-----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, Rt6oP963NF3gsUKrLZVyGDGEGUeOLATmB523VICFTpakdRd9itsPyc+AwAT/03GC unN6aKsloPj8qOi04BkjaQ== 0000950116-98-000859.txt : 19980416 0000950116-98-000859.hdr.sgml : 19980416 ACCESSION NUMBER: 0000950116-98-000859 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 11 CONFORMED PERIOD OF REPORT: 19980301 FILED AS OF DATE: 19980415 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: HUNT CORP CENTRAL INDEX KEY: 0000049146 STANDARD INDUSTRIAL CLASSIFICATION: PENS, PENCILS & OTHER ARTISTS' MATERIALS [3950] IRS NUMBER: 210481254 STATE OF INCORPORATION: PA FISCAL YEAR END: 1130 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 001-08044 FILM NUMBER: 98594308 BUSINESS ADDRESS: STREET 1: ONE COMMERCE SQ STREET 2: 2005 MARKET ST CITY: PHILADELPHIA STATE: PA ZIP: 19103 BUSINESS PHONE: 2157327700 MAIL ADDRESS: STREET 1: ONE COMMERCE SQ STREET 2: 2005 MARKET ST CITY: PHILADELPHIA STATE: PA ZIP: 19103 FORMER COMPANY: FORMER CONFORMED NAME: HUNT MANUFACTURING CO DATE OF NAME CHANGE: 19920703 10-Q 1 FORM 10-Q SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 [X] QUARTERLY REPORT UNDER SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 1, 1998 ----------------------------------- OR [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number 1-8044 ------------------------------------------- HUNT CORPORATION - -------------------------------------------------------------------------------- (Exact name of registrant as specified in its charter) Pennsylvania 21-0481254 - -------------------------------------------------------------------------------- (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) One Commerce Square 2005 Market Street, Philadelphia, PA 19103 - -------------------------------------------------------------------------------- (Address of principal executive offices) (Zip Code) Registrant's telephone no., including area code (215) 656-0300 ----------------- 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 April 1, 1998, there were outstanding 11,277,000 shares of the registrant's common stock. Page 2 HUNT CORPORATION INDEX Page ---- PART I - FINANCIAL INFORMATION --------------------- Item 1 - Financial Statements -------------------- Condensed Consolidated Balance Sheets as of March 1, 1998 and November 30, 1997 3 Condensed Consolidated Statements of Income - Three Months Ended March 1, 1998 and March 2, 1997 4 Condensed Consolidated Statements of Cash Flows - Three Months Ended March 1, 1998 and March 2, 1997 5 Notes to Condensed Consolidated Financial Statements 6 - 7 Item 2 - Management's Discussion and Analysis of --------------------------------------- Financial Condition and Results of Operations 8 - 11 --------------------------------------------- PART II - OTHER INFORMATION ----------------- Item 6 - Exhibits and Reports on Form 8-K 12 -------------------------------- Signatures 13 ---------- Exhibit Index 14 ------------- Part I - FINANCIAL INFORMATION Page 3 --------------------- Item 1. Financial Statements Hunt Corporation Condensed Consolidated Balance Sheets (Unaudited) (In thousands except share and per share amounts)
March 1, November 30, ASSETS 1998 1997 ---------- ------------ Current assets: Cash and cash equivalents $ 47,561 $ 65,449 Accounts receivable, less allowance for doubtful accounts: 1998, $2,001; 1997, $1,842 34,500 33,565 Inventories: Raw materials 8,232 7,345 Work in process 3,288 2,845 Finished goods 11,057 9,962 ---------- ------------ Total inventories 22,577 20,152 Deferred income taxes 7,070 9,107 Prepaid expenses and other current assets 2,392 2,051 ---------- ------------ Total current assets 114,100 130,324 Property, plant and equipment, at cost, less accumulated depreciation and amortization: 1998, $39,772; 1997, $38,738 44,961 42,973 Excess of acquisition costs over net assets acquired, less accumulated amortization 26,193 26,906 Intangible assets, net 2,512 2,587 Other assets 7,576 6,732 ---------- ------------ Total assets $ 195,342 $ 209,522 ========== ============ LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Current portion of long-term debt $ 3,527 $ 2,203 Accounts payable 10,989 11,120 Accrued expenses: Salaries, wages and commissions 2,875 4,675 Income taxes 5,487 14,089 Insurance 1,881 1,891 Compensated absences 1,983 2,116 Restructuring 7,269 9,385 Other 14,179 18,633 ---------- ------------ Total current liabilities 48,190 64,112 Long-term debt, less current portion 53,871 54,096 Deferred income taxes 2,166 3,527 Other non-current liabilities 14,759 13,126 Commitments and contingencies Stockholders' equity: Preferred stock, $.10 par value, authorized 1,000,000 shares (including 50,000 shares of Series A Junior Participating Preferred); none issued - - Common stock, $.10 par value, 40,000,000 shares authorized; issued: 1998 and 1997 -16,152,322 shares 1,615 1,615 Capital in excess of par value 6,434 6,434 Cumulative translation adjustment (659) 275 Retained earnings 153,085 151,093 ---------- ------------ 160,475 159,417 Less cost of treasury stock: 1998 - 4,945,172 shares; 1997 - 4,985,224 shares (84,119) (84,756) ---------- ------------ Total stockholders' equity 76,356 74,661 ---------- ------------ Total liabilities and stockholders' equity $ 195,342 $ 209,522 ========== ============ See accompanying notes to condensed consolidated financial statements.
Page 4 Hunt Corporation Condensed Consolidated Statements of Income (Unaudited) (In thousands except per share amounts)
Three Months Ended ---------------------------- March 1, March 2 1998 1997 ------------ ------------ Net sales $61,265 $61,404 Cost of sales 37,582 38,142 ------------ ------------ Gross profit 23,683 23,262 Selling and shipping expenses 10,910 11,709 Administrative and general expenses 7,361 8,747 Restructuring and other - (438) ------------ ------------ Income from operations 5,412 3,244 Interest expense 1,183 1,323 Other income, net (867) (33) ------------ ------------ Income from continuing operations before income taxes 5,096 1,954 Provision for income taxes 1,783 664 ------------ ------------ Income from continuing operations 3,313 1,290 Income from discontinued operations, net of income taxes of $607 - 1,109 ------------ ------------ Net income $3,313 $ 2,399 ============ ============ Basic earnings per common share: Income from continuing operations $ .30 $ .12 Income from discontinued operations - .10 ------------ ------------ Net income per share $ .30 $ .22 ============ ============ Diluted earnings per common share: Income from continuing operations $ .28 $ .11 Income from discontinued operations - .10 ------------ ------------ Net income per share $ .28 $ .21 ============ ============ Dividends per common share $ .103 $ .095 ============ ============ See accompanying notes to condensed consolidated financial statements.
Page 5 Hunt Corporation Condensed Consolidated Statements of Cash Flows (Unaudited) (in thousands)
Three Months Ended --------------------------------- March 1, March 2, 1998 1997 ------------ -------------- Cash flows from operating activities: Net income $ 3,313 $ 2,399 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Depreciation and amortization 1,956 2,345 Deferred income taxes 676 271 Loss on disposals of property, plant and equipment 4 36 Gain on sale of businesses - (474) Payments for special charges (2,169) (181) Issuance of stock under management incentive bonus and stock grant plans 197 918 Changes in operating assets and liabilities, including effect of divestitures (17,898) (22) ------------ -------------- Net cash provided by (used in) operating activities (13,921) 5,292 ------------ -------------- Cash flows from investing activities: Additions to property, plant and equipment (4,092) (995) Proceeds from sale of businesses - 10,956 Other, net 20 (837) ------------ -------------- Net cash provided by (used in) investing activities (4,072) 9,124 ------------ -------------- Cash flows from financing activities: Proceeds from issuance of long-term debt 1,385 - Payments on long-term debt, including current maturities (167) (11,000) Book overdrafts (393) - Proceeds from exercise of stock options 932 113 Dividends paid (1,145) (1,043) Other, net (38) 139 ------------ -------------- Net cash provided by (used in) financing activities 574 (11,791) ------------ -------------- Effect of exchange rate changes on cash (469) (55) ------------ -------------- Net increase (decrease) in cash and cash equivalents (17,888) 2,570 Cash and cash equivalents, beginning of period 65,449 1,528 ------------ -------------- Cash and cash equivalents, end of period $ 47,561 $ 4,098 ============ ============== See accompanying notes to consolidated financial statements.
Page 6 Hunt Manufacturing Co. Notes to Condensed Consolidated Financial Statements (Unaudited) 1. The accompanying condensed consolidated financial statements and related notes are unaudited; however, in management's opinion all adjustments (consisting of normal recurring accruals) necessary for a fair presentation of the financial position at March 1, 1998 and the results of operations and cash flows for the periods shown have been made. Such statements are presented in accordance with the requirements of Form 10-Q and do not include all disclosures normally required by generally accepted accounting principles or those normally made in Form 10-K. 2. During the first quarter of fiscal 1998, the Company adopted Statement of Financial Accounting Standards ("SFAS") No. 128, "Earnings per Share." SFAS No. 128 simplifies the standards for computing earnings per share by replacing the "primary" and "fully diluted" calculations previously used with "basic earnings per share" which includes only actual shares outstanding and "diluted earnings per share" which includes the effect of any common stock equivalents or other items that dilute earnings per share. Earnings per share amounts have been restated in accordance with SFAS No. 128 as shown below:
Three Months Ended March 1, 1998 March 2, 1997 ------------- ------------- Income from continuing operations $3,313 $1,290 Income from discontinued operations - 1,109 ---------- --------- Net income 3,313 2,399 Basic earnings per share: Average common shares outstanding 11,203 11,007 Income from continuing operations $ .30 $ .12 Income from discontinued operations - .10 ---------- --------- Net income $ .30 $ .22 Diluted earnings per share: Average common shares outstanding 11,203 11,007 Add: common equivalent shares representing shares issuable upon exercise of stock options and stock grants 590 290 ---------- ---------- Average common shares and dilutive securities outstanding 11,793 11,297 Income from continuing operations $.28 $.11 Income from discontinued operations - .10 ---------- ---------- Net income $.28 .21
Page 7 3. During the second quarter of fiscal 1997, the Company initiated a new strategy for growth and restructuring plan. As a result, the Company recorded a pre-tax charge to earnings of $26.8 million in fiscal 1997 of which 49% was for cash items. The following table sets forth the details and the cumulative activity in the various accruals associated with the restructuring plan in the Condensed Consolidated Balance Sheets at March 1,1998 (in thousands):
Accrual Balance Current Cash Non-Cash Accrual Balance at November 30, 1997 Provision Reductions Reductions at March 1, 1998 -------------------- --------- ---------- ---------- ---------------- Restructuring and non-current liabilities $11,391 - $(2,169) $ (13) $ 9,209 PP&E, Inventory, and intangible assets 2,091 - - (383) 1,708 ------- ------- ------- ------- ------- Total $13,482 - $(2,169) $ (396) $10,917
4. During the first quarter of fiscal 1997, the Company realized a net gain of $.5 million pre-tax, or $.03 per share after-tax, on the divestitures of its Lit-Ning business and its Hunt Data Products' MediaMate and Calise' brand products. The net gain is included in restructuring and other costs in the accompanying Condensed Consolidated Statements of Income 5. In November 1997, the Company sold its Bevis office furniture business. Bevis had sales of approximately $15.2 million and income after-taxes of $1.1 million in the first quarter of fiscal 1997. The Bevis business is presented as a discontinued operation in the accompanying Condensed Consolidated Statements of Income and Notes to Condensed Consolidated Financial Statements. 6. The Company has been sued for patent infringement with respect to one of its relatively minor products, and the trial is presently scheduled to commence during the Company's second fiscal quarter. The Court has ordered pretrial mediation of this matter. The plaintiff has offered to settle for a payment of $1.0 million by the Company and the Company's agreement to redesign the allegedly infringing product. Settlement discussions are continuing. Although the Company believes that it has good defenses to the plaintiff's claims and should ultimately prevail in the litigation if the matter is not settled, there can be no assurance that this will be the case. Page 8 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations The following discussion includes certain forward-looking statements. Such forward-looking statements represent management's assessment based upon information currently available, but are subject to risks and uncertainties which could cause actual results to differ materially from those set forth in the forward-looking statements. These risks and uncertainties include, but are not limited to, the Company's ability to successfully complete the implementation, and realize the anticipated growth and other benefits, of its strategic plan on a timely basis, the effect of general economic conditions, technological and other changes affecting the manufacture of and demand for the Company's products, competitive and other pressures in the market place, and other risks and uncertainties set forth herein and in the Company's Forms 10-Q, 10-K and 8-K filings with the Securities and Exchange Commission In April 1997, the Company initiated a new strategy for growth and restructuring plan (the "strategic plan") designed to restore higher levels of sales growth, profitability and to reduce its cost structure. The cost reduction portion of the strategic plan resulted in cost savings of approximately $7.3 million in fiscal 1997 and management believes will result in annual cost savings of approximately $18.0 million in fiscal 1998. Approximately $4.7 million of the 1998 savings was realized in the first quarter of fiscal 1998. The cost savings are expected to result primarily from a significant reduction of the Company's stock keeping units ("SKU's"), the rationalization of manufacturing and warehouse facilities and from a major restructuring of its administrative and marketing and selling functions, most of which actions were accomplished during fiscal 1997. Although the Company expects realization of such future cost savings, there is no assurance that they will be achieved. (See Note 3 to the Notes to Condensed Consolidated Financial Statements.) Results of Operations Net Sales Net sales from continuing operations of $61.3 million for the first quarter of fiscal 1998 declined .2% from the first quarter of fiscal 1997 largely due to the divestitures of the Lit-Ning, Hunt Data Products and Speedball brand products businesses, and to a lesser extent, to other products rationalized during fiscal 1997. Excluding the sales of divested businesses and product rationalization, net sales would have increased 19% in the first quarter of fiscal 1998 compared to the first quarter of fiscal 1997. This increase was largely attributable to higher sales of presentation products (up 21%), such as foamboard, mounting and laminating equipment and supplies products, and consumer products (up 16%), consisting of office and art supplies products. Export sales decreased 9% in the first quarter of 1998 compared to the same prior year period. Excluding the sales of divested businesses and product rationalization, export sales would have increased 15% over the first quarter of fiscal 1997. Foreign sales increased 12% in the first quarter of fiscal 1998 compared to the same period of fiscal Page 9 1997, primarily due to sales of products of Sallmetall (acquired near the end of March 1997). Excluding the effects of Sallmetall and product rationalization, foreign sales would have decreased 13% from the same prior year period. Gross Profit The Company's gross profit percentage increased to 38.7% of net sales in the first quarter of fiscal 1998 from 37.9% in the first quarter of fiscal 1997. The first quarter improvement in gross profit percentage reflects the results of the cost saving initiatives undertaken as part of the Company's restructuring plan as previously discussed coupled with the incremental margin attributable to higher sales associated with the Company's strategic plan. Although the Company has experienced some stabilization in the costs of some of its raw materials, management is uncertain if this condition will continue. Selling, Shipping, Administrative and General Expenses Selling and shipping expenses, as a percentage of net sales, decreased to 17.8% for the first quarter of fiscal 1998 compared to the prior year first quarter expense levels of 19.1%. This decrease was principally due to lower marketing administration expense primarily due to lower headcount resulting from the Company's strategic plan, previously mentioned and to lower promotional and freight expenses. Administrative and general expenses decreased $1.4 million, or 16%, in the first quarter of fiscal 1998 compared to the first quarter of fiscal 1997 due primarily to prior year consulting fees related to the Company's strategic plan ($1.0 million pre-tax, or $.06 per share after tax on a basic and diluted basis) and to current year capitalization of costs in connection with the adoption of Statement of Position ("SOP") 98-1, "Accounting for the Costs of Computer Software Developed or Obtained for Internal Use." Restructuring and Other In the first quarter of fiscal 1997, the Company realized a net gain on business divestitures of $.5 million pre-tax, or $.03 per share after-tax. Interest Expense Interest expense decreased $0.1 million, or 10%, in the first quarter of fiscal 1998 from the first quarter of fiscal 1997 due to a lower average debt balance. Other Income, Net The increase in other income, net, of $.9 million in the first quarter of fiscal 1998 compared to $33,000 in the first quarter of fiscal 1997 was due to higher interest income resulting from higher average cash balances. Page 10 Provision for Income Taxes The Company's effective income tax rate from continuing operations was 35% for the first quarter of fiscal 1998 compared to 34% for the first quarter of fiscal 1997. Financial Condition The Company's working capital decreased slightly to $65.9 million at the end of the first quarter of fiscal 1998 from $66.2 million at the end of fiscal 1997. The current ratio increased to 2.4 at March 1, 1998 from 2.0 at November 30, 1997. The Company's debt/capitalization percentage remained constant at 43% at the end of the first quarter of fiscal 1998 compared to the end of fiscal 1997. Available cash balances were sufficient during the first three months of fiscal 1998 to fund additions to property, plant and equipment of $4.1 million and pay cash dividends of $1.1 million. Current assets decreased to $114.1 million at the end of the first quarter of fiscal 1998 from $130.3 million at the end of fiscal 1997, largely as a result of lower cash and cash equivalent balances and deferred income taxes partially offset by higher inventory. The decrease in cash and cash equivalents was largely due to income tax payments in connection with the net gains on business divestitures, capital expenditures and payments associated with the restructuring plan. Inventories increased to $22.6 million at March 1, 1998 from $20.2 million at November 30, 1997, due principally to higher anticipated sales volume. The $2.0 million decrease in deferred income taxes was due to temporary differences between reporting for financial and income tax purposes in connection with the restructuring charges. Current liabilities decreased to $48.2 million at the end of the first quarter of fiscal 1998 from $64.1 million at the end of fiscal 1997. This decrease was largely attributable to the payments of income taxes and reductions in the accruals associated with the Company's business divestitures and restructuring plan. The effect of unfavorable currency exchange rates for the British pound sterling and the Dutch guilder (the functional currencies of the Company's U.K. and Holland operations, respectively) was the principal cause for the $0.9 million decrease in the cumulative translation adjustment account in stockholders' equity. The Company has a revolving credit agreement of $75 million and a line of credit agreement of $2.5 million. There was $1.6 million borrowed under these credit facilities as of March 1, 1998. Management believes that funds generated from operations, combined with the existing credit facilities, will be sufficient to meet currently anticipated working capital and other capital and debt service requirements. Should the Company require additional funds, management believes that the Company could obtain them at competitive costs. Management currently expects that total fiscal 1998 expenditures for additions to property, plant and equipment to increase capacity and productivity will approximate $15.0 million, of which approximately $4.1 million has been expended through the first three months of fiscal 1998. Page 11 New Accounting Standards During the first quarter of fiscal 1998, the Company adopted several new accounting standards: SFAS No. 128, "Earnings per Share", changes the manner in which earnings per share amounts are calculated and presented. See Note 2 to Condensed Consolidated Financial Statements herein. SOP 98-1, "Accounting for the Costs of Computer Software Developed or Obtained for Internal Use", provides guidance in accounting for the costs of computer software developed or obtained for internal use and for determining if computer software is for internal use. The adoption of this Statement does not have a material impact on the Company's results of operations or financial position. SOP 96-1, "Environmental Remediation Liabilities," provides guidance on specific accounting issues that are present in the recognition, measurement, display and disclosure of environmental remediation liabilities. The adoption of this statement does not have a material impact on the Company's results of operations or financial position. During 1997, the FASB issued SFAS No. 130, "Reporting Comprehensive Income" and SFAS No. 131, "Disclosures about Segments of an Enterprise and Related Information." SFAS No. 130 requires that the components of comprehensive income be reported in the financial statements. SFAS No. 131 requires the reporting of segment information utilizing the approach that the Company uses to manage its internal organization. Also, SFAS 131 requires the reporting of segment information on a condensed basis for interim periods beginning in fiscal 1999. The statements are effective for fiscal years beginning after December 15, 1997. The adoption of SFAS No. 130 and SFAS No. 131 is not expected to have any impact on the Company's consolidated results of operations, financial position or cash flows. Page 12 Item 6 Exhibits and Reports on Form 8-K (a) Exhibits 27. Financial Data Schedule for the quarter ended March 1, 1998. 27.1 Restated Financial Data Schedule for the year ended November 30, 1997. 27.2 Restated Financial Data Schedule for the quarter ended March 2, 1997. 27.3 Restated Financial Data Schedule for the quarter ended June 1, 1997. 27.4 Restated Financial Data Schedule for the quarter ended August 31, 1997. 27.5 Restated Financial Data Schedule for the year ended December 1, 1996. 27.6 Restated Financial Data Schedule for the quarter ended March 3, 1996. 27.7 Restated Financial Data Schedule for the quarter ended June 2, 1996. 27.8 Restated Financial Data Schedule for the quarter ended September 1, 1996. 27.9 Restated Financial Data Schedule for the year ended December 3, 1995. (b) Reports on Form 8-K No reports on Form 8-K were filed during the quarter for which this report is filed. - --------------- Page 13 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. HUNT CORPORATION. Date April 14, 1998 By /s/ William E. Chandler ----------------------------- ---------------------------- William E. Chandler Senior Vice President, Finance (Principal Financial Officer) Date April 14, 1998 By /s/ Donald L. Thompson ------------------------------ --------------------------- Donald L. Thompson Chairman of the Board and Chief Executive Officer Date April 14, 1998 By /s/ John Fanelli III ------------------------------ ------------------------- John Fanelli III Vice President, Corporate Controller (Principal Accounting Officer) Page 14 EXHIBIT INDEX
Exhibit 27 - Financial Data Schedule for the quarter ended March 1, 1998. ----------------------------------------------------------- Exhibit 27.1 - Restated Financial Data Schedule for the year ended November 30, 1997. ---------------------------------------------------------------------- Exhibit 27.2 - Restated Financial Data Schedule for the quarter ended March 2, 1997. --------------------------------------------------------------------- Exhibit 27.3 - Restated Financial Data Schedule for the quarter ended June 1, 1997. -------------------------------------------------------------------- Exhibit 27.4 - Restated Financial Data Schedule for the quarter ended August 31, 1997. ----------------------------------------------------------------------- Exhibit 27.5 - Restated Financial Data Schedule for the year ended December 1, 1996. --------------------------------------------------------------------- Exhibit 27.6 - Restated Financial Data Schedule for the quarter ended March 3, 1996. --------------------------------------------------------------------- Exhibit 27.7 - Restated Financial Data Schedule for the quarter ended June 2, 1996. -------------------------------------------------------------------- Exhibit 27.8 - Restated Financial Data Schedule for the quarter ended September 1, 1996. ------------------------------------------------------------------------- Exhibit 27.9 - Restated Financial Data Schedule for the year ended December 3, 1995. ---------------------------------------------------------------------
EX-27 2 FINANCIAL DATA SCHEDULE
5 3-MOS MAR-01-1998 MAR-01-1998 47,561 0 36,501 (2,001) 22,577 114,100 93,346 (48,385) 194,590 48,190 53,871 0 0 1,615 75,409 194,590 61,265 61,265 37,582 37,582 17,317 87 1,183 5,096 1,783 3,313 0 0 0 3,313 .30 .28
EX-27.1 3 FINANCIAL DATA SCHEDULE
5 THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE CONSOLIDATED FINANCIAL STATEMENTS INCLUDED IN FORM 10-K FOR NOVEMBER 30, 1997 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 3-MOS NOV-30-1997 NOV-30-1997 65,449 0 35,407 (1,842) 20,152 130,324 81,711 (38,738) 209,522 64,112 54,096 0 0 1,615 73,046 209,522 259,540 259,540 165,396 165,396 97,767 786 4,382 (8,791) (2,729) (6,062) 20,114 0 0 14,052 1.27 1.27
EX-27.2 4 FINANCIAL DATA SCHEDULE
5 THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE CONSOLIDATED FINCIAL STATEMENTS INCLUDED IN FORM 10-Q FOR MARCH 2, 1997 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 3-MOS MAR-02-1997 MAR-02-1997 4,098 0 47,041 (1,772) 29,505 86,162 97,296 (48,385) 165,334 33,623 53,559 0 0 1,615 62,609 165,334 61,404 61,404 38,141 38,141 19,990 47 1,323 1,955 664 1,291 1,109 0 0 2,400 0.22 0.21
EX-27.3 5 FINANCIAL DATA SCHEDULE
5 THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE CONSOLIDETED FINANCIAL STATEMENTS INCLUDED IN FORM 10-Q FOR JUNE 1, 1997 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 3-MOS JUN-01-1997 JUN-01-1997 4,587 0 46,338 (2,339) 30,432 93,121 95,732 (45,351) 183,252 47,134 62,675 0 0 1,615 55,163 183,252 123,737 123,737 80,430 80,430 51,146 462 2,671 (10,868) (4,199) (6,669) 2,074 0 0 (4,595) (0.42) (0.41)
EX-27.4 6 FINANCIAL DATA SCHEDULE
5 THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE CONSOLIDATED FINANCIAL STATEMENTS INCLUDED IN FORM 10-Q FOR AUGUST 31,1997 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 3-MOS AUG-31-1997 AUG-31-1997 6,126 0 46,274 (2,231) 29,451 92,572 94,421 (45,600) 181,028 46,732 57,811 0 0 1,615 57,645 181,028 190,947 190,947 121,672 121,672 72,249 734 3,971 (7,523) (2,746) (4,777) 3,685 0 0 (1,092) (0.10) (0.10)
EX-27.5 7 FINANCIAL DATA SCHEDULE
5 THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACETED FROM THE COSOLIDATED FINANCIAL STATEMENTS INCLUDED IN FORM 10-K FOR DECEMBER 1,1996 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 3-MOS DEC-01-1996 DEC-01-1996 1,528 0 50,821 (1,909) 35,391 92,000 106,648 (53,937) 175,674 33,675 64,559 0 0 1,615 61,065 175,674 264,457 264,457 163,172 163,175 80,974 439 4,285 15,794 5,321 10,473 4,746 251 0 14,968 1.31 1.28
EX-27.6 8 FINANCIAL DATA SCHEDULE
5 THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE CONSOLIDATED FINANCIAL STATEMENTS INCLUDED IN FORM 10-Q FOR MARCH 3, 1996 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 3-MOS MAR-03-1996 MAR-03-1996 2,767 0 45,543 (2,142) 37,404 90,191 101,313 (49,754) 172,844 35,850 73,750 0 0 1,615 50,186 172,844 58,116 58,116 36,154 36,154 18,208 (5) 875 2,936 1,012 1,924 902 0 0 2,826 0.22 0.21
EX-27.7 9 FINANCIAL DATA SCHEDULE
5 THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE CONSOLIDATED FINANCIAL STATEMENTS INCLUDED IN FORM 10-Q FOR JUNE 2, 1996 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 3-MOS JUN-02-1996 JUN-02-1996 2,343 0 47,114 (1,738) 37,198 91,636 102,530 (51,195) 173,603 34,175 73,268 0 0 1,615 52,329 173,603 125,104 125,104 77,678 77,678 38,770 74 2,140 6,546 2,257 4,289 1,810 0 0 6,099 0.51 0.50
EX-27.8 10 FINANCIAL DATA SCHEDULE
5 THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE CONSOLIDATED FINANCIAL STATEMENTS INCLUDED IN FORM 10-Q FOR SEPTEMBER 1, 1996 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 3-MOS SEP-01-1996 SEP-01-1996 2,623 0 51,338 (1,738) 38,922 98,180 103,809 (52,026) 180,288 32,129 78,559 0 0 1,615 54,788 180,288 192,703 192,703 119,208 119,208 60,311 314 3,524 9,502 3,198 6,304 3,196 251 0 9,249 0.80 0.78
EX-27.9 11 FINANCIAL DATA SCHEDULE
5 THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE CONSOLIDATED FINANCIAL STATEMENTS INCLUDED IN FORM 10-K FOR DECEMBER 3, 1995 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 3-MOS DEC-03-1995 DEC-03-1995 15,503 0 44,341 (2,305) 36,131 100,092 100,119 (48,111) 182,810 30,950 3,559 0 0 1,615 134,578 182,810 253,603 253,603 155,784 155,784 79,421 916 (455) 18,151 6,254 11,897 3,438 0 0 15,335 0.96 0.95
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