-----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, Sn6ageuOKOnkKAvKpgrrJtAzJ8yFv7+gsaEjrHMt/IKf6Ci7HXF1GoATAYVHnRww SUcQyuxk71YcxzC8onoNpg== 0000276747-98-000004.txt : 19980518 0000276747-98-000004.hdr.sgml : 19980518 ACCESSION NUMBER: 0000276747-98-000004 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19980331 FILED AS OF DATE: 19980515 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: ROBINSON NUGENT INC CENTRAL INDEX KEY: 0000276747 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRONIC CONNECTORS [3678] IRS NUMBER: 350957603 STATE OF INCORPORATION: IN FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 000-09010 FILM NUMBER: 98621866 BUSINESS ADDRESS: STREET 1: 800 E EIGHTH ST STREET 2: PO BOX 1208 CITY: NEW ALBANY STATE: IN ZIP: 47151-1208 BUSINESS PHONE: 8129450211 MAIL ADDRESS: STREET 1: PO BOX 1208 STREET 2: 800 E EIGHTH ST CITY: NEW ALBANY STATE: IN ZIP: 47151-1208 10-Q 1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 10-Q (Mark One) [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended MARCH 31, 1998 -------------------------------------- OR [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to -------------- --------------- Commission File Number 0-9010 ----------------------------------------------------- ROBINSON NUGENT, INC. - -------------------------------------------------------------------------- (Exact name of registrant as specified in its charter) INDIANA 35-0957603 - -------------------------------------------------------------------------- (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 800 East Eighth Street, New Albany, Indiana 47151-1208 - ----------------------------------------------------------------------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (812) 945-0211 ------------------------ 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 practical date: As of April 30 1998, the registrant had outstanding 4,891,765 common shares without par value. The Index to Exhibits is located at page 14 in the sequential numbering system. Total pages: 15. ROBINSON NUGENT, INC. AND SUBSIDIARIES INDEX Page No. -------- PART I. Financial Information: Item 1. Financial Statements (Unaudited) Consolidated balance sheets at March 31,1998, March 31, 1997 and June 30, 1997 3 Consolidated statements of operations for the three and nine months ended March 31, 1998 and March 31, 1997 5 Consolidated statements of cash flows for the nine months ended March 31, 1998 and March 31,1997.... 6 Notes to consolidated financial statements ..7 Item 2. Management's discussion and analysis of financial condition and results of operations ... ...8 PART II. Other Information ..... 12 PART I. FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS ROBINSON NUGENT, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (IN THOUSANDS)
March 31 June 30 ------------------- ------- ASSETS 1998 1997 1997 ------- ------- -------- (Unaudited) Current assets: Cash and cash equivalents $ 2,379 $ 2,027 $ 4,118 Accounts receivable, net 11,071 13,729 11,784 Inventories: Raw materials 989 1,722 1,294 Work in process 6,750 6,163 5,933 Finished goods 3,049 3,811 3,873 ------- ------- ------- Total inventories 10,787 11,696 11,100 Other current assets 1,865 1,638 1,371 ------- ------- ------- Total current assets 26,102 29,090 28,373 ------- ------- ------- Property, plant & equipment, net 19,725 21,267 21,188 Other assets 153 63 135 ------- ------- ------- Total assets $45,980 $50,420 $49,696 ======= ======= =======
See accompanying notes to consolidated financial statements. PART I. FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS (CONTINUED) ROBINSON NUGENT, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (IN THOUSANDS, EXCEPT SHARE DATA)
March 31 June 30 LIABILITIES AND SHAREHOLDERS' EQUITY 1998 1997 1997 (Unaudited) Current liabilities: Current installments of long-term debt $ 367 $ 752 $ 386 Accounts payable 5,047 4,005 4,265 Accrued expenses 4,707 5,167 5,560 Income taxes 38 1,029 1,581 ------- ------- ------- Total current liabilities 10,159 10,953 11,792 ------- ------- ------- Long-term debt, excluding current installments 8,720 8,030 5,926 Deferred income taxes 822 980 838 ------- ------- ------- Total liabilities 19,701 19,963 18,556 ------- ------- ------- Shareholders' equity: Common shares without par value Authorized shares: 15,000,000; issued shares: 6,851,250 20,996 20,950 20,950 Retained earnings 17,198 20,560 21,290 Equity adjustment from foreign currency translation 1,195 2,130 2,073 Employee stock purchase plan loans and deferred compensation (114) (187) (177) Less 1,959,485 treasury shares (12,996) (12,996) (12,996) ------- ------- ------- Total shareholders' equity 26,279 30,457 31,140 ------- ------- ------- Total liabilities and shareholders' equity $45,980 $50,420 $49,696 ======= ======= =======
See accompanying notes to consolidated financial statements. PART I. FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS (CONTINUED) ROBINSON NUGENT, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (IN THOUSANDS, EXCEPT PER SHARE DATA)
Three Months Ended Nine Months Ended March 31 March 31 ------------------ ---------------- - -- 1998 1997 1998 1997 -------- -------- -------- ------- - - (Unaudited) (Unaudited) Net sales $19,658 $21,651 $57,777 $62,874 Cost of sales 16,729 16,474 47,938 48,722 ------- ------- ------- ------- Gross profit 2,929 5,177 9,839 14,152 Selling, general and administrative expenses 3,801 3,786 11,001 11,464 Restructuring and unusual charges 3,093 -- 3,093 -- ------- ------- ------- ------- Operating income (loss) (3,965) 1,391 (4,255) 2,688 ------- ------- ------- ------- Other income (expense): Interest income 13 53 64 95 Interest expense (161) (164) (430) (538) Royalty income -- 5 2 55 Currency gain (loss) (98) 133 (10) 308 ------- ------- ------- ------- (246) 27 (374) (80) ------- ------- ------- ------- Income (loss) before income taxes (4,211) 1,418 (4,629) 2,608 Income taxes (923) 479 (977) 1,129 ------- ------- ------- ------- Net income (loss) $(3,288) $ 939 $(3,652) $ 1,479 ======= ======= ======= ======= Per share data: Basic net income (loss) per common share $ (.67) $ .19 $ (.75) $ .30 ======= ======= ======= ======= Weighted average number of common shares outstanding 4,892 4,892 4,892 4,892 ======= ======= ======= ======= Diluted net income (loss) per common share $ (.67) $ .19 $ (.75) $ .30 ======= ======= ======= ======= Adjusted weighted average number of common shares, assuming dilution 4,892 4,903 4,892 4,906 ======= ======= ======= ======= Dividends per common share $ .03 $ .03 $ .09 $ .09 ======= ======= ======= =======
See accompanying notes to consolidated financial statements. PART I. FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS (CONTINUED) ROBINSON NUGENT, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (IN THOUSANDS)
Nine Months Ended March 31 ------------------- 1998 1997 -------- -------- (Unaudited) Cash flows from operating activities: Net income (loss) $(3,652) $ 1,479 Adjustments to reconcile net income (loss) to net cash provided by operating activities: Depreciation and amortization 4,002 3,989 Disposal of capital assets 110 (8) Restructuring and unusual charges 3,093 Change in assets and liabilities: Receivables 713 (3,296) Inventories 313 1,750 Other assets (509) 47 Accounts payable and accrued expenses (423) (1,077) Income taxes (1,562) 762 ------- ------- Net cash provided by operating activities 2,085 3,640 ------- ------- Cash flows from investing activities: Capital expenditures (6,009) (2,325) Proceeds from the sale of capital assets -- 146 ------- ------- Net cash used in investing activities (6,009) (2,173) ------- ------- Cash flows from financing activities: Repayments of short-term bank borrowings -- (300) Proceeds from long-term debt 3,250 -- Repayments of long-term debt (317) (749) Cash dividends paid (440) (440) Repayments of employee stock purchase plan loans 53 119 Proceeds from sale of treasury shares 14 -- Stock options exercised 32 -- ------- ------- Net cash provided by (used in) financing activities 2,592 (1,370) ------- ------- Effect of exchange rate changes on cash (407) (438) ------- ------- Decrease in cash and cash equivalents 1,739 (341) Cash and cash equivalents at beginning of period 4,118 2,368 ------- ------- Cash and cash equivalents at end of period $ 2,379 $ 2,027 ======== =======
See accompanying notes to consolidated financial statements. PART I. FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS (CONTINUED) ROBINSON NUGENT, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) MARCH 31, 1998 AND 1997, AND JUNE 30, 1997 1. In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments necessary (all of which are normal and recurring) to present fairly the financial position of the Company and its subsidiaries, results of operations, and cash flows in conformity with generally accepted accounting principles. The results of operations for the interim period are not necessarily an indication of results to be expected for the entire year. 2. In February of 1997, the Financial Accounting Standards Board issued Statement of Financial Accounting Standards No. 128, "Earnings Per Share". The Company adopted this new standard in fiscal 1998. This statement changed the required methods used to calculate earnings per share data. The adoption of this standard does not have a material impact on these consolidated financial statements. 3. Reference is directed to the Company's consolidated financial statements (Form 10-K), including references to the Annual Report, for the year ended June 30, 1997 and management's discussion and analysis included in Part I, Item 2 in this report. 4. In March 1998, the Company recorded restructuring and unusual charges of $3,093,000, before taxes. This is presented separately as a component of operating income (loss) in the consolidated statements of operations. These charges include $1,184,000 of restructuring expenses related to the reorganization of the sales organization in Europe, manufacturing operations in North America and Europe and the discontinuation of several product lines. Unusual charges of $1,909,000 relate to a reduction in the carrying value of various assembly equipment, mold tools, dies and related inventory. A major portion of this reduction relates to the Company's decision to phase out certain products where increased offshore competition has resulted in unacceptable profit margins. In addition, the Company has reduced the carrying value of other assets due to present market demand and profitability of these products. PART I. FINANCIAL INFORMATION ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS RESULTS OF OPERATIONS - --------------------- Net sales for the quarter ended March 31, 1998 were $19,658,000, a 9 percent or $1,993,000 reduction, compared to sales of $21,651,000 in the same period a year ago. Customer sales in the United States were $13,442,000 compared to $13,648,000 in the same quarter a year ago and reflect an increase in the sales of newer PC board and backpanel-type connectors used in high speed routers, workstations, high-end servers and other communication and networking components. The Company experienced lower sales in older, more mature, stamped and screw machine sockets and connectors. The lower sales in the quarter also reflect a $1,118,000 or 20 percent decline in customer sales in Europe, measured in U. S. dollars, but only $164,000 or 3 percent lower when measured in local currencies such as the pound sterling, Swiss franc and German mark. Customer sales in Asia were $669,000 or 29 percent lower than the same quarter a year ago. This decline in customer sales reflects a reduction in the sales of several types of connectors and cable assemblies as compared to a strong quarter in the previous year. Sales have increased in the region on a year-to-date basis, and the Company expects to improve sales even further in this region with the introduction of small outline memory module connectors currently in development. The economic conditions in the region, and the instability of the Malaysian ringgit and other Southeast Asian currencies did not materially impact the Company's sales in the quarter. Net sales for the nine months ended March 31, 1998 were $57,777,000, down 8 percent from sales of $62,874,000 for the same period a year ago. Customer sales were $515,000 or 10 percent higher in Asia, but these increases were offset by lower customer sales in the United States and Europe. Higher sales in Asia were due primarily to higher connector and cable assembly sales in Southeast Asia and Japan. Year-to-date customer sales in the United States decreased 8 percent or $3,442,000 compared to the prior year, due primarily to lower sales of high-density sockets and older styles of back panel connectors. European sales were 13 percent, or $2,170,000, lower than the prior period when measured in U. S. dollars. Sales actually increased $1,067,000 or 6 percent when they are measured in local currencies. These higher sales reflect greater market penetration in the United Kingdom and Scandinavia related to the introduction of new designs of smart card reader and PCMCIA type connectors in electronic memory applications demanded by major communication and satellite broadcasting companies.
Comparative sales by geographic territory for the respective periods follows: Three Months Ended Nine Months Ended ($000 omitted) March 31 March 31 -------------------- ------------------ (Unaudited) (Unaudited) 1998 1997 1998 1997 -------- -------- ------- ------- United States: Domestic $12,929 $13,124 $36,365 $39,211 Export: Europe 20 18 78 49 Asia -- 8 7 192 Rest of world 493 498 1,206 1,646 ------- ------- ------- ------- Total export sales 513 524 1,291 1,887 ------- ------- ------- ------- Total sales to customers 13,442 13,648 37,656 41,098 Intercompany 1,776 2,345 6,114 6,386 ------- ------- ------- ------- Total United States 15,218 15,993 43,770 47,484 ------- ------- ------- ------- Europe: Domestic 4,543 5,661 14,495 16,243 Export to Asia -- -- -- 422 ------- ------- ------- ------- Total sales to customers 4,543 5,661 14,495 16,665 Intercompany 927 1,188 3,179 3,036 ------- ------- ------- ------- Total Europe 5,470 6,849 17,674 19,701 ------- ------- ------- ------- Asia: Domestic 1,673 2,342 5,626 5,016 Export to Europe -- -- -- 95 ------- ------- ------- ------- Total sales to customers 1,673 2,342 5,626 5,111 Intercompany 1,285 555 2,988 2,174 ------- ------- ------- ------- Total Asia 2,958 2,897 8,614 7,285 ------- ------- ------- ------- Eliminations (3,988) (4,088) (12,281> (11,596) ------- ------- ------- ------- Consolidated $19,658 $21,651 $57,777 $62,874 ======= ======= ======= =======
Incoming customer orders for the quarter ended March 31, 1998 were $18.7 million, compared to orders of $21.7 million in the same quarter a year ago. Customer orders for the nine months ended March 31, 1998 were $56.7 million compared to $63.0 million in the prior year, a decrease of $6.3 million or 10 percent. The Company's backlog of unshipped orders at March 31, 1998 was $13.5 million compared to $16.1 million a year ago. The gross profit in the quarter amounted to $2,929,000 or 15 percent of net sales, compared to $5,177,000 or 23.9 percent of net sales in the prior year. Gross profits are net of engineering charges associated with new product development. Engineering charges amounted to $1,047,000 or 5.3 percent of net sales in the current quarter compared to $892,000 or 4.1 percent of net sales in the prior year, and reflect a 17 percent increase in spending as the Company increased its investment in the development of new and improved product offerings. Gross profits for the nine months ended March 31, 1998 amounted to $9,839,000 or 17 percent of net sales, compared to $14,152,000 or 22.5 percent of net sales in the prior year. Engineering expenses for the nine months ended March 31, 1998 increased by 20 percent, to $2,918,000 or 5.1 percent of net sales compared to $2,427,000 or 3.8 percent of net sales in the prior year. The Company recorded $3,093,000 of restructuring and unusual charges in the quarter. These charges include $1,184,000 of restructuring expenses related to the reorganization of the sales organization in Europe, manufacturing operations in North America and Europe, and the discontinuation of several product lines. The Company has restructured its operations in the United States and Europe to better meet the changing market place and to take advantage of it's present and future market position. Approximately $232,000 of these charges relate to the cost of workforce reductions implemented to reduce the Company's cost structure and enable it to meet changes in the market place. The remaining $952,000 reflects the cost of disposal and the reduction in the carrying value of assets affected by this restructuring. In addition, unusual charges of $1,909,000 relating to a reduction in the carrying value of various assembly equipment, mold tools, dies and related inventory were taken in the quarter. These costs result from the evaluation of the Company's ability to recover asset costs given existing market conditions. A major portion of these reductions relate to the Company's decision to phase out certain products where increased offshore competition has resulted in unacceptable profit margins. In addition, the Company has reduced the carrying value of other assets due to present market demand and profitability of these products. Selling, general and administrative expenses (SG&A) in the quarter were $3,801,000 compared to expenses of $3,786,000 in the prior year. These expenses will decline in the future due to the consolidation and reorganization of several sales offices in Europe. Additional unusual and restructuring charges may be forthcoming in the following quarters as management continues to evaluate this organization. SG&A expenses were $11,001,000 for the nine months ended March 31, 1998, a decrease of $463,000 or 4 percent compared to expenses of $11,464,000 in the prior year. The provision for income taxes was provided using the appropriate effective tax rates for each of the tax jurisdictions in which the Company operates. An income tax benefit has been accrued for losses generated in the United States, but no tax benefit has been recognized on the pretax losses incurred in Belgium, Scotland and Switzerland. The Company maintains a valuation allowance for tax benefits of prior period net operating losses in various tax jurisdictions. At such time as management is able to project the probable utilization of all or part of these net operating loss carryforward provisions, the valuation allowances for these deferred tax assets will be reversed. The net loss in the quarter ended March 31, 1998 amounted to $3,288,000 or 67 cents per share, including restructuring and unusual charges of $2,306,000 (after income taxes) or 47 cents per share, compared to a net income of $939,000 or 19 cents per share a year ago. The net loss for the nine months ended March 31, 1998 amounted to $3,652,000 or 75 cents per share including $2,306,000 (after income taxes) of restructuring and unusual charges, compared to a net income of $1,479,000 or 30 cents per share a year ago. Operations in the United States, Europe and Asia incurred net losses, after restructuring and unusual charges, in the quarter of $1,821,000, $1,283,000, and $184,000 respectively. Year-to- date net losses totaled $2,116,000 in the United States, $1,395,000 in Europe and $141,000 in Asia. The recent currency crisis in Asia had minimal impact on the Company's operating results in the first nine months of the year. While the operating results in Japan were unfavorably impacted by the strengthening of the U. S. dollar against the Japanese yen, operating results in Southeast Asia were affected favorably since most of the Company's sales to customers in Southeast Asia are transacted in U. S. dollars. These sales were not significantly affected by the currency crisis. Cost of sales and operating expenses in Southeast Asia were lower in the period due primarily to the devaluation of the Malaysian ringgit and the Singapore dollar, compared to the U. S. dollar. MATERIAL CHANGES IN FINANCIAL CONDITION - --------------------------------------- Net working capital at March 31, 1998 amounted to $15.9 million compared to $18.1 million at March 31, 1997 and $16.6 million at June 30, 1997. The current ratio was 2.6 to 1 compared to 2.7 to 1 in the prior year. The Company's existing long-term credit agreement currently provides up to $8.0 million in revolving credit loans. Long-term borrowings under this facility were $7.3 million as of March 31, 1998. This line of credit is unsecured, but the agreement includes various operating and financial covenants. Although the Company was not in compliance with certain technical covenants as of March 31, 1998, largely due to the restructuring and unusual charges recorded in the quarter, it has obtained a waiver. Long-term debt, excluding current installments, amounted to $8.7 million, or 33 percent of shareholders' equity at March 31, 1998, compared to $8.0 million or 26 percent of shareholders' equity at March 31, 1997. The Company believes working capital and capital expenditure requirements can be met from cash provided by operating activities, cash balances and borrowings available under the existing credit facility. DIVIDEND ACTION - --------------- On April 23, 1998, the Board of Directors declared a regular quarterly dividend of 3 cents per share, payable May 22, 1998, to shareholders of record May 8, 1998. CAUTIONARY STATEMENTS FOR PURPOSES OF THE SAFE HARBOR - ----------------------------------------------------- In addition to statements of historical fact, this quarterly report contains forward-looking statements which are inherently subject to change, based on known and unknown risks, including but not limited to changes in the market and industry. Please refer to documents filed with the Securities and Exchange Commission for additional information on factors that could materially affect the Company's financial results. PART II. OTHER INFORMATION Item 1. Not applicable. Item 2. Not applicable. Item 3. Not applicable. Item 4. Not applicable. Item 5. Mr. Samuel C. Robinson retired as Chairman of the Board of Directors effective January 22, 1998. Mr. Patrick C. Duffy was elected to replace Mr. Robinson as Chairman. Mr. Robinson will remain a Director of the Company. Item 6. Exhibits and Reports on Form 8-K. (a) See Index to Exhibits. (b) No reports on Form 8-K were filed during the quarter ended March 31, 1998. 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. Robinson Nugent, Inc. -------------------------------------- - --- (Registrant) Date May 14, 1998 /s/ Larry W. Burke -------------------- ----------------------------------- Larry W. Burke President and Chief Executive Officer Date May 14, 1998 /s/ Robert L. Knabel -------------------- ------------------------------------ Robert L. Knabel Vice President, Treasurer and Chief Financial Officer FORM 10-Q INDEX TO EXHIBITS Number of Sequential Item Numbering Assigned in System Regulation S-K Page Number Item 601 Description of Exhibit of Exhibit - --------------- -------------------------------- -------- (2) Not applicable. (4) 4.1 Specimen certificate for Common Shares, without par value. (Incorporated by reference to Exhibit 4 to Form S-1 Registration Statement No. 2-62521.) 4.2 Rights Agreement dated April 21, 1988 between Robinson Nugent, Inc. and Bank One, Indianapolis, N.A. (Incorporated by reference to Exhibit I to Form 8-A Registration Statement dated May 2, 1988.) 4.3 Amendment No. 1 to Rights Agreement dated September 26, 1991 between Robinson Nugent, Inc. and Bank One, Indianapolis, N.A. (Incorporated by reference to Exhibit 4.3 to Form 10-K Report for year ended June 30, 1991.) 4.4 Amendment No. 2 to Rights Agreement dated June 11, 1992. (Incorporated by reference to Exhibit 4.4 to Form 8-K Current Report dated July 6, 1992.) 4.5 Amendment No. 3 to Rights Agreement dated February 11, 1998. (10) 10.1 Robinson Nugent, Inc. 1983 Tax-Qualified Incentive Stock Option Plan. (Incorporated by reference to Exhibit 10.1 to Form 10-K Report for year ended June 30, 1983.) 10.2 Robinson Nugent, Inc. 1983 Non Tax- Qualified Incentive Stock Option Plan. (Incorporated by reference to Exhibit 10.2 to Form 10-K Report for year ended June 30, 1983.) 10.3 1993 Robinson Nugent, Inc. Employee and Non-Employee Director Stock Option Plan. (Incorporated by reference to Exhibit 19.1 to Form 10-K Report for year ended June 30, 1993.) 10.4 Summary of the Robinson Nugent, Inc. Employee Stock Purchase Plan (Incorporated by reference to Exhibit 19.2 to Form 10-K Report for year ended June 30, 1993.) 10.5 Deferred compensation agreement dated May 10, 1990 between Robinson Nugent, Inc. and Larry W. Burke, President and Chief Executive Officer. (Incorporated by reference to Exhibit 19.1 to Form 10-K Report for year ended June 30, 1990.) 10.6 Rabbi Trust Agreement dated July 1, 1996 between Robinson Nugent, Inc. and Dean Witter Trust Company, related to the deferred compensation agreement between Robinson Nugent, Inc. and Larry W. Burke President and Chief Executive Officer. (Incorporated by reference to Exhibit 10.6 to Form 10-K Report for year ended June 30, 1997.) 10.7 Summary of Robinson Nugent, Inc. Bonus Plan for the fiscal year ended June 30, 1998. (Incorporated by reference to Exhibit 10.7 to Form 10-K Report for year ended June 30, 1996.) (11) Not applicable. (15) Not applicable. (18) Not applicable. (19) Not applicable. (22) Not applicable. (23) Not applicable. (24) Not applicable. (27) Financial Data Schedule (99) Not applicable. EX-27 2
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE ROBINSON NUGENT, INC. 10-Q FOR THE PERIOD ENDING MARCH 31, 1998 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 1,000 9-MOS JUN-30-1998 JUL-01-1997 MAR-31-1998 2,379 0 11,642 571 10,787 26,102 63,875 44,150 45,980 10,159 0 20,996 0 0 5,283 45,980 57,777 57,777 47,938 47,938 14,094 0 430 (4,629) (977) (3,652) 0 0 0 (3,652) (.75) (.75)
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