Business: Courier
Corporation ("Courier" or the "Company")
helps organizations manage the process of creating and distributing
intellectual properties. Courier's book manufacturing business
offers services from preparation, production, media replication,
kitting and packaging through storage and distribution for education,
religious and consumer book publishers. Courier also operates
businesses which respond to the need for greater choice in education,
providing Internet-based solutions for custom coursepacks, as
well as direct marketing of educational materials to families
engaged in educating children at home.
Principles of Consolidation: The consolidated financial statements, prepared
on a fiscal year basis, include the accounts of Courier Corporation
and its subsidiaries after elimination of all significant intercompany
transactions. Such financial statements have been prepared in
conformity with generally accepted accounting principles which
require the use of certain estimates and assumptions. Certain
amounts for fiscal years 1998 and 1997 have been reclassified
in the accompanying financial statements in order to conform
with the current year's presentation.
Financial Instruments: Financial instruments consist primarily of
cash, accounts receivable, accounts payable and debt obligations.
The Company classifies as cash and cash equivalents amounts on
deposit in banks and cash invested temporarily in various instruments
with maturities of three months or less at time of purchase.
The Company estimates the fair value of financial instruments
based on interest rates available to the Company and by comparison
to quoted market prices. At September 25, 1999 and September
26, 1998, the fair market value of the Company's financial instruments
approximated their carrying values.
Property, Plant
and Equipment:
Property, plant and equipment
are recorded at cost, including interest on funds borrowed to
finance the acquisition or construction of major capital additions.
No interest was capitalized in fiscal years 1999 and 1998; approximately
$34,000 was capitalized in fiscal 1997. The Company provides
for depreciation of property, plant and equipment on a straight-line
basis over periods ranging from 3 to 11 years, except for depreciation
on buildings and improvements which is based on estimated useful
lives ranging from 10 to 40 years.
Leasehold improvements and a favorable building lease are amortized
on a straight-line basis over the shorter of their useful life
or the term of the lease. Expenditures for maintenance and repairs
are charged against income as incurred; betterments which increase
the value or materially extend the life of the related assets
are capitalized. When assets are sold or retired, the cost and
accumulated depreciation are removed from the accounts and any
gain or loss is included in income.
Goodwill: Goodwill arising from recent business acquisitions,
which are discussed more fully in Note I, is being amortized
using the straight-line method over periods ranging from 5 to
20 years. Amortization expense was approximately $597,000 for
fiscal years 1999 and 1998, and approximately $97,000 for fiscal
1997. The Company continues to carry goodwill of approximately
$1.2 million arising from the purchase of a company prior to
October 31, 1970; such amount is not being amortized because
management believes that the value has not diminished.
Income Taxes: Deferred income tax liabilities and assets are
determined based upon the differences between the financial statement
and tax bases of assets and liabilities, and are measured by
applying enacted tax rates and laws for the taxable years in
which these differences are expected to reverse.
Revenue Recognition: Revenue is recognized upon shipment of goods to
customers or upon the transfer of ownership.
Use of Estimates: The process of preparing financial statements in
conformity with generally accepted accounting principles requires
management to make estimates that affect the reported amounts
of assets and liabilities at the date of the financial statements,
as well as revenues and expenses during the reporting period.
Actual results may differ from these estimates.
Net Income per Share: Basic net income per share is based on the weighted
average number of common shares outstanding each period. Diluted
net income per share also includes potentially dilutive items
such as options (see Note H).
Stock Split: In June 1998, the Company distributed a three-for-two
stock split effected in the form of a 50% stock dividend. Per
share amounts for periods prior to June 1998 presented in the
accompanying consolidated financial statements have been restated
to give effect to the stock split. In addition, related to this
stock split, the Company converted 2,000,000 shares of treasury
stock to authorized but unissued shares.
Treasury Stock: The Company has historically used treasury stock
for stock options and grants and intends to continue to use treasury
stock for such purposes.
New Accounting Pronouncements: Effective September 27, 1998, the Company adopted
Statement of Financial Accounting Standards (SFAS) No. 130, "Reporting
Comprehensive Income." Comprehensive income and net income
were the same for each of the three years ended September 25,
1999. The Financial Accounting Standards Board has issued SFAS
No. 133, "Accounting for Derivative Instruments and Hedging
Activities" (as amended by SFAS No. 137 in June 1999), which
will be effective in the Company's fiscal year ending September
29, 2001. The Company is currently evaluating the impact, if
any, that the adoption of this new standard will have on the
consolidated financial statements.
Inventories are valued at the lower of cost
or market using the last-in, first-out (LIFO) method for most
inventories. Inventories as of September 25, 1999 and September
26, 1998 consisted of the following:
|
|
|
Raw materials |
Work in process |
Finished goods |
|
Total |
|
|
|
$ 2,945,000 |
|
$
3,171,000 |
5,899,000 |
|
4,903,000 |
3,388,000 |
|
2,754,000 |
|
$12,232,000 |
|
$ 10,828,000 |
|
|
On a first-in, first-out (FIFO) basis,
reported year-end inventories would have been higher by $5.5
million in fiscal 1999 and $5.3 million in fiscal 1998.
The statutory federal tax rate is 34%.
The total provision differs from that computed using the statutory
federal income tax rate for the following reasons:
|
|
|
Federal income taxes at statutory rate |
State income taxes, net of federal income tax benefit |
Export related income |
Donation of real estate |
Other |
|
Total |
|
|
|
$4,269,000 |
|
$
3,997,000 |
|
$
2,041,000 |
397,000 |
|
428,000 |
|
189,000 |
(499,000) |
|
(310,000) |
|
(288,000) |
-- |
|
-- |
|
(300,000) |
14,000 |
|
(85,000) |
|
46,000 |
|
$4,181,000 |
|
$
4,030,000 |
|
$
1,688,000 |
|
|
The provision for income taxes consisted
of the following:
|
|
Currently payable: |
Federal |
State |
|
|
|
Deferred: |
Federal |
State |
|
|
|
Total |
|
|
|
|
|
|
|
$3,972,000 |
|
$
3,697,000 |
|
$
2,040,000 |
665,000 |
|
832,000 |
|
460,000 |
|
4,637,000 |
|
4,529,000 |
|
2,500,000 |
|
|
|
|
|
|
(392,000) |
|
(315,000) |
|
(638,000) |
(64,000) |
|
(184,000) |
|
(174,000) |
|
(456,000) |
|
(499,000) |
|
(812,000) |
|
$4,181,000 |
|
$
4,030,000 |
|
$
1,688,000 |
|
|
The following is a summary of the significant
components of the Company's deferred tax assets and liabilities
as of September 25, 1999 and September 26, 1998:
|
|
|
Deferred tax assets: |
Vacation
accrual not currently deductible |
Other
accruals not currently deductible |
Non-deductible
reserves |
Other |
|
Classified
as current |
Deferred compensation arrangements |
Charitable contributions carryforward |
Other |
|
Total
deferred tax assets |
|
Deferred tax liabilities: |
Accelerated
depreciation |
|
|
|
|
|
|
$
510,000 |
|
$ 444,000 |
238,000 |
|
375,000 |
1,138,000 |
|
881,000 |
29,000 |
|
58,000 |
|
1,915,000 |
|
1,758,000 |
1,019,000 |
|
1,058,000 |
-- |
|
74,000 |
133,000 |
|
75,000 |
|
$3,067,000 |
|
$2,965,000 |
|
|
|
|
$3,845,000 |
|
$ 4,199,000 |
|
|
Non-current deferred tax assets have been
netted against non-current deferred tax liabilities for balance
sheet classification purposes.
Long-term debt consisted of the following:
|
|
|
Obligation under industrial development bond arrangement |
at
3%, payable in monthly installments through May 2011 |
9.5% secured promissory note, payable in monthly
installments |
through
October 2001 |
Obligation under revolving bank credit facility |
|
|
Less: Current maturities |
|
Total |
|
|
|
|
|
|
$
972,000 |
|
$ 1,041,000 |
|
|
|
559,000 |
|
802,000 |
-- |
|
5,250,000 |
|
1,531,000 |
|
7,093,000 |
338,000 |
|
312,000 |
|
$
1,193,000 |
|
$ 6,781,000 |
|
|
Scheduled aggregate principal payments
of long-term debt are $338,000 in fiscal 2000, $366,000 in fiscal
2001, $76,000 in fiscal 2002, $78,000 in fiscal 2003, $80,000
in fiscal 2004 and $593,000 thereafter.
In July 1999, the Company amended its $30 million long-term revolving
credit facility with State Street Bank and Trust Company and
BankBoston, N.A. to add a third bank, KeyBank National Association.
The amendment also extended the maturity date of the revolving
credit facility to March 2002. Under this credit facility, the
Company can borrow at a rate not to exceed the lesser of LIBOR
plus 1.5% or the bank's money market rates. There were no borrowings
under this facility at September 25, 1999. The Company has not
had any short-term borrowings during the three fiscal years ended
September 25, 1999.
The revolving credit facility contains restrictive covenants
including provisions relating to the maintenance of working capital,
the incurring of additional indebtedness and a quarterly test
of EBITDA to debt service. It also provides for a commitment
fee not to exceed 3/8% per annum on the unused portion. The industrial
bond arrangement and the 9.5% promissory note provide for a lien
on the assets acquired with the proceeds.
The Company is committed under various operating leases to make
annual rental payments for certain buildings and equipment. Amounts
charged against income under such leases approximated $3,553,000
in fiscal 1999, $2,872,000 in fiscal 1998 and $2,365,000 in fiscal
1997. As of September 25, 1999, minimum annual rental commitments
under the Company's long-term operating leases are approximately
$3,556,000 in fiscal 2000, $3,282,000 in fiscal 2001, $2,120,000
in fiscal 2002, $1,682,000 in fiscal 2003, $1,556,000 in fiscal
2004 and $3,024,000 in the aggregate thereafter.
In the ordinary course of business, the Company is subject to
various legal proceedings and claims. The Company believes that
the ultimate outcome of these matters will not have a material
adverse effect on its consolidated financial statements.
Stock Option/Incentive
Plans: The Courier Corporation 1993 Stock Incentive Plan,
as amended and restated, replaced the expiring 1983 Stock Option
Plan. In January 1999, stockholders approved an amendment to
the plan which provided an increase in the number of shares available
for the granting of stock options and stock grants under the
plan by 100,000 shares to a total of 445,000 shares. Under the
provisions of each plan, both non-qualified and incentive stock
options to purchase shares of the Company's common stock may
be granted to key employees. The option price per share may not
be less than the fair market value of stock at the time the option
is granted and incentive stock options must expire not later
than ten years from the date of grant.
Directors' Option
Plan: A 1989 plan, as amended
in November 1993, allows members of the Company's Board of Directors
to make an election to apply either 50% or 100% of their annual
retainer fee, including the committee chair retainer, toward
the annual grant of a stock option to be offered at a price per
share $5 below the fair market value of the Company's common
stock at the time the option is granted. Retainer fees for fiscal
1999 amounted to $16,000 per director; in addition, the two committee
chair fees amounted to a total of $15,000 for fiscal 1999. In
January 1999, the stockholders approved amendments to the plan
increasing the number of shares available for issuance by the
plan by 100,000 to a total of 250,000 shares and deleting the
termination date, which would have been September 28, 1999.
The following is a summary of all option activity for these plans:
|
Stock Option/Incentive Plans |
Directors' Option Plan |
|
|
|
|
Outstanding
at September 28, 1996 |
Issued
during period |
Exercised
during period |
Canceled
during period |
Expired
during period |
|
Outstanding
at September 27, 1997 |
Issued
during period |
Exercised
during period |
Canceled
during period |
|
Outstanding
at September 26, 1998 |
Issued
during period |
Exercised
during period |
|
Outstanding
at September 25, 1999 |
|
Exercisable
at September 25, 1999 |
Available for
future grants |
|
|
Shares |
|
Average
Exercise
Price |
|
Shares |
|
Average
Exercise
Price |
|
|
362,778 |
|
$ 9.85 |
|
35,100 |
|
$ 8.77 |
|
31,538 |
|
14.50 |
|
21,000 |
|
7.46 |
|
(5,250 |
) |
6.38 |
|
(13,200 |
) |
7.40 |
|
(2,250 |
) |
12.89 |
|
.-- |
|
-- |
|
(15,450 |
) |
13.25 |
|
-- |
|
-- |
|
|
371,366 |
|
$
10.13 |
|
42,900 |
|
$
8.69 |
|
35,300 |
|
21.46 |
|
24,000 |
|
11.29 |
|
(137,510 |
) |
8.69 |
|
(22,500 |
) |
9.43 |
|
(3,599 |
) |
10.11 |
|
-- |
|
-- |
|
|
265,557 |
|
$
12.39 |
|
44,400 |
|
$
9.72 |
|
5,000 |
|
23.75 |
|
18,000 |
|
15.75 |
|
(59,329 |
) |
10.63 |
|
(20,600 |
) |
10.47 |
|
|
211,228 |
|
$13.15 |
|
41,800 |
|
$11.95 |
|
|
160,925 |
|
$11.76 |
|
41,800 |
|
$11.95 |
|
159,537 |
|
-- |
|
110,500 |
|
-- |
|
|
The following table presents information
with regard to all stock options outstanding at September 25,
1999:
|
Stock Option/Incentive Plans |
Directors'
Option Plan |
|
Range of Exercise Prices |
|
Options outstanding |
Weighted
average exercise price of options outstanding |
Weighted
average remaining life |
Options exercisable |
Weighted
average exercise price of options exercisable |
|
|
$
8.83 |
$
14.17 |
$
22.83 |
|
$ 4.67 |
$ 13.17 |
$ 20.75 |
$ 27.25 |
|
|
|
5,250 |
130,241 |
61,887 |
13,850 |
|
$
4.67 |
$
10.37 |
$ 17.36 |
$
23.64 |
|
3.2
years |
2.2
years |
5.0
years |
5.0
years |
|
5,250 |
118,978 |
33,747 |
2,950 |
|
$
4.67 |
$
10.44 |
$
16.48 |
$
23.58 |
|
|
$
7.46 |
$ 15.75 |
|
41,800 |
$
11.95 |
3.1
years |
41,800 |
$
11.95 |
|
Stock Grant Plan: The Company established a stock grant plan
in 1977 entitling key employees to receive shares of common stock
of the Company. Shares granted are either fully vested or vest
over periods up to 5 years. The maximum number of shares of common
stock which may be awarded under the stock grant plan is 198,750
and no more than 33,750 shares may be awarded in any one fiscal
year. The number of shares granted under the plan were 100 in
fiscal 1999, 2,000 in fiscal 1998 and 3,000 in fiscal 1997. The
related compensation expense, based on the amortization over
the vesting period of the fair market value of the shares on
the date granted, was $42,000 in fiscal 1999, $52,000 in fiscal
1998 and $22,000 in fiscal 1997. As of September 25, 1999, there
were 4,828 shares available for future grants under the plan.
Employee Stock Purchase
Plan: The Company's 1999 Employee Stock Purchase Plan
(ESPP), approved by stockholders in January 1999 to replace the
expiring 1989 ESPP, covers an aggregate of 100,000 shares of
Company common stock for issuance under the plan. Eligible employees
may purchase shares of Company common stock at not less than
85% of fair market value at the beginning or end of the grant
period. During fiscal 1999, 9,737 shares were issued under the
plan at an average price of $17.23 per share. At September 25,
1999, an additional 90,263 shares were reserved for future issuances.
Stockholders' Rights
Plan: In March 1999, the Board of Directors adopted a
ten-year stockholders' rights plan, replacing a plan which expired
in October 1998. Under the plan, the Company's stockholders of
record at March 19, 1999 received rights to purchase one one-thousandth
of a share of preferred stock for each share of common stock
held on that date. The rights are not exercisable, or transferable
apart from the common stock, until certain events occur.
Pro forma Disclosures: The Company accounts for its stock plans under
APB Opinion No. 25, "Accounting for Stock Issued to Employees"
and related interpretations. Had compensation cost for grants
under the ESPP and for stock options granted after 1995 been
determined under the provisions of SFAS No. 123, "Accounting
for Stock-Based Compensation," the Company's net income
would have been $8,026,000, or $2.42 per diluted share, for fiscal
1999; $7,511,000, or $2.31 per diluted share, for fiscal 1998;
and $4,230,000, or $1.38 per diluted share, for fiscal 1997.
The pro forma effect on net income and net income per diluted
share for fiscal 1999, fiscal 1998 and fiscal 1997 is not representative
of the pro forma effect on net income in future years, because
it does not take into consideration pro forma compensation expense
related to options granted prior to fiscal 1996.
For purposes of pro forma disclosures, the fair value of each
option grant was estimated on the date of grant using the Black-Scholes
option pricing model. The following key assumptions were used
to value grants issued:
|
|
Risk-free interest
rate |
Expected volatility |
Expected dividend
yields |
Estimated
life for grants under: |
1993
Stock Incentive Plan |
Directors'
Option Plan |
Employee
Stock Purchase Plan |
|
|
6.3% |
4.9% |
6.2% |
42% |
35% |
34% |
1.7% |
2.0% |
2.3% |
|
|
|
7 years |
7 years |
7 years |
5 years |
5 years |
5 years |
6 months |
6 months |
6 months |
|
|
Using the Black-Scholes model, following
is a summary of the weighted average fair value per share of
options granted during each of the past three fiscal years:
|
1993 Stock Incentive Plan |
Directors' Option Plan |
|
On grant date: |
|
Exercise
price was equal to stock price |
Exercise
price was in excess of stock price |
Exercise
price was less than stock price |
|
1999 |
1998 |
1997 |
1999 |
1998 |
1997 |
|
$10.76 |
$7.74 |
$5.29 |
-- |
-- |
-- |
-- |
$5.98 |
$4.16 |
-- |
-- |
-- |
-- |
-- |
-- |
$9.31 |
$5.79 |
$3.73 |
|
The Company and its consolidated
subsidiaries maintain various retirement plans covering substantially
all of its employees. Retirement costs of multi-employer union
plans consist of defined contributions determined in accordance
with the respective collective bargaining agreements. Retirement
benefits for non-union employees are provided through the Courier
Profit Sharing and Savings Plan, which includes an Employee Stock
Ownership Plan (ESOP). Retirement costs amounted to $2,330,000
in fiscal 1999, $2,202,000 in fiscal 1998 and $1,730,000 in fiscal
1997.
The Profit Sharing and Savings Plan is qualified under Section
401(k) of the Internal Revenue Code. The plan allows eligible
employees to contribute up to 16% of their compensation, with
the Company matching 25% of the first 6% of employee contributions.
The Company also makes contributions to the plan annually based
on profits each year for the benefit of all eligible non-union
employees.
Shares of Company common stock may be allocated to participants'
ESOP accounts annually based on their compensation as defined
in the plan. During fiscal years 1999, 1998 and 1997, no such
shares were allocated to eligible participants. At September
25, 1999, the ESOP held 177,741 shares on behalf of the participants.
Following is a reconciliation of
the shares used in the calculation of basic and diluted net income
per share. Potentially dilutive shares, calculated using the
treasury stock method, consist of shares issued under the Company's
stock option and stock grant plans.
|
|
Average
shares outstanding for basic |
Effect of
potentially dilutive shares |
|
Average
shares outstanding for dilutive |
|
|
3,204,000 |
3,100,000 |
3,007,000 |
115,000 |
154,000 |
60,000 |
|
3,319,000 |
3,254,000 |
3,067,000 |
|
|
On July 21, 1997, the Company acquired all of the outstanding
capital stock of Book-mart Press, Inc. ("Book-mart"),
a North Bergen, New Jersey book manufacturer specializing in
short to medium runs of softcover and hardcover books. The Company
paid approximately $12.7 million in cash to the former stockholders
of Book-mart for their shares of capital stock. At the time of
the closing, Book-mart had approximately $2.3 million of outstanding
bank indebtedness which was subsequently paid in full. In connection
with the acquisition, 16,667 shares of Courier common stock (based
upon a valuation of $12 per share) were issued to two key executives
of Book-mart for non-compete agreements.
In addition, one of such executives was issued 25,000 shares
(subject to a four-year vesting schedule) in connection with
an employment agreement. The acquisition was accounted for as
a purchase and, accordingly, Book-mart's results of operations
have been included in the consolidated financial statements from
July 21, 1997 forward. The excess of the purchase price over
the fair value of net assets acquired amounted to approximately
$10 million, which has been accounted for as goodwill and is
being amortized on a straight-line basis over twenty years. Book-mart
leases its office and plant facility from a corporation owned
by two of the former stockholders of Book-mart, one of whom remains
as a key executive of Book-mart. The lease agreement requires
annual payments of approximately $216,000 and the initial term
expires five years from the date of acquisition.
On September 30, 1997, the Company purchased The Home School
Books & Supplies ("The Home School"), based in
Arlington, Washington. The Home School is a direct marketer of
educational materials to families engaged in educating children
at home. The purchase price was approximately $0.5 million.
Other income (expense) as reported in the accompanying consolidated
income statements consisted of gains or losses from the sale
or donation of real estate. In June 1998, the Company completed
the sale of a former manufacturing facility in Philadelphia which
had been vacant. During fiscal 1997, the Company had consolidated
its operations in Philadelphia from this older, multistory facility
to a recently expanded, more efficient manufacturing facility
also in Philadelphia. The selling price of the property was $4.6
million, resulting in a pretax gain of approximately $2.0 million.
The after-tax gain of approximately $1.1 million, or $.34 per
diluted share, generated approximately $3.2 million of cash after
taxes.
In September 1996, the Company relocated its corporate headquarters
into an existing facility in North Chelmsford, Massachusetts.
In August 1997, the Company finalized the donation of its former
corporate headquarters in Lowell, Massachusetts. The donation
had no impact on 1997 net earnings as a pretax loss of approximately
$300,000 was offset by a comparable tax benefit.
The Company's Raymond, New Hampshire facility, which had been
leased through June 1996, is now vacant pending sale or lease
and is included in the September 25, 1999 balance sheet as "Real
estate held for sale or lease, net." Management does not
believe that there is any material impairment of this or any
other asset of the Company as measured in accordance with SFAS
No. 121, "Accounting for the Impairment of Long-Lived Assets
and for Long-Lived Assets to Be Disposed Of."
The Company operates in one primary business segment, book manufacturing,
with a second smaller business segment in customized education.
The Company has aggregated its book manufacturing business into
one segment because of strong similarities in the economic characteristics,
the nature of products and services, production processes, class
of customer and distribution methods used. The book manufacturing
segment offers services from preparation, production, media replication,
kitting and packaging through storage and distribution for education,
religious and consumer book publishers. The customized education
segment responds to the demand for increased choice in the way
educational information is received and used. Operations include
The Home School, a direct marketer of educational materials to
families engaged in home-based learning, and Copyright Management
Services, a provider of customized college coursepacks.
The accounting policies of the segments are the same as those
described in Note A. Intersegment sales are not significant.
In evaluating segment performance, management primarily focuses
on income or loss before taxes and non-operating items such as
gains or losses from asset disposals as disclosed in the following
table. Corporate expenses which are allocated to the segments
include various support functions such as information technology
services, finance, human resources and engineering, and includes
depreciation and amortization expense related to corporate assets.
The corresponding corporate asset balances are not allocated
to the segments. Unallocated corporate assets consist primarily
of cash and cash equivalents, fixed assets and intangibles used
by the corporate support functions.
The following table provides segment information as required
under SFAS No. 131, "Disclosures about Segments of an Enterprise
and Related Information," which the Company adopted in fiscal
1999.
|
Book
Manufacturing |
Customized
Education |
Unallocated |
Total
Company |
|
|
|
$161,186,000 |
$
2,805,000 |
|
-- |
|
$163,991,000 |
15,155,000 |
(2,598,000 |
) |
-- |
|
12,557,000 |
73,606,000 |
1,218,000 |
|
$
16,688,000 |
|
91,512,000 |
7,988,000 |
294,000 |
|
-- |
|
8,282,000 |
3,848,000 |
107,000 |
|
1,044,000 |
|
4,999,000 |
445,000 |
79,000 |
|
-- |
|
524,000 |
|
|
$149,546,000 |
$
2,045,000 |
|
-- |
|
$151,591,000 |
12,769,000 |
(3,057,000 |
) |
$
2,043,000 |
|
11,755,000 |
71,735,000 |
1,817,000 |
|
14,078,000 |
|
87,630,000 |
8,328,000 |
213,000 |
|
-- |
|
8,541,000 |
3,239,000 |
307,000 |
|
601,000 |
|
4,147,000 |
1,221,000 |
82,000 |
|
-- |
|
1,303,000 |
|
|
$130,973,000 |
$
460,000 |
|
-- |
|
$131,433,000 |
7,866,000 |
(1,556,000 |
) |
$
(306,000 |
) |
6,004,000 |
73,061,000 |
640,000 |
|
15,942,000 |
|
89,643,000 |
7,165,000 |
72,000 |
|
-- |
|
7,237,000 |
4,961,000 |
269,000 |
|
1,502,000 |
|
6,732,000 |
857,000 |
10,000 |
|
-- |
|
867,000 |
|
|
Export sales as a percentage of consolidated
sales were approximately 18% in fiscal 1999, 17% in fiscal 1998
and 18% in fiscal 1997. Sales to the Company's largest customer
amounted to approximately 27% of consolidated sales in fiscal
1999, 26% in fiscal 1998 and 28% in fiscal 1997. In addition,
sales to another customer amounted to 15% of consolidated sales
in fiscal 1999, 12% in fiscal 1998 and 11% in fiscal 1997. No
other customer accounted for more than 10% of consolidated sales.
Customers are granted credit on an unsecured basis.
|