-----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, HIT3zzIVjljPcwo1hhdMK5EHUJmok6DG8C+KmE8ewhAn6XQwnCqqpGEqpDP0tht4 seqmGqzr4gRyhg3JwOIX5w== 0000895655-96-000013.txt : 19961115 0000895655-96-000013.hdr.sgml : 19961115 ACCESSION NUMBER: 0000895655-96-000013 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19960929 FILED AS OF DATE: 19961113 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: 96661577 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 THIRD 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 September 29, 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 301 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 September 29, 1996 Common Stock, without par value 7,600,489 shares This document contains 13 pages. The exhibit index is on page 12 of 13. Page 1 of 13 ALLTRISTA CORPORATION Quarterly Report on Form 10-Q For the period ended September 29, 1996 INDEX Page Number PART I. FINANCIAL INFORMATION: Item 1. Financial Statements Unaudited Condensed Statement of Income for the three and nine month periods ended September 29, 1996 and October 1, 1995 3 Unaudited Condensed Balance Sheet at September 29, 1996 and December 31, 1995 4 Unaudited Condensed Statement of Cash Flows for the nine month periods ended September 29, 1996 and October 1, 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 13 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 Nine month period ended September 29, October 1, September 29, October 1, 1996 1995 1996 1995 ------------ ----------- ----------- ------------ Net sales $65,763 $60,123 $186,289 $178,094 Costs and expenses Cost of sales 45,647 42,400 129,842 127,637 Selling, general and administrative expense 12,636 9,311 32,490 27,711 Unusual item - 2,430 - 2,430 ----------- ----------- ----------- ----------- Operating earnings 7,480 5,982 23,957 20,316 Interest expense, net (567) (821) (2,155) (2,745) ----------- ----------- ----------- ----------- Income from continuing operations before taxes 6,913 5,161 21,802 17,571 Provision for income taxes (2,737) (2,062) (8,632) (7,020) ----------- ----------- ----------- ----------- Income from continuing operations 4,176 3,099 13,170 10,551 ----------- ----------- ----------- ----------- Discontinued operation: Earnings from discontinued operation, net of income taxes of $0 and $168 for the three month periods and $0 and $827 for the nine month periods, respectively - 256 - 1,227 Net gain or loss on disposal of discontinued operation - - - - ----------- ----------- ----------- ----------- Income from discontinued operation - 256 - 1,227 ----------- ----------- ----------- ----------- Net income $ 4,176 $3,355 $13,170 $11,778 =========== =========== =========== =========== Earnings per share of common stock: Income from continuing operations Primary and fully diluted $ .53 $ .39 $ 1.64 $ 1.32 =========== =========== =========== =========== Net income Primary and fully diluted $ .53 $ .42 $ 1.64 $ 1.47 =========== =========== =========== =========== See accompanying notes to unaudited condensed financial statements.
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ALLTRISTA CORPORATION AND SUBSIDIARIES UNAUDITED CONDENSED BALANCE SHEET (thousands of dollars) September 29, December 31, 1996 1995 --------------- ------------------ ASSETS Current assets Cash and cash equivalents $ 12,040 $ 2,333 Accounts receivable, net 38,917 36,387 Inventories Raw materials and supplies 10,646 28,373 Work in process and finished goods 22,405 26,202 Deferred taxes 3,242 2,849 Prepaid expenses 599 607 ------------ ------------ Total current assets 87,849 96,751 ------------ ------------ Property, plant and equipment, at cost 152,105 196,135 Accumulated depreciation (107,201) (140,052) ------------ ------------ 44,904 56,083 Intangibles and other assets 23,504 9,816 ------------ ------------ Total assets $156,257 $162,650 ============ ============ LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities Notes payable $ - $ 3,500 Accounts payable 12,875 23,376 Other current liabilities 19,903 18,063 ------------ ------------ Total current liabilities 32,778 44,939 ------------ ------------ Noncurrent liabilities Long-term debt 30,000 30,000 Deferred taxes on income - 687 Other noncurrent liabilities 8,425 7,773 ------------ ------------ Total noncurrent liabilities 38,425 38,460 ------------ ------------ Contingencies Common stock (includes 7,953,659 common shares issued and 7,600,489 shares outstanding at September 29, 1996) 40,900 40,679 Retained earnings 52,135 38,965 Minimum pension liability (367) (367) Cumulative translation adjustment (14) (26) ------------ ------------ 92,654 79,251 Less: treasury stock (341,561 shares, at cost) (7,600) - ------------ ------------ Total shareholders' equity 85,054 79,251 ------------ ------------ Total liabilities and shareholders' equity $156,257 $162,650 ============ ============ See accompanying notes to unaudited condensed financial statements.
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ALLTRISTA CORPORATION AND SUBSIDIARIES UNAUDITED CONDENSED STATEMENT OF CASH FLOWS (thousands of dollars) Nine month period ended September 29, October 1, 1996 1995 ------------- ------------ Cash flows from operating activities Net income $ 13,170 $ 11,778 Reconciliation of net income to net cash provided by operating activities: Depreciation and amortization 7,403 9,464 Loss on disposal of assets 514 52 Deferred taxes on income (1,170) (525) Unusual item - 2,430 Deferred employee benefits 767 864 Other (89) 256 Changes in working capital components 9,256 (8,768) ------------- ------------- Net cash provided by operating activities 29,851 15,551 ------------- ------------- Cash flows from financing activities Proceeds from revolving credit borrow 20,695 17,213 Principal payments of revolving credit borrowings (24,195) (25,437) Proceeds from issuance of common stock 2,442 1,923 Purchase of treasury stock (9,758) - ------------- ------------ Net cash used in financing activities (10,816) (6,301) ------------- ------------ Cash flows from investing activities Additions to property, plant and equipment including product line acquisition (24,095) (8,651) Proceeds from sale of property, plant and equipment 383 103 Proceeds from sale of certain assets of discontinued operation 14,384 - ------------- ------------ Net cash used in investing activities (9,328) (8,548) ------------- ------------ Net increase in cash 9,707 702 Cash and cash equivalents, beginning of period 2,333 1,229 ------------- ------------ Cash and cash equivalents, end of period $ 12,040 $ 1,931 ============= ============ See accompanying notes to unaudited condensed financial statements.
Page 5 of 13 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. The license to use the Kerr trade name is being amortized over 20 years. In addition, the Company assumed the operating lease at Kerr's Jackson, Tennessee manufacturing facility. During the third quarter, the Company completed its facility assessment and announced its intention to close the Jackson facility and consolidate operations in its Muncie, Indiana facility. As a result of this decision, additional acquisition costs of $2.6 million have been recorded for severance, and the estimated net costs to close the Jackson facility, resulting in an increase in goodwill. Concurrent with the purchase, the Company and Kerr entered into a non-exclusive Sales Agent Agreement whereby the Company agreed to sell certain pre-closing inventory retained by Kerr. Management estimates that its duties under the Sales Agent Agreement will last through November 1996. The impact of including the financial results of Kerr in a pro forma presentation for nine months 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. The Company used the proceeds from the sale to reduce outstanding borrowings. At this time, 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. 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. Page 6 of 13 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 restated 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. Sales from this operation were $69.5 million for the first nine months of 1995 and $18.0 million up to the Measurement date in 1996. Page 7 of 13 Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Results of Operations - Comparing Third Quarter 1996 to Third Quarter 1995 The Company reported net sales of $65.8 million and operating earnings of $7.5 million for the third quarter ended September 29, 1996. This represents a 9.4% and 25.0 % increase over the same period of 1995. Excluding the impact of a $2.4 million pretax, non-cash charge related to the termination of the zinc wine capsule development program in 1995, operating earnings declined 11.1% for the quarter. Sales increased while earnings decreased in the food containers segment compared to the prior year third quarter. While domestic home canning sales of the Ball brand were hampered by a poor growing season, the overall sales increase was mostly the result of increased market share in Canada and sales of the newly acquired Kerr brand. Earnings were off as a result of higher warehousing costs as well as increased advertising and sales promotion expense to support the home canning category. In addition, the Kerr acquisition increased operating costs as the brand was integrated into the Consumer Products division. In connection with the integration, the Company announced during the third quarter it will be closing the Jackson, Tennessee facility and consolidating the domestic manufacture of home canning closures at its plant in Muncie, Indiana. Sales of the Kerr brand of home canning products were made primarily from inventories retained by the previous owner and, consequently, were not as significant a contributor in the third quarter as they will be in future periods. The Company expects the majority of the inventory retained by Kerr to be sold by the end of November 1996, after which sales of the Kerr brand of home canning products excluding residual retained inventory, if any, will be for the Company's account. Plastic Packaging Company's sales and earnings for the quarter were level with the prior year. The industrial components segment reported a 9% increase in sales over the 1995 third quarter, with nearly every division showing increases. Segment earnings more than tripled from 1995. Zinc Products Company had increased sales and earnings due mostly to increased volume of penny blanks, and favorable sales mix in industrial products and battery cans. Earnings were lower in the third quarter of 1995 due to the $2.4 million pretax, non-cash charge related to the termination of the zinc wine capsule development program. Industrial Plastics had lower sales and earnings for the quarter as a result of volume and price decreases to its largest customer. Increased sales volume and improved material usage resulted in increased sales and earnings at Unimark Plastics comparing the third quarter of 1996 to the prior year. LumenX reported increased sales from the prior year third quarter; however, this business continued to operate at a slight deficit. Third quarter gross margins improved in the food containers segment over the prior year. Increased sales of Bernardin brand home canning products in Canada, and improved efficiencies at the Plastic Packaging Company caused the increases. Within the industrial components segment, slight margin improvement at Unimark Plastics and Zinc Products was mostly the result of volume increases. As the majority of Kerr brand home canning sales were for the benefit of the previous owner, selling, general and administrative costs increased as a percentage of total sales in the quarter ended September 29, 1996 due to costs associated with the integration of the Kerr brand into the Consumer Products division, along with increased marketing and promotional efforts in this division. Increased market research activities at Zinc Products have also increased selling, general and administrative costs. Net interest expense for the third quarter of 1996 was $567, compared to $821 for the same period in 1995. The decrease is the result of reduced daily average borrowings and interest income earned on cash equivalents which has been netted against expense in the statement of income. Results of Operations - Comparing Year to Date 1996 to Year to Date 1995 Net sales were $186.3 million or 4.6% higher for the nine month period ended September 29, 1996 compared with the 1995 nine month period. Operating earnings were $24.0 million, 17.9% higher than earnings for the same period of 1995 and 5.3% higher, excluding the $2.4 million unusual item from 1995. Sales and earnings increased in the food containers segment for the nine month period. The Consumer Products division contributed most of the sales increase as a result of increased market share in Canada and sales of the newly acquired Kerr brand, offset to a lesser extent by a decrease in sales of Ball brand home canning products. Under the terms of a non-exclusive sales agent agreement with Kerr Group, Inc. ("Kerr") sales of the Kerr brand home canning products are recorded for the Page 8 of 13 account of Consumer Products Company only after the inventories for such products retained by Kerr have been sold. As a result, the Company's portion of 1996 sales of the Kerr brand are expected to be approximately $5 million. Although sales increased, the earnings decrease compared to 1995 was primarily due to duplicate costs prior to the full integration of the Kerr brand into the home canning business, increased warehousing costs, and advertising and sales promotion efforts. Plastic Packaging Company's sales and earnings continued to benefit from favorable sales mix, reduced scrap and controlled research and development spending. Every division in the industrial components segment reported increased sales and earnings comparing the first nine months of 1996 to the same period of 1995. Earnings were higher in the current year due mostly to a $2.4 million pretax, non-cash charge related to the termination of the zinc wine capsule business in 1995. Zinc Products Company had increased volumes in coinage for the nine month period, offset to a lesser degree by decreased volume for battery cans versus the prior year. The Industrial Plastics division showed slightly higher sales and earnings in both plastic tables and refrigeration products. Unimark Plastics Company's sales improvements are a result of increases in the Pennsylvania and Springfield locations. Despite under-utilization at the new Springfield plant, decreased benefits costs along with volume increases and improved operating efficiencies at other Unimark locations resulted in higher overall earnings year-to-date. LumenX increased its sales and margins in x-ray products, slightly reducing its deficit compared to a year ago. Gross margins improved in the food containers segment as a result of favorable product mix at each division along with operating efficiency gains at the Plastic Packaging Company and increased sales volumes at Consumer Products. 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 start-up costs and lower than expected volume at Unimark's Springfield location. The reason for the increase in selling, general and administrative costs relative to sales for the nine month period was consistent with the explanation of the increase for the quarter. Interest expense of $2,155 for the first nine months of 1996 was well under interest expense of $2,745 for the same period of 1995 due to lower daily average borrowings and lower interest rates. In addition, interest earned on cash equivalents has been netted against interest expense in the 1996 statement of income. The Company's weighted average borrowing rate year to date for 1996 is 5.4% compared with 7.1% for 1995. Financial Condition, Liquidity and Capital Resources Working capital as of September 29, 1996 increased to $55.2 million from the 1995 year end level of $51.8 million and includes a $10 million increase in cash and cash equivalents. 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. Proceeds from the sale were used to reduce borrowings under the Company's revolving credit agreement. On June 28, 1996 the remaining Metal Services Company inventory was sold to U.S. Can for approximately $9 million. The sale of Metal Services has reduced the Company's working capital by approximately $9 million. The decreases are mostly in reduced inventories offset in part by accounts payable and accrued liabilities. The Company has received approximately $10 million 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. In addition, management expects to collect Metal Services-related receivables of approximately $5 million during the fourth quarter. Within the Company's continuing operations, the acquisition of the Kerr product line has increased working capital as this operation built inventories and receivables throughout the second and third quarter. Increased short-term investments, the result of the Metal Services transaction, have also contributed to the working capital increase. 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 $96 million in committed and Page 9 of 13 uncommitted credit lines of which no borrowings were outstanding at September 29, 1996. After reducing outstanding debt by the cash balance, the debt-to-total capitalization ratio was 17.4% at the end of the third quarter versus 28.2% at December 31, 1995. During the first nine months of 1996, the Company purchased 434,500 shares of its stock in the open market at a total cost of $9.8 million. During the fourth quarter, the Company purchased an additional 195,000 shares of Company stock at a cost of $4.2 million, completing its board-authorized stock repurchase programs. The stock acquired will be reissued for employee stock plans as needed. Capital expenditures of $24.1 million in the nine months ended September 29, 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 approximately $5 million. 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 13 PART II. OTHER INFORMATION Item 1. Legal proceedings There were no events required to be reported under Item 1 for the quarter ending September 29, 1996. Item 2. Changes in securities There were no events required to be reported under Item 2 for the quarter ending September 29, 1996. Item 3. Defaults upon senior securities There were no events required to be reported under Item 3 for the quarter ending September 29, 1996. Item 4. Submission of matters to a vote of security holders There were no events required to be reported under Item 4 for the quarter ending September 29, 1996. Item 5. Other information There were no events required to be reported under Item 5 for the quarter ending September 29, 1996. Item 6. Exhibits and Reports on Form 8-K (a) Exhibits 11.1 Computation of earnings per share 27 Financial Data Schedule (EDGAR filing only) (b) Reports of Form 8-K There were no events required to be reported under Form 8-K for the quarter ending September 29, 1996. 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: November 12, 1996 By: \S\ Kevin D. Bower -------------------- ---------------------------- Kevin D. Bower Vice President of Finance and Controller Page 11 of 13 ALLTRISTA CORPORATION AND SUBSIDIARIES QUARTERLY REPORT ON FORM 10-Q September 29, 1996 EXHIBIT INDEX Exhibit Description Page - --------- --------------------------------- ----------------- 11.1 Computation of earnings per share. 11 27 Financial Data Schedule EDGAR filing only Page 12 of 13 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 Nine month period ended September 29, October 1, September 29, October 1, 1996 1995 1996 1995 ------------- ---------- ------------- ---------- Primary Earnings Per Share Income from continuing operations $ 4,176 $ 3,099 $13,170 $10,551 Discontinued operation - 256 - 1,227 ----------- --------- ---------- --------- Net income $ 4,176 $ 3,355 $13,170 $11,778 =========== ========= ========== ========= Weighted average number of common shares outstanding (000s) 7,776 7,830 7,840 7,790 Additional shares assuming conversion of stock options 152 173 171 204 ----------- --------- ---------- --------- Weighted average number of common and equivalent shares 7,928 8,003 8,011 7,994 =========== ========= ========== ========= Primary earnings per common share: Continuing operations $ .53 $ .39 $ 1.64 $ 1.32 Discontinued operation - .03 - .15 ----------- --------- ---------- --------- Net income $ .53 $ .42 $ 1.64 $ 1.47 =========== ========= ========== ========= Fully Diluted Earnings Per Share Income from continuing operations $ 4,176 $ 3,099 $ 13,170 $ 10,551 Discontinued operation - 256 - 1,227 ----------- --------- ---------- --------- Net income $ 4,176 $ 3,355 $ 13,170 $ 11,778 =========== ========= ========== ========= Weighted average number of common shares outstanding (000s) 7,776 7,830 7,840 7,790 Additional shares assuming conversion of stock options 157 182 195 222 ----------- --------- ---------- --------- Weighted average number of common and equivalent shares 7,933 8,012 8,035 8,012 =========== ========= ========== ========= Fully diluted earnings per common share: Continuing operations $ .53 $ .39 $ 1.64 $ 1.32 Discontinued operation - .03 - .15 ----------- --------- ---------- --------- Net income $ .53 $ .42 $ 1.64 $ 1.47 =========== ========= ========== =========
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 9-MOS DEC-31-1996 SEP-29-1996 12,040 0 38,917 0 33,051 87,849 152,105 107,201 156,257 32,778 30,000 0 0 40,900 44,154 156,257 186,289 186,289 129,842 162,332 0 0 2,155 21,802 8,632 13,170 0 0 0 13,170 1.64 1.64
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