| Delaware |
06-0865505 | |
| (State or Other Jurisdiction of Incorporation or Organization) |
(I.R.S. Employer Identification No.) |
| One Colonial Road, Manchester, Connecticut, |
06040 | |
| (Address of principal executive offices) |
(zip code) |
| Common stock $.10 par value per share. |
||
| Total Shares outstanding November 14, 2002 |
16,016,930 |
| Page No. | ||||||
| Part I. |
Financial Information |
|||||
| Item 1. |
||||||
| 3 | ||||||
| 4-5 | ||||||
| 6 | ||||||
| 7-10 | ||||||
| Item 2. |
11-16 | |||||
| Item 3. |
|
16 | ||||
| Item 4. |
16-17 | |||||
| Part II. |
Other Information |
|||||
| Item 1. |
|
17 | ||||
| Item 6. |
17 | |||||
| |
18 | |||||
| |
19-20 | |||||
| 21 | ||||||
| September 30, 2002 |
December 31, 2001 |
|||||||
| ASSETS |
|
(Unaudited) |
|
|
(Restated See Note 6) |
| ||
| Current assets: |
||||||||
| Cash and cash equivalents |
$ |
1,384 |
|
$ |
955 |
| ||
| Accounts receivable, net |
|
44,853 |
|
|
35,458 |
| ||
| Inventories: |
||||||||
| Finished goods |
|
11,501 |
|
|
10,408 |
| ||
| Work in process |
|
11,221 |
|
|
8,135 |
| ||
| Raw materials and supplies |
|
9,208 |
|
|
9,799 |
| ||
| LIFO reserve |
|
(483 |
) |
|
(483 |
) | ||
| |
|
|
|
|
| |||
| Total inventories |
|
31,447 |
|
|
27,859 |
| ||
| Income taxes receivable |
|
|
|
|
611 |
| ||
| Prepaid expenses |
|
2,647 |
|
|
2,363 |
| ||
| Net investment in discontinued operations |
|
1,044 |
|
|
1,165 |
| ||
| Assets held for sale |
|
314 |
|
|
1,515 |
| ||
| Deferred tax assets |
|
2,200 |
|
|
2,014 |
| ||
| |
|
|
|
|
| |||
| Total current assets |
|
83,889 |
|
|
71,940 |
| ||
| Property, plant and equipment, at cost |
|
152,036 |
|
|
138,976 |
| ||
| Accumulated depreciation |
|
(70,024 |
) |
|
(61,187 |
) | ||
| |
|
|
|
|
| |||
| |
82,012 |
|
|
77,789 |
| |||
| Other assets, net |
|
39,182 |
|
|
37,788 |
| ||
| |
|
|
|
|
| |||
| Total assets |
$ |
205,083 |
|
$ |
187,517 |
| ||
| |
|
|
|
|
| |||
| LIABILITIES AND STOCKHOLDERS EQUITY |
||||||||
| Current liabilities: |
||||||||
| Current portion of long-term debt |
$ |
9,111 |
|
$ |
9,473 |
| ||
| Accounts payable |
|
14,745 |
|
|
15,295 |
| ||
| Accrued taxes |
|
2,778 |
|
|
792 |
| ||
| Accrued payroll and other compensation |
|
7,323 |
|
|
3,144 |
| ||
| Other accrued liabilities |
|
6,312 |
|
|
6,929 |
| ||
| |
|
|
|
|
| |||
| Total current liabilities |
|
40,269 |
|
|
35,633 |
| ||
| Long-term debt |
|
19,676 |
|
|
18,210 |
| ||
| Deferred tax liabilities |
|
6,808 |
|
|
6,818 |
| ||
| Other long-term liabilities |
|
7,579 |
|
|
8,273 |
| ||
| Commitments and contingencies |
||||||||
| Stockholders equity: |
||||||||
| Preferred stock |
|
|
|
|
|
| ||
| Common stock |
|
2,211 |
|
|
2,208 |
| ||
| Capital in excess of par value |
|
41,846 |
|
|
41,439 |
| ||
| Retained earnings |
|
154,917 |
|
|
144,631 |
| ||
| Accumulated other comprehensive loss |
|
(6,581 |
) |
|
(8,053 |
) | ||
| |
|
|
|
|
| |||
| |
192,393 |
|
|
180,225 |
| |||
| Treasury stock, at cost |
|
(61,642 |
) |
|
(61,642 |
) | ||
| |
|
|
|
|
| |||
| Total stockholders equity |
|
130,751 |
|
|
118,583 |
| ||
| |
|
|
|
|
| |||
| Total liabilities and stockholders equity |
$ |
205,083 |
|
$ |
187,517 |
| ||
| |
|
|
|
|
| |||
| Three Months Ended September 30, |
||||||||
| 2002 |
2001 |
|||||||
| (Restated See Note 6) |
||||||||
| (Unaudited) |
||||||||
| Net sales |
$ |
62,721 |
|
$ |
53,478 |
| ||
| Cost of sales |
|
46,505 |
|
|
39,087 |
| ||
| |
|
|
|
|
| |||
| Gross margin |
|
16,216 |
|
|
14,391 |
| ||
| Selling, product development and administrative expenses |
|
11,458 |
|
|
11,168 |
| ||
| |
|
|
|
|
| |||
| Operating income |
|
4,758 |
|
|
3,223 |
| ||
| Other (income) expense: |
||||||||
| Investment income |
|
(14 |
) |
|
(66 |
) | ||
| Interest expense |
|
246 |
|
|
241 |
| ||
| Foreign currency transaction gains, net |
|
(84 |
) |
|
(26 |
) | ||
| Other, net |
|
20 |
|
|
90 |
| ||
| |
|
|
|
|
| |||
| |
168 |
|
|
239 |
| |||
| |
|
|
|
|
| |||
| Income before income taxes |
|
4,590 |
|
|
2,984 |
| ||
| Income tax expense |
|
1,324 |
|
|
682 |
| ||
| |
|
|
|
|
| |||
| Net income |
$ |
3,266 |
|
$ |
2,302 |
| ||
| |
|
|
|
|
| |||
| Basic earnings per common share |
$ |
.20 |
|
$ |
.14 |
| ||
| Diluted earnings per common share |
$ |
.20 |
|
$ |
.14 |
| ||
| Weighted average common shares outstanding |
|
16,011 |
|
|
15,917 |
| ||
| Weighted average common shares and equivalents outstanding |
|
16,335 |
|
|
16,024 |
| ||
| Net income |
$ |
3,266 |
|
$ |
2,302 |
| ||
| Other comprehensive (loss) income, before tax: |
||||||||
| Foreign currency translation adjustments |
|
(82 |
) |
|
737 |
| ||
| Change in fair value of derivative instrument |
|
(68 |
) |
|
(140 |
) | ||
| |
|
|
|
|
| |||
| Other comprehensive (loss) income, before tax |
|
(150 |
) |
|
597 |
| ||
| Income tax benefit (expense) related to other comprehensive (loss) income |
|
53 |
|
|
(209 |
) | ||
| |
|
|
|
|
| |||
| Other comprehensive (loss) income, net of tax |
|
(97 |
) |
|
388 |
| ||
| |
|
|
|
|
| |||
| Comprehensive income |
$ |
3,169 |
|
$ |
2,690 |
| ||
| |
|
|
|
|
| |||
| Nine Months Ended September
30, |
||||||||
| 2002 |
2001 |
|||||||
| (Restated See Note 6) |
||||||||
| (Unaudited) |
||||||||
| Net sales |
$ |
188,665 |
|
$ |
170,683 |
| ||
| Cost of sales |
|
137,357 |
|
|
123,509 |
| ||
| |
|
|
|
|
| |||
| Gross margin |
|
51,308 |
|
|
47,174 |
| ||
| Selling, product development and administrative expenses |
|
35,451 |
|
|
36,272 |
| ||
| Impairment and restructuring charges |
|
|
|
|
3,389 |
| ||
| |
|
|
|
|
| |||
| Operating income |
|
15,857 |
|
|
7,513 |
| ||
| Other (income) expense: |
||||||||
| Investment income |
|
(38 |
) |
|
(157 |
) | ||
| Interest expense |
|
631 |
|
|
817 |
| ||
| Foreign currency transaction (gains) losses, net |
|
(138 |
) |
|
172 |
| ||
| Other, net |
|
(4 |
) |
|
133 |
| ||
| |
|
|
|
|
| |||
| |
451 |
|
|
965 |
| |||
| |
|
|
|
|
| |||
| Income from continuing operations before income taxes |
|
15,406 |
|
|
6,548 |
| ||
| Income tax expense |
|
5,121 |
|
|
1,834 |
| ||
| |
|
|
|
|
| |||
| Income from continuing operations |
|
10,285 |
|
|
4,714 |
| ||
| Discontinued operations: |
||||||||
| Loss from operations of discontinued segments, net of tax benefit of $181 |
|
|
|
|
(308 |
|||