-----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, NsGa4n//gYWmgn6LrktlrFLUB2TuX5tjhKZfQdB6UX91rKowjvNB/sSVFJTX/VEN LOG/pQlOzd0q7J3605+npw== 0000890566-96-001812.txt : 19961113 0000890566-96-001812.hdr.sgml : 19961113 ACCESSION NUMBER: 0000890566-96-001812 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19960930 FILED AS OF DATE: 19961112 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: ASSOCIATED MATERIALS INC CENTRAL INDEX KEY: 0000802967 STANDARD INDUSTRIAL CLASSIFICATION: PLASTICS PRODUCTS, NEC [3089] IRS NUMBER: 751872487 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-24956 FILM NUMBER: 96658701 BUSINESS ADDRESS: STREET 1: 2200 ROSS AVE STE 4100 E CITY: DALLAS STATE: TX ZIP: 75201 BUSINESS PHONE: 2147547188 MAIL ADDRESS: STREET 1: 2200 ROSS AVENUE STREET 2: SUITE 4100 EAST CITY: DALLAS STATE: TX ZIP: 75201 10-Q 1 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 -- F0RM 10-Q (Mark One) [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended SEPTEMBER 30, 1996 or [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 33-64788 - -------------------------------------------------------------------------------- ASSOCIATED MATERIALS INCORPORATED - -------------------------------------------------------------------------------- (Exact Name of Registrant as Specified in Its Charter) Delaware 75-1872487 (State or Other Jurisdiction of (I.R.S. Employer Incorporation of Organization) Identification No.) 2200 Ross Avenue, Suite 4100 East, Dallas, Texas 75201 (Address of Principal Executive Offices) (Zip Code) Registrant's Telephone Number, Including Area Code (214)220-4600 Not Applicable Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report Indicate by check U whether the registrant (1) has filed all reports required to be filed by Section 13 of 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 [ ] Shares of Common Stock, $.0025 par value outstanding at November 11, 1996: 4,893,504 Shares of Class B Common Stock, $.0025 par value outstanding at November 11, 1996: 2,700,000 ASSOCIATED MATERIALS INCORPORATED FORM 10-Q FOR THE QUARTER AND NINE MONTHS ENDED SEPTEMBER 30, 1996 PAGE NO. -------- PART I. FINANCIAL INFORMATION Item 1. Financial Statements Balance Sheets ..................................................... 1 September 30, 1996 (Unaudited) and December 31, 1995 Statements of Operations (Unaudited) ............................... 2 Quarter and nine months ended September 30, 1996 and 1995 Statements of Cash Flows (Unaudited) ............................... 3 Nine months ended September 30, 1996 and 1995 Notes to Financial Statements ...................................... 4 Item 2. Management's Discussion and Analysis of Results of Operations and Financial Condition .................................... 6 PART II. OTHER INFORMATION Item 6. Exhibits and Reports on Form 8-K .............................. 10 SIGNATURES ............................................................. 11 Part I. Financial Information Item 1. Financial Statements ASSOCIATED MATERIALS INCORPORATED BALANCE SHEETS (In Thousands, Except Share Data)
September 30, December 31, 1996 1995 -------- -------- (Unaudited) ASSETS Current assets: Cash ...................................................................................... $ 2,961 $ 2,279 Accounts receivable, net .................................................................. 53,729 48,755 Inventories ............................................................................... 60,312 55,922 Income taxes receivable ................................................................... -- 427 Other current assets ...................................................................... 2,287 1,967 -------- -------- Total current assets ......................................................................... 119,289 109,350 Property, plant and equipment, net ........................................................... 52,414 49,566 Investment in Amercord Inc. .................................................................. 11,035 9,596 Deferred tax asset ........................................................................... -- 118 Other assets ................................................................................. 3,193 3,423 -------- -------- Total assets ................................................................................. $185,931 $172,053 ======== ======== LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Bank overdrafts ........................................................................... $ 5,537 $ 6,047 Accounts payable .......................................................................... 21,535 14,489 Accrued liabilities ....................................................................... 22,671 22,342 Income taxes payable ...................................................................... 1,131 -- Revolving line of credit .................................................................. 17,115 18,171 Current portion of long-term debt ......................................................... 1,750 1,750 -------- -------- Total current liabilities .................................................................... 69,739 62,799 Deferred income taxes ........................................................................ 1,767 -- Other liabilities ............................................................................ 3,571 3,848 Long-term debt ............................................................................... 80,800 82,100 Stockholders' equity: Preferred stock, $.01 par value: Authorized shares - 100,000 at September 30, 1996 and December 31, 1995 Issued and outstanding shares - 0 at September 30, 1996 and December 31, 1995 ................................................................... -- -- Common stock, $.0025 par value: Authorized shares - 15,000,000 Issued and outstanding shares - 4,893,504 at September 30, 1996 and 4,832,000 at December 31, 1995 ...................................................... 12 12 Common stock, Class B, $.0025 par value: Authorized, issued, and outstanding shares - 2,700,000 at September 30, 1996 and December 31, 1995 ................................. 7 7 Capital in excess of par .................................................................. 185 67 Retained earnings ............................................................................ 29,850 23,220 -------- -------- Total stockholders' equity ................................................................ 30,054 23,306 Total liabilities and stockholders' equity ................................................... $185,931 $172,053 ======== ========
See accompanying notes 1 ASSOCIATED MATERIALS INCORPORATED STATEMENTS OF OPERATIONS (Unaudited) (In Thousands, Except Per Share Data)
QUARTER ENDED NINE MONTHS ENDED SEPTEMBER 30, SEPTEMBER 30 ------------------------- ------------------------- 1996 1995 1996 1995 -------- -------- -------- -------- Net sales ..................................................... $103,159 $ 97,873 $264,518 $262,871 Cost of sales ................................................. 71,196 72,868 189,320 198,030 -------- -------- -------- -------- 31,963 25,005 75,198 64,841 Selling, general and administrative expense ................... 20,497 19,118 57,944 54,985 -------- -------- -------- -------- Income from operations ........................................ 11,466 5,887 17,254 9,856 Interest expense .............................................. 2,739 2,921 8,285 8,702 -------- -------- -------- -------- 8,727 2,966 8,969 1,154 Equity in earnings of Amercord Inc. ........................... 404 (93) 1,440 335 -------- -------- -------- -------- Income (loss) before income tax expense ....................... 9,131 2,873 10,409 1,489 Income tax expense (benefit) .................................. 3,599 1,171 3,777 484 -------- -------- -------- -------- Net Income (loss) ............................................. $ 5,532 $ 1,702 $ 6,632 $ 1,005 ======== ======== ======== ======== Earnings (loss) per common share .............................. $ 0.72 $ 0.22 $ 0.86 $ 0.13 Weighted average common and common equivalent shares outstanding ............................... $ 7,716 $ 7,678 $ 7,699 $ 7,715 ======== ======== ======== ========
See accompanying notes 2 ASSOCIATED MATERIALS INCORPORATED STATEMENTS OF CASH FLOWS (Unaudited) (In Thousands) NINE MONTHS ENDED SEPTEMBER 30, ----------------- 1996 1995 ---- ---- OPERATING ACTIVITIES Net income ............................................... $6,632 $1,005 Adjustments to reconcile net income to net cash used by operating activities: Depreciation and amortization........................... 4,367 3,961 Deferred income taxes................................... 1,885 (453) Equity in earnings of Amercord Inc...................... (1,440) (335) Changes in operating assets and liabilities: Accounts receivable, net.............................. (4,974) (5,080) Inventories........................................... (4,390) (4,647) Income taxes payable.................................. 1,676 680 Bank overdrafts....................................... (510) 926 Accounts payable and accrued liabilities.............. 7,375 4,815 Other assets and liabilities.......................... (718) (1,035) ------ ------ Net cash provided by (used in) by operating activities.... 9,903 (163) INVESTING ACTIVITIES Additions to property, plant and equipment, net........... (6,865) (5,853) FINANCING ACTIVITIES Net increase in revolving line of credit.................. (1,056) 8,422 Principal payments of long-term debt...................... (1,300) (1,300) ------ ------ Net cash provided by financing activities................. (2,356) 7,122 Net increase (decrease) in cash........................... 682 1,106 Cash at beginning of period............................... 2,279 1,702 ------ ------ Cash at end of period..................................... $2,961 $2,808 ======= ======= Supplemental information: Cash paid for interest.................................... $10,451 $10,830 ======= ======= Net cash paid for income taxes............................ $ 247 $ 539 ======= ======= See accompanying notes 3 ASSOCIATED MATERIALS INCORPORATED NOTES TO FINANCIAL STATEMENTS FOR THE QUARTER AND NINE MONTHS ENDED SEPTEMBER 30, 1996 (Unaudited) NOTE 1 - BASIS OF PRESENTATION The unaudited financial statements of Associated Materials Incorporated (the "Company") as of and for the quarter and nine months ended September 30, 1996 have been prepared in accordance with generally accepted accounting principles for interim financial reporting, the instructions to Form 10-Q, and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. These financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 1995 filed with the Securities and Exchange Commission. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation of the interim financial information have been included. The results of operations for any interim period are not necessarily indicative of the results of operations for a full year. Certain prior period amounts have been reclassified to conform with the current period presentation. NOTE 2 - INVENTORIES Inventories are valued at the lower of cost (first in, first out) or market. Inventories consist of the following (in thousands): September 30, December 31, 1996 1995 ------- ------- Raw materials .................................... $12,805 $12,962 Work in process .................................. 5,890 6,175 Finished goods and purchased stock ............... 41,617 36,785 ------- ------- $60,312 $55,922 NOTE 3- INVESTMENT IN AMERCORD INC. ("AMERCORD") The Company's investment in Amercord, a 50% owned affiliate, is accounted for using the equity method. Condensed statements of operations for Amercord are presented below (in thousands):
QUARTER ENDED NINE MONTHS ENDED SEPTEMBER 30, SEPTEMBER 30, ------------------------- ------------------------ 1996 1995 1996 1995 ------- -------- ------- ------- Net sales .................................................... $21,608 $ 17,804 $65,549 $58,500 Costs and expenses ........................................... 19,898 17,630 61,536 56,004 ------- -------- ------- ------- Income from operations ....................................... 1,710 174 4,013 2,496 Interest expense ............................................. 432 470 1,347 1,433 Income tax expense (benefit) ................................. 471 (110) 985 393 ------- -------- ------- ------- Net income (loss) before cumulative effect of a change in accounting principle ..................... 807 (186) 1,681 670 Cumulative effect of a change in accounting principle (net of tax) ................................... -- -- 1,196 -- Net income (loss) ............................................ $ 807 $ (186) $ 2,877 $ 670 ======= ======== ======= ======= Company's share of net income (loss) ......................... $ 404 $ (93) $ 1,440 $ 335 ======= ======== ======= =======
4 In the third quarter of 1996, Amercord reached an agreement in principle to settle disputed royalty payments for the years 1990 through 1995. In conjunction with the proposed settlement of the royalty payments, Amercord reduced its accrued liability for royalty payments resulting in a pre-tax gain of approximately $3.1 million. Also in the third quarter of 1996, Amercord determined it was necessary to write down certain production equipment in accordance with Statement of Financial Accounting Standards 121. As a result, the equipment was written down resulting in a loss of $2.7 million. The net effect of the two items discussed above was a net increase of $400,000 in Amercord's operating income or an increase of approximately $120,000 in the Company's equity in the earnings of Amercord. NOTE 4 - EARNINGS PER COMMON SHARE Earnings per common share computations are based on weighted average common and common equivalent shares outstanding during the periods presented, determined using the treasury stock method. Fully diluted earnings per common share are not significantly different than primary earnings per common share. NOTE 5 - AMENDMENT OF REVOLVING CREDIT AGREEMENT In April 1996, the Company amended and restated its bank credit agreement to increase the total credit facility to $50 million through May 31, 1999. The amended and restated agreement otherwise contains substantially the same terms and conditions as the previous agreement. 5 Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS RESULTS OF OPERATIONS QUARTER ENDED SEPTEMBER 30, 1996 COMPARED TO QUARTER ENDED SEPTEMBER 30, 1995 The table below sets forth for the periods indicated certain items of the Company's financial statements by segment:
QUARTER ENDED SEPTEMBER 30, --------------------------------------------------------- 1996 1995 -------------------------- -------------------------- PERCENTAGE OF PERCENTAGE OF AMOUNT TOTAL NET SALES AMOUNT TOTAL NET SALES -------- ----- -------- ----- Total Company: Net sales - Alside ............................................ $ 93,170 90.3% $ 86,614 88.5% Net sales - AmerCable ......................................... 9,989 9.7 11,259 11.5 -------- ----- -------- ----- Total net sales ............................................. 103,159 100.0 97,873 100.0 Cost of sales ................................................. 71,196 69.0 72,868 74.5 Selling, general and administrative expense (1) ............... 20,497 19.9 19,118 19.5 -------- ----- -------- ----- Income from operations ........................................ $ 11,466 11.1% $ 5,887 6.0% ======== ===== ======== ===== Alside: Net sales ..................................................... $ 93,170 100.0% $ 86,614 100.0% Cost of sales ................................................. 62,362 66.9 61,576 71.1 Selling, general and administrative expense ................... 19,185 20.6 18,130 20.9 -------- ----- -------- ----- Income from operations ........................................ $ 11,623 12.5% $ 6,908 8.0% ======== ===== ======== ===== AmerCable: Net sales ..................................................... $ 9,989 100.0% $ 11,259 100.0% Cost of sales ................................................. 8,834 88.5 11,292 100.3 Selling, general and administrative expense ................... 644 6.4 437 3.9 -------- ----- -------- ----- Income (loss) from operations ................................. $ 511 5.1% $ (470) (4.2)% ======== ===== ======== =====
(1) Consolidated selling, general and administrative expenses include corporate expenses of $668,000 and $551,000 for the quarters ended September 30, 1996 and 1995, respectively. OVERVIEW The Company's net income and income from operations income increased 225% and 94.8% to $5.5 million and $11.5 million, respectively, in the quarter ended September 30, 1996 compared with the third quarter of 1995. The improvement in the Company's operations was due primarily to its Alside division although its AmerCable division and Amercord affiliate also reported higher income from operations. ALSIDE. Alside's income from operations for the quarter ended September 30, 1996 increased 68.3% from $6.9 million to $11.6 million primarily due to higher gross profit percentages and higher sales volume across most of its product lines, particularly vinyl siding. Alside's gross profit percentage increased from 28.9% in the third quarter of 1995 to 33.1% in the third quarter of 1996 due primarily to lower vinyl resin costs and improved manufacturing efficiency. Alside's unit sales of vinyl siding and vinyl windows increased 14.9% and 6.6% in the quarter ended September 30,1996 as compared to the same period in 1995. Selling, general and administrative expense increased by $1.1 million to $19.1 million in the quarter ended September 30, 1996 but decreased as a percentage of sales as compared to the 1995 period. 6 AMERCABLE. AmerCable's sales for the quarter ended September 30, 1996 decreased $1.3 million or 11.3% as compared to the same period in 1995 due to lower volume in most product lines. AmerCable's income from operations was $511,000 in the quarter ended September 30, 1996 as compared to an operating loss of $470,000 for the same period in 1995. Income for the quarter was primarily the result of improved manufacturing efficiencies and higher sales prices. The gross profit percentage increased to 11.5% for the quarter ended September 30, 1996 as compared to (.3%) for the same period in 1995. OTHER. In the third quarter of 1996, Amercord reached an agreement in principle to settle disputed royalty payments for the years 1990 through 1995. As a result, Amercord recorded a pre-tax gain of approximately $3.1 million on the proposed settlement. Also in the third quarter of 1996, Amercord wrote down certain production equipment in accordance with Statement of Financial Accounting Standards 121 resulting in a pre-tax loss of $2.7 million. The net effect of these two items increased the Company's equity in the earnings in Amercord by approximately $120,000, net of taxes. Exclusive of these two events, Amercord's net income was $567,000 for the quarter ended September 30, 1996 as compared to a loss of $186,000 for the same period in 1995. Amercord's sales and gross profits increased 21.4% and 156.9%, respectively, during the quarter ended September 30, 1996 as compared to the same period in 1995. The increase in net income was the result of increased sales volume and lower production costs. Amercord's net income was $807,000 for the quarter ended September 30, 1996, as compared to the loss of $186,000 for the same period in 1995. Net interest expense decreased $182,000 or 6.2% in the quarter ended September 30, 1996 compared with the same period in 1995 primarily due to lower borrowing requirements experienced by the Company under its line of credit during the 1996 period. NINE MONTHS ENDED SEPTEMBER 30, 1996 COMPARED TO NINE MONTHS ENDED SEPTEMBER 30, 1995. The table below sets forth for the periods indicated certain items of the Company's financial statements by segment:
NINE MONTHS ENDED SEPTEMBER 30, ---------------------------------------------------------- 1996 1995 ------------------------- ------------------------- PERCENTAGE OF PERCENTAGE OF AMOUNT TOTAL NET SALES AMOUNT TOTAL NET SALES --------- ----- --------- ----- Total Company: Net sales - Alside ............................................ $ 233,686 88.3% $ 225,296 85.7% Net sales - AmerCable ......................................... 30,832 11.7 37,575 14.3 --------- ----- --------- ----- Total net sales ............................................. 264,518 100.0% 262,871 100.0% Cost of sales ................................................. 189,320 71.6 198,030 75.3 Selling, general and administrative expense (1) ............... 57,944 21.9 54,985 20.9 Income from operations ........................................ $ 17,254 6.5% $ 9,856 3.8% ========= ===== ========= ===== Alside: Net sales ..................................................... $ 233,686 100.0% $ 225,296 100.0% Cost of sales ................................................. 159,603 68.3 160,809 71.4 Selling, general and administrative expense ................... 53,654 23.0 52,010 23.1 --------- ----- --------- ----- Income from operations ........................................ $ 20,429 8.7% $ 12,477 5.5% ========= ===== ========= ===== AmerCable: Net sales ..................................................... $ 30,832 100.0% $ 37,575 100.0% Cost of sales ................................................. 29,717 96.4 37,221 99.1 Selling, general and administrative expense ...................... 2,502 8.1 $ 1,315 3.5 --------- ----- --------- ----- Loss from operations .......................................... $ (1,387) (4.5)% $ (961) (2.6)% ========= ===== ========= =====
(1) Consolidated selling, general and administrative expenses include corporate expenses of $1,788,000 and $1,700,000 for the nine-month periods ended September 30, 1996 and 1995, respectively. 7 OVERVIEW For the nine months ended September 30, 1996, the Company recorded net income of $6.6 million as compared $1 million for the same period in 1995 due to higher operating income at its Alside division. Income from operations in the first nine months of 1996 was $7.4 million or 75.1% higher than the first nine months of 1995 as Alside's improvement offset AmerCable's loss from operations. ALSIDE. Alside's income from operations increased from $12.5 million to $20.4 million or 63.7% for the nine month period ended September 30, 1996 as compared to the same period in 1995 due primarily to higher gross profits from its vinyl siding products. Alside's sales increased 3.7% for the nine-month period ended September 30, 1996 as compared to the same period in 1995. The gross profit percentage increased to 31.7% for the nine months ended September 30, 1996 as compared to 28.6% for the same period in 1995 due primarily to lower raw material costs (primarily vinyl resin) and improved manufacturing efficiency. Alside's selling, general and administrative costs increased by $1.6 million for the 1996 period due to higher lease expenses for Alside's supply centers as well as increased spending on advertising and research and development. AMERCABLE. AmerCable's loss from operations increased from $961,000 to $1.4 million for the nine months ended September 30, 1996 as compared to the same period in 1995. The increased loss from operations was due primarily to charges to write down copper inventory as well as unfavorable production costs in the first quarter of 1996. The higher selling, general and administrative costs were caused by severance charges, higher wage and benefit costs and expenses associated with AmerCable's new distribution operation in Houston, Texas. The loss for the nine months ending September 30, 1996 would have been $612,000 net of the inventory writedown and severance charges. AmerCable's sales decreased $6.7 million or 17.9% for the nine months ended September 30, 1996 as compared to the same period in 1995 due primarily to lower sales volume. The gross profit percentage increased to 3.6% for the nine months ended September 30, 1996 as compared to 1% for the same period in 1995 due primarily to manufacturing efficiencies and increased sales prices. OTHER. The Company recorded $1.4 million in equity in the after tax earnings of Amercord in the nine-month period ended September 30, 1996 as compared to $335,000 for the same period in 1995. The Company's equity in Amercord's income was favorably impacted by the proposed royalty settlement discussed above and the change in accounting policy in the second quarter. Income was unfavorably impacted by the writedown of equipment in accordance with Statement of Financial Accounting Standards 121. The net increase in the Company's equity in (after-tax) earnings as a result of these transactions was $120,000. The Company's equity in earnings net of these transactions would have been $639,000 for the nine months ended September 30, 1996. For the nine months ended September 30, 1996, Amercord's sales increased by 12% to $65.5 million from $58.5 million in 1995. Gross profit increased by $1.5 million due to higher volume in the 1996 period and lower production costs. Net interest expense decreased $417,000 or 4.7% in the nine months ended September 30, 1996 compared with the same period in 1995 primarily due to lower borrowing requirements experienced by the Company under its line of credit during the third quarter of 1996 compared to the 1995 period. LIQUIDITY AND CAPITAL RESOURCES The Company has a $50 million credit facility with Key Bank N.A. (formerly Society National Bank) which expires May 31, 1999. Borrowings under the credit facility were $17.1 million at September 30, 1996, excluding outstanding letters of credit, totaling $9.4 million. The letters of credit secure the taxable notes and certain other obligations. Because of the seasonal nature of Alside's business, the Company's borrowing requirements are traditionally highest during the second quarter. At September 30, 1996 the Company had an additional borrowing capacity of approximately $23.5 million . Cash provided by operations was $9.9 million for the nine months ended September 30, 1996 as compared to cash used by operations of $163,000 for the same period in 1995. The increase in cash provided by operations in the 1996 period was due primarily to higher payables and higher net income. Capital expenditures totaled $6.8 million in the nine months ended September 30, 1996, compared with $5.9 million during the same period in 1995. Expenditures in the 1996 period were primarily used to increase capacity of and further automate its window manufacturing plants and increase inventory storage capacity at Alside's Ennis, Texas vinyl siding plant. 8 The Company believes that future cash flows from operations and its borrowing capacity under its existing credit agreement will be sufficient to satisfy its obligations to pay principal and interest on its outstanding debt, maintain current operations and provide sufficient capital for presently anticipated capital expenditures. However, there can be no assurances that the cash so generated by the Company will be sufficient for such purposes. EFFECTS OF INFLATION The Company believes that the effects of inflation on its operations have not been material during the past two years. Inflation could adversely affect the Company if inflation results in significantly higher interest rates or substantial weakness in economic conditions. 9 Part II Other Information Item 6. Exhibits and Reports on Form 8-K. (a) Exhibits None (b) During the quarter ended September 30, 1996, Associated Materials Incorporated filed no Current Reports on Form 8-K. 10 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. ASSOCIATED MATERIALS INCORPORATED (Registrant) Date: November 11, 1996 By: /s/ ROBERT L. WINSPEAR Robert L. Winspear, Vice President, Treasurer and Secretary (Principal Financial and Accounting Officer) 11 EX-27 2
5 9-MOS DEC-31-1996 SEP-30-1996 2,961 0 58,953 5,224 60,312 119,289 95,783 43,369 185,931 69,739 80,800 0 0 19 30,035 185,931 103,159 103,159 71,196 91,693 0 0 2,739 9,131 3,599 5,532 0 0 0 5,532 .72 .72
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