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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended June 30, 2000 Commission File Number 1-7233
STANDEX INTERNATIONAL CORPORATION
(Exact name of Registrant as specified in its Charter)
DELAWARE 31-0596149
(State of incorporation) (I.R.S. Employer Identification No.)
6 MANOR PARKWAY, SALEM, NEW HAMPSHIRE 03079
(Address of principal executive office) (Zip Code)
(603) 893-9701
(Registrant's telephone number, including area code)
SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE
SECURITIES EXCHANGE ACT OF 1934:
Title of Each Class Name of Each Exchange on Which Registered
Common Stock, Par Value $1.50 Per New York Stock Exchange
Share
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 12 months (or for such shorter
period that the Registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days. YES
X NO
Indicate by check mark if disclosure of delinquent filers pursuant
to Item 405 of Regulation S-K is not contained herein and will not be
contained, to the best of Registrant's knowledge, in definitive proxy or
information statements incorporated by reference in Part III of this
Form 10-K or any amendment to this Form 10-K. [ ]
The aggregate market value of the voting and non-voting common
equity held by non-affiliates of the Registrant at the close of business
on July 31, 2000 was approximately $211,166,000 Registrant's closing
price as reported on the New York Stock Exchange for July 31, 2000 was
$17.25 per share.
The number of shares of Registrant's Common Stock outstanding on
September 13, 2000 was 12,419,681.
Portions of the 2000 Annual Report to Shareholders of Registrant are
incorporated in Parts I, II and IV of this report. Portions of the
Proxy Statement of Registrant dated September 21, 2000 are incorporated
in Part III of this report.
PART I
ITEM 1. BUSINESS
Standex1 is a diversified manufacturing and marketing company with
operations in three product segments: Food Service, Industrial and
Consumer. Standex was incorporated in 1975 and is the successor of a
corporation organized in 1955.
The business of the Company is carried on within the three segments
by a number of operating units, each with its own organization. The
management of each operating unit has responsibility for product
development, manufacturing, marketing and for achieving a return on
investment in accordance with the standards established by Standex.
Overall supervision, coordination and financial control are maintained
by the executive staff from its corporate headquarters located at
6 Manor Parkway, Salem, New Hampshire. As of June 30, 2000, the Company
had approximately 5,600 employees.
The principal products produced and services rendered by each of
the segments of Standex are incorporated herein by reference to pages 4
through 15 of the Annual Report to Shareholders for the fiscal year
ended June 30, 2000 (the "2000 Annual Report"). Sales are made both
directly to customers and by or through manufacturers representatives,
dealers and distributors.
References in this Annual Report on Form 10-K to "Standex" or the
"Company" shall mean Standex International Corporation and its
subsidiaries.
The major markets for the Company's products and services are as
follows:
Food Service Products
. Master-Bilt(R) refrigerated cabinets, cases, display units,
modular structures, coolers and freezers; Barbecue King(R) and
BKI(R) commercial cook and hold units, rotisseries, pressure fryers,
ovens and baking equipment; and Federal Industries bakery and deli
heated and refrigerated display cases for hospitals, schools, fast
food industry, restaurants, hotels, clubs, supermarkets, bakeries,
convenience stores and delicatessens.
. USECO food service equipment and patient feeding systems for
hospitals, schools, nursing homes, correctional facilities and
restaurants; H. F. Coors hotel restaurant china and cookware; and
Mason candle lamps and candles for restaurants, hotels and
commercial industries.
. Procon(R) rotary vane pumps for the carbonated beverage
industry, espresso coffee machine markets, water purification
industry and coolant recirculation systems.
Industrial Products
. Spincraft(R) power metal spinning, custom formed components for
aircraft engines, space launch vehicles, gas turbines, nuclear
reactors, military ordnance, commercial satellites and similar
products for OEMs, U.S. Government, energy, aircraft, aerospace and
commercial satellite industry and other commercial industries.
. Jarvis, Can-Am Casters and WheelTM and PEMCO(R) casters and
wheels and industrial hardware for general industry, hospitals,
supermarkets, hotels and restaurants.
. National Metal fabricated metal products, including specialty
hardware and metal furniture for the food service industry, retail
stores, office furniture markets, stationary supply houses and other
industries.
. Roehlen(R) embossing rolls, texturizing and laser engraving
systems, machines and plates; Mold-Tech(R) mold engraving; Keller-
Dorian print rolls and calendering equipment; Mullen(R) Burst
Testers; Perkins converting and finishing machinery and systems for
general industry (e.g., automotive, plastics, textiles, paper,
building products, synthetic materials, OEMs, converting, textile
and paper industry, computer, housewares and construction
industries).
. Custom Hoists single and double acting telescopic and piston
rod hydraulic cylinders for dump trucks and trailers used in the
construction and waste hauling industries.
. Standex Electronics reed switches, electrical connectors,
sensors, toroids and relays, fixed and variable inductors and
electronic assemblies, fluid sensors and tunable inductors for
telecommunications, consumer electronics, automotive, security
systems, communications equipment, computers, air conditioning and
refrigeration industries.
. James Burn Wire-O(R) double looped wire and machinery and
complete binding system for printers, publishers and binders of
checkbooks, calendars, diaries, appointment books, cookbooks,
catalogs and manuals.
Consumer Products
. Standard Publishing(R) publishes and markets religious
periodicals, curricula, Sunday school literature, children's books
and supplies for Sunday schools, churches, vacation Bible schools
and Christian bookstores and prints for general commerce and
industry.
. Berean(R) Christian Stores, a chain of 22 Berean(R) Christian
bookstores, which serve as distribution centers and retail outlets
for religious books and merchandise.
. Snappy(R), ACME and ALCO metal ducting and fittings for
heating, ventilating and air conditioning distributors throughout
the continental United States.
. Frank Lewis(R) Grapefruit Club gift packages, Red Cooper(R)
fresh grapefruit, Harry's Crestview Groves(R) grapefruit packages,
grapefruit juice, grapefruit sections, onions, melons and roses;
Salsa Express(R) salsas and other related food products; Red
Cooper's Onion Store onions for mail order consumer direct sales.
Financial information on each of the product groups of Standex as
well as financial information of non-U.S. operations is incorporated by
reference to the note to the consolidated financial statements entitled
Industry Segment Information on pages 26 and 27 of the 2000 Annual
Report.
Raw Materials
Raw materials and components necessary for the fabrication of
products and the rendering of services for the Company are generally
available from numerous sources. The Company does not foresee any
unavailability of materials or components which would have any material
adverse effect on its overall business, or any of its business segments,
in the near term.
Patents and Trademarks
The Company owns or is licensed under a number of patents and
trademarks in each of its product groups. However, the loss of any
single patent or trademark would not, in the opinion of the Company,
materially affect any segment or the overall business.
Backlog
Backlog orders believed to be firm at June 30, 2000 and 1999 are as
follows (in thousands):
2000 1999
Food Service $22,562 $21,379
Industrial 116,941 122,337
Consumer 7,276 6,636
Total $146,779 $150,352
All but approximately $64,758,000 of the 2000 backlog, and
$70,415,000 of the 1999 backlog, was expected to be realized as sales in
the following fiscal year.
Competition
Standex manufactures and markets products many of which have achieved
a unique or leadership position in their market. However, the Company
encounters competition in varying degrees in all product groups and for
each product line. Competitors include domestic and foreign producers
of the same and similar products. The principal methods of competition
are price, delivery schedule, quality of services, product performance
and other terms and conditions of sale. During fiscal 2000, the Company
invested $22,787,000 in new plant and equipment in order to upgrade
facilities to become more competitive in all segments.
International Operations
Substantially all international operations of the Company are
related to domestic operations and are included in the Food Service and
Industrial business segments. International operations are conducted at
34 plants, principally in Western Europe. The industry segment
information regarding non-U.S. operations on page 27 of the 2000 Annual
Report is incorporated herein by reference.
Research and Development
Due to the nature of the manufacturing operations of Standex and
the types of products manufactured, expenditures for research and
development are not material to any segment.
Environmental and Other Matters
To the best of its knowledge, the Company believes that it is
presently in substantial compliance with all existing applicable
environmental laws and does not anticipate that such compliance will
have a material effect on its future capital expenditures, earnings or
competitive position.
ITEM 2. PROPERTIES
At June 30, 2000, Standex operated a total of 91 principal plants,
stores and warehouses located through the United States, Western Europe,
Canada, Australia, Singapore and Mexico. The Company owned 50 of the
facilities and the balance were leased. The Company operated 22 retail
stores in various sections of the United States, of which all were
leased. The approximate building space utilized by each product group
of Standex at June 30, 2000 is as follows (in thousands):
Area in Square Feet
Owned Leased
Food Service 698 228
Industrial 1,429 414
Consumer 1,119 373
General Corporate 55 -
Total 3,301 1,015
In general, the buildings are in good condition, are considered to
be adequate for the uses to which they are being put and are in regular
use.
The Company utilizes machinery and equipment which is necessary to
conduct its operations. Substantially all of such machinery and
equipment is owned by Standex.
ITEM 3. LEGAL PROCEEDINGS
There are no material pending legal proceedings.
ITEM 4. SUBMISSION OF MATTERS TO A VOTE
OF SECURITY HOLDERS
No matters were submitted to stockholders during the fourth quarter
of the fiscal year.
EXECUTIVE OFFICERS OF STANDEX
Name Age Principal Occupation During the Past
Five Years
Thomas L. King 70 Chairman of the Board of the Company
since January 1992; President of the
Company from August 1984 to July 1994;
and Chief Executive Officer of the
Company from July 1985 to June 1995.
Edward J. Trainor 60 Chief Executive Officer of the Company
since July 1995; President of the Company
since July 1994; Chief Operating Officer
of the Company from July 1994 to June 1995;
and Vice President of the Company from
July 1992 to July 1994.
David R. Crichton 62 Executive Vice President/Operations
of the Company since June 1989.
Edward F. Paquette 64 Vice President/CFO of the Company since
July 1998; Assistant to the President/CEO
of the Company from September 1997 to June
1998 and prior thereto Partner of Deloitte
& Touche LLP.
Deborah A. Rosen 45 Vice President of the Company since July
1999; General Counsel of the Company since
January 1998; Secretary of the Company
since October 1997; Assistant General
Counsel and Assistant Secretary of the
Company from January 1997 to December 1997
and prior thereto Senior Corporate Attorney
and Assistant Secretary of the Company.
Daniel C. Potter 44 Treasurer of the Company since August 1998;
Assistant Treasurer from July 1997 to July
1998; Corporate Tax Manager of the Company
since February 1997; Tax Manager of the
Company from August 1996 to January 1997
and prior thereto Tax Manager/International.
Robert R. Kettinger 58 Corporate Controller of the Company since
July 1991.
Jerry G. Griffin 50 Group Vice President, Food Service Group
since July 1998; President of Standex
Commercial Products from 1990 to 1998;
and prior thereto Vice President of Finance
and Administration of Standex Commercial
Products.
Peter G. Gerstberger 58 Group Vice President, Consumer Group since
April 1999; prior thereto Founder and
President of The Berwick Group, a
management consulting group.
Other than Messrs. Griffin and Gerstberger, who are not corporate
officers, the executive officers are elected each year by the Board of
Directors to serve for one-year terms of office. There are no family
relationships among any of the directors or executive officers of the
Company.
PART II
ITEM 5. MARKET FOR STANDEX COMMON STOCK
AND RELATED STOCKHOLDER MATTERS
The principal market in which the Common Stock of Standex is traded
is the New York Stock Exchange. The high and low sales prices for the
Common Stock on the New York Stock Exchange and the dividends paid per
Common Share for each quarter in the last two fiscal years are
incorporated by reference to page 19 of the 2000 Annual Report. The
approximate number of stockholders of record on September 13, 2000 was
3,200.
ITEM 6. SELECTED FINANCIAL DATA
Selected financial data for the five years ended June 30, 2000 is
incorporated by reference to the table entitled "Five-Year Financial
Review" on page 19 of the 2000 Annual Report. This summary should be
read in conjunction with the consolidated financial statements and
related notes included in the 2000 Annual Report on pages 20 through 31.
ITEM 7. MANAGEMENT'S DISCUSSION
AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
Management's discussion and analysis of financial condition and
results of operations of the Company is incorporated by reference to
pages 16 through 18 of the 2000 Annual Report.
ITEM 7A. QUANTITATIVE AND
QUALITATIVE DISCLOSURES
ABOUT MARKET RISK
Quantitative and qualitative disclosures about market risk are
incorporated by reference to page 18 of the 2000 Annual Report.
ITEM 8. FINANCIAL STATEMENTS
AND SUPPLEMENTARY DATA
The information required by this item is incorporated by reference
to pages 19 through 32 of the 2000 Annual Report.
ITEM 9. CHANGES IN AND DISAGREEMENTS WITH
ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE
None
PART III
ITEM 10. DIRECTORS AND EXECUTIVE OFFICERS
OF STANDEX
Certain information concerning the directors of the Company is
incorporated by reference to pages 2 through 4 and pages 17 and 20 of
the Proxy Statement of the Company, dated September 21, 2000 (the "2000
Proxy Statement"). Certain information concerning the executive
officers of the Company is set forth in Part I under the caption
"Executive Officers of Standex."
ITEM 11. EXECUTIVE COMPENSATION
Information regarding executive compensation is incorporated by
reference to pages 7 through 15 of the 2000 Proxy Statement.
ITEM 12. SECURITY OWNERSHIP OF CERTAIN
BENEFICIAL OWNERS AND MANAGEMENT
The stock ownership of each person known to Standex to be the
beneficial owner of more than 5% of its Common Stock and the stock
ownership of all directors and executive officers of Standex as a group
are incorporated by reference to pages 3 through 5 of the 2000 Proxy
Statement. The beneficial ownership of Standex Common Stock of all
directors and executive officers of the Company is incorporated by
reference to pages 3 through 4 of the 2000 Proxy Statement.
ITEM 13. CERTAIN RELATIONSHIPS AND
RELATED TRANSACTIONS
Information regarding certain relationships and related
transactions is incorporated by reference to page 18 of the 2000 Proxy
Statement.
PART IV
ITEM 14. EXHIBITS, FINANCIAL STATEMENT
SCHEDULES, AND REPORTS ON FORM 8-K
(a) Financial Statements and Schedule
(i) The financial statements listed in the accompanying
index to the Consolidated Financial Statements and
Schedules are incorporated by reference into this Item
14.
(ii) The financial statement schedule listed in the
accompanying index to the Consolidated Financial
Statements and Schedules is filed as part of this Annual
Report on Form 10-K.
(b) Reports on Form 8-K
Standex filed no reports on Form 8-K with the Securities and
Exchange Commission during the last quarter of the fiscal year ended
June 30, 2000.
(c) Exhibits
3. (i) Restated Certificate of Incorporation
of Standex, dated October 27, 1998, is incorporated
by reference to the exhibits to the Quarterly Report
of Standex on Form 10-Q for the fiscal quarter ended
December 31, 1998.
(ii) By-Laws of Standex, as amended, and
restated on July 27, 1994 are incorporated by
reference to the exhibits to the Annual Report of
Standex on Form 10-K for the fiscal year ended June
30, 1994 (the "1994 10-K").
4. (a) Agreement of the Company, dated
September 15, 1981, to furnish a copy of any
instrument with respect to certain other long-term
debt to the Securities and Exchange Commission upon
its request is incorporated by reference to the
exhibits to the Annual Report of Standex on Form 10-
K for the fiscal year ended June 30, 1981.
(b) Rights Agreement of the Company is
incorporated by reference to Form 8A filed with the
Securities and Exchange Commission on December 18,
1998 and to the Form 8-K filed with the Securities
and Exchange Commission on December 18, 1998
(c) Exhibits (Continued)
10. (a) Employment Agreement dated May 1,
2000, between the Company and David R. Crichton is
incorporated by this reference to the exhibits to
this Annual Report on Form 10-K for the fiscal year
ended June 30, 2000 (the "2000 10-K").
(b) Employment Agreement dated May 1,
2000, between the Company and Edward J. Trainor is
incorporated by this reference to the exhibits to
the 2000 10-K.
(c) Employment Agreement dated May 1,
2000, between the Company and Edward F. Paquette is
incorporated by this reference to the exhibits to
the 2000 10-K.
(d) Employment Agreement dated May 1,
2000, between the Company and Deborah A. Rosen is
attached hereto and incorporated by this reference
to the exhibits to the 2000 10-K.
(e) Standex International Corporation
1998 Long Term Incentive Plan, effective October 27,
1998 is incorporated by reference to the exhibits to
the Quarterly Report of Standex on Form 10-Q of the
fiscal quarter ended December 31, 1998.
(f) Standex International Corporation
Profit Improvement Participation Shares Plan as
amended and restated on April 26, 1995 is
incorporated by reference to the exhibits to the
Annual Report of Standex on Form 10-K for the fiscal
year ended June 30, 1995 (the "1995 10-K").
(g) Standex International Corporation
Stock Option Loan Plan, effective January 1, 1985, as
amended and restated on January 26, 1994, is
incorporated by reference to the exhibits to the 1994
10-K.
(h) Standex International Corporation
Executive Security Program, as amended and restated
on July 27, 1994, and as further amended and
restated on October 29, 1996 is incorporated by
reference to the exhibits to the Quarterly Report of
Standex on Form 10-Q for the fiscal quarter ended
December 31, 1996 (the "December 31, 1996 10-Q").
(i) Standex International Corporation
1985 Stock Option Plan effective July 31, 1985, as
amended on October 30, 1990, is incorporated by
reference to the exhibits to the Annual Report of
Standex on Form 10-K for the fiscal year ended June
30, 1991.
(j) Standex International Corporation
Executive Life Insurance Plan effective April 27,
1994 and amended on April 24, 1996 and as further
amended and restated on October 29, 1996 is
incorporated by reference to the exhibits to the
December 31, 1996 10-Q.
(c) Exhibits (Continued)
(k) Standex International Corporation
1994 Stock Option Plan effective July 27, 1994 is
incorporated by reference to the exhibits to the
1994 10-K.
(l) Standex International Corporation
Supplemental Retirement Plan adopted April 26, 1995
and amended on July 26, 1995 is incorporated by
reference to the exhibits to the 1995 10-K.
13. The Annual Report to Shareholders of the
Company for the fiscal year ended June 30, 2000 (except
for the pages and information thereof expressly
incorporated by reference in this Form 10-K, the Annual
Report to Shareholders) is provided solely for the
information of the Securities and Exchange Commission and
is not deemed "filed" as part of this Form 10-K.
21. Subsidiaries of Standex.
23. Independent Auditors' Consent.
24. Powers of Attorney of David R. Crichton, William
R. Fenoglio, Walter F. Greeley, Daniel B. Hogan, Thomas L.
King, C. Kevin Landry, H. Nicholas Muller, III, Ph.D.,
Edward F. Paquette and Sol Sackel.
27. Financial Data Schedule.
(d) Schedule
The schedule listed in the accompanying Index to the Consolidated
Financial Statements and Schedules is filed as part of this Annual
Report on Form 10-K.
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the
Securities Exchange Act of 1934, Standex International Corporation has
duly caused this Annual Report on Form 10-K to be signed on its behalf
by the undersigned, thereunto duly authorized, on September 26, 2000.
STANDEX INTERNATIONAL CORPORATION
(Registrant)
By:/s/ Edward J. Trainor
Edward J. Trainor, President/
Chief Executive Officer
Pursuant to the requirements of the Securities Exchange Act of
1934, this report has been signed below by the following persons on
behalf of Standex International Corporation and in the capacities
indicated on September 26, 2000:
Signature Title
/s/ Edward J. Trainor President/Chief Executive Officer
Edward J. Trainor
/s/ Edward F. Paquette Vice President/Chief Financial Officer
Edward F. Paquette
/s/ Robert R. Kettinger Corporate Controller (Chief Accounting Officer)
Robert R. Kettinger
Edward J. Trainor, pursuant to powers of attorney which are being
filed with this Annual Report on Form 10-K, has signed below on
September 26, 2000 as attorney-in-fact for the following directors of
the Registrant:
David R. Crichton C. Kevin Landry
William R. Fenoglio H. Nicholas Muller, III, Ph.D.
Walter F. Greeley Edward F. Paquette
Daniel B. Hogan Sol Sackel
Thomas L. King
/s/ Edward J. Trainor
Edward J. Trainor
INDEX TO CONSOLIDATED FINANCIAL STATEMENTS AND SCHEDULE
Page No. in
Annual Report
("AR")
Financial Statements
Statements of Consolidated Income for the
Years Ended June 30, 2000, 1999 and 1998 AR 20
Consolidated Balance Sheets at June 30, 2000 and 1999 AR 21
Statements of Consolidated Stockholders' Equity for
the Years Ended June 30, 2000, 1999 and 1998 AR 20
Statements of Consolidated Cash Flows for
the Years Ended June 30, 2000, 1999 and 1998 AR 22
Notes to Consolidated Financial Statements. AR 23 - 31
Independent Auditors' Report relating to the
Consolidated Financial Statements and Notes thereto AR 32
Schedule
Schedule VIII Valuation and Qualifying Accounts
Independent Auditors' Report relating to Schedule VIII
Schedules (consolidated) not listed above are omitted because of the
absence of conditions under which they are required or because the
required information is included in the financial statements submitted.
INDEX TO ITEMS INCORPORATED BY REFERENCE
Page No. in
Annual Report
("AR") or Proxy
Statement ("P")
PART I
Item 1Business AR 4 - 15
Industry Segment Information AR 26
INDEX TO ITEMS INCORPORATED BY REFERENCE
Page No. in
Annual Report
("AR") or Proxy
Statement P")
PART II
Item 5 Market for Standex Common Stock and Related
Stockholder Matters AR 19
Item 6 Selected Financial Data AR 19
Item 7 Management's Discussion and Analysis of Financial
Condition and Results of Operations AR 16 - 18
Item 7A Quantitative and Qualitative Disclosures About
Market Risk AR 18
Item 8 Financial Statements and Supplementary Data AR 19 - 32
PART III
Item 10 Directors and Executive Officers of Standex P 2-4; 17; 20
Item 11 Executive Compensation P 7-15
Item 12 Security Ownership of Certain Beneficial
Owners and Management P 3-5
Item 13 Certain Relationships and Related Transactions P 18
INDEPENDENT AUDITORS' REPORT
To the Board of Directors and Stockholders of
STANDEX INTERNATIONAL CORPORATION
Salem, New Hampshire
We have audited the consolidated financial statements of Standex
International Corporation and subsidiaries as of June 30, 2000 and 1999,
and for each of the three years in the period ended June 30, 2000, and
have issued our report thereon dated August 15, 2000; such consolidated
financial statements and report are included in your 2000 Annual Report
to Shareholders and are incorporated herein by reference. Our audits
also included the consolidated financial statement schedule of Standex
International Corporation and subsidiaries, listed in Item 14(a)(ii).
This consolidated financial statement schedule is the responsibility of
the Corporation's management. Our responsibility is to express an
opinion based on our audits. In our opinion, such consolidated
financial statement schedule, when considered in relation to the basic
consolidated financial statements taken as a whole, presents fairly in
all material respects the information set forth therein.
/s/ DELOITTE & TOUCHE LLP
DELOITTE & TOUCHE LLP
Boston, Massachusetts
August 15, 2000
INDEX TO EXHIBITS
PAGE
10. Employment Agreements of David R. Crichton,
Edward J. Trainor, Edward F. Paquette,
and Deborah A. Rosen
13. The Annual Report to Shareholders of
the Company for the fiscal year ended
June 30, 2000 (except for the pages
and information thereof expressly
incorporated by reference in this Form
10-K, the Annual Report to
Shareholders) is provided solely for
the information of the Securities and
Exchange Commission and is not deemed
"filed" as part of this Form 10-K
21. Subsidiaries of Registrant
23. Independent Auditors' Consent
24. Powers of Attorney of
David R. Crichton,
William R. Fenoglio,
Walter F. Greeley, Daniel B. Hogan,
Thomas L. King, C Kevin Landry,
H. Nicholas Muller, III, Ph.D.,
Edward F. Paquette and Sol Sackel
27. Financial Data Schedule