-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, DV09SOqvPrTQFUt0dYHnoc+62ShZoawz6I5cosRXCDZsGX9ezAQLZYWKoKolbAr+ RsoPJ+bmd5R949NCEfytMA== 0000914760-95-000048.txt : 19950512 0000914760-95-000048.hdr.sgml : 19950512 ACCESSION NUMBER: 0000914760-95-000048 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19950331 FILED AS OF DATE: 19950511 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: THOMAS INDUSTRIES INC CENTRAL INDEX KEY: 0000097886 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC LIGHTING & WIRING EQUIPMENT [3640] IRS NUMBER: 610505332 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-05426 FILM NUMBER: 95536529 BUSINESS ADDRESS: STREET 1: P O BOX 35120 CITY: LOUISVILLE STATE: KY ZIP: 40232 BUSINESS PHONE: 5028934600 MAIL ADDRESS: STREET 1: P O BOX 35120 CITY: LOUISVILLE STATE: KY ZIP: 40232 10-Q 1 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 1995 OR [ ] TRANSITION REPORT PURSUANT TO SECTION 12 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________________to____________________ Commission File Number 1-5426. THOMAS INDUSTRIES INC. (Exact name of registrant as specified in its charter) Delaware 61-0505332 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 4360 Brownsboro Road, Louisville, Kentucky 40207 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code 502/893-4600 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 twelve months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes [X] No The number of shares outstanding of issuer's Common Stock, $1 par value, as of May 5, 1995, was 10,087,678 shares. PART I. FINANCIAL INFORMATION Item 1. Financial Statements (Unaudited) THOMAS INDUSTRIES INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) (Dollars in Thousands Except Amounts Per Share)
Three Months Ended March 31 1995 1994 Net sales $117,609 $109,391 Cost of products sold 86,381 79,741 Gross profit 31,228 29,650 Other (income) expense: Selling, general, and administrative expenses 26,248 25,514 Interest expense 2,273 2,427 Other (8) (129) Income before income taxes 2,715 1,838 Income tax provision 1,127 827 Net income $ 1,588 $ 1,011 Per Common Share amounts: Net income per share $.16 $.10 Dividends declared per shar $.10 $.10 Average number of shares outstanding 10,081,767 10,049,995 See notes to condensed consolidated financial statements.
THOMAS INDUSTRIES INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Dollars in Thousands)
(Unaudited) March 31 December 31 ASSETS 1995 1994* Current assets Cash and cash equivalents $ 3,446 $ 5,050 Accounts receivable, less allowance (1995--$2,017; 1994--$1,773) 68,664 61,075 Inventories: Finished products 31,577 31,417 Raw materials 28,655 29,970 Work in process 11,580 11,515 71,812 72,902 Assets held for disposition 1,125 2,157 Deferred income taxes 6,097 5,874 Other current assets 7,231 8,297 Total current assets 158,375 155,355 Property, plant and equipment 146,697 142,060 Less accumulated depreciation and amortization 70,469 66,098 76,228 75,962 Intangible assets--less accumulated amortization 63,276 62,532 Other assets 11,023 11,222 $308,902 $305,071 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities Notes payable $ 12,624 $ 8,252 Accounts payable 28,877 25,892 Other current liabilities 37,494 34,821 Current portion of long-term debt 8,923 8,832 Total current liabilities 87,918 77,797 Deferred income taxes 7,919 7,684 Long-term debt (less current portion) 71,352 79,693 Minimum pension liability 1,759 1,759 Other long-term liabilities 4,225 4,372 Shareholders' equity Preferred Stock, $1 par value, 3,000,000 shares authorized--none issued Common Stock, $1 par value Shares authorized: 60,000,000 Shares issued: 1995--11,450,873; 1994--11,447,873 11,451 11,448 Capital surplus 117,583 117,557 Retained earnings 31,844 31,264 Minimum pension liability adjustment (1,045) (1,045) Equity adjustment from translation (1,124) (2,478) Less cost of treasury shares: (1995 and 1994--1,366,695) (22,980) (22,980) 135,729 133,766 $308,902 $305,071 *Derived from the audited December 31, 1994, consolidated balance sheet. See notes to condensed consolidated financial statements.
THOMAS INDUSTRIES INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (Dollars in Thousands)
Three Months Ended March 31 1995 1994 Cash flows from operating activities: Net income $ 1,588 $ 1,011 Reconciliation of net income to net cash provided by (used in) operating activities: Depreciation and amortization 3,989 4,022 Deferred income taxes (178) 116 Provision for losses on accounts receivable 253 322 Changes in operating assets and liabilities, net of effects of acquisitions and dispositions: Accounts receivable (7,295) (3,013) Inventories 2,161 (360) Other current assets 2,165 61 Accounts payable 2,786 (1,724) Accrued expenses and other liabilities 1,806 (2,833) Other 124 (128) Net cash provided by (used in) operating activities 7,399 (2,526) Cash flows from investing activities: Purchase of property, plant, and equipment (2,811) (2,556) Proceeds from sale of property, plant, and equipment 4 2,366 Net cash used in investing activities (2,807) (190) Cash flows from financing activities: Proceeds from short-term debt, net 3,244 6,282 Payments on long-term debt (8,485) (247) Dividends paid (1,007) (1,005) Other 52 (113) Net cash provided by (used in) financing activities (6,196) 4,917 (Decrease) increase in cash and cash equivalents (1,604) 2,201 Cash and cash equivalents at beginning of quarter 5,050 2,364 Cash and cash equivalents at end of quarter $ 3,446 $ 4,565 See notes to condensed consolidated financial statements.
THOMAS INDUSTRIES INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) Note A -- Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial reporting and with the instructions to Form 10-Q and Article 10-01 of Regulation S-X. Accordingly, they do not include all the information and footnotes required by generally accepted accounting principles for complete financial statements. The results of operations for the three-month period ended March 31, 1995, are not necessarily indicative of the results that may be expected for the year ending December 31, 1995. In the opinion of management, all adjustments considered necessary for a fair presentation have been included. For further information, refer to the consolidated financial statements and footnotes included in the Company's Annual Report on Form 10-K for the year ended December 31, 1994. Note B -- Contingencies In the normal course of business, the Company and its subsidiaries are parties to litigation. Management believes that these matters will be resolved with no material adverse impact on the financial position of the Company. Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations Net sales during the first quarter ended March 31, 1995, were 8% above the first quarter 1994. Net sales for the Lighting Segment were up 13% from last year's first quarter, due primarily to strength in the Commercial & Industrial and Outdoor Divisions. The Compressor & Vacuum Pump Segment experienced an 11% increase in net sales for the quarter over 1994 due to the continuing success of new product applications and the strength of existing product volume. Included in the 1994 first quarter net sales was $5,072,000 from operations divested in 1994. Net income for the first three months of 1995 increased to $1,588,000 compared to last year's first quarter net income of $1,011,000. Operating income from the Compressor & Vacuum Pump Segment declined slightly due to a temporary weakness in certain segments of our North American OEM medical market. The Lighting Segment operating results improved compared to last year due to a 13% increase in net sales coupled with the favorable effect of cost savings programs initiated in 1994. Cost of products sold in the first quarter 1995 increased slightly to 73.4% of net sales compared to 72.9% last year due primarily to a change in sales mix. Selling, general, and administrative costs in the first quarter of 1995 were $734,000 higher compared to the prior year first quarter; however, SG&A expenses as a percent of net sales declined in 1995 to 22.3% compared to 23.3% in 1994. SG&A expenses for the Lighting Segment were up 5.6% for the current quarter from last year's level due to the higher sales volume. In the Compressor & Vacuum Pump Segment, SG&A expenses increased 13.9% over the prior year first quarter in support of the higher sales volume. Interest expense for the first three months of 1995 was 6% lower than the comparable 1994 period. The effect of higher short-term interest rates in the U.S. was more than offset by lower debt levels. Working capital of $70,457,000 at March 31, 1995, was down from $77,558,000 at December 31, 1994. Accounts receivable at March 31, 1995, exceed December 31, 1994, by 12% and March 31, 1994, by 8% due to the increase in net sales. Inventory decreased 1.5% from December 31, 1994, but increased 1% from March 31, 1994. Notes payable to banks increased $4,372,000 from December 31, 1994, but decreased $9,528,000 from March 31, 1994. The current ratio was 1.80 at March 31, 1995, compared to 2.00 at December 31, 1994, and 1.86 at March 31, 1994. Certain loan agreements of the Company include restrictions on working capital, operating leases, tangible net worth, and the payment of cash dividends and stock distributions. Under the most restrictive of these arrangements, retained earnings of $14.5 million are not restricted at March 31, 1995. As of March 31, 1995, the Company had available credit of $67 million with banks under short-term borrowing arrangements and a revolving line of credit, $63.7 million of which was unused as of March 31,1995. Anticipated funds from operations, along with available short-term credit and other resources, are expected to be sufficient to meet cash requirements in the year ahead. Cash in excess of operating requirements will continue to be invested in high grade, short-term securities. PART II. OTHER INFORMATION Item 6. Exhibits and Reports on Form 8-K (a) Exhibits (3) Bylaws, as amended April 20, 1995, filed as Exhibit 4.3 to Registration Statement on Form S-8 (Registration No. 33-59099) dated May 4, 1995. (27) Financial Data Schedule (b) There have been no reports on Form 8-K filed for the three months ended March 31, 1995. 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. THOMAS INDUSTRIES INC. Registrant /s/ Phillip J. Stuecker _________________________________ Phillip J. Stuecker, Vice President and Chief Financial Officer Date: May 10, 1995 EX-27 2
5 1,000 3-MOS DEC-31-1995 MAR-31-1995 3,446 0 70,681 2,017 71,812 158,375 146,697 70,469 308,902 87,918 71,352 11,451 0 0 124,278 308,902 117,609 117,609 86,381 86,381 25,987 253 2,273 2,715 1,127 1,588 0 0 0 1,588 .16 .16
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