SEC Info  
    Home      Search      My Interests      Help      Sign In      Please Sign In

Duplex Products Inc – ‘10-Q’ for 1/27/96

As of:  Tuesday, 3/12/96   ·   For:  1/27/96   ·   Accession #:  950137-96-258   ·   File #:  1-07208

Previous ‘10-Q’:  ‘10-Q’ on 9/13/95 for 7/29/95   ·   Latest ‘10-Q’:  This Filing

Find Words in Filings emoji
 
  in    Show  and   Hints

  As Of                Filer                Filing    For·On·As Docs:Size              Issuer               Agent

 3/12/96  Duplex Products Inc               10-Q        1/27/96    3:15K                                    Bowne Boc/FA

Quarterly Report   —   Form 10-Q
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-Q        Quarterly Report                                       9     30K 
 2: EX-11       Computation of Earnings Per Share                      1      4K 
 3: EX-27       Financial Data Schedule                                1      6K 


10-Q   —   Quarterly Report
Document Table of Contents

Page (sequential) | (alphabetic) Top
 
11st Page   -   Filing Submission
2Item 1 -. Financial Statements
6Item 2 -. Management's Discussion and Analysis of Results of Operations and Financial Condition
8Item 6 -. Exhibits and Report on Form 8-K
10-Q1st Page of 9TOCTopPreviousNextBottomJust 1st
 

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. FORM 10-Q (x) Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the Quarterly Period Ended JANUARY 27, 1996 Commission File Number 1-7208 DUPLEX PRODUCTS INC. (Exact Name of Registrant as Specified in its Charter) Delaware 36-2109817 (State of Incorporation or Organization) (I.R.S. Employer Identification No.) 1947 Bethany Road, Sycamore, Illinois 60178 (815)895-2101 (Address of Principal Executive Offices) (Zip Code) (Registrant's Telephone No.) 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 report) and (2) has been subject to such filing requirements for the past ninety days. Yes X No --- --- As of January 27, 1996, 7,481,778 shares of common stock with a par value of $1.00 were outstanding.
10-Q2nd Page of 9TOC1stPreviousNextBottomJust 2nd
PART I - FINANCIAL INFORMATION ITEM 1 - FINANCIAL STATEMENTS Duplex Products Inc. Condensed Consolidated Statement of Earnings (Unaudited) [Download Table] First quarter ended -------------------------- January 27, January 28, (In thousands, except per share data) 1996 1995 ---------- ---------- Net sales $64,075 $73,337 Cost of goods sold 46,969 55,218 ------- ------- Gross margin 17,106 18,119 Selling, general and administrative expenses 16,188 17,092 ------- ------- Operating profit 918 1,027 Other income (expense) ------- ------- Interest expense (179) (118) Other income 382 155 ------- ------- 203 37 ------- ------- Earnings before income taxes 1,121 1,064 Provision for income taxes 437 415 ------- ------- Net earnings $ 684 $ 649 ======= ======= Net earnings per share $0.09 $0.09 The accompanying notes to condensed consolidated financial statements are an integral part of this statement.
10-Q3rd Page of 9TOC1stPreviousNextBottomJust 3rd
Duplex Products Inc. Condensed Consolidated Statement of Financial Position (Unaudited) [Download Table] January 27, October 28, (In thousands) 1996 1995 ---------- ---------- Current assets Cash and equivalents $ 10,333 $ 8,368 U.S. Treasury obligations 8,429 8,149 Accounts and notes receivable 44,523 46,224 Inventories 19,669 21,975 Income tax refund receivable 474 1,699 Deferred income taxes 9,435 9,831 -------- -------- Total current assets 92,863 96,246 Property, plant, and equipment, net 38,199 38,815 Other assets 5,426 5,248 -------- -------- Total assets $136,488 $140,309 ======== ======== Liabilities and Shareholders' Equity Current liabilities Current portion of long-term debt $ 1,233 $ 1,233 Accounts payable 10,052 13,973 Accrued expenses 16,177 16,593 -------- -------- Total current liabilities 27,462 31,799 -------- -------- Long-term debt 4,539 4,695 -------- -------- Deferred liabilities and credits 6,169 6,177 -------- -------- Shareholders' Equity Common stock (8,236 and 8,242 shares issued, respectively) 8,236 8,242 Additional paid-in capital 3,527 3,565 Common stock held in treasury (5,809) (5,809) Unamortized value of restricted stock issued (307) (347) Retained earnings 92,671 91,987 -------- -------- Total shareholders' equity 98,318 97,638 -------- -------- Total liabilities and shareholders' equity $136,488 $140,309 ======== ======== The accompanying notes to condensed consolidated financial statements are an integral part of this statement.
10-Q4th Page of 9TOC1stPreviousNextBottomJust 4th
Duplex Products Inc. Condensed Consolidated Statement of Cash Flows (Unaudited) [Download Table] First quarter ended ------------------------- January 27, January 28, (In thousands) 1996 1995 ---------- ---------- Cash flows from operating activities Net earnings $ 684 $ 649 Adjustments to reconcile net earnings to cash provided (used) by operating activities Depreciation 1,519 1,413 Deferred income taxes 396 199 U.S. Treasury Obligations (280) -- (Increase) decrease in accounts and notes receivable 1,702 (5,075) (Increase) decrease in inventories 2,306 (279) Decrease in income tax refund receivable 1,225 215 Increase (decrease) in accounts payable (3,921) 372 Decrease in accrued restructuring costs (803) (1,087) Increase in other accrued expenses 388 1,170 Other operating activities (187) 41 ------- ------ Net cash provided (used) by operating activities 3,029 (2,382) ------- ------ Cash flows from investing activities Capital expenditures (933) (1,525) Net proceeds from sale of assets 29 63 ------- ------ Net cash used by investing activities (904) (1,462) ------- ------ Cash flows from financing activities Repayment of long-term debt (156) (156) Restricted stock repurchased, net (4) (162) ------- ----- Net cash used by financing activities (160) (318) ------- ----- Increase (decrease) in cash and equivalents during quarter 1,965 (4,162) Cash and equivalents at beginning of quarter 8,368 16,337 ------- ------ Cash and equivalents at end of quarter $10,333 $ 12,175 ======= ======== The accompanying notes to condensed consolidated financial statements are an integral part of this statement.
10-Q5th Page of 9TOC1stPreviousNextBottomJust 5th
Duplex Products Inc. Notes to Condensed Consolidated Financial Statements (Amounts in thousands, except per share data) Note 1 - Financial Information The unaudited financial statements include all normal recurring adjustments which are, in the opinion of management, necessary for a fair presentation of the results of operations, financial position, and cash flows. The results reflected in these quarterly financial statements should not be regarded as necessarily indicative of results that may be expected for the entire year. Note 2 - Basis of Presentation These financial statements are presented in accordance with requirements of Form 10-Q and consequently may not contain all disclosures normally required by generally accepted accounting principles or those usually reflected in the Company's Annual Report on Form 10-K. Accordingly, the financial statements and notes contained herein should be read in conjunction with the financial statements and associated notes included in Duplex's Annual Report on Form 10-K for the fiscal year ended October 28, 1995. Note 3 - Inventories Inventories consisted of the following: [Download Table] January 27, October 28, 1996 1995 ---------- ---------- Raw materials $ 7,513 $ 7,496 Work-in-process 946 1,502 Finished goods 23,612 25,629 -------- -------- 32,071 34,627 Less reserve for LIFO (12,402) (12,652) -------- -------- Total inventories $ 19,669 $ 21,975 ======== ======== Changes in the provision for LIFO had a positive impact on income before taxes for the first quarter of 1996 of $250. For the corresponding 1995 period, the provision negatively impacted income before taxes by $1,660.
10-Q6th Page of 9TOC1stPreviousNextBottomJust 6th
Duplex Products Inc. Notes to Condensed Consolidated Financial Statements (Amounts in thousands, except per share data) Note 4 - Property, Plant and Equipment Property, plant, and equipment comprised the following: [Download Table] January 27, October 28, 1996 1995 ---------- ---------- Property, plant, and equipment, at cost $106,498 $105,646 Less accumulated depreciation (68,299) (66,831) -------- -------- Property, plant, and equipment, net $ 38,199 $ 38,815 ======== ======== Note 5 - Common Stock Data Authorized common stock consisted of 20,000 shares having a par value of $1.00 per share. Average shares outstanding for the first quarter of 1996 and 1995 were 7,485 and 7,538, respectively. ITEM 2 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS AND FINANCIAL CONDITION Results of Operations The Company reported improved net earnings for the first quarter ended January 27, 1996, of $0.7 million, or $0.09 per share, an increase of 5.4% over last year's first quarter of $0.6 million or $0.09 per share. The increase in earnings was the result of improved margins and lower operating expenses. The Company reported net sales of $64.1 million for the first three months of 1996, down from the $73.3 million reported in the comparable period last year. The lower sales were due to the absence of a counterpart to the build up of inventory by customers in last year's first quarter in anticipation of paper price increases, the pruning of low margin customers over the past twelve months, and a reduction in sales coverage in the current quarter. Additionally, the extreme weather on the East coast resulted in lost selling and production days in the first quarter. The sales decrease represented a reduction in units, partially offset by price gains driven by paper cost increases in 1995. In the first quarter of 1996, bond paper price decreases were announced by paper mills. Paper demand has softened recently and supplies have improved. Duplex has been successful in satisfying customer requirements. The Company does not anticipate a material change in this situation in the near future. Gross margin as a percentage of sales was 26.7% for the first three months of 1996, up 2.0 percentage points from 24.7% a year ago. The improvement was due to favorable material and labor related costs, partially offset by the under absorption of fixed costs.
10-Q7th Page of 9TOC1stPreviousNextBottomJust 7th
Selling, general, and administrative costs aggregated $16.2 million (25.3% of sales) in 1996's first quarter, a decrease of $0.9 million from the $17.1 million (23.3% of sales) in the same period of 1995. This decrease was primarily due to a reduction in training, sales promotion, and consulting expenses, which were offset in part by the costs of rebuilding the sales organization. Operating profit in the first quarter of 1996 decreased $0.1 million from the prior year period, to $0.9 million. Other income increased in the first quarter by $0.2 million, to $0.4 million, as a result of the success of a new program to invest excess cash. Liquidity and Capital Resources Net working capital at the end of the first quarter of 1996 of $65.4 million was an improvement of $1.0 million over working capital at year-end 1995. The current ratio at January 27, 1996 was 3.4 to 1, also an improvement over the 3.0 to 1 at year-end 1995. Management believes that the current level of working capital will be adequate to cover the Company's liquidity requirements related to normal operations, both currently and in the foreseeable future. Sufficient resources are deemed to exist to support the Company's growth through a combination of currently available cash, cash to be generated from future operations, or additional short-term borrowings. The Company's total debt at January 27, 1996 was $5.8 million, down $0.2 million from year-end 1995. Total debt as a percentage of total capital was 5.5% at the end of 1996's first quarter, 0.2 percentage points lower than at the end of 1995. Cash and equivalents aggregated $10.3 million at the end of 1996's first quarter. This was an increase of $2.0 million during the first three months of 1996. Cash and marketable securities totaled $21.3 million at the end of the quarter compared with $19.1 million at the previous year-end. During the first quarter of 1996, operating activities provided $3.0 million in cash, up $5.4 million from the usage of $2.4 million in the first quarter of 1995. The operating cash generated in 1996's first quarter resulted from depreciation, a decrease in accounts receivable, inventories, and income taxes receivable, partially offset by a decrease in accounts payable. First quarter 1995's operating cash flow usage occurred primarily because of an increase in accounts receivable generated by strong sales near the end of the quarter, partially offset by net earnings and depreciation. Capital expenditures totaled $0.9 million in the first quarter of this year compared with $1.5 million in the year earlier quarter. Cash consumed by financing activities was $0.2 million compared with $0.3 million a year earlier.
10-Q8th Page of 9TOC1stPreviousNextBottomJust 8th
PART II - OTHER INFORMATION ITEM 6 - EXHIBITS AND REPORT ON FORM 8-K (a) Exhibits 11 Computation of Earnings per Share 27 Financial Data Schedule (b) Reports on Form 8-K None
10-QLast Page of 9TOC1stPreviousNextBottomJust 9th
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. DUPLEX PRODUCTS INC. /s/ James R. Ramig ---------------------------------------- James R. Ramig, Vice President, Finance and Administration, Chief Financial Officer (Principal Financial Officer) March 7, 1996

Dates Referenced Herein   and   Documents Incorporated by Reference

Referenced-On Page
This ‘10-Q’ Filing    Date First  Last      Other Filings
Filed on:3/12/96
3/7/969DEF 14A
For Period End:1/27/9617
10/28/95510-K
 List all Filings 
Top
Filing Submission 0000950137-96-000258   –   Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)

Copyright © 2024 Fran Finnegan & Company LLC – All Rights Reserved.
AboutPrivacyRedactionsHelp — Thu., Mar. 28, 2:56:35.1pm ET