-----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, HVfqOpqbrH38z55gutAW9T4+fw05SxhntkpNU4PRU12VNaOvxLNY7u7N9CQ7G9Xh 4ns5Lqb/0OOfxlmzT3NoXg== 0000090045-97-000014.txt : 19970722 0000090045-97-000014.hdr.sgml : 19970722 ACCESSION NUMBER: 0000090045-97-000014 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19970601 FILED AS OF DATE: 19970715 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: 97640942 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 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 1, 1997 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 1, 1997: 2,469,055. --------- - 2 - PART I - FINANCIAL INFORMATION ------------------------------ ITEM 1. FINANCIAL STATEMENTS - - ------- -------------------- SI HANDLING SYSTEMS, INC. Balance Sheets (In Thousands, Except Share Data)
June March Assets 1, 1997 2, 1997 - - ------ --------- --------- Current assets: Cash and cash equivalents, principally time deposits $ 728 1,852 Short-term investments 1,472 3,741 ------- ------- Total cash, cash equivalents, and short-term investments 2,200 5,593 ------- ------- Receivables: Trade 3,786 3,900 Notes and other receivables 436 719 ------- ------- Total receivables 4,222 4,619 ------- ------- Costs and estimated earnings in excess of billings 5,053 1,640 Inventories: Raw materials 935 814 Finished goods and work-in-process 1,141 1,151 ------- ------- Total inventories 2,076 1,965 ------- ------- Deferred income tax benefits 372 372 Prepaid expenses and other current assets 208 173 ------- ------- Total current assets 14,131 14,362 ------- ------- Property, plant and equipment, at cost: Land 27 27 Buildings and improvements 3,358 3,358 Machinery and equipment 3,792 3,717 ------- ------- 7,177 7,102 Less: accumulated depreciation 5,888 5,801 ------- ------- Net property, plant and equipment 1,289 1,301 ------- ------- Deferred income tax benefits 214 214 Investment in joint venture 710 606 Other assets, at cost less accumulated amortization of $70 in 1998 and $67 in 1997 65 64 ------- ------- Total assets $ 16,409 16,547 ======= =======
See accompanying notes to financial statements. - 3 - ITEM 1. FINANCIAL STATEMENTS (CONTINUED) - - ------- -------------------------------- SI HANDLING SYSTEMS, INC. Balance Sheets (In Thousands, Except Share Data)
June March Liabilities and Stockholders' Equity 1, 1997 2, 1997 - - ------------------------------------ --------- --------- Current liabilities: Current installments of long-term debt $ 12 12 Accounts payable 2,415 2,056 Customers' deposits and billings in excess of costs and estimated earnings 2,516 2,752 Accrued salaries, wages, and commissions 649 778 Income taxes payable 538 442 Accrued royalties payable 138 427 Accrued other liabilities 576 870 ------- ------- Total current liabilities 6,844 7,337 ------- ------- Long-term liabilities: Long-term debt, excluding current installments: Mortgages payable 31 35 ------- ------- Total long-term debt 31 35 Deferred compensation 140 132 ------- ------- Total long-term liabilities 171 167 ------- ------- Stockholders' equity: Common stock, $1 par value; authorized 5,000,000 shares; issued 2,469,055 shares in 1998 and 2,460,306 shares in 1997 2,469 2,460 Additional paid-in capital 3,828 3,752 Retained earnings 3,097 2,831 ------- ------- Total stockholders' equity 9,394 9,043 ------- ------- Total liabilities and stockholders' equity $ 16,409 16,547 ======= =======
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 June 1, 1997 2, 1996 --------- --------- Net sales $ 9,542 5,631 Cost of sales 7,322 3,941 ------ ------ Gross profit on sales 2,220 1,690 ------ ------ Selling, general and administrative expenses 1,487 1,330 Product development costs 82 80 Interest expense 2 3 Interest income ( 67) ( 45) Equity in income of joint venture ( 104) ( 30) Other income, net ( 93) ( 64) ------ ------ 1,307 1,274 ------ ------ Earnings before income taxes 913 416 Income tax expense 357 31 ------ ------ Net earnings $ 556 385 ====== ====== Net earnings per common share and common share equivalents* $ .22 .16 ====== ====== Dividends per share $ .10 .10 ====== ====== * Net earnings per share are based on the weighted average number of shares outstanding and equivalent shares from dilutive stock options, which were 2,497,000 and 2,455,000, respectively, at June 1, 1997 and June 2, 1996.
See accompanying notes to financial statements. - 5 - ITEM 1. FINANCIAL STATEMENTS (CONTINUED) - - ------- -------------------------------- SI HANDLING SYSTEMS, INC. Statements of Cash Flows (In Thousands, Except Share Data)
Three Months Ended ---------------------- June June 1, 1997 2, 1996 --------- --------- Cash flows from operating activities: Net earnings $ 556 385 Adjustments to reconcile net earnings to net cash provided (used) by operating activities: Depreciation of plant and equipment 87 79 Amortization of intangibles 3 2 Equity in income of joint venture ( 104) ( 30) Change in operating assets and liabilities: Receivables 397 ( 1,199) Costs and estimated earnings in excess of billings ( 3,413) ( 55) Inventories ( 111) 41 Prepaid expenses and other current assets ( 35) 11 Other noncurrent assets ( 4) - Accounts payable 359 66 Customers' deposits and billings in excess of costs and estimated earnings ( 236) 287 Accrued salaries, wages, and commissions ( 129) ( 363) Income taxes payable 96 ( 64) Accrued royalties payable ( 289) ( 349) Accrued other liabilities ( 294) 154 Deferred compensation 8 ( 7) ------ ------ Net cash used by operating activities ( 3,109) ( 1,042) ------ ------ Cash flows from investing activities: Sales of short-term investments 3,741 1,633 Purchase of short-term investments ( 1,472) - Additions to property, plant and equipment ( 75) ( 104) ------ ------ Net cash provided by investing activities 2,194 1,529 ------ ------
See accompanying notes to financial statements. - 6 - ITEM 1. FINANCIAL STATEMENTS (CONTINUED) - - ------- -------------------- SI HANDLING SYSTEMS, INC. Statements of Cash Flows (Continued) (In Thousands, Except Share Data)
Three Months Ended ---------------------- June June 1, 1997 2, 1996 --------- --------- Cash flows from financing activities: Sale of common shares in connection with employee incentive stock option plan 42 3 Repayment of long-term debt ( 4) ( 6) Dividends paid on common stock ( 247) ( 244) ------ ------ Net cash used by financing activities ( 209) ( 247) ------ ------ Increase (decrease) in cash and cash equivalents ( 1,124) 240 Cash and cash equivalents, beginning of period 1,852 1,335 ------ ------ Cash and cash equivalents, end of period $ 728 1,575 ====== ====== Supplemental disclosures of cash flow information: Cash paid during the period for: Interest $ 1 1 ====== ====== Income taxes $ 261 95 ====== ====== Supplemental disclosures of noncash financing activities: Issuance of 5,650 common shares in exchange for 2,523 common shares delivered to the Company by officers in connection with the employee incentive stock option plan $ 43 - ====== ====== 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 1, 1997 and June 2, 1996 (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 decreased to $728,000 during the first three months of fiscal 1998 from $1,852,000 at the end of fiscal 1997. The decrease resulted from cash used by operating activities totaling $3,109,000, repayments of long-term debt of $4,000, purchases of capital equipment of $75,000, and the payment of $247,000 in cash dividends to shareholders. Offsetting the decrease in cash and cash equivalents from these uses were net sales of short-term investments of $2,269,000 and proceeds of $42,000 from the sale of common stock in connection with the employee incentive stock option plan. Funds used by operating activities during the first three months of fiscal 1997 were $1,042,000. - 8 - ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL - - ------- ------------------------------------------------- CONDITION AND RESULTS OF OPERATIONS ----------------------------------- 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 1998. 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. Currently, the committed revolving credit facility has an expiration date of August 31, 1999. During the first three months of fiscal 1998, the Company did not have any borrowings under the committed revolving credit facility. On March 4, 1996, SI/BAKER, INC. ("SI/BAKER") established a $2,500,000 Line of Credit Facility (the "Facility") with its principal bank (the "Bank"). Under terms of the Facility, SI/BAKER's parent companies, SI Handling Systems, Inc. and Automated Prescription Systems, Inc., have each provided a limited guarantee and surety in the amount not to exceed $1,000,000 for a combined guarantee of $2,000,000 to the Bank for the payment and performance of the related note, including any further renewals or modifications of the Facility. As of May 31, 1997, SI/BAKER's related debt outstanding under the Facility was $1,750,000. SI/BAKER intends to satisfy the note and thereby release the parent companies' guarantees during the second quarter of fiscal 1998. The Facility has an expiration date of August 31, 1997. 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 1, 1997 versus Three Months Ended June 2, - - ----------------------------------------------------------------- 1996 - - ---- The Company's net earnings for the first three months of fiscal 1998 were $556,000 compared to net earnings of $385,000 for the first three months of fiscal 1997. - 9 - ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL - - ------- ------------------------------------------------- CONDITION AND RESULTS OF OPERATIONS ----------------------------------- SI HANDLING SYSTEMS, INC. Results Of Operations - - --------------------- Three Months Ended June 1, 1997 versus Three Months Ended June 2, - - ----------------------------------------------------------------- 1996 (Continued) - - ---- Backlog at the end of the first quarter of fiscal 1998 was $32,593,000 with the majority of the backlog pertaining to Switch-Cart and Dispen-SI-matic contracts. During the first quarter of fiscal 1998, the Company was the recipient of orders totalling $11,106,000 with the largest order taken by the Company's Production & Assembly Systems Business Unit. The Defense Logistics Agency of the United States government procured an addition of $6.7 million to the prime mechanization contract it awarded the Company in September, 1996. The contract options were exercised to expand the scope of a material handling and storage system at the Distribution Operations Center of the Defense Distribution Depot located in Red River, Texas. This contract, the largest in the Company's history, totals approximately $23.4 million. Net sales of $9,542,000 for the first three months of fiscal 1998 increased 69.5% compared to net sales of $5,631,000 for the first three months of fiscal 1997. The sales increase in the first three months of fiscal 1998 is attributed primarily to a larger backlog of orders entering fiscal 1998 ($31,029,000 versus a $10,488,000 backlog beginning fiscal 1997). The largest increases in sales occurred in the Switch-Cart and Order Selection product lines. The increase in the Switch-Cart product line was primarily attributable to progress made on the contract with the Defense Logistics Agency of the United States government. Also, the increase experienced in the Company's Order Selection product line during the first three months of fiscal 1998 was primarily attributable to a significant amount of progress relating to several large contracts received prior to the start of fiscal 1998. During the first three months of fiscal 1997, the Company's Order Selection product line accounted for a moderate amount of sales revenues. Contributing to the lower backlog at the beginning of fiscal 1997, and hence sales in the first three months of fiscal 1997, were 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. Gross profit as a percentage of sales was 23.3% for the first three months of fiscal 1998 compared to 30.0% for the first three months of fiscal 1997. The decrease in the gross profit percentage for the first three months of fiscal 1998 was primarily attributable to (i) a higher content in contracts currently in progress of ancillary products wherein margins are lower than contracts containing a high degree of proprietary products and (ii) a contract containing new product requiring greater than expected complex systems integration services. The attainment of the elevated gross profit percentage during the first three months of fiscal 1997 was primarily attributable to the favorable performance on several contracts initiated in prior fiscal years that - 10 - ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL - - ------- ------------------------------------------------- CONDITION AND RESULTS OF OPERATIONS ----------------------------------- SI HANDLING SYSTEMS, INC. Results Of Operations - - --------------------- Three Months Ended June 1, 1997 versus Three Months Ended June 2, - - ----------------------------------------------------------------- 1996 (Continued) - - ---- were completed during the first three months of fiscal 1997 as well as to a higher content in contracts then in progress of proprietary product wherein margins are higher than contracts containing a high degree of ancillary products. Selling, general, and administrative expenses of $1,487,000 were higher by $157,000 in the first three months of fiscal 1998 than in the comparable fiscal 1997 period. The increase in selling, general, and administrative expenses is attributable to inflationary trends and to the Company's incentive-based compensation plan which provides for gain sharing as a means of promoting performance excellence. Product development costs for the first three months of fiscal 1998 were relatively the same as costs for the comparable fiscal 1997 period. Development programs in the first three months of fiscal 1998 included efforts directed at improvements across various product lines, and to efforts associated with the introduction of the Henke light-duty overhead transportation product, for which the Company is in the process of becoming an exclusive North American distributor. Development programs in the first three months of fiscal 1997 included enhancements to the Company's product controls and features and improvements to the Sortation and Order Selection product lines, with particular emphasis aimed at Dispen-SI-matic and Pick-to-Light Systems. Interest income of $67,000 was higher by $22,000 in the first three months of fiscal 1998 than in the comparable fiscal 1997 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 1998. 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 1998 in the equity in income of joint venture was attributable to SI/BAKER's growth in revenues, as compared to the comparable fiscal 1997 quarter, as well as to reductions in product development costs and selling, general, and administrative expenses. SI/BAKER's fiscal 1997 comparable period product development costs were associated with the BK2000 automated pharmacy system product line, while selling, general, and administrative expenses were impacted unfavorably by legal costs associated with the since settled patent infringement litigation. Partially offsetting the favorable variance was increased revenue based royalty costs due to the parent companies. The favorable variance in other income, net, is primarily attributable to an increase in royalty income related to the SI/BAKER, INC. joint venture and - 11 - ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL - - ------- ------------------------------------------------- CONDITION AND RESULTS OF OPERATIONS ----------------------------------- SI HANDLING SYSTEMS, INC. Results Of Operations - - --------------------- Three Months Ended June 1, 1997 versus Three Months Ended June 2, - - ------------------------------------------------------------------------ 1996 (Continued) - - ---- an increase in purchase discounts earned by the Company due to increased purchasing requirements. The Company incurred income tax expense of $357,000 during the first three months of fiscal 1998 compared to income tax expense of $31,000 in the comparable fiscal 1997 period. Income tax expense for the first three months of fiscal 1998 was recorded at the statutory federal and state tax rates expected to apply for the current fiscal year. Income tax expense for the first three months of fiscal 1997 was 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. PART II - OTHER INFORMATION --------------------------- ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K - - ------- -------------------------------- (a) Exhibit 27 - Financial Data Schedule (b) During the quarter ended June 1, 1997, no report on Form 8-K was filed. - 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. /s/ Barry V. Mack Barry V. Mack Vice President - Finance Dated: July 15, 1997 --------------------------- - 13 - SCHEDULE A SI/BAKER, INC. FINANCIAL STATEMENTS MAY 31, 1997 - 14 - SI/BAKER, INC. Balance Sheets May 31, 1997 and February 28, 1997 (In Thousands, Except Share Data)
May February 31, 1997 28, 1997 --------- -------- Assets - - ------ Current assets: Cash and cash equivalents, principally time deposits $ 418 484 Receivables: Trade 3,489 1,618 Other receivables -- 122 ------ ------ Total receivables 3,489 1,740 ------ ------ Costs and estimated earnings in excess of billings 5,751 4,111 Inventories 44 36 Deferred income tax benefits 367 367 Prepaid expenses and other current assets 90 87 ------ ------ Total current assets 10,159 6,825 ------ ------ Machinery and equipment, at cost 114 106 Less: accumulated depreciation 46 41 ------ ------ Net machinery and equipment 68 65 ------ ------ Equipment leased to customer 487 487 Less: accumulated depreciation 157 127 ------ ------ Net equipment leased to customer 330 360 ------ ------ Deferred income tax benefits 6 6 ------ ------ Total assets $ 10,563 7,256 ======= ======
- 15 - SI/BAKER, INC. Balance Sheets May 31, 1997 and February 28, 1997 (In Thousands, Except Share Data)
May February 31, 1997 28, 1997 --------- -------- Liabilities and Stockholders' Equity - - ------------------------------------ Current liabilities: Note payable to bank $ 1,750 1,750 Accounts payable: Trade 2,647 1,920 Affiliated companies 2 356 ------ ------ Total accounts payable 2,649 2,276 ------ ------ Customers' deposits and billings in excess of costs and estimated earnings 3,159 779 Accrued salaries, wages, and commissions 253 307 Income taxes payable 107 - Accrued royalties payable 336 319 Accrued product warranties 553 463 Accrued other liabilities 337 151 ------ ------ Total current liabilities 9,144 6,045 ------ ------ Stockholders' equity: Common stock, $1 par value; authorized 1,000 shares; issued 200 shares - - Additional paid-in capital 200 200 Retained earnings 1,219 1,011 ------ ------ Total stockholders' equity 1,419 1,211 ------ ------ Total liabilities and stockholders' equity $ 10,563 7,256 ====== ======
- 16 - SI/BAKER, INC. Statements of Operations Three Months Ended May 31, 1997 and 1996 (In Thousands)
Three Months Ended ------------------------- May May 31, 1997 31, 1996 --------- --------- Net sales $ 4,704 3,670 Cost of sales 3,896 2,969 ------ ------ Gross profit on sales 808 701 ------ ------ Selling, general and administrative expenses 261 314 Product development costs 3 136 Royalty expense to parent companies 188 147 Interest income ( 7) ( 6) Interest expense 33 7 Other expense (income), net ( 20) 3 ------ ------ 458 601 ------ ------ Earnings before income taxes 350 100 Income tax expense 142 40 ------ ------ Net earnings $ 208 60 ====== ======
- 17 - SI/BAKER, INC. Statements of Cash Flows Three Months Ended May 31, 1997 and 1996 (In Thousands)
Three Months Ended ------------------------- May May 31, 1997 31, 1996 --------- --------- Cash flow from operating activities: Net earnings $ 208 60 Adjustments to reconcile net earnings to net cash provided (used) by operating activities: Depreciation of machinery and equipment and leased equipment 35 4 Changes in operating assets and liabilities: Receivables ( 1,749) ( 2,910) Costs and estimated earnings in excess of billings ( 1,640) 1,060 Inventories ( 8) ( 31) Prepaid expenses and other current assets ( 3) ( 29) Accounts payable 373 ( 352) Customers' deposits and billings in excess of costs and estimated earnings 2,380 222 Accrued salaries, wages, and commissions ( 54) ( 135) Income taxes payable 107 ( 142) Accrued royalties payable 17 13 Accrued product warranties 90 - Accrued other liabilities 186 167 ------ ------ Net cash used by operating activities ( 58) ( 2,073) ------ ------ Cash flows used in investing activities: Additions to machinery and equipment ( 8) ( 9) Equipment leased to customer - ( 9) ------ ------ Net cash used by investing activities ( 8) ( 18) ------ ------ Cash flows provided by financing activities: Increase in note payable to bank - 2,000 ------ ------ Decrease in cash and cash equivalents ( 66) ( 91) Cash and cash equivalents, beginning of period 484 327 ------ ------ Cash and cash equivalents, end of period $ 418 236 ====== ======
- 18 - SI/BAKER, INC. Statements of Cash Flows (Continued) Three Months Ended May 31, 1997 and 1996 (In Thousands)
Three Months Ended ------------------------- May May 31, 1997 31, 1996 --------- --------- Supplemental disclosure of cash flow information: Cash paid during the period for: Income taxes $ 37 182 ====== ====== Interest $ 30 - ====== ======
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 1, 1997 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 0000090045 SI HANDLING SYSTEMS, INC. 1,000 3-MOS MAR-01-1998 JUN-01-1997 728 1,472 3,786 0 2,076 14,131 7,177 5,888 16,409 6,844 31 0 0 2,469 6,925 16,409 9,542 9,542 7,322 7,322 0 0 2 913 357 556 0 0 0 556 .22 .22
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