-----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, GnUprsSlvQJaFJ8tFRpS0C+OUKExicPMf7aR2FXoTfiDVgOH5/QMshpzYj+I1vgC X6IfoFRq2ko912hDLiNI7g== 0000950134-98-008872.txt : 19981116 0000950134-98-008872.hdr.sgml : 19981116 ACCESSION NUMBER: 0000950134-98-008872 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19980930 FILED AS OF DATE: 19981113 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ELCOR CORP CENTRAL INDEX KEY: 0000032017 STANDARD INDUSTRIAL CLASSIFICATION: ASPHALT PAVING & ROOFING MATERIALS [2950] IRS NUMBER: 751217920 STATE OF INCORPORATION: DE FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 001-05341 FILM NUMBER: 98747470 BUSINESS ADDRESS: STREET 1: 14643 DALLAS PKWY STE 1000 STREET 2: WELLINGTON CTR CITY: DALLAS STATE: TX ZIP: 75240 BUSINESS PHONE: 9728510500 MAIL ADDRESS: STREET 1: WELLINGTON CENTRE STE 1000 STREET 2: 14643 DALLAS PKWY CITY: DALLAS STATE: TX ZIP: 75240-8871 FORMER COMPANY: FORMER CONFORMED NAME: ELCOR CHEMICAL CORP DATE OF NAME CHANGE: 19761119 10-Q 1 FORM 10-Q FOR QUARTER ENDED SEPTEMBER 30, 1998 1 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ----------------- FORM 10-Q Quarterly Report Under Section 13 or 15(d) of the Securities Exchange Act of 1934 ----------------- For Quarter Ended September 30, 1998 Commission File number 1-5341 ------------------ ------ ELCOR CORPORATION ------------------------------------------------------ (Exact name of Registrant as specified in its charter) DELAWARE 75-1217920 - ------------------------------- ------------------ (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 14643 DALLAS PARKWAY SUITE 1000, WELLINGTON CENTRE, DALLAS, TEXAS 75240-8871 - -------------------------------------------- ---------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (972) 851-0500 -------------- 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 . --- --- As of close of business on November 2, 1998, Registrant had outstanding 12,982,214 shares of Common Stock, Par Value $1 per Share. 2 PART I. FINANCIAL INFORMATION ITEM 1. Financial Statements ELCOR CORPORATION CONSOLIDATED BALANCE SHEET (Unaudited, $ in thousands)
ASSETS 9-30-98 6-30-98 - ------ --------- --------- CURRENT ASSETS Cash and cash equivalents $ 3,210 $ 5,240 Trade receivables, less allowance of $793 and $580 65,567 56,450 Inventories - Finished goods 15,038 20,549 Work-in-process 432 446 Raw materials 7,001 7,827 --------- --------- Total inventories 22,471 28,822 --------- --------- Prepaid expenses and other 1,361 1,789 Deferred income taxes 2,153 2,228 --------- --------- Total current assets 94,762 94,529 --------- --------- PROPERTY, PLANT AND EQUIPMENT, AT COST 187,110 194,133 Less - accumulated depreciation (70,244) (73,401) --------- --------- Property, plant and equipment, net 116,866 120,732 --------- --------- OTHER ASSETS 1,909 1,783 --------- --------- $ 213,537 $ 217,044 ========= ========= LIABILITIES AND SHAREHOLDERS' EQUITY - ------------------------------------ CURRENT LIABILITIES Accounts payable $ 15,518 $ 14,579 Accrued liabilities 16,796 12,628 --------- --------- Total current liabilities 32,314 27,207 --------- --------- LONG-TERM DEBT 43,300 48,000 DEFERRED INCOME TAXES 14,044 15,881 SHAREHOLDERS' EQUITY - Common stock 13,326 13,326 Paid-in-capital 66,979 67,862 Retained earnings 49,671 47,394 --------- --------- 129,976 128,582 Less - Treasury stock (260,823 and 100,423 shares, at cost) (6,097) (2,626) --------- --------- Total shareholders' equity 123,879 125,956 --------- --------- $ 213,537 $ 217,044 ========= =========
See accompanying notes to consolidated financial statements. 2 3 ELCOR CORPORATION CONSOLIDATED STATEMENT OF OPERATIONS (Unaudited, $ in thousands except per share data)
Three Months Ended ---------------------- 9-30-98 9-30-97 -------- -------- SALES $ 85,868 $ 73,516 -------- -------- COST AND EXPENSES Cost of sales 63,063 55,401 Selling, general and administrative 10,272 8,805 -------- -------- INCOME FROM OPERATIONS 12,533 9,310 -------- -------- OTHER EXPENSE Interest expense, net 559 759 -------- -------- INCOME BEFORE INCOME TAXES 11,974 8,551 Provision for income taxes 4,448 3,157 -------- -------- INCOME BEFORE CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE 7,526 5,394 CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE (4,340) 0 -------- -------- NET INCOME $ 3,186 $ 5,394 ======== ======== INCOME PER COMMON SHARE-BASIC: Before cumulative effect of change in accounting principle $ .57 $ .41 Cumulative effect of change in accounting principle (.33) -- -------- -------- NET INCOME PER SHARE-BASIC $ .24 $ .41 ======== ======== INCOME PER COMMON SHARE-DILUTED: Before cumulative effect of change in accounting principle $ .56 $ .40 Cumulative effect of change in accounting principle (.32) -- -------- -------- NET INCOME PER SHARE-DILUTED $ .24 $ .40 ======== ======== DIVIDENDS PER COMMON SHARE $ .07 $ .06 ======== ========
See accompanying notes to consolidated financial statements. 3 4 ELCOR CORPORATION CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited, $ in thousands)
Three Months Ended ------------------ 9-30-98 9-30-97 ------- ------- CASH FLOWS FROM OPERATING ACTIVITIES Net income $ 3,186 $ 5,394 Adjustments to reconcile net income to net cash from operating activities: Depreciation and amortization 2,230 2,683 Deferred income taxes 580 773 Cumulative effect of change in accounting principle 4,340 -- Changes in assets and liabilities: Trade receivables (9,117) (7,648) Inventories 6,351 5,518 Prepaid expenses and other 428 2,117 Accounts payable and accrued liabilities 5,107 398 -------- -------- Net cash provided by operating activities 13,105 9,235 -------- -------- CASH FLOWS FROM INVESTING ACTIVITIES Additions to property, plant and equipment (5,037) (1,791) Other (134) (29) -------- -------- Net cash used for investing activities (5,171) (1,820) -------- -------- CASH FLOWS FROM FINANCING ACTIVITIES Long-term borrowings, net (4,700) (7,100) Dividends on common stock (909) (794) Treasury stock transactions and other, net (4,355) 120 -------- -------- Net cash used for financing activities (9,964) (7,774) -------- -------- NET DECREASE IN CASH AND CASH EQUIVALENTS (2,030) (359) CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 5,240 3,601 -------- -------- CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 3,210 $ 3,242 ======== ========
See accompanying notes to consolidated financial statements. 4 5 ELCOR CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) 1. The attached condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. As a result, certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted. The company believes that the disclosures included herein are adequate to make the information presented not misleading. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes included in the company's 1998 Annual Report on Form 10-K. The unaudited financial information contained herein has been prepared in conformity with generally accepted accounting principles on a consistent basis and does reflect all adjustments which are, in the opinion of management, necessary for a fair presentation of the results of operations for the three-month periods ending September 30, 1998 and 1997, but are, however, subject to year-end audit by the company's independent auditors. Because of seasonal, weather-related conditions in some of the company's market areas, sales can vary at times, and results of any one quarter or other interim reporting period should not necessarily be considered as indicative of results for a full fiscal year. 2. In fiscal 1998, the company changed its method of accounting for inventories from the LIFO method to the FIFO method. In accordance with Accounting Principles Board Opinion No. 20, "Accounting Changes," the consolidated financial statements as of September 30, 1997 have been restated to reflect this accounting change. There was no significant impact on net income for the three months ended September 30, 1997 as a result of this change in accounting principle. 3. In September 1997, the Board of Directors declared a three-for-two stock split payable in the form of a stock dividend, which was distributed on November 12, 1997. Appropriate references to number of shares and to per share information in the consolidated financial statements as of September 30, 1997 have been adjusted to reflect the stock split on a retroactive basis. 4. On September 15, 1998, the company experienced an explosion at its fiberglass roofing mat plant in Ennis, Texas. The explosion significantly damaged a drying oven and caused less extensive damage to the remainder of the mat line. At the time of the explosion, the damaged mat line supplied all of the company's internal fiberglass roofing mat needs. In addition, roofing mats from the damaged line were being sold to other asphalt roofing products manufacturers. There was no damage to a separate mat line that runs in parallel to the damaged line, nor was there any damage to the company's Ennis, Texas shingle manufacturing plant. There were no injuries from the explosion. 5 6 The company has increased roofing mat production from its nondamaged mat line and has begun purchasing additional roofing mats from third party suppliers. The company believes there are adequate supplies of roofing mats from internal and/or external sources available to operate its three roofing shingle manufacturing facilities until the damaged line is repaired and fully operational. The company anticipates that the damaged line should be restored to partial service by this winter and be fully restored by the spring of 1999. The company carries both property damage and business interruption insurance. Accordingly, management does not expect the explosion to have a material adverse impact on the company's financial results. The $100,000 deductible portion of the loss was recorded during the quarter ended September 30, 1998. 5. In the first quarter of fiscal 1999, the company adopted Statement of Position 98-5, "Reporting on the Costs of Start-Up Activities," issued by the Accounting Standards Executive Committee of the American Institute of Certified Public Accountants. This Statement of Position requires, among other things, companies to expense on a current basis previously capitalized start-up costs. Adoption of this Statement of Position resulted in a $4,340,000 charge, net of tax, and is reported as a cumulative effect of change in accounting principle on the Consolidated Statement of Operations. 6. During the first quarter of fiscal 1999, the company adopted Statement of Financial Accounting Standards No. 130 (SFAS 130), "Reporting Comprehensive Income." The adoption of SFAS 130 had no effect on the consolidated financial statements, as there are no items that the company is required to recognize as components of comprehensive income. 7. In June 1997, the Financial Accounting Standards Board issued SFAS No. 131, "Disclosure about Segments of an Enterprise and Related Information." SFAS No. 131 requires publicly held companies to disclose, among other things, certain interim and annual financial information about the enterprise using a new management approach. This approach requires segment information to be reported based on how management evaluates the operating performance of its business units or segments. The company will adopt SFAS No. 131 in fiscal 1999, but is still assessing the disclosure requirements of this standard. 6 7 8. Basic earnings per share is computed based on the average number of common shares outstanding. Diluted earnings per share includes outstanding stock options. The following table sets forth the computation of basic and diluted earnings per share:
Three Months Ended 9-30-98 9-30-97 ------- ------- Net Income $ 3,186 $ 5,394 ======= ======= Denominator for basic earnings per share - weighted average 13,127 13,202 shares outstanding Effect of dilutive securities: Employee stock options 206 242 ------- ------- Denominator for dilutive earnings per share - adjusted weighted average shares and assumed issuance of shares purchased under incentive stock option plan using the treasury stock method 13,333 13,444 ======= ======= Basic earnings per share $ .24 $ .41 ======= ======= Diluted earnings per share $ .24 $ .40 ======= =======
7 8 ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of Operations RESULTS OF OPERATIONS During the three months ended September 30, 1998, net income before the cumulative effect of a change in accounting principle increased 40% to $7,526,000 from $5,394,000 in last year's first quarter. Sales increased 17% compared to the prior year first quarter. The increases in sales and net income before the accounting change were primarily the result of increased production and a record level of shipments of the company's patented Enhanced High Definition(R) and Raised Profile(TM) Prestique(R) premium laminated fiberglass asphalt shingles and rapidly accelerating demand for Chromium's Conductive Coatings Division products used in digital wireless cellular phones. In the first quarter of fiscal 1999, the company adopted Statement of Position 98-5, "Reporting on the Costs of Start-Up Activities," issued by the Accounting Standards Executive Committee of the American Institute of Certified Public Accountants, which resulted in a $4,340,000 charge, net of tax, for the cumulative effect of this accounting change. This one-time cumulative charge reduced net income for the first quarter of fiscal 1999 to $3,186,000 from $5,394,000, in the same quarter last year. The Roofing Products Group achieved significantly higher sales with sharply increased operating profit for the three months ended September 30, 1998 compared to the same prior year period. These increases were primarily the result of increased manufacturing output and a record level of shipments of premium laminated fiberglass asphalt shingles. Demand was strong in most regions of the United States. As a result, each of the company's roofing plants achieved higher production levels, sales and operating profit in the first quarter of fiscal 1999 than in the same prior year quarter. The company's nonwoven fiberglass roofing mat plant also contributed to improved first quarter results. However, as described in note 4 of this Form 10-Q, this plant was damaged by an explosion on September 15, 1998. Due to the company's property damage and business interruption insurance policies, management does not expect the explosion to have a material adverse impact on the company's financial results. The Industrial Products Group recorded both lower sales and lower operating profit for the first three months of fiscal 1999 compared to the same prior year period due to lower revenues and income from Ortloff Engineers' technology licensing and consulting services for the natural gas processing industry. Lower oil prices have reduced capital spending plans for some of its customers. Chromium Corporation reported strong growth in sales and operating income, primarily as a result of accelerating demand for its Compushield conductive coatings and conductive gaskets used in wireless digital telecommunications and other electronic equipment industries. Chromium's sales of remanufactured large diesel engine components also increased in the first quarter of fiscal 1999 compared to the prior year quarter. On an overall basis, gross margin on sales was 26.6% for the quarter ended September 30, 1998 compared to 24.6% in the prior year quarter. The improvement in margin was primarily attributable to increased production, which lowered per unit costs, at the company's roofing shingle plants. Selling, general and administrative costs were 12.0% of sales in both the current year quarter and in the prior year quarter. At the present time, the company anticipates continued growing demand for its premium laminated fiberglass asphalt shingles in fiscal 1999, although the market is seasonally slower in the December and 8 9 March quarters. Further, the third expansion of its Conductive Coatings facility is expected to be completed in the second quarter of fiscal 1999. The company expects the added capacity will be used for increased production of wireless digital cellular phone components to meet rapidly growing demand for these products. FINANCIAL CONDITION During the first three months of fiscal 1999, the company generated cash flows of $13,105,000 from operating activities. Of this total, $4,874,000 was the result of a decrease in working capital. The decrease in working capital was primarily due to lower cash balances, increased current liabilities and lower inventories, offset by increased trade receivables. Each of these changes were primarily the result of increased business activities and higher sales during the quarter ended September 30, 1998. The current ratio at September 30, 1998 was 2.9:1 compared to 3.5:1 at June 30, 1998. Historically, working capital requirements fluctuate during the year because of seasonality in some market areas. Generally, working capital requirements and related borrowings are higher in the spring and summer months, and lower in the fall and winter months. The company used $5,171,000 for investing activities in the first three months of fiscal 1999. The majority of investing expenditures were for additions to property, plant and equipment. Capital expenditures are expected to be about $24,000,000 in fiscal 1999 excluding replacement of equipment at the Ennis, Texas mat plant damaged by an explosion as described in note 4 of this Form 10-Q. The expenditures incurred to replace damaged equipment are expected to be covered by the company's property damage insurance policy. The majority of currently planned fiscal 1999 capital expenditures are a continuation of productivity, capacity and cost improvement projects at its existing roofing plants, continued capacity expansion of the Conductive Coatings operation, and capital costs associated with developing new computer systems. The company expects to invest about $100 million over the next three years to expand capacity and improve productivity at existing plants and to build new plants in both the Roofing Products and Industrial Products segments. Cash flows used for financing activities were $9,964,000 during the first three months of fiscal 1999, primarily resulting from dividend payments, a $4,700,000 decrease in long-term debt, and purchases of treasury shares. Long-term debt represented 26% of the $167,179,000 of invested capital (long-term debt plus shareholders' equity) at September 30, 1998. At September 30, 1998, $54,910,000 was available under the company's $100,000,000 revolving line of credit. During the first quarter of fiscal 1999, the company purchased 201,200 shares of its common shares on the open market under SEC Rule 10b-18 at a total cost of $4,561,000 to complete the $10 million stock buy back program authorized by the Board of Directors in September 1994. On September 28, 1998, the Board of Directors authorized an additional $10 million stock repurchase program. The Board of Directors also increased the regular quarterly cash dividend rate by 17% to $.07 per share effective with the dividend payable November 10, 1998. The company's operations are subject to extensive federal, state and local laws and regulations relating to environmental matters. Although the company does not believe it will be required to expend amounts which will have a material adverse effect on the company's consolidated financial position or results of operations by reason of environmental laws and regulations, such laws and regulations are frequently changed and could result in significantly increased cost of compliance. 9 10 Further, certain of the company's industrial products operations utilize hazardous materials in their production process. As a result, the company incurs costs for remediation activities off-site and at its facilities from time to time. The company establishes and maintains reserves for such remediation activities, when appropriate, in accordance with Statement of Financial Accounting Standard No. 5, "Accounting for Contingencies." Current reserves established for known or probable remediation activities are not material to the company's financial position or results of operations. Management believes that current cash and cash equivalents, cash flows from operations and its unsecured revolving credit facility should be sufficient during fiscal 1999 and beyond to fund its planned capital expenditures, working capital needs, dividends, stock repurchases and other cash requirements. However, management believes it could secure additional capital at favorable rates, if needed, to support its capital expansion program. YEAR 2000 ISSUE The company is currently developing a new information system for most of its critical financial, distribution and manufacturing applications. The system is scheduled for completion and implementation by the summer of 1999 at an estimated total cost of about $10 million. While the primary purpose of this new information system is to modernize and improve the company's operations, it is also expected to resolve the Year 2000 issues in these critical computer systems. Costs to develop this new information system are being capitalized. Other costs relating to Year 2000 readiness are being expensed as incurred. As of September 30, 1998, the company's expenditures for its new information system have been $5,016,000, and its expenditures for its Year 2000 readiness projects have been less than $250,000. At this time, other than the cost of developing and implementing its new information system, the company does not believe that the costs of addressing the Year 2000 issue will be material. The company does not believe that other critical information systems work has been deferred due to its Year 2000 efforts. The company also has teams of employees and consultants who are reviewing other computer applications and systems not included in the scope of the new information system, including systems other than information systems that have embedded technology, and its interaction with its suppliers, customers and other business partners for Year 2000 readiness. The company is close to completing the process of taking relevant inventory, assessing risk, assigning priorities to various tasks and performing limited internal tests. The company has completed its initial remedial programming for its mainframe computer system and is ready to begin testing this system. The company has developed contingency plans for its critical information system which primarily consist of making its existing information system Year 2000 compliant in the event the new system is not completed by its scheduled date. Contingency plans for other aspects of Year 2000 readiness are currently being developed. The company expects to have fully developed action plans by the end of calendar 1998, and to have completed integrated testing and any remediation before January 1, 2000. The company believes the Year 2000 readiness project is on schedule for timely completion. Based on a current assessment of risks relating to its Year 2000 readiness, the company does not believe that this issue will result in uncertainty that is reasonably likely to materially affect future financial results or operating performance. 10 11 FORWARD-LOOKING STATEMENTS This Form 10-Q contains "forward-looking statements" about the company's prospects for the future. Such statements are subject to certain risks and uncertainties which could cause actual results to differ materially from those projected. Such risks and uncertainties include, but are not limited to, the following: 1. The company's roofing products business is cyclical and is affected by weather and some of the same economic factors that affect the housing and home improvement industries generally, including interest rates, the availability of financing and general economic conditions. In addition, the asphalt roofing products manufacturing business is highly competitive. Actions of competitors, including changes in pricing, or slowing demand for asphalt roofing products due to general or industry economic conditions or the amount of inclement weather could result in decreased demand for the company's products, lower prices received or reduced utilization of plant facilities. Further, changes in building codes and other standards from time to time can cause changes in demand, or increases in costs that may not be passed through to customers. 2. In the asphalt roofing products business, the significant raw materials are ceramic coated granules, asphalt, glass fibers, resins and mineral filler. Increased costs of raw materials can result in reduced margins, as can higher trucking and rail costs. Historically, the company has been able to pass some of the higher raw material and transportation costs through to the customer. Should the company be unable to recover higher raw material and/or transportation costs from price increases of its products, operating results could be lower than projected. 3. During fiscal 1997, the company completed the construction of a plant at the company's Ennis, Texas facility to manufacture nonwoven fiberglass roofing mats and other mats for a variety of industrial uses. The company also expects to make up to $100 million in new investments to expand capacity and improve productivity at existing plants and to build new plants over the next three years. Progress in achieving anticipated operating efficiencies and financial results is difficult to predict for new plant facilities. If such progress is slower than anticipated, if substantial cost overruns occur in building new plants, or if demand for products produced at new plants does not meet current expectations, operating results could be adversely affected. 4. Certain facilities of the company's industrial products subsidiaries must utilize hazardous materials in their production process. As a result, the company could incur costs for remediation activities at its facilities or off-site, and other related exposures from time to time in excess of established reserves for such activities. 5. The company's litigation, including its patent infringement suits against GAF Building Materials Corporation and certain affiliates, is subject to inherent and case-specific uncertainty. The outcome of such litigation depends on numerous interrelated factors, many of which cannot be predicted. 11 12 6. Even with fully developed action and contingency plans for Year 2000 readiness, it is possible that the company will not achieve full internal readiness. Further, the company's business may be adversely affected by external Year 2000 disruption that the company is not in position to control, including but not limited to potential disruptions in power and other energy supplies, telecommunications or other infrastructure, potential disruptions in transportation and the supply of raw materials, and potential disruptions in financial and banking systems. Year 2000 problems therefore could result in unanticipated expenses or liabilities, production or disruption delays or other adverse effects on the company. 7. Although the company currently anticipates that most of its needs for new capital in the near future will be met with internally generated funds, significant increases in interest rates could substantially affect its borrowing costs under its existing loan facility, or its cost of alternative sources of capital. 8. Each of the company's businesses, especially its Conductive Coatings Division's business, is subject to the risks of technological changes that could affect the demand for or the relative cost of the company's products and services, or the method and profitability of the method of distribution or delivery of such products and services. In addition, the company's businesses each could suffer significant setbacks in revenues and operating income if it lost one or more of its largest customers. 9. Although the company insures itself against physical loss to its manufacturing facilities, including business interruption losses, natural or other disasters and accidents, including but not limited to fire, earthquake, damaging winds and explosions, operating results could be adversely affected if any of its manufacturing facilities became inoperable for an extended period of time due to such events. Parties are cautioned not to rely on any such forward-looking beliefs or judgments in making investment decisions. 12 13 PART II. OTHER INFORMATION ITEM 6: Exhibits and Reports of Form 8-K (a) Exhibit: Exhibit (27): Financial Data Schedule (EDGAR submission only) (b) The registrant filed two reports on Form 8-K during the quarter ended September 30, 1998. The registrant filed a Form 8-K on August 19, 1998 and a Form 8-K on September 28, 1998, both relating to press releases containing "forward-looking statements" about its prospects for the future. 13 14 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. ELCOR CORPORATION DATE: November 13, 1998 /s/ Richard J. Rosebery -------------------------- -------------------------------------- Richard J. Rosebery Vice Chairman, Chief Financial & Administrative Officer and Treasurer /s/ Leonard R. Harral -------------------------------------- Leonard R. Harral Vice President and Chief Accounting Officer 14 15 INDEX TO EXHIBITS
Exhibit Number Exhibit - ------- ------- 27 Financial Data Schedule
EX-27 2 FINANCIAL DATA SCHEDULE
5 1,000 3-MOS JUN-30-1999 JUL-01-1998 SEP-30-1998 3,210 0 66,360 793 22,471 94,762 187,110 70,244 213,537 32,314 43,300 0 0 13,326 110,553 213,537 85,868 85,868 63,063 73,335 0 0 559 11,974 4,448 7,526 0 0 (4,340) 3,186 .24 .24
-----END PRIVACY-ENHANCED MESSAGE-----