-----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, S5HZP9t/Jz5j0j4s988BoBWlGBG9MG4PMuEArmL+xLi561+PY6rtyIut9hyzep+C PSQR62kzuDfRTbHY990qoQ== 0000895655-96-000011.txt : 19960816 0000895655-96-000011.hdr.sgml : 19960816 ACCESSION NUMBER: 0000895655-96-000011 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19960630 FILED AS OF DATE: 19960814 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: ALLTRISTA CORP CENTRAL INDEX KEY: 0000895655 STANDARD INDUSTRIAL CLASSIFICATION: COATING, ENGRAVING & ALLIED SERVICES [3470] IRS NUMBER: 351828377 STATE OF INCORPORATION: IN FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-21052 FILM NUMBER: 96612697 BUSINESS ADDRESS: STREET 1: 345 S HIGH ST CITY: MUNCIE STATE: IN ZIP: 47307 BUSINESS PHONE: 3172815000 MAIL ADDRESS: STREET 1: 345 S. HIGH STREET CITY: MUNCIE STATE: IN ZIP: 47307-5004 10-Q 1 SECOND QUARTER 10-Q SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q XX QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 1996 OR ___ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________ to _________ Commission file number 0-21052 ALLTRISTA CORPORATION State of Indiana 35-1828377 345 South High Street, P.O. Box 5004 Muncie, IN 47307-5004 317/281-5000 Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X No Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date. Class Outstanding at June 30,1996 - -------------------- --------------------------- Common Stock, without par value 7,900,759 shares This document contains 14 pages. The exhibit index is on page 13 of 14. Page 1 of 14 ALLTRISTA CORPORATION Quarterly Report on Form 10-Q For the period ended June 30, 1996 INDEX Page Number PART I. FINANCIAL INFORMATION: Item 1. Financial Statements Unaudited Condensed Statement of Income for the three and six month periods ended June 30, 1996 and July 2, 1995 3 Unaudited Condensed Balance Sheet at June 30, 1996 and December 31, 1995 4 Unaudited Condensed Statement of Cash Flows for the six month periods ended June 30, 1996 and July 2, 1995 5 Notes to Unaudited Condensed Financial Statements 6 - 7 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 8 - 10 PART II. OTHER INFORMATION 11 Page 2 of 14 PART I. FINANCIAL INFORMATION Item 1. Financial Statements
ALLTRISTA CORPORATION AND SUBSIDIARIES UNAUDITED CONDENSED STATEMENT OF INCOME (thousands of dollars except per share amounts) Three month period ended Six month period ended June 30, July 2, June 30, July 2, 1996 1995 1996 1995 ---------- --------- ---------- --------- Net sales $ 69,398 $66,614 $120,526 $117,971 Costs and expenses Cost of sales 46,643 46,725 84,195 85,237 Selling, general and administrative expenses 12,101 10,525 19,854 18,400 ---------- ----------- ---------- --------- Operating earnings 10,654 9,364 16,477 14,334 Interest expense, net (842) (958) (1,588) (1,924) ---------- ----------- ---------- --------- Income from continuing operations before taxes 9,812 8,406 14,889 12, 410 Provision for income taxes (3,908) (3,359) (5,895) (4,958) ---------- ----------- ---------- --------- Income from continuing operations 5,904 5,047 8,994 7,452 ---------- ----------- ---------- --------- Discontinued operation: Earnings(loss) from discontinued operation, net of income taxes of $(216) and $352 for the three month periods and $0 and $654 for the six month periods, respectively (267) 524 - 971 Net gain or loss on disposal of discontinued operation - - - - ---------- ----------- ----------- --------- Income(loss) from discontinued operation (267) 524 - 971 ---------- ----------- ----------- --------- Net income $ 5,637 $5,571 $8,994 $8,423 ========== =========== =========== ========= Per share of common stock: Income from continuing operations Primary earnings per share $ .73 $ .63 $ 1.12 $ .93 ========== =========== =========== ========== Fully diluted earnings per share $ .73 $ .63 $ 1.11 $ .93 ========== =========== =========== ========== Net income Primary earnings per share $ .70 $ .69 $ 1.12 $ 1.05 ========== =========== =========== ========== Fully diluted earnings per share $ .70 $ .69 $ 1.11 $ 1.05 ========== =========== =========== ========== See accompanying notes to unaudited condensed financial statements.
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ALLTRISTA CORPORATION AND SUBSIDIARIES UNAUDITED CONDENSED BALANCE SHEET (thousands of dollars) June 30, December 31, 1996 1995 -------------- -------------- ASSETS Current assets Cash and cash equivalents $ 5,955 $ 2,333 Accounts receivable, net 48,659 36,387 Inventories Raw materials and supplies 10,262 28,373 Work in process and finished goods 29,920 26,202 Deferred taxes 2,849 2,849 Prepaid expenses 631 607 ------------ ------------- Total current assets 98,276 96,751 ------------ ------------- Property, plant and equipment, at cost 151,677 196,135 Accumulated depreciation (102,536) (140,052) ------------ ------------- 49,141 56,083 Intangibles and other assets 18,798 9,816 ------------ ------------- Total assets $166,215 $162,650 ============ ============= LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities Notes payable $ 1,580 $ 3,500 Accounts payable 19,468 23,376 Other current liabilities 18,148 18,063 ------------ ------------- Total current liabilities 39,196 44,939 ------------ ------------- Noncurrent liabilities Long-term debt 30,000 30,000 Deferred taxes on income 687 687 Other noncurrent liabilities 8,475 7,773 ------------ ------------- Total noncurrent liabilities 39,162 38,460 ------------ ------------- Contingencies Shareholders' equity: Common stock (includes 7,930,365 common shares issued and 7,900,759 shares outstanding at June 30, 1996) 40,686 40,679 Retained earnings 47,959 38,965 Minimum pension liability (367) (367) Cumulative translation adjustment (22) (26) ------------ ------------- 88,256 79,251 Less treasury stock (16,877 shares, at cost) (399) - ------------ ------------- Total shareholders' equity 87,857 79,251 ------------ ------------- Total liabilities and shareholders' equity $166,215 $162,650 ============ ============= See accompanying notes to unaudited condensed financial statements.
Page 4 of 14
ALLTRISTA CORPORATION AND SUBSIDIARIES UNAUDITED CONDENSED STATEMENT OF CASH FLOWS (thousands of dollars) Six month period ended June 30, July 2, 1996 1995 ------------ ---------- Cash flows from operating activities Net income $8,994 $8,423 Reconciliation of net income to net cash provided by operating activities: Depreciation and amortization 5,554 6,442 Loss on disposal of fixed assets 590 45 Deferred employee benefits 542 494 Other 11 159 Changes in working capital components (2,210) (23,931) ------------ ---------- Net cash provided by (used in) operating activities 13,481 (8,368) ------------ ---------- Cash flows from financing activities Proceeds from notes payable 20,526 17,213 Principal payments of notes payable (22,446) (5,122) Proceeds from issuance of common stock 1,809 1,463 Purchase of treasury stock (2,194) - ------------ ---------- Net cash (used in) provided by financing activities (2,305) 13,554 ------------ ---------- Cash flows from investing activities Additions to property, plant and equipment, including product line acquisition (21,976) (4,923) Proceeds from sale of property, plant and equipment 38 99 Cash proceeds from the sale of certain assets of discontinued operation 14,384 - ------------ ---------- Net cash used in investing activities (7,554) (4,824) ------------ ---------- Net increase in cash 3,622 362 Cash and cash equivalents, beginning of period 2,333 1,229 ------------ ---------- Cash and cash equivalents, end of period $5,955 $ 1,591 ============ ========== See accompanying notes to unaudited condensed financial statements.
Page 5 of 14 ALLTRISTA CORPORATION AND SUBSIDIARIES NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS 1. Presentation of Condensed Financial Statements Certain information and footnote disclosures, including significant accounting policies normally included in financial statements prepared in accordance with generally accepted accounting principles, have been condensed or omitted. In the opinion of management, the accompanying condensed financial statements include all adjustments necessary for a fair presentation of the results for the interim periods presented. Results of operations for the periods shown are not necessarily indicative of results for the year, particularly in view of some seasonality in the Consumer Products business. The accompanying unaudited condensed financial statements should be read in conjunction with the Consolidated Financial Statements and Notes to Consolidated Financial Statements of Alltrista Corporation and Subsidiaries included in the Company's latest annual report. 2. Contingencies The Company is subject to and involved in claims arising out of the conduct of its business including those relating to product liability, environmental and safety and health matters. The Company's information at this time does not indicate that the resolution of the aforementioned claims will have a material, adverse effect upon financial condition, results of operations, cash flows or competitive position of the Company. 3. Earnings per share Earnings per share for the periods are computed by dividing net income for the period by the sum of the weighted average number of shares outstanding for the period and the common stock equivalents which result from stock option activity. 4. Acquisition of assets On March 15, 1996, the Company acquired certain assets related to the home food preservation product line of Kerr Group, Inc. ("Kerr") for $14.5 million and accounted for the acquisition as a purchase. The purchase price was allocated to the equipment, raw materials inventory and a perpetual license to use the Kerr trade name, based on their estimated fair values as of the date of acquisition. The license to use the Kerr trade name will be amortized over a period not to exceed 20 years. In addition, the Company assumed the operating lease at Kerr's Jackson, Tennessee manufacturing facility and is conducting a study of the consolidation of manufacturing operations for the home canning product line. Concurrent with the purchase, the Company and Kerr entered into a non-exclusive Sales Agent Agreement whereby the Company acts as sales agent for certain pre-closing inventory of Kerr. Management estimates that its duties under the Sales Agent Agreement will last through August 1996. At that time, substantially all inventory belonging to Kerr will have been sold. The Company estimates its incremental 1996 sales as a result of this acquisition will be approximately $10 million, with approximately $25 million expected annually under normal conditions. The impact of including the financial results of Kerr in a pro forma presentation for the first half of 1995 and 1996 would not have been material. 5. Discontinued Operation - Sale of Metal Services Company assets Effective April 26, 1996 ("Measurement date"), the Company sold its Metal Services Company plants, real estate, equipment and coatings and inks inventory to U.S. Can Corporation for approximately $14.9 million. The Company retained all accounts receivable and inventory other than inks and coatings, as well as substantially all liabilities accrued prior to April 26, 1996. In addition, the Company entered into a non-exclusive sales agreement whereby U.S. Can agreed to sell the retained inventory. On June 28, 1996, the two companies entered into an agreement whereby U.S. Can purchased the inventory remaining on June 30, 1996 for approximately $9 million; at June 30, 1996, a receivable of $7 million exists for the balance owed. The Company expects to receive approximately $15 million, primarily during 1996, from the sale of the retained inventory and the collection of the accounts receivable less amounts required to settle the accounts payable and other liabilities. The Company used the proceeds from the sale to reduce outstanding borrowings. Page 6 of 14 The disposal of the Metal Services Company assets has been accounted for as a discontinued operation and, accordingly, its operating results are segregated and reported as a discontinued operation in the accompanying Unaudited Condensed Statement of Income. The prior year Statement of Income has been reclassified to conform to the current year presentation. The net assets of Metal Services Company are included in the balance sheet at December 31, 1995. Management estimates the combined effect of Metal Services' 1996 operating loss, the gain on the sale of the business and estimated costs to be incurred in connection with the sale, including a $.7 million curtailment loss for pension benefits related to Metal Services Company, will be zero. The Metal Services Company experienced an after-tax loss from operations of approximately $.3 million for the period from April 1, 1996 to the Measurement date. Sales from this operation were $42.4 million for the first half of 1995 and $18.0 million up to the Measurement date in 1996. Page 7 of 14 Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS RESULTS OF OPERATIONS - COMPARING SECOND QUARTER 1996 TO SECOND QUARTER 1995 The Company reported net sales of $69.4 million and operating earnings of $10.7 million for the second quarter ended June 30, 1996. This represents a 4.2% and 13.8 % increase over the same period of 1995. Sales and earnings increases in the food containers segment were partly the result of improved sales in the Canadian home canning market and from sales of the Fruit-Fresh brand of fruit protector acquired in late 1994 in the Consumer Products division. Partially offsetting these increases is a reduction in sales of domestic home canning products which have suffered due to poor early season growing conditions. The acquisition of the Kerr brand of home canning products in the first quarter has increased operating costs as the brand is transitioned into the Consumer Products division. This, along with increased marketing costs for domestic canning products caused operating earnings to improve only slightly. Sales of the Kerr brand of home canning products have been made primarily from inventories retained by the previous owner and, consequently, were not a contributor in the second quarter. The Company expects the majority of the inventory retained by Kerr to be sold by the end of August 1996, after which sales of the Kerr brand of home canning products will be for the Company's account. Plastic Packaging Company's sales were higher due to increased demand for formed containers. Earnings also improved as this division continues to improve operating efficiencies. Nearly every division in the industrial components segment reported a slight increase in sales over the 1995 second quarter. Segment earnings, however, did not follow as earnings for the quarter were 4% under a year ago. Zinc Products Company had increased sales due to favorable mix in industrial products, while penny blank sales were level with 1995. Lower volumes in battery cans and zinc strip along with increased professional fees for product development costs caused earnings to fall below the prior year second quarter. Industrial Plastics Division showed higher sales and earnings for the quarter based on volume increases. Under-utilization at the new plant in Springfield, Missouri caused Unimark Plastics' earnings to fall below 1995 second quarter earnings. LumenX had sales similar to the prior year second quarter, however, while results were improved, this business operated at a deficit. Gross margins for the second quarter improved for both divisions in the food containers segment. Improved sales volumes, favorable mix at both divisions along with efficiency improvements at the Plastic Packaging Company caused the increases. The industrial components segment also improved its gross margin percentages over the prior year's second quarter. Margin improvement at Industrial Plastics was the result of volume increases. LumenX also improved margins as a result of manufacturing efficiencies. These improvements were somewhat offset by a margin shortfall at the Unimark Plastics division resulting from lower than expected volume, particularly at the Company's new Springfield, Missouri facility. Zinc Products margins were nearly even with the prior year second quarter. Selling, general and administrative costs increased as a percentage of sales in the quarter ended June 30, 1996 due to costs associated with the integration of the newly acquired Kerr brand into the Consumer Products division. Increased professional fees at Zinc Products have also increased selling, general and administrative costs. Net interest expense for the second quarter of 1996 was $842, compared to $958 for the same period in 1995. The decrease in interest expense from 1995 is the result of lower interest rates during the 1996 quarter on reduced daily average borrowings. RESULTS OF OPERATIONS - COMPARING YEAR TO DATE 1996 TO YEAR TO DATE 1995 Net sales were $120.5 million or 2.2% higher for the six month period ended June 30, 1996 compared with the 1995 six month period. Operating earnings were $16.5 million, 15.0% higher than earnings for the same period of 1995. Sales and earnings increased in the food containers segment for the six month period. The Consumer Products division contributed to the increases with improvements in Canadian home canning, the Fruit-Fresh brand of fruit protector, and pectin sales, offset by a decrease in the domestic home canning product lines. Earnings improvements followed the volume increases, however, transition costs related to the acquisition of the Kerr home canning business and increased marketing efforts caused overall earnings to lag 1996 expectations. Plastic Packaging Company's sales and earnings benefited from favorable sales mix, reduced scrap and controlled research Page 8 of 14 and development spending. The industrial components segment reported increased sales with decreased earnings comparing the first six months of 1996 to the same period of 1995. Zinc Products Company had slightly increased volumes in coinage for the six month period, but decreased volume for battery cans and industrial products resulted in lower sales and earnings versus the prior year. The Industrial Plastics division showed higher sales in both plastic tables and refrigeration products. This, coupled with reduced research and development and benefits costs, improved earnings. Unimark Plastics Company's sales for the period were even with last year, however below plan volume, primarily at the new Springfield, Missouri plant, caused earnings to fall below 1995 six month earnings. LumenX increased its sales and margins in both vision and x-ray products, decreasing the deficit compared to that reported a year ago. Gross margins improved for both divisions in the food containers segment. As was the case with the second quarter, improved sales volumes, favorable mix at both divisions along with operating efficiency gains at the Plastic Packaging Company caused the increases. Overall, the industrial components segment had slightly higher gross margin percentages. Improved margins at Zinc Products and LumenX were a result of volume and sales mix. These improvements were somewhat offset by lower than expected volume at Unimark. The increase in selling, general and administrative costs relative to sales for the six month period was consistent with the increase for the quarter. Interest expense of $1,588 for the first six months of 1996 was well under interest expense of $1,924 for the same period of 1995 due to lower daily average borrowings and lower interest rates. The Company's weighted average interest rate year to date for 1996 is 5.6% compared with 6.2% for 1995. FINANCIAL CONDITION, LIQUIDITY AND CAPITAL RESOURCES Effective April 26, 1996, the Company sold its Metal Services Company plants, real estate, equipment and coatings and inks inventory to U.S. Can Corporation for approximately $14.9 million. The Company retained all accounts receivable and inventory other than inks and coatings, as well as substantially all liabilities accrued prior to April 26, 1996. The Company expects to receive approximately $15 million, primarily during 1996, from the sales of the retained inventory and the collection of the accounts receivable less amounts required to settle the accounts payable and other liabilities. At June 30, 1996 the remaining Metal Services Company inventory had been sold to U.S. Can. The June 30, 1996 accounts receivable balance includes $7 million due from U.S. Can on that sale. The Company is using the proceeds from the sale to reduce borrowings under its revolving credit agreement. Accordingly, results for the Metal Services business have been reflected as a discontinued operation in the statement of income. General and administrative costs previously allocated to Metal Services Company have been excluded from the computation of earnings from discontinued operations. Working capital as of June 30, 1996 increased to $59.1 million from the 1995 year end level of $51.8 million. The sale of Metal Services has reduced the Company's working capital by approximately $5 million. The decreases are mostly in reduced inventory offset in part by reduced payables. Management also expects to collect Metal Services- related receivables of approximately $11 million during the third quarter. Within the Company's continuing operations, the acquisition of the Kerr product line has increased working capital as this operation built inventories throughout the second quarter. The Company has $30 million of long-term debt with maturity dates beginning in 1998 and continuing through 2004 at a fixed interest rate of 7.8%. In May 1995, the Company terminated a swap agreement, resulting in a transaction gain of $.5 million. This gain is being amortized over the original three-year term of the swap and effectively fixes the Company's interest rate on the long-term debt through December 1997 at 7.19%. The Company participates in a $50 million revolving credit agreement with a group of banks, of which no borrowings were outstanding at quarter end or year end. The Company also has available $95 million in committed and uncommitted credit lines of which $1.6 million in borrowings was outstanding as of June 30, 1996. The debt-to-total capitalization ratio of 26.4% at the end of the second quarter of 1996 is lower than the 29.7% at December 31, 1995, as a result of using the proceeds from the sale of the Metal Services assets and cash flow from the Company's other businesses to reduce borrowings. As of June 30, 1996, borrowings on the Company's long-term debt and uncommitted credit lines were at a weighted average interest rate of 5.6%. During the first half of 1996, the Company purchased 99,600 shares of its stock in the open market at a total cost of $2.2 million. Treasury shares have been reissued for employee stock plans as needed. Page 9 of 14 Capital expenditures of $22.0 million in the first six months ended June 30, 1996 include the $14.5 million acquisition of the Kerr home food preservation product line from the first quarter. Spending for the remainder of 1996 is expected to be in line with the second half of 1995. The Company is subject to and involved in claims arising out of the conduct of its business including those relating to product liability, environmental and safety and health matters. The Company's information at this time does not indicate that the resolution of the aforementioned claims will have a material, adverse effect upon financial condition, results of operations, capital expenditures or competitive position of the Company. Page 10 of 14 PART II. OTHER INFORMATION Item 1. Legal proceedings There were no events required to be reported under Item 1 for the quarter ending June 30, 1996. Item 2. Changes in securities There were no events required to be reported under Item 2 for the quarter ending June 30, 1996. Item 3. Defaults upon senior securities There were no events required to be reported under Item 3 for the quarter ending June 30, 1996. Item 4. Submission of matters to a vote of security holders The Company held its Annual Meeting of Shareholders on May 16, 1996. Matters voted upon by proxy were the election of three directors for three-year terms expiring in 1999, the ratification of the appointment of Price Waterhouse LLP as independent accountants in 1996, and approval of the 1996 Employee Stock Purchase Plan and the 1996 Stock Option Plan for Nonemployee Directors. The results of the vote are as follows:
Voted For Voted Against Withheld/Abstained ----------- ------------- ------------------ Election of directors for terms expiring in 1999: William A. Foley 7,258,704 25,406 William L. Peterson 7,268,241 15,869 Patrick W. Rooney 7,265,380 18,730 Appointment of Price Waterhouse LLP as independent accountants in 1996 7,265,102 9,004 10,004 1996 Employee Stock Purchase Plan 6,161,133 196,530 8,600 1996 Stock Option Plan for Nonemployee Directors 5,131,718 948,130 298,291
Item 5. Other information There were no events required to be reported under Item 5 for the quarter ending June 30, 1996. Item 6. Exhibits and Reports on Form 8-K (a) Exhibits 11.1 Computation of earnings per share (b) Reports on Form 8-K Report on Form 8-K/A dated March 15, 1996, filed May 29, 1996, regarding acquisition of certain assets related to the home food preservation products from Kerr Group, Inc. The amendment was to include the financial statements required under Item 7. Report on Form 8-K dated April 29, 1996, filed May 14, 1996, regarding the disposition of the plants, real estate, equipment and coatings and inks inventory of the Metal Services Company. Page 11 of 14 SIGNATURE 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. Alltrista Corporation ------------------------ (Registrant) Date: August 13, 1996 By: /s/ Kevin D. Bower ------------------------- -------------------------- Kevin D. Bower Vice President of Finance and Controller Page 12 of 14 ALLTRISTA CORPORATION AND SUBSIDIARIES QUARTERLY REPORT ON FORM 10-Q June 30, 1996 EXHIBIT INDEX Exhibit Description Page - ----------- ------------------------- ---- 11.1 Computation of earnings per share 14 27 Financial Data Schedule [EDGAR filing only] Page 13 of 14 EX-11 2 EPS COMPUTATION
Exhibit 11.1 ALLTRISTA CORPORATION STATEMENT RE: COMPUTATION OF EARNINGS PER SHARE (Thousands of dollars except share data) Three month period ended Six month period ended June 30, July 2, June 30, July 2, 1996 1995 1996 1995 ---------- --------- -------- ------- Primary Earnings Per Share Income from continuing operations $ 5,904 $ 5,047 $ 8,994 $ 7,452 Discontinued operation (267) 524 - 971 ---------- --------- ---------- ---------- Net income $ 5,637 $ 5,571 $ 8,994 $ 8,423 ========== ========= ========== ========== Weighted average number of common shares outstanding (000s) 7,876 7,800 7,872 7,770 Additional shares assuming conversion of stock options 188 213 181 219 ---------- --------- ---------- ---------- Weighted average number of common and equivalent shares 8,064 8,013 8,053 7,989 =========== ========= ========== ========== Primary earnings per common share: Income from continuing operations $ .73 $ .63 $ 1.12 $ .93 Discontinued operation (.03) .06 - .12 ----------- --------- ---------- ---------- Net income $ .70 $ .69 $ 1.12 $ 1.05 =========== ========= ========== ========== Fully Diluted Earnings Per Share Income from continuing operations $ 5,904 $ 5,047 $ 8,994 $ 7,452 Discontinued operation (267) 524 - 971 ----------- --------- ---------- ---------- Net income $ 5,637 $ 5,571 $ 8,994 $ 8,423 =========== ========= ========== ========== Weighted average number of common shares outstanding (000s) 7,876 7,800 7,872 7,770 Additional shares assuming conversion of stock options 202 222 214 242 ----------- --------- ---------- ---------- Weighted average number of common and equivalent shares 8,078 8,022 8,086 8,012 =========== ========= ========== ========== Fully diluted earnings per common share: Continuing operations $ .73 $ .63 $ 1.11 $ .93 Discontinued operation (.03) .06 - .12 ----------- --------- ---------- ---------- Net income $ .70 $ .69 $ 1.11 $ 1.05 =========== ========= ========== ==========
Page 14 of 14 EX-27 3 FDS
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE CONSOLIDATED BALANCE SHEET AND STATEMENTS OF INCOME FOUND IN THE COMPANY'S FORM 10-Q FOR THE YEAR-TO-DATE, AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 1,000 6-MOS DEC-31-1996 JUN-30-1996 5,955 0 48,659 0 40,182 98,276 151,677 102,536 166,215 39,196 30,000 0 0 40,686 47,171 166,215 120,526 120,526 84,195 84,195 0 0 1,588 14,889 5,895 8,994 0 0 0 8,994 1.12 1.11
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