company's 1995 Annual Meeting of Stockholders was held on May 4, 1995. Three matters were submitted to a vote of stockholders: (1) Election of certain members of the Company's Board of Directors, (2) Proposal to amend Article V of the Company's Second Restated Articles of Incorporation to increase the number of authorized shares of voting common stock from 24,500,000 shares to 49,500,000 shares and (3) Proposal to amend Article V of the Company's Second Restated Articles of Incorporation to permit the Board of Directors to amend the Second Restated Articles of Incorporation to change the number of authorized shares of capital stock in connection with any division or combination of the Company's shares. (1) The nominees for election to the Company's Board of Directors, as listed in the Company's Proxy Statement dated March 27, 1995, were elected for two year terms at that meeting. Voting for the individual nominees was as follows:
Votes Withheld Nominee Votes For or Against ------- ---------- -------------- Mr. John W. Castro 10,174,245 20,851 Mr. Joe E. Davis 10,166,095 29,001 Dr. Richard A. Swalin 10,172,969 22,127
The following directors did not stand for election this year because their terms of office continued after the meeting: Mr. Lyle D. Altman, Mr. Paul B. Burke, and Mr. S. Walter Richey. (2) The amendment to Article V of the Second Restated Articles of Incorporation increasing the number of authorized common stock was approved by the stockholders with votes cast as follows: Votes for 9,438,087 Votes withheld or against 736,469 Abstentions 20,540 Broker non-votes 0
(3) The amendment to Article V of the Second Restated Articles of Incorporation permitting the Board of Directors to change the number of authorized shares of capital stock in connection with any division or combination of the Company's shares was approved by the stockholders with votes cast as follows: Votes for 8,824,098 Votes withheld or against 230,254 Abstentions 19,910 Broker non-votes 1,120,834
Page 8 A copy of the amendments to Article V of the Second Restated Articles of Incorporation was filed with the Company's annual report on Form 10-K for year ended December 31, 1994. ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K.
(a) EXHIBITS PAGE 28.1 News Release, dated May 5, 1995, announcing the addition of new production lines...................................................... 10 28.2 News Release, dated May 4, 1995, announcing the appointment of Paul B. Burke as Chairman of the Board................................ 12 28.3 News Release, dated April 20, 1995, announcing first quarter 1995 operating results..................................................... 13
(b) REPORTS ON FORM 8-K. The Company did not file any reports on Form 8-K during the quarter ended March 31, 1995. SIGNATURES Pursuant to the requirements of the Securities and Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. BMC INDUSTRIES, INC. /s/ Terry R. Nygaard -------------------- Terry R. Nygaard Controller (Principal Accounting Officer) Dated: May 15, 1995 EX-28.1 2 EX-28.1 CONTACT: Michael P. Hawks (NYSE -- BMC) (612) 851-6030 FOR IMMEDIATE RELEASE BMC ANNOUNCES MASK EXPANSION INVESTMENT OF $80+ MILLION May 5, 1995 -- Minneapolis, Minnesota -- BMC Industries announced today plans to expand its domestic aperture-mask production capacity by adding TWO new production lines, ONE MORE LINE THAN WAS ANNOUNCED IN JANUARY OF THIS YEAR. BMC anticipates that the two production lines will require a total investment of $80 to $85 million, which will be financed through the use of internally generated cash and bank debt. BMC presently manufactures aperture masks at facilities in Cortland, New York and Mullheim, Germany. These two new lines are in addition to a third new line, announced in 1994, that is currently under construction at BMC's German mask plant. The German line will produce computer monitor masks and is scheduled to start up in the fourth quarter of this year. Cumulatively, these three new lines will represent a 60% increase in BMC's aperture mask production lines, bringing the total from 5 lines to 8 lines. Paul B. Burke, Chairman, President and Chief Executive Officer, stated "The company has been successful in the past four years in substantially increasing its television aperture mask dollar sales and profits through improvements in sales mix towards higher-priced television aperture masks. However, our strategic customers have been dramatically growing their television picture tube production capabilities and have indicated a strong desire for us to supply more of their television mask needs. In addition, the company will complete this year the construction of a new high-resolution computer monitor mask line in Germany to serve the rapidly growing monitor market. Cumulatively, these three lines will enable us to better serve our customers' needs in both mask types while substantially growing our own sales and profits." The two-line domestic expansion will result in the addition of 13-14 million television-masks annually to BMC's total aperture mask production. Additionally, it will raise its production capacity for computer-monitor masks to approximately 10 million masks annually. Page 10 The first of the two new domestic lines is expected to become operational during the first quarter of 1997, approximately one year sooner than announced in January. The second line is anticipated to begin production in the second quarter of 1997. The company also indicated that the location for the expansion has not yet been finalized. BMC confirmed that its current site located in Cortland, New York was under consideration, together with 4 other potential domestic sites in states other than New York. A final decision on location is targeted for mid-year. The company said its decision to expand was driven by the requirements of its existing customers, significant capacity expansion for the production of television picture tubes in North America and Europe, and anticipated growth in demand for more and bigger televisions and computer monitors over the next 5 to 10 years. BMC also indicated that the incremental expansion will be aimed primarily at two TV segments. The first is the rapidly growing "large" segment of the TV market composed of tubes above 25 inches. The second is the "medium" size TV segment (19 to 23 inches), where BMC anticipates a growing gap between supply and demand in its key markets. Page 11 EX-28.2 3 EX-28.2 CONTACT: Michael P. Hawks (NYSE -- BMC) (612) 851-6030 FOR IMMEDIATE RELEASE BMC APPOINTS BURKE CHAIRMAN OF THE BOARD Minneapolis, Minnesota -- May 4, 1995...The Board of Directors of BMC Industries, Inc. announced today the election of Paul B. Burke, currently President and Chief Executive Officer, to the additional position of Chairman of the Board. Mr. Burke joined BMC as Associate General Counsel in June, 1983 and was elected Vice President, Secretary and General Counsel in August, 1985. He was then appointed Vice President, Ft. Lauderdale Operations of the Company's Vison-Ease Lens Division in November, 1987, and in May, 1989 was appointed President of Vision-Ease Lens. Mr. Burke has been a member of the Board of Directors and President and Chief Operating Officer of the Company since May, 1991, and has served as its President and Chief Executive Officer since July, 1991. BMC Industries, Inc. is one of the world's largest manufacturers of aperture masks for color picture tubes used in televisions and computer monitors. The Company is also a leading producer of polycarbonate, glass and plastic eyewear lenses. BMC's common stock is traded on the New York Stock Exchange under the symbol BMC. Page 12 EX-28.3 4 EX28.3 CONTACT: Michael P. Hawks (NYSE -- BMC) (612) 851-6030 FOR IMMEDIATE RELEASE BMC REPORTS RECORD FIRST QUARTER RESULTS April 20, 1995 -- Minneapolis, MN -- BMC Industries, Inc. today reported first quarter 1995 net earnings of $4,694,000 or $.33 per share, up 74% from earnings from continuing operations of $2,702,000 or $.20 per share in the year-earlier period. First quarter total revenues were $61,334,000, an increase of 17% from $52,406,000 a year ago. Paul B. Burke, BMC's president and chief executive officer, said first quarter results represented continued improvement in the Company's core manufacturing operations. Burke said first quarter net income was a new first quarter record for BMC. The first quarter of 1995 also marks the sixteenth consecutive quarter of increased net earnings over the year-earlier period, excluding income from the sale of equipment and technology and other non-recurring items. This long string of quarterly increases reflects the ongoing shift in the Company's sales mix toward high-margin aperture mask and eyewear lens products and continuing operating improvement. In addition, the first quarter also benefited from higher equipment and technology earnings and lower interest expense. Burke added that both of the Company's core manufacturing operations, Precision Imaged Products and Optical Products, showed improved sales and improved profit margins. He said these improvements reflected increased unit volumes, improved operating efficiencies and the Company's ongoing focus on higher-margin growth opportunities in its primary markets. BMC is one of the world's largest manufacturers of aperture masks for color television tubes and computer monitors. The Company is also a leading producer of polycarbonate, glass and plastic eyewear lenses. The common stock of the Company is traded on the New York Stock Exchange under the symbol "BMC". Page 13 CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (Unaudited) (in thousands, except per share amounts)
Three Months Ended March 31 -------------------- 1995 1994 - ---------------------------------------------------------------------------------------------------- Revenues Net sales of primary products $57,753 $52,245 Equipment and technology sales 3,581 161 - ---------------------------------------------------------------------------------------------------- Total Revenues 61,334 52,406 - ---------------------------------------------------------------------------------------------------- Operating Costs and Expenses Cost of sales of primary products 48,346 44,066 Cost of equipment and technology sales 1,911 270 Selling 2,275 2,035 Administrative 1,254 1,110 - ---------------------------------------------------------------------------------------------------- Total Operating Costs and Expenses 53,786 47,481 - ---------------------------------------------------------------------------------------------------- Income from Operations 7,548 4,925 - ---------------------------------------------------------------------------------------------------- Other Income and (Expense) Interest expense (77) (975) Interest income 185 84 Other income (expense) (67) 61 - ---------------------------------------------------------------------------------------------------- Earnings from Continuing Operations before Income Taxes 7,589 4,095 Income Taxes 2,895 1,393 - ---------------------------------------------------------------------------------------------------- Earnings from Continuing Operations 4,694 2,702 Provision for Loss Related to Discontinued Operation (less applicable income tax benefit of $461) -- (Note) -- (839) - ---------------------------------------------------------------------------------------------------- Net Earnings $ 4,694 $ 1,863 - ---------------------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------------- Earnings Per Share from Continuing Operations $ 0.33 $ .20 Loss Per Share Related to Discontinued Operation -- (0.06) - ---------------------------------------------------------------------------------------------------- Net Earnings Per Share $ 0.33 $ 0.14 - ---------------------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------------- Number of Shares Included in Per Share Computation 14,014 13,274 - ---------------------------------------------------------------------------------------------------- - ----------------------------------------------------------------------------------------------------
NOTE: In the first quarter of 1994, the Company made a provision for estimated losses of $1,300, less applicable income tax effect of $461, related to a discontinued operation. This provision was prompted by claims and expenses growing out of environmental contamination and other claims related to the discontinued operation. The environmental contamination occurred before 1980 at an operation acquired by BMC in 1983 and disposed of in 1986. Page 14 EX-27 5 EXHIBIT 27
5 1,000 3-MOS DEC-31-1995 JAN-01-1995 MAR-31-1995 5,403 11,127 26,237 2,759 32,724 83,569 142,223 87,094 149,298 42,400 0 50,214 0 0 38,537 149,298 61,241 61,334 50,257 53,786 67 0 (108) 7,589 2,895 4,694 0 0 0 4,694 .33 .33
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