Selected Financial Data
Years Ended
(Dollars in thousands except per share amounts)March 31, 1996March 31, 1995March 31, 1994March 31, 1993March 31, 1992
Results of Operations
Sales$1,193,846$786,904$775,329$1,005,291$1,186,939
Cost of sales971,618679,982651,060838,510971,940
Research and development16,59014,59815,61717,77924,542
Selling41,41438,65936,07951,85257,620
General and administrative49,88931,81331,47737,72142,309
Restructuring charges (recovery)(3,196)38,000­119,8812,819
Change of control charges­24,639­­­
Litigation settlement charges­15,000­­­
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), net2,133(843)(1,122)1,8722,020
Income (loss) from continuing operations before income taxes76,369(67,194)33,874(70,258)74,226
Income tax provision (benefit)16,801­­(25,053)28,530
Income (loss) from continuing operations59,568(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 change47,801(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, net413,541517,373119,48289,307121,832
Total assets1,017,4091,051,819438,191457,229521,777
Long-term debt350,000395,000­65,485107,500
Total equity157,477140,37091,98065,595178,155
Other Data
Depreciation and amortization$62,416$24,983$23,523$26,930$29,195
Capital expenditures28,01419,33520,69911,31919,482
Gross margin as a percentage of sales18.6%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.