-----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, GNkgdr02umeG9w831N9cWCpvSB/yCeVSt+NNnNkHdI4GFXykSDxxIO6lM49j4npC FCdDta22XAhrnCdSq2WxQw== 0000806086-95-000010.txt : 19951119 0000806086-95-000010.hdr.sgml : 19951119 ACCESSION NUMBER: 0000806086-95-000010 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19951027 FILED AS OF DATE: 19951113 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: ADVANCED TECHNOLOGY LABORATORIES INC/ CENTRAL INDEX KEY: 0000806086 STANDARD INDUSTRIAL CLASSIFICATION: ELECTROMEDICAL & ELECTROTHERAPEUTIC APPARATUS [3845] IRS NUMBER: 911353386 STATE OF INCORPORATION: DE FISCAL YEAR END: 1228 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-15160 FILM NUMBER: 95589434 BUSINESS ADDRESS: STREET 1: 22100 BOTHELL EVERETT HWY SE STREET 2: PO BOX 3003 CITY: BOTHELL STATE: WA ZIP: 98041-3003 BUSINESS PHONE: 2064877000 10-Q 1 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period ended September 29, 1995 [ ] 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 0-15160 ADVANCED TECHNOLOGY LABORATORIES, INC. (Exact name of registrant as specified in its charter) Washington 91-1353386 (State of incorporation) (IRS Employee Identification No.) 22100 Bothell-Everett Highway Post Office Box 3003 Bothell, Washington 98041-3003 (Address of principal executive offices) (Zip Code) (206) 487-7000 (Telephone number) Common stock, $0.01 par value; 13,416,647 shares outstanding as of October 27, 1995 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 [ ] Page 1 ADVANCED TECHNOLOGY LABORATORIES, INC. TABLE OF CONTENTS PART I Financial Information: Page No. Item 1. Financial Statements: Condensed Consolidated Balance Sheets - September 29, 1995 (Unaudited) and December 31, 1994............3 Condensed Consolidated Statements of Operations (Unaudited) - Three Months and Nine Months Ended September 29, 1995 and September 30, 1994.......................4 Condensed Consolidated Statements of Cash Flows (Unaudited) - Nine Months Ended September 29, 1995 and September 30, 1994..........................................5 Notes to Condensed Consolidated Financial Statements............6 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.............................9 PART II Other Information: Item 1. Legal Proceedings..............................................13 Item 2. Changes in Securities..........................................13 Item 3. Defaults Upon Senior Securities................................13 Item 4. Submission of Matters to a Vote of Security Holders............13 Item 5. Other Information..............................................13 Item 6. Exhibits and Reports on Form 8-K...............................13 Page 2 PART I Financial Information Item 1. Financial Statements ADVANCED TECHNOLOGY LABORATORIES, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) 9/29/95 12/31/94 (Unaudited) ASSETS CURRENT ASSETS Cash and short-term investments $ 16,125 $ 22,901 Receivables 107,488 105,500 Inventories 103,609 96,065 Prepaid expenses 3,312 2,261 Deferred income taxes 8,705 8,577 -------- -------- 239,239 235,304 MARKETABLE DEBT SECURITY -- 4,988 PROPERTY, PLANT AND EQUIPMENT, NET 71,791 70,338 OTHER ASSETS 9,512 10,520 -------- -------- $320,542 $321,150 ======== ======== LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES Short-term borrowings $ 5,916 $ 1,842 Current installments of long-term debt 1,519 1,976 Accounts payable and accrued expenses 65,436 75,704 Deferred revenue 20,327 20,405 Taxes on income 3,438 2,354 -------- -------- 96,636 102,281 LONG-TERM DEBT 15,810 17,688 DEFERRED REVENUE 8,742 5,533 DEFERRED INCOME TAXES 4,472 4,472 SHAREHOLDERS' EQUITY 194,882 191,176 -------- -------- $320,542 $321,150 ======== ======== COMMON SHARES OUTSTANDING 13,395 13,330 See accompanying notes to condensed consolidated financial statements. Page 3 ADVANCED TECHNOLOGY LABORATORIES, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (In thousands, Three months ended Nine months ended except per share data) 9/29/95 9/30/94 9/29/95 9/30/94 REVENUES Product sales $ 73,642 $ 67,472 $218,712 $203,550 Service 21,087 19,873 61,655 57,950 -------- -------- -------- -------- 94,729 87,345 280,367 261,500 COST OF SALES Product sales 38,703 36,106 113,159 110,133 Service 12,363 11,746 37,567 35,742 -------- -------- -------- -------- 51,066 47,852 150,726 145,875 -------- -------- -------- -------- GROSS PROFIT 43,663 39,493 129,641 115,625 OPERATING EXPENSES Selling, general and administrative 29,203 28,529 87,059 81,329 Research and development 12,580 15,105 37,439 41,553 Restructuring and relocation expenses 1,838 -- 4,673 -- Merger and other costs -- -- -- 5,391 Other (income) expense, net 386 488 (686) 1,306 -------- -------- -------- -------- 44,007 44,122 128,485 129,579 -------- -------- -------- -------- INCOME (LOSS) FROM OPERATIONS (344) (4,629) 1,156 (13,954) Investment income 455 538 1,226 1,695 Interest expense (537) (280) (1,581) (1,105) -------- -------- -------- -------- INCOME (LOSS) BEFORE INCOME TAXES (426) (4,371) 801 (13,364) Income tax expense 316 387 981 1,039 -------- -------- -------- -------- NET LOSS $(742) $(4,758) $(180) $(14,403) ======== ======== ======== ======== Net loss per share $(0.06) $(0.36) $(0.01) $(1.10) Weighted average common shares outstanding 13,376 13,215 13,359 13,151 See accompanying notes to condensed consolidated financial statements. Page 4 ADVANCED TECHNOLOGY LABORATORIES, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) Nine months ended (In thousands) 9/29/95 9/30/94 OPERATING ACTIVITIES Net loss $ (180) $ (14,403) Non-cash charges (credits) to loss: Depreciation and amortization 11,810 11,729 Gain on sale of property -- (105) Changes in: Receivables 1,037 8,583 Inventories (4,059) (6,677) Accounts payable and accrued expenses (12,626) (3,216) Deferred revenue 3,014 17 Taxes on income 1,104 (305) Other (435) (1,027) -------- -------- Cash used in operating activities (335) (5,404) INVESTING ACTIVITIES Decrease in short-term investments -- 20 Investment in property, plant and equipment (10,431) (9,001) Proceeds from sale of property -- 3,224 Other (350) (389) -------- -------- Cash used in investing activities (10,781) (6,146) FINANCING ACTIVITIES Increase (decrease) in short-term borrowing 2,349 (5,013) Repayment of long-term debt (2,616) (3,003) Repurchase of common shares -- (369) Exercise of stock options 697 361 -------- -------- Cash provided by (used in) financing activities 430 (8,024) Effect of exchange rate changes (1,078) (837) -------- -------- Net decrease in cash and cash equivalents (11,764) (20,411) Cash and cash equivalents, beginning of period 22,901 52,713 -------- -------- Cash and cash equivalents, end of period $11,137 $32,302 ======== ======== See accompanying notes to condensed consolidated financial statements. Page 5 ADVANCED TECHNOLOGY LABORATORIES, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Dollars in thousands) 1. Basis of Presentation The accompanying condensed consolidated financial statements include the accounts of Advanced Technology Laboratories, Inc. and its wholly owned subsidiaries, collectively referred to as the "Company." The Company develops, manufactures, markets and services diagnostic medical ultrasound systems worldwide. These systems are used primarily in radiology, cardiology, obstetrics and gynecology, vascular, musculoskeletal and intraoperative applications. The accompanying condensed consolidated financial statements and related notes have been prepared pursuant to the Securities and Exchange Commission rules and regulations for Form 10-Q. Accordingly, 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 accompanying condensed consolidated financial statements and related notes should be read in conjunction with the consolidated financial statements and notes thereto included in the Company's 1994 Form 10-K Annual Report to Shareholders. The information furnished reflects, in the opinion of the management, all adjustments necessary for a fair presentation of the results for the interim periods presented. Interim results are not necessarily indicative of results for a full year. Certain amounts reported in prior periods have been reclassified to conform to the 1995 presentation. 2. Acquisition of Interspec, Inc. On May 17, 1994, the Company completed its merger with Interspec, Inc. ("Interspec"). Interspec develops, manufactures, markets, and services diagnostic medical ultrasound imaging systems and related supplies and accessories for physicians' offices, clinics and hospitals. To effect the merger, the Company issued approximately 2.6 million shares of common stock for all of the outstanding common stock of Interspec, based on an exchange ratio of 0.413 share of ATL stock for each share of Interspec stock. The merger has been accounted for as a pooling of interests business combination; therefore, prior financial statements and information have been restated to include Interspec as if the companies had been combined for all periods presented. 3. Restructuring and Relocation Expenses On February 15, 1995, the Company announced a new corporate structure that would consolidate the Interspec operations located in Ambler, Pennsylvania with the Company's headquarters operations in Bothell, Washington. The Ambler consolidation has been implemented as planned Page 6 ADVANCED TECHNOLOGY LABORATORIES, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Dollars in thousands) 3. Restructuring and Relocation Expenses (continued) with most functions transitioned to Bothell by the end of the third quarter of 1995. Certain research and development activities will continue in Ambler until early 1996 and the U.S. Cardiology sales force will continue to be based in Ambler. During fiscal 1995 the Company has reported $4,673 in restructuring and relocation expenses, primarily related to the Ambler consolidation. This year-to-date total includes charges for severance, outplacement, and retention incentives for employees not relocating to Bothell and expenses incurred for relocation of employees and fixed assets involved in manufacturing and administrative functions moved to Bothell. The remaining relocations, reported as expense in the period incurred, should be completed during the fourth quarter of 1995, and the Company expects the total restructuring and relocation expenses reported for 1995 will not exceed $6 million. The Company currently intends to hold the land and building used for the Ambler operations. 4. Cash, Short-term Investments, and Long-Term Marketable Debt Security The Company considers short-term investments with maturity dates of three months or less at the date of purchase to be cash equivalents for purposes of the statement of cash flows. The Company holds a marketable debt security issued by the U.S. government which matures in February 1996. The company intends to hold the investment until maturity and it is reported at cost. Beginning in February 1995, the marketable debt security was classified as a short-term investment. 9/29/95 12/31/94 -------- -------- Cash and cash equivalents $11,137 $22,901 Short-term investments 4,988 -- -------- -------- 16,125 22,901 Long-term marketable debt security -- 4,988 -------- -------- $16,125 $27,889 ======== ======== 5. Inventories 9/29/95 12/31/94 -------- -------- Materials and work in progress $39,188 $33,477 Finished products 19,522 15,561 Demonstration 25,902 29,190 Customer service 18,997 17,837 -------- -------- $103,609 $96,065 ======== ======== Page 7 ADVANCED TECHNOLOGY LABORATORIES, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Dollars in thousands) 6. Per Share Data Per share data is based on the weighted average number of common shares and dilutive common share equivalents outstanding during each period. Dilutive common share equivalents are calculated under the treasury stock method and consist of unexercised employee stock options. 7. Subsequent Event On November 6, 1995 the Company announced it had entered into agreements with Hitachi Medical Corporation ("HMC") under which HMC will distribute the Company's products in Japan and the two companies will establish a joint venture directed to the development of advanced ultrasound technologies. HMC's distribution of the Company's products in Japan will focus on the Company's HDI(R) 3000 product line. HMC and the Company are proceeding to obtain the necessary regulatory approvals for distribution of this product line in Japan. Additionally, under the agreements the Company will sell a minority equity interest in a subsidiary which owns certain advanced ultrasound technologies. The Company will receive a $10 million cash payment for the sale of this equity interest and expects to recognize a non-recurring gain of approximately $6 million in the fourth quarter of 1995. The development of new technologies by the jointly owned company will be supported by both companies, with funding provided by HMC based upon the achievement of certain development milestones. A board of five directors composed of three representatives from ATL and two from HMC will oversee the venture. The technology resulting from this joint development will be available to both companies for new product offerings and product features. The Company will receive royalty payments based on HMC's revenues from the jointly developed technology. The companies plan to complete the transaction at a closing within 30 days of the announcement. Page 8 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations RESULTS OF OPERATIONS (In millions except Three months ended Nine months ended per share data) 9/29/95 9/30/94 %Change 9/29/95 9/30/94 %Change ------- ------- ------- ------- ------- ------- Revenues $94.7 $87.3 8.5% $280.4 $261.5 7.2% Gross Profit $43.7 $39.5 10.6% $129.6 $115.6 12.1% Operating Expenses; excluding merger and other costs, restruct- uring and relocation expenses and benefit for state tax audit $42.2 $44.1 (4.4%) $125.1 $124.2 0.7% Merger and other costs -- -- -- $5.4 Restructuring and relocation expenses $1.8 -- $4.7 -- Benefit related to state tax audit -- -- $(1.3) -- Net Loss $(0.7) $(4.8) $(0.2) $(14.4) Net Loss per Share $(0.06) $(0.36) $(0.01) $(1.10) The Company reported a net loss of $0.7 million or $0.06 per share in the third quarter of 1995 compared with a net loss of $4.8 million or $0.36 per share in the third quarter of 1994. The third quarter of 1995 results include non-recurring restructuring and relocation expenses of $1.8 million or $0.14 per share primarily for the consolidation of the Company's Interspec operations in Ambler, Pennsylvania to Bothell, Washington. For the first nine months, the Company reported a net loss of $0.2 million in 1995 compared with a net loss of $14.4 million in 1994. The year-to-date 1995 results include a net charge of $0.25 per share for non-recurring restructuring and relocation expenses of $4.7 million, partially offset by an operating expense benefit of $1.3 million resulting from a favorable Washington state Business and Occupation (B&O) tax audit. The year-to-date 1994 results include non-recurring charges of $5.4 million or $0.41 per share primarily associated with the acquisition of Interspec in May 1994. The Company's worldwide revenues increased 8.5% to $94.7 million in the third quarter of 1995 compared with $87.3 million in the third quarter of 1994. In third quarter 1995, product sales increased by $6.2 million and service revenue increased by $1.2 million over third quarter 1994. The increase in product sales is due to the continued favorable shift in product mix toward the Company's newer products, including the HDI 3000, the Company's high performance, premium priced system and the mid-range Apogee(R) product line. U.S. revenues increased over the third quarter of 1995 reflecting market acceptance of the Company's new products. The Company Page 9 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations (Continued) expects continued uncertainty in the U.S. marketplace for the foreseeable future, given the trends of health care provider consolidation, competitive pressures and changes being proposed in Congress for health care funding. Revenues in international markets also increased compared with the third quarter 1994, reflecting sales of the HDI 3000 and synergies achieved through the integration of Interspec's mid-range products through the Company's international distribution channels. The weaker U.S. dollar in 1995 also contributed to the higher revenue levels in the Company's European direct operations where revenues are denominated in local currency. Service revenues also increased in the third quarter of 1995 primarily due to the Company's growing presence in international markets, a larger installed base and higher capture rates for maintenance contracts. For the first nine months of 1995, total revenues grew by 7.2% to $280.4 million compared with $261.5 million in 1994, reflecting the key factors discussed above. Gross profit was $43.7 million in the third quarter of 1995 compared with $39.5 million in the same quarter of the prior year. As a percent of total revenues, gross margin increased to 46.1% compared with 45.2% in the same period in the prior year. The increase in gross margin is due to the favorable change in product mix to the Company's higher margin product lines in the HDI and Apogee product families and cost reduction programs. For the first nine months of 1995, gross profit was $129.6 million compared to $115.6 million for the same period of 1994. Year-to- date gross margins increased to 46.2% from 44.2% for the same period in 1994, reflecting the impact of the same factors discussed above. Total operating expenses in the third quarter of 1995, excluding restructuring and relocation expenses of $1.8 million, were $42.2 million compared with $44.1 million in the third quarter of 1994. Selling, general and administrative expenses of $29.2 million increased 2.4% over the third quarter of 1994, but declined as a percent of revenues to 30.8% from 32.7% for the same period in the prior year. The increase over the third quarter of 1994 is primarily due to the expansion of the new product lines and increased international sales activities during a weaker U.S. dollar period. Research and development expense decreased 16.7% to $12.6 million in the third quarter of 1995 compared with the same period in 1994. The level of research and development has decreased in 1995 after the introduction of the HDI 3000 in October 1994. Excluding the $4.7 million of restructuring and relocation expenses and a $1.3 million Washington State B&O tax refund, operating expenses for the first nine months of 1995 were $125.1 million compared with $124.2 million (excluding merger and other costs of $5.4 million relating to the acquisition of Interspec, Inc. in May 1994) for the same period of 1994. The slight increase in operating expenses is due to expanded international operations and market introduction programs for the HDI 3000, mostly offset by lower research and development expenses after the October 1994 introduction of the HDI 3000. Page 10 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations (Continued) The Company incurred net interest expense during the third quarter of 1995 of $0.1 million, compared with net interest income of $0.3 million in during third quarter 1994. The change is due to lower cash balances for investment and interest expense on the $11.5 million in long-term debt incurred in December 1994 to finance the purchase of land and a building adjacent to the Company's corporate headquarters. Income tax expense for the third quarter of 1995 primarily includes foreign and state income tax expense. U.S. federal income tax benefits were not recognized under the provisions of Statement of Financial Accounting Standard No. 109, "Accounting for Income Taxes." CAPITAL RESOURCES AND LIQUIDITY (In millions) 9/29/95 12/31/94 Cash and investments: Cash and short-term investments $16.1 $22.9 Marketable debt security -- 5.0 ------- ------- Total $16.1 $27.9 ======= ======= Total Assets $320.5 $321.2 Long-term debt $15.8 $17.7 Shareholders' Equity $194.9 $191.2 Cash and investments totaled $16.1 million at September 29, 1995 compared with $27.9 million at December 31, 1994 and $22.1 million at the end of the second quarter of 1995. The marketable debt security which was classified as a non-current asset at December 31, 1994 matures in February 1996 and is now classified with Cash and short-term investments. As shown in the Condensed Consolidated Statement of Cash Flows, operating activities used $0.3 million of cash during the first nine months of 1995. Accounts payable and accrued expenses decreased by $12.6 million, reflecting seasonal fluctuations and payment of 1994 accrued expenses related to the introduction of the HDI 3000. Inventory levels increased by $4.1 million to support the transition of Apogee product manufacturing to Bothell, the introduction of new products and the increased level of revenues. Deferred revenue increased by $3.0 million as a result of the increased capture of multi-year maintenance contracts. Cash used in investing activities totaled $10.8 million during the first nine months of 1995, primarily for normal additions to property, plant and equipment. Financing activities provided $0.4 million during the first nine months of 1995, primarily the net effect of the repurchase of $1.7 million of 11% subordinated convertible debentures, the scheduled repayment of long-term debt and $2.5 million provided by a 6.5% reverse repurchase agreement, maturing on November 3, 1995 and collateralized by the marketable debt security. Page 11 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations (Continued) In addition to its cash and investment balances, the Company has available domestic credit facilities of $25 million, including a committed line of credit of $15 million. Barring any unforeseen circumstances or events, management expects cash, available credit lines and funds from operations to be sufficient to meet the Company's operating requirements for 1995. Subsequent Event On November 6, 1995 the Company announced it had entered into agreements with Hitachi Medical Corporation ("HMC") under which HMC will distribute the Company's products in Japan and the two companies will establish a joint venture directed to the development of advanced ultrasound technologies. HMC's distribution of the Company's products in Japan will focus on the Company's HDI 3000 product line. HMC and the Company are proceeding to obtain the necessary regulatory approvals for distribution of this product line in Japan. Additionally, under the agreements the Company will sell a minority equity interest in a subsidiary which owns certain advanced ultrasound technologies. The Company will receive a $10 million cash payment for the sale of this equity interest and expects to recognize a non-recurring gain of approximately $6 million in the fourth quarter of 1995. The development of new technologies by the jointly owned company will be supported by both companies, with funding provided by HMC based upon the achievement of certain development milestones. A board of five directors composed of three representatives from ATL and two from HMC will oversee the venture. The technology resulting from this joint development will be available to both companies for new product offerings and product features. The Company will receive royalty payments based on HMC's revenues from the jointly developed technology. The companies plan to complete the transaction at a closing within 30 days of the announcement. Page 12 PART II Other Information Item 1. Legal Proceedings In November 1992, a U.S. District Court in California granted a motion by SRI International, Inc. ("SRI") requesting partial summary judgment on a patent infringement claim relating to an electrical circuit used in the Company's Ultramark 4 system and two discontinued products. The patent expired in 1994. In December 1994 the U.S. Federal Circuit Court of Appeals affirmed the summary judgment obtained by SRI. SRI is claiming royalties for past sales of these product and an enhancement of royalties for willful infringement. A seven day trial to determine the royalties due SRI and enhancements, if any, was completed in the U.S. District Court for Northern California in October 1995. The parties are presently awaiting the opinion of the court on these issues. In the fourth quarter of 1994 the Company accrued a $5 million reserve against potential liabilities in this matter. There can be no assurance the Company will not be subject to claims of patent infringement by other parties or that such claims will not require the Company to pay substantial damages or delete certain features from its products or both. Item 2. Changes in Securities - None Item 3. Defaults Upon Senior Securities - None Item 4. Submission of Matters to a Vote of Security Holders - None Item 5. Other Information - None Item 6. Exhibits and Reports on Form 8-K (a) Exhibits - Financial Data Schedule (b) Reports on Form 8-K - None SIGNATURE 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. ADVANCED TECHNOLOGY LABORATORIES, INC. (Registrant) DATE: November 13, 1996 BY: /s/ Harvey N. Gillis ------------------------------ Harvey N. Gillis Senior Vice President Finance and Administration and Chief Financial Officer Page 13 EX-27 2
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE CONDENSED CONSOLIDATED BALANCE SHEETS AS OF SEPTEMBER 29, 1995 AND THE CONDENSED CONSILIDATED STATEMENTS OF OPERATIONS FOR THE NINE MONTHS ENDED SEPTEMBER 29, 1995 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 1,000 3-MOS DEC-31-1995 JAN-1-1995 SEP-29-1995 11,137 4,988 107,488 0 103,609 239,239 71,791 0 320,542 96,636 15,810 0 0 0 0 320,542 218,712 280,367 113,159 150,726 128,485 0 355 801 981 (180) 0 0 0 (180) (0.01) (0.01)
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