-----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, MvF1ICEM1nSUea0Zobmfa2ioU7YEBGiCcNpJ6N4Dviens2Rbt6pynt8GiwD24nbo 9Z2G2k7+CQJYvC3CwyZCKw== 0001047469-97-003249.txt : 19971111 0001047469-97-003249.hdr.sgml : 19971111 ACCESSION NUMBER: 0001047469-97-003249 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19970927 FILED AS OF DATE: 19971110 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: BOSTON ACOUSTICS INC CENTRAL INDEX KEY: 0000805268 STANDARD INDUSTRIAL CLASSIFICATION: HOUSEHOLD AUDIO & VIDEO EQUIPMENT [3651] IRS NUMBER: 042662473 STATE OF INCORPORATION: MA FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 000-15193 FILM NUMBER: 97710961 BUSINESS ADDRESS: STREET 1: 300 JUBILEE DRIVE STREET 2: P O BOX 6015 CITY: PEABODY STATE: MA ZIP: 01961-6015 BUSINESS PHONE: 5085385000 MAIL ADDRESS: STREET 1: 300 JUBILEE DRIVE STREET 2: P O BOX 6015 CITY: PEABODY STATE: MA ZIP: 01961-6015 10-Q 1 FORM 10-Q - ------------------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ---------------- FORM 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 27, 1997 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 No. 33-9875 ---------------------------------- BOSTON ACOUSTICS, INC. (Exact name of registrant as specified in its charter) Massachusetts 04-2662473 (State or other jurisdiction (I.R.S. employer of incorporation or identification no.) organization) 300 Jubilee Drive Peabody, Massachusetts 01960 (Address of Principal Executive Offices) (Zip Code) (978) 538-5000 (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 [] There were 3,307,669 shares of Common Stock issued and outstanding as of November 1, 1997. - -------------------------------------------------------------------------------- Boston Acoustics, Inc. INDEX
PAGE ---- Part I: Financial Information Item 1. Financial Statements Consolidated Balance Sheets (Unaudited)- March 29, 1997 and September 27, 1997 4 Consolidated Statements of Income (Unaudited)- Three months and Six months ended September 28, 1996 and September 27, 1997 6 Consolidated Statements of Cash Flows (Unaudited)- Six months ended September 28, 1996 and September 27, 1997 7 Notes to Unaudited Consolidated Financial Statements 8 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 10 Part II: Other Information Items 1 through 6 13 Signatures 14
2 PART I: FINANCIAL INFORMATION ITEM 1: FINANCIAL STATEMENTS 3 Boston Acoustics, Inc. and Subsidiaries Consolidated Balance Sheets (Unaudited) ASSETS
MARCH 29, 1997 SEPTEMBER 27, 1997 -------------- ------------------ Current Assets: Cash and cash equivalents.............................................. $ 4,937,232 $ 980,144 Short-term investments................................................. 2,594,454 675,553 Accounts receivable, net of reserves of approximately $411,000 and $430,000, respectively........................................... 9,328,881 12,916,770 Inventories............................................................ 9,540,757 13,352,407 Deferred income taxes.................................................. 791,000 791,000 Prepaid expenses and other current assets.............................. 809,761 362,605 -------------- ------------------ Total current assets................................................ 28,002,085 29,078,479 -------------- ------------------ Property and Equipment, at cost: Land................................................................... 1,433,365 1,433,365 Building............................................................... 7,012,347 7,025,557 Machinery and equipment................................................ 7,414,269 7,883,542 Office equipment and furniture......................................... 1,597,499 1,724,077 Motor vehicles......................................................... 373,177 267,551 -------------- ------------------ 17,830,657 18,334,092 Less-accumulated depreciation and amortization..................................................... 6,936,205 7,445,385 -------------- ------------------ 10,894,452 10,888,707 -------------- ------------------ Other Assets: Long-term investments.................................................. 1,022,164 -- Other assets........................................................... 2,311,411 2,040,370 -------------- ------------------ Total other assets................................................... 3,333,575 2,040,370 -------------- ------------------ $ 42,230,112 $ 42,007,556 -------------- ------------------ -------------- ------------------
The accompanying notes are an integral part of these consolidated financial statements. 4 Boston Acoustics, Inc. and Subsidiaries Consolidated Balance Sheets (Unaudited) LIABILITIES AND SHAREHOLDERS' EQUITY
MARCH 29, 1997 SEPTEMBER 27, 1997 -------------- ------------------ Current Liabilities: Accounts payable.............................................................. $ 1,020,146 $ 2,836,328 Accrued payroll and payroll- related expenses............................................................ 1,210,101 1,341,528 Dividends payable............................................................. 523,279 413,462 Current maturity of line of credit............................................ -- 2,825,000 Other accrued expenses........................................................ 499,446 989,634 Accrued income taxes.......................................................... 68,135 393,163 -------------- ------------------ Total current liabilities................................................ 3,321,107 8,799,115 -------------- ------------------ Line of credit (Note 4)....................................................... -- 15,475,000 Commitments Shareholders' Equity: Common stock, $.01 par value Authorized--6,000,000 shares Issued--4,602,954 and 4,622,620 shares at March 29, 1997 and September 27, 1997, respectively......................................... 46,029 46,226 Additional paid-in capital.................................................... 4,973,409 5,424,401 -------------- ------------------ Retained earnings............................................................. 38,322,082 40,607,781 -------------- ------------------ 43,341,520 46,078,408 Less-Treasury stock, 416,720 and 1,309,921 shares at March 29, 1997 and September 27, 1997, respectively, at cost................................... 4,432,515 28,344,967 -------------- ------------------ Total shareholders' equity................................................ 38,909,005 17,733,441 -------------- ------------------ $ 42,230,112 $ 42,007,556 -------------- ------------------ -------------- ------------------
The accompanying notes are an integral part of these consolidated financial statements. 5 Boston Acoustics, Inc. and Subsidiaries Consolidated Statements of Income (Unaudited)
THREE MONTHS ENDED SIX MONTHS ENDED ---------------------------- ---------------------------- SEPTEMBER 28, SEPTEMBER 27, SEPTEMBER 28, SEPTEMBER 27, 1996 1997 1996 1997 ------------- ------------- ------------- ------------- Net sales........................................... $ 12,199,188 $ 18,135,969 $ 23,251,045 $ 30,551,245 Cost of goods sold.................................. 7,172,450 10,909,372 13,449,191 17,883,510 ------------- ------------- ------------- ------------- Gross profit...................................... 5,026,738 7,226,597 9,801,854 12,667,735 ------------- ------------- ------------- ------------- Selling and marketing expenses................................ 1,789,233 1,944,403 3,359,305 3,748,072 General and administrative expenses........................... 727,793 1,162,937 1,312,010 2,080,942 Engineering and development expenses.............................. 770,051 587,049 1,502,143 1,563,349 ------------- ------------- ------------- ------------- Total expenses................................. 3,287,077 3,694,389 6,173,458 7,392,363 ------------- ------------- ------------- ------------- Income from operations......................... 1,739,661 3,532,208 3,628,396 5,275,372 Interest income..................................... 116,422 45,699 263,039 142,613 Interest expense.................................... (5,861) (374,560) (10,868) (441,404) ------------- ------------- ------------- ------------- Income before provision for income taxes............................. 1,850,222 3,203,347 3,880,567 4,976,581 Provision for income taxes.......................... 647,000 1,227,000 1,358,000 1,866,000 ------------- ------------- ------------- ------------- Net income....................................... $ 1,203,222 $ 1,976,347 $ 2,522,567 $ 3,110,581 ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- Net income per common share......................... $ .28 $ .58 $ .58 $ .83 ------------- ------------- ------------- ------------- Weighted average number of common and common equivalent shares outstanding....................................... 4,313,499 3,388,454 4,355,990 3,745,680 ------------- ------------- ------------- ------------- Dividends per share................................. $ .125 $ .125 $ .25 $ .25 ------------- ------------- ------------- -------------
The accompanying notes are an integral part of these consolidated financial statements. 6 Boston Acoustics, Inc. and Subsidiaries Consolidated Statements of Cash Flows (Unaudited)
SIX MONTHS ENDED -------------------------------------- SEPTEMBER 28, 1996 SEPTEMBER 27, 1997 ------------------ ------------------ Cash flows from operating activities: Net income............................................................. $ 2,522,567 $ 3,110,581 Adjustments to reconcile net income to net cash provided by (used in) operating activities- Depreciation and amortization.......................................... 785,482 809,523 Compensation expense related to restricted stock and warrants................................................... -- 181,012 Changes in assets and liabilities, net of acquisition of Snell Acoustics in Fiscal 1997- Accounts receivable.................................................... (348,827) (3,587,889) Inventories............................................................ (202,925) (3,811,650) Prepaid expenses and other current assets.............................. (18,500) 447,156 Accounts payable....................................................... 329,994 1,816,182 Accrued payroll and other accrued expenses............................. 3,992 621,615 Accrued income taxes................................................... (34,843) 325,028 ------------------ ------------------ Net cash provided by (used in) operating activities.................. 3,036,940 (88,442) ------------------ ------------------ Cash flows from investing activities: Acquisition of Snell Acoustics......................................... (2,602,475) -- Purchase of property and equipment, net................................ (927,961) (503,435) Purchase of held-to-maturity investments............................... (1,604,391) -- Purchase of available-for-sale investments............................. (250,000) -- Proceeds from sale of available-for-sale investments................... 825,857 -- Proceeds from sale of held-to-maturity investments..................... 3,148,536 2,941,065 Increase in other assets............................................... (15,316) (29,301) ------------------ ------------------ Net cash provided by (used in) investing activities.................. (1,425,750) 2,408,329 ------------------ ------------------ Cash flows from financing activities: Dividends paid......................................................... (1,096,625) (934,700) Purchase of treasury stock............................................. (2,698,925) (23,912,452) Proceeds from line of credit........................................... -- 21,125,000 Payments on line of credit............................................. -- (2,825,000) Proceeds from exercise of stock options................................ -- 270,177 ------------------ ------------------ Net cash used in financing activities................................ (3,795,550) (6,276,975) ------------------ ------------------ Decrease in cash and cash equivalents..................................... (2,184,360) (3,957,088) Cash and cash equivalents, beginning of period............................ 4,702,299 4,937,232 ------------------ ------------------ Cash and cash equivalents, end of period.................................. $ 2,517,939 $ 980,144 ------------------ ------------------ Supplemental Disclosure of NonCash Financing Activities: Dividends payable...................................................... $ 534,538 $ 413,462 ------------------ ------------------ Supplemental Disclosure of Cash Flow Information: Cash paid for income taxes............................................. $ 1,444,020 $ 1,540,582 ------------------ ------------------ Cash paid for interest................................................. $ 10,868 $ 441,404 ------------------ ------------------
The accompanying notes are an integral part of these consolidated financial statements. 7 BOSTON ACOUSTICS, INC. AND SUBSIDIARIES NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (1) BASIS OF PRESENTATION The unaudited consolidated financial statements included herein have been prepared by the Company, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission and include, in the opinion of management, all adjustments (consisting only of normal recurring adjustments) necessary for a fair presentation of interim period results. 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 such rules and regulations. The Company believes, however, that its disclosures are adequate to make the information presented not misleading. The results for the three and six-month periods ended September 27, 1997 are not necessarily indicative of results to be expected for the full fiscal year. These financial statements should be read in conjunction with the Company's Annual Report included in its Form 10-K for fiscal year ended March 29, 1997. (2) INVENTORIES Inventories are stated at the lower of cost (first-in, first-out) or market and consist of the following:
MARCH 29, 1997 SEPTEMBER 27,1997 -------------- ----------------- Raw materials and work-in process............................................. $ 5,889,305 $ 6,203,727 Finished goods................................................................ 3,651,452 7,148,680 -------------- ----------------- $ 9,540,757 $ 13,352,407 -------------- ----------------- -------------- -----------------
Work-in-process and finished goods inventories consist of materials, labor and manufacturing overhead. (3) NET INCOME PER COMMON SHARE Net income per common share for the three-month and six-month periods ended September 27, 1997 are based upon the weighted average number of shares of common stock outstanding and the dilutive effect of common stock equivalents (stock options). Fully diluted earnings per share have not been presented as the amounts would not differ significantly from primary earnings per share. Net income per common share for the three-month and six-month periods ended September 28, 1996 are based upon the weighted average number of common shares outstanding. Common stock equivalents (stock options) were not considered in the calculation of net income per share as their effect was not significant. On March 31, 1997, the Financial Accounting Standards Board issued SFAS No. 128, Earnings per Share. SFAS No. 128 establishes standards for computing and presenting earnings per share and applies to entities with publicly held common stock or potential common stock. SFAS No. 128 is effective for annual and interim periods ending after December 15, 1997, and early adoption is not permitted. When adopted by the Company, SFAS No. 128 will require restatement of prior year's earnings per share. The Company believes that the adoption of SFAS No. 128 will not have a material effect on its financial statements. 8 (4) REDEMPTION OF COMMON STOCK AND LINE OF CREDIT On June 13, 1997, the Company repurchased an aggregate of 898,201 shares of its common stock from the estates of its co-founder, Francis L. Reed, and his wife, Dorothea T. Reed. The shares were repurchased at $26 5/8 per share or a total of approximately $23,915,000. Funds to complete the repurchase were obtained from an unsecured $25 million revolvoing line of credit agreement with a bank. At September 27, 1997 the Company had drawn down approximately $18.3 million on this line of credit. (5) STOCK OPTIONS The following is a summary of stock option activity for the six months ended September 27, 1997:
WEIGHTED NUMBER OF PRICE AVERAGE OPTIONS RANGE PRICE ----------- ----------------- ----------- Outstanding at March 29, 1997........................................... 158,667 $ 17.00-$19.50 $ 18.55 Options granted......................................................... 100,000 $ 21.00 $ 21.00 Options exercised....................................................... (14,666) $ 17.00-$19.25 $ 18.57 Options canceled........................................................ (1,000) $ 19.50 $ 19.50 ----------- ----------------- ----------- Outstanding at September 27, 1997....................................... 243,001 $ 17.00-$21.00 $ 19.51 ----------- ----------------- ----------- Exercisable at September 27, 1997....................................... 40,417 $ 17.00-$21.00 $ 20.45 ----------- ----------------- -----------
9 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS RESULTS OF OPERATIONS The following table sets forth the results of operations for the three-month and six-month periods ended September 28, 1996 and September 27, 1997 expressed as percentages of net sales.
THREE MONTHS ENDED SIX MONTHS ENDED -------------------------------- -------------------------------- SEPTEMBER 28, SEPTEMBER 27, SEPTEMBER 28, SEPTEMBER 27, 1996 1997 1996 1997 --------------- --------------- --------------- --------------- Net sales............................................ 100.0% 100.0% 100.0% 100.0% Cost of goods sold................................... 58.8 60.2 57.8 58.5 ----- ----- ----- ----- Gross profit........................................ 41.2 39.8 42.2 41.5 ----- ----- ----- ----- Selling and marketing expenses........................................ 14.6 10.7 14.5 12.3 General & administrative expenses........................................ 6.0 6.4 5.6 6.8 Engineering & development expenses........................................ 6.3 3.2 6.5 5.1 ----- ----- ----- ----- 26.9 20.3 26.6 24.2 ----- ----- ----- ----- Income from operations.............................. 14.3 19.5 15.6 17.3 Interest income (expense), net....................... 0.9 (1.8) 1.1 (1.0) ----- ----- ----- ----- Income before provision for income taxes....................................... 15.2 17.7 16.7 16.3 Provision for income taxes........................... 5.3 6.8 5.9 6.1 ----- ----- ----- ----- Net income.......................................... 9.9% 10.9% 10.8% 10.2% ----- ----- ----- -----
Net sales increased 49 percent, from approximately $12,199,000 during the second quarter of fiscal 1997 to approximately $18,136,000 during the second quarter of fiscal 1998. For the six months ended September 27, 1997 net sales increased approximately 31% from $23,251,000 to approximately $30,551,000. The overall sales increase was primarily due OEM sales of our new MicroMedia-TM- speaker system to Gateway 2000, Inc., and in addition includes sales growth in our international business. 10 The Company's gross margin for the three-month and six-month periods ended September 27, 1997 decreased as a percentage of net sales due primarily to a shift in the sales mix to loudspeaker models with slightly lower margins, particularly OEM sales of our multimedia speaker systems. Total operating expenses increased in absolute dollars but decreased as a percentage of net sales during both the three-month and six-month periods ended September 27, 1997. Selling and marketing expenses have increased in absolute dollars primarily due to increased salaries and benefits relating to additional personnel, as well as increased advertising and literature costs associated with new product introductions of the Snell Acoustics subsidiary. General and administrative expenses have increased in absolute dollars for both the three-month and six-month periods due primarily to costs associated with the operating results of the Snell subsidiary. Engineering and development expenses for the three-month period decreased in absolute dollars while remaining relatively stable for the six-month period ended September 27, 1997 primarily due to lower product development expenses compared to the same periods a year ago. Interest income of a year ago was replaced by net interest expense during the three-month and six-month periods ended September 27, 1997 primarily due to the utilization of working capital and borrowings under the Company's line of credit in conjunction with the common stock repurchase in June 1997. The Company's effective income tax rate increased from 35% for both the three-month and six-month periods ended September 28, 1996 to 38% and 37.5% for the three-month period and the six-month period ended September 27, 1997, respectively. The increase is primarily due to the decrease in tax-free instruments held by the Company which resulted in a reduction of tax benefits derived by the Company's Massachusetts securities corporation. Net income for the second quarter increased 64%, from approximately $1,203,000 in fiscal 1997 to $1,976,000 in fiscal 1998 while earnings per share increased from $.28 to $.58 per share. Net income for the six-month period ended September 27, 1997 increased 23% from approximately $2,523,000 in fiscal 1997 to approximately $3,111,000 in fiscal 1998, while earnings per share for the six-month period increased from $.58 to $.83 per share. The increase in net income for the three and six-month periods ended September 27, 1997 is primarily the result of the increased sales growth, which was offset by the decrease in interest income and the operating loss by the Snell subsidiary included in the consolidated results of operations. The Company has received initial orders pursuant to its contract with Gateway 2000, Inc., and the Company expects to receive, under the minimum purchase terms of the contract, significant additional orders from Gateway. Since the contract does not contain a schedule with which Gateway must comply in placing orders, orders by Gateway may fluctuate significantly from quarter to quarter over the term of the contract. Assuming Gateway places orders in the quantity required under the contract by March 1998, a substantial portion of the Company's revenues for the current fiscal year is expected to be derived from its contract with Gateway. LIQUIDITY AND CAPITAL RESOURCES As of September 27, 1997 the Company's working capital was approximately $20,279,000. The Company's cash and cash equivalents were approximately $980,000, and short-term investments were approximately $676,000. The Company's cash and cash equivalents at September 27, 1997 decreased by approximately $3,957,000 from March 29, 1997 primarily as a result of the repurchase of common stock during June 1997 and the increase in inventory and accounts receivable relating to the Company's OEM business. The Company has two lines of credit with two banking institutions totaling $26,500,000. At September 27, 1997 the Company had borrowings totaling $18,300,000 under one line of credit. The Company believes that its resources are adequate to meet its requirements for working capital and capital expenditures through the next twelve months. 11 Cautionary Statements The Private Securities Litigation Reform Act of 1995 contains certain safe harbors regarding forward-looking statements. From time to time, information provided by the Company or statements made by its directors, officers, or employees may contain "forward-looking" information which involve risk and uncertainties. Any statements in this report that are not statements of historical fact are forward-looking statements (including, but not limited to, statements concerning the characteristics and growth of the Company's market and customers, the Company's objectives and plans for future operations, possible acquisitions, and the Company's expected liquidity and capital resources). Such forward-looking statements are based on a number of assumptions and involve a number of risks and uncertainties, and accordingly, actual results could differ materially. Factors that may cause such differences include, but are not limited to: the continued and future acceptance of the Company's products, the rate of growth in the audio industry; the presence of competitors with greater technical marketing and financial resources; the Company's ability to promptly and effectively respond to technological change to meet evolving consumer demands; capacity and supply constraints or difficulties; and the Company's ability to successfully integrate new operations. For a further discussion of these and other significant factors to consider in connection with forward-looking statements concerning the Company, reference is made to Exhibit 99 of the Company's Annual Report on Form 10-K for fiscal year March 30, 1996. 12 PART II: OTHER INFORMATION ITEM 1. LEGAL PROCEEDINGS None ITEM 2. CHANGES IN SECURITIES None ITEM 3. DEFAULTS UPON SENIOR SECURITIES None ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS At the Annual Meeting of the Shareholders of the Company held on August 12, 1997, shareholders acted affirmatively to elect nominees for directors proposed by management. Each Director is to serve until the next Annual Meeting of Shareholders and thereafter until his/her successor is elected and qualified.
VOTES VOTES "FOR" "WITHHELD" ---------- --------------- Andrew G. Kotsatos............................................................. 3,128,553 18,746 Fred E. Faulkner, Jr........................................................... 3,127,653 19,646 George J. Markos............................................................... 3,125,353 21,946 Lisa M. Mooney................................................................. 3,128,053 19,246 Gerald Walle................................................................... 3,125,253 22,046
Shareholders also approved the 1997 Stock Plan. A total of 2,854,600 votes were cast in favor of the proposal, 133,398 votes were cast against, and there were 27,341 abstentions. Shareholders also voted to ratify the action of the Directors in selecting Arthur Andersen LLP as auditors of the Company. A total of 3,125,885 votes were cast in favor of the proposal, 3,114 votes were cast against, and there were 18,300 abstentions. ITEM 5. OTHER INFORMATION None ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K a) Exhibits Exhibit 27 -- Financial Data Schedule b) Reports on Form 8-K No reports on Form 8-K were filed during the quarter ended September 27, 1997. 13 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. BOSTON ACOUSTICS, INC. REGISTRANT DATE: NOVEMBER 1, 1997 BY: S/ANDREW G. KOTSATOS --------------------- ANDREW G. KOTSATOS DIRECTOR, CHIEF EXECUTIVE OFFICER AND TREASURER DATE: NOVEMBER 1, 1997 BY: S/FRED E. FAULKNER, JR. ----------------------- FRED E. FAULKNER, JR. PRESIDENT AND CHIEF OPERATING OFFICER 14 EX-27 2 EXHIBIT 27 FDS
5 This schedule contains summary financial information extracted from The Company's Financial Statements in its quarterly report on Form 10-Q for the quarterly period ended September 27, 1997 and is qualified in its entirety by reference to such financial statements. 0000805268 BOSTON ACOUSTICS, INC. 6-MOS MAR-28-1998 SEP-27-1997 980144 675553 12916770 430000 13352407 29078479 18334092 7445385 42007556 8799115 15475000 0 0 46226 46032182 42007556 30551245 30551245 17883510 7392363 0 0 441404 4976581 1866000 3110581 0 0 0 3110581 .83 .83
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