-----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, NdrFXk9UIW7eETGH31p/1U/Rba+JjkPa4pedFTXpWBXhP0okV5JpOTfaEFQBURqe CBzru7KO/TI8jF9Cfn/vrA== 0000950133-95-000642.txt : 19951119 0000950133-95-000642.hdr.sgml : 19951119 ACCESSION NUMBER: 0000950133-95-000642 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19951001 FILED AS OF DATE: 19951113 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: GENICOM CORP CENTRAL INDEX KEY: 0000766738 STANDARD INDUSTRIAL CLASSIFICATION: COMPUTER PERIPHERAL EQUIPMENT, NEC [3577] IRS NUMBER: 510271821 STATE OF INCORPORATION: DE FISCAL YEAR END: 1230 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-14685 FILM NUMBER: 95590194 BUSINESS ADDRESS: STREET 1: 14800 CONFERENCE CNTR DR STREET 2: STE 400 WESTFIELDS CITY: CHANTILLY STATE: VA ZIP: 22021-3806 BUSINESS PHONE: 7038029200 10-Q 1 GENICOM CORP. 10-Q 1 ================================================================================ FORM 10-Q 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 October 1, 1995 OR / / TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED] For the transition period from to ------------ ------------- Commission File No.: 0-14685 GENICOM CORPORATION (Exact name of registrant as specified in its charter) DELAWARE 51-0271821 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 14800 CONFERENCE CENTER DRIVE SUITE 400, WESTFIELDS CHANTILLY, VIRGINIA 22021-3806 (Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (703) 802-9200 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 and (2) has been subject to such filing requirements for the past 90 days. Yes X No - -- -- As of October 20, 1995, there were 10,837,499 shares of Common Stock of the Registrant outstanding. ================================================================================ 2 FORM 10-Q INDEX PART I - FINANCIAL INFORMATION Item 1. Financial Statements Consolidated Balance Sheets - October 1, 1995 and January 1, 1995 3 Consolidated Statements of Income - Three and Nine Months Ended October 1, 1995 and October 2, 1994 4 Consolidated Statements of Cash Flows - Nine Months Ended October 1, 1995 and October 2, 1994 5 Notes to Consolidated Financial Statements 6 - 8 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 9 - 13 PART II - OTHER INFORMATION Item 1. Legal Proceedings 13 Item 2. Changes in Securities 13 Item 3. Defaults Upon Senior Securities 13 Item 4. Submission of Matters to a Vote of Security Holders 13 Item 5. Other Information 13 Item 6. Exhibits and Reports on Form 8-K 13 Signatures 14
PAGE 2 3 PART I. - FINANCIAL INFORMATION Item 1. Financial Statements GENICOM CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS
OCTOBER 1, JANUARY 1, (In thousands, except share data) 1995 1995 ------------ ----------- (UNAUDITED) ASSETS CURRENT ASSETS: Cash and cash equivalents $ 534 $ 673 Accounts receivable, less allowance for doubtful accounts of $2,451 and $1,479 52,229 37,846 Inventories 51,966 43,368 Prepaid expenses and other assets 5,280 5,040 ---------- --------- TOTAL CURRENT ASSETS 110,009 86,927 Property, plant and equipment 33,077 26,215 Intangibles and other assets 24,381 14,125 ---------- --------- $ 167,467 $ 127,267 ========== ========= LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Debt maturing within one year $ 8,245 $ 371 Accounts payable and accrued expenses 47,804 37,540 Deferred income 10,790 8,236 ---------- --------- TOTAL CURRENT LIABILITIES 66,839 46,147 Long-term debt, less current portion 59,950 47,192 Other non-current liabilities 7,611 5,845 ---------- --------- TOTAL LIABILITIES 134,400 99,184 STOCKHOLDERS' EQUITY: Common stock, $0.01 par value; 18,000,000 and 15,000,000 shares authorized, 10,837,499 and 10,638,299 shares issued 108 106 Additional paid-in capital 26,021 25,760 Retained earnings 8,916 4,351 Foreign currency translation adjustment (1,279) (1,435) Pension liability adjustment (699) (699) ---------- --------- TOTAL STOCKHOLDERS' EQUITY 33,067 28,083 ---------- --------- $ 167,467 $ 127,267 ========== =========
The accompanying notes are an integral part of these financial statements. PAGE 3 4 GENICOM CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
THREE MONTHS ENDED, NINE MONTHS ENDED, OCTOBER 1, OCTOBER 2, OCTOBER 1, OCTOBER 2, (In thousands, except per share data) 1995 1994 1995 1994 ---------- ------------ ------------ ------------- REVENUES, NET: Products $ 52,491 $ 38,983 $ 143,464 $ 123,957 Services 26,015 18,367 75,018 48,054 --------- ---------- ---------- ----------- 78,506 57,350 218,482 172,011 --------- ---------- ---------- ----------- OPERATING COSTS AND EXPENSES: Cost of revenues: Products 37,457 28,796 100,223 90,394 Services 21,075 14,896 60,203 37,068 Selling, general and administration 13,738 9,460 39,111 31,801 Engineering, research and product development 2,166 1,790 6,430 5,822 Acquisition related costs 1,204 --------- ---------- ---------- ----------- 74,436 54,942 207,171 165,085 --------- ---------- ---------- ----------- OPERATING INCOME 4,070 2,408 11,311 6,926 Interest expense, net 2,069 1,823 5,714 5,731 Other income 1,635 --------- ---------- ---------- ----------- INCOME BEFORE INCOME TAXES 2,001 585 5,597 2,830 Income tax expense 298 99 1,034 748 --------- ---------- ---------- ----------- NET INCOME $ 1,703 $ 486 $ 4,563 $ 2,082 ========= ========== ========== =========== EARNINGS PER COMMON SHARE AND COMMON SHARE EQUIVALENT (primary and fully diluted) $ 0.14 $ 0.04 $ 0.38 $ 0.18 ========= ========== ========== =========== WEIGHTED AVERAGE NUMBER OF COMMON SHARES AND COMMON SHARE EQUIVALENTS OUTSTANDING: Primary 12,212 11,597 11,977 11,256 ========= ========== ========== =========== Fully diluted 12,212 11,597 11,992 11,332 ========= ========== ========== ===========
The accompanying notes are an integral part of these financial statements. PAGE 4 5 GENICOM CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
NINE MONTHS ENDED, OCTOBER 1, OCTOBER 2, (In thousands) 1995 1994 ----------- ----------- Cash flows from operating activities: Net income $ 4,563 $ 2,082 Adjustments to reconcile net income to cash provided by operating activities: Depreciation 10,360 6,976 Amortization 3,292 2,326 Effect of investment gain (901) Effect of gain on early extinguishment of bonds (734) Effect of acquisition related costs 1,204 Changes in assets and liabilities net of effects from acquisitions: Accounts receivable (7,989) 799 Inventories (5,008) 8,273 Accounts payable and accrued expenses (1,546) (39) Deferred income (571) 1,744 Other 1,984 1,159 --------- ---------- NET CASH PROVIDED BY OPERATING ACTIVITIES 6,289 21,685 --------- ---------- Cash flows from investing activities: Payment for purchase of businesses, net of cash acquired (9,793) Additions to property, plant and equipment (11,628) (9,133) Proceeds from sale of investment 3,436 Other (208) (764) --------- ---------- NET CASH USED IN INVESTING ACTIVITIES (21,629) (6,461) --------- ---------- Cash flows from financing activities: Borrowings from long-term debt 27,867 17,568 Payments on long-term debt (12,297) (27,134) Purchases of senior subordinated notes (5,059) --------- ---------- NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES 15,570 (14,625) --------- ---------- Effect of exchange rate changes on cash and cash equivalents (369) (522) --------- ---------- Net (decrease) increase in cash and cash equivalents (139) 77 Cash and cash equivalents at beginning of period 673 1,797 --------- ---------- Cash and cash equivalents at end of period $ 534 $ 1,874 ========= ==========
The accompanying notes are an integral part of these financial statements PAGE 5 6 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) 1. In the opinion of management, the accompanying unaudited consolidated financial statements of GENICOM Corporation and Subsidiaries (the "Company" or "GENICOM") contain all adjustments (consisting only of normal recurring accruals) necessary to present fairly the Company's consolidated financial position as of October 1, 1995, and the results of operations and cash flows for the periods indicated. 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 that these condensed consolidated financial statements be read in conjunction with the financial statements and notes thereto included in the Company's January 1, 1995 Annual Report. The results of operations for the nine months ended October 1, 1995, are not necessarily indicative of the operating results to be expected for the full year. Certain reclassifications have been made to the 1994 condensed financial statements in order to conform to the 1995 presentation. 2. Inventories are stated at the lower of cost, determined on the first-in, first-out method, or market. Inventories consist of, in thousands:
OCTOBER 1, JANUARY 1, 1995 1995 ------------ ---------- Raw materials $ 14,059 $ 14,354 Work in process 11,408 6,639 Finished goods 26,499 22,375 --------- ---------- $ 51,966 $ 43,368 ========= ==========
3. Earnings per share are based upon the weighted average number of common shares and dilutive common share equivalents (using the treasury stock method) outstanding during the period. Presentation is in thousands:
THREE MONTHS ENDED NINE MONTHS ENDED ---------------------- -------------------------- OCTOBER 1, OCTOBER 2, OCTOBER 1, OCTOBER 2, 1995 1994 1995 1994 --------- ---------- ---------- ------------ SHARES USED IN COMPUTATION: Weighted average common shares outstanding 10,809 10,631 10,733 10,627 Shares applicable to stock options, net of shares assumed to be purchased from proceeds at average market price 1,403 966 1,244 629 ------ ------ ------ ------ Total shares for earnings per common share and common share equivalent (primary) 12,212 11,597 11,977 11,256 Shares applicable to stock options in addition to those used in primary computation due to the use of period-end market price when higher than average market price 15 76 ------ ------ ------ ------ Total fully diluted shares 12,212 11,597 11,992 11,332 ====== ====== ====== ======
PAGE 6 7 4. During the first quarter ended April 2, 1995 the Company adopted the provisions of SFAS No. 114 "Accounting by Creditors for Impairment of a Loan" and SFAS No. 118 "Accounting by Creditors for Impairment of a Loan - Income Recognition and Disclosure - Amendment of SFAS No. 114". The implementation of SFAS Nos. 114 and 118 did not have a material effect on the Company's financial condition or results of operations. 5. Business Acquisitions Printer Systems Corporation On February 16, 1995, the Company acquired Printer Systems Corporation ("PSC"), a privately held company whose primary business is the design, manufacture, distribution and support of printer networking products for commercial customers. PSC had 1994 revenues of $10.0 million. Pursuant to the purchase agreement, the Company acquired substantially all of PSC's outstanding common and preferred shares for consideration aggregating to potentially $4.8 million. Of the consideration $0.8 million was payable at closing and $1.2 million is payable over the three years subsequent to closing. The remaining balance of up to $2.8 million in consideration is contingent upon attainment of performance objectives during the three years subsequent to closing, and will be funded from the Company's cash flows from operations and credit facilities. The acquisition has been accounted for as a purchase, and the allocation of purchase price and related acquisition costs is subject to adjustment based upon refinements in the application of purchase method accounting and the final determination of the purchase price. Harris Adacom Network Services, Inc. On March 1, 1995, the Company acquired substantially all of the assets and certain liabilities of Harris Adacom Network Services, Inc. ("HANS"), including all of the stock of its Canadian subsidiary, Harris Adacom Inc. for cash and notes totaling $7.3 million. The assets acquired relate to HANS's service depot facility, field service operations, systems integration business and network baselining and monitoring operations. HANS had 1994 revenues of $36.1 million. The purchase price was funded from the Company's cash flows from operations and credit facilities and the acquisition has been accounted for as a purchase. The allocation of the purchase price and related acquisition costs is subject to adjustment based upon refinements in the application of purchase method accounting and the final determination of the purchase price. Pro forma financial information Presented below are the unaudited pro forma statements of operations as if the acquired operations had been integrated into the Company effective at January 3, 1994. Accounting adjustments have been made to include estimated costs of the combinations and to reflect the integration and consolidation of facilities and personnel. Included in such integration costs are lease termination fees and relocation costs associated with redundant facilities and employee severance expenses. This pro forma information has been prepared for comparative purposes only and does not purport to be indicative of the results that actually would have been obtained if the acquired operations had been conducted by the Company during the periods presented and is not intended to be a projection of future results. Presentation is in thousands except for earnings per share amounts. PAGE 7 8
THREE MONTHS ENDED NINE MONTHS ENDED ------------------ ----------------------------------- OCTOBER 2, OCTOBER 1, OCTOBER 2, 1994 1995 1994 --------------- --------------- --------------- Revenue $ 68,393 $ 226,846 $ 206,539 Net income 790 4,430 3,953 ========== =========== ============ Earnings per share $ 0.07 $ 0.37 $ 0.35 ========== =========== ============ Weighted average shares outstanding 11,597 11,992 11,332 ========== =========== ============
PAGE 8 9 Item 2. Management's Discussion and Analysis of Results of Operations and Financial Condition: RESULTS OF OPERATIONS
============================================================================================================= (in millions) THREE MONTHS NINE MONTHS ------------------------------- ------------------------------------------ 1995 1994 CHANGE 1995 1994 CHANGE --------- --------- ------ ---------- ---------- ------ Product Solutions $ 39,054 $ 35,401 10.3% $ 116,019 $ 113,113 2.6% Multivendor Services 25,924 18,370 41.1% 74,848 47,861 56.4% Integrated Network Services 10,645 nm 18,598 nm Other 2,883 3,579 -19.4% 9,017 11,037 -18.3% --------- --------- ---------- ---------- $ 78,506 $ 57,350 36.9% $ 218,482 $ 172,011 27.0% ========= ========= ====== ========== ========== ======= =============================================================================================================
The Company achieved revenue growth of 36.9% and 27.0% in the three and nine month periods ended October 1, 1995, respectively, as compared to the same periods in fiscal year 1994. This growth reflects the strategic initiatives undertaken during the past year in the Company's three business groups. Product Solutions Group ("PSG") Revenues in this business increased 10.3% and 2.6% in the three and nine month periods ended October 1, 1995, respectively, as compared to the year-ago periods. This growth is attributable to the favorable market acceptance of the 4800 Series and 3800 Series matrix printers, as well as the 7900 Series laser printers. Additionally, through new marketing programs, these products are experiencing growth in the value added markets of IBM environments and industrial graphics. The Company continues to invest in new product development directed at growing market share in its selectively chosen market. Management anticipates that PSG 1995 revenues will be above fiscal year 1994 levels due to the sales of new laser printer products, a full year of volume shipments of the Company's new shuttle matrix line impact printers and other new impact printer offerings. Multivendor Services Group ("MSG") MSG experienced revenue growth of 41.1% and 56.4% in the three and nine month periods ended October 1, 1995, respectively, as compared to the year-ago periods. This growth primarily reflects the effects of the first quarter 1995 business acquisition of Harris Adacom Network Services, Inc., which was driven by the Company's strategic initiative of expanding its capabilities in the client server environment. In addition to the Company's field service growth, the Company expanded its capabilities to include depot repair and unique professional services through multiple channels directed at workstations, PCs, networks, peripherals and copiers. In addition, the Company's peripherals depot service business with IBM continues to increase year-over-year. Management anticipates that MSG revenues will continue to show year-over-year growth in future quarters. Integrated Network Services Group ("INS") This recently established business group reported that third quarter revenues increased $4.9 million over the second quarter of 1995, reflecting the completion of a significant Canadian contract. While the initial PAGE 9 10 margins on this contract were low, higher margins are expected on future annuity business associated with the contract. This business is characterized by larger contract values with long selling cycles. Accordingly, the Company does not anticipate achieving consistency in revenue growth at this early stage. Management anticipates that INS fourth quarter revenues will approximate those experienced in the second quarter. Relay revenues decreased $0.7 million and $2.0 million in the three and nine month periods ended October 1, 1995, respectively, as compared to the year-ago periods. Management does not expect that 1995 relay revenues will meet those of fiscal 1994.
=============================================================================================== (in millions) 3RD QUARTER 4TH QUARTER 3RD QUARTER 1995 1994 1994 - ----------------------------------------------------------------------------------------------- Order backlog $ 49.3 $ 48.9 $ 40.0 Change - 3rd Quarter 1995 compared to: Amount 0.4 9.3 Percentage 0.8 % 23.3 % ===============================================================================================
The increase in order backlog from the 1994 fourth quarter is the result of strong relay products orders during the 1995 third quarter, partially offset by decreased order rates of certain customers in the PSG and MSG businesses. The increase in order backlog from the 1994 third quarter is due to increased multivendor services and relay products backlog.
=============================================================================================================== THREE MONTHS ENDED NINE MONTHS ENDED ------------------------------------- ------------------------------------- (in millions) 3RD QUARTER 3RD QUARTER 3RD QUARTER 3RD QUARTER 1995 CHANGE 1994 1995 CHANGE 1994 - --------------------------------------------------------------------------------------------------------------- Gross margin $ 20.0 $ 6.3 $ 13.7 $ 58.1 $ 13.6 $ 44.5 As a % of revenue 25.4 % 23.8 % 26.6 % 25.9 % ===============================================================================================================
The Company's consolidated gross margin, as a percentage of revenue, increased slightly during the periods. Management anticipates margins will continue to show slight improvement, when compared to year-ago periods, due to improved revenue mix and an improved ratio of revenue to fixed costs. PAGE 10 11
=============================================================================================================== THREE MONTHS ENDED NINE MONTHS ENDED ------------------------------------- ------------------------------------- (in millions) 3RD QUARTER 3RD QUARTER 3RD QUARTER 3RD QUARTER 1995 CHANGE 1994 1995 CHANGE 1994 - --------------------------------------------------------------------------------------------------------------- Operating expenses: Selling, general and administrative $ 13.7 $ 4.2 $ 9.5 $ 39.1 $ 7.3 $ 31.8 Engineering, research and product development 2.2 0.4 1.8 6.4 0.6 5.8 Acquistion related costs 1.2 1.2 ------ ------ ------- -------- ------ ------- Total $ 15.9 $ 4.6 $ 11.3 $ 46.7 $ 9.1 $ 37.6 As a % of revenue 20.3 % 19.6 % 21.4 % 21.9 % ===============================================================================================================
During the third quarter, the Company expended more on operating expenses, both in actual dollars and as a percentage of revenues. This increase is primarily attributable to PSG sales and marketing efforts, promotions, etc., directed at revenue growth. On a nine month year-over-year comparison, the Company expended more actual dollars on operating expenses but less as a percentage of revenues. These results were affected by the following non-recurring events; in the second quarter of 1995, the Company recorded a charge against earnings of $1.2 million for costs in connection with a proposed acquisition which was terminated plus non-capitalized costs associated with the Company's 1995 business acquisitions; and in January 1994, the Company initiated a cost reduction program which included personnel, salary and benefit reductions for the Company's worldwide operations.
=============================================================================================================== THREE MONTHS ENDED NINE MONTHS ENDED ------------------------------------- ------------------------------------- (in millions) 3RD QUARTER 3RD QUARTER 3RD QUARTER 3RD QUARTER 1995 CHANGE 1994 1995 CHANGE 1994 - --------------------------------------------------------------------------------------------------------------- Interest expense, net $ 2.1 $ 0.3 $ 1.8 $ 5.7 $ 5.7 Percentage change 16.7 % Other income $ (1.6) $ 1.6 Percentage change (100.0) % ===============================================================================================================
The increase in the Company's interest expense during the third quarter, as compared to the year-ago period, is a result of the increase in the Company's borrowings from its senior credit facility. This increase resulted from the Company's 1995 business acquisition activities which increased the Company's borrowings and an interest rate increase on the senior credit facility. During 1994, the Company realized pre-tax gains of $0.7 million and $0.9 million on the early extinguishments of debt and the sale of an investment in a Belgian company, respectively. PAGE 11 12
=============================================================================================================== THREE MONTHS ENDED NINE MONTHS ENDED ------------------------------------- ------------------------------------- (in millions) 3RD QUARTER 3RD QUARTER 3RD QUARTER 3RD QUARTER 1995 CHANGE 1994 1995 CHANGE 1994 - --------------------------------------------------------------------------------------------------------------- Income tax expense $ 0.3 $ 0.2 $ 0.1 $ 1.0 $ 0.3 $ 0.7 Effective tax rate 14.9 % 16.9 % 18.5 % 26.4 % ===============================================================================================================
The Company's effective income tax rate for the third quarter of 1995 was 14.9% as compared to 16.9% for the year-ago period. These rates are significantly affected by foreign income taxes and the utilization of net operating losses. LIQUIDITY AND CAPITAL RESOURCES
=============================================================================================== NINE MONTHS ENDED ---------------------------- (in millions) 3RD QUARTER 3RD QUARTER 1995 1994 - ----------------------------------------------------------------------------------------------- Cash provided by operations $ 6.3 $ 21.7 Cash used in investing activities (21.6) (6.5) Cash provided by (used in) financing activities 15.6 (14.6) ===============================================================================================
================================================================================================= (in millions) 3RD QUARTER 4TH QUARTER 1995 1994 - ------------------------------------------------------------------------------------------------- Working capital $ 43.2 $ 40.8 Inventories 52.0 43.4 Debt obligations 68.2 47.6 Debt to equity ratio 2.1 to 1 1.7 to 1 =================================================================================================
The Company's working capital increased $2.4 million as of October 1, 1995 as compared to January 1, 1995. This increase is primarily attributable to the increase in the Company's accounts receivable, due to the significant growth in revenues, partially offset by an increase in debt classified as current. As of October 1, 1995, the Company had $3.4 million of the Notes in treasury, which will be applied to the $9.0 million needed for the 1996 sinking fund requirement. On October 1, 1995, cash and cash equivalents were $0.5 million. Net cash generated by operations in the first nine months of 1995 decreased $15.4 million compared to the year-ago period due to an increase in accounts receivable, described above, and inventories. The increase in inventories is related to the relocation and outsourcing to third parties of certain manufacturing operations. Management believes that its investment in receivables and inventories will be reduced during the fourth quarter of 1995. The Company does not have any material commitments of funds for capital expenditures other than to support the current level of operations. PAGE 12 13 In the first quarter of 1995, the Company retired $9.0 million principal amount of its previously purchased Notes in fulfillment of its annual sinking fund requirement. In addition to the above mentioned sinking fund requirements, on February 15, 1997, $31.0 million of the Notes will mature. While the Company expects that it will be able to satisfy the balance of the 1996 sinking fund and the 1997 maturity, there is no assurance that the Company will have the resources available to do so. As of October 1, 1995, the Company had $27.5 million outstanding and $4.0 million available for borrowing under its senior credit facility. Management believes that the Company has adequate resources, through its cash flows from operations and credit facilities, to meet its future payment obligations. Although management does not anticipate a material decline in sales volume, if one should occur, management believes that it could have a material adverse impact on the financial condition, results of operations, or liquidity of the Company. PART II. - OTHER INFORMATION Item 1. Legal Proceedings: Not applicable. Item 2. Changes in Securities: Not applicable. Item. 3 Defaults Upon Senior Securities: Not applicable. Item 4. Submission of Matters to a Vote of Security Holders: Not applicable. Item 5. Other Information: Not applicable. Item 6. Exhibits and Reports on Form 8-K: (a) Exhibits NUMBER DESCRIPTION ------- ------------------------ 27.1 Financial Data Schedule (b) Reports on Form 8-K: The Company did not file a Form 8-K during the quarter ended October 1, 1995. PAGE 13 14 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. GENICOM Corporation ------------------- Registrant Date: November 15, 1995 James C. Gale ------------------- Signature James C. Gale Senior Vice President Finance and Chief Financial Officer (Mr. Gale is the Chief Financial Officer and has been duly authorized to sign on behalf of the Registrant)
PAGE 14 EX-27 2 FINANCIAL DATA SCHEDULE
5 9-MOS DEC-31-1995 JUL-03-1995 OCT-01-1995 534 0 53,767 (1,538) 51,966 110,009 102,731 (69,654) 167,467 66,839 59,950 108 0 0 32,959 167,467 143,464 218,482 100,223 160,426 46,745 0 5,714 5,597 1,034 4,563 0 0 0 4,563 $0.38 $0.38
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