-----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, Mff9diTL/ezSlyYF8E7GCONoXJAF0kyPoqXy4ayD6upKKFtiwWy57bnQbI1NJDzM f9jsXrcwPQHm38jffWA6BA== 0000096879-96-000003.txt : 19960111 0000096879-96-000003.hdr.sgml : 19960111 ACCESSION NUMBER: 0000096879-96-000003 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 5 CONFORMED PERIOD OF REPORT: 19951125 FILED AS OF DATE: 19960105 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: TEKTRONIX INC CENTRAL INDEX KEY: 0000096879 STANDARD INDUSTRIAL CLASSIFICATION: INSTRUMENTS FOR MEAS & TESTING OF ELECTRICITY & ELEC SIGNALS [3825] IRS NUMBER: 930343990 STATE OF INCORPORATION: OR FISCAL YEAR END: 0531 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-04837 FILM NUMBER: 96501225 BUSINESS ADDRESS: STREET 1: 2660 SW PKWY CITY: WILSONVILLE STATE: OR ZIP: 97070 BUSINESS PHONE: 5036277111 MAIL ADDRESS: STREET 1: P O BOX 100 CITY: WILSONVILLE STATE: OR ZIP: 97070-1000 10-Q 1 1996 Q2 10-Q REPORT ============================================================================== SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q [ X ] Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the 13 weeks ended November 25, 1995, or, [ ] Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from ________________ to _____________________. Commission File Number 1-4837 TEKTRONIX, INC. (Exact name of registrant as specified in its charter) OREGON 93-0343990 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 26600 S.W. PARKWAY WILSONVILLE, OREGON 97070-1000 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (503) 627-7111 NOT APPLICABLE (Former name, former address and former fiscal year, if changed since last report) 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______ AT DECEMBER 27, 1995 THERE WERE 33,542,906 COMMON SHARES OF TEKTRONIX, INC. OUTSTANDING. (Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date.) TEKTRONIX, INC. AND SUBSIDIARIES - -------------------------------- INDEX - ----- PAGE NO. -------- Financial Statements: Condensed Consolidated Balance Sheets - 2 November 25, 1995 and May 27, 1995 Condensed Consolidated Statements of Operations - 3 for the Thirteen Weeks Ended November 25, 1995 and the Thirteen Weeks Ended November 26, 1994 for the Twenty-Six Weeks Ended November 25, 1995 and the Twenty-Six Weeks Ended November 26, 1994 Condensed Consolidated Statements of Cash Flows - 4 for the Twenty-Six Weeks Ended November 25, 1995 and the Twenty-Six Weeks Ended November 26, 1994 Notes to Condensed Consolidated Financial Statements 5 Management's Discussion and Analysis of Financial 6 Condition and Results of Operations Part II. Other Information 13 Signatures 14 1
TEKTRONIX, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) Nov. 25, May 27, (In thousands) 1995 1995 - -------------------------------------------------------------------------------------------------------- ASSETS Current assets: Cash and cash equivalents $ 29,517 $ 31,761 Accounts receivable - net 324,829 315,356 Inventories 276,306 245,766 Other current assets 47,503 65,108 ---------- ---------- Total current assets 678,155 657,991 Property, plant, and equipment 647,061 624,318 Accumulated depreciation and amortization (369,898) (371,238) ---------- ---------- Property, plant, and equipment - net 277,163 253,080 Property held for sale 29,786 35,912 Deferred tax assets 68,097 76,418 Other long-term assets 202,241 194,901 ---------- ---------- Total assets $1,255,442 $1,218,302 ========== ========== LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Short-term debt $ 65,489 $ 87,623 Accounts payable 166,397 173,537 Accrued compensation 81,158 106,660 Deferred revenue 16,075 19,988 ---------- ---------- Total current liabilities 329,119 387,808 Long-term debt 153,334 104,984 Other long-term liabilities 123,087 121,295 Shareholders' equity: Common stock 226,017 216,251 Retained earnings 337,885 298,964 Currency adjustment 61,720 76,948 Unrealized holding gains - net 24,280 12,052 ---------- ---------- Total shareholders' equity 649,902 604,215 ---------- ---------- Total liabilities and shareholders' equity $1,255,442 $1,218,302 ========== ==========
The accompanying notes are an integral part of these condensed consolidated financial statements. 2
TEKTRONIX, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) 13 weeks to 13 weeks to 26 weeks to 26 weeks to Nov. 25, Nov. 26, Nov. 25, Nov. 26, (In thousands except for per share amounts) 1995 1994 1995 1994 - -------------------------------------------------------------------------------------------------------- Net sales $ 443,598 $ 358,655 $ 844,620 $ 683,507 Cost of sales 257,547 194,842 489,250 362,499 ---------- --------- ---------- --------- Gross profit 186,051 163,813 355,370 321,008 Research and development 40,572 41,228 79,051 83,383 Selling, general, and administrative 108,111 96,338 206,299 186,428 Equity in business ventures' earnings 1,686 1,007 1,093 642 ---------- ---------- ---------- ---------- Operating income 39,054 27,254 71,113 51,839 Other expense - net 1,467 2,186 1,141 3,774 ---------- ---------- ---------- ---------- Earnings before taxes 37,587 25,068 69,972 48,065 Income taxes 11,277 6,451 20,992 12,083 ---------- ---------- ---------- ---------- Net earnings $ 26,310 $ 18,617 $ 48,980 $ 35,982 ========== ========== ========== ========== Earnings per share $ 0.79 $ 0.57 $ 1.47 $ 1.11 Dividends per share 0.15 0.15 0.30 0.30 Average shares outstanding 33,479 32,465 33,363 32,307
The accompanying notes are an integral part of these condensed consolidated financial statements. 3
TEKTRONIX, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) 26 weeks to 26 weeks to Nov. 25, Nov. 26, (In thousands) 1995 1994 - -------------------------------------------------------------------------------------------------------- CASH FLOWS FROM OPERATING ACTIVITIES: Net Earnings $ 48,980 $ 35,982 Adjustments to reconcile net earnings to cash from operating activities: Depreciation expense 21,478 20,544 Deferred taxes 8,321 1,847 Accounts receivable (10,188) 21,915 Inventories (30,613) (30,355) Accounts payable (9,907) (17,213) Accrued compensation (25,387) (12,889) Other assets (9,469) (46,412) Other-net 7,536 1,681 ---------- ---------- Net cash provided (used) by operating activities 751 (24,900) CASH FLOWS FROM INVESTING ACTIVITIES: Acquisition of property, plant and equipment (46,461) (42,933) Proceeds from sale of assets 9,936 32,482 Proceeds from sale of investments 4,704 18,832 ---------- ---------- Net cash provided (used) by investing activities (31,821) 8,381 CASH FLOWS FROM FINANCING ACTIVITIES: Net change in short-term debt (21,957) 7,251 Issuance of long-term debt 50,029 1,218 Repayment of long-term debt (1,674) (566) Issuance of common stock 13,039 19,460 Repurchase of common stock -- (8,382) Dividends (10,059) (9,138) ---------- ---------- Net cash provided by financing activities 29,378 9,843 Effect of exchange rate changes (552) 375 ---------- ---------- Decrease in cash and cash equivalents (2,244) (6,301) Cash and cash equivalents at beginning of year 31,761 43,453 ---------- ---------- Cash and cash equivalents at end of quarter $ 29,517 $ 37,152 ========== ========== SUPPLEMENTAL DISCLOSURES OF CASH FLOWS: Income taxes paid $ 18,493 $ 4,803 Interest paid 7,456 6,367 NON-CASH INVESTING ACTIVITIES: Fair value adjustment to securities available-for-sale $ 20,381 $ 25,502 Income tax effect related to fair value adjustment 8,153 10,201
The accompanying notes are an integral part of these condensed consolidated financial statements. 4 TEKTRONIX, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS BASIS OF PRESENTATION The condensed consolidated financial statements and notes have been prepared by the Company without audit. Certain information and footnote disclosures normally included in annual financial statements, prepared in accordance with generally accepted accounting principles, have been con- densed or omitted. Management believes that the condensed statements include all necessary adjustments which are of a normal and recurring nature and are adequate to present financial position, results of operations and cash flows for the interim periods. The condensed informa- tion should be read in conjunction with the financial statements and notes incorporated by reference in the Company's latest annual report on Form 10-K. INVENTORIES
Inventories consisted of: Nov. 25, May 27, (In thousands) 1995 1995 - -------------------------------------------------------------------------------------------------------- Materials and work in process $ 152,748 $ 144,259 Finished goods 123,558 101,507 ---------- ---------- Inventories $ 276,306 $ 245,766 ========== ==========
ACQUISITIONS In the first quarter of fiscal 1996, the Company completed its acquisition of all of the outstanding shares of Lightworks Editing Systems Limited and Lightworks Editing System, Inc.(Lightworks), which designs and develops non-linear editing systems. The Company has issued 1,644,000 common shares to complete the acquisition. The acquisition was accounted for as a pooling of interests and the financial statements have been restated to include the results and financial position of Lightworks for all prior periods. The restatement did not have a material effect on the Company's previously reported 1995 results or financial position except for the impact on earnings per share from the issuance of the shares to complete the acquisition. The restatement reduced the Company's previously reported earnings per share for fiscal year 1995 by $0.13 per share primarily because of the issuance of additional shares to complete the acquisition. The impact of the restatement on earnings per share in each quarter of fiscal 1995 was as follows: an increase of $0.02 in the first quarter; a decrease of $0.02 in the second quarter; a decrease of $0.05 in the third quarter; and a decrease of $0.08 in the fourth quarter. SHORT-TERM AND LONG-TERM DEBT In the first quarter of fiscal 1996, the Company issued $50.0 million of 7.625% Notes due August 15, 2002. 5 INCOME TAXES
The provision for income taxes consisted of: 13 weeks to 13 weeks to 26 weeks to 26 weeks to Nov. 25, Nov. 26, Nov. 25, Nov. 26, (In thousands) 1995 1994 1995 1994 - -------------------------------------------------------------------------------------------------------- United States $ 6,553 $ 1,905 $ 8,089 $ 3,864 State 1,639 477 2,029 966 Foreign 3,085 4,069 10,874 7,253 ---------- ---------- ---------- ---------- Income taxes $ 11,277 $ 6,451 $ 20,992 $ 12,083 ========== ========== ========== ==========
The provision for income taxes was calculated at estimated annual effective rates of 30% and 26%, respectively, for the quarters ended November 25, 1995 and November 26, 1994. ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Financial Condition The Company's financial condition is strong. Cash flow from operating activities and borrowing capacity from existing lines of credit are sufficient to meet current and anticipated future needs. At the end of the second quarter (November 25, 1995), the Company maintained bank credit facilities totaling $300.4 million, of which $236.8 million was unused. The unused facilities include $137.2 million in lines of credit and $99.6 million under a revolving credit agreement from United States and foreign banks. Current assets increased by $20.2 million from the year end balance at May 27, 1995 due to higher accounts receivable and inventories, partly off- 6 set by a decline in other current assets. Accounts receivable were slightly higher due to increased sales in certain geographies which have longer col- lection terms. Increased inventories were due primarily to higher order rates and a buildup of some components caused by longer lead times and changes in the mix of product orders. Other current assets declined primar- ily because of the collection of a portion of a note receivable from the sale of a building, and the reduction of short-term deferred tax assets. Net property, plant and equipment increased by $24.1 million as the Company continued to invest in facilities consolidation and information systems. Current liabilities declined by $58.7 million. Short-term debt was paid down by $22.1 million with proceeds generated by the issuance of $50 million in long-term notes. Accrued compensation declined $25.5 million due to the payment of year-end accruals for incentives and commissions, usage of accrued vacation and the payment of employee severance charged against restructuring reserves. Long-term debt increased as a result of the Company's issuance, in the first quarter, of $50 million in notes due August 15, 2002. Shareholders' equity increased by $45.7 million due primarily to earnings net of dividends, the exercising of stock options and an increase in holding gains on investments in marketable securities available for sale, partly offset by a negative currency adjustment due to a strengthening U.S. dollar against the Japanese Yen and certain major European currencies. 7 Restructuring Charges The Company is completing its consolidation of facilities and reduction of workforce for which restructuring charges were provided, as described in the 1995 Annual Report to shareholders. At the end of the second quarter, substantially all restructuring reserves have been utilized. Results of Operations 26 WEEKS ENDED NOVEMBER 25, 1995 vs. 26 WEEKS ENDED NOVEMBER 26,1994 In the first half of fiscal 1996, net earnings were $49.0 million, or $1.47 per share compared with $36.0 million, or $1.11 per share in the first half of fiscal 1995. Net sales were $844.6 million, an increase of 24% from the prior year's total of $683.5 million. Product orders increased 25% from $649.9 million to $813.1 million. The Company experienced strong sales and order growth in all three businesses and in all geographic regions. Measurement Business Division sales of $385.5 million increased 15% from the prior year, with strong growth in instruments, handheld electronic tools and communications test products. Product orders increased from $324.0 million to $383.2 million, or 18%. 8 Color Printing and Imaging Division sales increased 32% to $261.5 million reflecting continued heavy demand for the current printer lines, especially the Phaser* 340 solid ink printer. Product orders increased 27% from $190.1 million to $242.3 million. *(Phaser is a registered trademark of Tektronix, Inc.). Video and Networking Division experienced a 38% increase in product orders over the prior year, from $135.8 million to $187.6 million. Sales increased 40% to $197.6 million, led by strong sales of the Profile* video disk recorder, Grass Valley Group TV production equipment and X terminals. *(Profile is a trademark of Tektronix, Inc.). Sales to customers in the United States increased 21% from $356.9 million to $431.2 million, and represented 51% of total sales. International sales of $413.5 million were up 30%, with growth in all regions and particular strength in Europe. Product orders from customers in the United States of $393.5 million were up 23% from last year while international product orders of $419.6 million were up 28%. Cost of sales increased as a percentage of net sales from 53.0% to 57.9% as the Company continued to increase the use of alternative distribution channels, experienced the impact of increased systems integration sales from Video and Networking and experienced declines in Color Printing and Imaging margins as a result of changes in product mix and the short-term impact of early shipments of the Phaser 340 color printer. Research and development and selling, general and administrative expenses declined sharply as a percentage of sales, from 12.2% to 9.4% and from 27.3% to 24.4%, respectively, due primarily to the higher sales volume and continued effective cost controls, particularly in administrative functions. 9 Operating income as a percentage of sales increased year over year, rising from 7.6% in the first half of 1995 to 8.4% as lower operating expenses as a percentage of sales more than offset declining gross margins. Other expense declined due primarily to higher gains on sales of stock in other companies, partly offset by higher interest expense. The provision for income taxes increased from $12.1 million to $21.0 million due to increased earnings before taxes and a higher estimated effective annual tax rate of 30% for the current year, compared to 25.1% for the first half of last year. Net earnings were 36% higher than the prior year, due to higher sales and higher operating income, partly offset by higher taxes. 13 WEEKS ENDED NOVEMBER 25, 1995 vs. 13 WEEKS ENDED NOVEMBER 26,1994 In the second quarter of fiscal 1996, net earnings were $26.3 million, or $0.79 per share compared with $18.6 million, or $0.57 per share in the second quarter of fiscal 1995. Net sales were $443.6 million, up 24% from $358.7 million in the prior year. Product orders increased from $343.9 million to $424.0 million, a 23% improvement. The Company experienced strong sales and orders growth in all three businesses and in all geographic regions. 10 Measurement Business sales of $200.2 million were up 11% from $180.3 million in the prior year due to acceptance of new products, particularly in instruments, handheld electronic tools and communications test products. The sales increase came despite constraints resulting from parts shortages during the current quarter. Product orders for Measurement increased from $175.3 million to $208.2 million, or 19%. Color Printing and Imaging sales increased 29% from $108.8 million to $139.9 million, with strong sales of the Phaser 340 solid ink color printer. Product orders increased by 26% over the prior year, improving from $101.4 million to $127.9 million. Video and Networking experienced product orders of $87.9 million, a 31% increase over the $67.2 million reported for the prior year. Sales for the division grew 52% from $68.2 million to $103.5 million, led by strong sales of the Profile video disk recorder, Grass Valley Group TV production equipment and X terminals. Sales to customers in the United States increased by 19% from $184.6 million to $220.2 million, representing 50% of total sales. International sales of $223.4 million were up 29% from $172.7 million in the prior year, with strong growth in all regions particularly in Europe. Product orders in both U.S. and international operations increased by 23% over the prior year. U.S. orders increased from $166.3 million to $205.2 million; internationally, the increase was from $177.6 million to $218.8 million. Cost of sales increased as a percentage of net sales from 54.3% to 58.1% as the Company continued to increase the percentage of sales through alternative distribution channels, experienced inefficiencies associated with parts shortages in some businesses, and continued to be impacted by increased systems integration sales in Video and Networking. Additionally, Color Printing and Imaging experienced lower margins in the second 11 quarter of this year compared to the same quarter last year as a result of changes in product mix, but the margins improved slightly in the second quarter compared to the first quarter of this year. Research and development and selling, general and administrative expenses declined as a percentage of sales, from 11.5% to 9.1% and from 26.9% to 24.4%, respectively, due primarily to the higher sales volume and continued effective cost controls, particularly in administrative functions. Operating income as a percentage of sales increased year over year, rising from 7.6% in the second quarter of 1995 to 8.8% this year as lower operating expenses as a percentage of sales more than offset declining gross margins. Income taxes increased from $6.5 million to $11.3 million due to higher earnings before taxes in the current quarter and a higher estimated effective annual tax rate of 30% for the current year compared to 26% last year. Net earnings of $26.3 million were 41% higher than the prior year due to higher sales and higher operating income, partly offset by higher taxes. 12 PART II. OTHER INFORMATION ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K (a) Exhibits (10) (.1) Executive Severance Agreement, as amended. (.2) Supplemental Executive Retirement Agreement. (27) Financial Data Schedule for the twenty-six weeks ending November 25, 1995. (.1) Restated Financial Data Schedule for the twenty-six weeks ending November 26, 1994. (b) No reports on Form 8-K have been filed during the quarter for which this report is filed. 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. January 4, 1996 TEKTRONIX, INC. By /s/ CARL W. NEUN ----------------- Carl W. Neun Senior Vice President and Chief Financial Officer 14 EXHIBIT LIST (10) (.1) Executive Severance Agreement, as amended. (.2) Supplemental Executive Retirement Agreement. (27) Financial Data Schedule for the twenty-six weeks ending November 25, 1995. (.1) Restated Financial Data Schedule for the twenty-six weeks ending November 26, 1994. EX-10.1 2 EXECUTIVE SEVERANCE AGREEMENT, AS AMENDED. Executive Severance Agreement September 22, 1993 Carl W. Neun 350 Lakeview Boulevard Lake Oswego, OR 97034 Executive Tektronix, Inc., an Oregon corporation P.O. Box 1000 Wilsonville, Oregon Tektronix Tektronix considers the establishment and maintenance of a sound and vital management to be essential to protecting and enhancing the best interests of Tektronix and its shareholders. In order to induce Executive to remain employed by Tektronix in the face of uncertainties about the long-term strategies of Tektronix and their potential impact on the scope and nature of Executive's position with Tektronix, this Agreement, which has been approved by the Organization and Compensation Committee of the Board of Directors of Tektronix, sets forth the severance benefits that Tektronix will provide to Executive in the event Executive's employment by Tektronix is terminated under the circumstances described in this Agreement. 1. Employment Relationship. Executive is currently employed by Tektronix as Vice President and Chief Financial Officer. Executive and Tektronix acknowledge that either party may terminate this employment relationship at any time and for any reason, subject to the obligation of Tektronix to provide the benefits specified in this Agreement in accordance with the terms hereof. 2. Release of Claims. In consideration for the severance benefits outlined in this Agreement, Executive agrees to execute a Release of Claims in the form attached as Exhibit A ("Release of Claims"). Executive promises to execute and deliver the Release of Claims to Tektronix within the later of forty-five (45) days from the date Executive receives the Release of Claims or on the last day of Executive's active employment. 3. Compensation Upon Termination. In the event that Executive's employment is terminated at any time by Tektronix other than for Cause (as defined in Section 6.1 of this Agreement), death, or Disability (as defined in Section 6.2 of this Agreement), subject to Executive's execution of a Release of Claims, Executive shall be entitled to the following benefits: 3.1 As severance pay and in lieu of any further pay for periods subsequent to the date of termination, Tektronix shall pay Executive, in a single payment within the later of forty-five (45) days after termination of employment or eight days after execution of the Release of Claims, an amount in cash equal to Executive's annual base pay at the rate in effect immediately prior to the date of termination, or, if greater, an amount in cash equal to Executive's average annual base pay for the three years ending with Executive's last pay change preceding termination. 3.2 Executive is entitled to extend coverage under any group health plan in which Executive and Executive's dependents are enrolled at the time of termination of employment under the COBRA continuation laws for the 18-month statutory period, or so long as Executive remains eligible under COBRA. Tektronix will pay Executive a lump sum payment in an amount equivalent to the reasonably estimated cost Executive may incur to extend for a period of eighteen (18) months under the COBRA continuation laws Executive's group health and dental plan coverage in effect at the time of termination. Executive may use this payment, as well as any payment made under 3.1, for such COBRA continuation coverage or for any other purpose. 3.3 Except as provided in Section 5.2, Executive shall be entitled to a portion of the benefits under any incentive plans in effect at the time of termination (including the Results Sharing Plan and the Annual Performance Improve ment Plan), prorated for the portion of the plan year during which Executive was a participant. For purposes of this Agreement, Executive's participation in the Annual Performance Improvement Plan will be considered to have ended on Executive's last day of active employment. Prorated awards shall not be due and payable by Tektronix to Executive until the date that all awards are paid after the close of the incentive period. Unless the applicable plan provides for a greater payment for a participant whose employment terminates prior to the end of an incentive period (in which case the applicable plan payment shall be made), the proration shall be calculated pursuant to this Section 3.3. The payment, if any, that would have been made under Executive's award had Execu- tive been made a participant for the full incentive period shall be calculated at the end of the incentive period. Such amount shall be divided by the total number of days in the incentive period and the result multiplied by the actual number of days Executive participated in the plan. 3.4 Tektronix will pay up to $12,500 to a third party outplacement firm selected by Executive to provide career counseling assistance to Executive for a period of one (1) year following Executive's termination date. 3.5 Tektronix will permit Executive to continue to partici- pate in its Executive Financial Counseling Program through the remainder of the term of Executive's current participation (which shall in no case be longer than one (1) year after the effective date of Executive's termina- tion). 4. Subsequent Employment. The amount of any payment provided for in this Agreement shall not be reduced, offset or subject to recovery by Tektronix by reason of any compensation earned by Executive as the result of employment by another employer after termination. 5. Other Agreements. 5.1 In the event that severance benefits are payable to Executive under any other agreement with Tektronix in effect at the time of termination (including but not limited to any change of control, "golden parachute" or employment agreement, but excluding for this purpose any stock option agreement or stock bonus agreement or stock appreciation right agreement that may provide for accelerated vesting or related benefits upon the occur rence of a change in control), the benefits provided in this Agreement shall not be payable to Executive. Executive may, however, elect to receive all of the benefits provided for in this Agreement in lieu of all of the benefits provided in all such other agreements. Any such election shall be made with respect to the agree ments as a whole, and Executive cannot select some bene- fits from one agreement and other benefits from this Agreement. 5.2 The vesting or accrual of stock options, restricted stock, stock bonuses, or any other stock awards shall not continue following termination. Any agreements between Executive and Tektronix that relate to stock awards (including but not limited to stock options, long term incentive program, stock bonuses and restricted stock) shall be governed by such agreements and shall not be affected by this Agreement. 6. Definitions. 6.1 Cause. Termination by Tektronix of Executive's employ ment for "Cause" shall mean termination upon (a) the willful and continued failure by Executive to perform substantially Executive's reasonably assigned duties with Tektronix (other than any such failure resulting from Executive's incapacity due to physical or mental illness) after a demand for substantial performance is delivered to Executive by the Chairman of the Board of Directors or the President of Tektronix which specifically identifies the manner in which such executive believes that Executive has not substantially performed Executive's duties, or (b) the willful engaging by Executive in illegal conduct which is materially and demonstrably injurious to Tektronix. For purposes of this Section 6.1, no act, or failure to act, on Executive's part shall be considered "willful" unless done, or omitted to be done, by Executive in knowing bad faith and without reasonable belief that Executive's action or omission was in, or not opposed to, the best interests of Tektronix. Any act, or failure to act, based upon authority given pursuant to a resolution duly adopted by the Board of Directors or based upon the advice of counsel for Tektronix shall be conclusively presumed to be done, or omitted to be done, by Executive in good faith and in the best interests of Tektronix. 6.2 Disability. Termination by Tektronix of Executive's employment based on "Disability" shall mean termination because of Executive's absence from Executive's duties with Tektronix on a full-time basis for one hundred eighty (180) consecutive days as a result of Executive's incapacity due to physical or mental illness, unless within thirty (30) days after notice of termination by Tektronix following such absence Executive shall have returned to the full-time performance of Executive's duties. 7. Successors; Binding Agreement. 7.1 This Agreement shall be binding on and inure to the benefit of Tektronix and its successors and assigns. 7.2 This Agreement shall inure to the benefit of and be enforceable by Executive and Executive's legal representatives, executors, administrators and heirs. 8. Resignation of Corporate Offices. Executive will resign Executive's office, if any, as a director, officer or trustee of Tektronix, its subsidiaries or affiliates, effective as of the date of termination of employment. Executive agrees to provide Tektronix such written resignation(s) upon request. 9. Governing Law, Arbitration. This Agreement shall be construed in accordance with and governed by the laws of the State of Oregon. Any dispute or controversy arising under or in connection with this Agreement or the breach thereof, shall be settled exclusively by arbitration in Portland, Oregon in accordance with the Commercial Arbitration Rules of the American Arbitration Association, and judgment upon the award rendered by the Arbitrator may be entered in any Court having jurisdiction thereof. 10. Fees and Expenses. In the event that Executive initiates arbitration under the circumstances described in this Agree- ment to obtain or enforce any right or benefit provided by this Agreement and the arbitrator determines that Executive is the prevailing party, Executive shall be permitted to recover Executive's reasonable attorneys' fees and costs incurred in connection with such proceeding. In the event that the arbitrator determines that Tektronix is the prevailing party, each party shall bear its own attorneys' fees and costs incurred in connection with such proceeding. 11. Amendment. No provision of this Agreement may be modified unless such modification is agreed to in a writing signed by Executive and Tektronix. Tektronix, Inc. CARL W. NEUN ______________ Carl W. Neun By: JEROME J. MEYER __________________ Title: Chairman and CEO Exhibit A RELEASE OF CLAIMS This Release of Claims (the "Release") is made and executed by _________________________________ in connection with the termina- tion of my employment with Tektronix, Inc. ("Tektronix") and in consideration of my receiving valuable severance pay and benefits as provided for in the Executive Severance Agreement ("Agreement"). These benefits are substantial consideration to which I am not otherwise entitled. On behalf of myself and my spouse, heirs, administrators and assigns, I hereby release Tektronix, its parent and related corporations, affiliates, or joint venturers and all officers, directors, employees, agents, and insurers of the aforementioned (collectively the "Company") from any and all liability, damages or causes of action, whether known or unknown relating to my employ ment with the Company or the termination of that employment, including but not limited to any claims for additional compensation in any form, or damages. This specifically includes, but is not limited to, all claims for relief or remedy under any state or federal laws, including but not limited to Title VII of the Civil Rights Act of 1964, the Post-Civil War Civil Rights Acts (42 USC Sections 1981-1988), the Civil Rights Act of 1991, the Equal Pay Act, the Age Discrimination in Employment Act of 1967, the Americans with Disabilities Act, the Older Workers Benefit Protection Act, the Worker Adjustment and Retraining Notification Act, the Rehabilita- tion Act of 1973, the Vietnam Era Veterans' Readjustment Assistance Act, the Fair Labor Standards Act, Executive Order 11246, all as amended, and the civil rights, employment and labor laws of the state of any state or the United States. This Release shall not affect any rights which I may have under any medical insurance, disability, workers' compensation, unemployment compensation or retirement plans maintained by the Company. I acknowledge that I have been given at least 45 days to consider whether to execute this Release of Claims and accept benefits under the Program; that I have been advised of my right to consult with an attorney or financial advisor of my choice and at my own expense; that the Agreement gives me severance pay and benefits which the Company would otherwise have no obligation to give me; and that I voluntarily enter into the Release of Claims. I understand that the Release of Claims is to be signed within 45 days from the date I received it or on my last day of employment, whichever is later, and that I may revoke the Release of Claims, provided I do so in writing within seven (7) days of signing the Release. I understand and agree that the Company will have no obligation to pay me any benefits under the Agreement until the expiration of the revocation period, provided I have not revoked the Release of Claims. I understand that if I revoke the Release of Claims my termination will nonetheless remain in full force and effect and I will not be entitled to any benefits under the Agreement. I acknowledge that I have had time to consider the alternatives and consequences of my election to receive benefits under the Agreement and of signing the Release; that I am aware of my right to consult an attorney or financial advisor at my own expense; and that, in consideration for executing this Release and my election to receive benefits under the Agreement, I have received additional benefits and compensation of value to which I would not otherwise be entitled. I HAVE READ THE FOREGOING RELEASE. I UNDERSTAND THE EFFECT OF THIS RELEASE AND I VOLUNTARILY ENTER INTO IT AT THIS TIME. Every provision of this Release is intended to be severable. In the event any term or provision contained in this Release is determined to be illegal, invalid or unenforceable, such illegal ity, invalidity or unenforceability shall not affect the other terms and provisions of this Release which shall continue in full force and effect. Dated: __________________, 1993 ____________________________ Employee Name ____________________________ Employee Signature AMENDMENT NO. 1 to EXECUTIVE SEVERANCE AGREEMENT June 23, 1994 Carl W. Neun 3530 Lakeview Boulevard Lake Oswego, Oregon 97035 Executive Tektronix, Inc. an Oregon corporation PO Box 1000, M/S 63-LAW 26600 SW Parkway Wilsonville, Oregon 97070-1000 Tektronix The Executive Severance Agreement dated September 22, 1993 is amended as follows to reflect the Split Dollar Insurance Agreement between the parties dated as of June 23, 1994 (the Split Dollar Agreement). 1. Split Dollar Insurance Benefits. New Sections 4 and 5 are added as follows, existing Sections 4 through 11 are renumbered 6 through 13 respectively, and cross-references are adjusted accordingly: 4. Split Dollar Insurance Adjustments Before Five Years of Service. If Executive terminates employment before completing five years of service (i.e., before becoming entitled to benefits under the Supplemental Executive Retirement Agreement with Tektronix dated March 17, 1993) the following shall apply: 4.1 Any amount payable under Section 3 shall be reduced by the net value of the Split Dollar Insurance issued on Executive's life under the Split Dollar Insurance Agreement between the parties dated as of June 23, 1994. 4.2 The net value of the insurance under 4.1 is the cash surrender value of the Insurance less the amount recoverable by Tektronix under the Collateral Assignment. 5. Split Dollar Insurance Adjustments After Five Years of Service. If Executive terminates employment voluntarily or involuntarily for any reason other than death after completing five years of service and before the Full Funding Date under 5.4 below, the following shall apply: 5.1 Tektronix shall not, before the Full Funding Date, exercise its rights under the Split Dollar Agreement or the related Collateral Assignment to withdraw the cash surrender value of the Split Dollar Policy on termination of the Split Dollar Agreement because of Executive's termination of employment. 5.2 Except as provided below, Tektronix shall pay Executive $54,722 as of each June 23 after the date of termination up to the Full Funding Date. The last payment shall be made as of the Full Funding Date. The amount for the last payment shall be pro-rated on a daily basis to the Full Funding Date. 5.3 Tektronix shall take no action that would interfere with Executive's payment of scheduled employee premiums under the Split Dollar Policy up to the Full Funding Date. Executive shall have no obligation to pay such premiums. Tektronix's obligation to pay under 5.2 above is not conditioned upon Executive's payment of such premiums. 5.4 "Full Funding Date" means the first date on which any of the following occurs: (a) Executive dies. (b) The net value of the Split Dollar Insurance described in 4.1 and 4.2 equals or exceeds the present value of Executive's Base Pay Retirement Supplement. Present value for this purpose shall be determined under the actuarial assumptions for calculating equivalent benefits under the Tektronix Pension Plan, as in effect when the determination is made or, if that plan no longer exists, under a successor defined benefit pension plan. If Executive receives an make any scheduled premium payment from the Split Dollar Policy or if Executive fails to make any scheduled premium payment under the Split Dollar Policy, the net value of the Split Dollar Policy for purposes of this Section shall be increased to the net value that would have resulted if such distribution, loan or other payment had not been received, or such scheduled premium had been paid. (c) Executive surrenders the policy or causes it to lapse. (d) Two years elapse from the date of Executive's retirement. 5.5 "Base Pay Retirement Supplement" means the portion of the retirement benefit provided to Executive under his Supplemental Executive Retirement Agreement with Tektronix dated March 17, 1993, that is attributable to base pay and not to other types of pay included in "Final Average Compensation" as defined in such Agreement. 2. Conforming Amendment. Section 5.1 (to be renumbered 7.1) is revised by inserting "except for benefits under Section 5" so the last phrase of the first sentence of Section 5.1 will read as follows: * * *, the benefits provided in this Agreement shall not be payable to Executive except for benefits under Section 5. 3. Effective Date. This Amendment shall be effective as of June 23, 1994. Executive CARL W. NEUN _____________ Carl W. Neun Tektronix TEKTRONIX, INC. By JEROME J. MEYER ________________ Jerome J. Meyer Chairman and Chief Executive Officer EX-10.2 3 SUPPLEMENTAL EXECUTIVE RETIREMENT AGREEMENT SUPPLEMENTAL EXECUTIVE RETIREMENT AGREEMENT March 17, 1993 Tektronix, Inc. an Oregon corporation 26600 SW Parkway PO Box 1000, M/S 63-LAW Wilsonville, Oregon 97070-1000 Tektronix Carl W. Neun 3530 Lakeview Boulevard Lake Oswego, Oregon 97035 Neun TABLE OF CONTENTS Page Index of Terms ii 1. Administration .......................................... 1 2. Retirement Benefits ..................................... 1 3. Time and Manner of Payment .............................. 5 4. Preretirement Death Benefit ............................. 5 5. Disability Benefit ...................................... 5 6. Preretirement Termination of Employment ................. 6 7. Absence of Funding ...................................... 6 8. General Provisions ...................................... 6 9. Effective Date .......................................... 7 INDEX OF TERMS Term Section Page Actuarial Equivalent 2.6(d) 3 Affiliate 2.2(a) 2 Committee 1 1 Compensation 2.5 3 Effective Date 9 8 Final Average Compensation 2.5 3 Notice 8.4 7 Pension Plan Preamble 1 Retirement 2.1 1 Retirement Benefit 2.3 2 Retirement Equalization Plan Preamble 1 Retirement Plan Offsets 2.6 3 Retirement Plans Preamble 1 Split Dollar Offset 2.7 4 Split Dollar Policy 2.7 4 Termination of Employment 6.2 6 Year of Service 2.2 1 SUPPLEMENTAL EXECUTIVE RETIREMENT AGREEMENT March 17, 1993 Tektronix, Inc. an Oregon corporation 26600 SW Parkway PO Box 1000, M/S 63-LAW Wilsonville, Oregon 97070-1000 Tektronix Carl W. Neun 3530 Lakeview Boulevard Lake Oswego, Oregon 97035 Neun Tektronix provides retirement benefits for its employees through the Tektronix Pension Plan (the Pension Plan). In addition, Tektronix provides supplemental benefits for officers through the Tektronix, Inc. Retirement Equalization Plan (the Retirement Equalization Plan) to make up for Pension Plan benefits lost because of limits imposed by law. Tektronix and Neun have entered into a Split Dollar Life Insurance Agreement dated as of June 23, 1994. Neun is Vice President and Chief Financial Officer of Tektronix. Tektronix wishes to supplement benefits provided for Neun under the Pension Plan and the Retirement Equalization Plan (collectively, the Retirement Plans; individually, a Retirement Plan). 1. Administration This Agreement shall be administered by the Organization and Compensation Committee of the Board of Directors of Tektronix (the Committee). The Committee shall interpret the Agreement and shall make determinations about eligibility and benefits. During any period in which there shall be no such committee, the Board of Directors shall administer this Agreement. 2. Retirement Benefits 2.1 Neun shall be entitled to retirement benefits under this Agreement upon Retirement. "Retirement" means a termination of employment after age 55 and 5 Years of Service. 2.2 A "Year of Service" means a 12-month period in which an employee is continuously employed by Tektronix or an affiliate as follows: (a) Continuous employment shall not be interrupted by an authorized leave of absence, by disability under 5.1 or by transfers among Tektronix and its Affiliates, so long as continuity of service within the group is maintained. "Affiliate" means a corporation that is a member of a controlled group with Tektronix as defined in Section 1563(a) of the Internal Revenue Code. (b) All whole or fractional Years of Service shall be counted. Fractional years shall be rounded to the nearest whole month and aggregated. 2.3 Neun's RETIREMENT BENEFIT under this Agreement (RB) shall be a monthly life annuity equal to Final Average Compensation (FAC) multiplied by a percentage equal to 35 percent plus twenty-sevenths multiplied by Years of Service (YS) in excess of five, but no more than 55 percent, minus the Retirement Plan Offsets (RPO) and the Split Dollar Offset (SDO) and divided by twelve as follows: RB = (FACxlesser of {35%+[20/7x(YS in excess of 5)]} or 55%)-(RPO+SDO) ______________________________________________________________________ 12 2.4 The retirement benefit formula under 2.3 provides the following benefit at the ages and Years of Service shown: (a) (b) (c) Minimum Completed Percent of Pay Age Years of Service Before Offsets 51 1 0% 52 2 0% 53 3 0% 54 4 0% 55 5 35.00% 56 6 37.86% 57 7 40.71% 58 8 43.57% 59 9 46.43% 60 10 49.29% 61 11 52.14% 62 & After 12 or more 55.00% To receive each increment in column (c), Neun must both attain the age indicated in column (a) and complete the Years of Service indicated in column (b). Attainment of a higher age before completion of a lesser number of Years of Service shall not provide him with any greater amount in column (c) than the amount indicated for such Years of Service. 2.5 "Final Average Compensation" (FAC) means Neun's average Compensation during the five consecutive years immediately preceding termination of Neun's employment. "Compensation" means Neun's base salary, payments under the Results Share or any successor program, and payments under the Annual Performance Improvement Plan or any successor program. The Company's Board of Directors shall have discretion to include additional items of cash compensation. In determining FAC the following shall apply: (a) Years separated by a period for which Neun is not credited with Service shall be treated as consecutive. (b) A year for this purpose shall be the 12 calendar months ending before the Retirement date. (c) During periods of reduced compensation because of such things as leave of absence or disability under 5.1, compensation shall be credited at the rate being paid at the start of the period. 2.6 "Retirement Plan Offsets" (RPO) means the sum of Neun's benefits under the Retirement Plans, in the form of an annual annuity for life, determined as follows: (a) The RPO shall be calculated at the time Neun starts to receive benefits under this Agreement. (b) If Neun has not started to receive benefits under a Retirement Plan, Neun's benefits under such Retirement Plan shall be determined as though Neun had retired and started to receive benefits under such Retirement Plan on the date Neun starts to receive benefits under this Agreement. (c) If Neun has already started to receive benefits under a Retirement Plan, benefits under such Retirement Plan shall be based on Neun's accrued benefit at the time benefits started under such Retirement Plan. (d) The annual life annuity to be offset shall be the combined Actuarial Equivalents of Neun's accrued benefits under the Pension Plan and the Retirement Equalization Plan. "Actuarial Equivalent" shall be determined on the basis of the procedures and actuarial assumptions of the Pension Plan. (e) If Neun's benefit under a Retirement Plan commences at the same time and in the same form as the retirement benefit under this Agreement, the offset shall be the amount of such benefit, without adjustment under (d). 2.7 "Split Dollar Offset" means the amount accumulated or provided under the life insurance policy maintained under the Split Dollar Life Insurance Agreement dated June 23, 1994 between Neun and Tektronix (the "Split Dollar Policy"). The Split Dollar Offset shall be applied as follows: (a) If Neun dies before Retirement and a benefit is provided to the surviving spouse under Section 4, such benefit will be calculated without the Split Dollar Offset. The resulting annuity for the surviving spouse shall then be offset by an annuity amount that is equal in value to the proceeds payable to Neun's beneficiaries upon his death under the Split Dollar Policy, determined as follows: (1) If the spouse receives a life annuity payment of such proceeds under rates for conversion to a life annuity provided in the Split Dollar Policy, the calculation of an equal value annuity shall be based on the Split Dollar Policy conversion rates. (2) If (1) does not apply, the equal value annuity shall be an Actuarial Equivalent benefit based on the factors referenced in 2.6(d). (b) Upon Neun's Retirement, the Split Dollar Offset shall be applied to the retirement benefit as provided below: (1) The offset shall be applied at the time of Retirement, except as follows. The offset shall be deferred for the period in which Tektronix continues to make payments to Neun under Section 5 of Neun's Executive Severance Agreement with Tektronix dated September 22, 1993 as amended by Amendment No. 1 dated June 23, 1994 to that Agreement. (2) The retirement benefit shall be offset by an annuity amount that is equal in value to the remaining cash surrender value of the Split Dollar Policy less the amount recoverable by Tektronix under the collateral assignment of such policy. If Neun has received any distribution, loan or other payment from the Split Dollar Policy prior to the date of the offset, the amount of such payment plus interest determined under the factors reference in 2.6(d) shall be included in the offsetting cash surrender value. If Neun fails to make any scheduled premium payment under the Split Dollar Policy, including any payment that would have been scheduled after the Policy is surrendered or lapses due to action or inaction of Neun, the offsetting cash surrender value shall be increased as though the payment had been made. An equal value annuity shall be determined as follows: (i) If Neun receives a life annuity payment from the Split Dollar Policy commencing at the time of offset under rates for conversion to a life annuity provided in the Split Dollar Policy, the calculation of an equal value annuity shall be based on the Split Dollar conversion rates. (ii) If (i) does not apply, the equal value annuity shall be an Actuarial Equivalent benefit based on the factors referenced in 2.6(d). (c) If the amount of the Split Dollar Offset under (a) or (b) exceeds the amount of the benefit that is subject to the offset, no benefit shall be paid pursuant to this Agreement and the amounts provided to Neun or his beneficiary under the Split Dollar Policy shall not be affected. 3. Time and Manner of Payment 3.1 Retirement benefits under this Agreement shall start as of the first day of the month after Retirement. If the Split Dollar Offset is delayed pursuant to 2.7(b)(1), the retirement benefit shall start at a level determined without the Split Dollar Offset and shall be reduced by the amount of such offset at the time payments to Neun cease under Section 5 of the Executive Severance Agreement. 3.2 Neun may elect the form of retirement benefit as follows: (a) Regardless of the form, the value of the benefit shall be the Actuarial Equivalent of the retirement benefit described in 2.3. (b) The available forms of benefit shall be the following: (1) A monthly annuity for Neun's life; or (2) If Neun is married at the benefit starting date, a contingent annuity for Neun's life with fifty percent payments continuing to the surviving spouse after Neun's death. 4. Preretirement Death Benefit 4.1 A benefit shall be paid to the surviving spouse if Neun dies when the following conditions are met: (a) Neun is employed by Tektronix or an Affiliate and is eligible for Retirement. (b) Neun was legally married to the surviving spouse at death and was throughout the 12 months before death. 4.2 The spouse's death benefit shall be as follows: (a) The amount shall be an annuity equal to the amount that would have been payable under this Agreement as the spouse's survivor annuity if Neun had commenced benefits under this Agreement in the form of a 50 percent joint and survivor annuity with his spouse the day before death and then died. (b) The benefit shall be a single life annuity for the life of the spouse starting with the month following the date of Neun's death. 5. Disability Benefit 5.1 If disabled as defined in the Pension Plan, Neun shall be treated as employed and continue to accrue Years of Service under this Agreement so long as Benefit Service is accrued under the Pension Plan, subject to 5.2. 5.2 If Neun, while disabled, retires or dies, benefits shall be determined under 2, or 4, above, as appropriate. 6. Preretirement Termination of Employment 6.1 Subject to 5, Neun shall receive no benefit under this Agreement if a termination of his employment occurs before he meets the conditions for Retirement described in 2.1. 6.2 "Termination of employment" means interruption of continuous service as defined in 2.2. If service is interrupted and Neun resumes service, all service before and after the interruption shall be aggregated. 7. Absence of Funding This Agreement and any benefits payable under it shall be unfunded and shall be payable only from the general assets of Tektronix. Neun and his spouse shall have no interest in any assets of Tektronix and shall have no rights greater than the rights of any unsecured general creditor of Tektronix. 8. General Provisions 8.1 No interest of Neun or his spouse under this Agreement may be directly or indirectly assigned, transferred, seized by legal process or subjected to the claims of creditors in any way (an "Assignment"). Any attempted or purported Assignment of any such interest shall be void and ineffective. 8.2 Nothing in this Agreement shall give Neun the right to continue employment. This Agreement shall not prevent discharge of Neun at any time for any reason. 8.3 This Agreement shall be construed according to the laws of Oregon. 8.4 Any notice under this Agreement shall be in writing and shall be effective when actually delivered or, if mailed, when deposited postpaid as first-class mail. Mail shall be directed to the address shown on this Agreement or such other address as a party may specify by notice to the other party. 8.5 Any dispute or controversy arising under or in connection with this Agreement shall be settled exclusively by arbitration in Portland, Oregon in accordance with the Commercial Arbitration Rules of the American Arbitration Association, and judgment upon the award rendered by the Arbitrator may be entered in any Court having jurisdiction thereof. 8.6 Tektronix may decide that because of the mental or physical condition of a person entitled to payments, or because of other relevant factors, it is in the person's best interest to make payments to others for the benefit of the person entitled to payment. In that event, Tektronix may in its discretion direct that payments be made to one or more of the following: (a) To a parent or spouse or a child of legal age. (b) To a legal guardian. (c) To one furnishing maintenance, support, or hospitalization. 9. Effective Date This Agreement shall be effective as of March 17, 1993. TEKTRONIX Tektronix, Inc. By JEROME J. MEYER _________________ Jerome J. Meyer Executed: November 3, 1995 NEUN CARL W. NEUN ____________ Carl W. Neun Executed: November 3, 1995 EX-27 4 FINANCIAL DATA SCHEDULE
5 THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE COMPANY'S CONSOLIDATED FINANCIAL STATEMENTS AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 1,000 6-MOS MAY-25-1996 NOV-25-1995 29,517 0 331,238 6,409 276,306 678,155 647,061 369,898 1,255,442 329,119 153,334 226,017 0 0 423,885 1,255,442 0 844,620 0 489,250 0 0 6,989 69,972 20,992 48,980 0 0 0 48,980 1.47 1.47
EX-27.1 5 RESTATED FINANCIAL DATA SCHEDULE
5 THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE COMPANY'S CONSOLIDATED FINANCIAL STATEMENTS AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 1,000 6-MOS MAY-27-1995 NOV-26-1994 37,152 0 258,953 4,597 207,278 556,912 604,748 380,633 1,052,317 265,584 105,638 199,523 0 0 336,212 1,052,317 0 683,507 0 362,499 0 0 4,380 48,065 12,083 35,982 0 0 0 35,982 1.11 1.11
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