0000950124-95-002442.txt : 19950811 0000950124-95-002442.hdr.sgml : 19950811 ACCESSION NUMBER: 0000950124-95-002442 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 19950630 FILED AS OF DATE: 19950810 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: PLEXUS CORP CENTRAL INDEX KEY: 0000785786 STANDARD INDUSTRIAL CLASSIFICATION: PRINTED CIRCUIT BOARDS [3672] IRS NUMBER: 391344447 STATE OF INCORPORATION: WI FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-14824 FILM NUMBER: 95560668 BUSINESS ADDRESS: STREET 1: 55 JEWELERS PARK DR CITY: NEENAH STATE: WI ZIP: 54957-0156 BUSINESS PHONE: 4147223451 MAIL ADDRESS: STREET 1: PLEXUS CORP STREET 2: 55 JEWELERS PARK DR CITY: NEENAH STATE: WI ZIP: 54957-0156 10-Q 1 10-Q 1 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q (Mark One) X Quarterly Report Under Section 13 or 15 (d) of the Securities Exchange Act of 1934 For the Quarter ended June 30, 1995 OR _____ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 ---------------------------- Commission File Number 0-14824 ---------------------------- PLEXUS CORP. (Exact name of registrant as specified in charter) Wisconsin 39-1344447 (State of Incorporation) (IRS Employer Identification No.) 55 Jewelers Park Drive Neenah, Wisconsin 54957-0156 (Address of principal executive offices) (ZIP Code) (414) 722-3451 (Registrant's telephone number) 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 reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X No____ As of August 8, 1995 there were 6,467,776 shares of Common Stock of the Company outstanding. 2 PLEXUS CORP. Index to Form 10-Q
Page ---- Part I Financial Information Item 1. Financial Statements ------ Condensed Consolidated Balance Sheets....................3 Condensed Consolidated Statements of Operations..........4 Condensed Consolidated Statements of Cash Flows............................................5 Notes to Condensed Consolidated Financial Statements.....6 Item 2. Management's Discussion and Analysis of ------ Financial Condition and Results of Operations .........7-8 Part II Item 6. Exhibits and Reports on Form 8-K..................9 ------ Signature.....................................................9
3 PLEXUS CORP. CONDENSED CONSOLIDATED BALANCE SHEETS (Dollars in Thousands, Except Share and Per Share Amounts)
June 30, 1995 September 30, 1994 (unaudited) ----------------- ------------------ ASSETS Current assets: Cash $ 1,106 $ 1,081 Accounts receivable, net of allowance of $130 42,792 43,699 Inventories 60,706 60,047 Deferred income taxes 743 743 Prepaid expenses and other 1,095 3,200 --------- --------- Total current assets 106,442 108,770 Property, plant and equipment, net 12,167 12,856 Other 364 395 --------- --------- Total assets $ 118,973 $ 122,021 ========= ========= LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Current portion of long-term debt $ 553 $ 550 Accounts payable 31,009 36,891 Customer deposits 5,084 3,501 Accrued liabilities: Salaries and wages 3,126 2,182 Other 2,301 2,862 --------- --------- Total current liabilities 42,073 45,986 Long-term debt 37,911 40,691 Deferred income taxes 465 465 Stockholders' equity: Series A preferred stock, $.01 par value, $1,000 face value, 7,000 shares authorized and issued (aggregate liquidation preference of $7 million) 0 0 Preferred stock $.01 par value, 4,993,000 shares authorized, none issued - - Common Stock, $.01 par value, 30,000,000 shares authorized, 6,460,498 issued 65 65 Additional paid-in capital 13,829 13,829 Retained earnings 24,630 20,985 --------- --------- 38,524 34,879 --------- --------- Total liabilities and stockholders' equity $ 118,973 $ 122,021 ========= =========
See notes to condensed consolidated financial statements 4 PLEXUS CORP. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Dollars in Thousands, Except Share and Per Share Amounts) Unaudited
Three-Month Period Ended Nine-Month Period Ended June 30, June 30, 1995 1994 1995 1994 -------------------------------- ------------------------------ Net sales $ 72,354 $ 55,004 $ 207,075 $ 172,271 Cost of sales 66,079 51,360 190,504 160,555 -------------------------------- ------------------------------ Gross profit 6,275 3,644 16,571 11,716 Selling and administrative expenses 2,692 2,249 8,049 6,046 -------------------------------- ------------------------------ Operating income 3,583 1,395 8,522 5,670 -------------------------------- ------------------------------ Other income (expense): Interest expense (723) (932) (2,180) (2,408) Other 128 27 524 14 -------------------------------- ------------------------------ (595) (905) (1,656) (2,394) -------------------------------- ------------------------------ Income before income taxes 2,988 490 6,866 3,276 Provision for income taxes 1,165 186 2,678 1,245 -------------------------------- ------------------------------ Net Income $ 1,823 $ 304 $ 4,188 $ 2,031 ================================ ============================== Net income per common share primary and fully diluted $ .26 $ .05 $ .59 $ .31 ================================ ============================== Common equivalent shares outstanding 7,125,298 6,460,498 7,100,791 6,456,636 ================================ ==============================
See notes to condensed consolidated financial statements 5 PLEXUS CORP. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Dollars in Thousands) Unaudited
Nine-Month Period Ended June 30, June 30, 1995 1994 ------------------------------- Cash flows from operating activities: Net Income $ 4,188 $ 2,031 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 1,677 1,893 Net (decrease) in working capital excluding cash and debt (1,843) (10,865) ------------------------------ 4,022 (6,941) ------------------------------ Cash flows from investing activities: Additions to property, plant & equipment (988) (3,946) Other, net 31 66 ------------------------------ (957) (3,880) ------------------------------ Cash flows from financing activities: Issuance of common stock - 7,021 Net increase (decrease) in outstanding debt (2,777) 3,878 Dividend Paid-Preferred Stock (263) - ------------------------------ (3,040) 10,899 ------------------------------ Net increase in cash $ 25 $ 78 ==============================
See notes to condensed consolidated financial statements 6 PLEXUS CORP. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE THREE-MONTH AND NINE-MONTH PERIODS ENDED JUNE 30, 1995 NOTE (1) - BASIS OF PRESENTATION The condensed consolidated financial statements included herein have been prepared by the Company without audit and pursuant to the rules and regulations of the Securities and Exchange Commission. In the opinion of the Company, the financial statements reflect all adjustments, which consist only of normal recurring adjustments, necessary to present fairly the financial position of Plexus Corp. at June 30, 1995 and the results of operations for the three-month periods and the nine-month periods ended June 30, 1995 and 1994 and the cash flows for the same nine-month periods. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to the SEC rules and regulations dealing with interim financial statements. However, the Company believes that the disclosures made in the condensed consolidated financial statements included herein are adequate to make the information presented not misleading. 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 1994 Annual Report. The year-end condensed consolidated balance sheet data was derived from audited financial statements, but does not include all disclosures required by generally accepted accounting principals. NOTE (2) - INVENTORIES The major classes of inventories (rounded to thousands) are as follows:
June 30, September 30, 1995 1994 ------------ ------------- Assembly Parts $ 34,541 $ 38,156 Work-in-Process 26,080 21,616 Finished Goods 85 275 -------- -------- $ 60,706 $ 60,047 ======== ========
NOTE (3) - COMMON EQUIVALENT SHARES OUTSTANDING The computations of primary and fully diluted net income per common share for fiscal year 1995 are based upon the weighted average number of common shares contingently issuable relating to the convertible preferred stock using the if-converted method, and including additional dilution from outstanding stock options. In the third quarter and first nine months of fiscal year 1994, stock options did not impact net income per share as they were either insignificant or antidilutive, thus the computations were based solely upon the weighted average number of common shares outstanding during the period. 7 PLEXUS CORP. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS RESULTS OF OPERATIONS Net sales for the third fiscal quarter ended June 30, 1995 were $72,354,000 compared to $55,004,000 for the third fiscal quarter ended June 30, 1994, an increase of $17,350,000 or 31.5%. Net sales for the nine-month period ended June 30, 1995 increased $34,804,000 to $207,075,000 from $172,271,000 for the same nine month period ended June 30, 1994. These increases both during the third fiscal quarter and the nine-months ended June 30, 1995 are mainly due to sales allocable to component parts used in assemblies (part sales) as distinguished from sales allocable to services. Sales for the third fiscal quarter also were positively impacted by several of the Company's new strategic relationships, which resulted in additional projects coming on line, produced and shipped. Cost of goods sold for the third fiscal quarter ended June 30, 1995 increased $14,719,000 or 28.7% to $66,079,000 from $51,360,000 for the third fiscal quarter ended June 30, 1994. Cost of goods sold for the nine-month period ended June 30, 1995 increased $29,949,000 or 18.7% to $190,504,000 from $160,555,000 for the same nine-month period ended June 30, 1994. These increases are directly related to manufacturing expenses associated with the increased level of production that occurred during both the third fiscal quarter and the nine-months ended June 30, 1995, such as materials, payroll and payroll overheads. Gross profit for the third fiscal quarter ended June 30, 1995 increased $2,631,000 or 72.2% to $6,275,000 from $3,644,000 for the third fiscal quarter ended June 30, 1995. As a percentage of net sales, gross profit for the third fiscal quarter ended June 30, 1995 was 8.7% compared to 6.6% for the same period one year ago. The increase in gross profit dollars and gross profit margin percentage is due to increased sales revenue along with increase plant utilization. The same is also true for the gross profit increase of $4,855,000 for the nine-months ended June 30, 1995 from $11,716,000 to $16,571,000. Selling and administrative expenses for the third fiscal quarter ended June 30, 1995 were $2,692,000 compared to $2,249,000 for the third fiscal quarter ended June 30, 1994, an increase of $443,000 due to personnel related expenses and commissions; however, as a percentage of net sales, selling and administrative expenses decreased to 3.7% compared to 4.1%. For the nine-month period ended June 30, 1995, selling and administrative expenses increased $2,003,000 to $8,049,000 from $6,046,000 for the same nine-month period ended June 30, 1994. This increase is mainly due to a departmental expense reclassification of certain expense items from cost of sales to selling and administrative expenses during the latter portion of the third fiscal quarter ended June 30, 1994. It is anticipated that in the quarters ahead selling and administrative expense will continue to be in the range of 3.5% to 3.7% as a percentage of net sales. Interest expense for the third fiscal quarter ended June 30, 1995 decreased $209,000 to $723,000 from $932,000 for the third fiscal quarter ended June 30, 1994, due to decreased borrowings required to support working capital. For the nine-month period ended June 30, 1995 interest expense decreased $228,000 to $2,180,000 from $2,408,000 because of increased interest expense incurred during the first fiscal quarter. With increasing emphasis being placed on reducing inventory and increasing inventory turns it is anticipated that interest expense will 8 continue to decrease, especially if the interest rate environment continues to be favorable. Other income increased $101,000 during the third fiscal quarter ended June 30, 1995 and $510,000 for the first nine months of fiscal 1995 because of increased billings to customers for carrying charges on inventories that were unused because of program delays. Income taxes increased both for the third fiscal quarter and the nine-month period ended June 30, 1995 due to increases on pre-tax profits. LIQUIDITY AND CAPITAL RESOURCES The total debt to equity ratio at June 30, 1995 was 2.09 to 1 compared to 2.50 to 1 at September 30, 1994. This reduction was primarily due to decreased borrowings under the Company's Revolving Credit Facility and earnings retained in the Company for the first nine months of the fiscal year. Working capital increased $1,585,000 from $62.8 million at September 30, 1994. Both the Accounts receivable decrease of $1.0 million to $42.7 million and Accounts payable decrease of $5.9 million are due to timing. Inventories increased $.7 million. The Company has placed major emphasis on reducing inventories and increasing inventory turns by instituting several new internal programs during the latter part of the third fiscal quarter. It is increasing the use of EDI (electronic data interchange) in order to improve the material replenishment process and prevent the building of buffer stock, aggressive OTD (on-time delivery) initiative has been implemented with suppliers to prevent early/late delivery of components, the development of increased system reporting to better utilize "total" company inventory and requirements of all its business units, development of improved terms and conditions with suppliers in regards to returning inventory when requirements have been reduced, and customers are increasingly requested to prepay or cover carrying charges of buffer stock for allocated (tight supply) components. Customer deposits increased $1.6 million due to customers delaying programs. As shown in the Company's statements of cash flows, cash increased by $25,000 for the first nine months of fiscal year 1995. The net increase reflects $4.0 million in net cash provided by operating activities, offset by $3.0 million used in financing activities, $1.0 million used in investing activities (primarily acquisition of equipment). The net cash used in financing activities resulted from a reduction of debt and the payment of dividends on preferred stock. On July 28, 1995 the Company increased its Revolving Credit Facility from $40,000,000 to $55,000,000. Of the proceeds from this increase $3,500,000 was used to retire term debt at a higher interest rate than that charged under the Revolving Credit Facility. The remainder of the increase will be used for working capital. The Revolving Credit Facility expires July 31, 1998. The Company believes that its credit facilities, leasing capabilities and projected cash flow from operations will be sufficient to meet its foreseeable short-term and long-term capital and liquidity needs. 9 PART II - OTHER INFORMATION Item 6. Exhibits and Reports on Form 8-K (a) Exhibits Exhibit 4 - Amendment No. 11 to the Revolving Credit Agreement Exhibit 11 - Statement Regarding Computation of Per Share Earnings (b) Reports on Form 8-K --None-- SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant had duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. 8/9/95 /s/ Peter Strandwitz ------ -------------------- Date Peter Strandwitz Chairman and CEO 8/9/95 /s/ Thomas N. Turriff ------ --------------------------- Date Thomas N. Turriff Vice President - Finance
EX-4 2 AMENDMENT NO.11 TO REVOLVING CREDIT AGREEMENT 1 EXHIBIT 4 AMENDMENT NO. 11 TO REVOLVING CREDIT AGREEMENT as of July 28, 1995 Firstar Bank Milwaukee, N.A. 777 East Wisconsin Avenue Milwaukee, Wisconsin 53202 Harris Trust and Savings Bank 111 West Monroe Street Chicago, Illinois 60603 Bank One, Milwaukee, NA 111 East Wisconsin Avenue Milwaukee, Wisconsin 53201 LaSalle National Bank 120 South LaSalle Street Chicago, Illinois 60603 Gentlemen: Electronic Assembly Corporation, a Wisconsin corporation (the "Company"), hereby agrees with you as follows: 1. Definitions. Reference is made to the Revolving Credit Agreement dated as of April 18, 1991, as amended through Amendment No. 10 thereto dated as of January 27, 1995 (the "Loan Agreement") between the Company and each of the Banks party thereto, pursuant to which the Company has issued its revolving credit notes, each dated January 27, 1995, in the aggregate principal amount of $40,000,000 (the "Existing Notes"). All capitalized terms used and not otherwise defined herein shall have the meanings given to such terms by the Loan Agreement as supplemented and amended hereby. 2. Addition of Bank One, Milwaukee, NA and LaSalle National Bank. The parties to the Loan Agreement have agreed that, as of the date hereof or such other date on which the Company and the Agent shall agree (the "Effective Date"), (i) the unpaid principal balance of the Existing Note held by NBD Bank, N.A. ("NBD") and all interest accrued thereon to the Effective Date shall be paid and satisfied in full in exchange for the return to the Company of such Existing Note, and NBD shall no longer be a party to the Loan Agreement, and (ii) Bank One, Milwaukee, NA ("Bank One") and LaSalle National Bank ("LaSalle") shall become 2 parties to the Loan Agreement on the terms and conditions herein and therein set forth. 3. Increase in Credit; Extension of Termination Date, etc. The Company requests that you agree to (i) increase the aggregate amount of credit available to the Company under the Loan Agreement from $40,000,000 to $55,000,000, (ii) extend the Termination Date and the final maturity of the Existing Notes from July 31, 1997 to July 31, 1998, and (iii) make certain other incidental changes in the Loan Agreement. Any additional loans made pursuant to such increased credit, together with the unpaid balance of the Existing Notes held by Firstar Bank Milwaukee, N.A. ("Firstar") and Harris Trust and Savings Bank ("Harris"), shall be (i) evidenced by new promissory notes of the Company in the form of Exhibit A annexed hereto (the "New Notes") to be dated as of the date hereof, in the amounts of your respective Commitments, which shall be executed by the Company and delivered to each of you against the return of the Existing Notes to the Company, and (ii) secured by the liens granted to the Agent pursuant to the Security Agreement, for the ratable benefit of the Banks. The unpaid principal balance of the Existing Note held by NBD and all accrued interest on the Existing Notes shall be paid in full on the Effective Date. 4. Amendments to Loan Agreement. Upon issuance of the New Notes, and subject to all of the terms and conditions hereof, the Loan Agreement shall be amended as of the Effective Date as follows: (a) All references in the Loan Agreement to the Notes issued thereunder and the loans evidenced thereby shall refer to the New Notes issued hereunder and the loans evidenced thereby. (b) All references to the Loan Agreement in the Loan Agreement and in any related agreements shall refer to the Loan Agreement as amended hereby. (c) The first paragraph of the Loan Agreement is amended by deleting the reference therein to "NBD Bank, N.A." and replacing it with reference to "Bank One, Milwaukee, NA, a national banking association, and LaSalle National Bank, a national banking association." All references to the "Banks" in the Loan Agreement and the other agreements relating thereto shall refer collectively to Firstar Bank Milwaukee, N.A., Harris Trust and Savings Bank, Bank One, Milwaukee, NA and LaSalle National Bank. (d) The reference to "Forty Million Dollars ($40,000,000)" in the recital to the Loan Agreement is amended to "Fifty-Five Million Dollars ($55,000,000)." -2- 3 (e) The reference to "$20,000,000" in clause (ii)(B) of Section 1.3 of the Loan Agreement (Borrowing Base) is amended to "$27,500,000." (f) The first clause of the definition of "Business Day" (before the proviso in such definition) set forth in Section 1.5 of the Loan Agreement is hereby amended to read in its entirety as follows: "Business Day" means any day other than Saturday or Sunday on which Banks in the States of Wisconsin and Illinois are open for the transaction of substantially all of their banking functions," (g) The table set forth in Section 1.8 of the Loan Agreement (Commitment) shall be amended to read in its entirety as follows:
Percentage Bank Interest Commitment ---- ---------- ---------- Firstar Bank Milwaukee, N.A. 36.37% $20,000,000 Harris Trust and Savings Bank 30.91% $17,000,000 Bank One, Milwaukee, NA 16.36% $ 9,000,000 LaSalle National Bank 16.36% $ 9,000,000 ------ ----------- TOTAL 100% $55,000,000
(h) The reference to "$40,000,000" in clause (i) of Section 1.23 of the Loan Agreement (Maximum Amount of Credit) is amended to "$55,000,000." (i) The parenthetical in Subsection 1.31(v) of the Loan Agreement is amended to read in its entirety as follows: (or to a customer located outside of the United States or Canada, provided that accounts of such foreign customers may not exceed an aggregate of $5,000,000). (j) The date of "July 31, 1997" set forth in Section 1.38 of the Loan Agreement (Termination Date) is amended to "July 31, 1998." (k) Section 10.7 of the Loan Agreement is amended by deleting the name and address of NBD Bank, N.A. and replacing it with the names and addresses of Bank One, Milwaukee, NA and LaSalle National Bank as set forth on the first page of this Amendment. -3- 4 (l) Exhibit G to the Loan Agreement (Permitted Liens) is amended to read in its entirety as set forth in Exhibit G attached hereto. 5. Representations and Warranties. The Company repeats and reaffirms the representations and warranties set forth in Section 3 of the Loan Agreement as of the date hereof, except that the representations in Section 3.2 of the Loan Agreement are hereby made with respect to the audited consolidated financial statements of Plexus Corp. as of September 30, 1994. The Company also represents and warrants that the execution, delivery and performance of this Amendment are within the corporate powers of the Company, have been duly authorized by all necessary corporate action and do not and will not (i) violate any provision of the articles of incorporation or by-laws of the Company or of any law, rule, regulation, order or judgment presently in effect having applicability to the Company; (ii) require the consent or approval of, or filing or registration with, any governmental body, agency or authority; or (iii) result in any breach of or constitute a default under any indenture or other agreement or instrument under which the Company or any Subsidiary is a party or by which it or its properties may be bound or affected. 6. Related Transactions; Computations. On the Effective Date, (i) Bank One and LaSalle shall become parties to the Loan Agreement as supplemented and amended hereby with the same force and effect as if signatories thereto and shall have the respective Commitments and Percentage Interests in the loans to be made under the Loan Agreement set forth opposite their respective names in Section 1.8 of the Loan Agreement as supplemented and amended hereby, (ii) each of you will make such adjustments among yourselves as are necessary so that after giving effect to such adjustments, the Percentage Interest of each of you in the loans outstanding under the Loan Agreement will be the Percentage Interest set forth under Section 1.8 of the Loan Agreement as supplemented and amended hereby, and (iii) the obligations of the Company to Bank One and LaSalle under the Loan Agreement as supplemented and amended hereby shall begin to accrue. The interest and commitment fees due to Firstar and Harris with respect to periods prior to the Effective Date shall be determined in accordance with the Loan Agreement as in effect prior to the Effective Date, and the interest and commitment fees due each of you with respect to the periods beginning on or after the Effective Date shall be determined in accordance with the Percentage Interests in effect on and after the Effective Date. 7. Conditions. Without limiting any of the other terms of the Loan Agreement as amended hereby, this Amendment shall not become effective, and the Banks shall not be required to make any further loans to the Company unless and until: (a) No Default or Event of Default shall have occurred and be continuing after giving effect to this Amendment and neither the business nor the assets nor the financial condition of the Company or any Guarantor shall -4- 5 have been materially adversely affected as the result of any event or development since September 30, 1994; (b) The Banks shall have received such documents concerning the corporate status of the Company and the Guarantors and the authorization of the transactions contemplated hereby as may be reasonably requested, and a satisfactory opinion of inside counsel to the Company and the Guarantors relating to the validity and enforceability of this Amendment and such other matters as the Banks shall reasonably require; (c) All indebtedness of the Company to M&I Bank Fox Valley shall have been paid and satisfied in full and all security interests in favor of such bank in the assets of the Company or any Guarantor shall have been terminated and released; and (d) All proceedings taken in connection with the transactions contemplated by this Amendment and all instruments, authorizations and other documents applicable thereto shall be satisfactory in form and substance in the reasonable opinion of the Banks and their counsel. 8. Confirmation of Loan Agreement. Except as expressly provided above, the Loan Agreement and the other agreements related thereto shall remain in full force and effect. 9. Fees and Expenses. The Company shall be responsible for the payment of all fees and out-of-pocket disbursements reasonably incurred by the Banks in connection with the preparation, execution, delivery, administration and enforcement of this Amendment including without limitation the reasonable fees and disbursements of counsel for the Banks, whether or not any transaction contemplated by this Amendment is consummated. 10. Governing Law. This Amendment shall be governed by and construed in accordance with the laws (other than the conflict of laws rules) of the State of Wisconsin. 11. Counterparts. This Amendment may be signed in any number of counterparts with the same effect as if the signatures thereto and hereto were upon the same instrument. -5- 6 If the foregoing is satisfactory to you, please sign the form of acceptance below and return a signed counterpart hereof to the Company. Very truly yours, ELECTRONIC ASSEMBLY CORPORATION By: Thomas N. Turriff ------------------------------ Title: Treasurer Agreed to as of the date first above written. FIRSTAR BANK MILWAUKEE, N.A. By: Scott Roeper ----------------------------- Title: Vice President HARRIS TRUST AND SAVINGS BANK By: George M. Dluhy ---------------------- Title: Vice President BANK ONE, MILWAUKEE, NA By: A.F. Maggiore --------------------- Title: Vice President LASALLE NATIONAL BANK By: Kent Hammerstom --------------------------- Title: First Vice President The undersigned Guarantors hereby consent to the foregoing Amendment to Loan Agreement, and agree that (i) their respective Corporate Guaranty Agreements, each dated as of April 18, 1991, as amended, and all collateral or security therefor, shall remain in full force and effect notwithstanding the amendments made above, and (ii) the obligations under their respective Corporate Guaranty Agreements extend to and cover in full all additional indebtedness which may be incurred by the Company pursuant to the provisions of this Amendment and the New Notes. -6- 7 Dated as of July 28, 1995. PLEXUS CORP. By: Thomas N. Turriff ---------------------------- Title: Vice President-Finance TECHNOLOGY GROUP, INC. By: Thomas N. Turriff ----------------------------- Title: Treasurer -7- 8 EXHIBIT A REVOLVING CREDIT NOTE $_____________ _____________, 199_ FOR VALUE RECEIVED, the undersigned, ELECTRONIC ASSEMBLY CORPORATION, hereby promises to pay to the order of _______________ (the "Payee"), on July 31, 1998, at the office of Firstar Bank Milwaukee, N.A., as Agent for the payee hereof, at 777 East Wisconsin Avenue, Milwaukee, Wisconsin in lawful money of the United States of America and in immediately available funds, the principal amount of _______________ Dollars ($__________) or, if less, the aggregate unpaid principal amount of all loans made by the Payee to the undersigned under the Revolving Credit Agreement dated as of April 18, 1991, as amended from time to time (the "Credit Agreement"), by and among the undersigned, Firstar Bank Milwaukee, N.A., for itself and as Agent, and certain other banks named therein, together with interest on the principal amount hereof from time to time unpaid. Interest (computed on the basis of the actual number of days elapsed and a year of 360 days) shall accrue on such unpaid principal amount from time to time at the rate or rates set forth in the Credit Agreement, and shall be payable monthly on the first Business Day of each month, or at such other times as may be provided in the Credit Agreement. This Note is one of the New Notes issued under the Credit Agreement, as amended by Amendment No. 11 thereto dated as of the date hereof, and is subject to permissive and mandatory prepayment, in each case upon the terms provided in the Credit Agreement. This Note is payable and secured in accordance with, is governed by and subject to, and is entitled to the benefits of, the Credit Agreement. All capitalized terms used herein shall have the meanings assigned to them in the Credit Agreement. This Note shall be construed in accordance with the laws (other than the conflict of laws rules) of the State of Wisconsin. The undersigned waives presentment, protest and notice of dishonor, and agrees, in the event of default hereunder, to pay all costs and expenses of collection, including reasonable attorneys' fees. ELECTRONIC ASSEMBLY CORPORATION By:___________________________ Title:________________________ 9 PERMITTED LIENS Debtor Name: Electronic Assembly Corporation
JURISDICTION FILE NO. FILE DATE SECURED PARTY COLLATERAL ------------------------------------------------------------------------------------------------------------ Secretary of State, CLEAR Kentucky (thru 06/15/95) County Court Clerk, 94-5692 08/10/94 The Bode-Finn Company One (1) SP Industries Madison County, KY Compactor (thru 06/21/95) 94-5207 07/26/94 M&I First National Leasing Specific equipment Corp. Assigned to Center Capital Corporation on 01/17/95; file no. _______ 93-4091 06/17/93 AT&T Capital Services Specific equipment Corporation 93-5569 08/16/93 GE Capital Specific equipment 85-4837 08/03/85 City of Richmond, Kentucky All personal property related to real property in Exhibit B Assigned to: Citizen's Fidelity Bank and Trust Co., as Trustee; 85-4837 continued on 06/22/90 Secretary of State, 954607 12/01/87 First National Leasing Specific equipment Wisconsin (thru Corp. 06/13/95) Continued on 07/13/92; file no. 1291263 977750 04/01/88 First National Leasing Specific equipment Corp. Continued on 12/09/92; file no. 1319233 1007807 08/24/88 First National Leasing Specific equipment Corp. Continued on 03/25/93; file no. 1342424; amended on 09/01/93; file no. 1376876 1017195 10/17/88 First National Leasing Specific equipment Corp. Continued on 05/21/93; file no. 1355909 1042323 02/27/89 Equitable Lomas Leasing Specific equipment Corp. Continued on 02/02/94; file no. 1407355 1083944 09/25/89 First National Leasing Specific equipment Corp. Continued on 08/23/94; file no. 1450852 1121347 04/05/90 First National Leasing Specific equipment Corp.
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JURISDICTION FILE NO. FILE DATE SECURED PARTY COLLATERAL ------------------------------------------------------------------------------------------------------------ Amended on 09/01/93; file no. 1376877; continued on 12/15/94; file no. 1474590 1160672 10/25/90 First National Leasing Specific equipment Corp. 1178228 01/31/91 Citizens Commercial Leasing Specific equipment Corp. 1180318 02/11/91 First Wisconsin Leasing Specific equipment Services Div. First Wis. Natl. Bank of Milwaukee 1163623 11/09/90 First National Leasing Specific computer Corp. equipment 1199449 04/19/91 First Wisconsin National All inclusive Bank of Milwaukee, for itself and as agent 1203543 05/08/91 M&I First National Leasing Specific equipment Corp. 1209054 06/04/91 First Wisconsin Leasing Specific equipment Services Amended on 08/21/91; file no. 1224501 1216475 07/11/91 M&I First National Leasing Computer equipment and Corp. accessories Amended on 09/01/93; file no. 1376885 1219210 07/25/91 M&I First National Leasing Specific equipment Corp. 1225943 08/29/91 M&I First National Leasing Specific furniture, Corp. furnishings and fixtures 1229258 09/17/91 M&I First National Leasing Miscellaneous production Corp. equipment Amended on 08/19/92; file no. 1298206 1229259 09/17/91 M&I First National Leasing Specific equipment Corp. 1232107 10/02/91 M&I First National Leasing Specific equipment Corp. 1236122 10/22/91 LINC Venture Lease Specific equipment Partners II LP Assigned on 11/20/91; file no. 1241893; assigned on 02/20/92; file no. 1259808; amended on 03/02/92; file no. 1262110 1236678 10/25/91 M&I First National Leasing Unspecified furniture and Corp. accessories NOTE: VAGUE COLLATERAL DESCRIPTION 1236679 10/25/91 M&I First National Leasing Specific equipment Corp.
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JURISDICTION FILE NO. FILE DATE SECURED PARTY COLLATERAL ------------------------------------------------------------------------------------------------------------ Amended on 09/01/93; file no. 1376886 1239724 11/11/91 M&I First National Leasing Specific equipment Corp. Amended on 09/01/93; file no. 1376887 1243855 12/02/91 General Electric Capital Specific equipment Corp. 1243856 12/02/91 General Electric Capital Specific equipment Corp. 1245189 12/09/91 Norwest Equipment Finance Specific equipment Inc. 1245190 12/09/91 Norwest Equipment Finance Specific equipment Inc. 1245191 12/09/91 Norwest Equipment Finance Specific equipment Inc. 1246367 12/16/91 M&I First National Lease Specific equipment Corp. Amended on 09/01/93; file no. 1376889 1256906 02/06/92 Hewlett - Packard Co. Specific Hewlett - Packard equipment 1260670 02/24/92 LINC Venture Lease Partners Goods and equipment II LP covered by specific lease Assigned on 03/25/92; file no. 1267760; assigned on 06/05/92; file no. 1283586 1261641 02/28/92 Hewlett - Packard Co. Specific Hewlett - Packard equipment 1272343 04/15/92 Norwest Equipment Finance Specific equipment Inc. 1279434 05/18/92 M&I First National Leasing Specific computer Corp. equipment Amended on 09/01/93; file no. 1376888 1279968 05/20/92 M&I First National Leasing Specific equipment Corp. 1282102 05/29/92 Norwest Equipment Finance Specific equipment Inc. 1290730 07/09/92 Norwest Equipment Finance Specific equipment Inc. 1291444 07/13/92 Hewlett - Packard Co. Specific Hewlett - Packard equipment
-3- 12
JURISDICTION FILE NO. FILE DATE SECURED PARTY COLLATERAL ------------------------------------------------------------------------------------------------------------ 1295534 08/03/92 Norwest Equipment Finance Specific equipment Inc. 1304367 09/23/92 M&I First National Leasing Specific equipment Corp. 1306619 10/02/92 Hewlett - Packard Co. Specific Hewlett - Packard equipment 1307260 10/07/92 M&I First National Leasing Specific equipment Corp. Amended on 09/01/93; file no. 1376890 1307417 10/07/92 Norwest Equipment Finance (1) Temperature Cooling Inc. Unit 1307418 10/07/92 Norwest Equipment Finance (1) Temperature Cooling Inc. Unit 1320259 12/14/92 United States Leasing Specific equipment International Inc. 1320260 12/14/92 United States Leasing Specific equipment International Inc. 1320261 12/14/92 United States Leasing Specific equipment International Inc. 1323987 01/04/93 Norwest Equipment Finance Specific equipment Inc. 1323988 01/04/93 Norwest Equipment Finance Specific equipment Inc. 1337921 03/05/93 Norwest Equipment Finance Specific equipment Inc. 1349770 04/26/93 Norwest Equipment Finance Specific equipment Inc. 1357595 05/28/93 Hewlett - Packard Co. Specific Hewlett - Packard equipment 1362944 06/25/93 M&I First National Leasing Unspecified office Corp. furniture and furnishings Amended on 07/25/94; file no. 1444582; NOTE: VAGUE COLLATERAL DESCRIPTION 1362945 06/25/93 M&I First National Leasing Unspecified production Corp. equipment Amended on 12/14/93; file no. 1397307; NOTE: VAGUE COLLATERAL DESCRIPTION 1363041 06/25/93 M&I First National Leasing Specific equipment Corp. 1373970 08/18/93 M&I First National Leasing Specific equipment Corp.
-4- 13
JURISDICTION FILE NO. FILE DATE SECURED PARTY COLLATERAL ------------------------------------------------------------------------------------------------------------ 1376634 08/31/93 M&I First National Leasing Specific equipment Corp. Amended on 04/13/94; file no. 1422153 1377029 09/02/93 M&I First National Leasing Specific office furniture Corp. and partitions Amended on 05/12/94; file no. 1429012 1378024 09/07/93 Hewlett - Packard Co. Specific Hewlett - Packard equipment 1378026 09/07/93 Hewlett - Packard Co. Specific Hewlett - Packard equipment 1383306 10/04/93 Hewlett - Packard Co. Specific Hewlett - Packard equipment 1387404 10/25/93 US Leasing International Specific equipment Inc. 1387405 10/25/93 US Leasing International Specific equipment Inc. 1387552 10/27/93 M&I First National Leasing Specific equipment Corp. 1392966 11/22/93 CIT Group/Equipment Specific equipment Financing Inc. Assigned on 04/11/94; file no. 1421723 1392967 11/22/93 First State Bank Specific equipment Assigned on 08/26/94; file no. 1451597 1392968 11/22/93 CIT Group/Equipment Specific equipment Financing Inc. Assigned on 04/11/94; file no. 1421724 1394585 12/01/93 Cobblestone Corp. of Specific equipment Northern New England Inc. 1394588 12/01/93 Cobblestone Corp. of Specific equipment Northern New England Inc. 1394590 12/01/93 Cobblestone Corp. of Specific equipment Northern New England Inc. 1397301 12/14/93 M&I First National Leasing Specific production Corp. equipment Amended on 02/17/94; file no. 1410214 1399647 12/27/93 Bell Atlantic Tricon Specific equipment Leasing Corp.
-5- 14
JURISDICTION FILE NO. FILE DATE SECURED PARTY COLLATERAL ------------------------------------------------------------------------------------------------------------ 1399649 12/27/93 Bell Atlantic Tricon Specific equipment Leasing Corp. 1399651 12/27/93 Bell Atlantic Tricon Specific equipment Leasing Corp. 1399653 12/27/93 Bell Atlantic Tricon Specific equipment Leasing Corp. 1399655 12/27/93 Bell Atlantic Tricon Specific equipment Leasing Corp. 1399658 12/27/93 Bell Atlantic Tricon Specific equipment Leasing Corp. 1399659 12/27/93 Bell Atlantic Tricon Specific equipment Leasing Corp. 1406171 01/27/94 Capital Preferred Yield Specific equipment Fund-II LP Assigned on 07/05/94; file no. 1440213 1406172 01/27/94 CIT Group/Equipment Specific equipment Financing Inc. Assigned on 04/25/94; file no. 1425002 1406173 01/27/94 Capital Preferred Yield Specific equipment Fund-II LP Assigned on 07/05/94; file no. 1440214 1406174 01/27/94 Capital Preferred Yield Specific equipment Fund-II LP Assigned on 07/05/94; file no. 1440215 1411544 02/24/94 Center Capital Corp. Specific production equipment Amended on 10/12/94; file no. 1461081; assigned on 01/17/95; file no. 1481436 1416613 03/21/94 Capital Preferred Yield Specific equipment Fund-II LP Assigned on 06/20/94; file no. 1437014 1416614 03/21/94 Capital Preferred Yield Specific equipment Fund-II LP Assigned on 06/20/94; file no. 1437015 1416615 03/21/94 CIT Group/Equipment Specific equipment Financing Inc. Assigned on 04/11/94; file no. 1421725
-6- 15
JURISDICTION FILE NO. FILE DATE SECURED PARTY COLLATERAL ------------------------------------------------------------------------------------------------------------ 1417196 03/23/94 M&I First National Leasing Specific equipment Corp. 1418251 03/28/94 M&I First National Leasing Specific computer Corp. equipment Amended on 06/21/94; file no. 1437327 1418330 03/28/94 Tricon Capital Corp. Specific equipment Assigned on 06/20/94; file no. 1436999 1421873 04/12/94 Tricon Capital Corp. Specific equipment Assigned on 06/20/94; file no. 1436998 1421875 04/12/94 CIT Group/Equipment Specific equipment Financing Inc. Assigned on 05/02/94; file no. 1426661 1421877 04/12/94 CIT Group/Equipment Specific equipment Financing Inc. Assigned on 05/02/94; file no. 1426662 1421879 04/12/94 CIT Group/Equipment Specific equipment Financing Inc. Assigned on 05/02/94; file no. 1426663 1421881 04/12/94 CIT Group/Equipment Specific equipment Financing Inc. Assigned on 05/02/94; file no. 1426664 1421883 04/12/94 CIT Group/Equipment Specific equipment Financing Inc. Assigned on 05/02/94; file no. 1426665 1421885 04/12/94 CIT Group/Equipment Specific equipment Financing Inc. Assigned on 05/02/94; file no. 1426666 1426396 05/02/94 CIT Group/Equipment Specific equipment Financing Inc. Assigned on 05/23/94; file no. 1431311 1429917 05/17/94 M&I First National Leasing Specific equipment Corp. 1435801 06/13/94 Norwest Equipment Finance Specific equipment Inc. 1435802 06/13/94 Norwest Equipment Finance Specific equipment Inc.
-7- 16
JURISDICTION FILE NO. FILE DATE SECURED PARTY COLLATERAL ------------------------------------------------------------------------------------------------------------ 1435803 06/13/94 Norwest Equipment Finance Specific equipment Inc. 1435804 06/13/94 Norwest Equipment Finance Specific equipment Inc. 1435805 06/13/94 Norwest Equipment Finance Specific equipment Inc. 1437003 06/20/94 Tricon Capital Corp. Specific equipment 1437004 06/20/94 Tricon Capital Corp. Specific equipment 1437005 06/20/94 Tricon Capital Corp. Specific equipment 1440219 07/05/94 Liberty Federal Savings Specific equipment Bank Assigned on 02/20/95; file no. 1488653 1441365 07/11/94 Capital Associates Specific equipment International Inc. 1442389 07/14/94 Tricon Capital Corp. Specific equipment 1444479 07/25/94 M&I First National Leasing Specific office Corp. furniture, office equipment and computer equipment 1444480 07/25/94 Center Capital Corp. Specific equipment Assigned on 01/17/95; file no. 1481440 1453033 09/02/94 Hewlett - Packard Co. Specific equipment 1455409 09/15/94 Liberty Federal Savings Specific equipment Bank Assigned on 02/20/95; file no. 1488654 1460911 10/11/94 General Electric Co. Specific inventory 1462654 10/19/94 Nynex Credit Co. Specific equipment 1462655 10/19/94 Nynex Credit Co. Specific equipment 1462656 10/19/94 Nynex Credit Co. Specific equipment 1462662 10/19/94 Nynex Credit Co. Specific equipment 1463361 10/21/94 Hewlett - Packard Co. Specific equipment 1470327 11/23/94 Nynex Credit Co. Specific equipment 1475242 12/19/94 Capital Preferred Yield Specific equipment Fund III LP 1476033 12/22/94 M&I First National Leasing Specific office Corp. furnishings and partitions
-8- 17
JURISDICTION FILE NO. FILE DATE SECURED PARTY COLLATERAL ------------------------------------------------------------------------------------------------------------ 1486239 02/08/95 M&I First National Leasing Specific office Corp. furnishings and partitions 1487118 02/13/95 Cargill Leasing Corp. Specific equipment 1487121 02/13/95 Cargill Leasing Corp. Specific equipment 1496218 03/24/95 Equitable Lomas Leasing Specific property and Corp. equipment 1498579 04/05/95 M&I First National Leasing Specific equipment Corp. 1501012 04/14/95 M&I First National Leasing Unspecified production Corp. equipment NOTE: VAGUE COLLATERAL DESCRIPTION 1501013 04/14/95 M&I First National Leasing Unspecified office Corp. furniture and equipment NOTE: VAGUE COLLATERAL DESCRIPTION 1503256 04/24/95 Norwest Equipment Finance Specific equipment Inc. 1510094 05/22/95 Comdisco Inc. Specific equipment 1510095 05/22/95 Comdisco Inc. Specific equipment 1510581 05/24/95 M&I First National Leasing Specific equipment Corp. Register of Deeds, 990888 08/12/94 Nynex Credit Company Specific equipment Winnebago County, WI (thru 06/16/95) Assigned on 12/19/94; file no. 992164 990889 08/12/94 Nynex Credit Company Specific equipment Assigned on 12/19/94; file no. 992163
-9- 18 PLEXUS CORP. 55 Jewelers Park Drive Neenah, Wisconsin 54957 AMENDMENT NO. 3 TO CORPORATE GUARANTEE AGREEMENT July 28, 1995 Firstar Bank Milwaukee, N.A. 777 East Wisconsin Avenue Milwaukee, Wisconsin 53202 Harris Trust and Savings Bank 111 West Monroe Street Chicago, Illinois 60603 Bank One, Milwaukee, NA 111 East Wisconsin Avenue Milwaukee, Wisconsin 53201 LaSalle National Bank 120 South LaSalle Street Chicago, Illinois 60603 Gentlemen: Plexus Corp., a Wisconsin corporation (the "Guarantor"), hereby agrees with you as follows: 1. Definitions. Reference is made to the Corporate Guarantee Agreement dated as of April 18, 1991, as amended (the "Guarantee Agreement") of the Guarantor relating to the obligations of Electronic Assembly Corporation (the "Debtor") under the Revolving Credit Agreement dated as of April 18, 1991, as amended through Amendment No. 11 thereto dated as of the date hereof (the "Credit Agreement") between the Debtor and each of you. Terms defined in the Guarantee Agreement as amended hereby and not otherwise defined herein are used herein with the meanings so defined. 2. Amendment to Credit Agreement. The Debtor has requested that the Banks make additional credit available to the Debtor under the Credit Agreement. As a condition to making such additional credit available to the Debtor under the Credit Agreement pursuant to Amendment No. 11 thereto, the Banks have required that the Guarantee Agreement be amended as set forth below. 19 July 28, 1995 Page 2 3. Amendments to Guarantee Agreement. Subject to all of the terms and conditions hereof, the Guarantee Agreement is hereby amended as of the date hereof as follows: (a) Section 7(a) of the Guarantee Agreement is amended to read in its entirety as follows: "(a) Consolidated Tangible Net Worth. Maintain Consolidated Tangible Net Worth (i) at all times through September 30, 1995 of not less than $30,000,000, and (ii) at all times during each fiscal year of the Guarantor thereafter of not less than the sum of (x) Consolidated Tangible Net Worth required by this Agreement for the immediately preceding year plus (y) 50% of Consolidated Net Earnings for such immediately preceding fiscal year (without any reduction for net losses)." (b) The definition of "Creditor" set forth in the first recital to the Guarantee Agreement is amended by deleting the reference therein to "Valley Bank" and replacing it with reference to "Bank One, Milwaukee, NA, LaSalle National Bank". All references to the "Creditor" in the Guarantee Agreement shall refer collectively to Firstar Bank Milwaukee, N.A., Harris Trust and Savings Bank, Bank One, Milwaukee, NA and LaSalle National Bank. 4. Conditions. Notwithstanding the foregoing, this Amendment shall not become effective unless and until each of the conditions to the effectiveness of Amendment No. 11 to the Credit Agreement dated the date hereof has been satisfied, and Amendment No. 11 to the Credit Agreement has been duly executed and delivered by each of the signatories thereto. 5. Representations. The Guarantor repeats and reaffirms the representations and warranties set forth in Section 6 of the Guarantee Agreement, except as to transactions specifically contemplated hereby. The Guarantor also represents and warrants that the execution, delivery and performance of this Amendment, and the documents required herein, are within the corporate powers of the Guarantor, have been duly authorized by all necessary corporate action and do not and will not (i) violate any provision of the articles of incorporation or by-laws of the Guarantor or of any law, rule, regulation, order, or judgment presently in effect having applicability to the Guarantor, or (ii) require the consent or approval of, or filing or registration with, any governmental body, agency or authority, or (iii) result in any breach of or constitute a default under any other agreement or instrument to which the Guarantor or any subsidiary is a party or by which it or its properties may be bound or affected. 20 July 28, 1995 Page 3 6. Confirmation of Agreements. Except as expressly provided above, the Guarantee Agreement and the other agreements relating thereto shall remain in full force and effect. 7. Costs and Expenses. The Guarantor shall be responsible for the payment of all fees and out-of-pocket disbursements reasonably incurred by the Banks in connection with the preparation, execution, delivery, administration and enforcement of this Amendment, including all costs of collection, and including without limitation the reasonable fees and disbursements of counsel for the Banks, whether or not any transaction contemplated by this Amendment is consummated. 8. Miscellaneous. This Amendment may be signed in any number of counterparts with the same effect as if the signatures thereto and hereto were upon the same instrument. The provisions of this Amendment shall inure to the benefit of and be binding upon any successor to any of the parties hereto. All agreements, representations and warranties made herein shall survive the execution of this Amendment and the making of the Loans under the Credit Agreement, as amended. If the foregoing is satisfactory to you, please sign the form of acceptance below and return a signed counterpart hereof to the Guarantor. Very truly yours, PLEXUS CORP. By: Thomas N. Turriff ----------------------------- Title: Vice President-Finance 21 July 28, 1995 Page 4 Agreed to as of the date first above written. FIRSTAR BANK MILWAUKEE, N.A., for itself and as Agent By: Scott Roeper ---------------------------- Title: Vice President HARRIS TRUST AND SAVINGS BANK By: George M. Dluhy --------------------------- Title: Vice President BANK ONE, MILWAUKEE, NA By: A.F. Maggiore -------------------------- Title: Vice President LASALLE NATIONAL BANK By: Kent Hammerstom --------------------------- Title: First Vice President 22 TECHNOLOGY GROUP, INC. 55 Jewelers Park Drive Neenah, Wisconsin 54957 AMENDMENT NO. 1 TO CORPORATE GUARANTEE AGREEMENT July 28, 1995 Firstar Bank Milwaukee, N.A. 777 East Wisconsin Avenue Milwaukee, Wisconsin 53202 Harris Trust and Savings Bank 111 West Monroe Street Chicago, Illinois 60603 Bank One, Milwaukee, NA 111 East Wisconsin Avenue Milwaukee, Wisconsin 53201 LaSalle National Bank 120 South LaSalle Street Chicago, Illinois 60603 Gentlemen: Technology Group, Inc., a Wisconsin corporation (the "Guarantor"), hereby agrees with you as follows: 1. Definitions. Reference is made to the Corporate Guarantee Agreement dated as of April 18, 1991 (the "Guarantee Agreement") of the Guarantor relating to the obligations of Electronic Assembly Corporation (the "Debtor") under the Revolving Credit Agreement dated as of April 18, 1991, as amended through Amendment No. 11 thereto dated as of the date hereof (the "Credit Agreement") between the Debtor and each of you. Terms defined in the Guarantee Agreement as amended hereby and not otherwise defined herein are used herein with the meanings so defined. 2. Amendment to Credit Agreement. The Debtor has requested that the Banks make additional credit available to the Debtor under the Credit Agreement. As a condition to making such additional credit available to the Debtor under the Credit Agreement pursuant to Amendment No. 11 thereto, the Banks have required that the Guarantee Agreement be amended as set forth below. 3. Amendments to Guarantee Agreement. Subject to all of the terms and conditions hereof, the Guarantee Agreement is hereby amended as of the date hereof as follows: 23 July 28, 1995 Page 2 (a) The definition of "Creditor" set forth in the first recital to the Guarantee Agreement is amended by deleting the reference therein to "Valley Bank" and replacing it with reference to "Bank One, Milwaukee, NA, LaSalle National Bank". All references to the "Creditor" in the Guarantee Agreement shall refer collectively to Firstar Bank Milwaukee, N.A., Harris Trust and Savings Bank, Bank One, Milwaukee, NA and LaSalle National Bank. 4. Conditions. Notwithstanding the foregoing, this Amendment shall not become effective unless and until each of the conditions to the effectiveness of Amendment No. 11 to the Credit Agreement dated the date hereof has been satisfied, and Amendment No. 11 to the Credit Agreement has been duly executed and delivered by each of the signatories thereto. 5. Representations. The Guarantor repeats and reaffirms the representations and warranties set forth in Section 6 of the Guarantee Agreement, except as to transactions specifically contemplated hereby. The Guarantor also represents and warrants that the execution, delivery and performance of this Amendment, and the documents required herein, are within the corporate powers of the Guarantor, have been duly authorized by all necessary corporate action and do not and will not (i) violate any provision of the articles of incorporation or by-laws of the Guarantor or of any law, rule, regulation, order, or judgment presently in effect having applicability to the Guarantor, or (ii) require the consent or approval of, or filing or registration with, any governmental body, agency or authority, or (iii) result in any breach of or constitute a default under any other agreement or instrument to which the Guarantor or any subsidiary is a party or by which it or its properties may be bound or affected. 6. Confirmation of Agreements. Except as expressly provided above, the Guarantee Agreement and the other agreements relating thereto shall remain in full force and effect. 7. Costs and Expenses. The Guarantor shall be responsible for the payment of all fees and out-of-pocket disbursements reasonably incurred by the Banks in connection with the preparation, execution, delivery, administration and enforcement of this Amendment, including all costs of collection, and including without limitation the reasonable fees and disbursements of counsel for the Banks, whether or not any transaction contemplated by this Amendment is consummated. 8. Miscellaneous. This Amendment may be signed in any number of counterparts with the same effect as if the signatures thereto and hereto were upon the same instrument. The provisions of this Amendment shall inure to the benefit of and be binding upon any successor to any of the parties hereto. All agreements, 24 July 28, 1995 Page 3 representations and warranties made herein shall survive the execution of this Amendment and the making of the Loans under the Credit Agreement, as amended. If the foregoing is satisfactory to you, please sign the form of acceptance below and return a signed counterpart hereof to the Guarantor. Very truly yours, TECHNOLOGY GROUP, INC. By: Thomas N. Turriff ------------------------ Title: Treasurer Agreed to as of the date first above written. FIRSTAR BANK MILWAUKEE, N.A., for itself and as Agent By: Scott Roeper ----------------------- Title: Vice President HARRIS TRUST AND SAVINGS BANK By: George M. Dluhy ------------------------- Title: Vice President BANK ONE, MILWAUKEE, NA By: A.F. Maggiore ------------------------ Title: Vice President LASALLE NATIONAL BANK By: Kent Hammerstom --------------------------- Title: First Vice President
EX-11 3 STATEMENT RE: COMPUTATION OF PER SHARE EARNINGS 1 EXHIBIT 11 6/30/95 10-Q Plexus Corp. Statement Regarding Computation of Per Share Earnings (In thousands, except per share amounts) ________
Quarter Ended 6/30/95 Nine-months Ended 6/30/95 --------------------- ------------------------- Common and Common and Common Fully Common Fully Equivalent Diluted Equivalent Diluted ---------- ------- ---------- ------- Net income $1,823 $1,823 $4,188 $4,188 ====== ====== ====== ====== Weighted average number of common shares outstanding 6,460 6,460 6,460 6,460 Adjustment: Assumed issuances under stock option plan 110 127 85 127 Assumed conversion of preferred stock 555 555 555 555 ------ ------ ------ ------ Common equivalent shares outstanding 7,125 7,142 7,100 7,142 ====== ====== ====== ====== Net income per common share $.26 $.26 $.59 $.59 ==== ==== ==== ====
See notes to condensed consolidated financial statements
EX-27 4 FINANCIAL DATA SCHEDULE
5 1,000 U.S. DOLLARS 9-MOS SEP-30-1995 OCT-01-1994 JUN-30-1995 1 1,106 0 42,922 130 60,706 106,442 29,567 17,400 118,973 42,073 0 65 0 0 38,459 118,973 207,075 207,075 190,504 190,504 8,049 0 2,180 6,866 2,678 4,188 0 0 0 4,188 .59 .59