-----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, WELPKvtDqDa1AJnzgsfDQp+cdULIm1ES2bLiUaVIHeP0t5HA5rHOB+hSFn50JHOM 8O5ADQ5rJRnssrKtirG88g== 0000950134-98-004302.txt : 19980515 0000950134-98-004302.hdr.sgml : 19980515 ACCESSION NUMBER: 0000950134-98-004302 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19980331 FILED AS OF DATE: 19980514 SROS: NYSE 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: 98619809 BUSINESS ADDRESS: STREET 1: 14643 DALLAS PKWY STE 1000 STREET 2: WELLINGTON CTR CITY: DALLAS STATE: TX ZIP: 75240 BUSINESS PHONE: 2148510500 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 MARCH 31, 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 March 31, 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 May 4, 1998, Registrant had outstanding 13,288,757 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 3-31-98 6-30-97 ------------ ------------ CURRENT ASSETS Cash and cash equivalents $ 2,823 $ 3,601 Trade receivables, less allowance of $736 and $545 47,773 43,178 Inventories - Finished goods 22,676 26,400 Work-in-process 433 441 Raw materials 11,897 6,586 ------------ ------------ Total inventories 35,006 33,427 ------------ ------------ Prepaid expenses and other 2,816 3,572 Deferred income taxes 2,296 2,508 ------------ ------------ Total current assets 90,714 86,286 ------------ ------------ PROPERTY, PLANT AND EQUIPMENT, AT COST 189,172 180,115 Less - accumulated depreciation (70,718) (62,648) ------------ ------------ Property, plant and equipment, net 118,454 117,467 ------------ ------------ OTHER ASSETS 1,749 3,490 ------------ ------------ $ 210,917 $ 207,243 ============ ============ LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES Accounts payable $ 12,974 $ 15,899 Accrued liabilities 11,695 12,386 ------------ ------------ Total current liabilities 24,669 28,285 ------------ ------------ LONG-TERM DEBT 48,700 52,600 DEFERRED INCOME TAXES 14,920 13,578 SHAREHOLDERS' EQUITY - Common stock 13,328 8,814 Paid-in-capital 67,643 71,350 Retained earnings 42,365 33,039 ------------ ------------ 123,336 113,203 Less - Treasury stock, at cost, 27,600 and 17,500 shares at March 31, 1998 and June 30, 1997, respectively (708) (423) ------------ ------------ Total shareholders' equity 122,628 112,780 ------------ ------------ $ 210,917 $ 207,243 ============ ============
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 Nine Months Ended ----------------------------- ----------------------------- 3-31-98 3-31-97 3-31-98 3-31-97 ------------ ------------ ------------ ------------ SALES $ 59,225 $ 57,120 $ 193,706 $ 172,292 ------------ ------------ ------------ ------------ COST AND EXPENSES Cost of sales 45,225 45,347 147,927 135,113 Selling, general and administrative 8,257 7,609 25,446 23,186 ------------ ------------ ------------ ------------ INCOME FROM OPERATIONS 5,743 4,164 20,333 13,993 ------------ ------------ ------------ ------------ OTHER EXPENSE Interest expense, net 514 34 1,887 247 ------------ ------------ ------------ ------------ INCOME BEFORE INCOME TAXES 5,229 4,130 18,446 13,746 Provision for income taxes 1,860 1,518 6,735 5,057 ------------ ------------ ------------ ------------ NET INCOME $ 3,369 $ 2,612 $ 11,711 $ 8,689 ============ ============ ============ ============ INCOME PER COMMON SHARE - BASIC $ .25 $ .20 $ .88 $ .66 ============ ============ ============ ============ - DILUTED $ .25 $ .20 $ .87 $ .65 ============ ============ ============ ============ DIVIDENDS PER COMMON SHARE $ .06 $ .05 $ .18 $ .14 ============ ============ ============ ============ AVERAGE COMMON SHARES OUTSTANDING - BASIC 13,269 13,202 13,234 13,170 ============ ============ ============ ============ - DILUTED 13,544 13,362 13,504 13,272 ============ ============ ============ ============
See accompanying notes to consolidated financial statements. 3 4 ELCOR CORPORATION CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited, $ in thousands)
Nine Months Ended -------------------------- 3-31-98 3-31-97 ---------- ---------- CASH FLOWS FROM OPERATING ACTIVITIES Net income $ 11,711 $ 8,689 Adjustments to reconcile net income to net cash from operating activities: Depreciation and amortization 8,116 5,937 Deferred income taxes 1,554 3,761 Changes in assets and liabilities: Trade receivables (4,595) (987) Inventories (1,579) 2,722 Prepaid expenses and other 756 (1,774) Accounts payable and accrued liabilities (3,616) (1,921) ---------- ---------- Net cash provided by operating activities 12,347 16,427 ---------- ---------- CASH FLOWS FROM INVESTING ACTIVITIES Additions to property, plant and equipment (9,079) (13,490) Other 1,718 856 ---------- ---------- Net cash used for investing activities (7,361) (12,634) ---------- ---------- CASH FLOWS FROM FINANCING ACTIVITIES Long-term borrowings, net (3,900) (3,100) Dividends on common stock (2,385) (1,846) Treasury stock transactions and other, net 521 211 ---------- ---------- Net cash used for financing activities (5,764) (4,735) ---------- ---------- NET DECREASE IN CASH AND CASH EQUIVALENTS (778) (942) CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 3,601 3,744 ---------- ---------- CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 2,823 $ 2,802 ========== ==========
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 1997 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 representation of the results of operations for the three-month and nine-month periods ending March 31, 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. Effective December 15, 1997, the company increased its unsecured revolving credit facility from $80 million to $100 million and the term was extended to December 15, 2002. There were no changes to the financial covenants or to the interest rate the company currently pays for either LIBOR based borrowings or prime rate based borrowings. However, the commitment fee for the average unused portion of the line was reduced from .25% to .175%. 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. An amount equal to the par value of the common shares issued in connection with the split was transferred from paid-in capital to the common stock account. Appropriate references to number of shares and to per share information in the Consolidated Financial Statements have been adjusted to reflect the stock split on a retroactive basis. 5 6 4. 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:
(In thousands) Three Months Ended Nine Months Ended 3-31-98 3-31-97 3-31-98 3-31-97 ------------ ------------ ------------ ------------ Net Income $ 3,369 $ 2,612 $ 11,711 $ 8,689 ============ ============ ============ ============ Denominator for basic earnings per share - weighted average 13,269 13,202 13,234 13,170 shares outstanding Effect of dilutive securities: Employee stock options 275 160 270 102 ------------ ------------ ------------ ------------ 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 13,544 13,362 13,504 13,272 ============ ============ ============ ============ Basic earnings per share $ .25 $ .20 $ .88 $ .66 ============ ============ ============ ============ Diluted earnings per share $ .25 $ .20 $ .87 $ .65 ============ ============ ============ ============
6 7 ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of Operations RESULTS OF OPERATIONS CHANGES IN THE THREE MONTH PERIOD ENDED MARCH 31, 1998 COMPARED TO THE THREE MONTH PERIOD ENDED MARCH 31, 1997. During the three month period ended March 31, 1998, net income increased 29% to $3,369,000 from $2,612,000 in the same quarter last year. Sales increased 4% compared to the prior year quarter. The increase in sales was primarily related to continuing strong demand in the Industrial Products Group. The increase in net income was achieved by improved performance and higher operating profit in both the Roofing Products Group and the Industrial Products Group. The Roofing Products Group achieved slightly higher sales with increased operating profit for the three months ended March 31, 1998 compared to the same prior year period. Although Elk Corporation's shipments of premium laminated fiberglass asphalt shingles were marginally higher in the current year quarter as compared to the same three month period in the prior year, shipments in the current year were limited by El Nino's impact on the West Coast and in the Southeastern United States, as many roofing contractors were not able to replace leaking roofs during the extended periods of heavy rainfall. Elk's roofing mat operations achieved significantly higher sales and much improved operating profit during the quarter ended March 31, 1998 as a result of growing demand for its high quality roofing mats and specialty industrial products. Elcor's Roofing Products segment continues to experience growing demand for its Elk subsidiary's patented Enhanced High Definition(R) and Raised Profile(TM) Prestique premium laminated fiberglass asphalt shingles. El Nino's punishing high winds and heavy rainfall across much of the nation this winter is expected to significantly increase the level of demand for Elk Prestique laminated shingles during the seasonally stronger June and September quarters. Accordingly, Elk has begun implementing a series of small price increases in each of its markets. In addition, Elk anticipates sharply higher demand from a broader customer base for its nonwoven fiberglass roofing mats during the seasonally stronger period. The Industrial Products Group again recorded significantly higher sales and operating profit during the three months ended March 31, 1998 as compared to the same period in the prior year. Chromium Corporation continued to benefit from strong demand for its Compushield(R) conductive coatings and conductive gaskets used in wireless digital telecommunications and other electronic equipment industries. Chromium also experienced higher sales and significantly improved margins in plating certain proprietary finishes for large diesel engine components during the three months ended March 31, 1998 as compared to the same three month period last year. On an overall basis, gross margin on sales was 23.6% for the quarter ended March 31, 1998 compared to 20.6% in the prior year quarter. The improvement in margin was primarily attributable to higher margins received for mat products and for the company's products in the Industrial Products Group. Selling, general and administrative costs were 13.9% of sales in the current year quarter compared to 13.3% of sales in the prior year quarter. Interest expense was significantly higher in the third quarter of fiscal 1998 compared to the same quarter in the prior fiscal year. During the previous year, most interest cost was capitalized in connection with the company's major facilities expansion program, which was completed in March 1997. 7 8 CHANGES IN THE NINE MONTH PERIOD ENDED MARCH 31, 1998, AS COMPARED TO THE NINE MONTH PERIOD ENDED MARCH 31, 1997. During the nine month period ended March 31, 1998, net income increased 35% to $11,711,000 from $8,689,000 in the same period last year. Sales increased 12% compared to the comparable prior year period. The increases in sales and net income were primarily attributable to increased shipments of premium roofing mats, together with much higher sales and income contribution by the Industrial Products Group during the nine month period ended March 31, 1998. In the Roofing Products Group, both sales and operating income were higher for the nine months ended March 31, 1998 as compared to the same period in the prior fiscal year. The western United States, which is served by the Shafter, California roofing plant, produced very strong demand for Elk Prestique premium laminated shingles. Elk's other roofing plants also continued to be very profitable in the first nine months of fiscal 1998. Sales and operating income from Elk's mat operations were much higher in the first nine months of fiscal 1998 compared to the same period in fiscal 1997 as a result of increasing demand for products and improved operating efficiencies at the new Ennis, Texas facility, which achieved its performance test level of operations effective April 1, 1997. The Industrial Products Group achieved sharply higher sales and operating income in the nine month period ending March 31, 1998 compared to the same prior year period. Increased demand and improved results were achieved in each of the Group's principal operations of (1) conductive coatings used in wireless digital telecommunications and electronic equipment industries; (2) remanufactured diesel engine components used in the transportation industry; and (3) technology licensing and consulting services for the natural gas processing industry. On an overall basis, for the first nine months of fiscal 1998, gross margin on sales was 23.6%, compared to 21.6% for the same period in the prior fiscal year. This increase is primarily attributable to higher sales with better margins in the Industrial Products Group. Higher selling, general and administrative costs are primarily the result of increased business activity in the current year. As a percentage of sales, such expenses were 13.1% of sales for the first nine months of fiscal 1998, down from 13.5% of sales for the same period in the prior fiscal year. Higher interest expense in the current year is the result of capitalization of most interest cost in the prior year in connection with the company's major facilities expansion program. FINANCIAL CONDITION Total invested capital at March 31, 1998 was $171,328,000. Long-term debt of $48,700,000 represented 28% of total capitalization. At March 31, 1998, $49,710,000 was available under the company's unsecured revolving line of credit, which was increased to $100 million on December 15, 1997 so as to provide additional financial resources to support the company's growth strategies. Cash provided by operations for the nine months ended March 31, 1998 was $12,347,000. The current ratio was 3.7 to 1 at March 31, 1998. Working capital increased $8,044,000 from June 30, 1997, primarily related to a seasonal increase in trade receivables and inventories, partially offset by lower accounts payable. 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. In addition, 8 9 receivables generally increase during the late winter and early spring months due to extended payment terms to certain customers during these months with payment generally due during the summer months. Further, in March 1998, the company accelerated its raw material purchases of fiberglass fibers prior to the implementation of announced price increases. The company utilized $5,764,000 of cash for financing activities in the first nine months of fiscal 1998, primarily for repayment of long-term debt and payment of dividends on common stock. The company used $7,361,000 for net investing activities in the first nine months of fiscal 1998. Capital expenditures for fiscal 1998 are expected to be in the range of $12,000,000 to $15,000,000. The majority of planned capital expenditures are for productivity, capacity, and cost improvement projects at the current roofing plants and for the development of new computer systems. In addition, the company is expanding its capacity in the Chromium Corporation Conductive Coatings Division to meet rapidly growing demand for its Compushield process for conductive coatings applied to plastic enclosures for wireless digital telecommunications and electronic equipment. In September 1997, the Board of Directors increased the regular quarterly cash dividend to six cents per common share (after giving effect to a stock split) and declared a three-for-two stock split payable in the form of a stock dividend which was distributed on November 12, 1997 to shareholders of record at the close of business on October 16, 1997. In September 1994, the company's Board of Directors authorized the purchase of up to $10 million of the company's common shares from time to time on the open market to be used for general corporate purposes. As of March 31, 1998, 248,350 shares (after giving effect to the stock split) with a cumulative cost of $3,390,000 had been purchased under this program. 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. 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 cash and cash equivalents, cash flows from operations and its revolving credit facility should be sufficient during fiscal 1998 and beyond to fund its currently projected capital expenditure requirements, working capital needs, dividends, stock repurchases and other cash requirements. 9 10 NEW ACCOUNTING PRONOUNCEMENT In April 1998, the Accounting Standards Executive Committee (AcSEC) of the American Institute of Certified Public Accountants issued Statement of Position 98-5, "Reporting on the Costs of Start-Up Activities," requiring, among other things, companies to expense on a current basis previously capitalized start-up costs. At March 31, 1998, the company had $7,255,000 of unamortized capitalized start-up costs. This Statement of Position is effective for financial statements for fiscal years beginning after December 15, 1998, unless adopted earlier. The company has not yet determined when this new accounting pronouncement will be adopted. YEAR 2000 ISSUE The company is currently developing a new information system for its critical financial, distribution and manufacturing applications. This system is scheduled for completion and full implementation in the summer of 1999 at an estimated total cost of about $8 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. 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, and its interaction with its suppliers, customers and other business partners for Year 2000 readiness. The company is in the process of taking relevant inventory, assessing risk, assigning priorities to various tasks and performing limited internal tests. It expects to have fully developed action and contingency plans by the end of calendar 1998 and for integrated testing and any remediation to be complete before January 1, 2000. 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, nor will this issue result in uncertainty that is reasonably likely to affect future financial results or operating performance. Furthermore, the company believes its Year 2000 readiness project is on schedule for timely completion. 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 somewhat cyclical and is affected by weather and some of the economic factors that affect the housing and home improvements 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. 10 11 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 transportation costs from price increases for its products, operating results could be lower than projected. 3. During fiscal 1997, the company completed construction of a new plant at the company's Ennis, Texas facility to manufacture nonwoven fiberglass roofing mats and other mats for a variety of industrial uses. As a new facility, its progress in achieving anticipated operating efficiencies and financial results is difficult to predict. If such progress is slower than anticipated, or if demand for products produced at this new plant does not meet 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. Parties are cautioned not to rely on any such forward-looking beliefs or judgements in making investment decisions. 11 12 PART II. OTHER INFORMATION ITEM 1: Legal Proceedings GAF Patent Litigation In the ongoing patent litigation with GAF, on April 17, 1998, the district court entered a partial final judgement in the design patent case based on its inequitable conduct ruling and certified the case for appeal. Elk is in the process of filing a notice of appeal with the district court. Elk expects its appeal to be decided by the United States Court of Appeals for the Federal Circuit in 1999. In the interim, trial on the trade dress claim and certain other matters in the design patent case and trial in the utility patent case are unscheduled but pending. While management can give no assurances regarding the ultimate outcome of the litigation, outside counsel believe that Elk of Dallas will prevail on its patent and trade dress claims and that Elk of Dallas will defeat GAF's counterclaims. Even if the outcome were to be adverse to Elk of Dallas, it is not expected to have a material effect on the Registrant's financial position or liquidity. Gibraltar Tort Litigation On May 8, 1998, plaintiffs in the Daniels case filed a notice of partial non-suit with the district court in Dallas, pursuant to which Chromium and other generator defendants were non-suited from the case, without prejudice. Pre-trial proceedings in the Adams case and appeal from the decision dismissing Chromium and other generator defendants from the Williams case still are pending. For further information and background on the above matters and other legal proceedings, see "Part I, Item 3. Legal Proceedings" in the Registrant's Annual Report on Form 10-K for the year ended June 30, 1997, and "Part II, Item 1. Legal Proceedings" in its Quarterly Report on Form 10-Q for the quarter ended September 30, 1997. ITEM 6: Exhibits and Reports of Form 8-K (a) Exhibits: Exhibit (27): Financial Data Schedule (EDGAR submission only) (b) The registrant filed one report on Form 8-K during the quarter ended March 31, 1998. The registrant filed a Form 8-K on January 20, 1998 relating to a press release containing "forward-looking statements" about its prospects for the future. 12 13 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: May 14, 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 13 14 INDEX TO EXHIBITS EXHIBIT NUMBER DESCRIPTION - ------ ----------- 27 FINANCIAL DATA SCHEDULE
EX-27 2 FINANCIAL DATA SCHEDULE
5 1,000 9-MOS JUN-30-1998 JUL-01-1997 MAR-31-1998 2,823 0 48,509 736 35,006 90,714 189,172 70,718 210,917 24,669 48,700 0 0 13,328 109,300 210,917 193,706 193,706 147,927 173,373 0 0 1,887 18,446 6,735 11,711 0 0 0 11,711 .88 .87
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