-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, d5HWGpjOqCmfVvvWyBAY5FkYQlYzyeWrg+fyGmX4wqyg2jiuE19fEh5+80U2To3U 4uyPtHXIWJX6cLuZyWK6LA== 0000912057-95-003968.txt : 19950518 0000912057-95-003968.hdr.sgml : 19950518 ACCESSION NUMBER: 0000912057-95-003968 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19950402 FILED AS OF DATE: 19950517 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: NELLCOR INC /DE/ CENTRAL INDEX KEY: 0000799290 STANDARD INDUSTRIAL CLASSIFICATION: ELECTROMEDICAL & ELECTROTHERAPEUTIC APPARATUS [3845] IRS NUMBER: 942789249 STATE OF INCORPORATION: DE FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-14980 FILM NUMBER: 95540507 BUSINESS ADDRESS: STREET 1: 4280 HACIENDA DRIVE CITY: PLEASANTON STATE: CA ZIP: 94588 BUSINESS PHONE: 4158875858 MAIL ADDRESS: STREET 1: 4280 HACIENDA DRIVE CITY: PLEASANTON STATE: CA ZIP: 94588 FORMER COMPANY: FORMER CONFORMED NAME: NELLCOR DELAWARE INC DATE OF NAME CHANGE: 19860929 10-Q 1 10-Q - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- 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 APRIL 2, 1995 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 0-14980 NELLCOR INCORPORATED (Exact name of registrant as specified in its charter) DELAWARE 94-2789249 (State or other jurisdiction of (IRS Employer Identification No.) incorporation or organization) 4280 HACIENDA DRIVE PLEASANTON, CALIFORNIA 94588 (Address of principal executive offices) (Zip code) TELEPHONE: (510) 463-4000 (Registrant's telephone number, including area code) 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 _____ Number of shares of Common Stock, $.001 par value, outstanding as of April 2, 1995 was 16,536,574. Page 1 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- PART I. FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS NELLCOR INCORPORATED CONSOLIDATED BALANCE SHEET (IN THOUSANDS)
ASSETS April 2, 1995 July 3, 1994 ------------- ------------ Current assets: Cash and cash equivalents $ 100,885 $ 68,163 Marketable securities 42,395 53,470 Accounts receivable, net of allowance for doubtful accounts of $1,090 ($1,128 at July 3, 1994) 38,634 34,308 Inventories 25,614 27,238 Deferred income taxes and other current assets 6,638 5,231 ------------- ------------ Total current assets 214,166 188,410 ------------- ------------ Property and equipment, at cost 77,469 73,487 Accumulated depreciation (43,492) (39,315) ------------- ------------ Net property and equipment 33,977 34,172 ------------- ------------ Intangibles and other assets, net of accumulated amortization 15,415 15,566 ------------- ------------ $263,558 $238,148 ------------- ------------ ------------- ------------ LIABILITIES & STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 10,799 $ 14,229 Accrued liabilities: Payroll and payroll related 13,857 11,091 Warranty 3,754 1,882 Other 6,648 4,811 Income taxes payable 3,660 1,570 ------------- ------------ Total current liabilities 38,718 33,583 ------------- ------------ Deferred income taxes -- 452 Stockholders' equity: Common stock, par value 18 17 Additional paid-in-capital 106,679 90,302 Retained earnings 152,731 127,329 Accumulated translation adjustment (43) 100 Notes receivable from stockholders (5) (5) Treasury stock, at cost (1,148,000 shares at April 2, 1995; 522,500 shares at July 3, 1994) (34,540) (13,630) ------------- ------------ Total stockholders' equity 224,840 204,113 ------------- ------------ $263,558 $238,148 ------------- ------------ ------------- ------------
SEE ACCOMPANYING NOTE Page 2 NELLCOR INCORPORATED CONSOLIDATED STATEMENT OF INCOME (IN THOUSANDS, EXCEPT PER SHARE AMOUNTS, UNAUDITED)
For the Three For the Nine Months Ended Months Ended --------------------------------- --------------------------------- April 2, 1995 April 3,1994 April 2, 1995 April 3,1994 ------------- ------------ ------------- ------------ Net revenue $ 71,035 $ 61,646 $ 190,766 $ 169,907 Cost of goods sold 27,916 23,998 76,079 68,342 ------------- ------------ ------------- ------------ Gross profit 43,119 37,648 114,687 101,565 Operating expenses: Research and development 6,545 5,933 19,932 17,316 Selling, general and administrative 20,607 19,342 58,018 54,195 Restructuring charge -- -- -- 500 ------------- ------------ ------------- ------------ 27,152 25,275 77,950 72,011 ------------- ------------ ------------- ------------ Income from operations 15,967 12,373 36,737 29,554 Litigation settlement -- 2,000 -- 2,000 Interest and other, net 1,874 835 4,236 2,275 ------------- ------------ ------------- ------------ Income before income taxes 17,841 15,208 40,973 33,829 Provision for income taxes 6,783 5,856 15,573 12,762 ------------- ------------ ------------- ------------ Net Income $ 11,058 $ 9,352 $ 25,400 $ 21,067 ------------- ------------ ------------- ------------ ------------- ------------ ------------- ------------ Net income per common and common equivalent share $ 0.65 $ 0.55 $ 1.51 $ 1.25 ------------- ------------ ------------- ------------ ------------- ------------ ------------- ------------ Weighted average common and common equivalent shares used in the calculation of income per share 16,909 17,040 16,857 16,857 ------------- ------------ ------------- ------------ ------------- ------------ ------------- ------------
SEE ACCOMPANYING NOTE Page 3 NELLCOR INCORPORATED CONSOLIDATED STATEMENT OF CASH FLOWS (IN THOUSANDS, UNAUDITED)
For the Nine Months Ended --------------------------------- April 2, 1995 April 3, 1994 ------------- ------------- Cash flows from operating activities: Net income $25,400 $21,067 Adjustments to reconcile net income to cash provided by operating activities: Depreciation and amortization 11,866 11,215 Deferred income taxes (452) 1,834 Increases (decreases) in cash flows, as a result of changes in: Accounts receivable (3,300) 1,906 Inventories 1,624 (1,495) Other current assets (2,809) (3,055) Other assets (1,854) (1,167) Accounts payable (3,418) 1,906 Accrued liabilities 6,340 (721) Income taxes payable 2,057 107 ------------- ------------- Cash provided by operating activities 35,454 31,597 ------------- ------------- Cash flows from investing activities: Capital expenditures (7,489) (11,510) Cash used to purchase securities held-to-maturity (12,636) (92,694) Proceeds from maturities of securities held-to-maturity 23,711 100,663 Purchase of non-marketable equity securities (2,100) -- Other (188) -- ------------- ------------- Cash provided (used) by investing activities 1,298 (3,541) ------------- ------------- Cash flows from financing activities: Proceeds from the issuance of common stock under the Company's stock plans and related tax benefits, net of notes receivable from stockholders 16,378 7,741 Purchase of treasury shares (20,910) (8,270) ------------- ------------- Cash used by financing activities (4,532) (529) ------------- ------------- Effect of exchange rate changes on cash balances 502 (41) ------------- ------------- Increase in cash and cash equivalents 32,722 27,486 Cash and cash equivalents at the beginning of the period 68,163 45,906 ------------- ------------- Cash and cash equivalents at the end of the period $100,885 $73,392 ------------- ------------- ------------- -------------
Page 4 NELLCOR INCORPORATED NOTE TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) GENERAL. The consolidated financial statements reflect, in the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position and results of operations as of the end of and for the periods indicated. The accompanying interim consolidated financial statements should be read in conjunction with the financial statements and related notes included in the Company's 1994 Annual Report to Stockholders. 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 Security and Exchange Commission rules and regulations. The Company believes the information included in the report on Form 10-Q, when read in conjunction with the Consolidated Financial Statements and related Notes thereto included in the Company's 1994 Annual Report to Stockholders, is not misleading. Information reflecting the financial position of the Company at July 3, 1994 is derived from audited financial statements. The results of operations for the three month and nine month periods ended April 2, 1995 are not necessarily indicative of operating results for the full fiscal year. INVENTORIES. Inventories are stated at the lower of cost (first-in, first-out) or market (net realizable value). Interim and year-end inventory balances were as follows (IN THOUSANDS):
April 2, 1995 July 3, 1994 ------------- ------------ Raw materials $12,524 $10,040 Work-in process 4,203 5,180 Finished goods 8,887 12,018 ------------- ------------ $25,614 $27,238 ------------- ------------ ------------- ------------
STATEMENT OF CASH FLOWS. The Company paid income taxes of approximately $11.1 million and $12.5 million in the nine months ended April 2, 1995 and April 3, 1994, respectively. PROPERTY AND EQUIPMENT. Depreciation expense was approximately $7.6 million in the first nine months of fiscal 1995 and $7.8 million in the first nine months of fiscal 1994. Page 5 INVESTMENTS IN DEBT AND EQUITY SECURITIES. During fiscal 1995, the Company adopted Statement of Financial Accounting Standards Number 115 "Accounting for Certain Investments in Debt and Equity Securities" (SFAS 115). Implementation of SFAS 115 did not have a material effect on Nellcor's financial position or results of operations. SFAS 115 requires that all investment securities be classified into one of three categories: held-to-maturity, available-for-sale, or trading. As of April 2, 1995, the Company was carrying investments totaling $44.5 million, of which $39.2 million were classified as held-to-maturity. These held-to-maturity securities, which the Company has the positive intent and ability to hold to maturity, are stated at amortized cost. As of April 2, 1995, the Company was also carrying available-for-sale investments totaling $5.3 million. Investments classified as available-for-sale are either equity securities or securities which the Company does not intend to hold to maturity. No sales or transfers were made during the period. The difference between the carrying value of the Company's available-for-sale securities and their market value was immaterial as of April 2, 1995.
Security type Carrying Value ------------- -------------- Current assets: - -------------- Marketable Securities - --------------------- HELD-TO-MATURITY: Debt securities issued by the U.S. Treasury and other U.S. government corporations and agencies $ 12,979 Debt securities issued by states of the United States and political subdivisions of the states 26,234 AVAILABLE-FOR-SALE: Mortgage backed securities 3,182 -------- Marketable securities $ 42,395 Non-current assets: AVAILABLE-FOR-SALE: Equity securities $ 2,100 -------- Investments in debt and equity securities: $ 44,495 -------- --------
SUBSEQUENT EVENT. In May 1995, the Company acquired Pierre Medical, a privately-held French manufacturer of respiratory products used in the home, for approximately $21.1 million in cash. In the event that certain performance milestones are achieved subsequent to the acquisition, additional compensation would be payable to the former principal stockholders of Pierre who will continue to manage the company. Pierre Medical currently markets noninvasive ventilators, sleep apnea therapy systems, oxygen concentrators and related respiratory products in Western Europe, primarily in France. The acquisition will be accounted for as a purchase and, accordingly, Pierre Medical's results will be included in Nellcor's financial statements subsequent to the acquisition date. Page 6 ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. RESULTS OF OPERATIONS - YEAR-TO-DATE PERIOD AND THIRD QUARTER ENDED APRIL 2, 1995, COMPARED WITH THE YEAR-TO-DATE PERIOD AND THIRD QUARTER ENDED APRIL 3, 1994. The Company's net income for the third quarter of fiscal 1995 was $11.1 million, $0.65 per share, compared to $9.4 million, or $0.55 per share, for the same period last year. Net income for the first nine months of fiscal 1995 was $25.4 million, $1.51 per share, compared to $21.1 million, or $1.25 per share, for the same period a year ago. Third quarter and year-to-date fiscal 1994 net income includes the effect of a $2.0 million pre-tax litigation settlement paid to Nellcor in the third quarter of fiscal 1994. Excluding the after-tax effect of this settlement of $1.2 million or $0.07 per share in fiscal 1994, net income for the third quarter and first nine months of fiscal 1995 increased by 37 and 28 percent, respectively, over the same periods a year ago. The Company's net revenue for the third quarter of fiscal 1995 increased to $71.0 million from $61.6 million in the third quarter of fiscal 1994 and increased to $190.8 million for the first nine months of fiscal 1995 from $169.9 million in the same period last year. The increase in net revenue principally resulted from higher sales of oximetry products across the Company's domestic and international markets as well as increased sales of EDENTEC -Registered Trademark- apnea monitoring and recording products. The Company's oximetry products include oximetry instruments, sensors, and OEM modules. The Company's principal oximetry instruments include the N-20 portable pulse oximeter, the N-180, N-185, N-200, and N-250 standalone pulse oximeters, and the N-3000 pulse oximeter, a module of the NELLCOR SYMPHONY -TM- multiparameter monitoring system which was first introduced to international markets in the third quarter of fiscal 1994. For the third quarter and first nine months of fiscal 1995, net revenue from oximetry instruments increased primarily due to international sales of the N-3000 and higher unit sales of the N-20 portable pulse oximeter, partially offset by lower average selling prices. Oximetry sensors include adhesive, reusable, and recycled sensor product lines. Revenue from oximetry sensors increased for the third quarter and first nine months of fiscal 1995 primarily due to continued growth in the installed base of the Company's monitors and the products of the Company's licensees and OEM customers. Higher unit sales across all lines were partially offset by slightly lower average selling prices for adhesive and recycled sensors. Revenue from OEM oximetry modules for the third quarter and first nine months of fiscal 1995 increased from the same periods a year ago as higher unit shipments were partially offset by lower average selling prices. During the third quarter of fiscal 1995, Nellcor added two manufacturers of multiparameter monitoring systems as new OEM customers, Fukuda M-E Kogyo Company of Japan and Narcosul Aparelhos Cientificos Ltda. of Brazil. Page 7 The Company's primary gas products include the ULTRA CAP -Registered Trademark- combination pulse oximeter and capnograph, the STAT CAP -Registered Trademark- airway carbon dioxide indicator, as well as the EASY CAP-Registered Trademark- and PEDI-CAP -TM- end-tidal carbon dioxide detectors, and related accessories. Revenue from gas products in the third quarter and first nine months of fiscal 1995 decreased compared to the same periods a year ago due primarily to lower sales of the discontinued N-1000 multi-function monitor, N-1500 anesthetic agent monitor, and the N-2500 anesthesia safety monitor. Sales of these discontinued monitors represented less than 1 percent of net revenue for the first nine months in both fiscal 1994 and fiscal 1995. The principal apnea monitoring and recording products sold by EdenTec include the ASSURANCE- Registered Trademark- 2000 heart and respiration monitor, the ASSURANCE 3000 heart and respiration monitor, and the EDENTRACE- REGISTERED TRADEMARK- II and EDENTRACE II PLUS -TM- multi-channel recording systems, and related accessories. Revenue from these apnea products for the third quarter and first nine months of fiscal 1995 increased from the same periods a year ago due primarily to higher sales of the ASSURANCE 2000 and EDENTRACE II PLUS products into alternate care markets, including the home. International revenue increased 49 percent in the third quarter of fiscal 1995 to $15.9 million from $10.7 million for the third quarter of fiscal 1994. For the first nine months of fiscal 1995, international revenue increased 40 percent to $40.2 million from $28.8 million for the same period a year ago. International revenue increased across all markets during the quarter primarily due to higher sales of oximetry sensors, the N-3000 pulse oximeter, and OEM modules. Favorable foreign currency exchange rates accounted for 11 and 8 percentage points of the international revenue growth during the third quarter and first nine months of fiscal 1995, respectively. During the third quarter of fiscal 1995, the Company received marketing clearance from the U.S. Food and Drug Administration (FDA) for the N-3100 noninvasive blood pressure monitor. The N-3100, one of the modules of the NELLCOR SYMPHONY -TM- multiparameter monitoring system, was introduced to international markets in the first quarter of fiscal 1995. Sales of the HEALTHQUIZ -TM- system, a patient-driven automated medical history system that electronically captures patient information, have been limited since the product was first introduced during the fourth quarter of fiscal 1994. The Company continues to devote substantial marketing, sales, and engineering resources to the product. A dedicated HEALTHQUIZ sales force is being established to further focus the Company's efforts on sales of the product. In the second half of fiscal 1991, the Company began commercial shipments of the N-CAT -Registered Trademark- non-invasive continuous blood pressure monitor developed and manufactured by Colin Electronics of Japan (Colin). Shipments of the N-CAT monitor to date have been limited, and since the fourth quarter of fiscal 1992, shipments have been suspended pending evaluation of new versions of the product software developed by Colin intended to improve the product's operating performance. Costs associated with this evaluation were not material during the third quarter of fiscal 1995 and were expensed as incurred. After evaluating the most recent enhancements to the product's software, the Company is now satisfied with the performance of the N-CAT monitor. Because of modifications made to the product's software, Colin plans to resubmit a 510(K) to the FDA to gain clearance to market the product in the U.S. While there is no assurance that U.S. marketing clearance will be granted by the FDA, the Company may consider marketing the N-CAT monitor internationally in order to begin recovering its investment in N-CAT monitor assets and marketing rights. Page 8 Gross profit as a percentage of net revenue for the third quarter of fiscal 1995 at 61 percent was comparable to the third quarter of fiscal 1994. For the first nine months of fiscal 1995, gross margin at 60 percent was comparable to the same period last year. Higher margins associated with the favorable effect which foreign currency exchange rates had upon revenue, and margin improvement at EdenTec were partially offset by higher warranty and product upgrade costs. Operating expenses for the third quarter of fiscal 1995 decreased to 38 percent of net revenue from 41 percent for the third quarter last year. Operating expenses for the first nine months of fiscal 1995 decreased to 41 percent from 42 percent of net revenue for the same period a year ago. Research and development expenses decreased to 9 percent from 10 percent of net revenue for the third quarter of fiscal 1995. Research and development expenses increased in absolute dollars primarily due to higher monitoring systems development costs. For the third quarter of fiscal 1995, selling, general, and administrative expenses decreased to 29 percent of net revenue from 31 percent for the same period in fiscal 1994. Selling, general, and administrative expenses increased in absolute dollars in the third quarter of fiscal 1995 due primarily to the unfavorable effect foreign currency exchange rates had upon international operating expenses, increased funding of the Company's profit sharing and bonus programs, and higher oximetry marketing expenses, partially offset by lower legal expenses. Liquidity and Capital Resources At April 2, 1995, the Company had cash, cash equivalents and marketable securities of approximately $143.3 million compared to $121.6 million at the end of fiscal 1994. The Company has met its liquidity and capital requirements from internally generated cash. Operating activities provided positive cash flows of approximately $35.5 million during the first nine months of fiscal 1995. Depreciation and amortization were significant non-cash operating activities during the period. Sales of marketable securities, partially offset by purchases of marketable securities and capital expenditures, principally for manufacturing equipment, were significant investing activities during the first nine months of fiscal 1995. Shares of Nellcor common stock issued under the Company's stock option plans were significant sources of cash from financing activities for the first nine months of fiscal 1995. Repurchases of shares of Nellcor common stock during the first nine months of fiscal 1995 under the Company's Limited Stock Repurchase Program were significant uses of cash from financing activities. Shares repurchased under the Limited Stock Repurchase Program are repurchased to offset the dilutive effects of the Company's stock option plans and the 1986 Employee Stock Participation Plan, as amended. No shares were repurchased under the Company's General Stock Repurchase Program, which authorizes the repurchase and retirement of up to a total of one million shares of common stock from time to time in the open market. The Company does not plan to resume share repurchases under the General Stock Repurchase Program in the near term. Page 9 In May 1995, the Company acquired Pierre Medical, a privately-held French manufacturer of respiratory products used in the home, for approximately $21.1 million in cash. In the event that certain performance milestones are achieved subsequent to the acquisition, additional compensation would be payable to the former principal stockholders of Pierre who will continue to manage the company. Pierre Medical currently markets noninvasive ventilators, sleep apnea therapy systems, oxygen concentrators and related respiratory products in Western Europe, primarily in France. The acquisition will be accounted for as a purchase and, accordingly, Pierre Medical's results will be included in Nellcor's financial statements subsequent to the acquisition date. The Company has a $50 million credit facility with a syndicate of banks. The credit facility is available to the Company for general corporate purposes and provides the Company with additional financial resources to take advantage of strategic business opportunities. As of April 2, 1995, the Company had not drawn against this credit facility and had no long term debt obligations. The Company anticipates that current capital resources combined with cash generated from operating activities will be sufficient to meet its liquidity and capital expenditure requirements at least through the end of fiscal 1995. Page 10 PART II. OTHER INFORMATION ITEM 1. LEGAL PROCEEDINGS. With regard to the patent litigation with BOC Health Care, Inc., claims by BOC that certain Nellcor patents are invalid or, if found by the court to be valid, then not infringed by BOC, remain to be resolved in litigation between Nellcor and BOC, Inc. currently pending in Delaware federal district court. The Company completed trial and post trial briefing work in this litigation, and awaits the opinion of the federal district court. The Company is vigorously defending its patents in this litigation, and believes that the outcome of this legal proceeding will not have an adverse effect on the Company's financial position or results of operations. Page 11 ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K. a) Exhibits. 11.1 Statement of computation of net income per share. 27.1 Financial Data Schedule b) Reports on Form 8-K. During the third quarter of fiscal 1995, the Company filed a Form 8-K dated March 13, 1995. The Form 8-K announced Nellcor's agreement to acquire Pierre Medical, and reported the Company's equity investment in Heartstream Inc., a privately-held medical device manufacturer. Page 12 SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be filed on its behalf by the undersigned thereunto duly authorized. NELLCOR INCORPORATED DATED May 17, 1995 By /s/ Michael P. Downey ------------------------- ----------------------------------------- Michael P. Downey Vice President and Chief Financial Officer (Principal Financial and Accounting Officer) Page 13 EXHIBIT INDEX Exhibit No. Description Location in Form 10-Q - ----------- ----------- --------------------- 11.1 Statement of computation of net income per share Page 15 27.1 Financial Data Schedule -- Page 14 EX-11 2 EXHIBIT 11 Exhibit 11.1 NELLCOR INCORPORATED STATEMENT OF COMPUTATION OF NET INCOME PER SHARE (IN THOUSANDS, EXCEPT PER SHARE AMOUNTS, UNAUDITED)
For the Three For the Nine Months Ended Months Ended --------------------------------- --------------------------------- April 2, 1995 April 3, 1994 April 2, 1995 April 3, 1994 ------------- ------------- ------------- ------------- Computation of common and common equivalent shares outstanding: Common stock 16,557 16,845 16,616 16,728 Common stock equivalents 352 195 241 129 ------------- ------------- ------------- ------------- Common and common equivalent shares used in the calculation of income per share 16,909 17,040 16,857 16,857 ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- Net income $ 11,058 $9,352 $25,400 $21,067 ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- Net income per common and common equivalent share $0.65 $0.55 $1.51 $1.25 ------------- ------------- ------------- ------------- ------------- ------------- ------------- -------------
Page 15 EX-27.1 3 EXHIBIT 27.1
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE COMPANY'S BALANCE SHEET DATED APRIL 2, 1995 AND INCOME STATEMENT FOR THE NINE MONTHS ENDED APRIL 2, 1995 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 1,000 9-MOS JUL-02-1995 JUL-03-1994 APR-02-1995 100,885 42,395 39,724 1,090 25,614 214,166 77,469 43,492 263,558 38,718 0 18 0 0 224,822 263,558 190,766 190,766 76,079 76,079 77,950 0 0 40,973 15,573 25,400 0 0 0 25,400 1.51 1.51
-----END PRIVACY-ENHANCED MESSAGE-----