0000813895-95-000004.txt : 19950809 0000813895-95-000004.hdr.sgml : 19950809 ACCESSION NUMBER: 0000813895-95-000004 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19950701 FILED AS OF DATE: 19950808 SROS: AMEX FILER: COMPANY DATA: COMPANY CONFORMED NAME: THERMO POWER CORP CENTRAL INDEX KEY: 0000813895 STANDARD INDUSTRIAL CLASSIFICATION: GENERAL INDUSTRIAL MACHINERY & EQUIPMENT, NEC [3569] IRS NUMBER: 042891371 STATE OF INCORPORATION: MA FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-10573 FILM NUMBER: 95559723 BUSINESS ADDRESS: STREET 1: 81 WYMAN ST STREET 2: PO BOX 9046 CITY: WALTHAM STATE: MA ZIP: 02254-9046 BUSINESS PHONE: 6176221000 MAIL ADDRESS: STREET 1: 81 WYMAN STREET CITY: WALTHAM STATE: MA ZIP: 02254 FORMER COMPANY: FORMER CONFORMED NAME: TECOGEN INC DATE OF NAME CHANGE: 19920703 10-Q 1 PAGE SECURITIES AND EXCHANGE COMMISSION Washington, DC 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 Quarter ended July 1, 1995. [ ] Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. Commission File Number 1-10573 THERMO POWER CORPORATION (Exact name of Registrant as specified in its charter) Massachusetts 04-2891371 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 81 Wyman Street, P.O. Box 9046 Waltham, Massachusetts 02254-9046 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (617) 622-1000 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 [ ] Indicate the number of shares outstanding of each of the issuer's classes of Common Stock, as of the latest practicable date. Class Outstanding at July 28, 1995 ---------------------------- ---------------------------- Common Stock, $.10 par value 12,428,377 PAGE FORM 10-Q July 1, 1995 THERMO POWER CORPORATION PART I - Financial Information Item 1 - Financial Statements (a) Consolidated Balance Sheet - Assets as of July 1, 1995 and October 1, 1994 (In thousands) July 1, October 1, 1995 1994 -------- ---------- Current Assets: Cash and cash equivalents $ 29,884 $ 7,474 Available-for-sale investments, at quoted market value (amortized cost of $11,873) (includes $365 of related party investments) (Note 2) 11,903 - Short-term investments (includes $800 of related party investments) - 20,405 Accounts receivable, less allowances of $534 and $590 17,975 13,638 Unbilled contract costs and fees 5,608 5,236 Inventories: Raw materials and supplies 13,222 11,568 Work in process and finished goods 4,551 3,294 Prepaid expenses and income taxes 3,528 3,138 -------- -------- 86,671 64,753 -------- -------- Rental Assets, at Cost 6,367 4,543 Less: Accumulated depreciation and amortization 604 348 -------- -------- 5,763 4,195 -------- -------- Property, Plant and Equipment, at Cost 14,391 13,410 Less: Accumulated depreciation and amortization 6,655 5,731 -------- -------- 7,736 7,679 -------- -------- Long-term Available-for-sale Investments, at Quoted Market Value (amortized cost of $471) (includes $294 invested in parent company common stock) (Note 2) 557 - -------- -------- Long-term Investments (includes $18 invested in parent company common stock) - 471 -------- -------- Cost in Excess of Net Assets of Acquired Companies 5,415 5,523 -------- -------- $106,142 $ 82,621 ======== ======== The accompanying notes are an integral part of these consolidated financial statements. 2PAGE FORM 10-Q July 1, 1995 THERMO POWER CORPORATION (a) Consolidated Balance Sheet - Liabilities and Shareholders' Investment as of July 1, 1995 and October 1, 1994 (In thousands except share amounts) July 1, October 1, 1995 1994 -------- ---------- Current Liabilities: Accounts payable $ 13,284 $ 9,929 Accrued payroll and employee benefits 2,406 2,466 Accrued warranty costs 2,729 3,368 Customer advances 900 1,139 Billings in excess of contract costs and fees 529 562 Accrued and current deferred income taxes 681 924 Other accrued expenses 3,258 2,948 Due to parent company 468 274 -------- -------- 24,255 21,610 -------- -------- Deferred Income Taxes 222 192 -------- -------- Long-term Obligations 313 344 -------- -------- Common Stock of Subsidiary Subject to Redemption ($18,450 redemption value) (Note 3) 17,357 - -------- -------- Shareholders' Investment: Common stock, $.10 par value, 30,000,000 shares authorized; 12,478,544 and 12,425,273 shares issued 1,248 1,243 Capital in excess of par value 53,734 53,211 Retained earnings 9,332 6,634 Treasury stock at cost, 57,667 and 121,140 shares (394) (613) Net unrealized gain on available-for-sale investments (Note 2) 75 - -------- -------- 63,995 60,475 -------- -------- $106,142 $ 82,621 ======== ======== The accompanying notes are an integral part of these consolidated financial statements. 3PAGE FORM 10-Q July 1, 1995 THERMO POWER CORPORATION (b) Consolidated Statement of Income for the three months ended July 1, 1995 and July 2, 1994 (In thousands except per share amounts) Three Months Ended -------------------- July 1, July 2, 1995 1994 -------- -------- Revenues $27,514 $23,381 ------- ------- Costs and Operating Expenses: Cost of revenues 21,646 18,147 Selling, general and administrative expenses 4,275 3,599 Research and development expenses 1,007 462 ------- ------- 26,928 22,208 ------- ------- Operating Income 586 1,173 Interest Income 579 305 Interest Expense (6) (7) Gain on Sale of Investments (includes gain of $768 on sale of related party investments in fiscal 1995) 768 14 ------- ------- Income Before Provision for Income Taxes and Minority Interest Expense 1,927 1,485 Provision for Income Taxes 752 573 Minority Interest Expense 69 - ------- ------- Net Income $ 1,106 $ 912 ======= ======= Earnings per Share $ .09 $ .07 ======= ======= Weighted Average Shares 12,378 12,299 ======= ======= The accompanying notes are an integral part of these consolidated financial statements. 4PAGE FORM 10-Q July 1, 1995 THERMO POWER CORPORATION (b) Consolidated Statement of Income for the nine months ended July 1, 1995 and July 2, 1994 (In thousands except per share amounts) Nine Months Ended -------------------- July 1, July 2, 1995 1994 -------- -------- Revenues $74,740 $65,170 ------- ------- Costs and Operating Expenses: Cost of revenues 58,113 51,756 Selling, general and administrative expenses 11,803 10,070 Research and development expenses 2,253 1,217 ------- ------- 72,169 63,043 ------- ------- Operating Income 2,571 2,127 Interest Income 1,310 1,011 Interest Expense (includes $37 to parent company in fiscal 1994) (17) (56) Gain on Sale of Investments (includes gain of $768 and $616 on sale of related party investments in fiscal 1995 and 1994) 730 614 ------- ------- Income Before Provision for Income Taxes and Minority Interest Expense 4,594 3,696 Provision for Income Taxes 1,792 1,424 Minority Interest Expense 104 - ------- ------- Net Income $ 2,698 $ 2,272 ======= ======= Earnings per Share $ .22 $ .18 ======= ======= Weighted Average Shares 12,354 12,288 ======= ======= The accompanying notes are an integral part of these consolidated financial statements. 5PAGE FORM 10-Q July 1, 1995 THERMO POWER CORPORATION (c) Consolidated Statement of Cash Flows for the nine months ended July 1, 1995 and July 2, 1994 (In thousands) Nine Months Ended -------------------- July 1, July 2, 1995 1994 -------- -------- Operating Activities: Net income $ 2,698 $ 2,272 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Depreciation and amortization 1,318 998 Provision for losses on accounts receivable 27 (41) Gain on sale of investments (730) (614) Minority interest expense 104 - Changes in current accounts, excluding the effects of acquisition: Accounts receivable (4,364) 190 Inventories and unbilled contract costs and fees (3,283) (417) Prepaid expenses and income taxes (390) 104 Accounts payable 3,355 1,214 Other current liabilities (721) (1,119) Other - (38) ------- ------- Net cash provided by (used in) operating activities (1,986) 2,549 ------- ------- Investing Activities: Acquisition, net of cash acquired - (7,947) Purchases of available-for-sale investments (365) - Proceeds from sale and maturities of available-for-sale investments 7,774 - Decrease in short-term investments - 6,887 Increase in rental assets (1,824) - Purchases of property, plant and equipment (1,034) (499) Purchases of long-term investments - (453) Proceeds from sale of related party investments 1,599 1,462 Other 277 56 ------- ------- Net cash provided by (used in) investing activities 6,427 (494) ------- ------- Financing Activities: Net proceeds from issuance of Company and subsidiary common stock (Note 3) 18,000 240 Repayment of long-term obligations (31) (3,172) ------- ------- Net cash provided by (used in) financing activities $17,969 $(2,932) ------- ------- 6PAGE FORM 10-Q July 1, 1995 THERMO POWER CORPORATION (c) Consolidated Statement of Cash Flows for the nine months ended July 1, 1995 and July 2, 1994 (In thousands) (continued) Nine Months Ended -------------------- July 1, July 2, 1995 1994 -------- -------- Increase (Decrease) in Cash and Cash Equivalents $22,410 $ (877) Cash and Cash Equivalents at Beginning of Period 7,474 6,154 ------- ------- Cash and Cash Equivalents at End of Period $29,884 $ 5,277 ======= ======= Cash Paid For: Interest $ 17 $ 56 Income taxes $ 1,982 $ 696 The accompanying notes are an integral part of these consolidated financial statements. 7PAGE FORM 10-Q July 1, 1995 THERMO POWER CORPORATION (d) Notes to Consolidated Financial Statements - July 1, 1995 1. General The interim consolidated financial statements have been prepared by Thermo Power Corporation (the Company) without audit and, in the opinion of management, reflect all adjustments of a normal recurring nature necessary for a fair statement of (a) the results of operations for the three- and nine-month periods ended July 1, 1995 and July 2, 1994, (b) the financial position at July 1, 1995, and (c) the cash flows for the nine-month periods ended July 1, 1995 and July 2, 1994. Interim results are not necessarily indicative of results for a full year. The consolidated balance sheet presented as of October 1, 1994, has been derived from the consolidated financial statements that have been audited by the Company's independent public accountants. The consolidated financial statements and notes are presented as permitted by Form 10-Q, and do not contain certain information included in the annual financial statements and notes of the Company. The consolidated financial statements and notes included herein should be read in conjunction with the financial statements and notes included in the Company's Annual Report on Form 10-K for the fiscal year ended October 1, 1994, filed with the Securities and Exchange Commission. 2. Available-for-sale Investments Effective October 2, 1994, the Company adopted Statement of Financial Accounting Standards (SFAS) No. 115, "Accounting for Certain Investments in Debt and Equity Securities." In accordance with SFAS No. 115, the Company's debt and marketable equity securities are considered "Available-for-sale investments" in the accompanying balance sheet and are carried at market value, with the difference between cost and market value, net of related tax effects, recorded currently as a component of shareholders' investment titled "Net unrealized gain on available-for-sale investments." "Net unrealized gain on available-for-sale investments" consists of (1) an unrealized gain, net of related tax effects, of $268,000 that was recorded as an effect of change in accounting principle adjustment and (2) an unrealized loss, net of related tax effects, of $193,000 relating to the decrease in market value of available-for-sale investments for the nine-month period ended July 1, 1995. The aggregate market value, cost basis, and gross unrealized gains and losses of short- and long-term available-for-sale investments by major security type, as of July 1, 1995, are as follows: Gross Gross Market Cost Unrealized Unrealized (In thousands) Value Basis Gains Losses -------------------------------------------------------------------------- Tax-exempt securities $ 6,302 $ 6,301 $ 1 $ - Government agency securities 5,104 5,144 - 40 Corporate bonds 434 365 69 - Other 620 534 276 190 ------- ------- ------- ------- $12,460 $12,344 $ 346 $ 230 ======= ======= ======= ======= 8PAGE FORM 10-Q July 1, 1995 THERMO POWER CORPORATION (d) Notes to Consolidated Financial Statements - July 1, 1995 (continued) 2. Available-for-sale Investments (continued) Short- and long-term available-for-sale investments in the accompanying balance sheet at July 1, 1995, include $10,452,000 with contractual maturities of one year or less, $1,451,000 with contractual maturities of more than one year through five years, and $557,000 with contractual maturities of more than five years. Actual maturities may differ from contractual maturities as a result of the Company's intent to sell these securities prior to maturity and as a result of put and call options that enable either the Company and/or the issuer to redeem these securities at an earlier date. The cost of available-for-sale investments that were sold was based on specific identification in determining realized gains and losses recorded in the accompanying statement of income. "Gain on sale of investments" in the accompanying statement of income for the nine-month period ended July 1, 1995, resulted from gross realized gains of $768,000 and gross realized losses of $38,000 relating to the sale of available-for-sale investments. 3. Transaction in Stock of Subsidiary On March 6, 1995, the Company's wholly owned subsidiary, ThermoLyte Corporation (ThermoLyte), sold 1,845,000 units, each unit consisting of one share of ThermoLyte common stock, $.001 par value, and one redemption right, at $10.00 per unit, for net proceeds of approximately $17.3 million. Holders of the common stock purchased in the offering will have the option to require ThermoLyte to redeem in December 1998 and 1999 any or all of their shares at $10.00 per share. The redemption rights are guaranteed on a subordinated basis by Thermo Electron Corporation (Thermo Electron). In the event a payment is made by Thermo Electron under its guarantee, the Company has agreed to reimburse Thermo Electron. The difference between the redemption value and the original carrying amount of "Common stock subject to redemption" is accreted using the straight-line method over the period ending December 1998, which corresponds to the first redemption period. The accretion is charged to "Minority interest expense" in the accompanying statement of income. ThermoLyte is developing a line of propane-fueled lighting products, including flashlights, area lights or lanterns, and hazard lights. Following the offering, the Company owned 78% of ThermoLyte's outstanding common stock. Item 2 - Management's Discussion and Analysis of Financial Condition and Results of Operations Description of Business Industrial Refrigeration Systems The Company's FES division supplies standard and custom-designed refrigeration systems used primarily by the food-processing, petrochemical, 9PAGE FORM 10-Q July 1, 1995 THERMO POWER CORPORATION Item 2 - Management's Discussion and Analysis of Financial Condition and Results of Operations (continued) Description of Business (continued) and pharmaceutical industries. NuTemp, Inc. (NuTemp), which was acquired in May 1994, rents and sells remanufactured and new equipment for industrial refrigeration applications in the food-processing, petrochemical, and pharmaceutical industries, and for commercial cooling applications in institutions and commercial buildings, as well as for service contractors. Historically, the demand for NuTemp's equipment is highest in the summer period. Engines The Company's Crusader Engines division (Crusader) manufactures gasoline engines for recreational boats and natural gas-fueled engines for vehicle, cooling, pumping, refrigeration, and other industrial applications. Cooling and Cogeneration Systems The Company's Tecogen division designs, develops, markets, and services packaged cooling and cogeneration systems fueled principally by natural gas for sale to commercial, institutional, industrial, and multi-unit residential users. Certain large-capacity cooling systems are manufactured by FES, and the cogeneration systems are manufactured by Crusader. Through this segment, the Company also conducts research and development on advanced systems for clean-coal combustion and other high-efficiency gas-fueled devices. The Company's research and development capability and expertise in engine, instrumentation, control, and heat-recovery technologies have enabled it to obtain support from outside sponsors in industry and government, to develop new products, and to support existing products. The Company's revenues by industry segment for the three- and nine-month periods ended July 1, 1995 and July 2, 1994, are shown in the following table. Three Months Ended Nine Months Ended ------------------ ------------------ July 1, July 2, July 1, July 2, (In thousands) 1995 1994 1995 1994 -------------------------------------------------------------------------- Industrial Refrigeration Systems $17,328 $14,900 $46,769 $41,385 Engines 6,372 5,261 18,053 14,971 Cooling and Cogeneration Systems 4,514 3,414 11,737 9,878 Intersegment sales elimination (700) (194) (1,819) (1,064) ------- ------- ------- ------- $27,514 $23,381 $74,740 $65,170 ======= ======= ======= ======= 10PAGE FORM 10-Q July 1, 1995 THERMO POWER CORPORATION Item 2 - Management's Discussion and Analysis of Financial Condition and Results of Operations (continued) Results of Operations Third Quarter Fiscal 1995 Compared With Third Quarter Fiscal 1994 Total revenues increased 18% to $27,514,000 in the third quarter of fiscal 1995 from $23,381,000 in the third quarter of fiscal 1994. Industrial Refrigeration Systems segment revenues increased 16% to $17,328,000 in 1995 from $14,900,000 in 1994 due to increased demand for refrigeration packages at the Company's FES division and, to a lesser extent, the inclusion of an additional $696,000 in revenues from NuTemp, which was acquired in May 1994. Engines segment revenues increased 21% to $6,372,000 in 1995 from $5,261,000 in 1994 due primarily to increased demand for Crusader's inboard marine engine-related products. Cooling and Cogeneration Systems segment revenues increased 32% to $4,514,000 in 1995 from $3,414,000 in 1994 due primarily to an increase of $669,000 in revenues from gas-fueled cooling systems and, to a lesser extent, an increase in revenues from packaged cogeneration systems and sponsored research and development contracts. The gross profit margin decreased to 21% in the third quarter of fiscal 1995 from 22% in the third quarter of fiscal 1994. The gross profit margin for the Industrial Refrigeration Systems segment was 24% in 1995, compared with 26% in 1994. The decrease is due primarily to lower margins on NuTemp's rental revenues resulting from the cool spring season in certain of the Company's markets and, to a lesser extent, higher depreciation expense as a result of an increase in the Company's rental assets. The gross profit margin for the Engines segment decreased to 8% in 1995 from 12% in 1994 due primarily to start-up costs associated with new products and, to a lesser extent, higher warranty expenses in 1995 compared with 1994. The gross profit margin for the Cooling and Cogeneration Systems segment increased to 27% in 1995 from 22% in 1994 due to increased revenues from gas-fueled cooling systems and packaged cogeneration systems. Selling, general and administrative expenses as a percentage of revenues remained relatively unchanged at 16% in the third quarter of fiscal 1995, compared with 15% in the third quarter of fiscal 1994. Research and development expenses increased to $1,007,000 in 1995 from $462,000 in 1994, due primarily to development costs associated with gas-fueled lighting products and, to a lesser extent, natural gas-engine products. Interest income increased to $579,000 in the third quarter of fiscal 1995 from $305,000 in the third quarter of fiscal 1994, reflecting interest income earned on the proceeds from ThermoLyte Corporation's (ThermoLyte) March 1995 private placement (Note 3). The Company recorded a gain of $768,000 in 1995 on the sale of its investment in Thermedics Inc. (Thermedics) subordinated convertible debentures. Thermedics is a majority-owned subsidiary of Thermo Electron Corporation (Thermo Electron). 11PAGE FORM 10-Q July 1, 1995 THERMO POWER CORPORATION Item 2 - Management's Discussion and Analysis of Financial Condition and Results of Operations (continued) First Nine Months Fiscal 1995 Compared With First Nine Months Fiscal 1994 Total revenues increased 15% to $74,740,000 in the first nine months of fiscal 1995 from $65,170,000 in the first nine months of fiscal 1994. Industrial Refrigeration Systems segment revenues increased 13% to $46,769,000 in 1995 from $41,385,000 in 1994 due primarily to the inclusion of an additional $5,146,000 in revenues from NuTemp. Engines segment revenues increased 21% to $18,053,000 in 1995 from $14,971,000 in 1994. The 1995 results include a $4,759,000 increase in revenues from Crusader's inboard marine engine-related products due to increased demand. Results for 1994 include $1,548,000 in revenues from sterndrive marine engine-related products. The Company's sterndrive customer exited that market in fiscal 1994. Cooling and Cogeneration Systems segment revenues increased 19% to $11,737,000 in 1995 from $9,878,000 in 1994 due primarily to the inclusion of a $1,187,000 fee received from one of the Company's distributors of packaged cogeneration systems to satisfy the financial obligations under a minimum purchase contract and, to a lesser extent, an increase in revenues from gas-fueled cooling systems and sponsored research and development contracts. These increases were offset in part by a decrease in revenues from packaged cogeneration systems. The gross profit margin increased to 22% in the first nine months of fiscal 1995 from 21% in the first nine months of fiscal 1994. The gross profit margin for the Industrial Refrigeration Systems segment increased to 24% in 1995 from 21% in 1994 due primarily to an increase in margins at FES due to higher-margin sales and lower warranty expenses in 1995 compared with 1994 and, to a lesser extent, the inclusion of higher-margin NuTemp revenues. The gross profit margin for the Engines segment decreased to 11% in 1995 from 13% in 1994 due primarily to start-up costs associated with new products and, to a lesser extent, higher warranty expenses in 1995 compared with 1994. The gross profit margin for the Cooling and Cogeneration Systems segment increased to 30% in 1995 from 27% in 1994 due primarily to the fee received from one of the Company's distributors of packaged cogeneration systems as discussed above. Selling, general and administrative expenses as a percentage of revenues remained relatively unchanged at 16% in the first nine months of fiscal 1995, compared with 15% in the first nine months of fiscal 1994. Research and development expenses increased to $2,253,000 in 1995 from $1,217,000 in 1994 due primarily to development costs associated with natural gas-engine products and, to a lesser extent, gas-fueled lighting products. Interest income increased to $1,310,000 in the first nine months of fiscal 1995 from $1,011,000 in the first nine months of fiscal 1994, reflecting interest income earned on the proceeds from ThermoLyte's March 1995 private placement and, to a lesser extent, higher prevailing interest rates in 1995. The increase was offset in part by lower average invested amounts as a result of the cash expended for the acquisition of NuTemp in May 1994. Interest expense decreased to $17,000 in 1995 from $56,000 in 1994 due to the repayment of a $3,000,000 principal amount 6.2% subordinated convertible note to Thermo Electron in the first quarter of fiscal 1994. 12PAGE FORM 10-Q July 1, 1995 THERMO POWER CORPORATION Item 2 - Management's Discussion and Analysis of Financial Condition and Results of Operations (continued) Financial Condition Liquidity and Capital Resources Working capital was $62,416,000 at July 1, 1995, compared with $43,143,000 at October 1, 1994. Included in working capital were cash, cash equivalents, and short-term investments of $41,787,000 at July 1, 1995 and $27,879,000 at October 1, 1994. Of the $41,787,000 balance at July 1, 1995, $17,607,000 was held by the Company's ThermoLyte subsidiary and the remainder was held by the Company and its wholly owned subsidiaries. During the first nine months of fiscal 1995, $1,986,000 of cash was used in operating activities, due primarily to an increase in accounts receivable and inventories. The increase in accounts receivable reflects a higher sales level, while the increase in inventories is due to a build-up of inventory at Crusader in connection with two large orders for engines to be shipped beginning in the fourth quarter of fiscal 1995. In March 1995, ThermoLyte completed a private placement for net proceeds of approximately $17.3 million (Note 3). As of July 1, 1995, the Company owned 7,313 shares of Thermo Electron common stock that were purchased for $18,000 and have a market value of $294,000. The Company currently expects to make capital expenditures of approximately $1,000,000 during the remainder of fiscal 1995, primarily for machinery and equipment. The Company believes its existing resources are sufficient to meet the capital requirements of its existing operations for the foreseeable future. 13PAGE FORM 10-Q July 1, 1995 THERMO POWER CORPORATION 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 as of the 8th day of August 1995. THERMO POWER CORPORATION Paul F. Kelleher --------------------------- Paul F. Kelleher Chief Accounting Officer John N. Hatsopoulos --------------------------- John N. Hatsopoulos Chief Financial Officer 14PAGE FORM 10-Q July 1, 1995 THERMO POWER CORPORATION EXHIBIT INDEX Exhibit Number Description of Exhibit Page ------- ---------------------------------------------------- ---- 27 Financial Data Schedule. PAGE EX-27 2
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THERMO POWER CORPORATION'S QUARTERLY REPORT ON FORM 10-Q FOR THE QUARTER ENDED JULY 1, 1995 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 1000 9-MOS SEP-30-1995 JUL-01-1995 29,884 11,903 17,975 534 17,773 86,671 14,391 6,655 106,142 24,255 313 1,248 0 0 62,747 106,142 74,740 74,740 58,113 58,113 2,253 27 17 4,594 1,792 2,698 0 0 0 2,698 .22 0