-----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, RQ/DjAQ7iZmUbp9kJnS4fmvav1J5qLFLg+eMPcNMLYvv4lib/aeC4xVJrYaTAE32 dzTand9DC5ZyRk1I2NzPLA== 0000090045-96-000005.txt : 19960828 0000090045-96-000005.hdr.sgml : 19960828 ACCESSION NUMBER: 0000090045-96-000005 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19960602 FILED AS OF DATE: 19960716 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: SI HANDLING SYSTEMS INC CENTRAL INDEX KEY: 0000090045 STANDARD INDUSTRIAL CLASSIFICATION: 3530 IRS NUMBER: 221643428 STATE OF INCORPORATION: PA FISCAL YEAR END: 0225 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-03362 FILM NUMBER: 96595348 BUSINESS ADDRESS: STREET 1: 600 KUBLER ROAD CITY: EASTON STATE: PA ZIP: 18044-0070 BUSINESS PHONE: 6102527321 MAIL ADDRESS: STREET 1: P O BOX 70 CITY: EASTON STATE: PA ZIP: 18040 10-Q 1 FORM 10-Q UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For The Quarterly Period Ended June 2, 1996 Commission File No. 0-3362 SI HANDLING SYSTEMS, INC. - - -------------------------------------------------------------------------------- (Exact Name Of Registrant As Specified In Its Charter) Pennsylvania 22-1643428 (State Or Other Jurisdiction Of (I.R.S. Employer Incorporation Or Organization) Identification No.) 600 Kuebler Road, Easton, PA 18040 (Address Of Principal Executive Offices) (Zip Code) Registrant's Telephone Number, Including Area Code: 610-252-7321 Indicate by checkmark 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 Number of shares of common stock, par value $1.00 per share, outstanding as of June 2, 1996: 2,448,696 - 2 - PART I - FINANCIAL INFORMATION ------------------------------ ITEM 1. FINANCIAL STATEMENTS - - ------- -------------------- SI HANDLING SYSTEMS, INC. Balance Sheets (In Thousands, Except Share Data)
June 2, March 3, Assets 1996 1996 - - ------ ---------- ------- Current assets: Cash and cash equivalents, principally time deposits $ 1,575 1,335 Short-term investments 781 2,414 ------- ------- Total cash, cash equivalents, and short-term investments 2,356 3,749 ------- ------- Receivables: Trade 3,513 2,505 Notes and other receivables 719 528 ------- ------- Total receivables 4,232 3,033 ------- ------- Costs and estimated earnings in excess of billings 1,858 1,803 Inventories: Raw materials 910 963 Finished goods and work-in-process 811 799 ------- ------- Total inventories 1,721 1,762 ------- ------- Deferred income tax benefits 229 229 Prepaid expenses and other current assets 130 141 ------- ------- Total current assets 10,526 10,717 ------- ------- Property, plant and equipment, at cost: Land 27 27 Buildings and improvements 3,276 3,276 Machinery and equipment 3,435 3,331 ------- ------- 6,738 6,634 Less: accumulated depreciation 5,540 5,461 ------- ------- Net property, plant and equipment 1,198 1,173 ------- ------- Deferred income tax benefits 71 71 Investment in joint venture 560 530 Other assets, at cost less accumulated amortization of $59 in 1997 and $57 in 1996 77 79 ------- ------- Total assets $12,432 12,570 ======= =======
See accompanying notes to financial statements. - 3 - ITEM 1. FINANCIAL STATEMENTS (CONTINUED) - - ------- -------------------------------- SI HANDLING SYSTEMS, INC. Balance Sheets (In Thousands, Except Share Data)
June 2, March 3, Liabilities and Stockholders' Equity 1996 1996 - - ------------------------------------ --------- ------- Current liabilities: Current installments of long-term debt $ 20 20 Accounts payable 1,608 1,542 Customers' deposits and billings in excess of costs and estimated earnings 1,399 1,112 Accrued salaries, wages, and commissions 566 929 Income taxes payable 211 275 Accrued royalties payable 244 593 Liabilities and deferred credits associated with the AGV Asset Purchase Agreement 72 80 Accrued other liabilities 821 659 ------- ------- Total current liabilities 4,941 5,210 ------- ------- Long-term liabilities: Long-term debt, excluding current installments: Mortgages payable 43 49 ------- ------- Total long-term debt 43 49 ------- ------- Deferred compensation 94 101 ------- ------- Total long-term liabilities 137 150 ------- ------- Commitments and contingencies Stockholders' equity: Common stock, $1 par value; authorized 5,000,000 shares; issued 2,448,696 shares in 1997 and 2,441,341 shares in 1996 2,449 2,441 Additional paid-in capital 3,638 3,613 Retained earnings 1,267 1,156 ------- ------- Total stockholders' equity 7,354 7,210 ------- ------- Total liabilities and stockholders' equity $12,432 12,570 ======= =======
See accompanying notes to financial statements. - 4 - ITEM 1. FINANCIAL STATEMENTS (CONTINUED) - - ------- -------------------------------- SI HANDLING SYSTEMS, INC. Statements of Operations (In Thousands, Except Share And Per Share Data)
Three Months Ended --------------------- June 2, May 28, 1996 1995 ------- ------- Net sales $5,631 6,097 Cost of sales 3,941 4,504 ------ ------ Gross profit on sales 1,690 1,593 ------ ------ Selling, general, and administrative expenses 1,330 1,159 Product development costs 80 105 Interest expense 3 4 Interest income (45) (25) Equity in income of joint venture (30) (24) Other expense (income), net (64) (41) ------ ------ 1,274 1,178 ------ ------ Earnings before income taxes 416 415 Income tax expense 31 65 ------ ------ Net earnings $ 385 350 ====== ====== Net earnings per common share and common share equivalent* $ .16 .14 ====== ====== Dividends per share** $ .10 .07 ====== ====== * On July 18, 1995, the Board of Directors declared a three-for-two stock split that was distributed on August 11, 1995 to stockholders of record on July 31, 1995. Earnings per share for all periods presented reflect the three-for-two stock split and are based on the weighted average number of shares outstanding and equivalent shares from dilutive stock options, which were 2,455,000 and 2,478,000, respectively, at June 2, 1996 and May 28, 1995. ** Dividends per share for the three months ended May 28, 1995 were adjusted for the three-for-two stock split that was distributed on August 11, 1995 to stockholders of record on July 31, 1995.
See accompanying notes to financial statements. - 5 - ITEM 1. FINANCIAL STATEMENTS (CONTINUED) - - ------- -------------------------------- SI HANDLING SYSTEMS, INC. Statements of Cash Flows (In Thousands)
Three Months Ended --------------------- June 2, May 28, 1996 1995 ---------- --------- Cash flows from operating activities: Net earnings $ 385 350 Adjustments to reconcile net earnings to net cash provided by (used in) operating activities: Depreciation of plant and equipment 79 112 Amortization of intangibles 2 3 Equity in income of joint venture (30) (24) Change in operating assets and liabilities: Receivables (1,199) 3,036 Costs and estimated earnings in excess of billings (55) (722) Inventories 41 (63) Deferred income tax benefits -- (80) Prepaid expenses and other current assets 11 148 Accounts payable 66 (991) Customers' deposits and billings in excess of costs and estimated earnings 287 667 Accrued salaries, wages, and commissions (363) (15) Income taxes payable (64) 145 Accrued royalties payable (349) (332) Liabilities and deferred credits associated with the AGV Asset Purchase Agreement (8) 100 Accrued other liabilities 162 (24) Deferred compensation (7) (7) ------- ------- Net cash provided by (used in) operating activities (1,042) 2,303 ------- ------- Cash flows from investing activities: Sales of short-term investments 1,633 -- Additions to property, plant and equipment (104) (18) ------- ------- Net cash provided by (used in) investing activities 1,529 (18) ------- -------
See accompanying notes to financial statements. - 6 - ITEM 1. FINANCIAL STATEMENTS (CONTINUED) - - ------- -------------------------------- SI HANDLING SYSTEMS, INC. Statements of Cash Flows (Continued) (In Thousands)
Three Months Ended ----------------------- June 2, May 28, 1996 1995 ---------- --------- Cash flows from financing activities: Sale of treasury stock in connection with employee stock option plan -- 1 Sale of common shares in connection with employee stock option plan 3 -- Repayment of long-term debt, including current portion (6) (7) Increase in (repayment of) loan payable to bank -- (500) Dividends paid on common stock (244) -- ------ ------ Net cash used by financing activities (247) (506) ------ ------ Increase in cash and cash equivalents 240 1,779 Cash and cash equivalents, beginning of period 1,335 571 ------ ------ Cash and cash equivalents, end of period $1,575 2,350 ====== ====== Supplemental disclosures of cash flow information: Cash paid during the period for: Interest $ 1 5 ====== ====== Income taxes $ 95 -- ====== ====== Supplemental disclosure of noncash financing activities: Cash dividends declared in May but payable in June $ -- 164 ====== ====== Issuance of 10,603 common shares in exchange for 3,865 common shares delivered to the Company by officers in connection with the employee incentive stock option plan $ 30 -- ====== ======
See accompanying notes to financial statements. - 7 - ITEM 1. FINANCIAL STATEMENTS (CONTINUED) - - ------- -------------------------------- SI HANDLING SYSTEMS, INC. Notes To Financial Statements Three Months Ended June 2, 1996 and May 28, 1995 (1) The information contained in this 10-Q report is unaudited and is subject to year-end adjustments and audit. However, in the opinion of management, the interim financial statements furnished reflect all adjustments and accruals which are necessary to a fair statement of results for the interim periods presented. SI Handling Systems, Inc. ("SI" or the "Company") and Automated Prescription Systems, Inc. ("APS") are co-venturers in a joint venture named SI/BAKER, INC. ("SI/BAKER" or the "joint venture"). The joint venture draws upon the automated materials handling systems experience of SI and the automated pill counting and dispensing products of APS to provide automated pharmacy systems. Each member company contributed $100,000 in capital to fund the joint venture. The joint venture designs and installs computer controlled, fully automated, integrated systems for managed care pharmacy operations. The joint venture's systems are viewed as labor saving devices which address the issues of improved productivity and cost reduction. Systems can be expanded as customers' operations grow and they may be integrated with a wide variety of components to meet specific customer needs. Schedule A contains the SI/BAKER, INC. financial statements. The information contained in the SI/BAKER, INC. financial statements is unaudited and is subject to year-end adjustments and audit. However, in the opinion of management, the interim financial statements furnished reflect all adjustments and accruals which are necessary to a fair statement of results for the interim periods presented. ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION - - ------- ----------------------------------------------------------- AND RESULTS OF OPERATIONS ------------------------- Liquidity and Capital Resources - - ------------------------------- The Company's cash and cash equivalents increased to $1,575,000 during fiscal 1997 from $1,335,000 at the end of fiscal 1996. The increase resulted from cash proceeds of $1,633,000 from the sale of short-term investments and $3,000 from the sale of common stock in connection with the employee stock option plan. Partially offsetting the increase in cash and cash equivalents were cash used by operating activities totaling $1,042,000, repayments of long-term debt of $6,000, purchases of equipment of $104,000, and the payment of $244,000 in cash dividends to stockholders. Funds provided by operating activities during the first three months of fiscal 1996 were $2,303,000. - 8 - ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL - - ------- ------------------------------------------------- CONDITION AND RESULTS OF OPERATIONS (CONTINUED) ----------------------------------------------- SI HANDLING SYSTEMS, INC. Liquidity and Capital Resources (Continued) - - ------------------------------- The Company has a $5,000,000 committed revolving credit facility which is secured by a lien position on accounts receivable, land, and buildings and contains various restrictive covenants relating to additional indebtedness, asset acquisitions or dispositions, and maintenance of certain financial ratios. The Company was in compliance with all covenants during the first three months of fiscal 1997. The term of the original arrangement was for three years with an expiration date of July 31, 1996; however, effective March 1, 1996, the Company's principal bank amended certain covenants to allow the Company greater operating flexibility and extended the expiration date of the revolving credit facility to July 31, 1998. During the first three months of fiscal 1997, the Company did not have any borrowings under the committed revolving credit facility. On May 15, 1996, SI/BAKER, INC. ("SI/BAKER") borrowed $2,000,000 from its principal bank to fund short-term working capital requirements. The Company and its joint venture partner, Automated Prescription Systems, Inc. ("APS"), each guaranteed $1,000,000 of the borrowing. SI/BAKER repaid the $2,000,000 short-term debt on June 4, 1996. The Company and APS may guarantee future borrowings of its joint venture Company if the circumstances surrounding the borrowing transaction warrant the guarantee. The Company anticipates that its financial resources, consisting of its current assets, anticipated cash flow, and the available revolving credit facility will adequately finance its operating requirements in the foreseeable future. The Company plans to consider expansion opportunities as they arise, although ongoing operating results of the Company, the economics of the expansion, and the circumstances justifying the expansion will be key factors in determining the amount of resources the Company will devote to further expansion. At this time, the Company does not have any material capital commitments. Results of Operations - - --------------------- Three Months Ended June 2, 1996 Versus Three Months Ended May 28, - - ----------------------------------------------------------------- 1995 - - ---- The Company's net earnings for the first three months of fiscal 1997 were $385,000 compared to net earnings of $350,000 for the first three months of fiscal 1996. Backlog at the end of the first quarter of fiscal 1997 was $10,921,000 with the majority of the backlog pertaining to Switch-Cart, Cartrac, and Dispen-SI-matic contracts. - 9 - ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL - - ------- ------------------------------------------------- CONDITION AND RESULTS OF OPERATIONS (CONTINUED) ----------------------------------------------- SI HANDLING SYSTEMS, INC. Results of Operations - - --------------------- Three Months Ended June 2, 1996 Versus Three Months Ended May 28, - - ----------------------------------------------------------------- 1995 (Continued) - - ---- Net sales of $5,631,000 for the first three months of fiscal 1997 decreased 7.6% compared to net sales of $6,097,000 for the first three months of fiscal 1996. The sales decrease in the first three months of fiscal 1997 is attributed primarily to a smaller backlog of orders entering fiscal 1997 ($10,488,000 versus a $16,665,000 backlog beginning fiscal 1996). The largest decline occurred in the Cartrac product line whereby during the first three months of fiscal 1996 a significant amount of progress relating to two large automotive contracts, subsequently completed by the end of fiscal 1996, resulted in substantial revenues. Also, the Company's Automated Guided Vehicle Systems ("AGVS") and Order Selection Systems product lines experienced declines in sales for the first three months of fiscal 1997 when compared to the prior year comparable period. The decline in AGVS sales for the first three months of fiscal 1997 is due to the Company's reduced emphasis on the AGVS product line, with selling efforts related to the product currently confined to the parts and service business. Contributing to the lower beginning backlog, and hence sales in the first quarter of fiscal 1997, are delays by prospective customers, particularly those interested in Order Selection Systems, in signing contracts due to expanding project scope and to merger and acquisition interference. Partially offsetting the declines mentioned above was an increase in sales of the Company's Switch-Cart product, principally relating to performance on contracts received during the fourth quarter of fiscal 1996. The Company was also the recipient of a $2,400,000 Switch-Cart contract at the end of the first quarter of fiscal 1997. This Switch-Cart contract will enhance automated roll-handling capabilities for a customer in the newspaper industry and will generate revenue for the Company throughout the remainder of the fiscal year. Gross profit as a percentage of sales was 30.0% for the first three months of fiscal 1997 compared to 26.1% for the first three months of fiscal 1996. The increase in the gross profit percentage for the first three months of fiscal 1997 was primarily attributable to the favorable performance on several contracts initiated in prior fiscal years that were completed during the first quarter of fiscal 1997 as well as to a higher content in contracts currently in progress of proprietary product whereby margins are higher than contracts containing a high degree of ancillary products. Also contributing to the lower gross profit percentage in the fiscal 1996 comparable period were primarily two factors: difficulties in executing and concluding several AGVS contracts as additional costs became necessary to meet contractual throughput and durability requirements, and higher costs associated with first-time design inefficiencies relating to the Company's new small parcel sortation system aimed at improvements to mail order distribution operations. - 10 - ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND - - ------- --------------------------------------------------------------- RESULTS OF OPERATIONS (CONTINUED) --------------------- SI HANDLING SYSTEMS, INC. Results of Operations - - --------------------- Three Months Ended June 2, 1996 Versus Three Months Ended May 28, - - ----------------------------------------------------------------- 1995 (Continued) - - ---- Selling, general, and administrative expenses of $1,330,000 were higher by $171,000 in the first three months of fiscal 1997 than in the comparable fiscal 1996 period. The increase in selling, general, and administrative expenses is due primarily to costs associated with product promotion and sales efforts in response to increased quoting activities and aimed at expanding the Company's customer base of business. Product development costs of $80,000 were lower by $25,000 in the first three months of fiscal 1997 than in the comparable fiscal 1996 period. Development programs in the first three months of fiscal 1997 included improvements to the Order Selection product line, with particular emphasis aimed at Dispen-SI-matic and Pick-to-Light Systems. Development programs in the first three months of fiscal 1996 included improvements to the Order Selection and Sortation product lines, with particular emphasis aimed at Pick-to-Light and Small Parcel Sortation Systems. Interest income of $45,000 was higher by $20,000 in the first three months of fiscal 1997 than in the comparable fiscal 1996 period. The increase in interest income is primarily attributable to the higher level of funds available for short-term investments during the first three months of fiscal 1997. Equity in income of joint venture represented the Company's proportionate share of its investment in SI/BAKER, INC. which is being accounted for under the equity method. The favorable variance for the first three months of fiscal 1997 in the equity in income of joint venture was attributable to SI/BAKER's growth in revenues and gross profit percentage reduced by increased royalty costs, product development costs, and selling, general, and administrative expenses, including accrued legal costs associated with the patent infringement litigation. The favorable variance in other expense (income), net, is primarily attributable to an increase in royalty income related to the SI/BAKER, INC. joint venture. The Company incurred income tax expense of $31,000 during the first three months of fiscal 1997 compared to income tax expense of $65,000 in the comparable fiscal 1996 period. Income tax expense for the first three months of fiscal 1997 and 1996 were less than the statutory rate of 34% due to the recognition of previously unrecognized deferred tax assets which are anticipated to be realizable due to the current and projected profitability of the Company. - 11 - SI HANDLING SYSTEMS, INC. PART II - OTHER INFORMATION --------------------------- ITEM 1. LEGAL PROCEEDINGS - - ------- ----------------- On April 15, 1996, a competitor filed suit in the United States District Court for the Northern District of Illinois against the Company, its SI/BAKER joint venture, and APS alleging that certain of the products of SI/BAKER infringe a patent held by the competitor. The competitor is seeking monetary damages and a royalty related to future sales by SI/BAKER of its products. The management of both the Company and SI/BAKER, supported by its legal counsel, believe that SI/BAKER products do not infringe the competitor's patent, and it is more likely than not that the Company and SI/BAKER will prevail if the matter is adjudicated. The management of both the Company and SI/BAKER believe that the ultimate resolution of this matter will not have a material adverse effect on the Company and SI/BAKER whether resolved through adjudication or settlement. The Company is presently engaged in certain other legal proceedings besides the litigation noted above which, in the opinion of the Company counsel, present no significant risk of material loss to the Company. ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K - - ------- -------------------------------- (a) Exhibit 27 - Financial Data Schedule (b) No reports on Form 8-K were filed during the quarter ended June 2, 1996. - 12 - SI HANDLING SYSTEMS, INC. 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. SI HANDLING SYSTEMS, INC. Barry V. Mack Vice President - Finance Dated: July 15, 1996 ------------- - 13 - SCHEDULE A SI/BAKER, INC. FINANCIAL STATEMENTS MAY 31, 1996 - 14 - SI/BAKER, INC. Balance Sheets May 31, 1996 and February 29, 1995 (In Thousands, Except Share Data)
May 31, February 1996 29, 1996 --------- -------- Assets Current assets: Cash and cash equivalents, principally time deposits $ 236 327 Trade receivables 3,433 523 Costs and estimated earnings in excess of billings 2,353 3,413 Inventories - purchased parts 47 16 Deferred income tax benefits 161 161 Prepaid expenses and other current assets 34 5 ------ ------ Total current assets 6,264 4,445 ------ ------ Machinery and equipment, at cost 84 75 Less: accumulated depreciation 27 23 ------ ------ Net machinery and equipment 57 52 ------ ------ Equipment available for lease 487 478 ------ ------ Total assets $6,808 4,975 ====== ======
- 15 - SI/BAKER, INC. Balance Sheets May 31, 1996 and February 29, 1995 (In Thousands, Except Share Data)
May 31, February 1996 29, 1996 -------- -------- Liabilities and Stockholders' Equity Current liabilities: Notes payable to bank $2,000 -- Accounts payable: Trade 710 798 Affiliated companies 816 1,080 ------ ------ Total accounts payable 1,526 1,878 ------ ------ Customers' deposits and billings in excess of costs and estimated earnings 1,229 1,007 Accrued salaries, wages, and commissions 137 272 Income taxes payable 52 194 Accrued royalties payable 147 134 Accrued audit and legal fees 333 271 Accrued other liabilities 258 153 ------ ------ Total current liabilities 5,682 3,909 ------ ------ Deferred income tax liability 6 6 ------ ------ Contingencies Stockholders' equity: Common stock, $1 par value; authorized 1,000 shares; issued 200 shares -- -- Additional paid-in capital 200 200 Retained earnings 920 860 ------ ------ Total stockholders' equity 1,120 1,060 ------ ------ Total liabilities and stockholders' equity $6,808 4,975 ====== ======
- 16 - SI/BAKER, INC. Statements of Operations Three months Ended May 31, 1996 and 1995 (In Thousands)
Three Months Ended -------------------- May 31, May 31, 1996 1995 ------- ------- Net sales $3,670 1,957 Cost of sales 2,969 1,591 ------ ------ Gross profit on sales 701 366 ------ ------ Selling, general, and administrative expenses 314 185 Product development costs 136 36 Royalty expense, net 147 78 Interest income (6) (24) Interest expense 7 -- Other (income) expense, net 3 3 ------ ------ 601 278 ------ ------ Earnings before income taxes 100 88 Income tax expense 40 40 ------ ------ Net earnings $ 60 48 ====== ======
- 17 - SI/BAKER, INC. Statements of Cash Flows Three months Ended May 31, 1996 and 1995 (In Thousands)
Three Months Ended ----------------------- May 31, May 31, 1996 1995 ---------- ------- Cash flow from operating activities: Net earnings $ 60 48 Adjustments to reconcile net earnings to net cash used by operating activities: Depreciation of machinery and equipment 4 2 Changes in operating assets and liabilities: Trade receivables (2,910) (480) Costs and estimated earnings in excess of billings 1,060 191 Inventories - purchased parts (31) -- Prepaid expenses and other current assets (29) (34) Accounts payable (352) 178 Customers' deposits and billings in excess of costs and estimated earnings 222 199 Accrued salaries, wages, and commissions (135) (58) Income taxes payable (142) 6 Accrued royalties payable 13 (178) Accrued audit and legal fees 62 -- Accrued other liabilities 105 (9) ------- ------- Net cash used by operating activities (2,073) (135) ------- ------- Cash flows used in investing activities: Additions to machinery and equipment (9) (5) Equipment available for lease (9) -- ------- ------- Net cash used by investing activities (18) (5) ------- ------- Cash flows provided by financing activities: Increase in notes payable to bank 2,000 -- ------- ------- Decrease in cash and cash equivalents (91) (140) Cash and cash equivalents, beginning of period 327 1,830 ------- ------- Cash and cash equivalents, end of period $ 236 1,690 ======= ======= Supplemental disclosure of cash flow information: Cash paid during the period for: Income taxes $ 182 34 ======= =======
EX-27 2 ART. 5 FDS FOR 1ST QUARTER 10-Q
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM FORM 10-Q FOR THE QUARTER ENDED JUNE 2, 1996 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 0000090045 SI HANDLING SYSTEMS, INC. 1,000 3-MOS MAR-02-1997 JUN-02-1996 1,575 781 3,513 0 1,721 10,526 6,738 5,540 12,432 4,941 43 0 0 2,449 4,905 12,432 5,631 5,631 3,941 3,941 0 0 3 416 31 385 0 0 0 385 .16 .16
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