-----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, V8i19v4hKcekQoFRubLojfsypUNvz7Zc23tQEBqgKjE+1gJSzqjk7iJeEAcnLSGo Dt2gkj7Ljszv1qo47G5F0w== 0000950124-97-002643.txt : 19970506 0000950124-97-002643.hdr.sgml : 19970506 ACCESSION NUMBER: 0000950124-97-002643 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19970331 FILED AS OF DATE: 19970505 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: AUTOCAM CORP/MI CENTRAL INDEX KEY: 0000879235 STANDARD INDUSTRIAL CLASSIFICATION: MOTOR VEHICLE PARTS & ACCESSORIES [3714] IRS NUMBER: 382790152 STATE OF INCORPORATION: MI FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-19544 FILM NUMBER: 97595048 BUSINESS ADDRESS: STREET 1: 4070 EAST PARIS AVE CITY: KENTWOOD STATE: MI ZIP: 49512 BUSINESS PHONE: 6166980707 MAIL ADDRESS: STREET 1: 4070 EAST PARIS AVENUE SE CITY: KENTWOOD STATE: MI ZIP: 49512 10-Q 1 FORM 10-Q 1 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q Quarterly Report Under Section 13 or 15(d) of the Securities Exchange Act of 1934 For The Quarter Ended March 31, 1997 Commission File Number 0-19544 AUTOCAM CORPORATION A Michigan Corporation I.R.S. Employer Identification No. 38-2790152 4070 East Paris Avenue, Kentwood, Michigan 49512 Telephone: (616) 698-0707 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 the past 90 days. Yes X No______ The number of Common Shares outstanding at April 30, 1997 was 5,710,014. 1 of 14 2 INDEX PART I - FINANCIAL INFORMATION PAGE NO. Item 1. Financial Statements Consolidated Balance Sheets as of March 31, 1997 and June 30, 1996 3 Consolidated Statements of Operations for the Three and Nine Months Ended March 31, 1997 and 1996 4 Consolidated Statements of Cash Flows for the Nine Months Ended March 31, 1997 and 1996 5 Notes to Consolidated Financial Statements 6 - 8 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 9 - 13 PART II - OTHER INFORMATION Item 1. Legal Proceedings - None. Item 2. Changes in Securities - None. Item 3. Default Upon Senior Securities - None. Item 4. Submission of Matters to a Vote of Security Holders - None. Item 5. Other Information - None. Item 6. Exhibits and Reports on Form 8-K - None. 2 3 AUTOCAM CORPORATION & SUBSIDIARIES CONSOLIDATED BALANCE SHEETS
MARCH 31, 1997 JUNE 30, 1996 -------------- ------------- ASSETS CURRENT ASSETS: Cash and equivalents $ 1,517,832 $ 1,466,751 Accounts receivable 6,611,421 7,467,834 Inventories 4,050,244 4,171,233 Prepaid expenses and other 714,757 662,223 -------------- ------------- TOTAL CURRENT ASSETS 12,894,254 13,768,041 DEPOSITS ON EQUIPMENT 5,132,031 1,753,798 PROPERTY, PLANT AND EQUIPMENT, NET 43,213,632 40,801,512 OTHER LONG-TERM ASSETS 3,679,567 3,488,871 -------------- ------------- TOTAL ASSETS $ 64,919,484 $ 59,812,222 ============== ============= LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES: Current maturities of long-term obligations $ 4,756,150 $ 3,738,689 Accounts payable 4,970,612 4,124,240 Accrued liabilities 1,676,343 1,377,912 -------------- ------------- TOTAL CURRENT LIABILITIES 11,403,105 9,240,841 LONG-TERM OBLIGATIONS, NET OF CURRENT MATURITIES 10,632,535 12,086,326 DEFERRED TAX 6,833,000 6,333,000 DEFERRED CREDITS AND OTHER 778,588 866,206 SHAREHOLDERS' EQUITY: Preferred stock - 200,000 shares authorized; no shares issued or outstanding Common stock - 10,000,000 shares authorized; 5,709,597 and 5,427,882 shares issued and outstanding as of March 31, 1997 and June 30, 1996, respectively 26,238,418 23,185,548 Deferred compensation (684,583) (800,833) Retained earnings 9,718,421 8,901,134 -------------- ------------- TOTAL SHAREHOLDERS' EQUITY 35,272,256 31,285,849 -------------- ------------- TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 64,919,484 $ 59,812,222 ============== =============
See notes to consolidated financial statements. 3 4 AUTOCAM CORPORATION & SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS FOR THE THREE MONTHS ENDED FOR THE NINE MONTHS ENDED MARCH 31, MARCH 31, ---------------------------- ----------------------------- 1997 1996 1997 1996 ------------- ------------- ------------- ------------- Sales $ 16,057,586 $ 15,046,804 $ 45,975,116 $ 43,031,705 Cost of sales 12,950,188 11,449,057 35,910,481 33,150,361 ------------- ------------- ------------- ------------- Gross profit 3,107,398 3,597,747 10,064,635 9,881,344 Selling, general and administrative 1,026,483 920,563 2,716,853 2,541,906 Other operating expenses 51,875 51,875 155,625 155,625 ------------- ------------- ------------- ------------- Income from operations 2,029,040 2,625,309 7,192,157 7,183,813 Interest and other expense, net 378,458 378,400 1,018,995 1,074,004 ------------- ------------- ------------- ------------- Income before tax provision 1,650,582 2,246,909 6,173,162 6,109,809 Tax provision 570,100 781,600 2,147,839 2,109,797 ------------- ------------- ------------- ------------- NET INCOME $ 1,080,482 $ 1,465,309 $ 4,025,323 $ 4,000,012 ============= ============= ============= ============= NET INCOME PER SHARE $.19 $.25 $.70 $.69 ============= ============= ============= ============= Weighted average shares outstanding 5,797,307 5,782,878 5,774,926 5,778,208
See notes to consolidated financial statements. 4 5 AUTOCAM CORPORATION & SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE NINE MONTHS ENDED MARCH 31, ---------------------------- 1997 1996 ------------- ------------- CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 4,025,323 $ 4,000,012 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 4,051,049 3,572,114 Deferred taxes 500,000 720,000 Changes in assets and liabilities that provided (used) cash: Accounts receivable 853,257 39,837 Inventories 120,989 (343,516) Prepaid expenses and other (86,923) (160,595) Other long-term assets 158,926 195,789 Accounts payable 539,859 (204,373) Accrued liabilities 297,997 577,154 Deferred credits and other (87,618) 232,480 ----------- ----------- NET CASH PROVIDED BY OPERATING ACTIVITIES 10,372,859 8,628,902 ----------- ----------- CASH FLOWS FROM INVESTING ACTIVITIES: Capital expenditures and deposits on equipment (9,388,121) (6,070,804) Proceeds from sale of equipment 7,050 235,850 Payment of life insurance premiums and other (349,212) (295,741) ----------- ----------- NET CASH USED IN INVESTING ACTIVITIES (9,730,283) (6,130,695) ----------- ----------- CASH FLOWS FROM FINANCING ACTIVITIES: Repayments of line of credit, net (162,000) Proceeds from issuance of long-term obligations 2,550,000 2,350,000 Principal payments of long-term obligations (2,986,330) (3,534,253) Cash dividends paid (223,823) Proceeds from exercise of employee stock options 68,658 91,914 ----------- ----------- NET CASH USED IN FINANCING ACTIVITIES (591,495) (1,254,339) ----------- ----------- Net increase in cash and equivalents 51,081 1,243,868 Cash and equivalents at beginning of period 1,466,751 43,524 ----------- ----------- Cash and equivalents at end of period $ 1,517,832 $ 1,287,392 =========== =========== SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: Cash paid during the period for: Interest $ 950,132 $ 1,030,173 Income taxes 1,395,000 1,210,000
SUPPLEMENTAL NON-CASH FINANCING ACTIVITY - In January 1996, the Company satisfied its 401(k) plan employer matching contribution obligation for calendar 1995 of $195,800 by contributing 14,007 shares of its common shares. See notes to consolidated financial statements. 5 6 AUTOCAM CORPORATION & SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS MARCH 31, 1997 1. BASIS OF PRESENTATION The accompanying unaudited interim consolidated financial statements (the "Financial Statements") of Autocam Corporation and its wholly-owned subsidiaries (together, the "Company") have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. Accordingly, the Financial Statements do not include all the information and footnotes normally included in the annual consolidated financial statements prepared in accordance with generally accepted accounting principles. All significant intercompany accounts and transactions have been eliminated in consolidation. In the opinion of management, the Financial Statements reflect all adjustments (consisting only of normal recurring adjustments) necessary to present fairly such information in accordance with generally accepted accounting principles. These Financial Statements should be read in conjunction with the financial statements and footnotes thereto included in the Company's Annual Report on Form 10-K for the fiscal year ended June 30, 1996. Weighted average shares outstanding and earnings per share for the three and nine months ended March 31, 1996 have been restated to give effect to a 5% share dividend declared on October 24, 1996 and paid on November 28, 1996 to shareholders of record on November 12, 1996. RECLASSIFICATIONS - Certain reclassifications have been made to the Statement of Cash Flows for the nine months ended March 31, 1996 in order to conform with the 1997 presentation. RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS - In October 1995, the Financial Accounting Standards Board issued Statement of Financial Accounting Standard ("SFAS") No. 123, "Accounting for Stock-Based Compensation," which was effective for the Company July 1, 1996. SFAS No. 123 requires expanded disclosures of stock-based compensation arrangements with employees and encourages (but does not require) compensation cost to be measured based on the fair value of the equity instrument awarded. As allowed by SFAS No. 123, the Company will continue to apply Accounting Principles Board Opinion No. 25, "Accounting for Stock Issued to Employees," to determine compensation cost. Options granted during the nine months ended March 31, 1997 did not result in compensation expense under this method. 6 7 AUTOCAM CORPORATION & SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED MARCH 31, 1997 2. INVENTORIES Inventories are summarized as follows:
MARCH 31, 1997 JUNE 30, 1996 -------------- ------------- Raw materials $ 884,566 $1,037,777 Production supplies 1,204,025 1,233,360 Work in-process 1,772,335 1,414,555 Finished goods 189,318 485,541 ---------- ---------- TOTAL INVENTORIES $4,050,244 $4,171,233 ========== ==========
3. PROPERTY, PLANT AND EQUIPMENT, NET Property, plant and equipment is summarized by major classification as follows:
MARCH 31, 1997 JUNE 30, 1996 -------------- ------------- Land $ 1,655,540 $ 1,534,096 Buildings 5,879,414 5,380,345 Leasehold improvements 340,014 324,226 Machinery and equipment 49,635,279 44,165,812 Furniture and fixtures 2,394,916 2,313,836 ------------ ------------ TOTAL 59,905,163 53,718,315 Accumulated depreciation and amortization (16,691,531) (12,916,803) ------------ ------------ PROPERTY, PLANT AND EQUIPMENT, NET $ 43,213,632 $ 40,801,512 ============ ============
4. LONG-TERM OBLIGATIONS Long-term obligations consist of the following (interest rates are as of March 31, 1997):
MARCH 31, 1997 JUNE 30, 1996 -------------- ------------- Term notes with banks, 6.4% to 9.25% $ 12,565,644 $ 12,688,370 Mortgage payable to bank, 9.35% 1,060,816 1,123,385 Second mortgage payable to bank, 7% 1,021,973 1,063,514 Capital lease obligations, 7.8% 740,252 949,746 ------------ ------------ TOTAL 15,388,685 15,825,015 Less current maturities 4,756,150 3,738,689 ------------ ------------ LONG-TERM $ 10,632,535 $ 12,086,326 ============ ============
7 8 AUTOCAM CORPORATION & SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONCLUDED MARCH 31, 1997 5. INCOME TAXES Income taxes were provided at effective rates of 34.5% and 34.8% for the three and nine months ended March 31, 1997, respectively, and 34.8% and 34.5% for the three and nine months ended March 31, 1996, respectively. These amounts include provision for California Unitary tax which is levied on an allocated portion of the Company's net income at a rate of 9.3%. 8 9 AUTOCAM CORPORATION AND SUBSIDIARIES MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS MARCH 31, 1997 Certain matters discussed in the following pages include forward looking statements which include risks and uncertainties including but not limited to economic, competitive, governmental and technological factors affecting Autocam Corporation and its subsidiaries' (together, the "Company") operations, markets, products, services and prices. RESULTS OF OPERATIONS The following table presents, for the periods indicated, the components of the Company's Consolidated Statements of Operations as a percentage of sales:
THREE MONTHS ENDED NINE MONTHS ENDED MARCH 31, MARCH 31, -------------------- -------------------- 1997 1996 1997 1996 --------- --------- --------- --------- Sales 100.0% 100.0% 100.0% 100.0% Cost of sales 80.6% 76.1% 78.1% 77.0% -------- -------- -------- ------- Gross profit 19.4% 23.9% 21.9% 23.0% Selling, general and administrative 6.4% 6.1% 5.9% 5.9% Other operating expenses .3% .4% .3% .4% -------- -------- -------- ------- Income from operations 12.7% 17.4% 15.7% 16.7% Interest and other expense, net 2.4% 2.5% 2.2% 2.5% -------- -------- -------- ------- Income before tax provision 10.3% 14.9% 13.5% 14.2% Tax provision 3.6% 5.2% 4.7% 4.9% -------- -------- -------- ------- NET INCOME 6.7% 9.7% 8.8% 9.3% ======== ======== ======== =======
SALES The following table indicates the Company's sales (in thousands) and percentage of total sales by product application for the three and nine month periods ended March 31, 1997 and 1996:
THREE MONTHS ENDED MARCH 31, NINE MONTHS ENDED MARCH 31, ---------------------------------- --------------------------------- 1997 1996 1997 1996 ---------------- ---------------- --------------- ---------------- Automotive: Fuel systems $11,996 74.7% $ 9,485 63.0% $33,862 73.7% $26,333 61.2% Anti-lock braking systems 1,750 10.9% 3,398 22.6% 5,070 11.0% 10,008 23.3% Other 384 2.4% 226 1.5% 1,022 2.2% 747 1.7% ------- ------ ------- ------ ------- ------ ------- ------ Total automotive 14,130 88.0% 13,109 87.1% 39,954 86.9% 37,088 86.2% Medical devices 1,411 8.8% 1,146 7.6% 4,704 10.2% 2,697 6.3% Computer electronics 517 3.2% 792 5.3% 1,311 2.9% 3,247 7.5% Other 6
9 10 AUTOCAM CORPORATION AND SUBSIDIARIES MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS - CONTINUED MARCH 31, 1997 SALES - CONTINUED Sales of components for fuel system applications were $11,996,000 for the three months ended March 31, 1997, an increase of 26% over sales for the same period in the prior year, and now represent 75% of total sales. Sales of fuel system components were $33,862,000 for the nine months ended March 31, 1997, an increase of 29% over sales for the same period in fiscal 1996. The Company continues to benefit from further penetration into this market through supplying components to three of the world's largest fuel injector manufacturers. The Company has been awarded business on several new injector programs with these customers over the past nine months which should result in continued sales growth to this industry for the foreseeable future. During the three and nine months ended March 31, 1997, the Company experienced a tripling of sales of diesel fuel injector components over those of the three and nine month periods ended March 31, 1996. Sales of fuel system components to Delphi Automotive Systems (a division of General Motors Corporation) represented 45% to 47% of total Company sales during the three and nine months ended March 31, 1997 and 1996. Sales of anti-lock braking system ("ABS") components for the three months ended March 31, 1997 were $1,750,000, a 48% decrease from the third quarter of fiscal 1996. For the nine months ended March 31, 1997, ABS component sales were $5,070,000, a 49% decline from the nine months ended March 31, 1996. The decline in ABS component sales was primarily due to the elimination of certain components which were no longer used on a customer's new generation system. Sales of medical device components were $1,411,000 for the three months ended March 31, 1997, an increase of 23% as compared to the same period in the prior year. For the nine months ended March 31, 1997, medical device component sales were $4,704,000, a 74% increase over the same period in fiscal 1996. The Company continues to benefit from increased penetration by its largest medical customer into foreign markets. Also, the Company has been shipping components to companies developing innovative cardiovascular surgery devices which should contribute significantly to sales growth to these markets in the coming years. Sales of components for computer electronic applications were $517,000 during the three months ended March 31, 1997, a 35% decrease from the same period in fiscal 1996. For the nine months ended March 31, 1997, computer electronic component sales were $1,311,000, a 60% decline from the nine months ended March 31, 1996. Sales of baseplates, a specialty metal fastener, to manufacturers of suspension assemblies for rigid disk drives have declined as these components are now being manufactured primarily by a precision stamping process which is more economical than the Company's turning process. 10 11 AUTOCAM CORPORATION AND SUBSIDIARIES MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS - CONTINUED MARCH 31, 1997 SALES - CONCLUDED Management believes that year-over-year sales growth in fiscal 1997 will approach 10% and will be generated primarily from growth in sales of fuel system and medical device components. Fuel system component sales growth is expected to be realized on several new injector programs primarily with newer customers in this area. Growth in sales of medical device components should come primarily from anticipated increases in demand from new cardiovascular surgical equipment manufacturers. On a year-over-year basis, fourth quarter 1997 sales comparisons of ABS and computer electronic components are expected to be unfavorable relative to the same period in fiscal 1996 as certain customer systems which utilize components produced by the Company lose market share and are replaced by newer generation systems. Management believes opportunities exist in the ABS and the computer electronics markets and is currently manufacturing prototype components which should result in additional sales to these markets during fiscal 1998. GROSS PROFIT Gross profit for the three months ended March 31, 1997 represented 19.4% of sales verses 23.9% of sales in the third quarter of fiscal 1996. Gross profit for the nine months ended March 31, 1997 represented 21.9% of sales versus 23.0% of sales for the same period in fiscal 1996. The decreases in gross profit margin between the three- and nine-month periods presented can be attributed primarily to project start-up costs associated with new fuel system programs. Although it is common for margins to be lower on new program start-ups, third quarter 1997 margins were adversely affected by machine tools which were not only delivered late, but have not performed as expected. In order to meet customer demand for these components, the Company was forced to employ less-efficient work-around manufacturing processes in lieu of the production processes which relied on the machine tools in question. Most of these machine tools have been received since mid-March and are currently undergoing qualification testing. The negative impact on margins caused by these factors was partially offset by increased production of medical device components which allowed for improved utilization of existing equipment and labor. Management believes that gross profit as a percentage of sales for the fourth quarter will show modest improvement over third quarter levels. Once the delayed and alternative machine tools are qualified for production (likely no later than June 1), margins on these programs are expected to improve and should be consistent with those of the Company's other automotive programs early next fiscal year. 11 12 AUTOCAM CORPORATION AND SUBSIDIARIES MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS - CONTINUED MARCH 31, 1997 SELLING, GENERAL AND ADMINISTRATIVE Selling, general and administrative expenses, as a percentage of sales, were consistent in all periods presented with the exception of the third quarter of fiscal 1997. The Company experienced a slight increase in such expenses in that period as a result of placement fees for newly hired employees and consulting fees associated with various marketing and other management activities. Management expects selling, general and administrative expenses, as a percentage of sales, to return to the levels experienced in the first half of fiscal 1997 during the fourth quarter. OTHER OPERATING EXPENSES Other operating expenses represent the straight-line amortization of employment and deferred compensation agreements between the Company and a key employee. INTEREST AND OTHER EXPENSE, NET Net interest and other expense remained unchanged between the three months ended March 31, 1997 and the same period in 1996. For the nine months ended March 31, 1997, such expenses decreased $55,000 from the same period in the previous year. Average borrowings outstanding during the nine months ended March 31, 1997 were lower than the same period in fiscal 1996 explaining a majority of the decreased expense. The retirement of certain debt with higher interest rates also reduced interest costs. Management anticipates that interest expense, as a percentage of sales, during the fourth quarter will approximate levels experienced in the first nine months of fiscal 1997. TAX PROVISION Income taxes were provided at effective rates of 34.5% and 34.8% for the three and nine months ended March 31, 1997, respectively, and 34.8% and 34.5% for the three and nine months ended March 31, 1996, respectively. These amounts include provision for California Unitary tax which is levied on an allocated portion of the Company's net income at a rate of 9.3%. Management expects the Company's effective tax rate to approximate 35% for the remainder of fiscal 1997. 12 13 AUTOCAM CORPORATION AND SUBSIDIARIES MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS - CONCLUDED MARCH 31, 1997 LIQUIDITY AND CAPITAL RESOURCES The Company generated $10.4 million in operating cash flows during the nine months ended March 31, 1997, a 20% increase over the same period in the prior year. This can be attributed primarily to improved management of certain working capital items including accounts receivable and payable. During the nine months ended March 31, 1997, the Company paid $657,000 to purchase equipment formerly leased under operating lease agreements. These purchases, resulting in annual cash flow improvements of $226,900, were financed through bank borrowings. New equipment placed into service and deposits paid on future equipment purchases during the nine months ended March 31, 1997 totaling $8.7 million were financed through operating cash flows and bank borrowings. The Company expects to be reimbursed $2.6 million in equipment deposits in the fourth quarter by acquiring $4.0 million of production equipment under operating lease agreements. In order to meet demand primarily from automotive and medical device customers, management anticipates acquiring $9.4 million of equipment over the next twelve months (on which deposits of $2 million had been placed as of March 31, 1997). Management expects to finance these equipment purchases with cash on hand, operating cash flows, and its equipment line of credit ($6,000,000 in availability as of March 31, 1997) which allows the Company to retire borrowings over a period not to exceed six years with either variable or fixed interest rates. The Company expects that certain assets currently held under an operating lease agreement will be purchased during the next three months at an estimated cost of $280,000. It is expected that debt service requirements incurred for such purchases will be less than the current rental payments under the equipment leases. Management believes that the Company has adequate credit facilities and cash available to meet its working capital needs through fiscal 1998. The Company has a $6,500,000 revolving line of credit, $1,500,000 of which was reserved for foreign currency futures contracts as of March 31, 1997, resulting in a remaining availability under this credit facility of $5,000,000. Management anticipates retiring current maturities of long-term obligations with cash on hand ($1.5 million as of March 31, 1997) and future operating cash flows. None of the $15.4 million in total debt at March 31, 1997 is presently subject to variable interest rates. 13 14 SIGNATURES 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. Date: May 5, 1997 Autocam Corporation /s/ John C. Kennedy ---------------------- John C. Kennedy Principal Executive Officer /s/ Warren A. Veltman ---------------------- Warren A. Veltman Principal Financial and Accounting Officer 14 15 Exhibit Index Exhibit Number Description 27 Financial Data Schedule EX-27 2 FINANCIAL DATA SCHEDULE
5 0000879235 AUTOCAM CORP. 9-MOS JUN-30-1997 JUL-01-1996 MAR-31-1997 1,517,832 0 6,611,421 0 4,050,244 12,894,254 59,905,163 16,691,531 64,919,484 11,403,105 10,632,535 0 0 26,238,418 9,033,838 64,919,484 45,975,116 45,975,116 35,910,481 35,910,481 0 0 1,018,995 6,173,162 2,147,839 4,025,323 0 0 0 4,025,323 .70 .70
-----END PRIVACY-ENHANCED MESSAGE-----