-----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, RoYJEoQgOwH9cfBaVY6zf6ZSF65eqcyxSfp1JaO3hR4Bum2y3wbOrJt1eVuIXacX 6kv5pQiDqO4smjds2ZOeEw== 0000877212-96-000008.txt : 19961115 0000877212-96-000008.hdr.sgml : 19961115 ACCESSION NUMBER: 0000877212-96-000008 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19960828 FILED AS OF DATE: 19961113 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: ZEBRA TECHNOLOGIES CORP/DE CENTRAL INDEX KEY: 0000877212 STANDARD INDUSTRIAL CLASSIFICATION: GENERAL INDUSTRIAL MACHINERY & EQUIPMENT [3560] IRS NUMBER: 362675536 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-19406 FILM NUMBER: 96662264 BUSINESS ADDRESS: STREET 1: 333 CORPORATE WOODS PKWY CITY: VERNON HILLS STATE: IL ZIP: 60061 BUSINESS PHONE: 7086346700 10-Q 1 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 September 28, 1996 Commission File Number: O-19406 Zebra Technologies Corporation (Exact name of registrant as specified in its charter) Delaware 36-2675536 (State or other jurisdiction of (IRS Employer Identification No.) incorporation or organization) 333 Corporate Woods Parkway, Vernon Hills, IL 60061 (Address of principal executive offices) (Zip Code) (847) 634-6700 (Registrant's telephone number, including area code) Indicate by check mark whether the registrant 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 has been subject to such filing requirements for the past 90 days. [ X ] Yes [ ] No As of November 11, 1996, there were the following shares outstanding: Class A Common Stock, $.01 par value: 16,913,006 Class B Common Stock, $.01 par value: 7,315,404 ZEBRA TECHNOLOGIES CORPORATION AND SUBSIDIARIES QUARTER ENDED SEPTEMBER 28, 1996 INDEX PAGE PART I - FINANCIAL INFORMATION Item 1. Consolidated Financial Statements Independent Auditors' Review Report 2 Consolidated Balance Sheets as of September 28, 1996 (unaudited) and December 31, 1995 3 Consolidated Statements of Earnings (unaudited) for the three and nine months ended September 28, 1996 and September 30, 1995 4 Consolidated Statements of Cash Flows (unaudited) for the nine months ended September 28, 1996 and September 30, 1995 5 Notes to Consolidated Financial Statements 6 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 7 PART II - OTHER INFORMATION Item 6. Exhibits and Reports on Form 8-K 10 SIGNATURES 13 Independent Auditors' Review Report The Board of Directors Zebra Technologies Corporation: We have reviewed the consolidated balance sheet of Zebra Technologies Corp- oration and subsidiaries as of September 28, 1996, and the related consolidated statements of earnings for the three-month and nine-month periods ended September 28, 1996 and September 30, 1995 and consolidated statements of cash flows for the nine months ended September 28, 1996 and September 30, 1995. These consolidated financial statements statements are the responsibility of the Company's management. We conducted our review in accordance with standards established by the American Institute of Certified Public Accountants. A review of interim financial information consists principally of applying analytical procedures to financial data and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with generally accepted auditing standards, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion. Based on our review, we are not aware of any material modifications that should be made to the accompanying consolidated financial statements for them to be in conformity with generally accepted accounting principles. We have previously audited, in accordance with generally accepted auditing standards, the consolidated balance sheet of Zebra Technologies Corporation and subsidiaries as of December 31, 1995, and the related consolidated statements of earnings, stockholders' equity, and cash flows for the year then ended (not presented herein); and in our report dated February 13, 1996, we expressed an unqualified opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanying consolidated balance sheet as of December 31, 1995, is fairly stated, in all material respects, in relation to the consolidated balance sheet from which it has been derived. Chicago, Illinois KPMG Peat Marwick LLP October 10, 1996 ZEBRA TECHNOLOGIES CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (Dollars in thousands) September 28, December 31, 1996 1995 (Unaudited) ASSETS Current assets: Cash and cash equivalents $4,805 $10,017 Investments and marketable securites 81,136 61,841 Accounts receivable, net of allowance 29,034 24,887 Inventories: Finished goods 8,000 9,519 Work-in-process 265 354 Raw materials 11,749 10,492 Total inventories 20,014 20,365 Deferred income taxes 0 787 Prepaid expenses 1,063 1,379 Total current assets 136,052 119,276 Machinery and equipment at cost, less accumulated depreciation and amortization 11,044 8,319 Other assets 2,833 3,476 Deferred income taxes 148 0 Total assets $150,077 $131,071 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $8,142 $11,268 Accrued liabilities 5,284 4,012 Notes payable 2 37 Current portion of obligation under capitalized lease with related party 61 59 Income taxes payable 3,959 4,067 Total current liabilities 17,448 19,443 Obligation under capitalized lease with related party, less current portion 131 177 Long term liability 2,212 2,000 Deferred income taxes 0 1,124 Other 308 121 Total liabilities $20,099 $22,865 Stockholders' equity: Preferred stock, $.01 par value, 10,000,000 shares authorized, none outstanding Class A Common Stock, $.01 par value, 35,000,000 shares authorized, 16,902,290 and 16,865,500 shares issued and outstanding in 1996 and 1995, respectively 169 169 Class B Common Stock, $.01 par value, 35,000,000 shares authorized, 7,315,404 and 7,318,062 shares issued and outstanding in 1996 and 1995, respectively 73 73 Paid-in capital 30,039 29,645 Retained earnings 99,933 79,709 Unrealized holding loss on investments (122) (1,166) Cumulative translation adjustment (114) (224) Total stockholders' equity $129,978 $108,206 Total liabilities and stockholders' equity$150,077 $131,071 See accompanying notes to consolidated financial statements.
ZEBRA TECHNOLOGIES CORPORATION CONSOLIDATED STATEMENTS OF EARNINGS (Amounts in thousands, except for per share data) (Unaudited) Three Months Ended Nine Months Ended Sept. 28, Sept. 30, Sept. 28, Sept. 30, 1996 1995 1996 1995 Net sales $43,757 $37,480 $122,596 $107,360 Cost of sales 22,324 19,214 63,342 56,015 Gross profit 21,433 18,266 59,254 51,345 Operating expenses: Sales and marketing 4,164 3,663 13,746 9,780 Research and development 2,287 2,289 7,974 5,611 General and administrative 3,048 2,575 9,843 6,597 Acquired in-process technology 3 6,028 1,117 6,028 Total operating expenses 9,502 14,555 32,680 28,016 Income from operations 11,931 3,711 26,574 23,329 Other income (expense): Investment income 1,351 798 4,110 2,484 Interest expense (3) 16 (16) 5 Other, net 154 18 141 116 Foreign exchange gain (loss) (29) 77 55 217 Total other incomes 1,473 909 4,290 2,822 Income before income taxes 13,404 4,620 30,864 26,151 Provision for income taxes 4,690 3,657 10,640 11,483 Net income $8,714 $963 $20,224 $14,668 Net income per share $0.36 $0.04 $0.84 $0.61 Average shares outstanding 24,203 24,133 24,197 24,094 See accompanying notes to consolidated financial statements.
ZEBRA TECHNOLOGIES CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (Dollars in thousands) (Unaudited) Nine Months Ended September 28, September 30, 1996 1995 Cash flows from operating activities: Net income $20,224 $14,668 Adjustments to reconcile net income to net cash provided by operating activities, net of acquisitions: Depreciation and amortization 2,193 1,366 Deferred income taxes (485) 1,397 Acquired in-process technology 1,117 6,028 Increase in accounts receivable (4,147) (5,694) (Increase) decrease in inventories 351 (2,572) (Increase) decrease in other assets 850 (624) Increase (decrease) in accounts payable (3,126) 2,329 Increase in accrued expenses 1,459 762 Increase (decrease) in income taxes payable (108) 1,900 Net increase (decrease) in other operating assets and liabilities 427 (1,271) Net (purchases) sales of investments and marketable securities (18,174) (12,199) Net cash provided by operating activities 581 6,090 Cash flows from investing activities: Purchases of machinery and equipment (4,803) (3,923) Net purchases of investments and marketable securities (78) (674) Net cash used in investing activities (4,881) (4,597) Cash flows from financing activities: Proceeds from exercise of stock options 129 534 Issuance (repayment) of short-term notes payable (35) 43 Payments for obligation under capital lease (45) (43) Payments for acquisition (962) (2,550) Net cash used in financing activities (912) (2,016) Net decrease in cash and cash equivalents (5,212) (523) Cash and cash equivalents at beginning of period10,017 10,421 Cash and cash equivalents at end of period $4,805 $9,898 Supplemental disclosures of cash flow information: Interest paid 16 19 Income taxes paid $10,145 $9,537 Supplemental schedule of noncash investing and financing activities: The Company purchased all of the capital stock of Vertical Technologies, Inc. for $8,050 in cash and common stock during 1995. In conjunction with the acquisition, liabilities were assumed as follows: Fair value of assets acquired $8,358 Cash and common stock paid 8,050 Liabilities assumed $308 See accompanying notes to consolidated financial statements.
ZEBRA TECHNOLOGIES CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Note 1 - Basis of Presentation The consolidated financial statements included herein have been prepared by Zebra Technologies Corporation and subsidiaries (the "Company"), without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations. These consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company's latest Annual Report to Stockholders (the "Annual Report") incorporated by reference into the Company's Form 10-K filed with the Securities and Exchange Commission. The consolidated balance sheet as of December 31, 1995 presented herein has been derived from the audited consolidated balance sheet contained in the Annual Report. In the opinion of the Company, the consolidated financial statements reflect all adjustments necessary to present fairly the consolidated financial position of Zebra Technologies Corporation and subsidiaries as of September 28, 1996 and December 31, 1995, and the consolidated results of their operations for the three and nine months ended September 28, 1996 and September 30, 1995 and their cash flows for the nine months ended September 28, 1996 and September 30, 1995. The results of operations for such interim periods are not necessarily indicative of the results for the full year. Note 2 - Letter of Intent Zebra Technologies Corporation and Eltron International, Inc. have executed a letter of intent providing for a merger of the two companies. The contemplated transaction will be structured as a tax-free merger and is expected to be accounted for as a pooling of interests. The proposed merger is subject to a number of conditions, including satisfactory completion of due diligence, negotiation of a mutually satisfactory definitive merger agreement, receipt of fairness opinions from investment bankers, approval of the transaction by the shareholders of both companies, customary closing conditions, and certain regulatory approvals, including the Hart-Scott-Rodino review. Eltron International, Inc. designs, manufactures and markets high-quality, low-cost label and plastic card printers, smart card printing systems, verifiers, software, label media, and related accessories throughout the world. The company's headquarters are located in Simi Valley, California. Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations Results of Operations for the Third Quarter of 1996 and First Nine Months of 1996 versus Third Quarter of 1995 and First Nine Months of 1995 Net sales for the third quarter of 1996 increased 16.7% to $43,757,000 versus sales of $37,480,000 for the third quarter of 1995. On a year-to-date basis, 1996 net sales of $122,596,000 increased 14.2% over last year's net sales of $107,360,000. The net sales increase for the quarter and year to date is attributed to unit growth in printers rather than price increases, as the average unit price of printer products remained essentially flat with last year, while media and ribbon average unit prices actually declined from last year's levels. Printer sales increased 13.6%, supplies sales increased 14.0%, and service and software sales increased 191.5% over the third quarter of 1995. Printer and supply sales for the quarter accounted for 70.7% and 23.4% of net sales, respectively. On a year-to-date basis, printer and supplies consolidated net sales increased by 10.7% and 8.2%, respectively, over 1995, bringing printers to 70.6% and supplies to 23.6% of year-to-date net sales. Approximately 58.9% of the third quarter net sales were derived from domestic sales as compared to 54.2% during the third quarter of 1995. International net sales for the quarter account for 41.1% compared to 45.8% of net sales for 1995. Year to date, domestic sales accounted for 57.4% of consolidated net sales as compared to 54.9% for year-to-date 1995. Gross profit increased to $21,433,000 (49.0% of net sales) for the third quarter of 1996, an increase of 17.3% over the gross profit of $18,266,000 (48.7%) for the same period last year. Year-to-date gross profit of $59,254,000 (48.3%) also increased 15.4% over $51,345,000 (47.8%) for 1995. The increase in gross profit is due principally to favorable mix changes within the Company's printer product sales and a significant increase in higher margin software sales over the third quarter of 1995. Sales and marketing expenses of $4,164,000 increased by $500,000, or 13.6% of net sales, in the third quarter of 1996 versus the same period last year. As a percentage of net sales, sales and marketing expenses have remained flat in the third quarter as compared to the prior year third quarter. Year-to-date sales and marketing expenses of $13,745,000 were up 40.5% over last year, and increased as a percent of sales to 11.2% from 9.1% in 1995. Increased spending is principally due to expenses required to develop the retail channel of distribution for the Company's software products, start-up expenses for the personal printer product line, and increased staffing at the Company's Vernon Hills and High Wycombe facilities that are necessary to support anticipated sales growth. Research and development expenses in the third quarter of 1996 of $2,287,000 were flat in comparison with the third quarter of 1995. These expenses as a percent of sales decreased from 6.1% to 5.2% for the quarter, due to the completion of several large product development projects. On a year-to-date basis, research and development expenses of $7,974,000 increased by 42.1% over last year. As a percent of sales, they increased to 6.5% in 1996 versus 5.2% in 1995. On a year-to-date basis, the Company increased research and development costs to support several significant product releases in June through August, including the XiII printer series and the 170 PAX print engine, among others. General and administrative expenses increased by 18.4% to $3,047,000 (7.0% of net sales) in the third quarter of 1996 compared to $2,574,000 (6.9% of net sales) in 1995. On a year-to-date basis, general and administrative expenses increased by 49.2% to $9,843,000 (8.0% of net sales) in 1996, compared to $6,596,000 (6.1% of net sales) in 1995. The increase in general and administrative expenses for the quarter and year-to-date on a dollar and percentage basis was primarily the result of increases in staff levels, depreciation, mainframe computer expenses, and amortization of intangibles and goodwill for the acquisitions of Vertical Technologies Inc. in July, 1995 and Fenestra Computer Services in February, 1996. Compared to the previous year, income from operations in the third quarter of 1996 increased 221.5% to $11,931,000 from $3,711,000 in third quarter of 1995. As a percent of sales, income from operations for 1996 was 17.4% higher than the third quarter of 1995. The 1995 income from operations was reduced by a non- recurring $6,028,000 write-off of acquired in-process technology related to the acquisition of Vertical Technologies Inc. in July, 1995. On a year-to-date basis, operating income increased 13.9% to $26,574,000 (21.7% of net sales) from $23,329,000 (21.7% of net sales) as the result of higher operating expenses. Investment income for the third quarter of 1996 increased 69.3% to $1,351,000 from $798,000 in the third quarter of 1995. On a year-to-date basis, investment income increased by $1,626,000 (65.5% increase) to $4,110,000 compared to the prior year total of $2,484,000. On both a quarterly and year- to-date basis, the Company had larger balances in marketable securities, on which it earned a higher total return than in the same period of 1995. On a year-to-date basis, the marketable securities increased from $61,841,000 at December 31, 1995 to $81,136,000 at September 28, 1996. In 1995, the annualized year to date return on these investments was 10.4% compared to a return of 8.2% for the comparable period of 1996. Income before taxes for the third quarter of 1996 of $13,404,000 was $8,784,000 or 190.2% above the third quarter of 1995. Income taxes were provided at a rate of 35.0% in the third quarter of 1996, resulting in net income of $8,714,000 or 19.9% of net sales, and net income per share of $0.36 on 24,203,000 average weighted shares outstanding. In the third quarter of 1995, the provision for income taxes was 79.1% resulting in net income of $963,000 or 2.6% of net sales and net income per share of $0.04 on 24,133,000 weighted average shares outstanding. The unusually high tax rate in this quarter is the result of the non-deductibility for tax purposes of the $6,028,000 write-off of acquired in- process technology related to the acquisition of Vertical Technologies previously described. Year-to-date income before income taxes of $30,864,000, in 1996, was $4,712,000 or 18.0% above the same period of 1995. The 1996 year- to-date provision for income taxes was $10,640,000 (34.5% tax rate), resulting in net income of $20,224,000 or 16.5% of net sales, and net income per share of $0.84 on 24,197,000 weighted average shares outstanding. In 1995 the provision for income taxes year-to-date was $11,483,000 (43.9% tax rate), resulting in net income of $14,668,000 or 13.7% of net sales, and net income per share of $0.61 on 24,094,000 weighted average shares outstanding. Liquidity and Capital Resources The Company's principal source of liquidity continues to be cash generated from operations. At the end of the third quarter, the Company had $85,941,000 in cash and marketable securities versus $71,858,000 at the end of 1995. Effective February 16, 1996, the Company purchased the assets of Fenestra Computer Services, a UK partnership, in exchange for $1,314,000 in the form of cash and Zebra Class A common stock. The transaction has been accounted for under the purchase method of accounting. Assets and liabilities, including software and hardware technology, and trade names have been recorded at their respective fair market values with $1,117,000 assigned to acquired in-process technology based on an independent third party appraisal. The results of operations noted above are impacted by acquired in-process technology charges of $3,000 and $6,028,000 in the three months ended September 28, 1996 and September 30, 1995, respectively. These non-recurring charges relate to the acquisition of Fenestra Computer Services in the first quarter of 1996 and Vertical Technologies Inc. in the third quarter of 1995. On October 16, 1996, the Company and Eltron International, Inc. executed a letter of intent providing for a merger of the two companies. The contemplated transaction will be structured as a tax-free merger and is anticipated to be accounted for as a pooling of interests. The proposed merger is subject to a number of conditions, including satisfactory completion of due diligence, negotiation of a mutually satisfactory definitive merger agreement, receipt of fairness opinions from investment bankers, approval of the transaction by the shareholders of both companies, customary closing conditions, and certain regulatory approvals, including the Hart-Scott-Rodino review. Management believes that existing capital resources and funds generated from operations are sufficient to finance anticipated capital requirements. The Company has no other commitments or agreements with respect to acquisitions or other significant capital expenditures. Forward looking statements contained in this filing are subject to the safe harbor created by the Private Securities Litigation Reform Act of 1995 and are highly dependent upon a variety of important factors which could cause actual results to differ materially from those reflected in such forward looking statements. These factors include the acceptance of the Company's printer and software products by the market, and product offerings made by its competitors. Profits will be affected by the Company's ability to control manufacturing and operating costs. Due to the Company's large investment portfolio, interest rate conditions will also have an impact on results, as will foreign exchange rates due to the large percentage of the Company's sales in international markets. When used in this document and documents referenced, the words "anticipate", "believe", "estimate", and "expect' and similar expressions as they relate to the Company or its management are intended to identify such forward looking statements. Readers of this release are referred to prior filings with the Securities and Exchange Commission, and Zebra's prospectus of December 7, 1995 for further discussions of factors that could affect Zebra's future results. PART II. - OTHER INFORMATION Item 6. Exhibits and Reports on Form 8-K (a) Exhibits. 15. Acknowledgment of Independent Certified Public Accountants Regarding Independent Auditors' Review Report 27. Financial Data Schedule (b) Reports. No reports on Form 8-K have been filed by the Registrant for the quarterly period covered by this report. Exhibit 15 Acknowledgment of Independent Certified Public Accountants Regarding Independent Auditors' Review Report The Board of Directors Zebra Technologies Corporation: With respect to the Registration Statements on Form S-8 of Zebra Technologies Corporation, we acknowledge our awareness of the use therein of our report dated October 10, 1996 related to our review of interim financial information as of September 28, 1996. Pursuant to Rule 436(c) under the Securities Act of 1933, such report is not considered a part of a registration statement prepared or certified by an accountant or a report prepared or certified by an accountant within the meaning of sections 7 and 11 of the Act. Chicago, Illinois KPMG Peat Marwick LLP November 8, 1996 Exhibit 27 The schedule contains summary financial information extracted from Zebra Technologies Corporation and subsidiaries consolidated balance sheets for September 28, 1996 and consolidated statements of earnings for September 28, 1996 and is qualified in its entirety by reference to such financial statements. ZEBRA TECHNOLOGIES CORPORATION Appendix A to Item 601(c) of Regulation S-K Commercial and Industrial Companies Article 5 of Regulation S-X Item Number Item Description Amount 5-02(1) cash and cash items 4,805 5-02(2) marketable securities 81,136 5-02(3)(a)(1) notes and accounts receivable-trade 29,326 5-02(4) allowances for doubtful accounts (292) 5-02(6) inventory 20,014 5-02(9) total current assets 136,052 5-02(13) property, plant and equipment 20,933 5-02(14) accumulated depreciation (9,889) 5-02(18) total assets 150,077 5-02(21) total current liabilities 17,448 5-02(22) bonds, mortgages and similar debt 0 5-02(28) preferred stock-mandatory redemption 0 5-02(29) preferred stock-no mandatory redemption 0 5-02(30) common stock 242 5-02(31) other stockholder's equity 129,736 5-02(32) total liabilities and stockholders' equity 150,077 5-03(b)1(a) net sales of tangible products 120,428 5-03(b)1 total revenues 122,596 5-03(b)2(a) cost of tangible goods sold 62,546 5-03(b)2 total costs and expenses applicable to sales and revenues 63,342 5-03(b)3 other costs and expenses 32,374 5-03(b)5 provision for doubtful accounts and notes 306 5-03(b)(8) interest and amortization of debt discount 16 5-03(b)(10) income before income taxes 30,864 5-03(b)11 income tax expense 10,640 5-03(b)(14) income/loss 20,224 5-03(b)(15) discontinued operations 0 5-03(b)(17) extraordinary items 0 5-03(b)(18) cumulative effect- changes in accounting principles 0 5-03(b)(19) net income or loss 20,224 5-03(b)(20) earnings per share-primary 0.84 5-03(b)(20) earnings per share-fully diluted 0.84
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. ZEBRA TECHNOLOGIES CORPORATION Date: November 11, 1996 By: /s/Edward L. Kaplan Edward L. Kaplan Chief Executive Officer Date: November 11, 1996 By: /s/Charles R. Whitchurch Charles R. Whitchurch Chief Financial Officer EX-27 2
5 The schedule contains summary financial information extracted from Zebra Technologies Corporation and subsidiaries consolidated balance sheets for September 28, 1996 and consolidated statements of earnings for September 28, 1996 and is qualified in its entirety by reference to such financial statements. 3-MOS DEC-31-1996 SEP-28-1996 4,805 81,136 29,326 (292) 20,014 136,052 20,933 (9,889) 150,077 17,448 0 0 0 242 129,736 150,077 120,428 122,596 62,546 63,342 32,374 306 16 30,864 10,640 20,224 0 0 0 20,224 0.84 0.84
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