-----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, TV1gy7kv9aSPuxBIYhFax81vWIefndhkHccm75ybFTFZuT70IPadPQ6hfaSF8XbN fhtgnNbIdRzH8ysWUaWWqA== 0000950109-98-005027.txt : 19981113 0000950109-98-005027.hdr.sgml : 19981113 ACCESSION NUMBER: 0000950109-98-005027 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19981003 FILED AS OF DATE: 19981112 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MOORE MEDICAL CORP CENTRAL INDEX KEY: 0000074691 STANDARD INDUSTRIAL CLASSIFICATION: WHOLESALE-DRUGS PROPRIETARIES & DRUGGISTS' SUNDRIES [5122] IRS NUMBER: 221897821 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 001-08903 FILM NUMBER: 98744868 BUSINESS ADDRESS: STREET 1: PO BOX 1500 STREET 2: 389 JOHN DOWNEY DR CITY: NEW BRITAIN STATE: CT ZIP: 06050 BUSINESS PHONE: 2038263600 MAIL ADDRESS: STREET 1: 389 JOHN DOWNEY DRIVE STREET 2: 389 JOHN DOWNEY DRIVE CITY: NEW BRITAIN STATE: CT ZIP: 06050 FORMER COMPANY: FORMER CONFORMED NAME: OPTEL CORP DATE OF NAME CHANGE: 19850611 10-Q 1 FORM 10-Q ================================================================================ SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ____________________ 1998 FORM 10 - Q For the Fiscal THIRD QUARTER Ended October 3, 1998 Quarterly Report Pursuant To Section 13 or 15(d) of the Securities Exchange Act of 1934 MOORE MEDICAL CORP. (Exact name of registrant as specified in its charter) - -------------------------------------------------------------------------------- DELAWARE 1-8903 (State of incorporation) (Commission File Number) P.O. BOX 1500, NEW BRITAIN, CT 06050 22-1897821 (Address of principal executive offices) (I.R.S. Employer Identification Number) 860-826-3600 (Registrant's telephone number) SECURITIES REGISTERED PURSUANT TO SECTION 12(B) OF THE ACT: COMMON STOCK ($.01 PAR VALUE) AMERICAN STOCK EXCHANGE (Title of Each Class) (Name of each exchange on which registered) - -------------------------------------------------------------------------------- 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 months, and (2) has been subject to such filing requirements for the past 90 days. Yes X No _____ -------- 2,933,302 Number of shares of Common Stock outstanding as of November 5, 1998. Total number of pages in the numbered original is 17 This is page 1 of 17 pages. ================================================================================ MOORE MEDICAL CORP. INDEX
PAGE NO. -------- PART I. FINANCIAL INFORMATION Item 1. Financial Statements Balance Sheets at the end of the third quarter of 1998 and at the end of the year 1997................ 3 Statements of Operations for the third quarter of 1998 and 1997.................................... 4 Statements of Operations for the first three quarters of 1998 and 1997.................................... 5 Statements of Cash Flows for the first three quarters of 1998 and 1997.................................... 6 Notes to Financial Statements.......................... 7-8 Item 2. Management's Discussion and Analysis of Results of Operations and Financial Condition................... 9-13 PART II. OTHER INFORMATION Item 6. Exhibits and Reports on Form 8-K........................ 14-17 Signatures....................................................... 14
2 MOORE MEDICAL CORP.
Balance Sheets at end of - -------------------------------------------------------------------------------- Amounts in thousands THIRD QUARTER 1998 YEAR 1997 (Unaudited) - -------------------------------------------------------------------------------- ASSETS CURRENT ASSETS Cash $ 2,429 $ 54 Accounts receivable, less allowances of $412 and $891......................... 12,582 15,212 Inventories................................. 13,202 13,416 Prepaid expenses and other current assets... 2,557 2,960 Deferred income taxes....................... 2,897 3,354 ------- ------- Total Current Assets.................. 33,667 34,996 ------- ------- NONCURRENT ASSETS Equipment and leasehold improvements, net... 5,314 3,511 Other assets................................ 533 696 ------- ------- Total Noncurrent Assets............... 5,847 4,207 ------- ------- $39,514 $39,203 ======= ======= LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES Accounts payable............................ $ 7,276 $ 9,053 Accrued expenses............................ 6,961 5,801 ------- ------- Total Current Liabilities............. 14,237 14,854 ------- ------- DEFERRED INCOME TAXES.......................... 413 214 REVOLVING CREDIT FINANCING..................... -- 1,512 SHAREHOLDERS' EQUITY Preferred stock - no shares outstanding..... -- -- Common stock - $.01 par value; 5,000 shares authorized; 3,248 shares issued...................... 33 32 Capital in excess of par value.............. 21,667 21,644 Retained earnings........................... 5,957 3,788 ------- ------- 27,657 25,464 Less treasury shares, at cost, 313 and 319 shares................................... (2,793) (2,841) ------- ------- Total Shareholders' Equity............ 24,864 22,623 ------- ------- $39,514 $39,203 ======= ======= - --------------------------------------------------------------------------------
The accompanying notes are an integral part of the financial statements. 3 MOORE MEDICAL CORP.
Statements of Operations for the - -------------------------------------------------------------------------------- Amounts in thousands, except per share data THIRD QUARTER ------------------------------- 1998 1997 (Unaudited) - -------------------------------------------------------------------------------- Net sales................................... $32,529 $71,660 Cost of products sold....................... 22,322 60,066 ------- ------- Gross profit................................ 10,207 11,594 Selling, general & administrative expenses.. 8,550 10,028 ------- ------- Operating income............................ 1,657 1,566 Interest (income) expense, net.............. (19) 433 ------- ------- Income before income taxes.................. 1,676 1,133 Income tax provision........................ 620 403 ------- ------- Net income.................................. $ 1,056 $ 730 ======= ======= Basic and Diluted Net Income Per Share...... $ .36 $ .25 ======= ======= - --------------------------------------------------------------------------------
The accompanying notes are an integral part of the financial statements. 4 MOORE MEDICAL CORP.
Statements of Operations for the - -------------------------------------------------------------------------------- Amounts in thousands, except per share data FIRST THREE QUARTERS -------------------------------- 1998 1997 (Unaudited) - -------------------------------------------------------------------------------- Net sales................................... $93,510 $229,740 Cost of products sold....................... 64,608 195,579 ------- -------- Gross profit................................ 28,902 34,161 Selling, general & administrative expenses.. 25,501 30,625 ------- -------- Operating income............................ 3,401 3,536 Interest (income) expense, net.............. (43) 1,472 ------- -------- Income before income taxes.................. 3,444 2,064 Income tax provision........................ 1,274 738 ------- -------- Net income.................................. $ 2,170 $ 1,326 ======= ======== Basic and Diluted Net Income Per Share...... $ .74 $ .45 ======= ======== - --------------------------------------------------------------------------------
The accompanying notes are an integral part of the financial statements. 5 MOORE MEDICAL CORP.
Statements of Cash Flows for the - -------------------------------------------------------------------------------- Amounts in thousands FIRST THREE QUARTERS -------------------------- 1998 1997 (Unaudited) - -------------------------------------------------------------------------------- CASH FLOWS FROM OPERATING ACTIVITIES Net income............................. $ 2,170 $ 1,326 Adjustments to reconcile net income to net cash flows provided by operating activities: Depreciation and amortization......... 989 1,128 Deferred income taxes................. 656 212 Changes in operating assets and liabilities: Accounts receivable.................. 2,630 (2,970) Inventories.......................... 214 9,340 Other current assets................. 403 (627) Accounts payable..................... (1,777) (1,222) Other current liabilities............ 1,330 (301) ------- ------- Net cash flows provided by operating activities................ 6,615 6,886 ------- ------- CASH FLOWS FROM INVESTING ACTIVITIES Equipment and leasehold improvements.............. (2,792) ( 577) ------- ------- Net cash flows used in investing activities....... (2,792) (577) ------- ------- CASH FLOWS FROM FINANCING ACTIVITIES Revolving credit financing (decrease), net...... (1,512) (6,438) Other, net...................................... 64 118 ------- ------- Net cash flows used in financing activities.. (1,448) (6,320) ------- ------- Increase/(decrease) in cash........................ 2,375 (11) Cash at beginning of period........................ 54 16 ------- ------- CASH AT END OF PERIOD.............................. $ 2,429 $ 5 ======= ======= - --------------------------------------------------------------------------------
The accompanying notes are an integral part of the financial statements. 6 MOORE MEDICAL CORP. NOTES TO FINANCIAL STATEMENTS NOTE 1 - BASIS OF PRESENTATION OF FINANCIAL STATEMENTS The accompanying financial statements should be read in conjunction with the Notes to Financial Statements and Management's Discussion and Analysis of Results of Operations and Financial Condition included in the Company's 1997 Annual Report filed on Form 10-K and in this Form 10-Q Report. In the opinion of management, all adjustments necessary for a fair presentation of the results for the interim periods have been made. The results of operations for the third quarter and first three quarters are not necessarily indicative of the results to be expected for the full year. The fiscal quarters ended October 3, 1998 and September 27, 1997. Certain prior year amounts have been reclassified to conform with the current year presentation. NOTE 2 - CONTINGENCIES Beginning in 1991, the Company entered into various supply contracts with the U.S. Department of Veterans Affairs and the Defense Department. In April 1997, the Company completed a review of its compliance with various pricing provisions of these contracts and, with the assistance of special legal counsel, concluded that adjustments may be due to the federal agencies for potential unasserted claims against the Company relating to pricing deficiencies under product supply contracts subject to General Services Administration and Department of Defense regulations. Management has assessed its estimated liability, and has commenced discussions of the identified pricing issues with appropriate government authorities. The ultimate resolution of this matter potentially could involve purchase price adjustments and associated legal costs estimated to be $3.8 million. The Company established a reserve for this amount in December, 1996. In management's opinion, the ultimate resolution of this matter will not have a material adverse effect on the Company's financial position. Although management believes that the reserve is sufficient, it is possible the final resolution could exceed such reserve and could have a material impact on the statement of operations and cash flow in such period. 7 NOTE 3 - BASIC AND DILUTED NET INCOME PER SHARE In the fourth quarter of 1997, the Company adopted Statement of Financial Accounting Standards No. 128, "Earnings per Share," for all periods presented. Basic earnings per share computations are determined based on the weighted average number of shares outstanding during the period which was 2,933,000 shares and 2,924,000 shares in the third quarters of 1998 and 1997, respectively, and 2,931,000 shares and 2,918,000 shares in the first three quarters of 1998 and 1997, respectively. The effect of the exercise and conversion of all securities, including stock options are included in the diluted earnings per share calculation. 8 MOORE MEDICAL CORP. MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS AND FINANCIAL CONDITION OVERVIEW - -------- The following table sets forth items included in the Statements of Operations as a percentage of sales for the third quarter and first three quarters of 1998 and 1997, respectively. The table also shows, for each line item, the percentage change in the 1998 periods from the comparable 1997 periods.
THIRD QUARTER FIRST THREE QUARTERS ------------------------------------------ -------------------------------------- % of Sales % % of Sales % ---------------------------- ---------- ----------------------- ----------- 1998 1997 Change 1998 1997 Change ------------- ----------- ---------- --------- --------- ----------- Net sales.......................... 100.0% 100.0% (55)% 100.0% 100.0% (59)% Cost of products sold.............. 68.6 83.8 (63) 69.1 85.1 (67) ----- ----- ------ ------ Gross profit....................... 31.4 16.2 (12) 30.9 14.9 (15) Selling, general & admin. exp...... 26.3 14.0 (15) 27.3 13.4 (17) ----- ----- ------ ------ Operating income................... 5.1 2.2 6 3.6 1.5 (4) Interest (income)expense, net...... - 0.6 104 (0.1) 0.6 103 ----- ----- ----- ------ Income before income taxes......... 5.1 1.6 48 3.7 0.9 67 Income tax provision............... 1.9 0.6 54 1.4 0.3 73 ----- ----- ----- ------ Net income......................... 3.2% 1.0% 45% 2.3% 0.6% 64% ===== ===== ===== ===== ====== ======
RESULTS OF OPERATIONS - ---------------------- THIRD QUARTER 1998 COMPARED WITH 1997 - ----------------------- Net sales for the third quarter of 1998 decreased 55% to $32.5 million, compared to $71.7 million in the same quarter a year ago. This decrease was primarily due to the exiting of the wholesale drug distribution business in the fourth quarter of 1997. Net sales in the wholesale drug distribution business decreased $40.3 million while net sales in the healthcare practitioner business increased $1.3 million or 4% in the quarter, compared to the same period in 1997. For the quarter, gross profit dollars decreased 12% to $10.2 million. The gross profit margin in the 1998 quarter increased to 31.4% of sales from 16.2% in the same quarter a year ago. This increase is due to higher gross profit margins in the healthcare practitioner business than in the wholesale drug distribution business. 9 Selling, general and administrative expenses during the third quarter of 1998 decreased 15% or $ 1.5 million, compared to the same quarter a year ago. The decrease was primarily attributable to reductions in staff, freight expenses and other expenses previously associated with the wholesale drug distribution business. Interest expense in the 1998 quarter has been reduced, compared with the same quarter a year ago, by approximately $0.5 million, due to significant positive cash flows resulting from the exiting of the wholesale drug distribution business which have positioned the Company with no debt and positive cash flows during the quarter. Net income for the 1998 quarter increased 44.7%. The decrease in gross profit was more than offset by decreases in selling, general and administrative expense and interest expense. Net income was not significantly affected by any revenues or expenses associated with the former wholesale drug distribution business. FIRST THREE QUARTERS 1998 COMPARED WITH 1997 - ----------------------- Net sales for the first nine months of 1998 decreased 59% to $93.5 million from $229.7 million in the first nine months of 1997. This decrease was primarily due to the exiting of the wholesale drug distribution business in the fourth quarter of 1997. Net sales of the wholesale drug distribution business decreased $146.2 million, while net sales of the healthcare practitioner business increased $9.4 million or 11% compared to the same period in 1997. For the first nine months, gross profit dollars decreased 15.4% to $28.9 million. The gross profit margin rate increased in the first nine months of 1998 to 30.9% from 14.9% in the same period in 1997. Gross profit margins are higher in the healthcare practitioner business than in the wholesale drug distribution business. Selling, general and administrative expenses during the first nine months of 1998 decreased 17% compared to the first nine months of 1997. The decrease is primarily attributable to reductions of staff, freight expense and other expenses related to the wholesale drug distribution business. In 1997, a pre-tax charge of $0.8 million was recorded in connection with exiting various federal government supply contracts. Interest expense in the first nine months of 1998 has been reduced, compared with the same period a year ago, by $1.5 million, due to significant positive cash flows resulting from the exiting of the wholesale drug distribution business which have positioned the Company with no debt and positive cash flows during most of the first nine months of 1998. 10 Net income for the first nine months increased 63.7% as compared to the same period in 1997. The decrease in gross profit was more than offset by decreases in selling, general and administrative expenses and interest expense. Net income for the first nine months of 1998 was not significantly affected by revenues or expenses of the former wholesale drug distribution business. FINANCIAL CONDITION - ------------------- During the first nine months of 1998 $6.6 million in funds provided by operating activities were used to repay the remaining bank debt of $1.5 million, for capital expenditures of $2.8 million and accounted for a $2.4 million increase in cash. Operating activities generated $2.6 million from a decrease in accounts receivable, $2.2 million from net income, $1.0 million from depreciation and amortization, $0.7 million from deferred income taxes, $0.2 million from decreased inventory and $1.7 million from a net change in other assets and liabilities. Operating activities used cash of $1.8 million to reduce accounts payable. The change in accounts receivable was primarily due to the collection of accounts in connection with exiting the wholesale drug distribution business. The Company's bank financing agreement, under which no debt was outstanding during the third quarter, provides for a $10 million revolving line of credit through December, 1999. The facility provides for funding limited by a formula using accounts receivable balances and inventory levels as the primary variables. Interest on loans is charged at the prime rate or, at the option of the Company, at the Eurodollar rate plus a rate in the range of 1% to 2% depending on the financial leverage of the Company. In addition, the Company pays a 1/4% commitment fee on the unused line of credit. Substantially all of the assets of the Company have been pledged as collateral and the agreement contains covenants and restrictions relating to asset protection, financial condition, dividends, investments, acquisitions and certain other matters. Management believes that the funding needs of the Company for operating working capital, capital expenditures and possible acquisitions will be met through cash flow from operations and financing sources. YEAR 2000 COMPLIANCE - -------------------- "Year 2000" issues are the result of computer programs that were written using two digits rather than four to define the applicable year. If the Company's computer programs with date sensitive functions are not Year 2000 compliant, they may recognize a date using "00" as the year 1900 rather than the year 2000. This could result in a system failure or miscalculations causing disruptions of operations, including, an inability to process transactions, send invoices or engage in other normal business activities. The Company has identified its Year 2000 risk in three categories: internal business software, internal non-information technology software and external vendor compliance. 11 Internal Information Technology - ------------------------------- During 1998, as part of a modernization program intended to improve productivity and increase profitability by upgrading data processing, integrating systems and enhancing internal reporting, the Company purchased an integrated enterprise system which includes software which the vendor has represented to be Year 2000 compliant. The total estimated hardware, software, installation and training cost of the integrated enterprise system, of which Year 2000 compliance is a by- product, is $4.5 million of which $1.9 million has been incurred to date, funded through operating cash flow. The Company is in the implementation phase for this system, with full implementation scheduled for mid-1999. Based on this schedule, the Company plans its internal information technology systems to be in substantial compliance before the year 2000. However, if due to unforeseen circumstances, the implementation is not completed in a timely manner, Year 2000 issues could have a material adverse impact on the Company's operations, liquidity and financial condition. Contingency plans are being developed for areas where management considers there may be some risk to modify certain of the major existing internal information technology systems to be Year 2000 compliant. Internal Non-Information Technology - ----------------------------------- The Company plans to assess the Year 2000 compliance of its internal non- information software and of the technology embedded in such systems as security, telecommunications and building systems by contacting the providers of such systems by mid-1999. Since the Company is in the information gathering phase, it does not have sufficient data to estimate the scheduling or costs of achieving Year 2000 compliance for such systems or have a contingency plan in place therefore. External Vendor Compliance - -------------------------- The Company is in the process of identifying and contacting its major suppliers, service providers and contractors ("vendors") to determine the extent of their Year 2000 compliance. It plans that the process will be completed by mid-1999. To the extent that responses are unsatisfactory, the Company intends to consider changing its major vendors to those who have represented Year 2000 readiness, but cannot be assured that it will be successful in finding alternative vendors. In the event that major vendors are not Year 2000 compliant and the Company does not replace them with new vendors, its business could be materially adversely affected. The Company plans to consider formulating a contingency plan for major vendors' Year 2000 non-compliance in mid-1999, after it receives responses from vendors. 12 FORWARD-LOOKING INFORMATION - --------------------------- From time to time, the Company or its representatives may have made or may make forward-looking statements, orally or in writing. Such forward-looking statements may be included in, but, not limited to, press releases, oral statements made by or with the approval of an authorized executive officer, or in this report or other filings made by the Company with the Securities and Exchange Commission. The words or phrases "trend," "expect," "grow," "will," "could," "likely result," "planned," "continued," "anticipated," "estimated," "projected," "scheduled," "could have," "intended," or similar expressions are intended to identify "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. The Company wishes to ensure that such statements are accompanied by meaningful cautionary statements, so as to maximize to the fullest extent possible the protections of the safe harbor established in the said Act. Accordingly, such statements are qualified in their entirety by reference to and are accompanied by the following discussion of certain important factors that could cause actual results to differ materially from such forward-looking statements. Investors should also be aware of factors that could have an impact on the Company's business or financial position or performance. These include possible: pressures on revenues resulting, for example, from customer consolidations or changes in customer buying patterns; intensified competition resulting, for example, from distributor consolidations or pricing pressures from distributors able to benefit from economies of scale or other operating efficiencies; disruptions in services or systems on which the Company is dependent, such as by truckers in deliveries from its suppliers, by UPS or other common carriers in deliveries to its customers, by its catalog printers or in telecommunication services, or relating to its computer systems or Year 2000 issues (including regarding costs, scheduling, implementation, vendor compliance, and plans and expectations regarding such); unfavorable outcomes of litigation to which the Company may become a party; and other factors detailed from time to time in the Company's Securities and Exchange Commission filings or other readily available or generally disseminated writings. The risks identified here are not all inclusive. Reference is also made to other parts of this report and the Company's most recent Annual Report on Form 10-K that include additional information concerning factors that could adversely impact the Company's business or financial position or performance. Moreover, the Company operates in a changing and very competitive business environment. New risks may emerge from time to time, and it is not possible for management to predict all risk factors, nor can it necessarily identify or assess the impact of all such factors on the Company or the extent to which any factor or combination of factors may cause actual results to differ materially from those contained in any forward-looking statements. Accordingly, forward-looking statements should not be relied upon as a prediction of actual results. 13 PART II. OTHER INFORMATION ----------------- ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K -------------------------------- (a) Exhibits -------- Certificate of Correction, pursuant to Section 103 (f) of the Delaware General Corporation Law, dated November 10, 1998 - Exhibit 3.2A (b) Reports on Form 8-K ------------------- No report on Form 8-K was filed during the quarter. SIGNATURES ---------- Pursuant to the requirements of Section 13 or 15(d) 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. MOORE MEDICAL CORP. (REGISTRANT) By: /s/ David V. Harper By: /s/ Susan G. D'Amato ----------------------------------- ------------------------------ David V. Harper Susan G. D'Amato Vice President - Finance and Controller and Chief Chief Financial Officer Accounting Officer November 10, 1998 November 10, 1998 14 Exhibit 3.2A CERTIFICATE OF CORRECTION OF MOORE MEDICAL CORP. ----------------------------------------- Pursuant to Section 103(f) of the General Corporation Law of the State of Delaware ----------------------------------------- I, Mark Karp, President of Moore Medical Corp., a corporation organized and existing under the General Corporation Law of the State of Delaware (the "Corporation"), in accordance with the provisions of Section 103(f) of such law, DO HEREBY CERTIFY that: 1. The Certificate of Amendment of Certificate of Incorporation of the Corporation filed with the Secretary of State of the State of Delaware on June 30, 1981 (the "June 30, 1981 Amendment") inadvertently set forth an inaccurate record of the corporate action therein referred to. 2. Paragraph FIRST of the June 30, 1981 Amendment should be corrected by deleting the words "By striking out the whole of Article FOURTH thereof as it now exists and inserting in lieu and instead thereof a new Article FOURTH, reading as follows: "in the second paragraph of Paragraph FIRST of the June 30, 1981 Amendment and replacing such words with the following: "By deleting the first full paragraph of Article Fourth thereof and substituting the following:". 15 3. This Certificate of Correction shall not be deemed to amend or correct (a) any other provision of the June 30, 1981 Amendment or (b) any certificate of amendment of the Corporation's Certificate of Incorporation or certificate of designations of the Corporation filed with the Secretary of State of the State of Delaware at any time after June 30, 1981. IN WITNESS WHEREOF, I have executed and subscribed this Certificate of Correction and do affirm the foregoing as true under the penalties of perjury this 6th day of November, 1998. /s/ Mark Karp --------------------------------- Mark Karp President ATTEST: /s/ Joseph Greenberger - ------------------------------------ Joseph Greenberger Secretary 16 EX-27 2 FINANCIAL DATA SCHEDULE
5 1,000 3-MOS JAN-02-1999 JUL-05-1998 OCT-03-1998 2,429 0 12,994 412 13,202 33,667 15,899 (10,585) 39,514 14,237 0 0 0 33 24,831 39,514 32,529 32,529 22,322 22,322 8,550 0 (19) 1,676 620 1,056 0 0 0 1,056 0.36 0.36
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