-----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, Vi+6mFvQmIBGaEIlZuz9wz1J/85uhh2BIlTCqTjDgQ0ShinwiFvfoml3dcFqg/8Q UvSr8CuNiZwyNRMvpL5hRw== 0000007533-96-000011.txt : 19961118 0000007533-96-000011.hdr.sgml : 19961118 ACCESSION NUMBER: 0000007533-96-000011 CONFORMED SUBMISSION TYPE: 10-Q CONFIRMING COPY: PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19960928 FILED AS OF DATE: 19961114 SROS: AMEX FILER: COMPANY DATA: COMPANY CONFORMED NAME: ARROW AUTOMOTIVE INDUSTRIES INC CENTRAL INDEX KEY: 0000007533 STANDARD INDUSTRIAL CLASSIFICATION: MISCELLANEOUS ELECTRICAL MACHINERY, EQUIPMENT & SUPPLIES [3690] IRS NUMBER: 041449115 STATE OF INCORPORATION: MA FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-07737 FILM NUMBER: 00000000 BUSINESS ADDRESS: STREET 1: 3 SPEEN ST CITY: FRAMINGHAM STATE: MA ZIP: 01701 BUSINESS PHONE: 5088723711 MAIL ADDRESS: STREET 1: 3 SPEEN STREET CITY: FRAMINGHAM STATE: MA ZIP: 01701 10-Q 1 THIS DOCUMENT IS A COPY OF THE FORM 10-Q FILED ON NOVEMBER 13, 1996 PURSUANT TO A RULE 201 TEMPORARY HARDSHIP EXEMPTION FORM 10-Q UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 [X] Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended September 28, 1996 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 1-7737 ARROW AUTOMOTIVE INDUSTRIES, INC. (Exact name of registrant as specified in its charter) Massachusetts 04- 1449115 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer I.D. No.) 3 Speen Street, Framingham, Massachusetts 01701 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (508) 872-3711 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 Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date: 2,873,083 shares of the Company's Common Stock ($.10 par value) were outstanding as of November 8, 1996. 1 of 15 ARROW AUTOMOTIVE INDUSTRIES, INC. INDEX Page Number PART I FINANCIAL INFORMATION ITEM 1. Financial Statements (Unaudited): Condensed Balance Sheets - September 28, 1996 and June 29, 1996.......................... 3 Condensed Statements of Operations - Three Months Ended September 28, 1996 and September 30, 1995......................... 4 Condensed Statements of Cash Flows - Three Months Ended September 28, 1996 and September 30, 1995........................ 5 Notes to Condensed Financial Statements.......... 6 ITEM 2. Management's Discussion and Analysis of the Financial Condition and Results of Operations................................. 7 - 10 PART II OTHER INFORMATION ITEM 1. Legal Proceedings................................ 11 ITEM 2. Changes in Securities............................ 11 ITEM 3. Default upon Senior Securities................................. 11 ITEM 4. Submission of Matters to a Vote of Security Holders..................................... 11 ITEM 5. Other Information........................... 11 ITEM 6. Exhibits and Reports on Form 8-K............ 11 SIGNATURES ........................................... 12 2 PART I - ITEM 1 -- FINANCIAL INFORMATION ARROW AUTOMOTIVE INDUSTRIES, INC. CONDENSED BALANCE SHEETS (Unaudited)
ASSETS September 28, June 29, 1996 1996 CURRENT ASSETS Cash and equivalents $ 221,263 $ 850,537 Accounts receivable, less 13,348,467 16,468,224 allowances Inventories - Note B 38,370,398 37,312,671 Prepaid expenses and other 3,279,167 3,164,661 current assets TOTAL CURRENT ASSETS 55,219,295 57,796,093 PROPERTY, PLANT AND EQUIPMENT 35,810,046 35,727,256 Less allowances for depreciation 23,132,737 22,912,356 12,677,309 12,814,900 OTHER ASSETS 2,544,328 2,500,718 TOTAL ASSETS $ 70,440,932 $ 73,111,711 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES Current portion of advances under revolving $ 1,828,811 $ 5,104,715 line of credit Accounts payable 6,955,858 6,647,237 Cash overdrafts 1,425,264 1,260,165 Other current liabilities - Note C 6,280,299 5,272,737 Current portion of long-term debt 1,382,823 1,385,672 TOTAL CURRENT LIABILITIES 17,873,055 19,670,526 LONG-TERM DEBT 17,625,951 17,969,339 DEFERRED INCOME TAXES 1,748,000 1,748,000 ACCRUED RETIREMENT BENEFITS 2,482,503 2,428,226 STOCKHOLDERS' EQUITY Common stock 296,887 296,887 Other stockholders' equity 30,863,860 31,448,057 Less cost of common stock in 449,324 449,324 treasury TOTAL STOCKHOLDERS' EQUITY 30,711,423 31,295,620 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 70,440,932 $ 73,111,711
See accompanying notes to the condensed financial statements. 3 ARROW AUTOMOTIVE INDUSTRIES, INC. CONDENSED STATEMENTS OF OPERATIONS (Unaudited)
THREE MONTHS ENDED September September 28, 1996 30, 1995 (13 weeks) (14 weeks) Net sales $ 24,481,148 $ 29,137,199 Cost and expenses: Cost of products sold 19,026,978 22,866,342 Selling, administrative and general 4,652,418 5,186,275 Restructuring charge - Note C 1,200,000 0 Interest 544,049 547,404 25,423,445 28,600,021 (Loss) income before income taxes (942,297) 537,178 (Benefit) provision for income (358,100) 205,000 NET (LOSS) INCOME $ (584,197) $ 332,178 Weighted average number of shares 2,873,083 2,873,083 outstanding (LOSS) EARNINGS PER SHARE $ (0.20) $ 0.12
See accompanying notes to the condensed financial statements. 4 ARROW AUTOMOTIVE INDUSTRIES, INC. CONDENSED STATEMENTS OF CASH FLOWS (Unaudited)
THREE MONTHS ENDED September September 28, 1996 30, 1995 (13 weeks) (14 weeks) OPERATING ACTIVITIES Net cash provided by (used in) operating activities $ 3,148,487 $ (325,399) INVESTING ACTIVITIES Net cash used in investing (155,618) (212,641) activities FINANCING ACTIVITIES Payment of long-term debt and capital lease obligations (346,239) (343,192) (Decrease) increase in advances under revolving line of credit (3,275,904) 569,692 Net cash (used in) provided by financing activities (3,622,143) 226,500 DECREASE IN CASH AND EQUIVALENTS (629,274) (311,540) CASH AND EQUIVALENTS AT BEGINNING OF PERIOD 850,537 753,010 CASH AND EQUIVALENTS AT END OF PERIOD $ 221,263 $ 441,470
See accompanying notes to the condensed financial statements. 5 ARROW AUTOMOTIVE INDUSTRIES, INC. NOTES TO CONDENSED FINANCIAL STATEMENT (Unaudited) NOTE A -- BASIS OF PRESENTATION The accompanying unaudited condensed financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for the fair presentation have been included. Operating results for the three month period ended September 28, 1996 are not necessarily indicative of the results that may be expected for the year ending June 28, 1997. For further information, refer to the financial statements and footnotes thereto included in the Company's Annual Report on Form 10-K for the year ended June 29, 1996. The balance sheet at June 29, 1996 has been derived from the audited financial statements at that date. NOTE B -- INVENTORIES The components of inventory consist of the following:
September June 29, 28, 1996 1996 Stated at cost on the first-in, first-out (FIFO) method: Finished goods $ 11,932,626 $ 11,522,643 Work in process and materials 32,907,772 32,260,028 44,840,398 43,782,671 Less reserve required to state inventory on the last-in, first-out (LIFO) method (6,470,000) (6,470,000) $ 38,370,398 $ 37,312,671
NOTE C -- RESTRUCTURING CHARGE In September, 1996, the Board of Directors of the Company approved a plan to restructure its operations by closing its Santa Maria, California production facility and transferring its manufacturing operations formerly conducted at that facility to the Morrilton, Arkansas plant. The action was taken to enhance profit margins by streamlining the Company's productive capacity to better match its production requirements. As a result, a $1.2 million restructuring charge was recorded in the first quarter of fiscal 1997. Of the total charge, $625,000 relates to the disposal of the facility, $360,000 relates to termination benefits for displacement of its 350- employee workforce, $150,000 relates to the write-off of machinery and equipment, and $65,000 to other closing expenses. 6 PART I ITEM 2 -- MANAGEMENT'S DISCUSSION AND ANALYSIS OF THE FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis should be read in conjunction with the financial statements and notes thereto. All forward looking statements contained in the following discussion and analysis and elsewhere in this report are qualified in their entirety by the cautionary statement appearing at the end of the discussion and analysis. Restructuring Plan During the first quarter of fiscal 1997, the Board of Directors of the Company approved a plan to restructure its operations by closing its Santa Maria, California production facility and transferring its manufacturing operations to the Morrilton, Arkansas plant. It is anticipated that production at the Santa Maria, California facility will cease in December, 1996. As a result, a $1.2 million restructuring charge was recorded in the first quarter of fiscal 1997. Of the total charge, $360,000 relates to termination benefits for displacement of its 350-employee workforce and $840,000 relates to closing of the facility. The action was taken to enhance profit margins by streamlining the Company's productive capacity to better match its production requirements. In addition to recording the restructuring charge, the Company anticipates that during fiscal 1997 it will incur non-recurring period costs relating to the restructuring estimated to range from $1.0 to $1.5 million. These costs relate to ongoing operations and include such costs as the shipment of inventory and equipment, employee relocation and anticipated initial labor and production inefficiencies as a result of the consolidation of production operations from three to two plant facilities. During the first quarter of fiscal 1997, $10,000 of non-recurring period costs relating to the restructuring were incurred. Results of Operations Operations for the first quarter of fiscal 1997 resulted in a net loss of $584,000. The first quarter's operating results include a restructuring charge which reduced operating income before income taxes by $1,200,000. Operations for the first quarter of fiscal 1996 resulted in net income of $332,000. Net sales for the first quarter of the current fiscal year (13 weeks) were $24,481,000, a 16.0% decline (9.5% adjusted for the number of weeks differential) from net sales in the first quarter of fiscal 1996 (14 weeks) of $29,137,000. Unit sales were 12.9% lower (6.2% adjusted for the number of weeks differential) in the first quarter of the current fiscal year compared to the first quarter of the prior fiscal year. The $4,656,000 decline in net sales in the first quarter of fiscal 1997 compared to the first quarter of fiscal 1996 was due to several factors. It is estimated that approximately $1.9 million of the decline was due to the number of weeks differential in the two periods. Of the remaining decrease in net sales approximately 25% was due to the adverse impact of a higher level of customer returns (which are deductions in calculating net sales) and 75% of the decline is attributable to lower customer demand. Our customers have indicated that their reduced orders in the first quarter of fiscal 1997 were the result of a softening in the market. 7 The customer returns are for re-usable "cores" (our basic raw material), warranty and stock adjustments received in the normal course of business. The Company believes that our customers have excess inventories due to consolidation/merger activity, as discussed in the Management's Discussion and Analysis of Financial Condition and Results of Operation in the 1996 Annual Report. The Company believes that to help rectify their surplus inventory issues, these businesses return as much of their excess inventory as possible to their vendors. Net sales generated a gross margin of 22.3% in the first quarter of fiscal 1997, an improvement over the quarterly gross margin percentages generated throughout fiscal 1996. Fiscal 1996 yielded quarterly gross margins of 21.5%, 19.0%, 20.9% and 21.2% for quarters' one, two, three and four, respectively. The margin improvement in the first quarter of fiscal 1997 is attributable to a number of factors. In comparison to the first quarter of the prior year, the mix of products sold in the first quarter of fiscal 1997 had a higher level of mechanical products sold than electrical product which resulted in a higher average gross margin. As mentioned in the Management's Discussion and Analysis of Financial Condition and Results of Operation in the 1996 Annual Report, in the fourth quarter of fiscal 1996, the Company expanded the recovery departments at all manufacturing locations to maximize the recovery (return to finished goods) of warranty returns. The Company's recovery dollars of these product returns increased 75% in the first quarter of fiscal 1997 compared to the first quarter of fiscal 1996. The improved recovery of warranty returns has mitigated the impact of the increased product returns and contributed to the improved gross margin in the first quarter of the current fiscal year. Selling, general and administrative expenses in the first quarter of fiscal 1997 were $4,652,000, or 19.0% of net sales, compared to $5,186,000, or 17.8% of net sales, for the same period in the prior fiscal year. Adjusting for the number of weeks differential in the two quarters, expenses in fiscal 1997 declined 3.4% compared to fiscal 1996. The decline in expenses is primarily due to cost reduction measures and the centralization of selected administrative functions within the Company. As a percentage of sales the increase in these expenses in the first quarter of fiscal 1997 over the same period last fiscal year is due primarily to lower sales volume. Interest expense in the current period of $544,000 remained level with interest expense in the first quarter of the prior fiscal year. Adjusting for the number of weeks differential in the two quarters, interest expense for the first quarter of fiscal 1997 increased 7.0% over the same period last year. This increase is primarily due to higher borrowing rates in the first quarter of fiscal 1997 compared to the same period in fiscal 1996. Capital Resources Net cash of $3,148,000 was provided by operating activities at the end of the first quarter of fiscal 1997 compared to net cash used by operating activities of $325,000 at the end of the first quarter of the prior fiscal year. Cash provided in fiscal 1997 was primarily due to the decrease in accounts receivable of $3,085,000 and the increase in other liabilities of $1,008,000, offset by an increase in inventory of $1,058,000. Net cash was used in investing activities of $156,000 and $213,000 at the end of the first quarter of fiscal 1997 and 1996, respectively. In fiscal 1997, cash of $3,622,000 was used in financing activities, primarily to reduce the Company's advances under its revolving line of credit. In fiscal 1996, cash was provided by financing activities of $226,000. The Company's revolving line of credit which allows the Company to borrow up to $20 million through June 30, 1997, has been extended to September 30, 1997. The Company believes that it's existing cash balance and cash generated from operations combined with its borrowing ability under the Company's financing agreements will provide sufficient funds to meet the Company's cash requirements for operations for the next twelve months and to complete the planned restructuring efforts. 8 Outlook The Company announced on September 26, 1996, a restructuring plan to consolidate the Company's manufacturing facilities from three to two, providing a more streamlined and efficient production capability. The restructuring plan is consistent with the consolidation of certain administrative functions and the consolidation of certain product lines that occurred throughout fiscal 1996 and during the first quarter of fiscal 1997. The Company has experienced large swings in its quarterly sales volume in the past fiscal year. Further, the timing of customer's product returns (which will reduce reported net sales) cannot be predicted by the Company. These factors make revenue forecasting unpredictable, and could subject the Company to fluctuations in both revenue and earnings. While over longer periods of time the relationship of returns to sales remains relatively constant, occasional fluctuations do occur. Fluctuations in channel mix (retail versus traditional warehouse distributors, for example) and product mix in product sales can also be significant. All of these factors can have a significant impact on gross margins as a percentage of revenue. Management believes that the streamlining of its manufacturing operations will position the Company competitively in the marketplace. Management believes that the industry will become increasingly competitive, creating downward pressures on gross margins, including those of the Company. The Company's goal is to offset this trend by decreasing unit costs, focusing on profitable business relationships and being the industry leader in providing a broad line of quality products with superior service to our customers. During the month of October, 1996, the Company experienced lower unit sales than expected. It is anticipated that October's lower sales will result in a loss in operations during that period before allowing for non-recurring period costs related to the restructuring of the Company's plant capacity. However, it is uncertain at this time if the sales and operating results for the month of October will be indicative of the Company's performance for its second quarter. The Company anticipates that a significant portion of the non- recurring period costs relating to the restructuring will be incurred in the second quarter of fiscal 1997. These costs relate to ongoing operations and include such costs as the shipment of inventory and equipment, employee relocation and anticipated initial labor and production inefficiencies as a result of the consolidation of production operations. Cautionary Statement All statements in the foregoing discussion and analysis which are not historical fact are forward looking statements. In connection with the "Safe Harbor" provisions of the Private Securities Litigation Reform Act of 1995, the Company is providing the following cautionary statement to identify some (but not necessarily all) of the important factors that could cause its actual results to differ materially from those anticipated in any forward looking statements made in this report or otherwise by or on behalf of the Company. 9 Actual results of the Company may differ from those anticipated in any forward looking statement made by or on behalf of the Company due to the following factors, among other risks and uncertainties affecting the Company's business: the inability to realize the cost savings as estimated in the Company's plan to restructure its operations, lack of availability to the Company of adequate funding sources and cash from operations, reduced product demand and industry over-capacity, the loss of or a material reduction in orders from the Company's largest customer or other material loss of business, new business acquisition costs, unseasonably mild weather patterns, the impact of inflation and various other factors identified in the discussion appearing under the heading "Outlook" above and elsewhere in this report. 10 ARROW AUTOMOTIVE INDUSTRIES, INC. PART II OTHER INFORMATION ITEM 1. Legal Proceedings. None. ITEM 2. Changes in Securities. None. ITEM 3. Default 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 Exhibit 10.1 Sixth Amendment and Waiver to Revolving Credit and Term Loan Agreement with The First National Bank of Page 13 Boston dated September 28, 1996. Exhibit 27 Financial Data Schedule Page 15 11 ARROW AUTOMOTIVE INDUSTRIES, INC. 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. ARROW AUTOMOTIVE INDUSTRIES, INC. (Registrant) November 11, /s/ Jim L. Osment 1996 Jim L. Osment President and Chief Executive Officer November 11, /s/ James F. Fagan 1996 James F. Fagan Executive Vice President, Treasurer and Chief Financial Officer 12 EX-10 2 ARROW AUTOMOTIVE INDUSTRIES, INC. SIXTH AMENDMENT TO REVOLVING CREDIT AND TERM LOAN AGREEMENT THIS SIXTH AMENDMENT AND WAIVER (this "Amendment"), dated as of September 28, 1996, by and between Arrow Automotive Industries, Inc. (the "Borrower") and The First National Bank of Boston (the "Bank") as parties to a certain Revolving Credit and Term Loan Agreement, dated as of December 29, 1993, as amended by the First Amendment to Revolving Credit and Term Loan Agreement, dated as of March 24, 1995, the Second Amendment to Revolving Credit and Term Loan Agreement, dated June 24, 1995, the Third Amendment to Revolving Credit and Term Loan Agreement, dated as of December 30, 1995, the Fourth Amendment and Waiver to Revolving Credit and Term Loan Agreement dated as of March 30, 1996, and the Fifth Amendment to Revolving Credit and Term Loan Agreement, dated as of June 29, 1996, (The "Credit Agreement"). Capitalized terms not otherwise defined herein shall have the same meanings ascribed thereto in the Credit Agreement. WHEREAS, the Borrower has requested the Bank to make certain amendments to the Credit Agreement; and WHEREAS, the Bank is willing to make such amendments to the Credit Agreement subject to the terms and conditions set forth herein. NOW THEREFORE, the Borrower and the Bank hereby covenant and agree as follows: 1. AMENDMENT TO CREDIT AGREEMENT. The definition of REVOLVING CREDIT LOAN MATURITY DATE contained in
1.1 of the Credit Agreement is amended by deleting the date "June 30, 1997" contained in such definition and substituting the date "September 30, 1997" therefor. 2. CONDITIONS TO EFFECTIVENESS. This Amendment shall be effective upon receipt by the Bank of this Amendment duly and properly executed and delivered by the Borrower. 3. REPRESENTATIONS AND WARRANTIES. The Borrower, hereby represents and warrants to the Bank as follows: (a) REPRESENTATIONS AND WARRANTIES IN CREDIT AGREEMENT. The representations and warranties of the Borrower contained in the Credit Agreement (i) were true and correct in all material respects when made, and (ii) except to the extent such representations and warranties by their terms are made solely as of a prior date, continue to be true and correct in all material respects on the date hereof. (b) RATIFICATION, ETC. Except as expressly provided by this Amendment, the Credit Agreement and all documents, instruments and agreements related thereto, including, but not limited to the Security Documents, are hereby ratified and confirmed in all respects and shall continue in full force and effect. The Credit Agreement and this Amendment shall be read and construed as a single agreement. All references in the Credit Agreement or any related agreement or instrument to the Credit Agreement shall hereafter refer to the Credit Agreement as amended hereby. (c) AUTHORITY, ETC. The execution and delivery by the Borrower of this Amendment and the performance by the Borrower of all of its agreements and obligations under the Credit Agreement as amended hereby are within the corporate authority of the Borrower and have been duly authorized by all necessary corporate action on the part of the Borrower. (d) ENFORCEABILITY OF OBLIGATIONS. This Amendment and the Credit Agreement as amended hereby constitute the legal, valid and binding obligations of the Borrower, enforceable against the Borrower in accordance with their terms. (e) NO DEFAULT. After giving effect to this Amendment, no Default or Event of Default has occurred and is continuing. 4. NO OTHER AMENDMENTS OR WAIVERS. Except as expressly provided in this Amendment, all of the terms and conditions of the Credit Agreement and the other Loan Documents remain in full force and effect. 5. EXPENSES: Pursuant to
16 of the Credit Agreement, all costs and expenses incurred or sustained by the Bank in connection with this Amendment, including the fees and disbursements of legal counsel for the Bank in producing, reproducing and negotiating the Amendment, will be for the account of the Borrower whether or not the transactions contemplated by this Amendment are consummated. 6. EXECUTION IN COUNTERPARTS. This Amendment may be executed in any number of counterparts, each of which shall be deemed an original, but which together shall constitute one instrument. 7. MISCELLANEOUS. THIS AMENDMENT SHALL BE DEEMED TO BE A CONTRACT UNDER THE LAWS OF THE COMMONWEALTH OF MASSACHUSETTS AND SHALL FOR ALL PURPOSES BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE COMMONWEALTH OF MASSACHUSETTS (EXCLUDING THE LAWS APPLICABLE TO CONFLICTS OR CHOICE OF LAW). The captions in this Amendment are for convenience of reference only and shall not define or limit the provisions hereof. IN WITNESS WHEREOF, the parties hereto have duly executed this Amendment under seal of the date first set forth above. ARROW AUTOMOTIVE INDUSTRIES, INC. By: \S\ JAMES F. FAGAN Name: James F. Fagan Title: Executive Vice President THE FIRST NATIONAL BANK OF BOSTON By: \S\ MATTHEW A. ROSS Matthew A. Ross, Vice President EX-27 3
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE BALANCE SHEET AND STATEMENT OF OPERATIONS, AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 1,000 3-MOS JUN-28-1997 SEP-28-1996 221 0 13,903 555 38,370 55,219 35,810 23,133 70,441 17,873 17,626 0 0 297 30,415 70,441 24,481 24,481 19,027 19,027 0 0 544 (942) (358) (584) 0 0 0 (584) (0.20) (0.20)
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