-----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, HfujiMkrxAZmEzZInxSGF+wg30VHbgiySFPAMzg8jftNF5e3ohKkQUn+bOr50ALT qO94mTtLQfckw4nBk1XmAQ== 0000350750-97-000008.txt : 19970512 0000350750-97-000008.hdr.sgml : 19970512 ACCESSION NUMBER: 0000350750-97-000008 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 19970329 FILED AS OF DATE: 19970509 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: BAIRNCO CORP /DE/ CENTRAL INDEX KEY: 0000350750 STANDARD INDUSTRIAL CLASSIFICATION: PLASTICS, MATERIALS, SYNTH RESINS & NONVULCAN ELASTOMERS [2821] IRS NUMBER: 133057520 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-08120 FILM NUMBER: 97598700 BUSINESS ADDRESS: STREET 1: 2251 LUCIEN WAY SUITE 300 CITY: MAITLAND STATE: FL ZIP: 32751 BUSINESS PHONE: 4078752222 MAIL ADDRESS: STREET 1: 2251 LUCIEN WAY, SUITE 300 CITY: MAITLAND STATE: FL ZIP: 32751-7037 10-Q 1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-Q (Mark one) [X] QUARTERLY EXCHANGE REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 29, 1997 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 1-8120 BAIRNCO CORPORATION (Exact name of registrant as specified in its charter) Delaware 13-3057520 (State or other jurisdiction of (IRS Employer incorporation or organization) Identification No.) 2251 Lucien Way, Suite 300, Maitland, FL 32751 (Address of principal executive offices) (Zip Code) (407) 875-2222 (Registrant's telephone number, including area code) (Former name, former address and former fiscal year, if changed since last report) 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 (APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDING DURING THE PRECEDING FIVE YEARS) Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13, or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Yes No (APPLICABLE ONLY TO CORPORATE ISSUERS) Indicate the number of shares outstanding of each issuer's classes of common stock, as of the latest practicable date. 9,258,734 shares of Common Stock Outstanding as of April 25, 1997. "Safe Harbor" Statement under the Private Securities Reform Act of 1995 Certain of the statements contained in this Quarterly Report (other than the financial statements and statements of historical fact), including, without limitation, statements as to management expectations and beliefs presented under the caption "Management's Discussion and Analysis of Financial Condition and Results of Operations", are forward-looking statements. Forward-looking statements are made based upon management's expectations and belief concerning future developments and their potential effect upon the Corporation. There can be no assurance that future developments will be in accordance with management's expectations or that the effect of future developments on the Corporation will be those anticipated by management. The Corporation wishes to caution readers that the assumptions which form the basis for forward-looking statements with respect to or that may impact earnings for the year ended December 31, 1997 and thereafter include many factors that are beyond the Corporation's ability to control or estimate precisely. These risks and uncertainties include, but are not limited to, the market demand and acceptance of the Corporation's existing and new products, the impact of competitive products, changes in the market for raw or packaging materials, which could impact the Corporation's manufacturing costs, changes in product mix, changes in the pricing of the products of the Corporation or its competitors, the loss of a significant customer or supplier, production delays or inefficiencies, the costs and other effects of complying with environmental regulatory requirements, the costs and other effects of legal and administrative cases and proceedings, settlements and investigations, and changes in US or international economic or political conditions, such as inflation or fluctuations in interest or foreign exchange rates. While the Corporation periodically reassesses material trends and uncertainties affecting the Corporation's results of operations and financial condition in connection with its preparation of Management's Discussion and Analysis contained in its quarterly reports, the Corporation does not intend to review or revise any particular forward-looking statement referenced herein in light of future events. PART I - FINANCIAL INFORMATION Item 1: FINANCIAL STATEMENTS BAIRNCO CORPORATION AND SUBSIDIARIES CONSOLIDATED CONDENSED STATEMENTS OF INCOME FOR THE QUARTERS ENDED MARCH 29, 1997 AND MARCH 30, 1996 (Unaudited)
1997 1996 Net sales $ 37,445,000 $ 38,094,000 Cost of sales 24,465,000 24,656,000 Gross profit 12,980,000 13,438,000 Selling and administrative expenses 9,116,000 9,621,000 Operating profit 3,864,000 3,817,000 Interest expense, net 415,000 415,000 Income before income taxes 3,449,000 3,402,000 Provision for income taxes 1,276,000 1,293,000 Net Income $ 2,173,000 $ 2,109,000 Primary and fully diluted earnings per share of common stock (Note 2) $ 0.23 $ 0.21 Dividends per share of common stock $ 0.05 $ 0.05 The accompanying notes are an integral part of these financial statements.
BAIRNCO CORPORATION AND SUBSIDIARIES CONSOLIDATED CONDENSED BALANCE SHEETS AS OF MARCH 29, 1997 AND DECEMBER 31, 1996
(Unaudited) 1997 1996 ASSETS Current assets: Cash and cash equivalents $ 618,000 $ 855,000 Accounts receivable, less allowances of $892,000 and $822,000, respectively 24,233,000 21,476,000 Inventories (Note 3) 24,974,000 23,499,000 Deferred income taxes 2,922,000 2,922,000 Other current assets 2,394,000 3,748,000 Total current assets 55,141,000 52,500,000 Plant and equipment, at cost 84,946,000 84,531,000 Less - Accumulated depreciation and amortization (47,203,000) (46,255,000) Plant and equipment, net 37,743,000 38,276,000 Cost in excess of net assets of purchased businesses 7,792,000 7,922,000 Other assets 3,867,000 3,902,000 $104,543,000 $102,600,000 LIABILITIES & STOCKHOLDERS' INVESTMENT Current Liabilities: Short-term debt $ 4,927,000 $ 3,337,000 Current maturities of long-term debt 81,000 125,000 Accounts payable 9,369,000 7,383,000 Accrued expenses (Note 4) 10,321,000 11,314,000 Total current liabilities 24,698,000 22,159,000 Long-term debt 23,529,000 24,717,000 Deferred income taxes 3,104,000 3,114,000 Other liabilities 3,119,000 3,146,000 Stockholders' Investment: Preferred stock, par value $.01, 5,000,000 shares authorized, none issued -- -- Common stock, par value $.01, 30,000,000 shares authorized, 11,155,499 shares issued 112,000 112,000 Paid-in capital 49,004,000 49,004,000 Retained earnings 17,556,000 15,858,000 Currency translation adjustment 1,814,000 2,282,000 Treasury stock, at cost, 1,823,765 and 1,741,965 shares, respectively (18,393,000) (17,792,000) Total stockholders' investment 50,093,000 49,464,000 $104,543,000 $102,600,000 The accompanying notes are an integral part of these financial statements.
BAIRNCO CORPORATION AND SUBSIDIARIES CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS FOR THE QUARTERS ENDED MARCH 29, 1997 AND MARCH 30, 1996 (Unaudited)
1997 1996 Cash Flows from Operating Activities: Net Income $ 2,173,000 $ 2,109,000 Adjustment to reconcile to net cash provided by operating activities: Depreciation and amortization 1,672,000 1,701,000 Loss (gain) on disposal of plant and equipment 2,000 (2,000) Deferred income taxes (10,000) (1,000) Change in operating assets and liabilities: (Increase) in accounts receivable (2,757,000) (2,276,000) (Increase) in inventories (1,475,000) (330,000) Decrease (increase) in other current assets 1,354,000 (234,000) Increase (decrease) in accounts payable 1,986,000 (286,000) (Decrease) increase in accrued expenses (993,000) 686,000 Other 7,000 259,000 Net cash provided by operating activities 1,959,000 1,626,000 Cash Flows from Investing Activities: Capital Expenditures (1,589,000) (2,847,000) Proceeds from collection on notes receivable 307,000 82,000 Proceeds from sales of plant and equipment -- 19,000 Net cash (used in) investing activities (1,282,000) (2,746,000) Cash Flows from Financing Activities: Net borrowings of external debt 483,000 3,892,000 Payment of dividends (471,000) (487,000) Purchase of treasury stock (601,000) (2,454,000) Exercise of stock options -- 302,000 Net cash (used in) provided by financing activities (589,000) 1,253,000 Effect of foreign currency exchange rate changes on cash and cash equivalents (325,000) 301,000 Net (decrease) increase in cash and cash equivalents (237,000) 434,000 Cash and cash equivalents, beginning of period 855,000 608,000 Cash and cash equivalents, end of period $ 618,000 $ 1,042,000 The accompanying notes are an integral part of these financial statements.
BAIRNCO CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS MARCH 29, 1997 (Unaudited) (1) Basis of Presentation The accompanying consolidated condensed financial statements include the accounts of Bairnco Corporation and its subsidiaries ("Bairnco" or the "Corporation") after the elimination of all material intercompany accounts and transactions. The unaudited condensed financial statements included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and note disclosures which are normally included in annual financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to those rules and regulations, although the Corporation believes that the disclosures made are adequate to make the information presented not misleading. The consolidated results of operations for the quarter ended March 29, 1997, are not necessarily indicative of the results of operations for the full year. (2) Earnings per Common Share Earnings per common share are based on the weighted average number of shares outstanding, adjusted for the dilutive effect of stock options, which is the same on both a primary and fully-diluted basis. First Quarter 1997 1996 Primary 9,535,000 10,069,000 Fully Diluted 9,535,000 10,069,000 Statements regarding the computation of earnings per share for the quarters ended March 29, 1997 and March 30, 1996 are included as Exhibit 11 to this Quarterly Report on Form 10-Q. In February 1997, the Financial Accounting Standards Board issued Statement of Financial Accounting Standards No. 128 "Earnings Per Share" ("SFAS 128"). SFAS 128 establishes new standards for computing and presenting earnings per share ("EPS"). Specifically, SFAS 128 replaces the presentation of primary EPS with a presentation of basic EPS, requires dual presentation of basic and diluted EPS on the face of the income statement for all entities with complex capital structures and requires a reconciliation of the numerator and denominator of the basic EPS computation to the numerator and denominator of the diluted EPS computation. SFAS 128 is effective for financial statements issued for periods ending after December 15, 1997; earlier application is not permitted. EPS for the quarters ended March 29, 1997 and March 30, 1996 computed under SFAS 128 would not be different than that previously computed. (3) Inventories Inventories consisted of the following as of March 29, 1997 and December 31, 1996: 1997 1996 Raw materials and supplies $ 5,169,000 $ 4,733,000 Work in process 6,546,000 5,999,000 Finished goods 13,259,000 12,767,000 Total inventories $ 24,974,000 $ 23,499,000 (4) Accrued Expenses Accrued expenses consisted of the following as of March 29, 1997 and December 31, 1996: 1997 1996 Salaries and wages $ 1,658,000 $ 2,708,000 Income taxes 1,045,000 245,000 Insurance 2,063,000 2,648,000 Litigation 1,754,000 1,654,000 Other accrued expenses 3,801,000 4,059,000 Total accrued expenses $ 10,321,000 $ 11,314,000 (5) Contingencies Bairnco Corporation and its subsidiaries are defendants in certain legal actions which are discussed more fully in Part II, Item 1 ("Legal Proceedings") of this filing. Item 2: MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion should be read in conjunction with the accompanying Consolidated Condensed Financial Statements and related notes and with Bairnco's Audited Consolidated Financial Statements and related notes for the year ended December 31, 1996. Bairnco Corporation is a diversified multinational company that operates two distinct businesses under the names Arlon and Kasco. Engineered materials and components are designed, manufactured and sold under the Arlon brand identity to electronic, industrial and commercial markets. These products are based on a common technology in coating, laminating and dispersion chemistry. Arlon's principal products include high performance materials for the printed circuit board industry, cast and calendered vinyl film systems, custom engineered laminates and pressure sensitive adhesive systems, and calendered and extruded silicone rubber insulation products used in a broad range of industrial, consumer and commercial products. Replacement products and services are manufactured and distributed under the Kasco name principally to retail food stores and meat, poultry and fish processing plants throughout the United States, Canada and Europe. The principal products include replacement band saw blades for cutting meat, fish, wood and metal, and on site maintenance services for the retail food industry primarily in the meat and deli departments. Kasco also distributes equipment to the food industry in Canada and France. These products are sold under a number of brand names including Kasco in the United States and Canada, Atlantic Service in the United Kingdom, and Bertram & Graf and Biro in Continental Europe. Comparison of First Quarter 1997 to First Quarter 1996 Sales in the first quarter 1997 were $37,445,000, a decrease of 1.7% from $38,094,000 in 1996. The decrease in the first quarter sales was primarily attributable to a 7.2% decline in Kasco sales resulting from the product line pruning during 1996 and the negative impact of currency translation rates on sales of Kasco's French and German operations. Arlon sales increased 0.9% as the growing graphics and electrical insulation markets offset the decline in sales to the telecommunication markets as compared to last year's strong first quarter. Gross profit decreased 3.4% to $12,980,000 from $13,438,000 primarily due to reduced sales and lower yields at plants serving the telecommunications and semiconductor markets. The gross profit margin as a percent of sales decreased from 35.3% to 34.7%. Selling and administrative expenses decreased 5.2% to $9,116,000 from $9,621,000 primarily as a result of the ongoing impact of programs to make Kasco a more cost effective enterprise. As a percent of sales, selling and administrative expenses were reduced to 24.3% from 25.3%. Interest expense was $415,000 in both 1997 and 1996 as lower average interest rates offset higher average borrowings in the first quarter 1997 versus 1996. The effective tax rate for the first quarter of 1997 was 37% versus 38% for the first quarter of 1996. The provision for income taxes in both periods includes all applicable federal, state, local and foreign income taxes. Net income increased 3.0% to $2,173,000 as compared to $2,109,000 in the first quarter of 1996. Earnings per share increased 9.5% to $.23 from $.21 as a result of the increased net income and the reduced number of shares outstanding. Liquidity and Capital Resources At March 29, 1997, Bairnco had working capital of $30.4 million compared to $30.3 million at December 31, 1996. The increase in accounts receivable relates primarily to strong sales in the latter half of the first quarter 1997 versus that of the fourth quarter 1996. Other current assets decreased as a result of the anticipated tax refund received during the first quarter 1997. The increase in accounts payable results from the corresponding increase in inventories which are being built in anticipation of increased sales during the second quarter. During the first quarter 1997 the Board of Directors authorized an additional $5 million to be available for the ongoing repurchase of Bairnco's common stock from time to time in the open market subject to market conditions and the ongoing capital requirements of the Corporation. Bairnco repurchased 81,800 shares of the Corporation's common stock at a total cost of $601,000 during the first quarter 1997. At March 29, 1997, Bairnco's total debt outstanding was $28,537,000 compared to $28,179,000 at the end of 1996. This increase was primarily due to the stock repurchases. At March 29, 1997 approximately $24.5 million was available for borrowing under the Corporation's secured reducing revolving credit agreement, as amended. In addition, approximately $3.9 million was available under various short-term domestic and foreign uncommitted credit facilities. Bairnco made approximately $1.6 million of capital expenditures during the first quarter of 1997. Total capital expenditures in 1997 are expected to be approximately $13.3 million of which approximately $4.0 million are contingent upon realization of the anticipated sales growth in several markets. Cash provided by operating activities plus the amounts available under the existing credit facilities are expected to be sufficient to fulfill Bairnco's anticipated cash requirements in 1997. Other Matters Bairnco Corporation and its subsidiaries are defendants in a number of legal actions and proceedings which are discussed in more detail in Part II, Item 1 ("Legal Proceedings") of this filing. Management of Bairnco believes that the disposition of these actions and proceedings will not have a material adverse effect on the consolidated results of operations or the financial position of Bairnco Corporation and its subsidiaries as of March 29, 1997. Outlook Management is not aware of any adverse trends that would materially affect the Corporation's strong financial position. It is expected that 1997 will be another year of continued improvement. PART II - OTHER INFORMATION Item 1: LEGAL PROCEEDINGS Since its announcement in January 1990 of its intention to spin off Keene, Bairnco has been named as a defendant in a number of individual personal injury and wrongful death cases in which it is alleged that Bairnco is derivatively liable for the asbestos-related claims against Keene. On December 6, 1993, Keene filed for protection under Chapter 11 of the Bankruptcy Code. On June 8, 1995, the Creditors' Committee commenced an adversary proceeding in the Bankruptcy Court against Bairnco, certain of its present and former officers and directors, and others alleging that the transfer of assets for value by Keene to other subsidiaries of Bairnco and the spin-offs of certain subsidiaries by Bairnco, were fraudulent and otherwise violative of law and seeking compensatory damages of $700 million, plus interest and punitive damages (the "Transactions Lawsuit"). The complaint in the Transactions Lawsuit includes a count under the civil RICO statute, 18 U.S.C. Section 1964, pursuant to which any compensatory damages are trebled. Bairnco is party to a separate action brought by Keene in the United States Bankruptcy Court for the Southern District of New York in which Keene seeks the exclusive benefit of tax refunds attributable to the carryback by Keene of certain net operating losses ("NOL Refunds"), notwithstanding certain provisions of tax sharing agreements between Keene and Bairnco (the "NOL Lawsuit"). (After filing the NOL Lawsuit, Keene ceded control of the action to the Creditors' Committee.) Pending resolution of the NOL Lawsuit, any refunds actually received are to be placed in escrow. Through March 29, 1997, approximately $28.5 million of NOL Refunds had been received and placed in escrow. There can be no assurance whatsoever that resolution of the NOL Lawsuit will result in the release of any portion of the NOL Refunds to Bairnco. Keene's plan of reorganization was approved and became effective on July 31, 1996. The plan, as approved, creates a Creditors Trust that has succeeded to all of Keene's asbestos liabilities, and also has succeeded to the right to prosecute both the Transactions Lawsuit and the NOL Lawsuit. The plan also includes a permanent injunction under which only the Creditors Trust, and no other entity, can sue Bairnco in connection with the claims asserted in the Transactions Lawsuit. By order entered April 10, 1997, the United States District Court for the Southern District of New York withdrew the reference with respect to the Transactions Lawsuit, that is, they transferred the case from the Bankruptcy Court to the District Court where it will be litigated. Responses to the complaint are to be filed on a schedule to be set by the District Court. Management believes that Bairnco has meritorious defenses to all claims or liability purportedly derived from Keene and that it is not liable, as an alter ego, successor, fraudulent transferee or otherwise, for the asbestos-related claims against Keene or with respect to Keene products. Bairnco Corporation and its subsidiaries are defendants in a number of other actions. Management of Bairnco believes that the disposition of these other actions, as well as the actions and proceedings described above, will not have a material adverse effect on the consolidated results of operations or the financial position of Bairnco Corporation and its subsidiaries as of March 29, 1997. Item 2: OTHER INFORMATION None. Item 3: SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS The annual meeting of stockholders of Bairnco was held in Maitland, Florida on April 18, 1997. Stockholders ratified management's selection of Arthur Andersen LLP as auditors for Bairnco for the 1997 fiscal year, approved the amendment to Bairnco's 1990 Stock Incentive Plan and elected all nominees to the Board of Directors. Item 4: EXHIBITS Exhibit 4: Amendment to the Bairnco Corporation 1990 Stock Incentive Plan. Exhibit 11: Calculation of Primary and Fully Diluted Earnings per Share for the Quarters ended March 29, 1997 and March 30, 1996. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, Bairnco has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. BAIRNCO CORPORATION (Registrant) /s/ J. Robert Wilkinson J. Robert Wilkinson Vice President Finance and Treasurer (Chief Financial Officer) DATE: May 9, 1997 EXHIBITS TO FORM 10-Q FOR QUARTER ENDED March 29, 1997 EX-4 2 EXHIBIT 4 AMENDMENT TO THE BAIRNCO CORPORATION 1990 STOCK INCENTIVE PLAN WHEREAS, BAIRNCO CORPORATION ("the Company") adopted the Bairnco Corporation 1990 Stock Incentive Plan (the "Plan"); and WHEREAS, pursuant to Section 11 of the Plan, the Board of Directors retained the right to amend the Plan: NOW, THEREFORE, the Plan is amended as follows: 1. The definition of "Committee" in Section 2 of the Plan is deleted in its entirety and a new definition of "Committee" is inserted in lieu thereof, to read as follows: "Committee" means the Compensation Committee of the Board, which shall consist of two or more members. Each member of the Committee shall be a "Non-Employee Director" within the meaning of Rule 16b-3 as promulgated under the Act, or meet any other applicable standard for administrators under that or any similar rule which may be in effect from time to time. Except as provided under Section 9, no member of the Committee shall be entitled to participate in the Plan. If at any time no Committee shall be in office, the Board shall perform the functions of the Committee. 2. The second sentence of Section 6.1 is deleted in its entirety and a new such second sentence is inserted in lieu thereof, to read as follows: The Committee shall have complete discretion in determining the number of Options, if any, to be granted to a Participant; provided that, in no event may the number of shares subject to Options granted to any single participant within any 12 month period exceed 250,000 shares, as such number may adjusted to Section 5.3. 3. The fourth sentence of Section 7.2 is deleted in its entirety. 4. The amendments described in Paragraphs 1 and 3 shall be effective as of March 14, 1997. The amendment contained in Paragraph 2 shall become effective, upon and subject to, approval thereof by the affirmative vote of the holders of a majority of the shares of Common Stock present in person or presented by proxy at the 1997 Annual Meeting and entitled to vote thereon. IN WITNESS WHEREOF, the Company has caused this amendment to be executed by its duly authorized officer on the 18th day of April, 1997. BAIRNCO CORPORATION By: /s/ Linda M. Metcalf Linda M. Metcalf Secretary WITNESS: /s/ J. Robert Wilkinson J. Robert Wilkinson Treasurer EX-11 3 EXHIBIT 11 BAIRNCO CORPORATION CALCULATION OF PRIMARY AND FULLY DILUTED EARNINGS PER SHARE FOR THE QUARTERS ENDED MARCH 29, 1997 AND MARCH 30, 1996 (Unaudited)
1997 1996 PRIMARY EARNINGS PER SHARE: Net income $ 2,173,000 $ 2,109,000 Average common shares outstanding 9,393,000 9,948,000 Common shares issuable in respect to common stock equivalents, with a dilutive effect 142,000 121,000 Total common and common equivalent shares 9,535,000 10,069,000 Primary Earnings Per Common Share $ 0.23 $ 0.21 FULLY DILUTED EARNINGS PER SHARE: Net income $ 2,173,000 $ 2,109,000 Total common and common equivalent shares 9,535,000 10,069,000 Additional common shares assuming full dilution -- -- Total common shares assuming full dilution 9,535,000 10,069,000 Fully Diluted Earnings Per Common Share $ 0.23 $ 0.21 Earnings per share are based on the average number of shares outstanding during each period. Primary earnings per share include all common stock equivalents. Fully diluted earnings per share include all common stock equivalents plus the additional common shares issuable assuming full dilution.
EX-27 4
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM BAIRNCO'S FIRST QUARTER 1997 10-Q AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 3-MOS DEC-31-1997 MAR-29-1997 618,000 0 25,125,000 892,000 24,974,000 55,141,000 84,946,000 47,203,000 104,543,000 24,698,000 23,529,000 0 0 112,000 49,981,000 104,543,000 37,445,000 37,445,000 24,465,000 24,465,000 0 0 415,000 3,449,000 1,276,000 2,173,000 0 0 0 2,173,000 0.23 0.23
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