-----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, SQoDNRBkHnHo7nSAN8o10N75JPkryT7y37S3oXbWex08bigb0guHbzHyZ87FBp0z x+tuE6K1vodbPyip8Tt8WQ== 0000910680-97-000155.txt : 19970508 0000910680-97-000155.hdr.sgml : 19970508 ACCESSION NUMBER: 0000910680-97-000155 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 19970328 FILED AS OF DATE: 19970507 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: TII INDUSTRIES INC CENTRAL INDEX KEY: 0000277928 STANDARD INDUSTRIAL CLASSIFICATION: SWITCHGEAR & SWITCHBOARD APPARATUS [3613] IRS NUMBER: 660328885 STATE OF INCORPORATION: DE FISCAL YEAR END: 0629 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-08048 FILM NUMBER: 97597368 BUSINESS ADDRESS: STREET 1: 1385 AKRON ST CITY: COPIAGUE STATE: NY ZIP: 11726 BUSINESS PHONE: 5167895000 MAIL ADDRESS: STREET 1: 1385 AKRON STREET CITY: COPIAGUE STATE: NY ZIP: 11726 10-Q 1 FOR QUARTER ENDED MARCH 28, 1997 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 28, 1997 Commission file number 1-8048 TII INDUSTRIES, INC. (Exact name of registrant as specified in its charter) State of incorporation: Delaware IRS Employer Identification No: 66-0328885 1385 Akron Street, Copiague, New York 11726 ---------------------------------------------------- (Address and zip code of principal executive office) (516) 789-5000 ---------------------------------------------------- (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 the past 90 days. Yes [X] No [_] The number of shares of the registrant's Common Stock, $.01 par value, outstanding as of April 30, 1997 was 7,430,836. PART I. FINANCIAL INFORMATION Item 1. Financial Statements TII INDUSTRIES, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (Dollars in Thousands) March 28, June 28, -------- -------- 1997 1996 ASSETS (unaudited) Current Assets Cash and cash equivalents $ 1,206 $ 2,883 Marketable securities available for sale 3,787 5,999 Receivables 7,044 7,084 Inventories 16,008 14,032 Prepaid expenses 649 388 -------- -------- Total current assets 28,694 30,386 -------- -------- Fixed Assets Property, plant and equipment 36,378 33,018 Less: Accumulated depreciation and amortization (23,320) (22,029) -------- -------- Net fixed assets 13,058 10,989 -------- -------- Other Assets 1,541 1,448 -------- -------- TOTAL ASSETS $ 43,293 $ 42,823 ======== ======== LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities Current portion of long-term debt and obligations under capital leases $ 536 $ 363 Accounts payable 5,728 5,185 Accrued liabilities 1,341 1,037 -------- -------- Total current liabilities 7,605 6,585 -------- -------- Long-Term Debt 843 853 Long-Term Obligations Under Capital Leases 1,612 1,523 -------- -------- Shareholders' Equity Preferred Stock, par value $1.00 per share; 1,000,000 authorized and issuable in series; none issued -- Common Stock, par value $.01 per share; 30,000,000 shares authorized; 7,448,473 and 7,446,975 shares issued at March 28, 1997 and June 28, 1996, respectively 75 75 Warrants outstanding 159 120 Capital in excess of par value 29,052 29,046 Retained earnings 4,187 4,855 Valuation adjustment to record marketable securities available for sale at fair value 41 47 -------- -------- 33,514 34,143 Less - Treasury stock, at cost; 17,637 common shares (281) (281) -------- -------- Total shareholders' equity 33,233 33,862 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 43,293 $ 42,823 ======== ======== See notes to consolidated financial statements -2- TII INDUSTRIES, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) (Dollars in Thousands, except per share data)
Three Months Ended Nine Months Ended March March 28, 1997 29, 1996 28, 1997 29, 1996 -------- -------- -------- -------- Net sales $ 12,535 $ 12,136 $ 37,532 $ 32,977 Cost of sales 12,178 7,946 30,638 23,110 -------- -------- -------- -------- Gross profit 357 4,190 6,894 9,867 -------- -------- -------- -------- Operating expenses Selling, general and administrative 1,906 1,568 5,261 4,455 Research and development 842 770 2,362 2,157 -------- -------- -------- -------- Total operating expenses 2,748 2,338 7,623 6,612 Operating (loss) income (2,391) 1,852 (729) 3,255 Interest expense (60) (112) (229) (293) Interest income 54 53 324 152 Other income (expense) 41 (12) 41 1 -------- -------- -------- -------- (Loss) income before provision for income taxes (2,356) 1,781 (593) 3,115 Provision for income taxes (31) -- 75 -- -------- -------- -------- -------- Net (loss) income $ (2,325) $ 1,781 $ (668) $ 3,115 ======== ======== ======== ======== Net (loss) income per share - primary $ (.31) $ .23 $ (.09) $ .40 ======== ======== ======== ======== Weighted average number of common and common equivalent shares outstanding 7,431 7,893 7,430 7,861 ======== ======== ======== ======== Net (loss) income per share - fully diluted $ (.31) $ .22 $ (.09) $ .39 ======== ======== ======== ======== Weighted average number of common and common equivalent shares outstanding 7,431 8,193 7,430 8,197 ======== ======== ======== ========
See notes to consolidated financial statements -3- TII INDUSTRIES, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY FOR THE NINE MONTHS ENDED MARCH 28, 1997 (UNAUDITED) (DOLLARS IN THOUSANDS)
Valuation Adjustment to record Marketable Capital Securities in excess available for Common Warrants of par Retained sale at Treasury Stock Outstanding value Earnings fair value Stock ------- ------- ------- ------- ------- ------- BALANCE, June 28, 1996 $ 75 $ 120 $29,046 $ 4,855 $ 47 $ (281) Exercise of stock options -- -- 6 -- -- -- Warrants issued for financial advisory services -- 39 -- -- -- -- Unrealized loss on marketable securities available for sale -- -- -- -- (6) -- Net loss for the nine months ended March 28, 1997 -- -- -- (668) -- -- ------- ------- ------- ------- ------- ------- BALANCE, March 28, 1997 $ 75 $ 159 $29,052 $ 4,187 $ 41 $ (281) ======= ======= ======= ======= ======= =======
See notes to consolidated financial statements -4- TII INDUSTRIES, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE NINE MONTHS ENDED MARCH 28, 1997 AND MARCH 29, 1996 (unaudited) (Dollars in Thousands)
1997 1996 -------- -------- Cash Flows from Operating Activities: Net (loss) income $ (668) $ 3,115 Adjustments to reconcile net (loss) income to net cash used in operating activities: Depreciation and amortization 1,292 1,265 Provision for inventory reserve, net 2,798 -- Amortization of other assets, net 45 251 Changes in assets and liabilities Decrease (increase) in receivables 40 (1,471) Increase in inventories (4,774) (1,749) (Increase) decrease in prepaid expenses and other assets (399) 67 Increase (decrease) in accounts payable and accrued liabilities 885 (2,396) -------- -------- Net cash used in operating activities (781) (918) -------- -------- Cash Flows from Investing Activities: Capital expenditures (2,827) (1,379) Purchases of marketable securities (8,552) (3,419) Sales and maturities of marketable securities 10,759 228 -------- -------- Net cash used in investing activities (620) (4,570) -------- -------- Cash Flows from Financing Activities: Proceeds from exercise of options and warrants 6 7,670 Payment of long-term debt and obligations under capital leases (282) (1,886) Proceeds from issuance of long-term debt -- 1,840 Redemption of Preferred Stock -- (2,763) -------- -------- Net cash (used in) provided by financing activities (276) 4,861 -------- -------- Net decrease in cash and cash equivalents (1,677) (627) Cash and Cash Equivalents, at beginning of period 2,883 1,152 -------- -------- Cash and Cash Equivalents, at end of period $ 1,206 $ 525 ======== ======== Supplemental Disclosure of Non-cash Transactions: Capital leases entered into $ 533 $ 32 ======== ======== Cash paid during the period for: Income taxes $ 42 $ -- ======== ======== Interest $ 181 $ 112 ======== ========
See notes to consolidated financial statements -5- TII INDUSTRIES, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) NOTE 1 - INTERIM FINANCIAL STATEMENTS The unaudited interim financial statements presented herein have been prepared in accordance with generally accepted accounting principles for interim financial statements and with the instructions to Form 10-Q and Regulation S-X pertaining to interim financial statements. Accordingly, they do not include all information and footnotes required by generally accepted accounting principles for complete financial statements. The financial statements reflect all adjustments, consisting of normal recurring adjustments and accruals which, in the opinion of management, are considered necessary for a fair presentation of financial position at March 28, 1997 and results of operations for the three and nine months ended March 28, 1997 and March 29, 1996. The financial statements should be read in conjunction with the summary of significant accounting policies and notes to consolidated financial statements included in the Company's Annual Report on Form 10-K for the year ended June 28, 1996. The results of operations for the three and nine months ended March 28, 1997 are not necessarily indicative of the results that may be expected for the full year ending June 27, 1997. NOTE 2 - NET PROFIT PER COMMON SHARE Net profit per common and common equivalent share is calculated using the weighted average number of common shares outstanding and the net additional number of shares that would be issuable upon the exercise of dilutive stock options and warrants assuming that the Company used the proceeds received to purchase additional shares (up to 20% of shares outstanding) at market value, retire debt and invest any remaining proceeds in U.S. government securities. The effect on net profit of these assumed transactions is considered in the computation. In February 1997, the Financial Accounting Standards Board ("FASB") issued Statement of Financial Accounting Standards 128 "Earnings Per Share" ("SFAS 128"). SFAS 128 modifies the methodology of calculating earnings per share and is effective for periods after December 15, 1997. The Company's management does not expect SFAS 128 to have a material effect on the Company's earnings per share. NOTE 3 - INVENTORIES Inventories, net of reserves, consisted of the following components: March 28,1996 June 28, 1996 ------------- ------------- Raw materials $ 5,290,000 $ 4,939,000 Work in process 5,551,000 4,879,000 Finished goods 5,167,000 4,214,000 ----------- ----------- $16,008,000 $14,032,000 ITEM 2: MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS: The following discussion and analysis should be read in conjunction with the foregoing consolidated financial statements and notes thereto. RESULTS OF OPERATIONS Sales increased $1.3 million (11%) and $5.4 million (17%) in the third quarter and first three quarters of fiscal 1997, respectively, over the comparable periods of 1996 after eliminating $875,000 of revenue received in the third quarter of fiscal 1996 from AT&T Corporation relating to a contract that expired in the third quarter of fiscal 1996. The Company experienced growth in each of its station protector, network interface device and fiber optic product lines. -6- During the third quarter of fiscal year 1997, the Company initiated a restructuring of its operations in order to reduce costs and enhance profitability. This restructuring will include the reduction of personnel, moving certain production processes to lower cost areas, outsourcing certain manufacturing steps, realigning the sales and marketing forces and ceasing the sale of lower margin products. This plan resulted in one time charges of $3.0 million, which consists of an inventory reserve, severance related costs, reserves for the impaired value of property plant and equipment, and costs to close or move production processes. Of the $3.0 million restructuring charge, $2.9 million was charged to cost of sales. Cost of sales as a percentage of sales increased to 97.2% (74.0% before the non-recurring charges) and 81.6% (73.9% before the non-recurring charges) in the third quarter and the first nine months of fiscal 1997 from 65.5% (70.6% after excluding AT&T contract revenue) and 70.1% (72.0% after excluding AT&T contract revenue) in the third quarter and the first nine months of 1996, respectively. Selling, general and administrative expenses for the third quarter and the first three quarters of fiscal 1997, increased $338,000 or 22% and $806,000 or 18% from the prior year periods, respectively. The restructuring described above resulted in a one time charge to selling, general and administrative expenses of $50,000, which consisted of severance related costs, and administrative expenditures relating to the execution of the restructuring. The additional increase resulted primarily from costs associated with the Company's efforts to penetrate new markets. Research and development expenses increased 9% and 10% in the third quarter and first nine months of fiscal 1997, respectively. $50,000 of the increase resulted from a one time charge relating to the cost reduction program mentioned above. The remaining increase was due to the Company's continuing development of new products for the telecommunications industry. Interest expense declined by $52,000 and $64,000 in the third quarter and the first three quarters of fiscal 1997, respectively, from the respective comparable periods in fiscal 1996. Last year's amounts included the amortization of debt origination costs that were fully amortized as of September 1996. Interest income increased by $1,000 over the prior year's third quarter and by $172,000 over last year's first three quarters due to the investment of additional funds, which arose primarily from the exercise of options and warrants, as well as from funds generated from the Company's operations. The Company accrued a credit for the quarter and a provision for the first nine months of fiscal 1997 for certain state and local income taxes. Fiscal year 1996 did not contain such a provision, as the Company's net operating loss carry forwards were then available to apply against such taxes. As a result of the above, net loss for the third quarter and the first nine months of fiscal year 1997 equaled $2,325,000 or $.31 per share and $668,000 or $.09 per share (fully diluted), respectively, as compared to net income of $1,781,000 or $.22 per share and $3,115,000 or $.39 per share (fully diluted) in the year earlier periods. The results for both fiscal 1997 reported periods include one time charges aggregating to $3,000,000 or $.38 per share. LIQUIDITY AND CAPITAL RESOURCES During the first nine months of fiscal 1997, $781,000 of cash was used in operations, primarily to fund the net loss of $668,000. The balance of cash used funded, principally, increases in inventories (approximately $4,774,000 or $1,976,000 net of $2,798,000 of reserve established) and prepaid expenses and other assets ($399,000) offset, in part, by cash provided by depreciation and amortization ($1,292,000) and an increase in accounts payable and accrued liabilities ($885,000). Cash of $620,000 was used in investing activities for capital expenditures ($2,827,000) offset, in part, by $2,207,000 of matured investments in excess of amounts reinvested. Financing activities used $276,000 of cash for the payment of $282,000 of long term debt and obligations under capital lease, offset slightly by proceeds from the exercise of options. -7- As a result of the one time restructuring charges of $3 million, the Company was not in compliance with the Debt Service Ratio covenant contained in its Revolving Credit Agreement. Presently, there is no loan amount outstanding under this line of credit. The Company has received a waiver of this non-compliance and an amendment to the covenant to eliminate the effects of such charges on compliance with such covenant in future quarters. Funds anticipated to be generated from operations, together with available cash, marketable securities, and borrowings available under the Company's Revolving Credit Agreement, are considered to be adequate to finance the Company's operational and capital needs for the foreseeable future. PART II. OTHER INFORMATION Item 6. Exhibits and Reports on Form 8-K (a) Exhibits 4. Fourth Amendment dated May 2, 1997 to the Revolving Credit Agreement among TII International, Inc., TII Industries, Inc. and Chase Manhattan Bank 11. Statement Re: Computation of Per Share Earnings 27. EDGAR financial data schedule (b) Reports on Form 8-K No Reports on Form 8-K were filed during the quarter ended March 28, 1997. 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. TII INDUSTRIES, INC. Date: May 7, 1997 /s/ Paul G. Sebetic ------------------- Paul G. Sebetic Vice President-Finance and Chief Financial Officer -8- EX-4 2 CHASE AGREEMENT FOURTH AMENDMENT AND WAIVER dated as of May 2, 1997 to the Revolving Credit Loan Agreement dated January 31, 1995, as amended by the FIRST AMENDMENT dated as of August 3, 1995, the SECOND AMENDMENT AND WAIVER dated as of November 10, 1995, and AMENDMENT OF REVOLVING CREDIT LOAN AGREEMENT dated December 27, 1995 (the "Loan Agreement") among TII INTERNATIONAL, INC., a Delaware corporation with offices located at 1385 Akron Street Copiague, New York 11726 (the "Borrower"), TII INDUSTRIES, INC., a Delaware corporation with offices at 1385 Akron Street Copiague, New York 11726 ("Industries") and THE CHASE MANHATTAN BANK (formerly known as Chemical Bank), a New York State banking corporation with offices at 395 North Service Road, Suite 302, Melville, New York 11747 (the "Bank"). WHEREAS, the Borrower and Industries have requested and the Bank has agreed, subject to the terms and conditions of this FOURTH AMENDMENT AND WAIVER, to amend and waive compliance with certain provisions of the Loan Agreement to reflect the requests herein set forth; NOW, THEREFORE, in consideration of the premises and of the mutual covenants and agreements hereinafter set forth, the parties hereto agree as follows: 1. Waiver of Article VII. Negative Covenants. Section 7.17. Debt Service -------------------------------------------------------------- Ratio. ------ Compliance with Section 7.17 of the Loan Agreement is hereby waived for the fiscal quarter ended March 28,1997 to permit the Debt Service Ratio to be less than 1.35 to 1.0, provided, however, that Industries and its Subsidiaries did not incur a net loss in excess of $2,326,000 for the fiscal quarter ended March 28, 1997 and provided further that such net loss arose as a result of a "one-time" charge in an amount not to exceed $3,000,000 for such fiscal period (the "1996 Extraordinary Charge"). 2. Amendment to Article VII. Negative Covenants. Section 7.17. Debt Service ----------------------------------------------------------- Ratio. ------ Section 7.17 of the Loan Agreement is hereby amended by adding the following immediately at the end of such section: "The 1996 Extraordinary Charge in the amount up to $3,000,000 for the fiscal quarter ended March 28, 1997 shall be excluded from the calculation of the Debt Service Ratio for the fiscal quarters ended June 29, 1997, September 30, 1997 and December 31, 1997." This FOURTH AMENDMENT AND WAIVER shall be construed and enforced in accordance with the laws of the State of New York. All capitalized terms not otherwise defined herein are used with the respective meanings given to such terms in the Loan Agreement. Except as expressly waived or amended hereby, the Loan Agreement shall remain in full force and effect in accordance with the original terms thereof. This FOURTH AMENDMENT AND WAIVER herein contained is limited specifically to the matters set forth above and does not constitute directly or by implication -2- a waiver or amendment of any other provision of the Loan Agreement or any default which may occur or may have occurred under the Loan Agreement. The Company and Industries hereby represent and warrant that, after giving effect to this FOURTH AMENDMENT AND WAIVER, no Event of Default or default exists under the Loan Agreement or any other related documents. This FOURTH AMENDMENT AND WAIVER may be executed in any number of counterparts, each of which shall constitute an original but all of which, when taken together, shall constitute but one FOURTH AMENDMENT AND WAIVER. This FOURTH AMENDMENT AND WAIVER shall become effective when (i) the Bank shall have received a certificate of the chief financial officer detailing the $3,000,000 one time charge for the fiscal quarter ended March 28, 1997 and the breakdown of accounting entries used to reflect the charge on the balance sheet and income statement of Industries and its Subsidiaries and (ii) duly executed counterparts hereof which, when taken together, bear the signatures of each of the parties hereto shall have been delivered to the Bank. IN WITNESS WHEREOF, the Borrower, Industries and the Bank caused this FOURTH AMENDMENT AND WAIVER to be duly executed by their duly authorized officers all as of the day and year first above written. TII INTERNATIONAL, INC. By: /s/ Paul Sebetic ----------------------------- Name: Paul Sebetic Title: TII INDUSTRIES, INC. By: /s/ Paul Sebetic ----------------------------- Name: Paul Sebetic Title: THE CHASE MANHATTAN BANK By: /s/ Christopher Zimmerman ----------------------------- Name: Christopher Zimmerman Title: Vice President -3- CONSENT The undersigned, as Guarantors of the obligations of TII International, Inc. hereby consent to the execution and delivery by TII International, Inc. and TII Industries, Inc. of this FOURTH AMENDMENT AND WAIVER and hereby confirm that they remain fully bound by the terms of the Joint and Several Guaranty of Payment dated January 31, 1995 to which they are a party. TII INDUSTRIES, INC. TII CORPORATION By: /s/ Paul Sebetic -------------------- By: /s/ Paul Sebetic Name: Paul Sebetic -------------------- Title: VP - Finance Name: Paul Sebetic Title: VP - Finance TII INDUSTRIES NC, INC. TELECOMMUNICATIONS INDUSTRIES, INC. By: /s/ Paul Sebetic -------------------- Name: Paul Sebetic By: /s/ Paul Sebetic Title: VP - Finance -------------------- Name: Paul Sebetic Title: VP - Finance TII DOMINICANA, INC. By: /s/ Paul Sebetic -------------------- Name: Paul Sebetic Title: VP - Finance TII ELECTRONICS, INC. By: /s/ Paul Sebetic -------------------- Name: Paul Sebetic Title: VP - Finance DITEL, INC. By: /s/ Paul Sebetic -------------------- Name: Paul Sebetic Title: VP - Finance EX-11 3 COMPUTATION OF PER SHARE EARNINGS TII INDUSTRIES, INC. AND SUBSIDIARIES EXHIBIT 11 - COMPUTATION OF PER SHARE EARNINGS
Three Months Ended Nine Months Ended March March 28, 1997 29, 1996 28, 1997 29, 1996 ----------- ----------- ----------- ----------- PRIMARY EARNINGS PER SHARE Shares used in computing earnings per share: Weighted average number of shares of common stock outstanding 7,431,000 7,307,000 7,430,000 6,636,000 Weighted average number of shares of class B common stock outstanding -- -- -- 370,000 Weighted average number of shares of Series A preferred stock outstanding -- -- -- 106,000 Incremental shares attributed to common stock equivalents - options and warrants -- 586,000 -- 749,000 ----------- ----------- ----------- ----------- 7,431,000 7,893,000 7,430,000 7,861,000 =========== =========== =========== =========== Earnings: Net (loss) income ($2,325,000) $1,781,000 ($ 668,000) $ 3,115,000 Add: Interest expense reduction -- -- -- -- ----------- ----------- ----------- ----------- ($2,325,000) $1,781,000 ($ 668,000) $ 3,115,000 =========== =========== =========== =========== Earnings per common and common equivalent share ($ 0.31) $ 0.23 ($ 0.09) $ 0.40 =========== =========== =========== =========== FULLY DILUTED EARNINGS PER SHARE Shares used in computing earnings per share: Weighted average number of shares outstanding 7,431,000 7,307,000 7,430,000 6,636,000 Weighted average number of shares of class B common stock outstanding -- -- -- 370,000 Weighted average number of shares of Series A preferred stock outstanding -- -- -- 106,000 Incremental shares attributed to common stock equivalents - options and warrants -- 586,000 -- 785,000 OPIC loan -- 300,000 -- 300,000 ----------- ----------- ----------- ----------- 7,431,000 8,193,000 7,430,000 8,197,000 =========== =========== =========== =========== Earnings: Net (loss) income ($2,325,000) $1,781,000 ($ 668,000) $ 3,115,000 Add: Interest expense reduction -- 19,000 -- 57,000 ----------- ----------- ----------- ----------- ($2,325,000) $1,800,000 ($ 668,000) $ 3,172,000 =========== =========== =========== =========== Earnings per common and common equivalent share ($ 0.31) $ 0.22 ($ 0.09) $ 0.39 =========== =========== =========== ===========
EX-27 4 FDS -- FOR QUARTER ENDED 3/28/97
5 0000277928 TII INDUSTRIES, INC. 1,000 9-MOS JUN-27-1997 JUL-01-1996 MAR-28-1997 1,206 3,787 7,044 55 16,008 28,694 36,378 23,320 43,293 7,605 0 0 0 75 33,158 43,293 37,532 37,532 30,638 7,623 0 0 229 (593) 75 (668) 0 0 0 (668) (0.09) (0.09)
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