-----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, MZiKBHcmOiH7LH09ooV9iX98jrb/4bJQTXzQHXROoiTgsa82fPoldKOz08+EUT57 NsqSmhOoaKZF/HsiRI/QUQ== 0000895813-95-000083.txt : 19951118 0000895813-95-000083.hdr.sgml : 19951118 ACCESSION NUMBER: 0000895813-95-000083 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19951001 FILED AS OF DATE: 19951109 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: SCOTSMAN INDUSTRIES INC CENTRAL INDEX KEY: 0000846660 STANDARD INDUSTRIAL CLASSIFICATION: AIR COND & WARM AIR HEATING EQUIP & COMM & INDL REFRIG EQUIP [3585] IRS NUMBER: 363635892 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-10182 FILM NUMBER: 95588604 BUSINESS ADDRESS: STREET 1: 775 CORPORATE WOODS PKWY CITY: VERNON HILLS STATE: IL ZIP: 60061 BUSINESS PHONE: 7082154500 10-Q 1 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended October 1, 1995 [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number 1-10182 ----------- Scotsman Industries, Inc. -------------------------------------------------------- (Exact name of registrant as specified in its charter) Delaware 36-3635892 ----------------------- ----------------------------------- (State of Incorporation) (I.R.S. Employer Identification No.) 775 Corporate Woods Parkway, Vernon Hills, Illinois 60061 ---------------------------------------------------------- (Address of principal executive offices) (Zip code) Registrant's telephone number, including area code: (708)215-4500 ------------- 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 ----- ---- At November 3, 1995 there were 8,963,774 shares of registrant's ---------------- --------- common stock outstanding. -1- SCOTSMAN INDUSTRIES, INC. ------------------------- FORM 10-Q --------- October 1, 1995 --------------- INDEX ----- PART I--FINANCIAL INFORMATION: Item 1. FINANCIAL STATEMENTS- HISTORICAL- Condensed Statement of Income Condensed Balance Sheet Condensed Statement of Cash Flows Notes to Condensed Financial Statements Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS PART II--OTHER INFORMATION: Item 1. LEGAL PROCEEDINGS Item 6. EXHIBITS AND REPORTS ON FORM 8-K SIGNATURE -2- PART I--FINANCIAL INFORMATION ----------------------------- ITEM 1. Financial Statements ------------------------------ SCOTSMAN INDUSTRIES, INC. ------------------------- CONDENSED STATEMENT OF INCOME ----------------------------- (Unaudited) ----------- (In thousands, except per share amount) --------------------------------------- For the Three Months Ended --------------------------- Oct. 1, Oct. 2, 1995 1994 ------ ------ Net sales $87,075 $86,282 Cost of sales 63,348 61,125 ------ ------ Gross profit $23,727 $25,157 Selling and administrative expenses 13,079 15,064 ------ ------ Income from operations $10,648 $10,093 Interest expense, net 1,639 1,615 ------ ------ Income before income taxes $ 9,009 $ 8,478 Income taxes 4,099 3,799 ------ ------ Net income $ 4,910 $ 4,679 Preferred stock dividends 310 310 ------ ------ Net income available to common shareholders $ 4,600 $ 4,369 ====== ====== Net income per share (i): Primary $ 0.50 $ 0.52 ====== ====== Fully diluted $ 0.46 $ 0.44 ====== ====== -3- PART I--FINANCIAL INFORMATION ----------------------------- ITEM 1. Financial Statements ----------------------------- CONDENSED STATEMENT OF INCOME - continued ----------------------------- (i) Primary earnings per common share are computed by dividing net income available to common shareholders by the weighted average number of common shares and common stock equivalents outstanding during each period: 9,129,549 and 8,379,719 for the three months ended October 1, 1995, and October 2, 1994, respectively. The computation includes the dilutive impact of common stock options outstanding. The calculation of fully-diluted net income per share is based on net income before preferred stock dividends. The number of shares assumes the conversion of the convertible preferred stock from April 29, 1994, the date of issue, and also includes the dilutive impact, as if issuance had occurred on April 29, 1994, the date of the acquisition of The Delfield Company ("Delfield") and Whitlenge Drink Equipment Limited ("Whitlenge"), of contingent shares which were distributed to the sellers of Delfield and Whitlenge in March 1995 based on those businesses having achieved a specified combined level of earnings during fiscal year 1994. The total number of shares used in the fully- diluted calculation for the three months ended October 1, 1995, and October 2, 1994, were 10,654,786 and 10,583,355, respectively. See notes to unaudited condensed financial statements. -4- PART I--FINANCIAL INFORMATION ----------------------------- ITEM 1. Financial Statements ----------------------------- SCOTSMAN INDUSTRIES, INC. ------------------------- CONDENSED STATEMENT OF INCOME ----------------------------- (Unaudited) ----------- (In thousands, except per share amount) -------------------------------------- For the Nine Months Ended ---------------------------- Oct. 1, Oct. 2, 1995 1994 ------ ------ Net sales $253,512 $200,067 Cost of sales 183,693 140,841 ------- ------- Gross profit $ 69,819 $ 59,226 Selling and administrative expenses 39,929 35,240 ------- ------- Income from operations $ 29,890 $ 23,986 Interest expense, net 4,960 3,921 ------- ------- Income before income taxes $ 24,930 $ 20,065 Income taxes 11,461 8,970 ------- -------- Net income $ 13,469 $ 11,095 Preferred stock dividends 930 524 ------- ------- Net income available to common shareholders $ 12,539 $ 10,571 ======= ======= Net income per share (i): Primary $ 1.40 $ 1.35 ======= ======= Fully diluted $ 1.26 $ 1.22 ======= ======= -5- PART I--FINANCIAL INFORMATION ----------------------------- ITEM 1. Financial Statements ----------------------------- CONDENSED STATEMENT OF INCOME - continued ----------------------------- (i) Primary earnings per common share are computed by dividing net income available to common shareholders by the weighted average number of common shares and common stock equivalents outstanding during each period: 8,940,992 and 7,842,166 for the nine months ended October 1, 1995, and October 2, 1994, respectively. The computation includes the dilutive impact of common stock options outstanding. The calculation of fully-diluted net income per share is based on net income before preferred stock dividends. The number of shares assumes the conversion of the convertible preferred stock from April 29, 1994, the date of issue, and also includes the dilutive impact, as if issuance had occurred on April 29, 1994, the date of the acquisition of Delfield and Whitlenge, of contingent shares which were distributed to the sellers of Delfield and Whitlenge in March 1995 based on those businesses having achieved a specified combined level of earnings during fiscal year 1994. The total number of shares used in the fully- diluted calculation for the nine months ended October 1, 1995, and October 2, 1994, were 10,649,648 and 9,111,023, respectively. See notes to unaudited condensed financial statements. -6- SCOTSMAN INDUSTRIES, INC. ------------------------- CONDENSED BALANCE SHEET ----------------------- (In thousands) --------------
Oct. 1, Jan. 1, A S S E T S 1995 1995 ----------- ---------- ---------- (unaudited) CURRENT ASSETS: Cash and temporary cash investments $ 11,469 $ 9,770 Trade accounts receivable, net of reserves of $2,619 and $2,296 66,162 50,102 Inventories 47,078 48,613 Deferred income taxes 4,639 4,642 Other current assets 2,493 3,255 ------- ------- Total current assets $131,841 $116,382 PROPERTIES AND EQUIPMENT, net of accumulated depreciation of $35,064 and $31,816 42,038 40,657 GOODWILL, net of accumulated amortization of $4,622 and $3,035 93,660 84,038 OTHER NONCURRENT ASSETS 3,149 3,714 ------- ------- $270,688 $244,791 ======= ======= LIABILITIES AND SHAREHOLDERS' EQUITY ------------------------------------ CURRENT LIABILITIES: Short-term debt and current maturities of long-term debt and capitalized lease obligations $ 655 $ 3,030 Trade accounts payable 28,198 24,290 Accrued income taxes 6,169 4,173 Deferred income taxes 288 288 Accrued expenses 28,276 30,036 ------- ------- Total current liabilities $ 63,586 $ 61,817 LONG-TERM DEBT AND CAPITALIZED LEASE OBLIGATIONS 84,704 85,161 DEFERRED INCOME TAXES 2,733 2,917 OTHER NONCURRENT LIABILITIES 8,945 8,433 ------- ------- Total liabilities $159,968 $158,328 ======= ======= SHAREHOLDERS' EQUITY: Common stock, $.10 par value $ 915 $ 846 Preferred stock, $1.00 par value 2,000 2,000 -7- Additional paid in capital 70,469 58,085 Retained earnings 43,827 31,959 Deferred compensation and unrecognized pension cost (74) (53) Foreign currency translation adjustments (5,074) (5,031) Less: Common stock held in treasury (1,343) (1,343) ------- ------- Total Shareholders' Equity $110,720 $ 86,463 ------- ------- $270,688 $244,791 ======= =======
See notes to unaudited condensed financial statements. -8- SCOTSMAN INDUSTRIES, INC. ------------------------- CONDENSED STATEMENT OF CASH FLOWS --------------------------------- (Unaudited) (In Thousands) --------------------------
For the Nine Months Ended ---------------------- Oct. 1, Oct. 2, 1995 1994 -------- -------- CASH FLOW FROM OPERATING ACTIVITIES: Net income $ 13,469 $ 11,095 Adjustments to reconcile net income to net cash provided by operating activities- Depreciation and amortization 5,580 4,117 Change in assets and liabilities- Trade accounts receivable (15,860) (21,057) Inventories 1,637 1,095 Trade accounts payable and other liabilities 4,352 12,532 Other, net 2,016 384 ------- ------- Net cash provided by operating activities $ 11,194 $ 8,166 ------- ------- CASH FLOWS FROM INVESTING ACTIVITIES: Investment in properties and equipment $ (4,829) $ (3,157) Proceeds from disposal of property, plant and equipment 93 15 Acquisition of Delfield and Whitlenge - (26,445) ------- ------- Net cash used in investing activities $ (4,736) $(29,587) ------- ------- CASH FLOWS FROM FINANCING ACTIVITIES: Principal payments under long-term debt and capitalized lease obligations $(18,224) $(40,921) Issuance of long-term debt 17,806 63,000 Dividends paid to shareholders (1,584) (822) Short-term debt, net (2,386) 611 ------- ------- Net cash provided by (used in) financing activities $ (4,388) $ 21,868 ------- ------- Effect of exchange rate changes on cash and temporary cash investments (371) 384 NET INCREASE IN CASH AND TEMPORARY CASH INVESTMENTS $ 1,699 $ 831 -9- CASH AND TEMPORARY CASH INVESTMENTS, beginning of period 9,770 8,462 CASH AND TEMPORARY CASH INVESTMENTS, ------- ------- end of period $ 11,469 $ 9,293 ======= ======= SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: Cash paid during the period for: Interest $ 4,180 $ 3,384 ======= ======= Income taxes $ 8,408 $ 10,983 ======= ======= SUPPLEMENTAL SCHEDULE OF NONCASH INVESTING AND FINANCING ACTIVITIES: Investment in properties and equipment through issuance of capitalized lease obligations $ (64) $ - ======== ======== Issuance of common stock for acquisition $(12,089) $(39,000) ======== ======== See notes to unaudited condensed financial statements.
-10- SCOTSMAN INDUSTRIES, INC. ------------------------- NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS ------------------------------------------------- (1) BASIS OF PRESENTATION: ------------------------- The condensed consolidated financial statements include the accounts of Scotsman Industries, Inc. and its consolidated subsidiaries (the "Company"). All accounting policies used in the preparation of the quarterly condensed financial statements are consistent with the accounting policies described in the notes to financial statements for the year ended January 1, 1995, appearing in the Company's 1994 Annual Report to Shareholders ("Annual Report"). In the opinion of management, the interim financial statements reflect all adjustments which are necessary for a fair presentation of the Company's financial position, results of operations and cash flows for the interim periods presented. The results for such interim periods are not necessarily indicative of results for the full year. These financial statements should be read in conjunction with the consolidated financial statements and the accompanying notes to consolidated financial statements included in the aforementioned Annual Report. (2) INVENTORIES: --------------- Inventories consisted of the following (in thousands): Oct. 1, Jan. 1, 1995 1995 ------- -------- Finished goods $18,263 $19,450 Work-in-process 8,714 9,805 Raw materials 20,101 19,358 ------ ------ Total inventories $47,078 $48,613 ====== ====== -11- (3) CONTINGENCIES: ----------------- On March 26, 1993, Remcor Products Company ("Remcor") filed a lawsuit against the Company's subsidiaries, Scotsman Group, Inc.("SGI") and Booth, Inc. ("Booth"), in the United States District Court for the Northern District of Illinois. In its Complaint, Remcor alleged that certain ice/drink dispensers made and sold by SGI and Booth infringe a patent owned by Remcor relating to a cold plate system. On May 19, 1995, SGI, Booth and Remcor entered into a settlement agreement resolving the lawsuit, and on May 25, 1995, the United States District Court for the Northern District of Illinois entered an order dismissing, with prejudice, the claims filed in this case. Under the terms of the settlement agreement, SGI and Booth may continue to manufacture and sell ice-beverage dispensers employing their current design pursuant to a license included in the settlement agreement. While the settlement agreement provides that the financial terms of the settlement are confidential, the amount paid to Remcor was within the reserve previously established by the Company in connection with the lawsuit, and the Company believes the settlement agreement will not have a material adverse effect upon the Company's financial condition or the results of its operations. -12- (4) ACQUISITION OF DELFIELD AND WHITLENGE: ------------------------------------------ On April 29, 1994, the Company completed the acquisition of Delfield and Whitlenge for approximately $69.3 million in a combination of cash, preferred stock and common stock. The method of accounting which was used for the combination was the purchase method. The acquisition price included: i) $30.4 million in cash, ii) 1.2 million shares of Scotsman common stock (with a market value of $16.5 million on the acquisition date) and iii) 2.0 million shares of Series A $0.62 cumulative convertible preferred stock, with an aggregate liquidation preference of $22.5 million and which are convertible into 1,525,393 shares of common stock. In addition, the acquisition price also included 667,000 shares of additional common stock which were issued on March 17, 1995, based on Delfield and Whitlenge having achieved a specified level of earnings before interest, income taxes, depreciation and amortization for the fiscal year 1994. Such shares had an aggregate market value of $12.1 million on the date of issuance. The Company also assumed $35 million of Delfield and Whitlenge debt as a result of the acquisitions. The amount of goodwill as a result of these acquisitions, including the issuance of the additional 667,000 shares, was $84.9 million, which is being amortized over 40 years using the straight-line method. The results of Delfield and Whitlenge are included in the income statements for the Company beginning after April 29, 1994. Delfield, headquartered in Mt. Pleasant, Michigan, manufactures and sells refrigerated foodservice equipment, primarily in the United States. Whitlenge, located near Birmingham, England, manufactures and sells drink dispensing equipment in Western Europe. Restating the Company's September 1994 year-to-date results to reflect the acquisition as if it took place as of the first day of fiscal year 1994 would have resulted in unaudited pro forma net sales of approximately $237.6 million, and net income of approximately $12.0 million, or $1.13 per share, (including the dilutive impact of the additional common and convertible preferred shares issued in April of 1994 and the contingent shares). Pro forma results are based on assumptions and estimates and are not necessarily indicative of the results of operations of the Company as they might have been had the transaction occurred as discussed above. -13- SCOTSMAN INDUSTRIES, INC. ------------------------- Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations ----------------------------------------------------------- Results of Operations --------------------- The Company reported record third quarter earnings per share, net income and net sales which were driven primarily by continued improvement in Europe, along with continued strength in the domestic ice machine businesses. Compared to prior year, fully-diluted earnings per share for the third quarter were up 5 percent (46 cents versus 44 cents) on a 1 percent increase in sales ($87.1 million versus $86.3 million) and a 5 percent increase in net income ($4.9 million versus $4.7 million). Prior year-to-date comparisons reflect the April 29, 1994, acquisitions of The Delfield Company ("Delfield") and Whitlenge Drink Equipment Limited ("Whitlenge"). Fully-diluted earnings per share for the nine months ended October 1, 1995, were $1.26 versus $1.13 for pro forma 1994 results, which assume the acquisitions of Delfield and Whitlenge had taken place at the beginning of 1994, a 12 percent increase. Sales for the same period compared with pro forma 1994 results were up 7 percent ($253.5 million versus $237.6 million), while net income increased 13 percent to $13.5 million in 1995 from pro forma $12.0 million in 1994. Compared to prior year on an actual reported basis, fully-diluted earnings per share for the nine months ended October 1, 1995 were up 3 percent ($1.26 versus $1.22) on a 27 percent increase in sales ($253.5 million versus $200.1 million) and a 21 percent increase in net income ($13.5 million versus $11.1 million). The impact of changes in foreign exchange rates did not have a significant effect on the comparison of the results of operations for the first nine months of 1995 or third quarter of 1995 compared to the same periods in 1994. Scotsman's worldwide ice machine sales, representing slightly more than half of the Company's sales for both the third quarter of 1995 and year-to-date period ending in September 1995, were up 8 percent in U.S. dollars for the quarter and 12 percent in U.S. dollars on a year- to-date basis compared with actual results of the same periods in the prior year. These increases reflect moderate growth in U.S. markets and substantial gains in most European markets comparable to those seen in the first half of the year. -14- Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations ----------------------------------------------------------- Results of Operations - continued --------------------- Beverage dispensing equipment sales, representing slightly more than 10 percent of the Company's sales in both the third quarter and nine- month period, were up 10 percent and 32 percent, respectively, compared to the prior year's third quarter and year-to-date periods. The year-to-date increase over the prior year was due primarily to the inclusion of Whitlenge's results for the full period in 1995. Beverage dispensing equipment sales for September 1995 year-to-date were up 7 percent compared to the same period in the prior year on a pro forma basis. Sales of food preparation and storage equipment decreased 9 percent for the third quarter, but were up 58 percent for the year-to-date period. Sales of these products were up 2 percent for the year-to- date when compared to prior year on a pro forma basis. Excellent volume gains through Delfield's dealer networks and most national accounts were offset by lower sales to certain significant national customers who are undergoing internal restructuring that has prompted those customers to scale back or postpone their expansion programs. Food preparation and storage equipment represented slightly less than one-third of the Company's sales in the third quarter and year-to-date period ending September 1995. The Company's gross profit margin for the quarter was approximately 2 points lower than the prior-year periods for both the third quarter and nine-month period due primarily to continued increases in material costs and a less favorable product and customer sales mix. The decrease in gross profit margin for the year-to-date period was also impacted by the inclusion of a full nine months for Delfield and Whitlenge, which have historically lower gross profit margins than most of the Company's other businesses. Selling and administrative expenses decreased by approximately $2.0 million for the quarter and increased by $4.7 million for the nine months ended September 1995 when compared to the same periods in 1994. As a percentage of sales, selling and administrative expenses decreased from 17 percent to 15 percent in the quarter and from 18 percent to 16 percent for the year-to-date period. The percentage declines for both periods were attributable to lower domestic litigation costs, reduced medical expenses and a continuing improvement in expense controls. The -15- Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations ----------------------------------------------------------- Results of Operations - continued --------------------- decline in the year-to-date period was also attributable to the inclusion of Delfield which has a historically lower ratio of selling and administrative expenses to sales than most of the Company's other businesses. Interest expense, net, was almost flat in the third quarter of 1995 compared to the same period of the prior year but increased by $1.0 million for the 1995 year-to-date period primarily as a result of a full nine month's impact of the increased domestic borrowings resulting from the financing of the acquisitions of Delfield and Whitlenge in April 1994, along with, to a smaller extent, higher domestic interest rates during 1995. The Company's overall effective tax rate for the third quarter of 1994 and 1995 was 45 percent. The effective tax rate for the nine month period of 1995 was 46 percent compared with 45 percent for the same period of the prior year. The higher effective tax rate for the nine-month period in 1995 is primarily attributable to a greater percentage of earnings from higher taxed foreign operations and also the impact of a full nine months of non-tax deductible goodwill amortization as a result of the acquisitions of Delfield and Whitlenge. -16- Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations ----------------------------------------------------------- Financial Condition ------------------- Cash and temporary cash investments increased by $1.7 million from year end 1994 to October 1, 1995, reflecting higher cash balances at the Company's foreign subsidiaries. Excluding the foreign exchange impact on the following working capital categories, accounts receivable increased by $15.9 million from December of 1994, inventory decreased by $1.6 million from December of 1994, and accounts payable increased $3.8 million from December of 1994. The increase in accounts receivable was attributable to the sales increase when comparing the third quarter of 1995 to the fourth quarter of 1994. The increase in trade accounts payable reflects increased seasonal activity. The decrease in inventory from December 1994 reflects planned inventory reductions at most of the Company's domestic entities. Goodwill was also higher than December of 1994 reflecting the issuance in March 1995 of common shares as additional purchase price for the Delfield and Whitlenge acquisitions which is discussed in Note 4 of Notes to the Condensed Consolidated Financial Statements. Shareholders' equity also increased from December of 1994 primarily as a result of this share issuance, along with net income for the first nine months of 1995. These increases were partially offset by dividends to shareholders and the impact of changes in accumulated translation adjustments on equity. The debt-to-capital ratio at October 1, 1995, was 44 percent compared with 50 percent at year end 1994. The debt-to-capital ratio decreased from year-end 1994 to October 1, 1995, as the result of both the decrease in long-term debt and also the impact of the increase in equity. On February 16, 1995, and May 18, 1995, and August 17, 1995, the Company's Board of Directors declared a dividend of 2 1/2 cents per share payable to shareholders of record on March 31, 1995, June 30, 1995, and September 29, 1995, respectively. -17- PART II. OTHER INFORMATION --------------------------- Item 1. Legal Proceedings Litigation Relating to the Glenco Star Lease. -------------------------------------------- On July 27, 1995, an order was entered in the United States District Court for the Eastern District of Pennsylvania dismissing, with prejudice, all claims against the Company's wholly-owned subsidiary, Scotsman Group Inc. ("SGI"), in connection with a lawsuit filed against SGI and Glenco Star Corporation by the landlord of the facility which housed the Company's former Glenco Star division. The lawsuit was filed in connection with certain disputes arising out of the lease of that facility. For a discussion of the terms of the settlement agreements that resulted in the entry of such order of dismissal, see Part II, Item 1, of the Company's Quarterly Report on Form 10-Q for the Quarterly Period Ended April 2, 1995. Item 6. Exhibits and Reports on Form 8-K -------------------- (a) Exhibits. The following exhibits are filed as part of this report. Exhibit 27 Article 5 Financial Data Schedule for the Period Ended October 1, 1995. (b) The Registrant filed no reports on Form 8-K during the quarterly period ended October 1, 1995. -18- SIGNATURE --------- Pursuant to the requirements of the Securities and Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. SCOTSMAN INDUSTRIES, INC. ------------------------- Date November 6, 1995 By: /s/Donald D. Holmes ------------------------- ------------------------ Donald D. Holmes Vice President-Finance and Secretary -19- EX-27 2 ART. 5 FDS FOR THIRD QUARTER 10-Q
5 This schedule contains summary financial information extracted from Scotsman Industries, Inc. Condensed Balance Sheet (Unaudited) as of October 1, 1995 and Scotsman Industries, Inc. Condensed Statement of Income (Unaudited) for the Nine Months Ended October 1, 1995 and is qualified in its entirety by reference to such financial statements. 1000 9-MOS DEC-31-1995 OCT-01-1995 JAN-02-1995 11,469 0 66,162 2,619 47,078 131,841 42,038 35,064 270,688 63,586 84,704 915 0 2,000 107,805 270,688 253,512 253,512 183,693 183,693 0 0 4,960 24,930 11,461 13,469 0 0 0 13,469 1.40 1.26
-----END PRIVACY-ENHANCED MESSAGE-----