-----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, RkabGp/PkZ5oG0/Nl3A70EmRMyUjQAzcgrRbGw0KWC6W/UUC9ZMvMZpRWTTRzL6a umtj4LehXDhhLBBx7zH8NA== 0000095676-96-000002.txt : 19960320 0000095676-96-000002.hdr.sgml : 19960320 ACCESSION NUMBER: 0000095676-96-000002 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19960131 FILED AS OF DATE: 19960318 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: SURVIVAL TECHNOLOGY INC CENTRAL INDEX KEY: 0000095676 STANDARD INDUSTRIAL CLASSIFICATION: SURGICAL & MEDICAL INSTRUMENTS & APPARATUS [3841] IRS NUMBER: 520898764 STATE OF INCORPORATION: DE FISCAL YEAR END: 0731 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-05958 FILM NUMBER: 96535975 BUSINESS ADDRESS: STREET 1: 2275 RESEARCH BLVD STREET 2: STE 100 CITY: ROCKVILLE STATE: MD ZIP: 20850 BUSINESS PHONE: 3019261800 10-Q 1 FORM 10-Q UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) [X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended JANUARY 31, 1996 ---------------- [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file Number 0-5958 -------------- SURVIVAL TECHNOLOGY, INC. ------------------------------------------------------ (Exact name of registrant as specified in its charter) DELAWARE 52-0898764 - ------------------------------- ------------------- (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 2275 RESEARCH BLVD., ROCKVILLE, MD 20850 - ---------------------------------------- ---------- (Address of principal executive offices) (Zip Code) (301) 926-1800 - -------------------------------------------------- Registrant's telephone number, including area code Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. YES [X] NO [ ] Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date. CLASS OUTSTANDING AS OF FEBRUARY 29, 1996 - ---------------------------- ------------------------------------ Common Stock, $.10 par value 3,088,200 Shares 2 SURVIVAL TECHNOLOGY, INC. FORM 10-Q FOR THE QUARTER ENDED JANUARY 31, 1996 PAGE NO. -------- PART I. FINANCIAL INFORMATION ITEM 1. Financial Statements (Unaudited) Consolidated Condensed Balance Sheets as of January 31, 1996 and July 31, 1995 ............. 3 Consolidated Condensed Statements of Income for the Three-Month and Six-Month Periods Ended January 31, 1996 and 1995....................... 4 Consolidated Condensed Statements of Cash Flows for the Six-Months Ended January 31, 1996 and 1995......................................... 5 Notes to Consolidated Condensed Financial Statements ..................................... 6 ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.............. 7 PART II. OTHER INFORMATION ITEM 4. Submission of Matters to a Vote of Security Holders .................................. 10 ITEM 6. Exhibits and Reports on Form 8-K .................. 10 SIGNATURES ................................................. 11 3 SURVIVAL TECHNOLOGY, INC. CONSOLIDATED CONDENSED BALANCE SHEETS PART I. FINANCIAL INFORMATION ITEM 1. Financial Statements January 31, July 31, 1996 1995 (UNAUDITED) (AUDITED) ----------- ----------- ASSETS CURRENT ASSETS Cash $ 32,800 $ 503,600 Receivables 6,734,500 5,852,700 Inventories 4,677,100 3,829,800 Prepaid expenses and other assets 476,400 336,100 Deferred income taxes 1,030,900 1,030,900 ----------- ----------- Total current assets 12,951,700 11,553,100 ----------- ----------- FIXED ASSETS 25,209,600 24,581,300 Less accumulated depreciation 10,846,100 10,372,400 ----------- ----------- 14,363,500 14,208,900 ----------- ----------- PATENTS AND LICENSES AT COST LESS AMORTIZATION OF $596,200 AND $517,200 1,872,400 1,916,800 OTHER NONCURRENT ASSETS 34,900 36,300 ----------- ----------- $29,222,500 $27,715,100 ----------- ----------- ----------- ----------- LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES: Note payable to bank $ 2,957,500 $ 3,917,000 Note payable to Syntex 800,000 800,000 Current portion of long-term debt 421,500 492,600 Accounts payable 2,529,200 1,016,800 Restructuring reserve 492,800 450,000 Other liabilities and accrued expenses 1,626,100 1,208,400 ----------- ----------- Total current liabilities 8,827,100 7,884,800 NOTE PAYABLE TO SYNTEX 188,400 588,400 OTHER LONG-TERM DEBT 1,128,200 897,200 DEFERRED REVENUE 375,000 250,000 OTHER NONCURRENT LIABILITIES 561,600 489,200 DEFERRED INCOME TAXES 1,455,000 1,455,000 ----------- ----------- Total liabilities 12,535,300 11,564,600 ----------- ----------- SHAREHOLDERS' EQUITY: Common stock, $.10 par value; 10,000,000 shares authorized; 3,087,000 and 3,085,400 shares issued and outstanding 308,700 308,500 Paid-in capital in excess of par value 5,083,500 5,072,700 Retained earnings 11,295,000 10,769,300 ----------- ----------- Total shareholders' equity 16,687,200 16,150,500 ----------- ----------- $29,222,500 $27,715,100 ----------- ----------- ----------- ----------- See accompanying notes to consolidated condensed financial statements. 4 SURVIVAL TECHNOLOGY, INC. CONSOLIDATED CONDENSED STATEMENTS OF INCOME (UNAUDITED)
Three Months Ended Six Months Ended January 31, January 31, ------------------------ ------------------------ 1996 1995 1996 1995 ----------- ----------- ----------- ----------- Net sales $ 8,569,400 $ 6,444,700 $13,864,300 $11,412,100 Cost of sales 6,187,100 4,670,800 9,701,700 7,887,000 ----------- ----------- ----------- ----------- Gross profit 2,382,300 1,773,900 4,162,600 3,525,100 ----------- ----------- ----------- ----------- Selling, general & administrative expense 971,700 1,100,400 1,775,900 2,102,400 Research & development expense 189,200 250,600 360,900 543,300 Restructuring charge 94,000 Depreciation and amortization expense 468,800 344,700 890,000 727,300 ----------- ----------- ----------- ----------- 1,629,700 1,695,700 3,120,800 3,373,000 ----------- ----------- ----------- ----------- Operating income 752,600 78,200 1,041,800 152,100 ----------- ----------- ----------- ----------- Other expense: Interest expense (126,900) (87,700) (247,500) (153,000) Other (expense) income (12,300) 46,900 53,900 78,600 ----------- ----------- ----------- ----------- (139,200) (40,800) (193,600) (74,400) ----------- ----------- ----------- ----------- Income before income taxes 613,400 37,400 848,200 77,700 Provision for income taxes 232,000 13,400 322,300 28,700 ----------- ----------- ----------- ----------- Net income $ 381,400 $ 24,000 $ 525,900 $ 49,000 ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- Per common share: Net income $ .12 $ .01 $ .17 $ .02 ----- ----- ----- ----- ----- ----- ----- ----- Average number of common shares outstanding 3,111,300 3,100,700 3,110,200 3,100,100 ----------- ----------- ----------- -----------
See accompanying notes to consolidated condensed financial statements. 5 SURVIVAL TECHNOLOGY, INC. CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED)
Six Months Ended January 31, ------------------------------ 1996 1995 -------------- -------------- CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 525,900 $ 49,000 Adjustments to reconcile net income to net cash provided by (used for) operating activities Depreciation and amortization 890,000 727,300 Loss on fixed asset disposals 800 Deferred lease incentives (15,100) (15,100) Increase in receivables (881,800) (910,700) Increase in inventories (847,300) (1,325,400) Increase in prepaid expenses and other assets (140,300) (69,700) Increase in accounts payable 1,512,400 788,300 Increase in restructuring reserve 42,800 Increase (decrease) in other liabilities and accrued expenses 417,700 (189,000) -------------- -------------- Net cash provided by (used for) operating activities 1,505,100 (945,300) -------------- -------------- CASH FLOWS FROM INVESTING ACTIVITIES: Purchases of fixed assets (992,800) (1,880,400) Purchases of patents and licenses (34,500) (154,600) (Increase) decrease in other noncurrent assets (10,100) 41,600 Increase (decrease) in other noncurrent liabilities 400 -------------- -------------- Net cash provided by (used for) investing activities (1,037,400) (1,993,000) -------------- -------------- CASH FLOWS FROM FINANCING ACTIVITIES: (Payment) proceeds on note payable to bank (959,500) 3,388,000 Payment on note payable to Syntex (400,000) (400,000) Proceeds (payment) on long-term debt 159,900 (60,800) Increase in deferred revenue 125,000 Increase in other noncurrent liabilities 87,500 Proceeds from fixed asset dispositions 37,600 Proceeds from issuance of common stock 11,000 -------------- -------------- Net cash provided by (used for) financing activities (938,500) 2,927,200 -------------- -------------- NET DECREASE IN CASH $ (470,800) $ (11,100) -------------- -------------- -------------- -------------- Cash at beginning of period $ 503,600 $ 65,000 Cash at end of period 32,800 53,900 -------------- -------------- NET DECREASE IN CASH $ (470,800) $ (11,100) -------------- -------------- -------------- --------------
See accompanying notes to consolidated condensed financial statements. 6 SURVIVAL TECHNOLOGY, INC. FORM 10-Q FOR THE QUARTER ENDED JANUARY 31, 1996 NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS A. In the opinion of management, the accompanying unaudited consolidated condensed financial statements contain all adjustments (consisting of normal recurring accruals) necessary to present fairly the Company's financial position as of January 31, 1996 and July 31, 1995, the results of its operations for the three-month and six-month periods ended January 31, 1996 and 1995, and its cash flows for the six-month periods ended January 31, 1996 and 1995. The results of operations for the three-month and six-month periods ended January 31, 1996 are not necessarily indicative of the results that may be expected for the fiscal year ending July 31, 1996. B. The significant accounting principles and practices followed by the Company are set forth in Note 1 of the Notes to Consolidated Financial Statements in the Survival Technology, Inc. Annual Report on Form 10-K for the year ended July 31, 1995. C. Inventories consisted of the following: January 31, July 31, 1996 1995 ----------- ----------- Components and subassemblies $ 2,592,500 $ 2,780,200 Material, labor and overhead costs in process 1,460,900 605,100 Finished goods 821,800 674,800 ----------- ----------- 4,875,200 4,060,100 Inventory reserve (198,100) (230,300) ----------- ----------- Total $ 4,677,100 $ 3,829,800 ----------- ----------- ----------- ----------- D. During the fourth quarter of fiscal 1995, the Company's Board of Director's approved a restructuring plan to explore various alternatives relating to occupancy cost reductions at the corporate headquarters in Rockville, MD which resulted in a $450,000 charge against earnings. The Company is currently exploring options related to reducing occupancy costs at its corporate office facility in Rockville, Maryland. As part of this plan, the Company initiated certain organizational changes during the first quarter of fiscal 1996 resulting in additional charges of $94,000 related to employee severance payments in fiscal 1996. The following table sets forth the Company's restructuring reserve as of January 31, 1996: RESTRUCTURING RESERVE Relocation of facilities $ 450,000 Employee severance accrual 94,000 Cash payments for severance (51,200) ---------- $ 492,800 ---------- ---------- E. STI entered into a loan agreement with the CIT Group/Equipment Financing, Inc. ("CIT") in May 1995. This arrangement consists of a series of loans for the acquisition of production molds, high speed component preparation and filling equipment and facility renovations not to exceed a maximum aggregate of $3 million. During the current quarter, STI received proceeds ($445,300) from CIT for a second loan within the series of loans. Loan proceeds to date totalled $1.5 million of which $1.3 million was outstanding at January 31, 1996, at interest rates of 9.2% and 7.9%. 7 SURVIVAL TECHNOLOGY, INC. FORM 10-Q FOR THE QUARTER ENDED JANUARY 31, 1996 ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of Operations THE QUARTER AND SIX MONTHS IN REVIEW The Company reported net income of $381,400 ($.12 per share) on sales of $8.6 million for the second quarter of fiscal 1996 compared with net income of $24,000 ($.01 per share) on sales of $6.5 million in the same period of fiscal 1995. Net income for the six months ended January 31, 1996 totalled $525,900 ($.17 per share) on sales of $13.9 million compared with net income of $49,000 ($.02 per share) on sales of $11.4 million during the six-month period ended January 31, 1995. Revenues increased $2.1 million (33%) during the current quarter and $2.5 million (22%) during the first six months of fiscal 1996 on the strength of higher U.S. military product and EpiPen-Registered Trademark- auto- injector sales. Military product sales increased $2.2 million (63%) to $5.7 million in the second quarter and $2.8 million (57%) to $7.8 million in the first half of fiscal 1996 when compared with the corresponding prior year periods. These increases were due to shipments of military auto-injectors during the current quarter coupled with additional services provided as part of the Industrial Base Maintenance Contract with the U.S. Department of Defense ("DoD"). Revenues under this DoD contract more than doubled to $5.6 million for the quarter and $7.5 million for the six months ended January 31, 1996 when compared with the same periods last year. Product deliveries included the Diazepam auto-injector which was approved by the U.S. Food and Drug Administration ("FDA") in December 1995. Revenues for this new injector were $650,800 in the current quarter with third and fourth quarter deliveries expected to generate over $2 million in additional sales. Additional services provided to the DoD included the pre- stocking of critical components at STI's St. Louis manufacturing facility to enhance readiness and mobilization capability. STI's intensified efforts to expand sales of its military products into international markets has resulted in orders from new customers that are expected to generate approximately $1 million in sales over the second half of fiscal 1996. Commercial products and services generated revenues of $2.8 million and $6 million for the quarter and six months ended January 31, 1996. This represents decreases of $97,300 (3%) in the current quarter and $420,500 (7%) in the first six months of fiscal 1996 when compared with the same periods in fiscal 1995. Lower commercial revenues for the first half of fiscal 1996 were primarily due to the anticipated absence in CytoGuard-Registered Trademark- sales of $787,500 coupled with lower sales ($430,800) from other contract manufacturing activities. These sales declines were partially offset by a $727,700 (18%) increase in revenues from STI's EpiPen auto-injector sales to $4.7 million for the six months ended January 31, 1996. The EpiPen contains epinephrine and is indicated for self-injection by persons who are at risk for severe allergic reactions to bee stings, insect bites, and ingestion of certain foods. The sales increase is primarily attributable to expanded promotional efforts over the last several years by Center Laboratories, Inc. ("Center"), STI's exclusive distributor of the EpiPen. The Company anticipates EpiPen sales to continue improving over prior year levels with Center's continuing expansion of marketing efforts in the U.S. and international markets coupled with the launch of STI's second new product, the Epi E-Z Pen-TM-, during the third quarter of fiscal 1996. The Company continues to work with a number of pharmaceutical and biotechnology companies to formulate their drugs for use in STI's proprietary drug delivery systems. STI entered into two new development contracts this year which have generated revenues of $436,200 during the current quarter and are primarily responsible for the 31% increase in R&D revenues when compared to the same quarter last year. R&D sales for the first six months of fiscal 1996 was $1.2 million which represents an increase of $102,400 (10%) over the same prior year period. The Company expects to complete both contracts during fiscal 1996 with revenue aggregating $1 million. Upon the successful 8 SURVIVAL TECHNOLOGY, INC. FORM 10-Q FOR THE QUARTER ENDED JANUARY 31, 1996 ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of Operations (continued) completion of these development activities, the Company anticipates signing follow-on development and supply agreements for these products as early as fiscal 1997. Gross margins remained relatively constant at 28% for the quarter and 30% for the six months ended January 31, 1996 compared to 28% for the quarter and 31% for the six months ended January 31, 1995. The Company is working to improve gross margins through new product introductions along with the completion of several manufacturing cost reduction programs currently in progress. Selling, general and administrative expenses decreased $128,700 (12%) in the current quarter and $326,500 (16%) in the first half of fiscal 1996 when compared with the same prior year periods. This resulted from the absence of certain administrative costs related to organizational changes and lower bad debt expense. The Company's previously reported restructuring plan (discussed below) is expected to further reduce administrative costs in the future. Research and development expenditures decreased $61,400 (25%) and $182,400 (34%) in the second quarter and first half of fiscal 1996 when compared with the same periods in fiscal 1995. This was due to the timing of expenditures related to certain projects which may be deferred beyond the current year and would result in lower R&D expenses in fiscal 1996 when compared to fiscal 1995. Depreciation and amortization increased $124,100 (36%) and $162,700 (22%) for the quarter and six months ended January 31, 1996 when compared with the same periods in fiscal 1995. As previously reported, these increases were anticipated due to significant levels of capital expenditures made over the last two fiscal years to automate manufacturing processes to increase efficiency and enhance capacity. As part of the restructuring plan adopted in the fourth quarter of fiscal 1995, the Company initiated certain organizational changes during the first quarter of fiscal 1996 resulting in additional charges of $94,000 related to employee severance payments in fiscal 1996. See Note D in Notes to Consolidated Condensed Financial Statements. The Company is continuing to explore options related to reducing occupancy costs at its corporate office facility in Rockville, Maryland. Other expense increased $98,400 in the second quarter and $119,200 for the first six months of fiscal 1996 when compared with the same periods in fiscal 1995. These increases were primarily the result of higher interest expense due to higher levels of bank borrowings necessary to fund inventory purchases in support of higher sales levels and to fund continuing capital investment programs. LIQUIDITY AND CAPITAL RESOURCES The Company has a $5 million line of credit agreement ("Agreement") with Merrill Lynch Business Financial Services Inc. ("MLBFS") through September 1996. Outstanding borrowings under the Agreement totalled $3 million at January 31, 1996. The Agreement places a $5 million limit on capital expenditures in any one fiscal year which have aggregated $1 million for the six months ended January 31, 1996. The Company relies on its line of credit facility to satisfy its working capital and capital expenditure requirements. The Company has a Loan Agreement pursuant to which Syntex Laboratories, Inc. agreed to lend STI $5.4 million to finance working capital requirements and capital expenditures designed to increase the production capacity of the Company's Cartrix syringe system. The outstanding loan balance bears interest at the same rate of interest the Company pays on its current commercial line of credit facility. Principal payments continued for the calendar quarter 9 SURVIVAL TECHNOLOGY, INC. FORM 10-Q FOR THE QUARTER ENDED JANUARY 31, 1996 ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of Operations (continued) ended December 31, 1995 at the minimum of $200,000 per quarter ($400,000) through the first six months of fiscal 1996) reducing the outstanding loan balance to less than $1 million ($988,400) at January 31, 1996. The loan is subject to acceleration upon the occurrence of certain events. To assist the Company's previously reported capital investment program, STI entered into a loan agreement with the CIT Group/Equipment Financing, Inc. ("CIT") in May 1995. This arrangement consists of a series of loans for the acquisition of production molds, high speed component preparation and filling equipment and facility renovations not to exceed a maximum aggregate of $3 million. During the current quarter, STI received proceeds ($445,300) from CIT for a second loan under this credit facility. Loan proceeds to date totalled $1.5 million of which $1.3 million was outstanding at January 31, 1996, at interest rates of 9.2% and 7.9%. BALANCE SHEET REVIEW Working capital increased $456,300 (12%) to $4,124,600 at January 31, 1996 from $3,668,300 at July 31, 1995. The primary factor contributing to this favorable change in working capital was an $881,800 (15%) increase in receivables due to higher sales during the current quarter. Inventory levels increased $847,300 (22%) in support of higher sales levels anticipated for the third and early fourth quarters of the current fiscal year which will include new product introductions for the Epi E-Z Pen and the Diazepam auto-injectors. Prepaid expenses and other current assets increased $140,300 (42%) primarily resulting from the prepayment to the FDA for annual user fees. The deferred income tax asset remained constant at $1,030,900. Note payable to bank decreased $959,500 (24%) and note payable to Syntex decreased $400,000 (29%). Proceeds from operations during the first six months enabled the Company to reduce short-term borrowing levels. Scheduled quarterly payments were made to Syntex as discussed above under "Liquidity and Capital Resources". Other long-term debt, including the current portion, increased $159,900 (10%). This resulted from additional borrowings under the CIT loan agreement which was partially offset by payments STI made on current outstanding CIT loans (see "Liquidity and Capital Resources") and its capital lease obligations. Accounts payable increased $1.5 million (150%) in conjunction with higher inventory purchases discussed above which included the acquisition of components for the DoD pre-stocking program. Other liabilities and accrued expenses increased $417,700 (35%) due in part to an accrual for income taxes payable while the restructuring reserve increased $42,800 (10%), net of employee severance payments associated with the previously discussed organizational changes. Deferred revenue increased $125,000 (50%) due to proceeds ($375,000) from Center partially offset by recognition of the remaining revenue ($250,000) of a development contract closed-out during the first quarter. The Company received an advance from Center in the amount of $375,000 to assist in the capital investment program associated with the Epi E-Z Pen. This will be paid back to Center through credits on future product deliveries commencing in September 1996. Capital expenditures totalled $992,800 during the first half of fiscal 1996 which consisted primarily of improvements designed to automate and validate current production processes at the Company's St. Louis manufacturing facility. The timing of capital expenditures to keep pace with prior year levels is contingent on the Company's ability to identify outside sources of capital. Shareholder's equity increased $536,700 (3%) on the strength of net income for the six months ended January 31, 1996. 10 SURVIVAL TECHNOLOGY, INC. FORM 10-Q FOR THE QUARTER ENDED JANUARY 31, 1996 PART II - OTHER INFORMATION ITEM 4. Submission of matters to a vote of Security Holders. On January 11, 1996 at STI's Annual Meeting of Shareholders, the shareholders voted 2,871,046 (93%) electing a board of five directors named in the Company's proxy statement dated December 12, 1995 who will serve until the next annual meeting of shareholders and ratified Price Waterhouse LLP as independent auditors of the Company for the current fiscal year. The following is a breakdown of how the shares were voted: Votes For Withheld --------- -------- Dresner 2,863,086 7,960 Herzstein 2,863,096 7,950 Miller 2,863,096 7,950 Spero 2,863,106 7,940 Way 2,863,106 7,940 Votes For Against Abstain --------- ------- ------- Price Waterhouse LLP 2,869,417 660 969 ITEM 6. Exhibits and Reports on Form 8-K: b. Reports on Form 8-K: There are no reports on Form 8-K filed by the Registrant during the three months ended January 31, 1996. 11 SURVIVAL TECHNOLOGY, INC. FORM 10-Q FOR THE QUARTER ENDED JANUARY 31, 1996 SIGNATURES Pursuant to the requirement of the Securities Exchange Act of 1934, the registrant has duly cause this report to be signed on its behalf by the undersigned thereunto duly authorized. SURVIVAL TECHNOLOGY, INC. Registrant March 18, 1996 By: /S/James H. Miller - -------------- ------------------------- Date James H. Miller President and Chief Executive Officer (Principal Executive Officer) March 18, 1996 By: /S/Jeffrey W. Church - -------------- ------------------------- Date Jeffrey W. Church Sr. Vice President-Finance and Chief Financial Officer (Principal Financial and Accounting Officer) EX-27 2 EXHIBIT 27
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE CONSOLIDATED BALANCE SHEET AND CONSOLIDATED INCOME STATEMENT FOR THE SIX-MONTHS ENDED JANUARY 31, 1996. 6-MOS JUL-31-1996 AUG-01-1995 JAN-31-1996 32,800 0 6,752,000 17,500 4,677,100 12,951,700 25,209,600 10,846,100 29,222,500 8,827,100 0 0 0 308,700 16,378,500 29,222,500 13,864,300 13,864,300 9,701,700 12,822,500 (53,900) 0 247,500 848,200 322,300 525,900 0 0 0 525,900 .17 .17 Includes a restructuring charge of $94,000. Includes a restructuring charge of $58,300, net of tax. Includes a restructuring charge of $.02 per share.
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