-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, S67j47bhe0ltz2ZqsHt9PRZI/M0mzeG1OFRIqOAxypwYUvDcdNRfMcxTY5FlGxKt Cc5ItS51AKlgawIaOp1uVQ== 0000950128-95-000123.txt : 199507140000950128-95-000123.hdr.sgml : 19950714 ACCESSION NUMBER: 0000950128-95-000123 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19950531 FILED AS OF DATE: 19950713 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: TUSCARORA INC CENTRAL INDEX KEY: 0000821538 STANDARD INDUSTRIAL CLASSIFICATION: PLASTICS FOAM PRODUCTS [3086] IRS NUMBER: 251119372 STATE OF INCORPORATION: PA FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-17051 FILM NUMBER: 95553704 BUSINESS ADDRESS: STREET 1: 800 FIFTH AVE CITY: NEW BRIGHTON STATE: PA ZIP: 15066 BUSINESS PHONE: 4128438200 MAIL ADDRESS: STREET 1: 800 FIFTH AVENUE CITY: NEW BRIGHTON STATE: PA ZIP: 15066 FORMER COMPANY: FORMER CONFORMED NAME: TUSCARORA PLASTICS INC DATE OF NAME CHANGE: 19920703 10-Q 1 TUSCARORA INC. 1 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) [ X ] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended May 31, 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 0-17051 TUSCARORA INCORPORATED (Exact name of registrant as specified in the charter.) Pennsylvania 25-1119372 (State or other jurisdiction of (IRS Employer incorporation or organization) Identification No.) 800 Fifth Avenue New Brighton, Pennsylvania 15066 (Address of principal executive offices) (Zip Code) 412-843-8200 (Registrant's telephone number, including area code) Not applicable (Former name, former address and former fiscal year, if changed since last report) 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 and (2) has been subject to such filing requirements for at least the past 90 days. Yes X No --- --- As of July 1, 1995, 6,153,754 shares of Common Stock, without par value, of the registrant were outstanding. 2 Tuscarora Incorporated ---------------------- INDEX Page Part I. Financial Information: Item 1. Financial Statements Condensed Consolidated Balance Sheets at May 31, 1995 and August 31, 1994 3 Condensed Consolidated Statements of Income - Three and nine month periods ended May 31, 1995 and May 31, 1994 4 Condensed Consolidated Statements of Cash Flows - Nine Months ended May 31, 1995 and May 31, 1994 5 Notes to Condensed Consolidated Financial Statements 6-7 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 8-10 Part II. Other Information: Item 1. Legal Proceedings 11 Item 6. Exhibits and Reports on Form 8-K 11 2 3 PART I. FINANCIAL INFORMATION Item 1. Financial Statements -------------------- Tuscarora Incorporated CONDENSED CONSOLIDATED BALANCE SHEETS
May 31, August 31, 1995 1994 ------------- ------------ (Unaudited) ASSETS ------ Current Assets Cash and cash equivalents $ 202,582 $ 3,671,490 Trade accounts receivable, net of provision for losses 19,154,679 16,773,835 Inventories 21,022,627 14,270,863 Prepaid expenses and other current assets 2,062,505 919,084 ------------- ------------ 42,442,393 35,635,272 Property, Plant and Equipment, net 64,836,373 55,356,331 Other Assets, net 4,022,838 3,233,891 ------------- ------------ Total Assets $ 111,301,604 $ 94,225,494 ============= ============ LIABILITIES AND SHAREHOLDERS' EQUITY ----------- --- ------------- ------ Current Liabilities Current maturities of long-term debt $ 3,614,679 $ 3,667,977 Accounts payable 17,608,174 13,350,738 Accrued income taxes 328,313 301,610 Accrued payroll and related taxes 1,293,279 747,693 Other current liabilities 555,379 1,019,436 ------------- ------------ 23,399,824 19,087,454 Long-Term Debt - less current maturities 32,008,623 25,284,404 Deferred Income Taxes 1,650,434 1,680,889 Supplemental Pension Benefits 933,846 992,798 ------------- ------------ Total Liabilities 57,992,727 47,045,545 Shareholders' Equity Preferred Stock - par value $.01 per share; authorized shares, 1,000,000; none issued - - Common Stock - without par value; authorized shares, 20,000,000; issued shares, 6,198,618 at May 31, 1995 and 6,193,714 at August 31, 1994 6,198,618 6,193,714 Capital surplus 2,244,351 2,171,217 Retained earnings 45,243,726 39,234,310 Cumulative foreign currency translation adjustment 32,731 - ------------- ------------ 53,719,426 47,599,241 Less cost of reacquired shares of Common Stock; 45,396 at May 31, 1995 and 46,625 at August 31, 1994 410,549 419,292 ------------- ------------ Total Shareholders' Equity 53,308,877 47,179,949 ------------- ------------ Total Liabilities and Shareholders' Equity $ 111,301,604 $ 94,225,494 ============= ============
Note: The consolidated balance sheet at August 31, 1994 has been taken from the audited financial statements and condensed. See notes to condensed consolidated financial statements. 3 4 Tuscarora Incorporated CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
Three Months Ended May 31, Nine Months Ended May 31, 1995 1994 1995 1994 ------------ ------------ ------------ ------------ Net Sales $ 40,969,579 $ 30,343,459 $117,779,573 $ 86,290,991 Cost of Sales 31,195,128 23,426,644 89,451,180 66,459,572 ------------ ------------ ------------ ------------ Gross profit 9,774,451 6,916,815 28,328,393 19,831,419 Selling and Administrative Expenses 5,267,184 4,062,381 15,497,172 12,191,354 Interest Expense 647,976 358,541 1,679,263 989,713 Other (Income) Expense 22,951 1,768 174,553 3,715 ------------ ------------ ------------ ------------ 5,938,111 4,422,690 17,350,988 13,184,782 ------------ ------------ ------------ ------------ Income before income taxes 3,836,340 2,494,125 10,977,405 6,646,637 Provision for Income Taxes 1,491,173 975,032 4,291,395 2,576,604 ------------ ------------ ------------ ------------ Net income $ 2,345,167 $ 1,519,093 $ 6,686,010 $ 4,070,033 ============ ============ ============ ============ Net income per share of Common Stock $.38 $.25 $1.09 $.67 ==== ==== ===== ==== Weighted average number of shares of Common Stock outstanding 6,152,569 6,136,757 6,150,454 6,124,104 ========= ========= ========= =========
See notes to condensed consolidated financial statements. 4 5 Tuscarora Incorporated CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
Nine Months Ended May 31, 1995 1994 ------------ ----------- Operating Activities Net Income $ 6,686,010 $ 4,070,033 Adjustments to Reconcile Net Income to Cash Provided by Operations: Depreciation 7,501,718 6,953,399 Amortization 474,705 417,849 Provision for losses on receivables 392,820 185,000 Decrease in deferred income taxes (30,455) (306,292) Loss on sale of property, plant and equipment, net 43,695 13,042 Stock compensation expense 7,717 7,930 Changes in Operating Assets and Liabilities: Decrease (increase): Trade accounts receivable (2,773,664) (1,736,793) Inventories (6,751,764) (2,049,168) Prepaid expenses and other current assets (1,143,421) (1,414,406) Other assets (1,263,652) (1,749,496) Increase (decrease): Accounts payable 4,257,436 2,447,194 Accrued income taxes 26,703 - Accrued payroll and related taxes 545,586 (99,976) Other current liabilities (464,057) (20,734) Supplemental pension benefits (58,952) - ------------ ----------- Net cash provided by operating activities 7,450,425 6,717,582 ------------ ----------- Investing Activities Purchase of property, plant and equipment (17,199,392) (9,010,870) Proceeds from sale of property, plant and equipment 173,937 43,844 ------------ ----------- Net cash (used for) investing activities (17,025,455) (8,967,026) ------------ ----------- Financing Activities Proceeds from long-term debt 9,545,000 3,900,000 Payments on long-term debt (2,874,079) (2,514,978) Dividends paid (676,594) (611,641) Proceeds from sale of Common Stock 79,064 69,466 ------------ ----------- Net cash provided by financing activities 6,073,391 842,847 ------------ ----------- Effect of foreign currency translation adjustment on cash and cash equivalents 32,731 - ------------ ----------- Net (decrease) in cash and cash equivalents (3,468,908) (1,406,597) Cash and Cash Equivalents at Beginning of Period 3,671,490 2,030,021 ------------ ----------- Cash and Cash Equivalents at End of Period $ 202,582 $ 623,424 ============ ===========
See notes to condensed consolidated financial statements. 5 6 Tuscarora Incorporated NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS The condensed consolidated balance sheet at May 31, 1995 and the consolidated statements of income and consolidated statements of cash flows for the periods ended May 31, 1995 and May 31, 1994 have been prepared by the Company, without audit. In the opinion of Management, all adjustments necessary to present fairly the financial position, results of operations and changes in cash flows at May 31, 1995 and for all periods presented have been made. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted. It is suggested that these condensed consolidated financial statements be read in conjunction with the financial statements and notes thereto included in the Company's 1994 Annual Report to Shareholders. The results of operations for the period ended May 31, 1995 are not necessarily indicative of the operating results for the full year. 2. INVENTORIES Inventories are summarized as follows:
May 31, August 31, 1995 1994 ------------ ------------ Finished goods $ 8,810,176 $ 6,851,928 Work in process 511,336 300,414 Raw materials 9,099,267 6,050,686 Supplies 2,601,848 1,067,835 ------------ ------------ $ 21,022,627 $ 14,270,863 ============ ============
3. ACQUISITIONS On September 6, 1994, the Company purchased substantially all the assets and assumed substantially all the liabilities of Astrofoam, Inc., a manufacturer of precision fabricated foam products, specialty corrugated paperboard products and plastic cushion packaging products in Holden, Massachusetts, for approximately $2,200,000. The Company is continuing the business acquired at the same location under a lease from the seller. A portion of the purchase price has been allocated to a covenant not to compete and goodwill. The Company also agreed to pay additional consideration to the seller based on sales realized from the business acquired. On February 3, 1995, the Company purchased substantially all the assets and assumed substantially all the liabilities of the custom molding business of M.Y. Trondex Limited in Northampton, England and Glasgow, Scotland for approximately $2,700,000. The Company is operating the Northampton facility under a lease from the seller and the Glasgow facility under a lease from a third party. The Company will also pay additional consideration to the seller based on the sales realized from the business acquired. 6 7 4. CLAIMS AND CONTINGENCIES The Company is involved in certain legal and administrative proceedings, including one proceeding with respect to a Superfund site, which may result in the Company becoming liable for a portion of certain environmental cleanup costs. With respect to the Superfund site, the Company believes that its share of the cleanup costs should not be significant. The Company has accrued for the costs which can be reasonably estimated. In the opinion of Management, the disposition of these matters should not have a material adverse effect on the Company's financial position. 5. FOREIGN CURRENCY TRANSLATION The financial statements of the Company's United Kingdom subsidiary (see Note 3) are maintained in their functional currency (British pound sterling) and translated into U.S. dollars in accordance with Statement of Financial Accounting Standards No. 52. Assets and liabilities are translated at current exchange rates in effect at the balance sheet date and shareholders' equity is translated at historical exchange rates. Revenues and expenses are translated at the average exchange rate for each period. Translation adjustments, which result from the process of translating British pound sterling financial statements into U.S. dollars, are accumulated in a separate component of stockholders' equity in accordance with Statement No. 52. 6. OTHER INFORMATION In November 1992, the Financial Accounting Standards Board issued Statement of Financial Accounting Standards No. 112, "Employers' Accounting for Postemployment Benefits". This statement requires recognition of benefits provided by an employer to former or inactive employees after employment but before retirement. The statement must be implemented prior to the end of the 1995 fiscal year. Management believes that the impact of SFAS No. 112 will not be material. 7. SUBSEQUENT EVENT In June 1995, an employment related lawsuit in which significant money damages are sought was filed against the Company. The lawsuit is described in Item 1 of Part II of this report. In the opinion of Management, the disposition of this matter should not have a material adverse effect on the Company's financial position. No reserve has been established for this matter because the damages, if any, which may be recovered cannot be reasonable estimated. 7 8 ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS RESULTS OF OPERATIONS - THIRD QUARTER FISCAL 1995 COMPARED TO THIRD QUARTER FISCAL 1994 Net sales for the quarter ended May 31, 1995 totaled $40,970,000, an increase of 35.0% from net sales of $30,343,000 for the same period in fiscal 1994. Approximately 50% of the increase in net sales is due to the Styro-Molders acquisition in April 1994 and to the Astrofoam, Inc. and M.Y. Trondex Ltd. acquisitions in September 1994 and February 1995, respectively (see Note 3 of the Notes to Consolidated Condensed Financial Statements). The M.Y. Trondex acquisition was the Company's first acquisition of a custom molding business in a foreign country (see also Note 5 of the Notes to Consolidated Condensed Financial Statements). The balance of the growth is a result of continued strong demand for the Company's products in all markets and geographic regions which the Company serves and the continued impact of higher selling prices to customers as a result of the Company passing on higher raw material costs to its customers in the first quarter of fiscal 1995 and again in late May 1995. Sales gains are expected to be favorable for the remainder of fiscal 1995 based on current customer order placement rates and prospects for continued strength in the economy. Gross profit for the quarter ended May 31, 1995 amounted to $9,774,000, a 41.3% increase from $6,917,000 in the same quarter of fiscal 1994. The gross profit margin increased to 23.9% in the current quarter from 22.8% in the same period of fiscal 1994. The gross profit margin continued to be favorably impacted by the high sales level (see the results of operations for the nine-month period ended May 31, 1995), but the increase in gross profit margin was partially offset by below-average margins at the Company's newly acquired United Kingdom facilities as the Company continues to make improvements to the efficiency of those operations. Selling and administrative expenses increased $1,205,000 or 29.7% for the quarter ended May 31, 1995 but decreased as a percentage of net sales to 12.9% from 13.4% in the same period of the prior fiscal year. The dollar increase was due primarily to added employee costs in connection with the acquisitions referred to above and increased commissions associated with the higher sales level. Interest expense for the quarter ended May 31, 1995 was $648,000 compared to $359,000 in the third quarter of fiscal 1994. The increase of $289,000 was due to a higher level of outstanding debt coupled with higher interest rates. Income before income taxes for the quarter ended May 31, 1995 increased to $3,836,000 from $2,494,000 for the same period of fiscal 1994, an increase of 53.8%. The provision for income taxes for the quarter ended May 31, 1995 increased due to the increased income before income taxes. Net income for the quarter ended May 31, 1995 was $2,345,000, an increase of 54.4% from $1,519,000 for the same period of fiscal 1994. The increase was due primarily to the increases in net sales and gross profit. The net sales and net income for the three months ended May 31, 1995 were Company records for a third fiscal quarter. 8 9 RESULTS OF OPERATIONS - NINE MONTHS ENDED MAY 31, 1995 COMPARED TO NINE MONTHS ENDED MAY 31, 1994 Net sales for the nine months ended May 31, 1995 totaled $117,780,000, an increase of 36.5% from net sales of $86,291,000 for the same period in fiscal 1994. Approximately 44% of the increase in net sales is due to the Styro-Molders acquisition in April 1994 and to the Astrofoam, Inc. and M.Y. Trondex Ltd. acquisitions in September 1994 and February 1995, respectively. The balance of the increase is attributable to strong demand throughout the period for the Company's products in all markets and geographic regions which the Company serves and higher selling prices to customers as a result of the Company passing on higher raw material costs to its customers in the first quarter of fiscal 1995 and again in late May 1995. Gross profit for the nine months ended May 31, 1995 amounted to $28,328,000, a 42.8% increase from $19,831,000 in the same period of fiscal 1994. The gross profit margin increased to 24.1% in the current nine month period from 23.0% in the same period of fiscal 1994. The gross profit margin was favorably impacted by the high sales level which resulted in more efficient utilization of the Company's manufacturing capacity in both the Company's custom molding and integrated materials operations and by the consumption in the first quarter of raw materials purchased by the Company during the 1994 fiscal year in advance of price increases from the Company's suppliers. Selling and administrative expenses increased $3,306,000 or 27.1% for the nine months ended May 31, 1995 but decreased as a percentage of net sales to 13.2% from 14.1% in the same period of the prior fiscal year. The dollar increase was due primarily to added employee costs in connection with the acquisitions referred to above and increased commissions associated with the higher sales level. Interest expense for the nine months ended May 31, 1995 was $1,679,000 compared to $990,000 in the same period of fiscal 1994. The increase of $689,000 was due to a higher level of outstanding debt coupled with higher interest rates. Income before income taxes for the nine months ended May 31, 1995 increased to $10,977,000 from $6,647,000 for the same period of fiscal 1994, an increase of 65.2%. The provision for income taxes for the nine months ended May 31, 1995 increased due to the increased income before income taxes. Net income for the nine months ended May 31, 1995 was $6,686,000, an increase of 64.3% from $4,070,000 for the same period of fiscal 1994. The increase was due primarily to the increases in net sales and gross profit. The net sales and net income for the nine months ended May 31, 1995 were Company records for a nine-month fiscal period. 9 10 LIQUIDITY AND CAPITAL RESOURCES For the nine months ended May 31, 1995, net cash provided by operating activities amounted to $7,450,000 compared to $6,718,000 for the same period of fiscal 1994. Depreciation and amortization for the periods ended May 31, 1995 and 1994 amounted to $7,976,000 and $7,371,000, respectively. Because a substantial portion of cash flow provided from operations results from depreciation and amortization, the Company believes that its liquidity would not be adversely affected should a period of reduced earnings occur. During the nine months ended May 31, 1995, the Company's accounts receivable, inventories and accounts payable increased due to the Astrofoam, Inc. and M.Y. Trondex, Ltd. acquisitions and the higher sales level. Accounts payable and raw material inventories also increased substantially during the third fiscal quarter due to the purchase of large quantities of raw materials in anticipation of a price increase from the Company's raw material suppliers. Capital expenditures during the nine months ended May 31, 1995 amounted to $17,199,000. Of this amount $13,690,000 related to machinery and equipment, including equipment acquired in the acquisitions. Capital expenditures for environmental control equipment amounted to $1,333,000. As of May 31, 1995, the Company had borrowed $30,515,000 under a credit agreement with its principal bank, including $10,995,000 out of an available $12,000,000 under a revolving credit agreement. During the nine months ended May 31, 1995, the Company increased its borrowing under the revolving credit facility by $9,545,000, including $1,500,000 to finance a substantial portion of the purchase price of the Astrofoam, Inc. acquisition and a total of $3,145,000 to finance the M.Y. Trondex Ltd. acquisition. Total long-term debt increased from $25,284,000 at August 31, 1994 to $32,009,000 at May 31, 1995 as a result of the increased borrowing under the revolving credit facility. Since May 31, 1995, the Company has increased the amount available under the revolving credit agreement from $12,000,000 to $14,000,000, borrowed additional funds under the revolving credit facility and converted $12,000,000 of the amount borrowed under the revolving credit facility to a new ten-year term loan under the credit agreement. After these changes, $12,005,000 remained available under the revolving credit facility. Cash provided by operating activities as supplemented by the amount available under the revolving credit facility should be sufficient to enable the Company to continue to fund its operating requirements, capital expenditures and dividend payments. INFLATION The impact of inflation on the Company's financial position and results of operations during the periods discussed was not significant. 10 11 PART II. OTHER INFORMATION Item 1. LEGAL PROCEEDINGS On June 13, 1995, a Complaint was filed against the Company in Edwina Wilhoit v. Tuscarora, Inc., a civil action in the United States District Court for the Eastern District of Tennessee in Greeneville, Tennessee (No. 2:95-CV-226). The plaintiff, an employee at the Company's Greeneville, Tennessee plant, alleges sexual harassment and assault by the Company's plant manager, in June 1994 in violation of Title VII of the 1964 Federal Civil Rights Act, as amended, the Tennessee Human Rights Act and Tennessee common law. The Complaint also alleges a past pattern of sexual harassment by the plant manager. The plaintiff seeks $1,000,000 in compensatory damages and $4,000,000 in punitive damages from the Company as well as an award of attorneys' fees. The Company has had a sexual harassment policy which has been vigorously enforced for many years. The Company believes it promptly, reasonably and effectively responded to all incidents of alleged sexual harassment referred to in the Complaint and should have no liability for damages as a result of the alleged harassment and assault in June 1994. The plant manager was immediately suspended and then discharged following investigation of the incident. The Company intends to vigorously contest the lawsuit and, after filing an Answer to the Complaint, expects to file a Motion for Summary Judgment. Item 6. EXHIBITS AND REPORTS ON FORM 8-K (a) Exhibits -------- The following exhibits are filed as a part of this report: Exhibit No. Document ----------- -------- 11 Computation of Net Income Per Share. 27 Financial Data Schedule. (b) Reports on Form 8-K ------------------- No events which resulted in the filing of a current report on Form 8-K occurred during the fiscal quarter ended May 31, 1995. 11 12 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. Tuscarora Incorporated (Registrant) Date: July 13, 1995 By /s/ JOHN P. O'LEARY, JR. -------------------------- John P. O'Leary, Jr., President and Chief Executive Officer Date: July 13, 1995 By /s/ BRIAN C. MULLINS -------------------------- Brian C. Mullins, Vice President and Treasurer (Principal Financial Officer and Principal Accounting Officer) 12 13 Tuscarora Incorporated FORM 10-Q FOR QUARTER ENDED MAY 31, 1995 EXHIBIT INDEX The following exhibits are filed as a part of this quarterly report on Form 10-Q. Exhibit No. Document ------- -------- 11 Computation of Net Income Per Share. 27 Financial Data Schedule. 13 EX-11 2 TUSCARORA INC. 10-Q 1 Tuscarora Incorporated EXHIBIT 11 - COMPUTATION OF NET INCOME PER SHARE
Three Months Ended Nine Months Ended May 31, May 31, 1995 1994 1995 1994 ----- ----- ----- ----- (In thousands, except per share data) PRIMARY Weighted average number of shares of Common Stock outstanding 6,153 6,137 6,150 6,124 Net effect of dilutive stock options - based on the treasury stock method using average market price 124 83 106 82 ----- ----- ----- ----- TOTAL 6,277 6,220 6,256 6,206 ===== ===== ===== ===== Net income 2,345 1,519 6,686 4,070 ===== ===== ===== ===== Per share amount $ .37 $ .24 $1.07 $ .66 ===== ===== ===== ===== FULLY DILUTED Weighted average number of shares of Common Stock outstanding 6,153 6,137 6,150 6,124 Net effect of dilutive stock options - based on the treasury stock method using greater of average market price or closing market price 124 83 123 82 ----- ----- ----- ----- TOTAL 6,277 6,220 6,273 6,206 ===== ===== ===== ===== Net income 2,345 1,519 6,686 4,070 ===== ===== ===== ===== Per share amount $ .37 $ .24 $1.07 $ .66 ===== ===== ===== =====
14 EX-27 3 TUSCARORA INC. 10-Q
5 0000821538 TUSCARORA INC. 10-Q 1,000 9-MOS AUG-31-1995 MAY-31-1995 202,582 0 19,997,877 843,198 21,022,627 42,442,393 131,756,247 66,919,874 111,301,604 23,399,827 32,008,623 6,198,618 0 0 47,110,259 111,301,604 117,779,573 117,779,573 89,451,180 89,451,180 0 392,820 1,679,263 10,977,405 4,291,395 6,686,010 0 0 0 6,686,010 1.07 1.07
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