Selected Financial Data | |||||||
Years Ended | |||||||
(Dollars in thousands except per share amounts) | March 31, 1996 | March 31, 1995 | March 31, 1994 | March 31, 1993 | March 31, 1992 | ||
Results of Operations | |||||||
Sales | $1,193,846 | $786,904 | $775,329 | $1,005,291 | $1,186,939 | ||
Cost of sales | 971,618 | 679,982 | 651,060 | 838,510 | 971,940 | ||
Research and development | 16,590 | 14,598 | 15,617 | 17,779 | 24,542 | ||
Selling | 41,414 | 38,659 | 36,079 | 51,852 | 57,620 | ||
General and administrative | 49,889 | 31,813 | 31,477 | 37,721 | 42,309 | ||
Restructuring charges (recovery) | (3,196) | 38,000 | | 119,881 | 2,819 | ||
Change of control charges | | 24,639 | | | | ||
Litigation settlement charges | | 15,000 | | | | ||
Operating profit (loss) | 117,531 | (55,787) | 41,096 | (60,452) | 87,709 | ||
Interest expense, net | (43,295) | (10,564) | (6,100) | (11,678) | (15,503) | ||
Other income (expense), net | 2,133 | (843) | (1,122) | 1,872 | 2,020 | ||
Income (loss) from continuing operations before income taxes | 76,369 | (67,194) | 33,874 | (70,258) | 74,226 | ||
Income tax provision (benefit) | 16,801 | | | (25,053) | 28,530 | ||
Income (loss) from continuing operations | 59,568 | (67,194) | 33,874 | (45,205) | 45,696 | ||
Loss from discontinued operations net of income taxes | (5,527) | (5,414) | (1,400) | (37,811) | (6,901) | ||
Loss on disposal of discontinued operations net of income taxes | (6,240) | | | | | ||
Income (loss) before cumulative effect of accounting change | 47,801 | (72,608) | 32,474 | (83,016) | 38,795 | ||
Cumulative effect of accounting change net of income taxes | | (1,500) | | (31,181) | | ||
Net income (loss) | $47,801 | $(74,108) | $32,474 | $(114,197) | $38,795 | ||
Earnings (loss) per common and common equivalent share: | |||||||
Continuing operations | $4.43 | $(6.68) | $3.35 | $(4.68) | $4.57 | ||
Discontinued operations | (.87) | (.54) | (.14) | (3.91) | (.69) | ||
Cumulative effect of accounting change | | (.15) | | (3.23) | | ||
Net income (loss) | $3.56 | $(7.37) | $3.21 | $(11.82) | $3.88 | ||
Financial Position | |||||||
Working capital | $58,188 | $128,354 | $32,812 | $121,654 | $136,158 | ||
Property, plant, and equipment, net | 413,541 | 517,373 | 119,482 | 89,307 | 121,832 | ||
Total assets | 1,017,409 | 1,051,819 | 438,191 | 457,229 | 521,777 | ||
Long-term debt | 350,000 | 395,000 | | 65,485 | 107,500 | ||
Total equity | 157,477 | 140,370 | 91,980 | 65,595 | 178,155 | ||
Other Data | |||||||
Depreciation and amortization | $62,416 | $24,983 | $23,523 | $26,930 | $29,195 | ||
Capital expenditures | 28,014 | 19,335 | 20,699 | 11,319 | 19,482 | ||
Gross margin as a percentage of sales | 18.6% | 13.6% | 16.0% | 16.6% | 18.1% | ||
Note: | |||||||
Hercules Aerospace Company was acquired from Hercules Incorporated on March 15, 1995. For the fiscal year ended March 31, 1995, results of operations include Hercules Aerospace Company (Aerospace) from March 15, 1995, through March 31, 1995. For the fiscal year ended March 31, 1996, results of operations include Aerospace for the entire year. |