-----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, P25ni3G5NiJvBhTo8K7Dq+Kd8VlepwwvkNNjzhszFwf5np2+z5Jx+HdkRyn/x/5J Va2XZEeyBVggZ6eprBOnMw== 0000813895-96-000026.txt : 19960508 0000813895-96-000026.hdr.sgml : 19960508 ACCESSION NUMBER: 0000813895-96-000026 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19960330 FILED AS OF DATE: 19960507 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: 96557384 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 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 March 30, 1996. [ ] 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 April 26, 1996 ---------------------------- ----------------------------- Common Stock, $.10 par value 12,473,821 PAGE PART I - FINANCIAL INFORMATION Item 1 - Financial Statements THERMO POWER CORPORATION Consolidated Balance Sheet (Unaudited) Assets March 30, September 30, (In thousands) 1996 1995 -------------------------------------------------------------------------- Current Assets: Cash and cash equivalents $ 29,518 $ 23,504 Available-for-sale investments, at quoted market value (amortized cost of $5,163 and $10,624) (includes $429 of related party investments in fiscal 1995) (Note 2) 5,161 10,666 Accounts receivable, less allowances of $507 and $530 19,926 18,203 Unbilled contract costs and fees 6,892 6,228 Inventories: Raw materials and supplies 16,187 17,453 Work in process and finished goods 2,436 4,796 Prepaid income taxes 3,416 3,213 Other current assets 288 752 -------- -------- 83,824 84,815 -------- -------- Rental Assets, at Cost 10,123 7,391 Less: Accumulated depreciation and amortization 1,409 985 -------- -------- 8,714 6,406 -------- -------- Property, Plant and Equipment, at Cost 16,425 15,232 Less: Accumulated depreciation and amortization 7,728 6,765 -------- -------- 8,697 8,467 -------- -------- Long-term Available-for-sale Investments, at Quoted Market Value (amortized cost of $453 and $471) (includes $339 invested in parent company common stock in fiscal 1995) (Note 2) 263 733 -------- -------- Other Assets 336 223 -------- -------- Cost in Excess of Net Assets of Acquired Companies 7,667 7,773 -------- -------- $109,501 $108,417 ======== ======== 2PAGE THERMO POWER CORPORATION Consolidated Balance Sheet (continued) (Unaudited) Liabilities and Shareholders' Investment March 30, September 30, (In thousands except share amounts) 1996 1995 -------------------------------------------------------------------------- Current Liabilities: Accounts payable $ 11,584 $ 13,262 Accrued payroll and employee benefits 2,466 2,732 Customer advances 2,878 971 Accrued warranty costs 2,017 2,100 Accrued income taxes 870 1,368 Other accrued expenses 4,043 4,242 Due to Thermo Electron Corporation and affiliated companies 1,187 - -------- -------- 25,045 24,675 -------- -------- Deferred Income Taxes 122 118 -------- -------- Long-term Obligations 339 364 -------- -------- Common Stock of Subsidiary Subject to Redemption ($18,450 redemption value) 17,591 17,435 -------- -------- Shareholders' Investment: Common stock, $.10 par value, 30,000,000 shares authorized; 12,478,544 shares issued 1,248 1,248 Capital in excess of par value 53,882 53,898 Retained earnings 11,442 10,822 Treasury stock at cost, 5,803 and 49,758 shares (43) (341) Net unrealized gain (loss) on available-for-sale investments (125) 198 -------- -------- 66,404 65,825 -------- -------- $109,501 $108,417 ======== ======== The accompanying notes are an integral part of these consolidated financial statements. 3PAGE THERMO POWER CORPORATION Consolidated Statement of Income (Unaudited) Three Months Ended ------------------------- March 30, April 1, (In thousands except per share amounts) 1996 1995 -------------------------------------------------------------------------- Revenues $ 29,756 $ 24,912 -------- -------- Costs and Operating Expenses: Cost of revenues 25,095 19,419 Selling, general and administrative expenses 4,231 3,807 Research and development expenses 791 716 -------- -------- 30,117 23,942 -------- -------- Operating Income (Loss) (361) 970 Interest Income 437 431 Interest Expense (5) (6) Gain on Sale of Related Party Investments (Note 2) 125 - -------- -------- Income Before Provision for Income Taxes and Minority Interest 196 1,395 Provision for Income Taxes 75 555 Minority Interest Expense 78 35 -------- -------- Net Income $ 43 $ 805 ======== ======== Earnings per Share $ - $ .07 ======== ======== Weighted Average Shares 12,463 12,356 ======== ======== The accompanying notes are an integral part of these consolidated financial statements. 4PAGE THERMO POWER CORPORATION Consolidated Statement of Income (Unaudited) Six Months Ended ------------------------- March 30, April 1, (In thousands except per share amounts) 1996 1995 -------------------------------------------------------------------------- Revenues $ 57,208 $ 47,226 -------- -------- Costs and Operating Expenses: Cost of revenues 47,760 36,467 Selling, general and administrative expenses 7,968 7,528 Research and development expenses 1,529 1,246 -------- -------- 57,257 45,241 -------- -------- Operating Income (Loss) (49) 1,985 Interest Income 874 731 Interest Expense (16) (11) Gain (Loss) on Sale of Investments, Net (includes $469 from sale of related party investments in fiscal 1996) (Note 2) 451 (38) -------- -------- Income Before Provision for Income Taxes and Minority Interest 1,260 2,667 Provision for Income Taxes 484 1,040 Minority Interest Expense 156 35 -------- -------- Net Income $ 620 $ 1,592 ======== ======== Earnings per Share $ .05 $ .13 ======== ======== Weighted Average Shares 12,453 12,342 ======== ======== The accompanying notes are an integral part of these consolidated financial statements. 5PAGE THERMO POWER CORPORATION Consolidated Statement of Cash Flows (Unaudited) Six Months Ended ------------------------- March 30, April 1, (In thousands) 1996 1995 -------------------------------------------------------------------------- Operating Activities: Net income $ 620 $ 1,592 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Depreciation and amortization 1,231 810 Provision for losses on accounts receivable 5 27 (Gain) loss on sale of investments, net (Note 2) (451) 38 Minority interest expense 156 35 Changes in current accounts, excluding the effects of acquisition: Accounts receivable (1,470) 233 Inventories and unbilled contract costs and fees 1,235 (1,473) Other current assets 439 (255) Accounts payable (1,681) (537) Other current liabilities 1,093 (1,603) -------- -------- Net cash provided by (used in) operating activities 1,177 (1,133) -------- -------- Investing Activities: Proceeds from sale and maturities of available-for-sale investments 4,981 7,687 Proceeds from sale of related party investments (Note 2) 852 - Increase in rental assets (346) (265) Purchases of property, plant and equipment (890) (813) Issuance of notes receivable (165) - Other 148 245 -------- -------- Net cash provided by investing activities 4,580 6,854 -------- -------- Financing Activities: Net proceeds from issuance of Company and subsidiary common stock 282 17,620 Repayment of long-term obligations (25) (21) -------- -------- Net cash provided by financing activities $ 257 $ 17,599 -------- -------- 6PAGE THERMO POWER CORPORATION Consolidated Statement of Cash Flows (continued) (Unaudited) Six Months Ended ------------------------- March 30, April 1, (In thousands) 1996 1995 -------------------------------------------------------------------------- Increase in Cash and Cash Equivalents $ 6,014 $ 23,320 Cash and Cash Equivalents at Beginning of Period 23,504 7,474 -------- -------- Cash and Cash Equivalents at End of Period $ 29,518 $ 30,794 ======== ======== Cash Paid For: Interest $ 16 $ 11 Income taxes $ 1,007 $ 1,525 The accompanying notes are an integral part of these consolidated financial statements. 7PAGE THERMO POWER CORPORATION Notes to Consolidated Financial Statements 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 six-month periods ended March 30, 1996 and April 1, 1995, (b) the financial position at March 30, 1996, and (c) the cash flows for the six-month periods ended March 30, 1996 and April 1, 1995. Interim results are not necessarily indicative of results for a full year. The consolidated balance sheet presented as of September 30, 1995, 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 September 30, 1995, filed with the Securities and Exchange Commission. 2. Sale of Related Party Investments In February 1996, the Company sold its remaining investment in 6.5% subordinated convertible debentures, which were issued by Thermo TerraTech Inc., a majority-owned subsidiary of Thermo Electron Corporation (Thermo Electron). The Company sold $365,000 principal amount of these debentures for net proceeds of $490,000, which resulted in a gain of $125,000. In December 1995, the Company sold 7,313 shares of Thermo Electron common stock for net proceeds of $362,000, which resulted in a gain of $344,000. 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 industrial refrigeration systems used primarily by the food processing, petrochemical, and pharmaceutical industries. NuTemp, Inc. (NuTemp) is a supplier of both remanufactured and new industrial refrigeration and commercial cooling equipment for sale or rental. NuTemp's industrial refrigeration equipment is used primarily in the food processing, petrochemical, and pharmaceutical industries, and its commercial cooling equipment is used primarily in institutions and commercial buildings, as well as by service contractors. The demand for NuTemp's equipment is typically highest in the summer period. 8PAGE THERMO POWER CORPORATION Description of Business (continued) Engines The Company's Crusader Engines (Crusader) division manufactures gasoline engines for recreational boats; natural gas engines for vehicular, cooling, pumping, refrigeration, and other industrial applications; and LPG (liquefied petroleum gas) and gasoline engines for lift trucks. 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 a wide range of 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. Tecogen conducts research and development of natural gas-engine technology, and is currently demonstrating a diesel-to-natural gas conversion system for buses and other fleet vehicles. Tecogen also conducts research and development on applications of thermal energy. The Company's ThermoLyte Corporation (ThermoLyte) subsidiary is developing a family of propane-powered flashlights, emergency lights, area lights, and other lighting products. The Company's revenues by industry segment are shown in the following table. Three Months Ended Six Months Ended -------------------- -------------------- March 30, April 1, March 30, April 1, (In thousands) 1996 1995 1996 1995 -------------------------------------------------------------------------- Industrial Refrigeration Systems $ 15,962 $ 15,263 $ 33,033 $ 29,441 Engines 8,304 6,526 15,557 11,681 Cooling and Cogeneration Systems 5,913 3,843 9,523 7,223 Intersegment sales elimination (423) (720) (905) (1,119) -------- -------- -------- -------- $ 29,756 $ 24,912 $ 57,208 $ 47,226 ======== ======== ======== ======== Results of Operations Second Quarter Fiscal 1996 Compared With Second Quarter Fiscal 1995 Total revenues increased 19% to $29,756,000 in the second quarter of fiscal 1996 from $24,912,000 in the second quarter of fiscal 1995. Industrial Refrigeration Systems segment revenues increased to $15,962,000 in 1996 from $15,263,000 in 1995. Revenues at NuTemp increased by $605,000 primarily due to two large orders for remanufactured commercial cooling equipment. Revenues at FES increased slightly in 1996 primarily due to greater demand for custom-designed refrigeration packages, offset by lower prices for refrigeration packages due to increased competition in the refrigeration industry and lower demand for standard screw compressor packages. Engines segment revenues increased 27% to $8,304,000 in 1996 from $6,526,000 in 1995 primarily due to increased demand for gasoline and 9PAGE THERMO POWER CORPORATION Second Quarter Fiscal 1996 Compared With Second Quarter Fiscal 1995 (continued) natural gas TecoDrive engines and the inclusion of revenues from lift-truck engines, offset in part by a decrease of $1,025,000 in revenues from marine-engine related products. Cooling and Cogeneration Systems segment revenues increased 54% to $5,913,000 in 1996 from $3,843,000 in 1995 primarily due to an increase in revenues from gas-fueled cooling systems. Results for the Cooling and Cogeneration Systems segment in 1995 include a $312,000 fee received from one of the Company's distributors of packaged cogeneration systems to satisfy the financial obligations under a minimum purchase contract. The gross profit margin decreased to 16% in the second quarter of fiscal 1996 from 22% in the second quarter of fiscal 1995. The gross profit margin for the Industrial Refrigeration Systems segment decreased to 17% in 1996 from 22% in 1995. The decrease is primarily due to lower prices at FES resulting from increased competition in the refrigeration industry and due to lower manufacturing efficiencies at FES, including higher production costs incurred for work performed to compensate for lost production time during severe storms this winter. To a lesser extent, the gross profit margin decreased due to higher warranty expenses at FES and NuTemp in 1996 compared with 1995. The Company expects a cost increase in one of the major components of its industrial refrigeration packages to adversely effect the gross profit margin beginning in the third quarter of fiscal 1996. The gross profit margin for the Engines segment decreased to 3% in 1996 from 13% in 1995 primarily due to unusually high warranty expenses in 1996 and, to a lesser extent, startup costs associated with the introduction of lift-truck engines. This higher level of warranty expense is expected to return to more normal levels in the third quarter of fiscal 1996. The gross profit margin for the Cooling and Cogeneration Systems segment decreased to 28% in 1996 from 33% in 1995 primarily due to the inclusion in 1995 of a fee received from one of the Company's distributors of packaged cogeneration systems discussed above. Selling, general and administrative expenses as a percentage of revenues decreased to 14% in the second quarter of fiscal 1996 from 15% in the second quarter of fiscal 1995 primarily due to an increase in total revenues. Research and development expenses as a percentage of revenues remained unchanged at 3% in 1996 and 1995. An increase in research and development expenses for gas-fueled lighting products was offset by a decrease in spending on research and development of natural gas-engine products. Interest income remained relatively unchanged at $437,000 in the second quarter of fiscal 1996, compared with $431,000 in the second quarter of fiscal 1995. Gain on sale of related party investments in 1996 represents a gain on the sale of the Company's remaining investment in 6.5% subordinated convertible debentures, which were issued by Thermo TerraTech Inc., a majority-owned subsidiary of Thermo Electron Corporation (Thermo Electron) (Note 2). The effective tax rate was 38% in the second quarter of fiscal 1996, compared with 40% in the second quarter of fiscal 1995. These rates exceeded the statutory federal income tax rate primarily due to the impact of state income taxes. 10PAGE THERMO POWER CORPORATION First Six Months Fiscal 1996 Compared With First Six Months Fiscal 1995 Total revenues increased 21% to $57,208,000 in the first six months of fiscal 1996 from $47,226,000 in the first six months of fiscal 1995. Industrial Refrigeration Systems segment revenues increased to $33,033,000 in 1996 from $29,441,000 in 1995. Revenues at FES increased in 1996 primarily due to greater demand for custom-designed refrigeration packages, offset in part by lower prices for refrigeration packages due to increased competition in the refrigeration industry and lower demand for standard screw compressor packages. Revenues at NuTemp increased by $200,000 primarily due to two large orders for remanufactured commercial cooling equipment, offset in part by lower demand for rental equipment and remanufactured equipment resulting from generally lower temperatures in 1996 compared with 1995. Engines segment revenues increased 33% to $15,557,000 in 1996 from $11,681,000 in 1995 primarily due to increased demand for gasoline and natural gas TecoDrive engines and the inclusion of revenues from lift-truck engines, offset in part by a decrease of $1,933,000 in revenues from marine-engine related products. Cooling and Cogeneration Systems segment revenues increased 32% to $9,523,000 in 1996 from $7,223,000 in 1995 primarily due to an increase in revenues from gas-fueled cooling systems. Results for the Cooling and Cogeneration Systems segment in 1995 include 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. The gross profit margin decreased to 17% in the first six months of fiscal 1996 from 23% in the first six months of fiscal 1995. The gross profit margin for the Industrial Refrigeration Systems segment decreased to 19% in 1996 from 24% in 1995. The decrease is primarily due to lower prices at FES resulting from increased competition in the refrigeration industry and due to lower manufacturing efficiencies at FES. To a lesser extent, the gross profit margin decreased due to higher warranty expenses at FES and NuTemp in 1996 compared with 1995. The gross profit margin for the Engines segment decreased to 4% in 1996 from 12% in 1995 primarily due to unusually high warranty expenses in 1996 and, to a lesser extent, startup costs associated with the introduction of lift-truck engines. The gross profit margin for the Cooling and Cogeneration Systems segment decreased to 27% in 1996 from 33% in 1995 primarily due to the inclusion in 1995 of a fee received from one of the Company's distributors of packaged cogeneration systems discussed above. Selling, general and administrative expenses as a percentage of revenues decreased to 14% in the first six months of fiscal 1996 from 16% in the first six months of fiscal 1995 primarily due to an increase in total revenues. Research and development expenses as a percentage of revenues remained unchanged at 3% in 1996 and 1995. An increase in research and development expenses for gas-fueled lighting products was offset in part by a decrease in spending on research and development of natural gas-engine products. Interest income increased to $874,000 in the first six months of fiscal 1996 from $731,000 in the first six months of fiscal 1995, reflecting interest income earned on the proceeds from ThermoLyte's March 1995 private placement, offset in part by a decrease in interest income earned on the Company's other investments due to lower average invested amounts. Gain on sale of investments, net, in 1996 primarily represents a 11PAGE THERMO POWER CORPORATION First Six Months Fiscal 1996 Compared With First Six Months Fiscal 1995 (continued) gain of $344,000 relating to the sale of the Company's remaining investment in Thermo Electron common stock and a gain of $125,000 relating to the sale of the Company's remaining investment in 6.5% subordinated convertible debentures, which were issued by Thermo TerraTech Inc. (Note 2). The effective tax rate was 38% in the first six months of fiscal 1996, compared with 39% in the first six months of fiscal 1995. These rates exceeded the statutory federal income tax rate primarily due to the impact of state income taxes. Liquidity and Capital Resources Consolidated working capital was $58,779,000 at March 30, 1996, compared with $60,140,000 at September 30, 1995. Included in working capital are cash, cash equivalents, and available-for-sale investments of $34,679,000 at March 30, 1996, compared with $34,170,000 at September 30, 1995. Of the $34,679,000 balance at March 30, 1996, $17,450,000 was held by ThermoLyte and the remainder was held by the Company and its wholly owned subsidiaries. During the first six months of fiscal 1996, $1,177,000 of cash was provided by operating activities. During the first quarter of fiscal 1996, the Company acquired the thermoelectric cooling module business of ThermoTrex Corporation (ThermoTrex) for $860,000, which was the net book value of the business acquired. ThermoTrex is a majority-owned subsidiary of Thermo Electron. During the remainder of fiscal 1996, the Company expects to make capital expenditures of approximately $3,600,000, of which approximately $1,700,000 is expected to be used to expand and upgrade the manufacturing facilities at FES. The Company believes its current resources are sufficient to meet the capital requirements of its existing operations for the foreseeable future. PART II - OTHER INFORMATION Item 4 - Submission of Matters to a Vote of Security Holders On March 11, 1996, at the Annual Meeting of Shareholders, the shareholders elected six incumbent directors to a one-year term expiring in 1997. The directors reelected at the meeting were: Marshall J. Armstrong, Peter O. Crisp, John N. Hatsopoulos, Robert C. Howard, Donald E. Noble, and Paul E. Tsongas. Messrs. Armstrong, Crisp, Hatsopoulos, and Howard each received 10,907,282 shares voted in favor of his election and 4,370 shares voted against; Mr. Noble received 10,907,082 shares voted in favor of his election and 4,570 shares voted against; and Mr. Tsongas received 10,897,282 shares voted in favor of his election and 14,370 shares voted against. No broker nonvotes were recorded on the election of directors. The shareholders also approved a proposal to increase the number of shares of the Company's common stock reserved for issuance under the Company's Deferred Compensation Plan for directors by 25,000 shares as follows: 10,846,603 shares voted in favor, 43,504 shares voted against, 12,545 shares abstained, and 9,000 shares were not voted by brokers. The shareholders also approved a proposal to increase the number of shares of the common stock of Thermo Electron Corporation authorized for issuance under the Company's employee stock purchase plan by 50,000 shares as follows: 10,863,646 shares voted in favor, 27,506 shares voted against, 11,500 shares abstained, and 9,000 shares were not voted by brokers. 12PAGE THERMO POWER CORPORATION Item 6 - Exhibits See Exhibit Index on the page immediately preceding exhibits. 13PAGE 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 7th day of May 1996. THERMO POWER CORPORATION Paul F. Kelleher -------------------------- Paul F. Kelleher Chief Accounting Officer John N. Hatsopoulos -------------------------- John N. Hatsopoulos Chief Financial Officer 14PAGE THERMO POWER CORPORATION Exhibit Index Exhibit Number Description of Exhibit Page -------------------------------------------------------------------------- 27 Financial Data Schedule. EX-27 2
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THERMO POWER CORP.'S QUARTERLY REPORT ON FORM 10-Q FOR THE QUARTER ENDED MARCH 30, 1996 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 1,000 6-MOS SEP-28-1996 MAR-30-1996 29,518 5,161 20,433 507 18,623 83,824 16,425 7,728 109,501 25,045 339 1,248 0 0 65,156 109,501 57,208 57,208 47,760 47,760 1,529 5 16 1,260 484 620 0 0 0 620 .05 0
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