-----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, MIKKTPDAASc5FDpWatQTNHxgTubK1ELKh7eA968TMaJ2/ApB3vO0NgdFkgQA+dum r2FMpdAzz8aUH7vRTYXH+A== 0000914760-98-000106.txt : 19980507 0000914760-98-000106.hdr.sgml : 19980507 ACCESSION NUMBER: 0000914760-98-000106 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19980331 FILED AS OF DATE: 19980506 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: GENERAL SIGNAL CORP CENTRAL INDEX KEY: 0000040834 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRICAL INDUSTRIAL APPARATUS [3620] IRS NUMBER: 160445660 STATE OF INCORPORATION: NY FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 001-00996 FILM NUMBER: 98611463 BUSINESS ADDRESS: STREET 1: ONE HIGH RIDGE PARK STREET 2: PO BOX 10010 CITY: STAMFORD STATE: CT ZIP: 06904 BUSINESS PHONE: 2033578800 MAIL ADDRESS: STREET 1: P O BOX 10010 STREET 2: PO BOX 10010 CITY: STAMFORD STATE: CT ZIP: 06904 FORMER COMPANY: FORMER CONFORMED NAME: GENERAL RAILWAY SIGNAL CO DATE OF NAME CHANGE: 19710926 10-Q 1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) (X) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED MARCH 31, 1998 COMMISSION FILE NUMBER 1-996 OR ( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 GENERAL SIGNAL CORPORATION (Exact name of registrant as specified in its charter) New York 16-0445660 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification Number) High Ridge Park, Box 10010, Stamford, Connecticut 06904-2010 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (203) 329-4100 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. X (Yes) (No) Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date. Common Stock, par value $1.00 43,634,760 (Class) (Outstanding at April 15, 1998) GENERAL SIGNAL CORPORATION AND CONSOLIDATED SUBSIDIARIES INDEX Page No. PART I - FINANCIAL INFORMATION: Statement of Earnings - Three Months Ended March 31, 1998 and 1997 3 Balance Sheet - As of March 31, 1998 and December 31, 1997 4 Condensed Statement of Cash Flow - Three Months Ended March 31, 1998 and 1997 5 Notes to Financial Statements 6 Management's Discussion and Analysis of Financial Condition and Results of Operations 10 PART II - OTHER INFORMATION 14 PART I: FINANCIAL INFORMATION ITEM 1: FINANCIAL STATEMENTS GENERAL SIGNAL CORPORATION AND CONSOLIDATED SUBSIDIARIES Statement of Earnings (In millions, except per-share data) (Unaudited)
THREE MONTHS ENDED MARCH 31, 1998 1997 Net sales $374.4 $505.6 Cost of sales 264.9 357.3 Selling, general and administrative expenses 78.4 104.4 343.3 461.7 Operating earnings 31.1 43.9 Equity in earnings of EGS 10.0 - - Interest expense, net (3.2) (3.4) Earnings before income taxes 37.9 40.5 Income taxes 14.6 16.2 Net earnings $23.3 $24.3 Basic earnings per share $0.50 $0.47 Diluted earnings per share $0.50 $0.47 Dividends declared per share $0.27 $0.255 See accompanying notes to financial statements.
GENERAL SIGNAL CORPORATION AND CONSOLIDATED SUBSIDIARIES Balance Sheet (In millions)
(Unaudited) (Audited) MARCH 31, DECEMBER 31, ASSETS 1998 1997 Current assets: Cash and cash equivalents $ 48.0 $ 50.0 Accounts receivable, net 274.6 285.4 Inventories, net 164.9 156.8 Prepaid expenses and other current assets 24.1 23.2 Deferred income taxes 50.8 52.7 Total current assets 562.4 568.1 Property, plant and equipment, net of accumulated depreciation and amortization 238.8 240.7 Intangibles, net of accumulated amortization 261.3 264.3 Investment in EGS 132.8 133.1 Pension asset 134.2 127.5 Other assets 53.3 54.3 Total assets $1,382.8 $1,388.0 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Short-term borrowings and current maturities of long-term debt $ 9.3 $ 9.0 Accounts payable 144.0 142.7 Accrued expenses 174.4 184.4 Income taxes 40.3 40.4 Total current liabilities 368.0 376.5 Long-term debt, less current maturities 226.5 207.4 Accrued post-retirement and post-employment obligations 109.8 112.4 Deferred income taxes 52.3 50.3 Other liabilities 12.4 11.7 Total long-term liabilities 401.0 381.8 Shareholders' equity: Common stock 78.5 78.5 Additional paid-in capital 365.8 367.2 Retained earnings 746.8 746.7 Accumulated other comprehensive loss (10.7) (11.8) Common stock in treasury (566.6) (550.9) Total shareholders' equity 613.8 629.7 Total liabilities and shareholders' equity $1,382.8 $1,388.0 See accompanying notes to financial statements.
GENERAL SIGNAL CORPORATION AND CONSOLIDATED SUBSIDIARIES Condensed Statement of Cash Flow (In millions) (Unaudited)
THREE MONTHS ENDED MARCH 31, 1998 1997 CASH FLOW FROM OPERATING ACTIVITIES: Net earnings $ 23.3 $ 24.3 Adjustments to reconcile net earnings to net cash from operating activities Equity in earnings of EGS (10.0) - - Deferred income taxes 4.3 5.5 Depreciation and amortization 15.2 17.7 Pension credits (4.0) (3.6) Other, net 0.6 (0.6) Changes in assets and liabilities, net of effects from acquisitions and divestitures (12.9) (23.4) Net cash from operating activities 16.5 19.9 CASH FLOW FROM INVESTING ACTIVITIES: Divestitures - - 2.4 Capital expenditures (10.2) (11.5) Other, net 0.9 2.5 Net cash from investing activities (9.3) (6.6) CASH FLOW FROM FINANCING ACTIVITIES: Net change in short and long-term borrowings 19.4 82.6 Dividends paid (12.7) (13.6) Issuance of common stock 0.4 7.2 Purchase of common stock (16.3) (67.2) Net cash from financing activities (9.2) 9.0 Net change in cash and cash equivalents (2.0) 22.3 CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 50.0 17.7 CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 48.0 $ 40.0 See accompanying notes to financial statements.
GENERAL SIGNAL CORPORATION AND CONSOLIDATED SUBSIDIARIES Notes to Financial Statements (Unaudited) 1. In the opinion of management, the accompanying unaudited financial statements reflect all adjustments (consisting of normal, recurring items) necessary for the fair presentation of results for these interim periods. These results are based upon generally accepted accounting principles consistently applied with those used in the preparation of the company's 1997 Annual Report on Form 10-K. The results of operations for the three- month period ended March 31, 1998 are not necessarily indicative of the results of operations that may be expected for the full year. The financial information as of March 31, 1998 should be read in conjunction with the financial statements contained in the company's 1997 Annual Report on Form 10-K. 2. Certain reclassifications have been made to the 1997 financial statements to conform with the 1998 presentation. 3. INVENTORIES
March 31, December 31, 1998 1997 (In millions) Finished goods $ 46.6 $ 43.9 Work in process 42.4 38.3 Raw material and purchased parts 88.6 87.3 Total FIFO cost 177.6 169.5 Excess of FIFO cost over LIFO inventory value (12.7) (12.7) Net carrying value $ 164.9 $ 156.8
4. PROPERTY, PLANT AND EQUIPMENT
March 31, December 31, 1998 1997 (In millions) Property, plant and equipment, at cost $ 584.8 $ 576.3 Accumulated depreciation and amortization (346.0) (335.6) Property, plant and equipment, net $ 238.8 $ 240.7
5. CAPITAL STOCK March 31, December 31, 1998 1997 (In millions) [S] [C] [C] COMMON STOCK: Shares authorized 150.0 150.0 Shares issued 65.0 65.0 Held in treasury (18.3) (17.9) In April 1998, 2.8 million shares of common stock were repurchased by the company under the stock buy-back program for $129.2 million. 6. COMPREHENSIVE INCOME As of January 1, 1998, the company adopted Statement of Financial Accounting Standards No. 130, "Reporting Comprehensive Income" (SFAS No. 130). SFAS No. 130 establishes rules for the reporting and display of comprehensive income and its components. The adoption of this statement had no impact on the company's net income or shareholders' equity. SFAS No. 130 requires foreign currency translation adjustments, which prior to adoption were reported separately in shareholders' equity, to be included in a presentation of other comprehensive income. Prior year financial statements have been reclassified to conform to the requirements of SFAS No. 130. During the first quarter of 1998 and 1997, total comprehensive income amounted to $24.4 million and $20.2 million, respectively. The components, net of related tax, were as follows: Three Months Ended March 31, 1998 1997 (In millions) Net income $ 23.3 $ 24.3 Foreign currency translation adjustments 1.1 (4.1) Comprehensive income $ 24.4 $ 20.2 The components of accumulated other comprehensive loss, net of related tax, were as follows: March 31, December 31, 1998 1997 (In millions) Foreign currency translation adjustments $ (9.0) $ (10.1) Minimum pension liability adjustment (1.7) (1.7) Accumulated other comprehensive loss $(10.7) $ (11.8) 7. BUSINESS SEGMENT INFORMATION Three Months Ended March 31, 1998 1997 (In millions) NET SALES: Process Controls $ 119.1 $ 174.7 Electrical Controls 163.4 236.0 Industrial Technology 91.9 94.9 $ 374.4 $ 505.6 OPERATING EARNINGS: Process Controls $ 13.7 $ 17.1 Electrical Controls 12.4 18.7 Industrial Technology 14.8 18.3 Total operating earnings before unallocated expenses, equity earnings and interest 40.9 54.1 Equity in earnings of EGS 10.0 - - Net interest expense (3.2) (3.4) Unallocated expenses (9.8) (10.2) Earnings before income taxes $ 37.9 $ 40.5 8. SUPPLEMENTAL INFORMATION - STATEMENT OF CASH FLOW Three Months Ended March 31, 1998 1997 (In millions) CASH PAID FOR: Interest $ 3.2 $ 3.9 Income taxes $ 17.0 $ 10.6 The company had the following non-cash financing activity: Conversion of convertible debt into common stock $ - - $ 39.3 9. EARNINGS PER SHARE The following table sets forth the computation of basic and diluted earnings per share (in millions, except for per-share data): Three Months Ended March 31, 1998 1997 Numerator: Numerator for basic and diluted earnings per share - net income $ 23.3 $ 24.3 Effect of dilutive securities: 5.75 percent convertible subordinated notes - - 0.2 Numerator for diluted earnings per share - income available to common shareholders after assumed conversion $ 23.3 $ 24.5 Denominator: Denominator for basic earnings per share - weighted-average shares 46.7 52.2 Effect of dilutive securities: Employee stock options 0.2 0.2 5.75 percent convertible subordinated notes - - 0.1 Restricted stock 0.1 - - Dilutive potential common shares 0.3 0.3 Denominator for diluted earnings per share - adjusted weighted-average shares and assumed conversions 47.0 52.5 Basic earnings per share $ 0.50 $ 0.47 Diluted earnings per share $ 0.50 $ 0.47 10. REPURCHASE OF SHARES On June 19, 1997 the Board of Directors approved a stock buy-back program of up to $150.0 million and on September 18, 1997, the Board of Directors approved an increase of this program to $300.0 million. Through March 31, 1998, 4.0 million shares had been repurchased under the program for $170.8 million. As of April 15, 1998, the program was completed with the total of 6.8 million shares repurchased for $300.0 million. 11. EGS JOINT VENTURE The company owns a 47.5 percent interest in EGS Electrical Group, LLC (EGS), a joint venture with Emerson Electric Company. The company accounts for its investment in EGS under the equity method of accounting. Effective January 1, 1998, the company began accounting for its investment in EGS on a three-month lag basis. EGS' fiscal year-end is September 30, 1998. EGS' operations for the period from October 1, 1997 to December 31, 1997 were the following (in millions): EGS: Net sales $135.5 Gross profit 52.8 Pre-tax income 20.9 EGS' pre-tax income for the quarter ended March 31, 1998 was not materially different than the pre-tax income earned during the previous quarter. The company's investment in EGS at March 31, 1998 was approximately $17 million less than its equity in the joint venture's net assets at December 31, 1997. The difference between the company's investment and EGS' net assets is being amortized on a straight-line basis over an estimated economic life of 40 years. Condensed balance sheet information of EGS as of December 31, 1997 was as follows (in millions): Current assets $149.0 Noncurrent assets 241.7 Current liabilities 59.4 Noncurrent liabilities 16.0 ITEM 2: MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Dollars in millions, except per-share data) RESULTS OF OPERATIONS - FIRST QUARTER 1998 COMPARED TO FIRST QUARTER 1997
1998 1997 Change Net sales $374.4 $505.6 (25.9%) Gross profit 109.5 148.3 (26.2%) Margin percent 29.2% 29.3% Selling, general and administrative expenses 78.4 104.4 (24.9%) Percent of sales 20.9% 20.6% Operating earnings 31.1 43.9 (29.2%) Equity in earnings of EGS 10.0 - - - - Interest expense, net (3.2) (3.4) (5.9%) Earnings before income taxes 37.9 40.5 (6.4%) Income taxes 14.6 16.2 (9.9%) Net earnings 23.3 24.3 (4.1%) Net earnings per share: Basic $0.50 $0.47 6.4% Diluted $0.50 $0.47 6.4%
BUSINESS DIVESTITURES: In August 1997, the company sold the General Signal Pump Group (GSPG), a unit of the Process Controls sector, and in September 1997, the company contributed the net assets of General Signal Electrical Group (GSEG), a unit of the Electrical Controls sector, to the EGS Electrical Group (EGS), a joint venture with Emerson Electric's Appleton Electric operations. The company accounts for its investment in EGS under the equity method of accounting. Effective January 1, 1998, the company began accounting for its investment in EGS on a three-month lag basis. This change did not have a material impact on the company's results of operations for the first quarter of 1998. NET SALES: Consolidated sales decreased 25.9 percent from 1997 levels primarily due to the sale of GSPG and contribution of the net assets of GSEG to EGS. Adjusted for the disposition of GSPG and the contribution of GSEG's net assets to EGS, net sales decreased approximately 1.5 percent, reflecting lower volume in the Process Control and Industrial Technology sectors. International sales represented approximately 28 percent of total net sales in 1998 versus 23 percent in 1997. The increase resulted from the disposition of GSPG and the contribution of GSEG to EGS. Historically, international sales for GSPG and GSEG were a small portion of their total sales. Additionally, international sales increased due to higher sales of new channel switch products. Process Control sector sales were $119.1 in the first quarter of 1998 as compared to $174.7 in the same period in 1997. The majority of the decrease was due to the sale of GSPG, which recorded sales of approximately $49 in the first quarter of 1997. Sector sales were also impacted by lower volume of mixers due to a general softening in all product lines. Sales in the Electrical Controls sector decreased 30.8 percent to $163.4 from $236.0 in the same period of last year. The decrease was primarily due to the company's contribution of GSEG's net assets to EGS. GSEG's sales in the first quarter of 1997 were approximately $76. Adjusted for the contribution of GSEG's net assets to EGS, net sales increased approximately 2.4 percent, as a result of strong sales of fire detection systems and medium power transformers in the U.S. Partially offsetting these increases was lower volume of electrical motors due to the mild winter and more companies producing motors in-house. Industrial Technology sector sales decreased 3.2 percent to $91.9 versus $94.9 in the same period in 1997. Decreases in NCOE matrix sales, which had higher sales in the first quarter of 1997 due to a new application, and data networking sales were partially offset by an increase in CD9000(TM) Director sales, a product introduced in late 1996. GROSS PROFIT: 1998 gross profit as a percentage of sales decreased to 29.2 percent from 29.3 percent in the first quarter of 1997. The decrease was due to lower sales of high margin products, partially offset by productivity improvements. SELLING, GENERAL AND ADMINISTRATIVE EXPENSES: Selling, general and administrative expenses as a percentage of sales increased to 20.9 percent in 1998 compared to 20.6 percent in the first quarter of 1997. First quarter 1998 expenses were higher due primarily to the impact of fixed expenses on lower sales volume. Included in selling, general and administrative expenses was pension income of $4.0 in 1998 and $3.6 in 1997. OPERATING EARNINGS: Consolidated operating earnings decreased 29.2 percent from first quarter 1997 primarily due to the sale of GSPG and contribution of the net assets of GSEG to EGS. Operating earnings for the Process Controls sector was $13.7 compared to $17.1 for the same period in 1997. The decrease was due to the sale of GSPG, the lower mixer volume and sales of lower margin products, partially offset by a reduction in variable selling expenses and freight costs. Electrical Controls sector operating earnings decreased to $12.4, versus $18.7 in the same period in 1997. The decrease was due to the company's contribution of GSEG's net assets to EGS. Adjusting for the GSEG contribution to EGS, operating earnings increased approximately 40 percent over the prior year, reflecting higher volume and productivity improvements. Industrial Technology sector operating earnings decreased to $14.8 versus $18.3 in the same period in 1997. The decrease was due to lower sales of high margin NCOE product as well as higher professional services, travel and staffing related expenses. Unallocated expenses decreased to $9.8 versus $10.2 in the same period in 1997. The decrease resulted from a reduction in work force, partially offset by higher recruiting, relocation and facility costs. INTEREST EXPENSE: Net interest expense decreased 5.9 percent to $3.2 versus $3.4 in the same period of 1997. Lower average debt levels, resulting from the sale of GSPG, caused the decline in interest expense. NET EARNINGS: Net earnings were $23.3 or $0.50 per share in 1998 compared to $24.3 or $0.47 per share in 1997. The company's effective tax rate for the quarter was 38.5 percent in 1998 versus 40.0 percent in the first quarter of 1997. The effective tax rate decreased due to increased tax credits. 1998 earnings per share reflects lower average shares versus the first quarter of 1997 due to the stock buy-back program. FINANCIAL CONDITION - MARCH 31, 1998 COMPARED TO DECEMBER 31, 1997 The following summarizes the cash flow activity for the first three months of 1998 compared to the first three months of 1997.
1998 1997 Cash flow from operating activities $16.5 $19.9 Divestitures - - 2.4 Capital expenditures (10.2) (11.5) Other investing activities 0.9 2.5 Cash flow from investing activities (9.3) (6.6) Debt borrowings/(repayments) 19.4 82.6 Dividends paid (12.7) (13.6) Issuance of common stock 0.4 7.2 Purchase of common stock (16.3) (67.2) Cash flow from financing activities (9.2) 9.0 Net changes in cash and cash equivalents (2.0) 22.3 Total debt to capitalization 27.8% 25.5%
Included in operating cash flow for 1998 and 1997 were expenditures of $1.7 and $2.0, respectively, related to previously divested operations and $2.1 and $1.7, respectively, for severance pay. Operating cash flow for the first three months of 1998 decreased in comparison to the first three months of 1997 primarily due to the reinvestment of EGS' earnings into the business and lower change in working capital. In September 1997, the company announced its intention to explore the spin-off of its GS Networks unit and the possible disposition of three other units. These four units accounted for approximately 19 percent of the company's 1997 net sales. On February 11, 1998, the company filed a ruling request with the Internal Revenue Service (IRS) related to the GS Networks' spin-off. It is anticipated that the spin-off will occur in the third quarter of 1998 if favorable market conditions exist and a favorable IRS ruling is received. On June 19, 1997, the Board of Directors approved a stock buy-back program of up to $150.0 and on September 18, 1997, the Board of Directors approved an increase of this program to $300.0. As of April 15, 1998, the program was completed with the total of 6.8 million shares repurchased for $300.0. Total debt-to-total capitalization was 27.8 percent at March 31, 1998, up from 25.6 percent at year-end. Higher debt levels and lower equity since year-end, due to the stock buy-back program, caused the ratio to increase. Debt levels continued to increase in April as the company completed its share repurchase program. If the stock buy-back program had been completed in March 1998, total debt-to-total capitalization would have been 43.0 percent. The company is well positioned to finance future working capital requirements and capital expenditures through current earnings and available credit facilities. SAFE HARBOR; FORWARD-LOOKING STATEMENTS This 10-Q contains various forward-looking statements and includes assumptions concerning the company's operations, future results and prospects. The company's forward-looking statements are based on the company's current expectations, which are subject to a number of risks and uncertainties that could materially affect or reduce such operations and earnings. In connection with the "safe harbor" provisions of the Private Securities Reform Act of 1995, the company provides the following cautionary statement identifying important economic, political and technological factors, among others the absence of which could cause the actual results to differ materially from those set forth in or implied by the forward-looking statements and related assumptions. Such factors include the failure of: (1) a continuation of the increased order rate experienced during 1997, (2) productivity improvements meeting or exceeding budget, (3) new products under development being produced and accepted as anticipated, (4) stable governments and business conditions in emerging economies and (5) stable exchange rates between currencies in which the company is buying or selling materials and products. Further, since the company is a producer of capital goods and equipment, its results can vary with the relative strength of the economy. Demand for products in the Process Controls sector follows the demand for capital goods orders. The Electrical Controls sector depends upon several markets, principally the nonresidential construction and computer equipment industries. The Industrial Technology sector depends on several markets, primarily automotive, mass transportation, and telecommunications equipment. Mass transportation depends upon continued federal and local government spending, and telecommunications is dependent upon continued research and development and the continued success of new product introductions. While no one marketplace or industry has a major impact on the company's operations or results, the inherent pace of technological changes presents certain risks that the company monitors carefully. PART II: OTHER INFORMATION ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS (a) The Annual Meeting of Shareholders of the Registrant (the "Meeting") was held on April 16, 1998. (b) The Registrant solicited proxies for the Meeting pursuant to Regulation 14; there was no solicitation in opposition to management's nominees for directors as listed in the Proxy Statement, and all such nominees were elected. (c) The following describes the matters voted upon at the Meeting and sets forth the number of votes cast for, against or withheld and the number of abstentions as to each such matter: (i) Election of directors: Nominee For Withheld H. Kent Bowen 39,980,594 638,540 Michael D. Lockhart 39,866,020 753,114 Ursula F. Fairbairn 39,979,174 639,960 The directors whose term of office as a director continued after the Meeting are Van C. Campbell, Michael A. Carpenter, Robert D. Kennedy, Ronald. E. Ferguson and John R. Selby. (ii) Authorization of appointment of Ernst & Young LLP as independent auditors for 1998: For Against Abstain 40,371,102 163,964 84,067 ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K. (a) Exhibits: 27.0 Financial Data Schedule Reports on Form 8-K: The registrant did not file any reports on Form 8-K during the quarter covered by this report. 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. GENERAL SIGNAL CORPORATION /S/ RAYMOND L. ARTHUR Raymond L. Arthur Vice President and Controller Chief Accounting Officer DATE: MAY 4, 1998 EX-27 2
5 This schedule contains summary financial information extracted from the balance sheet and the statement of earnings and is qualified in its entirety by reference to such financial statements. 0000040834 GENERAL SIGNAL CORPORATION 1,000 3-MOS DEC-31-1998 MAR-31-1998 48,000 0 289,000 14,400 164,900 562,400 584,800 346,000 1,382,800 368,000 226,500 0 0 78,500 535,300 1,382,800 374,400 374,400 264,900 343,300 0 300 3,200 37,900 14,600 23,300 0 0 0 23,300 0.50 0.50
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