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
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