-----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, LuZ7o3xLKW+O1hNSvMevsIeNVLIvm6XUeOMh+yJLOrk6F8PB+9UoxXomePpSbCH8 QOlRj+ec2OfWTzomJJVp3w== 0000899596-97-000006.txt : 19970811 0000899596-97-000006.hdr.sgml : 19970811 ACCESSION NUMBER: 0000899596-97-000006 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19970628 FILED AS OF DATE: 19970808 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: BELL & HOWELL CO CENTRAL INDEX KEY: 0000899596 STANDARD INDUSTRIAL CLASSIFICATION: OFFICE MACHINES, NEC [3579] IRS NUMBER: 363875177 STATE OF INCORPORATION: DE FISCAL YEAR END: 1228 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-13746 FILM NUMBER: 97653460 BUSINESS ADDRESS: STREET 1: 5215 OLD ORCHARD RD CITY: SKOKIE STATE: IL ZIP: 60077 BUSINESS PHONE: 7084707660 FORMER COMPANY: FORMER CONFORMED NAME: BELL & HOWELL HOLDINGS CO DATE OF NAME CHANGE: 19930326 10-Q 1 BELL & HOWELL COMPANY FORM 10-Q, 06/28/97 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarter ended Commission file number June 28, 1997 33-59994 BELL & HOWELL COMPANY (Exact Name of Registrant as Specified in its Charter) Delaware 36-3875177 (State or Other Jurisdiction of (I.R.S. Employer Incorporation or Organization) Identification No.) 5215 Old Orchard Road, Skokie, Illinois 60077-1076 (Address of Principal Executive Offices) (Zip Code) Registrant's telephone number, including area code (847) 470-7660 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 The number of shares of the Registrant's Common Stock, $.001 par value, outstanding as of August 5, 1997 was 18,348,315. TABLE OF CONTENTS PART I. FINANCIAL INFORMATION PAGE - ------ --------------------- ---- Item 1. Financial Statements Consolidated Statements of Operations for the Thirteen and Twenty-Six Weeks Ended June 29, 1996 and June 28,1997................ 1 Consolidated Balance Sheets - Assets at December 28, 1996 and June 28, 1997 .......... 2 Consolidated Balance Sheets - Liabilities and Shareholders' Equity at December 28, 1996 and June 28, 1997 ............................ 3 Consolidated Statements of Cash Flows for the Twenty-Six Weeks Ended June 29, 1996 and June 28,1997................ 4 Notes to the Consolidated Financial Statements ................................... 5 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations .................................... 7 PART II. OTHER INFORMATION - ------- ----------------- Item 1. Legal Proceedings .............................. 13 Item 6. Exhibits and Reports on Form 8-K ............... 13 SIGNATURE PAGE ............................................ 14 Bell & Howell Company and Subsidiaries Consolidated Statements of Operations (Dollars and shares in thousands, except per share data) (Unaudited)
Thirteen Weeks Twenty-Six Weeks Ended Ended --------------------- --------------------- June 29, June 28, June 29, June 28, 1996 1997 1996 1997 -------- -------- -------- -------- Net sales $ 213,973 $ 218,150 $ 415,065 $418,168 Operating costs and expenses: Cost of sales 139,519 135,561 269,412 264,720 Research and development 8,523 10,206 16,454 19,822 Selling and administrative 48,426 52,429 97,529 98,509 -------- -------- -------- ------- Total operating costs and expenses 196,468 198,196 383,395 383,051 Operating income 17,505 19,954 31,670 35,117 Net interest expense: Interest (income) (3,994) (5,345) (8,266) (10,357) Interest expense 15,794 17,418 31,008 34,089 -------- -------- -------- -------- Net interest expense 11,800 12,073 22,742 23,732 Earnings before income taxes and extraordinary items 5,705 7,881 8,928 11,385 Income tax expense 2,361 3,271 3,731 4,725 -------- -------- -------- -------- Earnings before extraordinary items 3,344 4,610 5,197 6,660 Extraordinary losses (2,585) (67) (2,585) (972) -------- -------- -------- -------- Net earnings $ 759 4,543 $ 2,612 $ 5,688 ======== ======== ======== ======== Net earnings per common share: Primary: Earnings before extraordinary items $ 0.18 $ 0.25 $ 0.28 $ 0.36 Extraordinary losses (0.14) -- (0.14) (0.05) -------- -------- -------- -------- Net earnings per common share $ 0.04 $ 0.25 $ 0.14 $ 0.31 ======== ======== ======== ======== Fully Diluted: Earnings before extraordinary items $ 0.18 $ 0.25 $ 0.28 $ 0.36 Extraordinary losses (0.14) -- (0.14) (0.05) ------- -------- -------- -------- Net earnings per common share $ 0.04 $ 0.25 $ 0.14 $ 0.31 ======== ======== ======== ======== Average number of common shares and equivalents outstanding: Primary 18,636 18,473 18,601 18,430 Fully Diluted 18,636 18,558 18,626 18,525 The accompanying Notes to the Consolidated Financial statements are an integral part of these statements.
-1- Bell & Howell Company and Subsidiaries Consolidated Balance Sheets (Dollars in thousands) Assets
December 28, June 28, 1996 1997 ------------ ------------ (Audited) (Unaudited) Current assets: Cash and cash equivalents $ 15,500 $ 14,183 Accounts receivable, less allowance for doubtful accounts of $5,294 and $5,391, respectively 186,862 164,158 Inventory 139,831 155,256 Other current assets 11,826 13,363 -------- -------- Total current assets 354,019 346,960 Property, plant and equipment, at cost 363,015 379,755 Accumulated depreciation (207,287) (229,193) -------- -------- Net property, plant and equipment 155,728 150,562 Long-term receivables 54,707 52,083 Goodwill, net of accumulated amortization 189,868 190,835 Other assets 42,464 41,680 -------- -------- Total assets $ 796,786 $ 782,120 ======== ======== The accompanying Notes to the Consolidated Financial Statements are an integral part of these statements.
-2- Bell & Howell Company and Subsidiaries Consolidated Balance Sheets (Dollars and shares in thousands) Liabilities and Shareholders' Equity
December 28, June 28, 1996 1997 ------------ ------------- (Audited) (Unaudited) Current liabilities: Notes payable $ 8,397 $ 5,821 Current maturities of long-term debt 1,667 1,089 Accounts payable 93,135 61,593 Accrued expenses 78,308 62,374 Deferred income 171,698 146,148 Accrued income taxes 1,143 -- -------- -------- Total current liabilities 354,348 277,025 Long-term liabilities: Long-term debt 548,281 605,185 Other liabilities 61,049 62,295 -------- -------- Total long-term liabilities 609,330 667,480 Shareholders' equity: Common Stock, $.001 par value, 18,359 shares issued and 18,309 shares outstanding at December 28, 1996, and 18,385 shares issued and 18,346 shares outstanding at June 28, 1997 18 18 Capital surplus 1,402 1,713 Notes receivable from executives (1,444) (1,359) Retained earnings (deficit) (165,851) (160,163) Cumulative foreign exchange translation adjustments 616 (1,347) Treasury stock (1,633) (1,247) -------- -------- Total shareholders' equity (deficit) (166,892) (162,385) Commitments and contingencies -- -- -------- -------- Total liabilities and shareholders' equity $ 796,786 $ 782,120 ======== ======== The accompanying Notes to the Consolidated Financial Statements are an integral part of these statements.
-3- Bell & Howell Company and Subsidiaries Consolidated Statements of Cash Flows (Dollars in thousands) (Unaudited)
Twenty-Six Weeks Ended ----------------------------- June 29, June 28, 1996 1997 -------- -------- Operating Activities: Net earnings $ 2,612 $ 5,688 Depreciation and amortization 23,791 28,889 Debt accretion 12,252 11,434 Changes in operating assets and liabilities: Accounts receivable 29,994 23,954 Inventory (33,293) (7,878) Other current assets (1,052) (1,119) Long-term receivables 8,457 2,624 Income taxes (5,239) 847 Accounts payable (4,625) (33,027) Accrued expenses (5,193) (16,730) Deferred income and other long-term liabilities (26,361) (30,864) Other, net (700) (5,280) ------- ------- Net cash provided (used) by operating activities 643 (21,462) Investing activities: Expenditures for property, plant and equipment (20,384) (17,184) Acquisitions (19,718) (5,753) ------- ------- Net cash used by investing activities (40,102) (22,937) Financing activities: Proceeds from short-term debt 9,224 3,831 Repayment of short-term debt (12,235) (6,407) Proceeds from long-term debt 192,050 70,903 Repayment of long-term debt (146,602) (25,679) Proceeds from Common Stock, net 25 806 ------- ------- Net cash provided by financing activities 42,462 43,454 Effect of exchange rate changes on cash (125) (372) ------- ------- Increase (decrease) in cash and cash equivalents 2,878 (1,317) Cash and cash equivalents, beginning of period 7,262 15,500 ------- ------- Cash and cash equivalents, end of period $ 10,140 $ 14,183 ======= ======= The accompanying Notes to the Consolidated Financial Statements are an integral part of these statements.
-4- Bell & Howell Company and Subsidiaries Notes to the Consolidated Financial Statements (Dollars in thousands) Note 1 - Basis of Presentation Bell & Howell Company is a holding company, the primary assets of which are all of the issued and outstanding shares of capital stock of Bell & Howell Operating Company. Bell & Howell Company conducts business through Bell & Howell Operating Company and has no operations of its own. The consolidated financial statements include the accounts of Bell & Howell Company and its subsidiaries (collectively the "Company") and have been prepared without independent audit, except for the balance sheet data as of December 28, 1996. In the opinion of the Company's management, the consolidated financial statements include all adjustments necessary to present fairly the information required to be set forth therein, and such adjustments are of a normal and recurring nature. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted. The Company's management believes, however, that the disclosures are adequate to make the information presented not misleading. These financial statements should be read in conjunction with the Consolidated Financial Statements and the notes thereto included in Bell & Howell Company's annual report for the year ended December 28, 1996. -5- Note 2 - Significant Accounting Policies Net Earnings per Common Share. Net earnings per common share are determined by dividing net earnings by the weighted average number of common shares outstanding during the period. If dilutive, stock options are included as common stock equivalents. Inventory. The Company uses the last-in, first-out (LIFO) method of valuing the majority of its domestic inventory. Use of the LIFO method is predicated on a determination of inventory quantities and costs at the end of each fiscal year, and therefore interim determinations of LIFO inventory values and results of operations are by necessity based on management's estimates of expected year-end inventory quantities and costs. The excess of replacement cost over the LIFO values of inventory was $4,489 at December 28, 1996, and June 28, 1997. Note 3 - Extraordinary Losses The extraordinary losses of $972 ($1,519 pretax) in first half 1997 were comprised of the debt repurchase premium and write-off of unamortized debt issuance costs associated with the repurchase of $15,598 (accreted value) of the 11 1/2% Senior Discount Debentures and $2,100 of the 10 3/4% Senior Subordinated Notes, which were redeemed with proceeds from the Bank Credit Agreement. The extraordinary losses of $2,585 ($4,039 pretax) in first half 1996 were comprised of the debt repurchase premium and write-off of unamortized debt issuance costs associated with the repurchase of $34,158 (accreted value) of the 11 1/2% Senior Discount Debentures and $17,920 of the 10 3/4% Senior Subordinated Notes, which were redeemed with proceeds from the Bank Credit Agreement. -6- Item 2. - ------ Management's Discussion and Analysis of Financial Condition and Results of Operations --------------------------------------------- This section should be read in conjunction with the Consolidated Financial Statements of Bell & Howell Company and Subsidiaries (collectively the "Company") and the notes thereto included in the annual report for the year ended December 28, 1996. Results of Operations - --------------------- First Half 1997 Compared to First Half 1996 - -------------------------------------------------- The Company's net sales increased $3.1 million, or 1%, to $418.2 million in first half 1997. The increase resulted from continued strong sales growth within Information Access (particularly for the transportation & vehicle and education & library markets), as well as the commercial portion of Mail Processing. This was partially offset by lower revenues in the postal contracting portion of the Mail Processing business due to shipments of significant one-time contracts to postal authorities in 1996. Information Access net sales increased $8.3 million, or 4%, to $226.8 million in first half 1997. Within the Information Access businesses, the Company provides access to information in select vertical markets including the transportation & vehicle and education & library markets, and also provides imaging solutions and components to financial institutions, governmental agencies and other paper intensive industries. Net sales to the transportation & vehicle market increased $5.7 million, or 12%, to $53.5 million due to increased sales of electronic parts catalogs and ancillary products to automotive dealerships, and continued strong sales of dealer management systems and electronic parts catalogs to powersports dealerships. In addition to increased new systems placements, the Company continued to experience strong sales of additional product applications and high contract renewal rates related to previously placed systems in automotive dealerships. Net sales to the education & library market increased $8.6 million, or 11%, to $89.6 million due to a growing electronic subscription base, which continued to reflect high renewal rates on existing -7- products, new product placements, and the acquisition of DataTimes Corporation (in September 1996) which added complementary information content, technology and distribution to the Company's electronic product offerings. Sales of electronic content increased 36% over the prior year as customers increasingly demand electronic information solutions and its newer form of on-line delivery. Net sales of microfilm and paper products to the education & library market declined slightly versus the prior year as increased pricing was offset by lower unit volumes. Net sales in the Imaging Solutions and Components business decreased $6.0 million, or 7%, to $83.7 million as increased sales of production scanners and imaging software systems were more than offset by the impact of divesting certain low margin product lines sold in Canada and France. Excluding the impact of the divested product lines, Imaging Solutions and Components' net sales in first half 1997 would have increased by 3% over the prior year. Mail Processing net sales decreased $5.2 million, or 3%, to $191.4 million in first half 1997. Although order intake for commercial mail processing systems (which represents 94% of the sales in this segment) increased 18% in first half of 1997 reflecting strong market demand, sales increased 8% over the prior year resulting in a higher level of backlog. Sales of commercial sorting equipment (which represents 15% of commercial equipment sales) increased $5.8 million, or 62%, to $15.1 million as the U.S. Postal Service guidelines governing the operating requirements to qualify for certain financial incentives to properly address, bar code and presort mail have created a more favorable environment for customers to invest in advanced sorting technology. Service revenues (which are primarily annuity based and represent 43% of commercial Mail Processing sales) continue to increase, due to both an expanded customer base and increased pricing. Sales of customized mail automation equipment and contractual engineering services to governmental postal authorities decreased $19.0 million to $12.2 million in first half of 1997, primarily as a result of shipments of significant one-time contracts to the U.S. Postal Service in first half 1996. -8- The Company's cost of sales decreased $4.7 million, or 2%, to $264.7 million in first half 1997, with the gross profit (net sales less cost of sales) percentage increasing by 1.6 percentage points to 36.7% in first half 1997 as compared to first half 1996. The higher gross profit percentage in 1997 resulted from a shift in sales mix (as the growth rate in higher gross profit percentage Information Access revenues exceeded the growth rate in lower gross profit percentage Mail Processing revenues), and additionally reflects both improved manufacturing productivity and increased pricing. Research and development expense increased $3.4 million, or 21%, to $19.8 million in first half of 1997 as compared to first half 1996 as the Company continued to increase its investment in new product offerings. Such increase primarily related to increased development costs for DataTimes, to develop a new technology platform for the powersports market and to develop enhanced versions of production scanners. The Company has continually positioned itself to take advantage of new product/technology opportunities (with an increased emphasis on software solutions and electronic products) in each of its businesses. Selling and administrative ("S&A") expense increased $1.0 million, or 1%, to $98.5 million in first half 1997 reflecting the Company's increased investment in sales and marketing resources as well as increased distribution costs associated with the higher sales volumes. The ratio of selling and administrative expense to net sales of 23.6% in first half 1997 increased by 0.1 percentage points versus the prior year as various expense leveraging initiatives were offset by the result of the aforementioned shift in sales mix (as the growth rate in higher S&A expense percentage Information Access revenues exceeded the growth rate in lower S&A expense percentage Mail Processing revenues). EBITDA (defined as operating income plus depreciation and amortization) increased $9.3 million, or 18%, to $62.6 million in first half 1997 resulting from the slightly higher sales level and leveraged operating costs and expenses. Operating income increased $3.4 million, or 11%, to $35.1 million in first half 1997. -9- Information Access EBITDA increased $4.9 million, or 12%, to $47.5 million in first half 1997. This increase resulted from the higher sales volumes, an improved gross profit percentage reflecting a sales mix emphasizing the Company's more profitable products (i.e., a greater proportion of revenues related to software and publishing and a lower proportion of revenues related to the sale of hardware) which more than offset the dilutive impact of the acquisition of DataTimes, and increased research and development costs associated with new product offerings. Information Access operating income decreased $0.5 million, or 2%, to $24.6 million in first half 1997 as the EBITDA increase was offset by both higher depreciation cost on the Company's product capital investment and goodwill amortization related to the DataTimes acquisition. Mail Processing EBITDA increased $4.4 million, or 26%, to $21.6 million in first half 1997 as a result of the higher sales of commercial mail processing systems and leveraged operating costs and expenses. Mail Processing operating income increased $3.9 million, or 29%, to $17.3 million in first half 1997. Corporate expenses (excluding depreciation and amortization) were constant at $6.5 million in first half 1997 as productivity improvements offset inflationary cost increases. Net interest expense increased $1.0 million, or 4%, to $23.7 million in first half 1997, primarily reflecting the increased debt resulting from the DataTimes acquisition, which was partially offset by the impact of the repurchase in 1996 and 1997 of portions of the 11 1/2% Senior Discount Debentures and the 10 3/4% Senior Subordinated Notes, which were redeemed with proceeds from the Bank Credit Agreement. Net interest income of Bell & Howell Financial Services Company, the Company's financing subsidiary, increased $0.5 million to $3.9 million in first half 1997, primarily due to continued growth in the lease receivables portfolio. Income tax expense increased in first half 1997 as a result of a higher level of pretax profit in the current year. -10- The extraordinary losses of $1.0 million ($1.5 million pretax) in first half 1997 were comprised of the debt repurchase premium and write-off of unamortized debt issuance costs associated with the repurchase of $15.6 million (accreted value) of the 11 1/2% Senior Discount Debentures and $2.1 million of the 10 3/4% Senior Subordinated Notes with proceeds from the Bank Credit Agreement. The extraordinary losses of $2.6 million ($4.0 million pretax) in first half 1996 were comprised of the debt repurchase premium and write-off of unamortized debt issuance costs associated with the repurchase of $34.2 million (accreted value) of the 11 1/2% Senior Discount Debentures and $17.9 million of the 10 3/4% Senior Subordinated Notes with proceeds from the Bank Credit Agreement. Cash used by operations was $21.5 million in first half 1997 versus cash provided by operations of $0.6 million in first half 1996. Although EBITDA increased by $9.3 million in first half 1997, the Company's working capital investment increased in the current year related to higher inventory levels to support sales growth and the timing of vendor disbursements. The Company operates with a reduced net working capital level principally as a result of substantial customer prepayments for annual service contracts in each of its business segments and prepaid subscriptions in the Information Access business segment. Debt (net of cash and cash equivalents) increased by $55.1 million to $597.9 million in first half 1997, as a result of the cash used by operations (which reflects the seasonal nature of the Company's cash collections and disbursements), capital expenditures/acquisitions and continued interest accretion on the 11 1/2% Senior Discount Debentures. Recently Issued Financial Accounting Standards In February 1997, the Financial Accounting Standards Board issued Statement of Financial Accounting Standards No. 128, "Earnings per Share." The standard establishes new methods for computing and presenting earnings per share ("EPS") and replaces the presentation of primary and fully-diluted EPS with basic and diluted EPS. The Company is required to adopt the new standard for periods ending after December 15, 1997. The new methods under this standard do not have a material impact on the Company's current earnings per share amounts. -11- In June 1997, the Financial Accounting Standards Board issued Statement of Financial Accounting Standards No. 130, "Reporting Comprehensive Income." The Company is required to adopt the new standard for periods ending after fiscal 1997. This statement establishes standards for reporting and display of comprehensive income and its components in a full set of general purpose financial statements. The standard requires all items that are required to be recognized under accounting standards as components of comprehensive income be reported in a financial statement that is displayed in equal prominence with the other financial statements. The standard is not expected to have a material impact on the Company's current presentation of income. In June 1997, the Financial Accounting Standards Board also issued Statement of Financial Accounting Standards No. 131, "Disclosures about Segments of an Enterprise and Related Information." The Company is required to adopt this new standard for periods ending after fiscal 1997. This statement establishes standards for the way companies are to report information about operating segments. It also establishes standards for related disclosures about products and services, geographic areas, and major customers. The Company is currently evaluating the impact of this standard on its financial statements. -12- Part II. Other Information - --------------------------- Item 1. Legal Proceedings. - ------ ----------------- The Company is involved in various legal proceedings incidental to its business. Management believes that the outcome of such proceedings will not have a material adverse effect upon the consolidated operations or financial condition of the Company. Item 6. Exhibits and Reports on Form 8-K. - ------ -------------------------------- (a) Exhibits: Index Number Description ------------ ----------- (11.1) Computation of Earnings Per Common Share (27.1) Financial Data Schedule (b) Reports on Form 8-K. No reports on Form 8-K were filed for the thirteen weeks ended June 28, 1997. -13- 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. Date: August 7, 1997 BELL & HOWELL COMPANY /s/ James P. Roemer -------------------------- James P. Roemer President, Chief Executive Officer and Director /s/Nils A. Johansson -------------------------- Nils A. Johansson Executive Vice President, Chief Financial Officer and Director -14- EX-11.1 2 COMPUTATION OF EARNINGS PER COMMON SHARE Exhibit 11.1 Bell & Howell Company and Subsidiaries Computation of Earnings per Common Share (Dollars and shares in thousands, except per share data) (Unaudited)
Thirteen Weeks Twenty-six Weeks Ended Ended ------------------ ----------------- June 29, June 28, June 29, June 28, 1996 1997 1996 1997 ------- ------- ------ ------ Net earnings: Earnings before extraordinary items $ 3,344 $ 4,610 $ 5,197 $ 6,660 Extraordinary losses (2,585) (67) (2,585) (972) ------ ------ ------ ------ Net earnings $ 759 4,543 $ 2,612 $ 5,688 ====== ====== ====== ====== Average number of common shares and equivalents outstanding: Primary 18,636 18,473 18,601 18,430 Fully diluted 18,636 18,558 18,626 18,525 Net earnings per common share: Primary: Earnings before extraordinary items $ 0.18 $ 0.25 $ 0.28 $ 0.36 Extraordinary losses (0.14) -- (0.14) (0.05) ------ ------ ------ ------ Net earnings per common share $ 0.04 $ 0.25 $ 0.14 $ 0.31 ====== ====== ====== ====== Fully diluted: Earnings before extraordinary items $ 0.18 $ 0.25 $ 0.28 $ 0.36 Extraordinary losses (0.14) -- (0.14) (0.05) ------ ------ ------ ------ Net earnings per common share $ 0.04 $ 0.25 $ 0.14 $ 0.31 ====== ====== ====== ======
EX-27 3 ARTICLE 5 FINANCIAL DATA SCHEDULE
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE COMPANY'S BALANCE SHEET AND STATEMENT OF OPERATIONS AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 1,000 6-MOS JAN-03-1998 JUN-28-1997 14183 0 169549 (5391) 155256 346960 379755 (229193) 782120 277025 605185 0 0 18 (162403) 782120 418168 418168 264720 383051 0 0 23732 11385 4725 6660 0 (972) 0 5688 .31 .31
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