-----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, Qd1uRgGvpMsq9qFrhvrC6rwhvxwFPTpjxukA3AV8LsCsAi6hHr5t+YSCg0j7NSIa Y+6LA6woWn0fR81t3tN4Uw== 0000950152-98-004664.txt : 19980518 0000950152-98-004664.hdr.sgml : 19980518 ACCESSION NUMBER: 0000950152-98-004664 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19980331 FILED AS OF DATE: 19980515 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: AMERICAN PRECISION INDUSTRIES INC CENTRAL INDEX KEY: 0000005657 STANDARD INDUSTRIAL CLASSIFICATION: FABRICATED PLATE WORK (BOILER SHOPS) [3443] IRS NUMBER: 161284388 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 001-05601 FILM NUMBER: 98624934 BUSINESS ADDRESS: STREET 1: 2777 WALDEN AVE CITY: BUFFALO STATE: NY ZIP: 14225 BUSINESS PHONE: 7166849700 MAIL ADDRESS: STREET 1: 2777 WALDEN AVENUE CITY: BUFFALO STATE: NY ZIP: 14225 10-Q 1 AMERICAN PRECISION INDUSTRIES FORM 10-Q 1 FORM 10-Q SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 (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 -------------- 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 1-5601 AMERICAN PRECISION INDUSTRIES INC. ------------------------------------------------------ (Exact name of registrant as specified in its charter) DELAWARE 16-1284388 - ------------------------------- ---------------- (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 2777 WALDEN AVENUE, BUFFALO, NEW YORK 14225 - -------------------------------------- --------- (Address of principal executive offices) (Zip Code) (716) 684-9700 ---------------------------------------------------- (Registrant's telephone number, including area code) 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 . --- --- Number of shares of outstanding stock on May 12, 1998 7,463,898 2 AMERICAN PRECISION INDUSTRIES INC. AND SUBSIDIARIES CONSOLIDATED STATEMENT OF EARNINGS ---------------------------------- (Unaudited)
THREE MONTHS ENDED ----------------------- MARCH 31, APRIL 4, (In thousands, except per share data) 1998 1997 --------- --------- NET SALES $55,013 $35,843 COSTS AND EXPENSES Cost of products sold 38,527 24,518 Selling and administrative 12,029 7,347 Research and product development 1,268 703 Interest and debt expense, net of investment income 839 430 ------- ------- 52,663 32,998 ------- ------- EARNINGS BEFORE INCOME TAXES 2,350 2,845 INCOME TAXES 791 960 ------- ------- NET EARNINGS $ 1,559 $ 1,885 ======= ======= EARNINGS PER COMMON SHARE BASIC $ 0.21 $ 0.26 DILUTED $ 0.17 $ 0.25 Weighted Average Common Shares Outstanding Basic 7,443 7,316 Diluted 9,385 7,675
2 3 AMERICAN PRECISION INDUSTRIES INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEET - -------------------------- (Unaudited)
MARCH 31, DECEMBER 31, (Dollars in thousands) 1998 1997 ---------- ------------ ASSETS CURRENT ASSETS Cash and cash equivalents $ 2,889 $ 2,313 Accounts receivable less allowance for doubtful accounts of $1,010 and $1,124 34,616 32,163 Inventories - net 38,993 38,510 Prepaid expenses 3,708 4,744 Deferred income taxes 4,041 4,338 -------- -------- TOTAL CURRENT ASSETS 84,247 82,068 INVESTMENTS 698 686 OTHER ASSETS Cost in excess of net assets acquired - net 19,322 19,853 Prepaid pension costs 1,666 1,669 Net cash value of life insurance 3,207 3,199 Other 2,291 2,251 -------- -------- 26,486 26,972 DEFERRED INCOME TAXES 284 297 PROPERTY, PLANT AND EQUIPMENT Land 3,338 3,409 Buildings and improvements 20,280 20,327 Machinery, equipment and furniture 52,088 51,427 Construction in process 4,103 2,689 -------- -------- 79,809 77,852 Less accumulated depreciation 27,454 25,205 -------- -------- NET PROPERTY, PLANT AND EQUIPMENT 52,355 52,647 -------- ======== TOTAL ASSETS $164,070 $162,670 ======== ========
3 4 AMERICAN PRECISION INDUSTRIES INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEET - -------------------------- (Unaudited)
MARCH 31, DECEMBER 31, (Dollars in thousands) 1998 1997 --------- ------------ LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES Short-term borrowings $ 15,422 $ 14,086 Accounts payable 15,078 15,792 Accrued compensation and payroll taxes 5,888 6,585 Other liabilities and accrued expenses 8,488 7,980 Current portion of long-term obligations 1,341 1,329 --------- --------- TOTAL CURRENT LIABILITIES 46,217 45,772 DEFERRED INCOME TAXES 1,891 1,926 OTHER NONCURRENT LIABILITIES 3,098 3,488 LONG-TERM OBLIGATIONS, LESS CURRENT PORTION 36,162 34,884 SHAREHOLDERS' EQUITY Series B seven percent (7%) convertible preferred stock, par value $1.00 a share, 1,236,337 shares issued and outstanding 26,156 26,156 Common stock, par value $.66 2/3 a share: Authorized - 30,000,000 shares Issued - 7,818,880 and 7,812,215 shares 5,212 5,207 Additional paid-in capital 13,165 13,107 Retained earnings 37,175 35,572 Accumulated other comprehensive income (loss) (2,168) (604) --------- --------- 79,540 79,438 Less cost of 374,262 treasury shares 2,838 2,838 --------- --------- TOTAL SHAREHOLDERS' EQUITY 76,702 76,600 --------- ========= TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 164,070 $ 162,670 ========= =========
4 5 AMERICAN PRECISION INDUSTRIES INC. AND SUBSIDIARIES CONSOLIDATED STATEMENT OF CASH FLOWS - --------------------------------------------------------- (Unaudited)
Three Months Ended March 31, April 4, (Dollars in thousands) 1998 1997 -------- -------- CASH FLOWS FROM OPERATING ACTIVITIES Net earnings $ 1,559 $ 1,885 Adjustments to reconcile net income to cash and cash equivalents provided by operating activities: Depreciation and amortization 2,151 1,333 Gain (Loss) on sale of investments / fixed assets 18 (80) Stock compensation programs (63) (105) Change in various allowance accounts (425) (2,077) Other 29 70 (Increase) Decrease in: Accounts receivable (2,950) (2,606) Inventories (732) 2,402 Prepaid expenses 739 (290) Prepaid income taxes 237 -- Deferred income tax assets 213 (33) Other assets, net (150) 139 Increase (Decrease) in: Accounts payable (505) 788 Accrued expenses 92 (2,626) Federal, state and foreign income taxes 148 766 Other noncurrent liabilities (280) (262) ------- ------- Net Cash Provided (Used) by Operating Activities 81 (696) ------- ------- CASH FLOWS FROM INVESTING ACTIVITIES Investments in acquisitions, net of cash & cash equivalents acquired (9) (5,927) Purchases of investments and marketable securities (12) -- Additions to property, plant and equipment (2,508) (2,421) Proceeds from investments & marketable securities -- 257 Proceeds from sale of fixed assets -- 97 ------- ------- Net Cash (Used) by Investing Activities (2,529) (7,994) ------- ------- CASH FLOWS FROM FINANCING ACTIVITIES Exercise of stock options 63 226 Payment of long-term obligations, including current maturities (333) (327) Dividends paid -- (471) Increase in long-term obligations 1,857 7,005 Increase in short-term borrowings 1,792 1,191 ------- ------- Net Cash Provided by Financing Activities 3,379 7,624 ------- ------- Effect of Exchange Rate Changes (355) (17) Net Increase (Decrease) in Cash and Cash Equivalents 576 (1,083) Cash and Cash Equivalents at Beginning of Year 2,313 2,412 ------- ------- Cash and Cash Equivalents at End of Year $ 2,889 $ 1,329 ======= =======
5 6 AMERICAN PRECISION INDUSTRIES INC. AND SUBSIDIARIES Notes to Consolidated Financial Statements First Quarter Ended March 31, 1998 ------------------------------------------ Note A Consolidated Financial Statements - ------ --------------------------------- The Consolidated Balance Sheet as of March 31, 1998, and the Consolidated Statement of Earnings and the Consolidated Statement of Cash Flows for the periods ended March 31, 1998 and April 4, 1997 have been prepared by the Company without audit. In the opinion of management, all adjustments necessary to present fairly the financial position, results of operations, and changes in cash flow at March 31, 1998 and for all periods presented have been made. The Consolidated Balance Sheets include the assets, liabilities and resulting goodwill of all subsidiaries. The Consolidated Statements of Earnings and Cash Flows for the three months ended April 4, 1997 include the results of API Schmidt-Bretten from January 31, 1997, the date of acquisition. The Consolidated Statements of Earnings and Cash Flows for the three months ended March 31, 1998 include the results of Portescap which was acquired on July 8, 1997. Certain information and footnote disclosures normally included in financial statements prepared in accordance with Generally Accepted Accounting Principles have been condensed or omitted. It is suggested these condensed consolidated financial statements be read in conjunction with the financial statements and the notes thereto included in the Company's 1997 Annual Report to Shareholders. Note B Inventories - ------ ----------- The major classes of inventories are as follows:
March 31, December 31, (In thousands) 1998 1997 --------- ------------ Finished goods $ 9,923 $ 9,133 Work in process 9,482 10,807 Raw materials 19,588 18,570 --------- ---------- $ 38,993 $ 38,510 ========= ==========
Had the cost of all inventories at March 31, 1998 and December 31, 1997 been determined by the FIFO method, these amounts would have been greater by $1,052 for both periods. 6 7 Note C Long-Term Obligations - ------ ---------------------
March 31, 1998 --------------------------------------------------- Outstanding Current Long-Term ----------- -------- ---------- Industrial Revenue Bonds $ 12,009 $ 1,135 $ 10,874 Revolving Credit Debt 19,001 - 19,001 Supplemental Benefit Program 1,015 206 809 Portescap Debt- Mortgage and Other Long-Term Loans 5,478 - 5,478 --------- -------- ---------- $ 37,503 $ 1,341 $ 36,162 ========= ======== ==========
Note D Earnings Per Share - ------ ------------------ All earnings per share amounts reflect the implementation of Statement of Financial Accounting Standards No. 128 Earnings per Share ("SFAS 128"). SFAS 128 established new standards for computing and presenting earnings per share and requires all prior period earnings per share data to be restated to conform with the provisions of the statement. Basic earnings per share is computed by dividing net earnings by the weighted average number of shares outstanding during the period. Diluted earnings per share is computed using the weighted average number of shares determined for the basic computations plus the number of shares of common stock that would be issued assuming all contingently issuable shares having a dilutive effect on earnings per share were outstanding for the period.
Three Months Ended ---------------------------- March 31, April 4, (In thousands, except per share data) 1998 1997 ------ -------- Net Income $1,559 $ 1,885 ====== ======== Weighted average common shares outstanding (basic) 7,443 7,317 Incremental shares from assumed conversions: Stock options and warrants 403 358 Series B convertible preferred stock 1,539 - ------ -------- Weighted average common shares outstanding (diluted) 9,385 7,675 ====== ======== Earnings per share: Basic $0.21 $0.26 Diluted $0.17 $0.25
7 8 Note E Foreign Currency Translation - ------ ---------------------------- The financial statements of subsidiaries outside the United States are measured using the local currency as the functional currency. Assets, including goodwill, and liabilities are translated at the rates of exchange at the balance sheet date. The resulting translation adjustments are included in equity adjustment from foreign currency translation, a separate component of shareholders' equity. Income and expense items are translated at average monthly rates of exchange. The Company utilizes forward foreign currency exchange contracts to manage exposures resulting from fluctuations in foreign currency exchange rates on monetary assets and liabilities denominated in foreign currencies arising from its operations. Gains and losses on foreign currency transactions are recorded in income and are not material during the periods presented. The Company does not engage in foreign currency speculation. As of March 31, 1998 and December 31, 1997 foreign exchange contracts outstanding were not significant. Note F Selected Segment Data - ------ --------------------- The Company conducts operations in three major industrial classifications: Heat Transfer Technology, Motion Technologies, and Electronic Components. Information about the net sales and operating profit of these segments is set forth below:
FIRST QUARTER ENDED ---------------------------------- MARCH 31, APRIL 4, (Dollars in thousands) 1998 1997 --------- --------- NET SALES: Heat Transfer $ 23,856 $ 21,169 Motion 27,178 10,945 Electronic Components 3,979 3,729 --------- --------- $ 55,013 $ 35,843 ========= ========= OPERATING PROFIT: Heat Transfer $ 1,941 $ 2,085 Motion 1,472 1,188 Electronic Components 775 646 --------- --------- 4,188 3,919 GENERAL CORPORATE EXPENSE, NET (999) (644) INTEREST AND DEBT EXPENSE (839) (430) --------- --------- EARNINGS BEFORE INCOME TAXES $ 2,350 $ 2,845 ========= =========
8 9 Note G Adoption of SFAS No. 130 - ------ ------------------------ In the first quarter of 1998, the Company adopted Statement of Financial Accounting Standards (SFAS) No. 130, "Reporting Comprehensive Income." Comprehensive income is defined as "the change in equity of a business enterprise during a period from transactions and other events and circumstances from non-owner sources". Under SFAS 130, the term "comprehensive income" is used to describe the total net earnings plus other comprehensive income which for the Company includes foreign currency translation adjustments and minimum pension liability not yet recognized as net periodic pension cost. The adoption of SFAS 130 did not impact the calculation of net earnings or earnings per share nor did it impact reported assets, liabilities or total shareholders' equity. It did impact the presentation of the components of shareholders' equity within the balance sheet and will result in the presentation of the components of comprehensive income within an annual financial statement, which must be displayed with the same prominence as other financial statements. The components of the Company's total comprehensive income (loss) were:
Three Months Ended ------------------------------------ March 31, April 4, (In thousands) 1998 1997 -------- -------- Net earnings $ 1,559 $ 1,885 Other Comprehensive Loss: Foreign currency translation adjustments (2,090) (14) Minimum pension liability, net of tax (78) (74) -------- -------- Total comprehensive income (loss) $ (609) $ 1,797 ======== ======== The foreign currency translation adjustments are not currently adjusted for income taxes since they relate to investments which are permanent in nature.
9 10 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS ------------------------------------------------ SALES API consolidated sales for the first quarter of 1998 were $55.0 million, an increase of 53.5% or $19.2 million as compared to the first quarter of 1997. Sales at API Motion were $27.2 million - an increase of $16.2 million or 148% as compared to the first quarter of 1997. The July 1997 acquisition of the Portescap micromotor business added $15.1 million to API Motion's first quarter of 1998 sales. The remainder of the sales increase is due to continuing volume growth of clutches and brakes and feedback devices which more than offset delays in the introduction of new turbo motor products and lower sales of older Gettys motors. At API Heat Transfer sales were $23.9 million - up $2.7 million or 12.7% as compared to the first quarter of 1997. $1.8 million of the sales increase reflects API's ownership of Schmidt-Bretten for the full 3 months of 1998. API acquired Schmidt-Bretten on January 31, 1997. The remaining sales growth was from increased demand for air-cooled products and for plate and frame heat exchangers offset by lower shell and tube heat exchanger sales due to the timing of customer requested delivery dates. API Electronic Components sales were $4.0 million - up 6.7% over the first quarter of 1997. In this segment, the Components niche product strategy continues to increase demand. COST OF PRODUCTS SOLD Cost of Products Sold for the first quarter of 1998 was $38.5 million as compared to $24.5 million for the first quarter of 1997. Of the $14.0 million increase, the acquisitions of Portescap and Schmidt-Bretten accounted for $11.5 million. The balance reflects volume increases and the production issues at Heat Transfer's air-cooled products facility offset by cost reductions in the manufacture of shell and tube heat exchangers. Expressed as a percent of sales, Cost of Products Sold was 70.0% of sales in the first quarter of 1998 and was 68.4% in the first quarter of 1997. The majority of the 1.6% increase reflects the impact of the production issues at Heat Transfer's air-cooled products facility. The remainder reflects costs to produce and sample new turbo motor products. SELLING AND ADMINISTRATIVE EXPENSES Selling and administrative costs in the first quarter of 1998 were $12.0 million, a $4.7 million increase as compared to 1997's first quarter. The acquisitions of Portescap and Schmidt-Bretten added $3.8 million to quarterly costs. The remainder of the increase reflects spending for resources to support the higher volume of plate and frame heat exchanger sales (particularly in the U.S.) and higher corporate spending necessary to manage the financial aspects of API's globalization and to strengthen API shareholder and investor relations activities. 10 11 Selling and administrative costs as percent of sales were 21.9% in the first quarter of 1998, up from 20.5% in the first quarter of 1997. The addition of Portescap, which due to its sales subsidiary structure has higher selling costs related to sales, plus the higher corporate spending, account for the increase. RESEARCH AND PRODUCT DEVELOPMENT Product development spending was $1.3 million in the first quarter of 1998 versus $.7 million in the first quarter of 1997, reflecting the acquisition of Portescap and monies being spent there to expand product capabilities and technology. INTEREST AND DEBT EXPENSE Interest and Debt Expense, net of investment income, was $.8 million in the first quarter of 1998 as compared to $.4 million last year. Interest on borrowings for the Schmidt-Bretten and Portescap acquisitions, interest on the debt acquired with Portescap and lower investment income due to the expenditure in the first quarter of 1997 of the majority of the proceeds from industrial revenue bonds issued in 1996 for the air-cooled products facility account for the increase. TAXES The tax rate in both the first quarter of 1998 and the first quarter of 1997 was 33.7%. NET INCOME Net Income of $1.6 million was $.3 million lower than the first quarter of 1997. The added net income from the acquisitions of Portescap and Schmidt-Bretten were more than offset by the production issues related to air-cooled heat exchangers, costs related to the introduction of new motor and drive products at API Motion, and the higher corporate costs. SEGMENT DATA DISCUSSION Operating Profit (earnings before interest and taxes) was $3.2 million for the first quarter of 1998 versus $3.3 million last year. The increase in operating profit dollars for API Motion results from the July 8, 1997 acquisition of Portescap offset by costs relating to the introduction of new products and to customer order timing for controls and drive products. Operating profit, as a percent of sales, was lower due to Portescap's relatively lower operating to sales levels and the other factors mentioned above. 11 12 The decrease in operating profit at API Heat Transfer reflects the higher costs resulting from the production issues at the air-cooled heat exchanger facility and by lower sales of shell and tube exchangers due to customer shipment timing offset by the sales and profit growth of plate and frame heat exchangers. Operating profit, as a percent of sales, was lower due to the higher production costs at the air-cooled products facility. The increase in operating profit and operating profit related to sales for API Electronic Components reflects the ongoing success of this group's niche product strategy. The increase in Corporate costs reflects the additions mentioned earlier. FINANCIAL POSITION Comparative information on the Company's liquidity position follows ($000 omitted).
March 31, April 4, 1998 1997 ------------ ----------- Net Working Capital $38,030 $22,590 Current Ratio 1.8 1.8 Cash and Cash Equivalents $ 2,889 $ 1,329
The acquisition of Portescap on July 8, 1997 accounts for the majority of the increased net working capital and cash.
For the three months ended -------------------------------------- March 31, April 4, 1998 1997 -------------- --------- Cash Flow from Operations $ 81 $ (696) Capital Expenditures $ 2,508 $ 2,421
The Company has available short-term lines of credit which it utilizes to fund current operations. Future acquisitions may require the Company to arrange additional credit facilities with lenders or procure financing through issuance of debt or equity securities. YEAR 2000 INITIATIVES The Company is currently working to resolve the potential impact of "Year 2000" issues on the processing of date-sensitive information by the Company's computer systems. The Year 2000 problem relates to the ability of computer systems to be able to distinguish date data between the twentieth and twenty-first centuries. The Company is devoting appropriate resources to resolve its Year 2000 issues in a timely manner and does not currently expect that doing so will have a material adverse impact on the Company's financial position, results or cash flows in the future. The Company is also taking steps to assess the Year 2000 status of its significant product and service suppliers. 12 13 AMERICAN PRECISION INDUSTRIES INC. AND SUBSIDIARIES Components of Consolidated Statement of Earnings Expressed as a Percentage of Net Sales ------------------------------------------------
First Quarter Ended -------------------- March 31, April 4, 1998 1997 ------ ------ Net Sales 100.0 100.0 ------ ------ Costs and Expenses Cost of products sold 70.0 68.4 Selling and administrative 21.9 20.5 Research and product development 2.3 2.0 Interest and debt expense, net of investment income 1.5 1.2 ------ ------ 95.7 92.1 ------ ------ Earnings before Income Taxes 4.3 7.9 Income Taxes 1.5 2.7 ------ ------ Net Earnings 2.8 5.2 ====== ====== Income Taxes as a percentage of Earnings Before Income Taxes 33.7% 33.7% ====== ======
13 14 PART II ------- OTHER INFORMATION ----------------- Item 1. Legal Proceedings - ------- ----------------- None Item 2. Changes in Securities - ------- --------------------- None Item 3. Defaults Upon Senior Securities - ------- ------------------------------- None Item 4. Submission of Matters to a Vote of Security Holders - ------- --------------------------------------------------- None Item 5. Other Information - ------- ----------------- None Item 6. Exhibits and Reports on Form 8-K - ------- -------------------------------- (a) Exhibits See the index to exhibits immediately preceding the exhibits filed with this report. 14 15 AMERICAN PRECISION INDUSTRIES AND SUBSIDIARIES * * * * * * SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES -------------------------------------------------- LITIGATION REFORM ACT OF 1995 ----------------------------- Certain statements made in this report constitute forward-looking statements based upon current expectations and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve certain assumptions, risks and uncertainties that could cause actual results to differ materially from those included in, or contemplated, by the statements. These assumptions, risks and uncertainties include, but are not limited to, the successful transition of the recent acquisitions into the Company, improvement of the Company's air-cooled heat exchanger operations, customer acceptance of the new line of motors and drives, as well as the risks and uncertainties associated with general economic cycles in North America, Europe or the Far East. The Company expressly disclaims any obligation to update any forward-looking statements as a result of developments occurring after the date hereof. * * * * * * 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. AMERICAN PRECISION INDUSTRIES INC. /s/ Bruce McH. Kirchner - --------------------------------- Bruce McH. Kirchner Chief Financial Officer /s/ John M. Murray - --------------------------------- John M. Murray Vice President-Finance and Treasurer May 14, 1998 15 16 EXHIBIT INDEX ------------- 11 Computation of net income per share 27 Financial Data Schedule 16 EX-11 2 EXHIBIT 111 1 EXHIBIT 11 ---------- AMERICAN PRECISION INDUSTRIES COMPUTATION OF NET INCOME PER SHARE (Shares and dollars in thousands except per share amounts)
Three Months Ended ------------------------ March 31, April 4, 1998 1997 ----------- ---------- Net Income $1,559 $1,885 ====== ====== Weighted average common shares outstanding (basic) 7,443 7,317 Incremental shares from assumed conversions: Stock options and warrants 403 358 Series B convertible preferred stock 1,539 -- ------ ------ Weighted average common shares outstanding (diluted) 9,385 7,675 ====== ====== Earnings per share: Basic $ 0.21 $ 0.26 Diluted $ 0.17 $ 0.25
17 EX-27 3 EXHIBIT 27
5 1,000 3-MOS DEC-31-1998 JAN-01-1998 MAR-31-1998 2,889 0 35,626 1,010 38,993 84,247 79,809 27,454 164,070 46,217 36,162 0 26,156 5,212 45,334 164,070 55,013 55,013 38,527 38,527 1,268 0 839 2,350 791 0 0 0 0 1,559 .21 .17
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