-----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, Aic895FxsZWT/mZAOFY7W3bxdMRnMya4gxgCdQzK8duuOt0m0wCrh199agQu9QKN FpqR4++RL11HsyCpPqzXkg== 0000950131-98-002647.txt : 19980421 0000950131-98-002647.hdr.sgml : 19980421 ACCESSION NUMBER: 0000950131-98-002647 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19980331 FILED AS OF DATE: 19980420 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: RIVAL CO CENTRAL INDEX KEY: 0000860194 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC HOUSEWARES & FANS [3634] IRS NUMBER: 133327021 STATE OF INCORPORATION: DE FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 000-20274 FILM NUMBER: 98597159 BUSINESS ADDRESS: STREET 1: 800 E 101ST TERRACE CITY: KANSAS CITY STATE: MO ZIP: 64131 BUSINESS PHONE: 8169434100 MAIL ADDRESS: STREET 1: 800 E 101ST TERRACE CITY: KANSAS CITY STATE: MO ZIP: 64131 10-Q 1 FORM 10-Q UNITED STATES 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 March 31, 1998. OR ( ) 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 0-20274 ------- THE RIVAL COMPANY - -------------------------------------------------------------------------------- (Exact name of registrant as specified in its charter) Delaware 43-0794462 - ------------------------------- ------------------- (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 800 E. 101st Terrace, Kansas City, MO 64131 - -------------------------------------------------------------------------------- (Address of principal executive offices) (Zip Code) (816) 943-4100 - -------------------------------------------------------------------------------- (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 (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. (l) Yes X No ----- ----- (2) Yes X No ----- ----- Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practical date. As of April 13, 1998, the registrant had 9,396,227 shares of common stock, par value $.01 per share, outstanding. THE RIVAL COMPANY FORM 10-Q QUARTER ENDED March 31, 1998 INDEX
PART I. - FINANCIAL INFORMATION Page ITEM 1. Financial Statements (1) Condensed Consolidated Financial Statements (unaudited): Condensed Consolidated Balance Sheets as of March 31, 1998, March 31, 1997 and June 30, 1997. 3 Condensed Consolidated Statements of Operations for the three months and nine months ended March 31, 1998 and 1997. 4 Consolidated Statements of Cash Flows for the nine months ended March 31, 1998 and 1997. 5 (2) Notes to Condensed Consolidated Financial Statements. 6-8 ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of Operations. 9-10 PART II. - OTHER INFORMATION ITEM 4 Submission of Matters to a Vote of Security Holders 10 ITEM 6. Exhibits and Reports on Form 8-K 10
2 PART I - FINANCIAL INFORMATION THE RIVAL COMPANY AND SUBSIDIARIES ------------------------------ CONDENSED CONSOLIDATED BALANCE SHEETS March 31, 1998 and 1997 and June 30, 1997 (amounts in thousands) (unaudited)
03/31/98 03/31/97 06/30/97 -------- -------- -------- ASSETS Current assets: Cash $ 1,438 $ 369 $ 194 Accounts receivable 68,877 71,014 74,663 Inventories 99,319 104,820 105,287 Deferred income taxes 1,872 2,632 2,584 Prepaid expenses 1,597 2,091 1,375 -------- -------- -------- Total current assets 173,103 180,926 184,103 Property, plant and equipment, net 45,840 43,173 46,695 Goodwill 60,978 62,919 62,314 Other assets 4,908 5,504 5,493 -------- -------- -------- $284,829 $292,522 $298,605 ======== ======== ======== LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Notes payable to banks $ 44,000 $ 52,946 $ 65,075 Current portion of long-term debt 6,000 4,000 4,000 Trade accounts payable 14,362 16,696 15,477 Income taxes payable 3,855 1,113 1,231 Other payables and accrued expenses 13,325 15,523 13,501 -------- -------- -------- Total current liabilities 81,542 90,278 99,284 Long-term debt, less current portion 78,000 84,000 84,000 Deferred income taxes and other liabilities 5,766 4,289 4,931 Stockholders' equity: Common stock 98 98 98 Paid-in capital 45,908 45,626 45,656 Retained earnings 79,344 69,120 69,706 Treasury stock, at cost (5,608) (310) (4,438) Foreign currency translation adjustments (221) (579) (632) -------- -------- -------- Total stockholders' equity 119,521 113,955 110,390 -------- -------- -------- $284,829 $292,522 $298,605 ======== ======== ========
See accompanying notes to condensed consolidated financial statements. 3 THE RIVAL COMPANY AND SUBSIDIARIES ------------------------------------------------ CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS Three months and nine months ended March 31, 1998 and March 31, 1997 (amounts in thousands, except per share amounts) (unaudited) Three months ended Nine months ended ------------------ -----------------
03/31/98 03/31/97 03/31/98 03/31/97 --------- --------- --------- --------- Net sales $ 70,851 $ 74,828 $ 295,400 $ 296,044 Cost of sales 53,199 60,488 217,998 218,075 --------- --------- --------- --------- Gross profit 17,652 14,340 77,402 77,969 Selling expenses 10,758 11,510 38,813 39,024 General and administrative expenses 3,180 3,136 10,059 9,853 Restructuring expenses -- 3,000 -- 3,000 Amortization of goodwill & other intangible assets 704 847 2,189 2,335 --------- --------- --------- --------- Operating income (loss) 3,010 (4,153) 26,341 23,757 Interest expense 2,392 2,376 7,851 7,606 Other expense, net 151 39 59 33 --------- --------- --------- --------- Earnings (loss) before income taxes 467 (6,568) 18,431 16,118 Income tax expense (benefit) 200 (2,230) 7,001 6,586 --------- --------- --------- --------- Net earnings (loss) $ 267 $ (4,338) $ 11,430 $ 9,532 ========= ========= ========= ========= Weighted average common shares outstanding 9,395 9,741 9,430 9,735 ========= ========= ========= ========= Net earnings (loss) per common share (Basic EPS) $ 0.03 $ (0.45) $ 1.21 $ 0.98 ========= ========= ========= ========= Weighted average common and common equivalent shares outstanding 9,529 9,741 9,596 9,963 ========= ========= ========= ========= Net earnings (loss) per common share (Diluted EPS) $ 0.03 $ (0.45) $ 1.19 $ 0.96 ========= ========= ========= =========
See accompanying notes to condensed consolidated financial statements. 4 THE RIVAL COMPANY AND SUBSIDIARIES ----------------------------------------------------- CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS Nine months ended March 31, 1998 and March 31, 1997 (amounts in thousands) (unaudited)
Nine months ended ----------------- 03/31/98 03/31/97 -------- -------- Cash flows from operating activities: Net earnings $ 11,430 $ 9,532 Adjustments to reconcile net earnings to net cash used by operating activities: Depreciation and amortization 7,857 7,822 Other 109 170 Changes in assets and liabilities, net of acquisitions: Accounts receivable 5,786 3,089 Inventories 5,968 2,966 Prepaid expenses (222) 51 Accounts payable and accruals (1,291) (1,862) Deferred income taxes 712 (1,030) Income taxes payable 2,624 916 --------- -------- Net cash provided by operating activities 32,973 21,654 --------- -------- Cash flows from investing activities: Capital expenditures (5,198) (7,291) Acquisition of business -- (11,001) Other 504 68 --------- -------- Net cash used by investing activities (4,694) (18,224) --------- -------- Cash flows from financing activities: Net borrowings (repayments) under working capital loans (21,075) 1,050 Payment of long term debt (4,000) (4,000) Net proceeds from issuance of common stock 252 138 Repurchase of common stock (1,170) -- Dividends paid (1,792) (1,752) Other 750 -- --------- -------- Net cash used by financing activities (27,035) (4,564) --------- -------- Net increase (decrease) in cash 1,244 (1,134) Cash at beginning of period 194 1,503 --------- -------- Cash at end of period $ 1,438 $ 369 ========= ========
See accompanying notes to condensed consolidated financial statements. 5 THE RIVAL COMPANY AND SUBSIDIARIES ------------------------ Notes to Condensed Consolidated Financial Statements Nine Months Ended March 31, 1998 and March 31, 1997 Note 1 - ------ In the opinion of Management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments (consisting of normal recurring accruals) considered necessary to present fairly the financial position of the Company as of March 31, 1998 and 1997 and the results of its operations and its cash flows for the periods ended March 31, 1998 and 1997. The June 30, 1997 condensed consolidated balance sheet has been derived from the audited consolidated financial statements as of that date. These financial statements have been prepared in accordance with the instructions to Form 10-Q. To the extent that information and footnotes required by generally accepted accounting principles for complete financial statements are contained in or consistent with the audited consolidated financial statements incorporated by reference in the Company's Form 10-K for the year ended June 30, 1997, such information and footnotes have not been duplicated herein. Note 2 Seasonality - ------------------- The results of operations for the nine months ended March 31, are not indicative of the results to be expected for the full year due to the seasonal nature of the Company's operations. Note 3 Inventories - ------------------ The following is a summary of inventories at March 31, 1998 and 1997 and June 30, 1997 (in thousands):
3/31/98 3/31/97 06/30/97 ------- -------- --------- Raw Materials and work in progress $ 41,334 $ 51,996 $ 52,933 Finished goods 64,100 58,043 57,794 -------- -------- -------- 105,434 110,039 110,727 Less LIFO allowance (6,115) (5,219) (5,440) -------- -------- -------- $ 99,319 $104,820 $105,287 ======== ======== ========
Note 4 Derivative Financial Instruments - ---------------------------------------- In conjunction with the sale of $50 million in 7.21% unsecured notes in April 1996, the Company entered into a twelve year interest rate swap transaction with Bank of America, N.A. (B of A) in the notional amount of $25 million. The effect of the swap transaction was to convert the interest payment stream on $25 million of the notes to a variable rate which was approximately 0.45% above the prevailing six-month LIBOR rate. During November 1997, the Company entered into an agreement with B of A to terminate the interest rate swap agreement in exchange for a payment by B of A to the Company in the amount of $750,000. The Company will recognize the $750,000 gain as a reduction of interest expense through the 2008 maturity of the underlying notes resulting in an effective interest rate to maturity of 6.74% on $25 million of the notes. 6 Note 5 Business Segments The Rival Company manages its operations through four business units: kitchen electrics and personal care (kitchen electrics), home environment, industrial and building supply (industrial) and international. The kitchen electrics business unit sells products including Crock-Pot(R) slow cookers, toasters, ice cream freezers, can openers and massagers to retailers throughout the U.S. The home environment business unit sells products including fans, air purifiers, humidifiers, electric space heaters, utility pumps and household ventilation to retailers throughout the U.S. The industrial group sells products including industrial fans and drum blowers, household ventilation, ceiling fans, door chimes and electric heaters to electrical and industrial wholesale distributors throughout the U.S. The international business unit sells the Company's products outside the U.S. The Company is reporting business segment information in accordance with the provisions of Financial Accounting Standards No. 131, `Disclosures about Segments of an Enterprise and Related Information' which was issued in June 1997. The Rival Company evaluates performance based upon contribution margin, which it defines as gross margin less selling expenses. Administrative functions such as finance and management information systems are centralized and are not allocated to the business units. The various business units share manufacturing and distribution facilities. Costs of operating the manufacturing plants are allocated to the business units through full-absorption standard costing and distribution costs are allocated based upon volume shipped from each distribution center. Summary financial information for each reportable segment, together with non- business unit results consisting of sales directly to consumers, for the three month periods ended March 31, 1998 and 1997 is as follows (in thousands):
March Kitchen Home Inter- 1998 Electrics Environment Industrial national Other Total - ----------------------------------------------------------------------------------------------- Net sales $ 35,692 $20,973 $ 4,987 $ 7,292 $1,907 $ 70,851 Gross profit 8,655 5,132 1,191 1,699 975 17,652 Selling expenses 4,343 2,871 1,662 1,446 436 10,758 Contribution margin 4,312 2,261 (471) 253 539 6,894 March Kitchen Home Inter- 1997 Electrics Environment Industrial national Other Total - ----------------------------------------------------------------------------------------------- Net sales $ 35,080 $24,715 $ 6,470 $ 7,217 $1,346 $ 74,828 Gross profit 5,350 4,773 1,540 1,853 824 14,340 Selling expenses 4,344 3,674 2,026 1,095 371 11,510 Contribution margin 1,006 1,099 (486) 758 453 2,830 Summary financial information for the nine-month periods ended March 31, 1998 and 1997 is as follows (in thousands): March Kitchen Home Inter- 1998 Electrics Environment Industrial national Other Total - ----------------------------------------------------------------------------------------------- Net sales $160,102 $73,436 $19,902 $36,775 $5,185 $295,400 Gross profit 42,957 16,809 4,868 9,970 2,798 77,402 Selling expenses 17,053 9,326 5,588 5,642 1,204 38,813 Contribution margin 25,904 7,483 (720) 4,328 1,594 38,589 March Kitchen Home Inter- 1997 Electrics Environment Industrial national Other Total - ----------------------------------------------------------------------------------------------- Net sales $154,778 $86,547 $22,761 $28,462 $3,496 $296,044 Gross profit 42,280 18,220 5,549 9,673 2,247 77,969 Selling expenses 16,273 10,446 6,417 4,835 1,053 39,024 Contribution margin 26,007 7,774 (868) 4,838 1,194 38,945
7 Note 6 Treasury Stock Purchases - ------------------------------- During December 1997, the Company repurchased 37,700 shares of its common stock at a price of $13.625 per share. In January 1998, the Company repurchased an additional 50,000 shares of its common stock at a price of $13.125. The purchases were financed through borrowings under the Company's revolving credit agreement. Note 7 Net Earnings Per Share - ----------------------------- In February 1997, the Financial Accounting Standards Board issued Statement No. 128, "Earnings Per Share" which revises the calculation and presentation provisions of Accounting Principles Board Opinion 15 ("APB 15") and related interpretations. Statement No. 128 has been adopted in the accompanying financial statements with retroactive application. Basic earnings per share excludes dilution and is computed by dividing net earnings by the weighted average number of common shares outstanding for the period. Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock. Diluted earnings per share is computed based upon the weighted average number of common shares and dilutive common equivalent shares outstanding. Common stock options, which are common stock equivalents, have a dilutive effect on earnings per share in all periods except the March 1997 quarter and are therefore included in the computation of diluted earnings per share for such other periods. Diluted earnings per share in the accompanying statements of operations is identical to the primary earnings per share previously presented in accordance with APB 15 except for the March 1997 quarter. Note 8 Contingencies - -------------------- On January 23, 1998, the Court of Appeal in Quebec increased a judgment against four defendants, including Biotech Electronics Ltd. ("Biotech") from CDN $0.2 million to CDN $2.9 million (U.S. $2.1 million) together with interest and other costs. The total judgment is approximately CDN $7.2 million (U.S. $5.1 million). Biotech was the predecessor of Bionaire, Inc. which was acquired by the Company in April 1996 and subsequently merged into the Company's wholly owned subsidiary, The Rival Company of Canada, Ltd. ("Rival-Canada"). The litigation relates to Biotech stock transactions in 1984 over 12 years prior to the acquisition of Bionaire by the Company. Regardless, because of the relationship of these corporations, the judgement, if not modified, will be a joint and several obligation of Rival-Canada and the co-defendants. The judgment is substantially in excess of the net worth of Rival-Canada which is approximately CDN $1.3 million (U.S. $0.9 million). Rival-Canada has filed its motion seeking leave to file an appeal before the Supreme Court of Canada. Additionally, the Company is exploring the likelihood of recoveries from insurance carriers, from the other defendants and in the event the judgment is not reversed and Rival-Canada must ultimately participate in satisfying it, abandoning Rival-Canada and doing business in that country through another entity. The ultimate liability under this litigation, if any, cannot be reasonably estimated at this time. The Company believes that the ultimate conclusion of this litigation will not have a material adverse effect on the consolidated financial condition of the Company but could have a material effect on results of operations for an individual quarterly reporting period. Certain of the foregoing are forward looking statements, and are subject to uncertainties related to ongoing litigation and settlement negotiations. 8 ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Results of Operations Net sales were $70.9 million for the quarter ended March 31, 1998 compared to $74.8 million in the prior year. For the first nine months of the fiscal year, sales were $295.4 million compared to $296.0 million in the prior year. The sales decline for the quarter was the result of lower shipments of seasonal home environment products such as fans, pumps, heaters and humidifiers in the U.S. and Canada. Warmer and drier than normal weather patterns in key markets adversely impacted sales in our home environment, industrial and building products and international business units. The kitchen electrics business unit reported a 2% sales gain for the quarter and a 3% increase year to date due to strong sales of Crock Pot (R) slow cookers and new products from the Dazey acquisition which more than offset declines in sales of toasters and novelty massagers. Sales of home environment products have declined 15% year to date due to reduced retail placement as well as the aforementioned unfavorable weather factor. Sales in the international business unit have increased 29% year to date due to sales gains in Canada and Latin America. Gross profit was $17.7 million (24.9% of sales) for the current year's quarter compared to $14.3 million (19.2% of sales) in the prior year. For the nine months, gross profit was $77.4 million (26.2% of sales) compared to $78.0 million (26.3% of sales) in the prior year. The improved third quarter margins were largely the result of improved plant utilization due to the benefits of the restructuring that occurred in the prior year together with higher manufacturing volume resulting from lower inventories at the start of the period. Year to date margins were essentially flat as a percentage of sales as improvements in manufacturing utilization and the reduced overhead have been offset by declining sales of high margin novelty massagers and price pressures in the competitive retail environment. Selling expenses were $10.8 million (15.2% of sales) for the quarter compared to $11.5 million (15.4% of sales) in the prior year. For the nine months, selling expenses were $38.8 million (13.1% of sales) compared to $39.0 million (13.2% of sales) in the prior year. The Company has increased its investment in marketing and product development and has largely offset such increases with reductions in fixed selling expenditures including lower personnel costs. General and administrative costs were $3.2 million for the quarter compared to $3.1 million in the prior year. For the nine months, general and administrative costs increased 2% to $10.1 million. Substantial savings were achieved due to the consolidation of certain administrative functions in Canada, however, these were largely offset by increased legal and professional expenses incurred involving the Company's intellectual property. A restructuring charge of $3.0 million was recognized during the March 1997 quarter as a result of the decision to close the Montreal, Quebec production and shipping facility together with the consolidation of certain Canadian administrative functions. The restructuring charge represented the estimated cost of ongoing lease obligations in excess of anticipated sublease income as well as severance costs. Interest expense was substantially unchanged for the most recent quarter as compared to the prior year as interest rates increased slightly and average borrowings declined. Interest expense for the nine months increased from $7.6 million to $7.9 million. The increase was primarily the result of higher borrowings caused by the Company's investment of $10 million in the January 1997 acquisition of certain assets of Dazey Corporation and its repurchase of $5.3 million of the Company's common stock during the past twelve months. 9 Net earnings for the quarter ended March 31, 1998 were $0.3 million ($0.03 per share) compared to a loss of $4.3 million ($0.45 per share) in the prior year. For the nine months, net earnings were $11.4 million ($1.19 per share) compared to $9.5 million ($0.96 per share) in the prior year. Liquidity and Capital Resources As of March 31, 1998 the Company had $84.0 million in long term debt (including $6 million current portion) and $75 million in revolving loan commitments. Revolving credit loans outstanding were $44.0 million as of such date. The long-term debt requires periodic principal payments including $6.0 million in January 1999 and has a final maturity in 2008. The revolving credit facility expires in June 1999 and currently bears interest at a floating rate of LIBOR plus .75%. During the nine months ended March 31, 1998, the Company generated $33.0 million of cash from operating activities as compared to $21.7 million of cash generated in the prior year. The increase in cash from operating activities was the result of improved working capital management. The Company historically requires a significant amount of cash each fall to fund its build-up in inventories and accounts receivable during its peak selling season. These cash requirements are funded through borrowings on the working capital line. The Company plans to make capital expenditures of approximately $8.0 million during fiscal 1998. Management believes that cash generated from operations and its bank credit facility will be sufficient to meet its cash requirements for the foreseeable future. New Accounting Pronouncement In 1997, the Financial Accounting Standard's Board issued Statement No. 130, "Reporting Comprehensive Income". This statement, which is effective for fiscal years beginning after December 15, 1997 expands disclosures and will have no impact on the Company's reported financial position, results of operations or cash flow. Computer Systems and the Year 2000 During the past several years, the Company has replaced all of its significant computer software applications and, as a result, all of such systems are Year 2000 compliant (i.e., support proper processing of transactions relating to the year 2000 and beyond.) The Company has created a task force to review Year 2000 compliance of its key suppliers and service providers in an effort to reduce the potential adverse impact on its operations from non-compliance by such parties. The cost of this review is not expected to be significant. PART II - OTHER INFORMATION --------------------------- ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K -------------------------------- (a) Exhibits. 11 Schedule regarding computation of per share earnings. (b) Reports on Form 8-K None 10 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. THE RIVAL COMPANY Dated: April 20, 1998 By: /s/ William L. Yager ------------------------ William L. Yager President and Chief Operating Officer (Duly Authorized Officer) Dated: April 20, 1998 By: /s/ W. Mark Meierhoffer ------------------------- W. Mark Meierhoffer Senior Vice-President of Finance and Administration, Chief Financial Officer 11 EX-11 2 COMPUTATIONS EARNINGS PER SHARE Exhibit 11 THE RIVAL COMPANY AND SUBSIDIARIES Diluted Earnings Per Share (in thousands except per share data)
Three months ended Nine months ended -------------------- ------------------- 03/31/98 03/31/97 03/31/98 03/31/97 -------- -------- -------- -------- Net earnings (loss) $ 267 $ (4,338) $ 11,430 $ 9,532 ======== ======== ======== ======== Diluted Earnings (Loss) Per Share - --------------------------------- Weighted average common and common equivalent shares outstanding 9,529 9,968 9,596 9,963 ======== ======== ======== ======== Earnings (loss) per common and common equivalent share (diluted) $0.03 (a)$ (0.44) $ 1.19 $ 0.96 ======== ======== ======== ======== Share computation: Average common shares outstanding 9,395 9,741 9,430 9,735 Average number of options outstanding 733 659 793 672 Less treasury shares acquired with proceeds from exercise of options (599) (432) (627) (444) ======== ======== ======== ======== Weighted average common and common equivalent shares outstanding 9,529 9,968 9,596 9,963 ======== ======== ======== ========
(a) The common stock equivalents are anti-dilutive and, therefore, are excluded from the presentation in the Condensed Consolidated Statements of Earnings for the quarter ended March 31, 1997. EX-27 3 FINANCIAL DATA SCHEDULE
5 This schedule contains summary financial information extracted from Form 10-Q for the quarter ended 3/31/98 and is qualified in its entirety by reference to such financial statements. 9-MOS 9-MOS JUN-30-1998 JUN-30-1997 JUL-01-1997 JUL-01-1996 MAR-31-1998 MAR-31-1997 1,438 369 0 0 71,625 73,732 2,748 2,718 99,319 104,820 173,103 180,926 82,541 77,173 36,701 34,000 284,829 292,522 81,542 90,278 78,000 84,000 0 0 0 0 98 98 119,423 113,857 284,829 292,522 295,400 296,044 295,400 296,044 217,998 218,075 217,998 218,075 51,061 54,212 700 655 7,851 7,606 18,431 16,118 7,001 6,586 11,430 9,532 0 0 0 0 0 0 11,430 9,532 1.19 0.96 1.19 0.96
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