-----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, Wo9VMGi6r4MZy0/MXk803e+tNO5qdRkiSxg0+iErYQ2ekuDqRuPgTAblJIrLgGKT PxMULKxexGWX32+AEcchmA== 0000898431-99-000083.txt : 19990507 0000898431-99-000083.hdr.sgml : 19990507 ACCESSION NUMBER: 0000898431-99-000083 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 19990331 FILED AS OF DATE: 19990506 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: 10-Q SEC ACT: SEC FILE NUMBER: 000-00439 FILM NUMBER: 99611866 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 10-Q 1 FORM 10-Q SECURITIES AND EXCHANGE COMMISSION DRAFT Washington, DC 20549 FORM 10-Q (Mark one) (X) QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED MARCH 31, 1999 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 - ------------------------------ ----------------------------------- (Sate of other jurisdiction of (IRS Employer Identification number) 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: April 27, 1999 Common Stock $1.00 par value - 2,498,772 1 Part I - Financial Information Item 1 - Financial Statements American Locker Group Incorporated and Subsidiaries Consolidated Balance Sheets
MARCH 31, December 31, 1999 1998 ------------- ------------ ASSETS Current assets: Cash and cash equivalents $ 1,195,484 $ 1,188,007 Accounts and notes receivable, less allowance for doubtful accounts (1999 $219,136; 1998 $216,062) 3,894,296 4,062,802 Inventories 6,230,968 6,312,131 Prepaid expenses 108,990 150,808 Prepaid federal, state and foreign income taxes 773,941 0 Deferred income taxes 501,477 501,477 ------------ ------------ Total current assets 12,705,156 12,215,225 Property, plant and equipment: Land 500 500 Buildings 389,720 388,795 Machinery and equipment 8,533,747 8,408,983 ------------ ------------ 8,923,967 8,798,278 Less allowances for depreciation and Amortization 7,818,986 7,681,632 ------------ ------------ 1,104,981 1,116,646 Deferred income taxes 137,645 137,645 ------------ ------------ Total assets $ 13,947,782 $ 13,469,516 ============ ============
2 American Locker Group Incorporated and Subsidiaries Consolidated Balance Sheets
MARCH 31, December 31, 1999 1998 ------------ ------------ LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Demand note payable $ 0 $ 0 Accounts payable 1,409,393 1,574,809 Commissions, salaries, wages and taxes thereon 142,998 639,822 Other accrued expenses 671,536 600,582 Federal, state and foreign income taxes thereon 0 82,941 Current portion of long-term debt 200,000 200,000 ------------- ------------ Total current liabilities 2,423,927 3,098,154 Long-term obligations: Long-term debt 483,323 533,333 Pension benefits 625,030 573,973 ------------- ------------ 1,108,353 1,107,306 Stockholders' equity: Common stock, $1 par value: Authorized shares --- 4,000,000 Issued and outstanding shares --- 2,498,772 in 1999 and 2,422,772 in 1998 2,498,772 2,422,772 Other capital 538,492 74,867 Retained earnings 7,568,794 6,976,987 Accumulated other comprehensive loss (190,556) (210,570) ------------ ------------ l stockholders' equity 10,415,502 9,264,056 ------------ ------------ Total liabilities and stockholders' equity $ 13,947,782 $ 13,469,516 ============ ============
See accompanying notes. 3 American Locker Group Incorporated and Subsidiaries Consolidated Statements of Income
THREE MONTHS ENDED MARCH 31, 1999 1998 ------------- -------------- Net sales $ 7,857,688 $ 9,789,657 Cost of products sold 5,533,975 6,743,057 ------------- -------------- 2,323,713 3,046,600 Selling, administrative and general expenses 1,381,526 1,492,741 ------------- -------------- 942,187 1,553,859 Interest income 13,053 16,838 Other (expense) income--net 66,800 64,863 Interest expense (26,122) (66,668) ------------- -------------- Income before income taxes 995,913 1,568,892 Income taxes 404,111 638,996 ------------- -------------- Net Income $ 591,807 $ 929,896 ============= ============== Earnings per share of common stock: Basic 0.24 $ 0.38 ============= ============== Diluted 0.23 0.37 ============= ============== Dividends per share of common stock: $ 0.00 $ 0.00 ============= ==============
See accompanying notes. 4 American Locker Group Incorporated and Subsidiaries Consolidated Statements of Cash Flows
THREE MONTHS ENDED MARCH 31, 1999 1998 ------------ ------------ Operating activities Net Income $ 591,807 $ 929,896 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 112,228 170,560 Gain on disposition of property, plant and equipment (202) 0 Pension and other benefits 51,057 0 Change in assets and liabilities: Accounts and notes receivable 168,506 (470,633) Inventories 81,163 (688,226) Prepaid expenses 41,818 (33,518) Accounts payable and accrued expenses (674,227) 917,975 Income taxes (288,941) 0 ------------ ------------ Net cash provided by operating activities 83,209 826,054 INVESTING ACTIVITIES Purchase of property, plant and equipment (100,361) (19,394) ------------ ------------ Net cash used in investing activities (100,361) (19,394) FINANCING ACTIVITIES Net repayment under line of credit 0 (850,000) Debt repayment (50,010) (165,750) Common stock issued 54,625 13,813 ------------ ------------ Net cash provided by (used in) financing activities 4,615 (1,001,937) Effect of exchange rate changes on cash 20,014 5,925 ------------ ------------ Net increase (decrease) in cash 7,477 (189,352) Cash and cash equivalents at beginning of period 1,188,007 1,154,045 ------------ ----------- Cash and cash equivalents at end of period $ 1,195,484 $ 964,693 ============ ============= Supplemental cash flow information: Cash paid during the period for: Interest $ 21,881 $ 66,658 $ ============ ============= Income Taxes $ 758,000 325,092 ============ =============
See accompanying notes. 5 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 generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q. Accordingly, the condensed financial statements do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of the Company's management, all adjustments, consisting of normal recurring accruals, considered necessary for a fair presentation of such condensed financial statements have been included. Operating results for the three month period ended March 31, 1999 are not necessarily indicative of the results that may be expected for the year ended December 31, 1999. 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. Basic and diluted weighted average shares outstanding were 2,463,216 (2,415,748 in 1998) and 2,545,823 (2,534,764 in 1998) respectively at March 31, 1999. 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.
MARCH 31, December 31, 1999 1998 ---------- ------------ Raw materials $2,169,818 $1,763,210 Work-in-process 1,726,406 2,023,542 Finished goods 2,795,253 2,985,888 ---------- ---------- $6,691,477 $6,772,640 Less allowance to reduce carrying value to LIFO basis 460,509 460,509 ---------- ---------- $6,230,968 $6,312,131 ========== ==========
5. Total comprehensive income consisting of net income and foreign currency translation adjustment was $611,821 and $935,821 for the three months ended March 31, 1999 and March 31, 1998 respectively. 6 Item 2. Management Discussion and Analysis of Financial Condition and Results of Operations American Locker Group Incorporated and Subsidiaries FIRST THREE MONTHS 1999 VS FIRST THREE MONTHS 1998 First quarter 1999 sales were $7,857,688 compared to $9,789,657 in the first quarter of 1998. This was a decrease of $1,931,969 or 19.7%. Plastic locker sales to the United States Postal Service (USPS) in the first quarter were $5,401,781 compared to $6,705,999 during the same period in 1998. Cluster Box Units (CBUs) accounted for $5,007,972 of this year's first quarter plastic locker sales versus $6,133,693 the same period in 1998. Sales of Outdoor Parcel Lockers (OPLs) were $393,809 compared to $572,306 in the first quarter of 1998, a decline of $178,497 or 31.2%. This decline was anticipated and previously disclosed as all three model CBUs have built-in parcel compartments. Sales of metal, mechanical and electronic lockers were $2,455,907 in the first quarter this year, a decrease of $627,751 or 20.4% over last year's $3,083,658. The decline in sales of CBUs relates to fewer units in total purchased by the USPS compared to last year's first quarter and also to lower selling prices per unit. The Company has maintained its dominant market share position and USPS procurement policy continues to limit purchase of NDCBUs (the steel predecessor to plastic or aluminum CBUs) in relation to the new CBUs. However, USPS accumulation of CBU inventories in the third quarter of 1998 and USPS operating losses associated with deferring a postal rate increase for six months resulted in lower CBU purchases in the fourth quarter of 1998 and first quarter of 1999. Based on current information available to the Company, the Company believes that the long term outlook for CBU volumes remains favorable in light of continued USPS commitment to the CBU and its operating cost reduction benefits. Also, the USPS has announced that effective September 15, 1999 it will discontinue purchase of NDCBUs and decertify the unit for further installations. Therefore, total CBU volumes are expected to be positively effected by replacement of older NDCBU installations. As previously reported, the USPS has extended the Company's national contract through April 14, 2000. Terms of the extension were finalized on April 14, 1999 and set prices and minimum quantities for the period through April 14, 2000. The Company lowered prices on CBUs by approximately one-third of one percent (0.33%). The contract minimum quantity is one and is solely a legal minimum, not indicative of USPS requirements. As previously disclosed, total CBU demand is influenced by a number of factors over which the Company has no control, including but not limited to: Postal budgets, policies, financial performance, domestic new housing starts, and the weather as these units are installed outdoors. The CBU is a modernization of the NDCBU (which the USPS has purchased for 20 years) and is an integral part of the USPS delivery cost reduction program identified as Centralized Delivery. The two CBU competitors, each with an aluminum CBU, also received one-year contract extensions. The Company has maintained its dominant market share position and believes our CBU prices are competitive. The Company believes its CBU product line continues to represent the best value when all factors, including price, quality of design and construction, long term 7 durability and service are considered. Consolidated costs of products sold as a percentage of sales was 70.4% during the first quarter of 1999 compared to 68.9% in the first quarter of 1998. Decreased gross margins are directly related to decreased sales volumes and previous price concessions, as partially offset by cost reduction efforts of the Company. Selling, general and administrative costs for the first quarter of 1999 compared to the same period in 1998 ($1,381,526 - 1999; $1,492,741 - 1998), decreased 7.5%. Selling, general and administrative costs represented 17.6% of sales in the first quarter of 1999, up from 15.2% of sales for the same period in 1998. Interest income was $13,053 in the first quarter of 1999 compared to $16,838 in the first quarter of 1998. Interest expense of $26,122 in the first quarter of 1999 decreased $40,546 from 1998 due to a decrease in the balance outstanding under the Company's term loan agreements. LIQUIDITY AND SOURCES OF CAPITAL The Company continues to have adequate resources and liquidity to maintain and expand its operations. Working capital at March 31, 1999 was $10,281,229, up $1,164,158 over working capital of $9,117,071 at December 31, 1998. The ratio of current assets to current liabilities was 5.24 to 1 at March 31, 1999, as compared to a ratio of 3.94 to 1 at December 1998. Cash provided by operations was $83,209 during the first three months of 1999, compared to $826,054 provided by operating activities for the same period in 1998. 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. YEAR 2000 PROJECT UPDATE The Year 2000 (Y2K) issue relates to the fact that many computers, computer programs, and embedded microchips support only two digits to specify a year in the date field. Therefore, if not corrected, these systems may fail or create erroneous results in dealing with matters which refer to dates after December 31, 1999. The Company is aware of the issues and has actively pursued corrective action since late 1996. Following is a project status update as of March 31, 1999. A. Assessment Assessment of the Company's Information Technology (IT) systems was completed in 1997. Based on results of the assessment, the Company determined that complete replacement of its IT system was the best course of action. Assessment of the Company's non-IT systems with embedded microchips (security systems, telephones, etc.) began in the first quarter of 1998 and is now complete. No systems required renovation and none are critical to the Company's production process. 8 B. Renovation Renovation by replacement of the Company's IT system is proceeding on schedule. New IT software that is certified Y2K compliant has been purchased, installed, and modeled using actual Company data. The new IT system is running on a new Novell network of personal computers that is also certified Y2K compliant. Total project expenditures through March 31, 1999 were $180,000 for hardware, software, and implementation consulting fees. This represents over 70% of the total projected project cost. C. Validation Validation and final testing of the new IT system has commenced with full-scale Company data starting January 1, 1999 and is currently 80% complete. D. Implementation Final implementation of the new IT system is scheduled for the second quarter 1999, depending on validation results. However, our current IT system will run parallel until the new system is completely validated. E. Third Party Assessment The Company surveyed its entire vendor base during the third quarter of 1998. Final results were compiled during the fourth quarter 1998. The Company has verified that its major vendors are working towards Y2K compliance and that reasonable contingency plans are in place to allow the Company's production of its products to continue. Also, the Company as normal policy, maintains adequate inventory of all but the most expensive components (those supplied by vendors noted above) to safeguard against short term interruptions. The Company has also built and will maintain a large inventory of completed CBUs in order to ensure on-time deliveries to the USPS in spite of any Y2K related interruptions in production. No single customer's failure to address the Y2K issue, other than the United States Postal Service (USPS), would have a material effect on the Company. Worst Case Risks and Contingency Plans In 1998, the Company's contract with the United States Postal Service (USPS) accounted for over 70% of the Company's revenues. Any interruption or slowing of USPS orders or payments as a result of Y2K related issues would have a material adverse effect on the Company's results of operations, liquidity, and/or financial condition. However, through communication with the USPS and assessment of USPS representations related to their Y2K project status, the Company does not anticipate Y2K related interruptions in USPS orders or payments. In the event that a Y2K related slowdown or stoppage in USPS orders does occur, the Company has a contingency plan whereby CBU inventory levels would be reduced and orders for incoming materials would be delayed or cancelled in order to free working cash. The Company's $3,000,000 line of credit, as well as other financial instruments, may be utilized if necessary. 9 The forward looking statements contained in the Year 2000 Project Update should be read in conjunction with the Company's disclosures under the heading "Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995." 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 Matters In September 1998 and subsequent months, the Company was named as an additional defendant in 32 cases pending in state court in Massachusetts. The plaintiffs in each such case assert that the Company manufactured and furnished to various shipyards components containing asbestos during the period from 1948 to 1972 and that injuries resulted from exposure to such products. The assets of this division were sold by the Company in 1973. Based upon investigations conducted by the Company to date, the Company has discovered no evidence that the former division manufactured or supplied any products containing asbestos. Therefore, barring the discovery of contrary evidence, the Company does not anticipate that these actions will have any substantial impact on the Company's operations or financial condition. Defense of these cases has been assumed by the Company's insurance carrier, subject to a customary reservation of rights In December 1998, the Company was named as a defendant in a lawsuit titled "ROBERTA RAIPORT, ET AL. V. GOWANDA ELECTRONICS CORP. AND AMERICAN LOCKER GROUP, INC." pending in the State of New York Supreme Court, County of Cattaragus. The suit involves property located in Gowanda, New York which was sold by the Company to Gowanda Electronics Corp. prior to 1980. The plaintiffs, current or former property owners in Gowanda, New York, assert that defendants each operated machine shops at the site during their respective periods of ownership and that as a result of such operation soil and groundwater contamination occurred which has adversely affected the plaintiffs and the value of plaintiffs' properties. The plaintiffs assert a number of causes of action and seek compensatory damages of $5,000,000 related to alleged diminution of property values, $3,000,000 for economic losses and "disruption to plaintiffs' lives," $10,000,000 for "nuisance, inconveniences and disruption to plaintiffs' lives," $25,000,000 in punitive damages, and $15,000,000 to establish a "trust account" for monitoring indoor air quality and other remedies." The Company believes that its potential liability with respect to this site, if any, is diminimus. Therefore, based on the information currently available, management does not believe the outcome of this suit will have a substantial impact on the Company's operations or financial condition. Defense of this case has been assumed by the Company's insurance carrier, subject to a customary reservation of rights. 10 Item 6. Exhibits and Reports on Form 8-K (a) Exhibit 10 Material Contracts U.S. Postal Service Contract Modification #M010 to #072368-96-B-0741, dated April 14, 1999. (b) Exhibit 27.1 Financial Data Schedule dated March 31, 1999. (c) Exhibit 27.2 Financial Data Schedule dated March 31, 1998 (Restated). (d) The Company did not file any reports on Form 8-K during the three months ended March 31, 1999. 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/Edward F. Ruttenberg ---------------------------------- Edward F. Ruttenberg Chairman and Chief Executive Officer Date: May 6, 1999 12 EX-10 2 EXHIBIT 10 EXHIBIT 10 U. S. POSTAL SERVICE: CONTRACT/ORDER MODIFICATION 1. MODIFICATION NO.:M010 TO CONTRACT/ORDER NO.: 072368-96-B-0741 2 a. DATE ISSUED: 04/15/99 b. REQUEST NO.: 99-02580 c. FINANCE NO: 072368 SSN/TIN: 16-1068506 3. CONTRACTOR: 4. ISSUED BY: ROY GLOSSER U S POSTAL SERVICE AMERICAN LOCKER SECURITY PURCHASING & MATLS SERVICE CENTER PO BOX 489 3300 S PARKER RD SUITE 400 JAMESTOWN NY 14702-0489 AURORA CO 80014-3500 (800) 828-9118 FOR INFORMATION CALL: Patricia D. Kain 303/369-1248 pkain@usps.gov ACO CODE: 072368 The above number contract/order is modified as set forth in Block 6, by supplement agreement entered into pursuant to authority of the Contracting Officer. The contractor is required to sign and return one copy of this modification to the Issuing Office. 6. DESCRIPTION OF MODIFICATION: REFERENCE: NATIONAL CONTRACTS - CENTRAL DELIVERY EQUIPMENT 1. This contract is extended for a one year term from 04/15/99 through 04/14/2000. 2. New Pricing, as listed on Page 2, is effective 04/15/1999. 3. The following items are deleted from the contract effective 09/11/1999: Item 04, NDCBU Type I Item 05, NDCBU Type II Item 06, NDCBU Type III Item 08a, NDCBU Pedestal Except as provided herein, all terms and conditions of the document referenced in Block 1, as heretofore changed, remain unchanged and in full force and effect. 7. ACCOUNTS PAYABLE DATA X is not , is changed, see --- --- Previous Grand Total: Value of Modification: New Grand Total: The supplier X is not is required to sign and return an original and --- --- --- copy(ies) of this modification to the issuing Office (See Block 4). 8. SIGNATURES: SUPPLIER U.S. POSTAL SERVICE /s/ Roy J. Glosser 4/14/98 /s/ Patricia D. Kain 4/14/98 --------------------------------------- -------------------------------- Signature Date Signature Date Roy J. Glosser Patricia D. Kain --------------------------------------- -------------------------------- Name of Person Authorized to Sign Title Contracting Officer CONTRACT/ORDER MODIFICATION DESCRIPTION - Continuation Page 2 of 2 Pages 1. MODIFICATION NO.: 010 CONTRACT/ORDER/AGREEMENT: 072368-96-B-0741 3. DESCRIPTION OF MODIFICATION NEW PRICING EFFECTIVE 04/15/1999 ITEM 01: CBU TYPE I $861.00 ITEM 02: CBU TYPE II $892.00 ITEM 03: CBU TYPE III $923.00 ITEM 07: OPL $244.00 PRICING FOR THE FOLLOWING ITEMS REMAINS THE SAME: ITEM 08: REPLACEMENT PEDESTALS ITEM 08b: OPL $ 75.00 ITEM 08c: CBU TYPE I $110.00 CBU TYPE II $150.00 CBU TYPE III $110.00 EX-27 3 FDS AMERICAN LOCKER GROUP INCORPORATED 03/31/99
5 Exhibit 27.1 American Locker Group Incorporated Financial Data Schedule March 31, 1999 0000008855 AMERICAN LOCKER GROUP INCORPORATED 1 U.S. DOLLARS 3-MOS DEC-31-1999 DEC-31-1998 MAR-31-1999 1.0000 1,195,484 0 3,894,296 219,136 6,230,968 12,705,156 8,923,967 7,818,986 13,947,782 2,423,927 483,323 0 0 2,498,772 7,916,730 13,947,782 7,857,688 7,937,541 5,533,975 5,533,975 0 0 26,122 995,913 404,111 591,807 0 0 0 591,807 .24 .23
EX-27 4 FDS AMERICAN LOCKER GROUP INCORPORATED 03/31/98
5 Exhibit 27.2 American Locker Group Incorporated Financial Data Schedule March 31, 1998 (Restated) 0000008855 AMERICAN LOCKER GROUP INCORPORATED 1 U.S. DOLLARS 3-MOS DEC-31-1998 DEC-31-1997 MAR-31-1998 1.0000 964,693 0 4,990,343 427,187 4,324,754 11,012,340 8,544,104 7,445,982 12,115,584 3,519,195 2,265,250 0 0 2,415,748 3,453,031 12,115,584 9,789,657 9,871,358 6,743,057 6,743,057 0 0 66,668 1,568,892 638,996 929,896 0 0 0 929,896 .38 .37
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