-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, pd5XbveodTFDT956vXHz0gZTcT/N96Pmd+p+Wc74odx5BZrLqjrdNWE2WJuVf0mk hva/1ZS/LOMK/NWarL5hhw== 0000950116-95-000187.txt : 19950517 0000950116-95-000187.hdr.sgml : 19950517 ACCESSION NUMBER: 0000950116-95-000187 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19950331 FILED AS OF DATE: 19950515 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: NEW BRUNSWICK SCIENTIFIC CO INC CENTRAL INDEX KEY: 0000071241 STANDARD INDUSTRIAL CLASSIFICATION: 3821 IRS NUMBER: 221630072 STATE OF INCORPORATION: NJ FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-06994 FILM NUMBER: 95539758 BUSINESS ADDRESS: STREET 1: 44 TALMADGE RD STREET 2: PO BOX 4005 CITY: EDISON STATE: NJ ZIP: 08818-4005 BUSINESS PHONE: 9082871200 MAIL ADDRESS: STREET 1: 44 TALMADGE ROAD STREET 2: PO BOX 4005 CITY: EDISON STATE: NJ ZIP: 08818-4005 10-Q 1 FORM 10-Q 1 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q QUARTERLY REPORT UNDER SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For The Quarter Ended March 31, 1995 Commission File No. 0-6994 ------ NEW BRUNSWICK SCIENTIFIC CO., INC. State of Incorporation - New Jersey E. I. #22-1630072 ----------- 44 Talmadge Road, Edison, N.J. 08818-4005 Registrant's Telephone Number: 908-287-1200 ------------ 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 twelve (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 ninety (90) days. Yes X No . --- --- There are 3,581,283 Common shares outstanding as of May 8, 1995. Page 1 2 NEW BRUNSWICK SCIENTIFIC CO., INC. Index PAGE NO. -------- PART I. FINANCIAL INFORMATION: Item 1: Consolidated Condensed Balance Sheets - March 31, 1995 and December 31, 1994 3 Consolidated Statements of Operations - Three Months Ended March 31, 1995 and 1994 4 Consolidated Condensed Statements of Cash Flows - Three Months Ended March 31, 1995 and 1994 5 Notes to Consolidated Condensed Financial Statements 6 Item II: Management's Discussion and Analysis of Results of Operations and Financial Condition 7 PART II. OTHER INFORMATION 9 Page 2 3 NEW BRUNSWICK SCIENTIFIC CO., INC. AND SUBSIDIARIES CONSOLIDATED CONDENSED BALANCE SHEETS (In thousands, except for share data) ASSETS March 31, December 31, 1995 1994 ----------- ------------ Current Assets (Unaudited) -------------- Cash and cash equivalents $ 6,464 $ 7,142 Accounts receivable, net 7,772 7,700 Deferred income tax benefit 302 302 Inventories: Raw materials and sub-assemblies 7,197 7,126 Work-in-process 2,190 1,826 Finished goods 3,947 3,757 ------- ------- Total inventories 13,334 12,709 Prepaid expenses and other current assets 1,373 1,218 ------- ------- Total current assets 29,245 29,071 ------- ------- Property, plant and equipment, net 5,137 4,922 Other assets 514 511 ------- ------- $34,896 $34,504 ======= ======= LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities ------------------- Current installments of long-term debt $ 151 $ 176 Accounts payable and accrued expenses 5,911 5,928 ------- ------- Total current liabilities 6,062 6,104 ------- ------- Long-term debt, net of current installments 687 665 ------- ------- Shareholders' equity: Common stock, $.0625 par, authorized 25,000,000 shares; shares issued and outstanding, 1995 and1994 - 3,581,283 net of shares held in treasury, 338,500 224 224 Capital in excess of par 19,213 19,213 Retained earnings 8,516 8,495 Currency translation adjustment 194 (197) ------- ------- Total shareholders' equity 28,147 27,735 ------- ------- $34,896 $34,504 ======= ======= See notes to consolidated condensed financial statements. Page 3 4 NEW BRUNSWICK SCIENTIFIC CO., INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share amounts) (Unaudited) Three Months Ended March 31, ------------------- 1995 1994 ------- ------- Net sales $ 9,437 $ 9,266 Operating costs and expenses: Cost of sales 5,757 5,794 Selling, general and administrative expenses 2,980 2,820 Research, development and engineering expenses 468 452 ------- ------- Total operating costs and expenses 9,205 9,066 ------- ------- Income from operations 232 200 Other income (expense): Interest income 65 27 Interest expense (15) (17) Other expense, net (15) (22) ------- ------- 35 (12) ------- ------- Income before income taxes 267 188 Income taxes 67 56 ------- ------- Net income $ 200 $ 132 ======= ======= Earnings per Common share $ .06 $ .04 ======= ======= Weighted average number of shares outstanding 3,581 3,569 ======= ======= See notes to consolidated condensed financial statements. Page 4 5 NEW BRUNSWICK SCIENTIFIC CO., INC. AND SUBSIDIARIES CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (In thousands) (Unaudited) Three Months Ended March 31 ------------------- 1995 1994 ------- ------- Cash flows from operating activities: Net income $ 200 $ 132 Adjustments to reconcile net income to net cash provided (used) by operating activities: Depreciation 137 156 Change in related balance sheet accounts: Accounts receivable 159 (186) Inventories (447) (236) Prepaid expenses and other current assets (117) 129 Accounts payable and accrued expenses (243) (264) ------- ------- Net cash used by operating activities (311) (269) ------- ------- Cash flows from investing activities: Additions to property, plant and equipment (260) (132) ------- ------- Net cash used by investing activities (260) (132) ------- ------- Cash flows from financing activities: Dividends (179) - Repayment of long-term debt (45) (49) Proceeds from issuance of Common stock under Stock Option Plan for nonemployee directors - 2 ------- ------- Net cash used by financing activities (224) (47) Net effect of exchange rate changes on cash 117 23 ------- ------- Net decrease in cash and cash equivalents 678 425 Cash and cash equivalents at beginning of period 7,142 4,773 ------- ------- Cash and cash equivalents at end of period $ 6,464 $ 4,348 ======= ======= Supplemental disclosure of cash flow information: Cash paid during the period for: Interest $ 21 $ 18 Income taxes 123 114 See notes to consolidated condensed financial statements. Page 5 6 NEW BRUNSWICK SCIENTIFIC CO., INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS (Unaudited) Note 1 - Interim Results: In the opinion of the Company, the accompanying unaudited consolidated condensed financial statements contain all adjustments (consisting only of normal recurring accruals) necessary to present fairly, its financial position as of March 31, 1995 and the results of its operations and cash flows for the three months ended March 31, 1995 and 1994. Interim results may not be indicative of the results that may be expected for the year. Note 2 - Earnings per share: Earnings per Common share are based on the weighted average number of shares outstanding. Stock options are not included in the calculation as they had no significant dilutive effect on earnings per share. Note 3 - Consolidated Condensed Statements of Shareholders' Equity: Three Months Ended March 31, --------------------- 1995 1994 ------ ------- (In thousands) Balance at beginning of period $27,735 $26,253 Net income 200 132 Currency translation adjustment 391 113 Dividends ($.05 per share) (179) - Issue of shares under Stock Option Plan for nonemployee directors - 2 ------- ------- Balance at end of period $28,147 $26,500 ======= ======= Pgae 6 7 NEW BRUNSWICK SCIENTIFIC CO., INC. AND SUBSIDIARIES MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS AND FINANCIAL CONDITION The following is Management's discussion and analysis of significant factors that have affected the Company's operating results and financial condition during the quarter ended March 31, 1995. Results of Operations Quarter Ended March 31, 1995 vs. Quarter Ended March 31, 1994. For the quarter ended March 31, 1995, net sales were $9,437,000 compared with net sales of $9,266,000 for the quarter ended March 31, 1994. Net income for the 1995 quarter was $200,000 or $.06 per share compared with net income of $132,000 or $.04 per share for the first quarter of 1994. The 51.5% increase in net income for the 1995 quarter on a sales increase of 1.8% resulted primarily from higher operating margins due to continuing improvements in operating efficiencies, the positive effect of the weaker dollar on the product costs of the Company's European subsidiaries and significantly higher interest income, $65,000 in the 1995 quarter vs. $27,000 in 1994 resulting from higher average cash and cash equivalents and increasingly higher interest rates. Financial Condition Liquidity and Capital Resources During the period ended March 31, 1995, Cash and Cash Equivalents decreased to $6,464,000 from $7,142,000 at December 31, 1994. The decrease in cash resulted primarily from an increase in inventories from $12,709,000 at December 31, 1994 to $13,334,000 at March 31, 1995. Inventories increased primarily as a result of the need to replenish work-in-process inventories to the level necessary to ensure an efficient work flow through the Company's plant and in anticipation of large orders for specialized equipment which generally have long lead times. Prepaid expenses and other current assets increased during the 1995 quarter due primarily to the partial payment of pension costs which will be amortized throughout the year. Cash Flows from Operating Activities During the quarters ended March 31, 1995 and 1994, net cash used by operating activities amounted to $311,000 and $269,000, respectively. The primary reasons for the $42,000 negative change between the two periods were the following: (a) inventories increased $447,000 vs. an increase of $236,000 in 1994; (b) prepaid expenses and other current assets increased $117,000 vs. a decrease of $129,000 in 1994; and were offset by (a) net income of $200,000 in 1995 vs. $132,000 in 1994; and (b) a decrease in accounts receivable of $159,000 in 1995 vs. an increase of $186,000 in 1994. Cash Flows from Investing Activities Net cash used by investing activities amounted to $260,000 in 1995 vs. $132,000 in 1994, as a result of additions to property, plant and equipment. Page 7 8 Cash Flows from Financing Activities Net cash used by financing activities amounted to $224,000 in the 1995 period vs. $47,000 in the 1994 period. The major reason for the difference resulted from a Common stock dividend of the Company in the amount of $179,000. Management believes that the resources available to the Company, including its line of credit, are sufficient to meet its near-term needs and its strong unleveraged balance sheet provides the basis for any long-term financing if the need should arise. Page 8 9 NEW BRUNSWICK SCIENTIFIC CO., INC. AND SUBSIDIARIES PART II - OTHER INFORMATION Item 6. Exhibits and Reports on Form 8-K No reports on Form 8-K have been filed during the quarter ended March 31, 1995. Page 9 10 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. NEW BRUNSWICK SCIENTIFIC CO., INC. ---------------------------------- (Registrant) Date: May 8, 1995 /s/ Ezra Weisman ---------------------------------- Ezra Weisman President (Chief Executive Officer) /s/ Samuel Eichenbaum ---------------------------------- Samuel Eichenbaum Vice President - Finance (Principal Accounting Officer) Page 10 11 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. NEW BRUNSWICK SCIENTIFIC CO., INC. ---------------------------------- (Registrant) Date: May 8, 1995 ---------------------------------- Ezra Weisman President (Chief Executive Officer) ---------------------------------- Samuel Eichenbaum Vice President - Finance (Principal Accounting Officer) Page 10 EX-27 2 FINANCIAL DATA SCHEDULE
5 3-MOS DEC-31-1994 MAR-31-1995 6,464,000 0 7,772,000 0 13,334,000 29,245,000 5,137,000 0 34,896,000 6,062,000 0 224,000 0 0 27,923,000 34,896,000 9,437,000 9,437,000 5,757,000 9,205,000 40,000 0 15,000 267,000 67,000 0 0 0 0 200,000 .06 0
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