Management’s Discussion and Analysis of Financial Condition and Results of Operations

Results of Operations

The following table sets forth certain statements of operations data expressed as a percentage of net sales for the periods indicated:

	Fiscal Years Ended April
	2007				2006				2005
Net sales		100.0	%		100.0	%		100.0	%
Cost of products sold		86.2			82.6			83.4
Gross profit		13.8			17.4			16.6
Operating expenses		(16.5	)		(15.9	)		(17.6	)
Other operating expenses, net		(0.6	)		(0.3	)		(0.8	)
Operating income (loss)		(3.3	)		1.2			(1.8	)
Other income (expense) Investment income		0.3			0.2			0.1
Interest expense		(1.4	)		(1.2	)		(1.2	)
Other, net		0.9			—			(0.1	)
Income (loss) from continuing operations before income       taxes		(3.5	)		0.2			(3.0	)
Provision for income taxes		(0.9	)		(0.4	)		(0.1	)
Net loss from continuing operations		(4.4	)		(0.2	)		(3.1	)
Discontinued operations		(0.1	)		(1.0	)		(3.7	)
Net loss		(4.5	)%		(1.2	)%		(6.8	)%