-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, lhobrvG6uf8iXkgOhREHd6CwrZf7iZtBp0IYMuvikR+6V89NxBfy/AWPFeRDrlWH kEagQSTldI3+SahqaL0Cdg== 0000089615-95-000017.txt : 199507030000089615-95-000017.hdr.sgml : 19950703 ACCESSION NUMBER: 0000089615-95-000017 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19950602 FILED AS OF DATE: 19950630 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: SHELDAHL INC CENTRAL INDEX KEY: 0000089615 STANDARD INDUSTRIAL CLASSIFICATION: PRINTED CIRCUIT BOARDS [3672] IRS NUMBER: 410758073 STATE OF INCORPORATION: MN FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-00045 FILM NUMBER: 95551752 BUSINESS ADDRESS: STREET 1: 1150 SHELDAHL RD CITY: NORTHFIELD STATE: MN ZIP: 55057 BUSINESS PHONE: 5076638000 FORMER COMPANY: FORMER CONFORMED NAME: SCHJELDAHL G T CO DATE OF NAME CHANGE: 19741017 10-Q 1 QTR 3 10-Q SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 Form 10-Q (X) QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For Quarter Ended June 2, 1995 Commission File Number: 0-45 SHELDAHL, INC. (exact name of registrant as specified in its charter) Minnesota 41-0758073 ____________________________________________________________________ (State or other jurisdiction of(IRS Employer Identification incorporation or organization) Number) Northfield, Minnesota 55057 ____________________________________________________________________ (Address of principal executive offices) (zip code) Registrant's telephone number, including area code: (507) 663-8000 As of June 2, 1995, 6,760,170 shares of the Registrant's common stock were outstanding. 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 PART I: FINANCIAL INFORMATION SHELDAHL, INC. AND SUBSIDIARY CONSOLIDATED STATEMENTS OF OPERATIONS Unaudited Nine Months Ended June 2, May 27, (in thousands, except per share data) 1995 1994 ________________________ Net sales $68,251 $65,810 Cost of sales 54,278 51,583 ______ ______ Gross profit 13,973 14,227 ______ ______ Expenses: Sales and marketing 6,877 5,877 General and administrative 2,810 3,220 Research and development 1,821 1,916 Interest 496 843 ______ ______ Total expenses 12,004 11,856 ______ ______ Income from continuing operations before provision for income taxes and cumulative effect of change in methods of accounting 1,969 2,371 Provision for income taxes 535 600 ______ ______ Income from continuing operations before cumulative effect of change in methods of accounting 1,434 1,771 Cumulative effect of change in method of accounting for income taxes - 1,422 Cumulative effect of change in method of accounting for postretirement benefits - (875) Loss from discontinued operation, net of tax benefits of $175 - (525) ______ ______ Net income $ 1,434 $ 1,793 ==== ==== Per share amounts: Continuing operations $0.21 $0.34 Accounting change - income taxes - 0.28 Accounting change - postretirement benefits - (0.17) Discontinued operation - (0.10) ______ ______ Net income per share $0.21 $0.35 ==== ==== Weighted average common shares and common share equivalents outstanding 6,898 5,118 ==== ==== SHELDAHL, INC. AND SUBSIDIARY CONSOLIDATED STATEMENTS OF OPERATIONS Unaudited Three Months Ended June 2, May 27, (in thousands, except per share data) 1995 1994 _____________________ Net sales $25,203 $23,902 Cost of sales 19,667 18,451 ______ ______ Gross profit 5,536 5,451 ______ ______ Expenses: Sales and marketing 2,322 2,124 General and administrative 1,073 1,137 Research and development 712 566 Interest 349 383 ______ ______ Total expenses 4,456 4,210 ______ ______ Income from continuing operations before provision for income taxes 1,080 1,241 Provision for income taxes 300 311 ______ ______ Income from continuing operations 780 930 Loss from discontinued operation, net of tax benefits of $175 - (525) ______ ______ Net income $ 780 $ 405 ==== ==== Net income (loss) per share: Continuing operations $0.11 $0.18 Discontinued operation - (.10) ______ ______ Net income per share $0.11 $0.08 ==== ==== Weighted average common shares and common share equivalents outstanding 6,936 5,167 ==== ==== SHELDAHL, INC. AND SUBSIDIARY CONSOLIDATED BALANCE SHEETS ASSETS (in thousands) June 2, September 2, 1995 1994 (Unaudited) _______________________ Current assets: Cash $ 1,000 $ 2,008 Accounts receivable, net 15,754 14,463 Inventories 12,925 10,568 Prepaid expenses and other current assets 900 478 Deferred tax benefits 1,600 1,429 ______ ______ Total current assets 32,179 28,946 ______ ______ Plant and equipment, at cost 92,572 68,101 Less: accumulated depreciation 40,199 37,832 ______ ______ Net plant and equipment 52,373 30,269 ______ ______ Other assets 1,651 924 Deferred tax benefit - 181 ______ ______ $86,203 $60,320 ==== ==== LIABILITIES AND SHAREHOLDERS' INVESTMENT Current liabilities: Current maturities of long-term debt 2,636 2,021 Accounts payable 7,779 6,589 Accrued salaries and commissions 1,257 1,324 Other accrued liabilities 1,982 2,431 Reserve for discontinued operation 416 489 Income taxes payable 152 150 ______ ______ Total current liabilities 14,222 13,004 ______ ______ Long-term debt 29,828 7,963 ______ ______ Other non-current liabilities 2,791 2,871 ______ ______ Deferred income taxes 315 - ______ ______ Shareholders' investment: Common stock 1,687 1,648 Additional paid-in capital 22,127 21,035 Retained earnings 15,233 13,799 ______ ______ Total shareholders' investment 39,047 36,482 ______ ______ $86,203 $60,320 ==== ==== SHELDAHL, INC. AND SUBSIDIARY CONSOLIDATED STATEMENTS OF CASH FLOWS Unaudited Nine Months Ended (in thousands) June 2, May 27, 1995 1994 ____________________ Operating activities: Net income $ 1,434 $ 1,793 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 3,155 3,008 Deferred income taxes 325 158 Cumulative effect of accounting changes - (547) Loss from discontinued operation - 525 Net change in other operating activities: Accounts receivable (1,291) (2,266) Inventories (2,357) (550) Prepaid expenses and other current assets (422) (56) Other assets (727) (52) Accounts payable and accrued liabilities 674 482 Income taxes payable 2 304 Other non-current liabilities (80) (77) ______ ______ Net cash provided by operating activities 713 2,722 ______ ______ Investing activities: Capital expenditures, net (25,259) (7,936) Net cash flows used in discontinued operation (73) (530) ______ ______ Net cash used in investing activities (25,332) (8,466) ______ ______ Financing activities: Borrowings under credit facilities, net 22,495 7,760 Proceeds from issuance of long-term debt - 1,665 Repayments of long-term debt (15) (3,518) Issuance of common stock 1,131 142 ______ ______ Net cash provided by financing activities 23,611 6,049 ______ ______ Increase(decrease) in cash (1,008) 305 Cash at beginning of period 2,008 442 ______ ______ Cash at end of period $ 1,000 $ 747 ==== ==== Supplemental cash flow information: Income taxes paid $ 113 $ 55 ==== ==== Interest paid $ 1,346 $ 890 ==== ==== SHELDAHL, INC. AND SUBSIDIARY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Unaudited These condensed and unaudited financial statements have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission. In the opinion of management, these condensed financial statements reflect all adjustments, of a normal and recurring nature, necessary for a fair statement of the interim periods, on a basis consistent with the annual audited statements. Certain information, accounting policies and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations. Although these disclosures should be considered adequate, the Company suggests that these condensed financial statements be read in conjunction with the financial statements and summary of significant accounting policies and notes thereto included in the Company's latest annual report on Form 10-K. 1) Inventories Inventories, which are valued at the lower of last-in first-out cost or market, consist of (in thousands): June 2, 1995 September 2, 1994 Raw materials $ 5,113 $ 4,403 Work-in-process 6,335 5,245 Finished goods 2,392 1,835 LIFO reserve (915) (915) ______ ______ $12,925 $10,568 ==== ==== 2) Post Retirement Benefits In December 1990, the Financial Accounting Standard Board issued Statement of Financial Accounting Standards No. 106, "Employers' Accounting for Postretirement Benefits Other than Pensions" (SFAS No. 106). SFAS No. 106 requires that the expected cost of these benefits be charged to expense during the years that the employees render service. The Company adopted SFAS No. 106 on August 28, 1993, and recorded a one- time charge of $875,000, net of income tax benefits of $525,000, in the accompanying 1994 statement of operations. 3) Income Taxes Effective August 28, 1993, the Company adopted Statement of Financial Accounting Standards No. 109, "Accounting for Income Taxes" (SFAS No. 109), under which deferred income tax assets and liabilities are recognized for the differences between financial and income tax reporting basis of assets and liabilities based on enacted tax rates and laws. The Company recorded a $1,422,000 increase to net income in 1994 to reflect the adoption of SFAS No. 109. 4) Debt and Financing During the third quarter of fiscal 1995, the Company entered into a $5,000,000 construction loan agreement with a bank. Upon completion and acceptance of the construction project, which will take place on or before December 31, 1995, the Company will obtain permanent financing. The permanent financing will consist of a $5,700,000 loan with a seven-year term. Monthly payments will be determined by a twenty-year amortization schedule with interest based on seven-year treasury notes plus 2.25%. During the second quarter of fiscal 1995, the Company amended its credit agreement with three banks. The agreement consists of a $15 million revolving note based on, and secured by, the Company's inventories and accounts receivable, and a $20 million term note collateralized by equipment. As of June 2, 1995, $11,000,000 was borrowed under the revolving note agreement leaving an additional $4,000,000 available for the Company's use. The Company had an outstanding balance of $17,240,000 at June 2, 1995, under the term note. The Company may borrow an additional $2,760,000 to fund future capital expenditures under this term note. The term note calls for quarterly payments commencing January 1, 1996. The amount of the payment will be based on the balance outstanding at that time. The credit agreement expires December 31, 1997, but also contains an option to allow the Company to extend the agreement to December 31, 1999. Interest accrues at prime plus up to 2.5%, based on the Company's net worth, as defined. Commitment fees are charged at 0.5% on the revolver notes unused portion. The interest rate as of June 2, 1995, was 10.0% for the revolving note and 10.5% for the term note. 5) Consortium for the Development of Multi-Chip Module Laminates (MCM-L) On January 10, 1994, the Company entered into a Consortium Agreement sponsored by the Advanced Projects Research Agency (ARPA), a United States Government Agency. The purpose of the Consortium is to accelerate the development and commercialization of the multi-chip module laminate (MCM-L). As a Consortium member, the Company expects to receive approximately $9 million in funding through January 1996 from ARPA to further test, design and develop the manufacturing processes for the Company's NOVACLAD and Z-LINK products which are to be used in constructing MCM-L. During the three and nine months ended June 2, 1995, the Company incurred $1,050,000 and $4,116,000, respectively, in manufacturing, selling, research and development and administrative costs that were refunded by ARPA. To date, the Company has received a total of $7,591,000 of funding through the Consortium. The remaining expenses to be reimbursed by the ARPA Consortium are expected to be $1,070,000. SHELDAHL, INC. AND SUBSIDIARY MANAGEMENT'S DISCUSSION AND ANALYSIS OF CONSOLIDATED OPERATING RESULTS AND FINANCIAL CONDITION Nine Months Ended June 2, 1995 and May 27, 1994 Net sales increased $2,441,000 or 3.7% from $65,810,000 for the nine months ended May 27, 1994, to $68,251,000 for the nine months ended June 2, 1995. Automotive market product sales increased $1,078,000 or 3.0% from $35,384,000 for the nine months ended May 27, 1994, to $36,462,000 for the nine months ended June 2, 1995. Sales of automotive interconnect systems increased $554,000 or 1.8% from $30,773,000 for the nine months ended May 27, 1994, to $31,327,000 for the nine months ended June 2, 1995. The continued increase is the result of the Company's on going design and sales efforts to major automotive customers. Sales of flexible materials for automotive products increased $524,000 or 11.4% from $4,611,000 for the nine months ended May 27, 1994, to $5,135,000 for the nine months ended June 2, 1995. The continued growth in the automotive airbag market resulted in the increased sales. Datacommunications market sales declined $897,000 or 6.7% from $13,314,000 for the nine months ended May 27, 1994, to $12,417,000 for the nine months ended June 2, 1995. Sales to the datacommunications interconnect market decreased $2,546,000 or 21.5% from $11,852,000 for the nine months ended May 27, 1994, to $9,306,000 for the nine months ended June 2, 1995. Sales in the first quarter of fiscal 1994 included the completion of the laptop computer application project; no comparable application was produced in fiscal 1995. Sales to the datacommunications materials market increased $1,649,000 or 112.8% from $1,462,000 for the nine months ended May 27, 1994, to $3,111,000 for the nine months ended June 2, 1995. The rise was caused by increased customer demand of flat cable tape. Aerospace/defense market sales increased $690,000 or 8.8% from $7,808,000 for the nine months ended May 27, 1994, to $8,498,000 for the nine months ended June 2, 1995. Consumer market sales increased $1,224,000 or 36.2% from $3,382,000 for the nine months ended May 27, 1995, to $4,606,000 for the nine months ended June 2, 1995. Increase in market demand for consumer interconnect products resulted in the rise. Industrial market sales increased $346,000 or 5.8% from $5,922,000 for the nine months ended May 27, 1994, to $6,268,000 for the nine months ended June 2, 1995. Gross profit decreased $254,000 or 1.8% from $14,227,000 for the nine months ended May 27, 1995, to $13,973,000 for the nine months ended June 2, 1995. Gross profit as a percentage of sales decreased to 20.5% compared with 21.6% for the same period in fiscal 1994. Costs associated with the start up of new products, primarily during the second quarter of fiscal 1995, contributed to the decrease. Total operating expenses increased $148,000 or 1.2% from $11,856,000 for the nine months ended May 27, 1995, to $12,004,000 for the nine months ended June 2, 1995. As a percentage of sales, expenses were 18.0% for the nine months ended May 27, 1994, and 17.6% for the nine months ended June 2, 1995, respectively. Sales and marketing expense increased $1,000,000 or 17.0% from $5,877,000 for the nine months ended May 27, 1994, to $6,877,000 for the nine months ended June 2, 1995. Sales and marketing expense, as a percent of sales, increased to 10.1% for the nine months ended June 2, 1995, compared with 8.9% for the same period in fiscal 1994. The rise in sales and marketing expenses was the result of increased costs related to the promotion of new business and products. Net general and administrative expenses decreased $410,000 or 12.7% from $3,220,000 for the nine months ended May 27, 1994, to $2,810,000 for the nine months ended June 2, 1995. Gross general and administrative expenses increased $23,000 or 0.7% from $3,396,000 for the nine months ended May 27, 1994, to $3,419,000 for the nine months ended June 2, 1995. During the first nine months of fiscal 1995, $609,000 of ARPA credits were applied to general and administrative costs, decreasing gross expenses. See Note 5 of the accompanying financial statements for additional information regarding ARPA. Net research and development expenses decreased $95,000 or 5.0% from $1,916,000 for the nine months ended May 27, 1994, to $1,821,000 for the nine months ended June 2, 1995. Gross research and development costs decreased $183,000 or 7.7% from $2,369,000 for the nine months ended May 27, 1994, to $2,186,000 for the nine months ended June 2, 1995. The decrease was influenced by reduced research and development material costs on the Novaflex process development is nearing completion. During the first nine months of fiscal 1995, $365,000 of ARPA credits were applied to research and development costs, thus decreasing expenses. See Note 5 of the accompanying financial statements for additional information regarding ARPA. Net interest expense decreased $347,000 or 41.2% from $843,000 for the nine months ended May 27, 1994, to $496,000 for the nine months ended June 2, 1995. Interest costs capitalized to projects contributed to this decrease. Capitalized interest increased $550,000 or 210.7% from $261,000 for the nine months ended May 27, 1994, to $811,000 for the nine months ended June 2, 1995. This was due to the $25,000,000 increase in capital construction projects currently in process. Income before taxes declined $402,000 or 17.0% from $2,371,000 for the nine months ended May 27, 1994, to $1,969,000 for the nine months ended June 2, 1995. Lower margins and higher marketing expenses contributed to the decrease. The effective tax rate for fiscal 1995 is estimated to be 27% as compared to 25% for 1994. Income from continuing operations for the nine months ended June 2, 1995, was $1,434,000, a decrease of $337,000 or 19.0% as compared to $1,771,000 for the nine months ended May 27, 1994. Earnings per share from continuing operations before accounting changes for the nine months ended June 2, 1995, were $0.21 per share compared with $0.35 per share for the nine months ended May 27, 1994. Average shares outstanding increased from approximately 5,118,000 in fiscal 1994 to approximately 6,898,000 in fiscal 1995 primarily due to the secondary public offering in June 1994. SHELDAHL, INC. AND SUBSIDIARY MANAGEMENT'S DISCUSSION AND ANALYSIS OF CONSOLIDATED OPERATING RESULTS AND FINANCIAL CONDITION Three Months Ended June 2, 1995 and May 27, 1994 Net sales increased $1,301,000 or 5.4% from $23,902,000 for the three months ended May 27, 1994, to $25,203,000 for the three months ended June 2, 1995. Sales to the automotive market decreased $611,000 or 4.8% from $12,733,000 for the three months ended May 27, 1994 to $12,122,000 for the three months ended June 2, 1995. Automotive market sales declined as a result of decreased production orders and slow ramp-up of the new interconnect application. Sales to the datacom market increased $1,038,000 or 23.4% from $4,438,000 for the three months ended May 27, 1994, to $5,476,000 for the three months ended June 2, 1995. Datacom sales increased primarily in the materials area by customer demand for flat cable tape. Aerospace/defense market sales increased $398,000 or 13.8% from $2,891,000 for the three months ended May 27, 1994, to $3,289,000 for the three months ended June 2, 1995. Consumer market sales increased $198,000 or 11.5% from $1,719,000 for the three months ended May 27, 1994, to $1,917,000 for the three months ended June 2, 1995. Industrial market sales increased $278,000 or 13.1% from $2,121,000 for the three months ended May 27, 1994, to $2,399,000 for the three months ended June 2, 1995. Increased customer demand contributed to the rise in consumer and industrial sales. Gross profit increased $85,000 or 1.6% from $5,451,000 for the three months ended May 27, 1994, to $5,536,000 for the three months ended June 2, 1995. Gross profit, as a percentage of net sales decreased to 22.0% from 22.8% for the same period of fiscal 1994. Total operating expenses increased $246,000 or 5.8% from $4,210,000 for the three months ended May 27, 1994, to $4,456,000 for the three months ended June 2, 1995. As a percentage of net sales, expenses were 17.6% for the three months ended May 27, 1994, and 17.7% for the three months ended June 2, 1995. Sales and marketing expenses increased $198,000 or 9.3% from $2,124,000 for the three months ended May 27, 1994, to $2,322,000 for the three months ended June 2, 1995. Higher labor costs, product advertising, shows and exhibits and travel costs incurred to promote new products contributed to the increase. Net general and administrative expenses decreased $64,000 or 5.6% from $1,137,000 for the three months ended May 27, 1994, to $1,073,000 for the three months ended June 2, 1995. Gross general and administrative expenses decreased $33,000 or 2.6% from $1,261,000 for the three months ended May 27, 1994, to $1,228,000 for the three months ended June 2, 1995. Lower consulting and professional fees contributed to the decline. For the three months ended June 2, 1995, $155,000 of ARPA credits were applied to general and administrative costs. See Note 5 of the accompanying financial statements for additional information regarding ARPA. Net research and development expenses increased $146,000 or 25.8% from $566,000 for the three months ended May 27, 1994, to $712,000 for the three months ended June 2, 1995. Gross research and development costs were $840,000 for both the three months ended May 27, 1994 and June 2, 1995. ARPA credits applied to research and development costs were the cause of net research and development expense increase. For the three months ended June 2, 1995, $128,000 of ARPA credits were applied to research and development costs. See Note 5 of the accompanying financial statements for additional information regarding ARPA. Net interest expense decreased $34,000 or 8.9% from $383,000 for the three months ended May 27, 1994, to $349,000 for the three months ended June 2, 1995, while total interest cost of borrowings increased $204,000 or 42.4% from $481,000 for the three months ended May 27, 1994, to $685,000 for the three months ended June 2, 1995. Capitalized interest increased $237,000 or 241.8% from $98,000 for the three months ended May 27, 1994, to $335,000 for the three months ended June 2, 1995, because of the $25,000,000 increase in capital projects in progress. Income before taxes decreased $161,000 or 13.0% from $1,241,000 for the three months ended May 27, 1994, to $1,080,000 for the three months ended June 2, 1995. The decrease was due primarily to the increase in sales and marketing and research and development expenses. For the quarter, income taxes have been provided at an estimated annual rate of 27%. Net income from continuing operations for the three months ended June 2, 1995, was $780,000, a decrease of $150,000 or 16.1% as compared to $930,000 for the three months ended May 27, 1994. Earnings per share from continuing operations for the three months ended June 2, 1995, was $0.11 per share for the three months ended June 2, 1995, and $0.18 per share for the three months ended May 27, 1994. The decline in earnings per share was a result of lower quarterly earnings and increased shares outstanding. On May 27, 1994, the Company sold its idle Nashua facility for an amount less than the recorded value. In addition, the Company has revised its estimate of the costs it will incur related to the abandonment of leased facilities in Orange County, California. Accordingly, the 1994 statement of operations reflect a charge of $525,000, net of income tax benefits of $175,000, to reserve for the losses related to these events. FINANCIAL CONDITION At June 2, 1995, working capital increased, reflecting a 2.3 to 1 current ratio compared to 2.2 to 1 at September 2, 1994. For the nine months ended June 2, 1995, the Company has invested $25,269,000 in capital expenditures and expects to continue capital investment at a similar rate during the last quarter of fiscal 1995. Capital expenditures will principally be funded from cash flows from operations plus existing debt capacity. The Company also expects to finance certain capital expenditures through operating leases. PART II - OTHER INFORMATION SHELDAHL, INC. AND SUBSIDIARY FORM 10-Q Item 6. Exhibits and Reports on Form 8-K A) Exhibits 11 Statement Regarding Computation of Earnings Per Share. 27 Financial Data Schedule B) Reports on Form 8-K No reports on Form 8-K were filed by the Registrant during the quarter ended June 2, 1995. SIGNATURES 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. SHELDAHL, INC. (Registrant) Dated: June 30, 1995 By: /s/James E. Donaghy President and Chief Executive Officer Dated: June 30, 1995 By: /s/John V. McManus Vice President, Finance EX-27 2 FINANCIAL DATA SCHEDULE
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACETED FROM THE JUNE 2, 1995 FINANCIAL STATMENTS AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATMENTS. 1000 9-MOS 3-MOS SEP-02-1995 SEP-02-1995 JUN-02-1995 JUN-02-1995 1000 1000 0 0 15754 15754 0 0 12925 12925 32179 32179 92575 92572 40199 40199 86203 86203 14222 14222 0 0 1678 1678 0 0 0 0 22127 22127 86203 86203 68251 25203 68251 25203 54278 19667 12500 4107 0 0 0 0 496 349 1969 1080 535 300 1434 780 0 0 0 0 0 0 1434 780 0.21 0.11 0 0
EX-11 3 COMPUTATION OF EPS Exhibit 11 SHELDAHL, INC. AND SUBSIDIARY STATEMENT REGARDING COMPUTATION OF EARNINGS PER SHARE (in thousands, except per share data) For The Nine Months Ended June 2, May 27, 1995 1994 ________________________ Primary Earnings Per Share Weighted average number of issued shares outstanding 6,660 4,840 Effect of exercise of stock options under the treasury stock method 238 278 ______ _______ Weighted average shares outstanding used to compute primary earnings per share 6,898 5,118 ==== ==== Net income $ 1,434 $ 1,793 ==== ==== Net income per share $ 0.21 $ 0.35 ==== ==== Fully diluted earnings per share Weighted average number of issued shares outstanding 6,660 4,840 Effect of exercise of stock options under the treasury stock method 249 292 ______ ______ Weighted average shares outstanding used to compute fully diluted earnings per share 6,909 5,132 ==== ==== Net income $ 1,434 $ 1,793 ==== ==== Net income per share $ 0.21 $ 0.35 ==== ==== Exhibit 11 SHELDAHL, INC. AND SUBSIDIARY STATEMENT REGARDING COMPUTATION OF EARNINGS PER SHARE (in thousands, except per share data) For The Three Months Ended June 2, May 27, 1995 1994 _________________________ Primary Earnings Per Share Weighted average number of issued shares outstanding 6,726 4,851 Effect of exercise of stock options under the treasury stock method 210 316 ______ ______ Weighted average shares outstanding used to compute primary earnings per share 6,936 5,167 ==== ==== Net income $ 780 $ 405 ==== ==== Net income per share $ 0.11 $ 0.08 ==== ==== Fully diluted earnings per share Weighted average number of issued shares outstanding 6,726 4,851 Effect of exercise of stock options under the treasury stock method 210 316 ______ ______ Weighted average shares outstanding used to compute fully diluted earnings per share 6,936 5,167 ==== ==== Net income $ 780 $ 405 ==== ==== Net income per share $ 0.11 $ 0.08 ==== ==== -----END PRIVACY-ENHANCED MESSAGE-----