-----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, N4N1ejUmXOEg81GrmdCq/vF4UEereiZM2Js2nua8culiUwnsW4qTB+30mCrxzvdb mO0uUz8GG331gtcSXpalvg== 0000898431-98-000242.txt : 19980724 0000898431-98-000242.hdr.sgml : 19980724 ACCESSION NUMBER: 0000898431-98-000242 CONFORMED SUBMISSION TYPE: 10QSB PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19980630 FILED AS OF DATE: 19980723 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: AMERICAN LOCKER GROUP INC CENTRAL INDEX KEY: 0000008855 STANDARD INDUSTRIAL CLASSIFICATION: PARTITIONS, SHELVING, LOCKERS & OFFICE AND STORE FIXTURES [2540] IRS NUMBER: 160338330 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10QSB SEC ACT: SEC FILE NUMBER: 000-00439 FILM NUMBER: 98670246 BUSINESS ADDRESS: STREET 1: 608 ALLEN STREET CITY: JAMESTOWN STATE: NY ZIP: 14701 BUSINESS PHONE: 7166649600 MAIL ADDRESS: STREET 1: 608 ALLEN STREET CITY: JAMESTOWN STATE: NY ZIP: 14701 FORMER COMPANY: FORMER CONFORMED NAME: AVM CORP DATE OF NAME CHANGE: 19850520 10QSB 1 10QSB, AMERICAN LOCKER GROUP INCORPORATED SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-QSB (Mark one) (X) QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED JUNE 30, 1998 OR ( ) TRANSITION REPORT UNDER SECTION 13 OR 15 (d) OF THE EXCHANGE ACT FOR THE TRANSITION PERIOD FROM TO --------- -------- Commission file number 0-439 AMERICAN LOCKER GROUP INCORPORATED - -------------------------------------------------------------------------------- (Exact name of small business issuer as specified in its charter) DELAWARE 16-0338330 (State or other (IRS Employer Identification Number) jurisdiction of incorporation or organization) 608 ALLEN STREET, JAMESTOWN, NY 14701 (Address of principal executive offices) (716)664-9600 (Registrant's telephone number, including area code) (Former name, former address and former fiscal year, if changed since last report) Check whether the issuer (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act during the past 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. Yes / X / No / / APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PRECEDING FIVE YEARS: Check whether the registrant filed all documents and reports required to be filed by Section 12, 13 or 15(d) of the Exchange Act after the distribution of securities under a plan confirmed by a court. Yes / / No / / Not Applicable APPLICABLE ONLY TO CORPORATE ISSUERS: State the number of shares outstanding of each of the issuer's class of common stock equity as of the latest practicable date: July 20, 1998 Common Stock $1.00 par value - 2,418,772 Transitional Small Business Disclosure (check one) Yes / / No / X / See accompanying notes. Part I - Financial Information Item 1 - Financial Statements American Locker Group Incorporated and Subsidiaries Consolidated Balance Sheets
June 30, December 31, 1998 1997 ---- ---- Assets Current assets: Cash and cash equivalents $1,108,707 $1,154,045 Accounts and notes receivable, less allowance for doubtful accounts (1998 $70,673; 1997 $423,733) 5,949,834 4,519,710 Inventories 5,840,756 3,636,528 Prepaid expenses 211,918 89,656 Prepaid federal, state and foreign income taxes 0 32,515 Deferred income taxes 576,861 576,861 ------- ------- Total current assets 13,688,076 10,009,315 Property, plant and equipment: Land 500 500 Buildings 390,721 511,649 Machinery and equipment 8,097,046 8,004,338 --------- --------- 8,488,267 8,516,487 Less allowances for depreciation and amortization 7,446,829 7,267,199 --------- --------- 1,041,438 1,249,288 Deferred income taxes 85,122 5,122 ------ ----- Total assets $14,814,636 $11,263,725 ========== ==========
2 American Locker Group Incorporated and Subsidiaries Consolidated Balance Sheets
June 30, December 31, 1998 1997 ---- ---- Liabilities and stockholders' equity Current liabilities: Demand note payable $750,000 $850,000 Accounts payable: Trade 2,659,666 737,467 Related party 247,510 434,565 ------- ------- 2,907,176 1,172,032 Commissions, salaries, wages and taxes thereon 204,096 330,956 Other accrued expenses 413,963 435,232 Current portion of long-term debt 663,000 663,000 ------- ------- Total current liabilities 4,938,235 3,451,220 Long-term obligations: Long-term debt 2,099,500 2,431,000 Pension benefits 522,521 322,521 Postretirement benefits 139,839 139,839 ------- ------- 2,761,860 2,893,360 Stockholders' equity: Common stock, $1 par value: Authorized shares -- 4,000,000 Issued and outstanding shares -- 2,418,772 in 1998 and 2,405,780 in 1997 2,418,772 2,405,780 Other capital 36,067 0 Retained earnings 4,829,004 2,662,445 Foreign currency translation adjustment (169,302) (149,080) --------- --------- Total stockholders' equity 7,114,541 4,919,145 Total liabilities and stockholders' equity $14,814,636 $11,263,725 See accompanying notes.
3 American Locker Group Incorporated and Subsidiaries Consolidated Statements of Income
Six Months Ended June 30, 1998 1997 ---- ---- Net sales $21,394,533 $13,006,573 Cost of products sold 14,701,805 9,054,907 ---------- --------- 6,692,728 3,951,666 Selling, administrative and general expenses 3,170,805 2,620,542 --------- --------- 3,521,923 1,331,124 Interest income 36,131 15,346 Other (expense) income--net 131,883 74,397 Interest expense (130,723) (60,787) --------- -------- Income before income taxes 3,559,214 1,360,080 Income taxes 1,382,910 582,301 --------- ------- Net Income $2,176,304 $777,779 ========= ======= Earnings per share of common stock: Basic $0.90 $0.24 ==== ==== Diluted 0.86 0.24 ==== ==== Dividends per share of common stock: $0.00 $0.00 ===== ===== See accompanying notes.
4 American Locker Group Incorporated and Subsidiaries Consolidated Statements of Income
Three Months Ended June 30, 1998 1997 ---- ---- Net Sales $11,604,876 $7,722,976 Cost of products sold 7,958,748 5,389,235 --------- --------- 3,646,128 2,333,741 Selling, administrative and general expenses 1,678,064 1,419,902 1,968,064 913,839 Interest income 19,293 8,137 Other (expense) income--net 67,020 43,629 Interest expense (64,055) (30,254) -------- -------- Income before income taxes 1,990,322 935,351 Income taxes 743,914 381,378 ------- ------- Net Income $1,246,408 $553,973 ========= ======= Earnings per share of common stock: Basic $0.52 $0.17 ==== ==== Diluted 0.49 0.17 ==== ==== Dividends per share of common stock: $0.00 0.00 ==== ==== See accompanying notes.
5 American Locker Group Incorporated and Subsidiaries Consolidated Statements of Cash Flows
Six Months Ended June 30, 1998 1997 ---- ---- Operating activities Net income $2,176,304 $777,779 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 344,259 296,317 Loss (gain) on disposition of property, plant and equipment 0 992 Deferred income taxes (credits) (80,000) 0 Pension benefits 200,000 0 Change in assets and liabilities: Accounts and notes receivable (1,430,124) (843,229) Inventories (2,204,228) 84,939 Prepaid expenses (122,262) 58,242 Accounts payable and accrued expenses 1,612,615 274,326 Prepaid income taxes 32,515 0 ------ - Net cash provided by operating activities 529,079 649,366 Investing activities Purchase of property, plant and equipment (136,410) (95,962) Proceeds from sale of property, plant and equipment 0 208 - --- Net cash used in investing activities (136,410) (95,754) Financing activities Net (repayment) borrowings under line of credit (100,000) (1,125,000) Debt repayment (331,500) (300,000) Common stock purchased and retired (98) (59,711) Stock options exercised 13,813 0 ------ - New cash used in financing activities (417,785) (1,484,711) Effect of exchange rate changes on cash (20,222) (6,397) -------- ------- Net increase (decrease) in cash (45,338) (937,496) Cash and cash equivalents at beginning of period 1,154,045 1,229,222 --------- --------- Cash and cash equivalents at end of period $1,108,707 $291,726 ========= ======= Supplemental cash flow information: Cash paid during the period for: Interest $130,723 $60,787 ======= ====== Income Taxes $1,247,592 $453,556 ========= ======= See accompanying notes.
6 Notes to Consolidated Financial Statements American Locker Group Incorporated and Subsidiaries 1. The accompanying unaudited consolidated condensed financial statements have been prepared in accordance with instructions to Form 10-QSB and, in the opinion of the Company, include all adjustments, consisting of normal recurring accruals, considered necessary for a fair presentation of such condensed financial statements. The condensed financial statements do not include all information and footnotes normally associated with statements of results of operations, financial condition, and cash flows prepared in conformity with generally accepted accounting principles. 2. Provision for income taxes is based upon the estimated annual effective tax rate. 3. Net income per common share is computed by dividing net income by the weighted average number of shares outstanding, plus, when dilutive, the common stock equivalents which would arise from the exercise of stock options, during the periods. The Company instituted a four-for-one stock distribution whereby three additional shares were distributed on June 25, 1998 for every one share outstanding on the June 4, 1998 record date. All share and per-share amounts in the accompanying unaudited consolidated financial statements have been retroactively adjusted to reflect this distribution and the total shares now outstanding and subject to option. After accounting for the stock distribution, basic and diluted weighted average shares outstanding were 2,417,261 (3,188,518 in 1997) and 2,544,943 (3,264,662 in 1997) for the six month period ended June 30, 1998, respectively. 4. Inventories are valued at the lower of cost or market. Cost is determined by using the last-in, first-out method for substantially all of the inventories.
June 30, December 31, 1998 1997 ---- ---- Raw materials $2,302,070 $1,041,732 Work-in-process 1,760,569 1,559,037 Finished goods 2,611,934 1,869,576 --------- ---------- $6,674,573 $4,470,345 Less allowance to reduce carrying value to LIFO (833,817) 833,817 basis --------- ------- $5,840,756 $3,636,528 ========== ==========
7 Item 2. Management Discussion and Analysis of Financial Condition and Results of Operations American Locker Group Incorporated and Subsidiaries LIQUIDITY AND SOURCES OF CAPITAL The Company continues to have adequate resources and liquidity to maintain and expand its operations. Working capital, or the excess of current assets over current liabilities, at June 30, 1998 was $8,749,841, up $2,191,746 over working capital of $6,558,095 at December 31, 1997. The increased working capital resulted primarily from profitable operations during the first six months of 1998. The ratio of current assets to current liabilities was 2.8 to 1 at June 30, 1998, as compared to a ratio of 2.9 to 1 at December 31, 1997. The Company's $3,000,000 line of credit is available to assist in satisfying future working capital needs, if required. The Company anticipates that its requirements for funds for operations and capital expenditures will be provided principally from cash generated from future operations. FIRST SIX MONTHS 1998 VS FIRST SIX MONTHS 1997 Sales for the first six months of 1998 of $21,394,533 were up $8,387,960 or 64.5% compared to sales of $13,006,573 during the same period in 1997. Plastic locker sales to the United States Postal Service (USPS) accounted for $7,599,194 of increased sales and totaled $15,072,663 compared to $7,473,469 during the first half of 1997. Cluster Box Units (CBU's) sales were $13,983,872 compared to $5,488,958 during the first half of 1997. Sales of Outdoor Parcel Lockers (OPL's) were $1,088,791 compared to $1,984,511 in the first six months of 1997, a decline of $895,720 or 45.1%. This decline was anticipated and previously disclosed as all three model CBU's have parcel compartments built in thereby reducing the demand for separate parcel lockers. The growth in sales of CBU's, $8,494,914 or 154.8% over last year's first six months, is directly related to the implementation of USPS procurement policy that limits purchase of NDCBU's (the steel predecessor to plastic or aluminum CBU's) in relation to the new CBU's and the Company's ability to maintain its dominant market share position. As previously reported, the USPS has extended the Company's national contract through April 14, 1999. Terms of the contract extension were finalized on April 14, 1998 and established prices and minimum quantities for the period April 15, 1998 through October 15, 1998. Under this contract extension, the Company extended lower prices on CBUs in return for guaranteed minimum shipments of 15,000 CBU's. However, the contract extension stipulated that the minimum quantity, 15,000 CBU's, must be shipped by August 1, 1998. The Company increased production rates and inventories on its CBU product line in order to meet the contract extension stipulation. As of June 30, 1998, the Company has shipped approximately 6,800 CBU's against the 15,000 unit minimum, leaving a balance of approximately 8,200 CBU's to ship against the minimum. Through continuing discussions with the USPS, the Company anticipates that all the remaining 8,200 CBU's will be shipped in the Company's third quarter. By way of comparison, approximately 6,600 and 8,600 CBU's were shipped in the first and second quarters of 1998, respectively. After completion of the 15,000 minimum, the USPS may purchase additional CBU's at the prices established in the contract extension, however it is not obligated beyond the 15,000 unit minimum. 8 Contract terms for the period October 16, 1998 through April 14, 1999 will be negotiated prior to October 16, 1998. The Company believes that its CBU pricing is competitive and that its CBU product line continues to represent the best value when all factors, including quality of design and construction, long term durability and service are considered. All other sales, metal and electronic were $6,321,870 for the first six months of 1998 compared to $5,533,104 for the first six months of 1997. This increase of $788,766 or 14.3% relates to a general increase in demand across all markets served by the Company. Cost of products sold as a percentage of sales was 68.7% during the first six months of 1998 compared to 69.6% in the first quarter of 1997. Increased gross margins are directly related to increased sales volumes although tempered by previous price concessions. Selling, general and administrative costs for the first six months of 1998 increased $550,263 over the same period in 1997 due to increased freight, legal, and pension expenses. Selling, general and administrative expense as a percent of sales was 14.8% down from 20.1% during the first six months of 1997. The decrease as a percentage of sales relates primarily to increased sales volume. Other income-net of $131,883 in the first half of 1998 was up $57,486 from the same period in 1997. Interest expense in the first half of 1998 increased $69,936 from the same period in 1997 as a result of higher outstanding debt. SECOND QUARTER 1998 VS SECOND QUARTER 1997 Second quarter sales were $11,604,876 up $3,881,900 or 50.3% from the same period in 1997. Plastic locker sales of $8,366,664 were up 87.3% or $3,899,612 over 1997's second quarter. Sales of other products, metal and electronic lockers, were $3,238,212 during the second quarter of 1998, 0.5% lower than 1997's. Cost of products sold as a percentage of sales was 68.6% during the second quarter of 1998 down from 69.8% during the second quarter of 1997. Selling, administrative and general expenses as a percent of net sales was 14.5% during the second quarter of 1998 compared to 18.4% in the second quarter of 1997. Other income-net of $67,020 in the second quarter of 1998 was up slightly from $43,629 in the second quarter 1997. Interest expense in the second quarter of $64,055 increased from $30,254 in the second quarter of 1997. 9 SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 Forward-looking statements in this report, including without limitation, statements relating to the Company's plans, strategies, objectives, expectations, intentions and adequacy of resources, are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties including without limitation the following: (i) the Company's plans, strategies, objectives, expectations, and intentions are subject to change at any time at the discretion of the Company, (ii) the Company's plans and results of operations will be affected by the Company's ability to manage its growth and inventory, and (iii) other risks and uncertainties indicated from time to time in the Company's filings with the Securities and Exchange Commission. Part II Item 1. Legal Proceedings As previously reported, four female employees of the Company have alleged in suits entitled DERR ET AL V. AMERICAN LOCKER GROUP, INC., 94-CV-0515S(M), (US District Court for Western District of New York) that they were the victims of sex discrimination in their terminations and/or compensation and seeking unspecified damages. On March 25, 1998, the Court granted summary judgment in favor of the Company and dismissed the claims of three of the four plaintiffs. The appeal period with respect to the dismissals has expired. On June 4, 1998, the Company entered into a settlement with the remaining plaintiff whereby the Company agreed to pay a monetary sum of $400,000 in full settlement of all claims of the remaining plaintiff. The amount of such settlement was fully reserved on the books of the Company. Item 5. Other Information As previously reported, on June 25, 1998, the Company distributed stock certificates to implement the stock dividend declared on May 19, 1998 pursuant to which holders of common stock on June 4, 1998 (the "Record Date") received three additional shares of Company common for each share of Company common stock held by such holder on the Record Date. As a result of such distribution, the Company has been advised by NASDAQ that it now satisfies the minimum public float requirements of NASDAQ. In addition, the Company has been advised that in the period of time following such share distribution on June 25, 1998 it has satisfied the NASDAQ requirement that at least two market makers make a market in the Company common stock. So long as the Company continues to meet NASDAQ listing criteria, it is expected that the Company will remain listed on the NASDAQ National Market List. 10 Item 6. Exhibits and Reports on Form 8-K (a) Exhibits Exhibit 10.1 Second Amendment dated May 19, 1998 to Agreement dated as of May 21, 1996 between American Locker Group Incorporated and Edward F. Ruttenberg. Exhibit 10.2 Fifth Amendment dated May 19, 1998 to Manufacturing Agreement dated December 28, 1989 between American Locker Security Systems, Inc. and Signore, Inc. Exhibit 27.1 Financial Data Schedule dated June 30, 1997 Exhibit 27.2 Financial Data Schedule dated June 30, 1998 (b) Reports on Form 8-K On May 20, 1998, the Company filed a Report on Form 8-K with respect to the declaration of the stock distribution to holders of record on June 4, 1998 described in Item 5 above. 11 S I G N A T U R E In accordance with the requirements of the Exchange Act, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. AMERICAN LOCKER GROUP INCORPORATED (Registrant) /S/HAROLD J. RUTTENBERG -------------------------------------------- Harold J. Ruttenberg Chairman, Chief Executive Officer, Treasurer and Principal Accounting Officer Date: JULY 23, 1998 12 EXHIBIT INDEX Prior Filing or Sequential Exhibit No. Exhibit Index Page No. Herein ----------- ------------- ---------------- 10.1 Second Amendment dated May 19, 1998 to Agreement dated as of May 21, 1996 between American Locker Group Incorporated and Edward F. Ruttenberg 10.2 Fifth Amendment dated May 19, 1998 to Manufacturing Agreement dated December 28, 1989 between American Locker Security Systems, Inc. and Signore, Inc. 27.1 Financial Data Schedule dated June 30, 1997 27.2 Financial Data Schedule dated June 30, 1998 13 SECOND AMENDMENT TO AGREEMENT This Second Amendment made as of May 19, 1998, to Agreement dated May 21, 1996 between AMERICAN LOCKER GROUP INCORPORATED (the "Company") and EDWARD F. RUTTENBERG ("Mr. .Ruttenberg") WHEREAS, the Company and Mr. Ruttenberg are parties to an Agreement dated May 21, 1996, as amended, (the "Agreement"); and WHEREAS, the Company and Mr. Ruttenberg wish to make certain amendments to the Agreement. NOW, THEREFORE, for good and valuable consideration and intending to be legally bound hereby, the Company and Mr. Ruttenberg agree as follows: 1. All defined terms used herein shall have the same definitions set forth in the Agreement. 2. Section 1.5 is hereby amended and restated as follows: "Term" shall mean the period from the date hereof through June 30, 1999. 3. Section 3.1 is hereby amended to delete the phrase "$4,170 per month" and to insert in lieu thereof the phrase "$5,417 per month." 4. Except as expressly provided herein, the Agreement shall remain unamended and in full force and effect. WITNESS the due execution hereof. AMERICAN LOCKER GROUP INCORPORATED By /s/ Harold J. Ruttenberg ------------------------------------- Title: Chairman, Chief Executive Officer and Treasurer /s/ Edward Ruttenberg ------------------------------------- Edward F. Ruttenberg FIFTH AMENDMENT TO MANUFACTURING AGREEMENT This Fifth Amendment made as of May 19, 1998, to Manufacturing Agreement dated December 29, 1989 between SIGNORE, INC., a Delaware corporation ("Seller") and AMERICAN LOCKER SECURITY SYSTEMS, INC., a Delaware corporation ("Buyer"). WHEREAS, Seller and Buyer are parties to a Manufacturing Agreement dated December 29, 1989, as amended by the First Amendment to Manufacturing Agreement dated as of May 3, 1995, as further amended by the Second Amendment to Manufacturing Agreement dated as of March 15, 1996, as further amended by the Third Amendment to Manufacturing Agreement dated as of May 21, 1996 and as further amended by the Fourth Amendment to Manufacturing Agreement dated as of May 20, 1997 (such Manufacturing Agreement, as so amended, the "Amended Agreement"); and WHEREAS, Seller and Buyer wish to make certain amendments to the Amended Agreement. NOW, THEREFORE, for good and valuable consideration and intending to be legally bound hereby, Seller and Buyer agree as follows: 1. All defined terms used herein shall have the definitions set forth in the Amended Agreement. 2. Buyer and Seller acknowledge that as of December 31, 1997, the Remaining Inventory Value of Locker Inventory (as defined in Section 3(f) of the Amended Agreement) was $1,301,339.19. In accordance with the provisions of Section 3(f) of the Amended Agreement, Buyer has paid to Seller the sum of $41,753.19, receipt of which is acknowledged by Seller. Such $41,753.19 payment is calculated as follows: Actual Inventory 12/31/97 $1,301,339.19 Remaining Inventory Value 1/1/97 1,259,586.00 ------------- Payment Due from Buyer to Seller $ 41,753.19 =============== 3. Buyer and Seller agree that Locker Inventory determined on a pro forma basis as of December 31, 1997 as if all payments required under Section 2 hereof had been made as of that date was $1,301,339.19 (i.e. Remaining Locker Inventory as of January 1, 1997 of $1,259,586 plus the $41,753.19 payment made by Buyer under Section 2 hereof). 4. Except as expressly provided herein, the Amended Agreement shall remain unamended and in full force and effect. WITNESS the due execution hereof. SIGNORE, INC. By /s/ Alexander Ditonto ---------------------------------- Title: Chairman and Chief Executive Officer AMERICAN LOCKER SECURITY SYSTEMS, INC. By /s/ Harold J. Ruttenberg --------------------------------- Title: Chairman, Chief Executive Officer and Treasurer -2- EX-27.1 2 FDS AMERICAN LOCKER GROUP INCORPORATED 6/30/97
5 Exhibit 27.1 American Locker Group Incorporated Financial Data Schedule June 30, 1997 This schedule contains summary financial information extracted from SEC Form 10-QSB and is qualified in its entirety by reference to such financial statements. 0000008855 AMERICAN LOCKER GROUP INCORPORATED 1 U.S. DOLLARS 6-MOS DEC-31-1997 JAN-01-1997 JUN-30-1997 1.0000 291,726 0 4,206,506 425,058 3,254,729 8,440,718 8,194,665 7,054,308 9,581,075 2,662,357 400,000 0 0 3,181,568 2,888,250 9,581,075 13,006,573 13,096,316 9,054,907 9,054,907 0 6,000 60,787 1,360,080 582,301 777,779 0 0 0 777,779 .24 .24
EX-27.2 3 FDS AMERICAN LOCKER GROUP INCORPORATED, 6/30/98
5 Exhibit 27.2 American Locker Group Incorporated Financial Data Schedule June 30, 1998 This schedule contains summary financial information extracted from SEC Form 10-QSB and is qualified in its entirety by reference to such financial statements. 0000008855 AMERICAN LOCKER GROUP INCORPORATED 1 U.S. DOLLARS 6-MOS DEC-31-1998 JAN-01-1998 JUN-30-1998 1.0000 1,108,707 0 5,949,834 70,673 5,840,756 13,688,076 8,488,267 7,446,829 14,814,636 4,938,235 2,099,500 0 0 2,418,772 4,695,769 14,814,636 21,394,533 21,562,547 14,701,805 14,701,805 0 6,000 130,723 3,559,214 1,382,910 2,176,304 0 0 0 2,176,304 .90 .86
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