SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
------------------------------------------
FORM 10-Q
(mark one)
[ X ] Quarterly Report Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934 for the Quarter ended April 1, 1995.
[ ] Transition Report Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934.
Commission File Number 1-10573
THERMO POWER CORPORATION
(Exact name of Registrant as specified in its charter)
Massachusetts 04-2891371
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
81 Wyman Street, P.O. Box 9046
Waltham, Massachusetts 02254-9046
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (617) 622-1000
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 the number of shares outstanding of each of the
issuer's classes of Common Stock, as of the latest practicable
date.
Class Outstanding at April 28, 1995
---------------------------- -----------------------------
Common Stock, $.10 par value 12,367,056
PAGE
FORM 10-Q
April 1, 1995
THERMO POWER CORPORATION
PART I - Financial Information
Item 1 - Financial Statements
(a) Consolidated Balance Sheet - Assets as of April 1, 1995 and
October 1, 1994 (In thousands)
April 1, October 1,
1995 1994
-------- ----------
Current Assets:
Cash and cash equivalents $ 30,794 $ 7,474
Available-for-sale investments, at quoted market
value (amortized cost of $12,457) (includes
$1,397 of related party investments) (Note 2) 12,909 -
Short-term investments (includes $800 of
related party investments) - 20,405
Accounts receivable, less allowances of $578
and $590 13,378 13,638
Unbilled contract costs and fees 5,917 5,236
Inventories:
Raw materials and supplies 11,881 11,568
Work in process and finished goods 3,773 3,294
Prepaid expenses and income taxes 3,393 3,138
-------- --------
82,045 64,753
-------- --------
Rental Assets, at Cost 4,789 4,543
Less: Accumulated depreciation and amortization 435 348
-------- --------
4,354 4,195
-------- --------
Property, Plant and Equipment, at Cost 14,169 13,410
Less: Accumulated depreciation and amortization 6,332 5,731
-------- --------
7,837 7,679
-------- --------
Long-term Available-for-sale Investments, at
Quoted Market Value (amortized cost of $471)
(includes $248 invested in parent company common
stock) (Note 2) 563 -
-------- --------
Long-term Investments (includes $18 invested in
parent company common stock) - 471
-------- --------
Cost in Excess of Net Assets of Acquired Companies 5,451 5,523
-------- --------
$100,250 $ 82,621
======== ========
The accompanying notes are an integral part of these consolidated financial
statements.
2PAGE
FORM 10-Q
April 1, 1995
THERMO POWER CORPORATION
(a) Consolidated Balance Sheet - Liabilities and Shareholders' Investment
as of April 1, 1995 and October 1, 1994 (In thousands except share
amounts)
April 1, October 1,
1995 1994
-------- ----------
Current Liabilities:
Accounts payable $ 9,392 $ 9,929
Accrued payroll and employee benefits 2,370 2,466
Accrued warranty costs 2,914 3,368
Customer advances 682 1,139
Billings in excess of contract costs and fees 676 562
Accrued income taxes 572 924
Other accrued expenses 2,693 2,948
Due to parent company 329 274
-------- --------
19,628 21,610
-------- --------
Deferred Income Taxes 224 192
-------- --------
Long-term Obligations 323 344
-------- --------
Common Stock of Subsidiary Subject to
Redemption ($18,450 redemption value) (Note 3) 17,288 -
-------- --------
Shareholders' Investment:
Common stock, $.10 par value, 30,000,000
shares authorized; 12,433,473 and
12,425,273 shares issued 1,243 1,243
Capital in excess of par value 53,328 53,211
Retained earnings 8,226 6,634
Treasury stock at cost, 69,603 and 121,140 shares (363) (613)
Net unrealized gain on available-for-sale
investments (Note 2) 353 -
-------- --------
62,787 60,475
-------- --------
$100,250 $ 82,621
======== ========
The accompanying notes are an integral part of these consolidated financial
statements.
3PAGE
FORM 10-Q
April 1, 1995
THERMO POWER CORPORATION
(b) Consolidated Statement of Income for the three months ended
April 1, 1995 and April 2, 1994 (In thousands except per share amounts)
Three Months Ended
--------------------
April 1, April 2,
1995 1994
-------- --------
Revenues $24,912 $22,014
------- -------
Costs and Operating Expenses:
Cost of revenues 19,419 17,619
Selling, general and administrative expenses 3,807 3,390
Research and development expenses 716 433
------- -------
23,942 21,442
------- -------
Operating Income 970 572
Interest Income 431 338
Interest Expense (6) (7)
Gain on Sale of Investments (includes
gain of $285 on sale of related party
investments in fiscal 1994) - 282
------- -------
Income Before Provision for Income Taxes and
Minority Interest Expense 1,395 1,185
Provision for Income Taxes 555 456
Minority Interest Expense 35 -
------- -------
Net Income $ 805 $ 729
======= =======
Earnings per Share $ .07 $ .06
======= =======
Weighted Average Shares 12,356 12,294
======= =======
The accompanying notes are an integral part of these consolidated financial
statements.
4PAGE
FORM 10-Q
April 1, 1995
THERMO POWER CORPORATION
(b) Consolidated Statement of Income for the six months ended April 1, 1995
and April 2, 1994 (In thousands except per share amounts)
Six Months Ended
--------------------
April 1, April 2,
1995 1994
-------- --------
Revenues $47,226 $41,789
------- -------
Costs and Operating Expenses:
Cost of revenues 36,467 33,609
Selling, general and administrative expenses 7,528 6,471
Research and development expenses 1,246 755
------- -------
45,241 40,835
------- -------
Operating Income 1,985 954
Interest Income 731 706
Interest Expense (includes $37 related to
note to parent company in fiscal 1994) (11) (49)
Gain (Loss) on Sale of Investments (includes
gain of $616 on sale of related party
investments in fiscal 1994) (38) 600
------- -------
Income Before Provision for Income Taxes and
Minority Interest Expense 2,667 2,211
Provision for Income Taxes 1,040 851
Minority Interest Expense 35 -
------- -------
Net Income $ 1,592 $ 1,360
======= =======
Earnings per Share $ .13 $ .11
======= =======
Weighted Average Shares 12,342 12,282
======= =======
The accompanying notes are an integral part of these consolidated financial
statements.
5PAGE
FORM 10-Q
April 1, 1995
THERMO POWER CORPORATION
(c) Consolidated Statement of Cash Flows for the six months ended
April 1, 1995 and April 2, 1994 (In thousands)
Six Months Ended
--------------------
April 1, April 2,
1995 1994
-------- --------
Operating Activities:
Net income $ 1,592 $ 1,360
Adjustments to reconcile net income to net cash
provided by (used in) operating activities:
Depreciation and amortization 810 642
Provision for losses on accounts receivable 27 29
(Gain) loss on sale of investments 38 (600)
Minority interest expense 35 -
Changes in current accounts:
Accounts receivable 233 (1,233)
Inventories and unbilled contract
costs and fees (1,473) (613)
Prepaid expenses and income taxes (255) (520)
Accounts payable (537) 1,292
Other current liabilities (1,603) 142
------- -------
Net cash provided by (used in)
operating activities (1,133) 499
------- -------
Investing Activities:
Proceeds from sale and maturities of
available-for-sale investments 7,687 -
Decrease in short-term investments - 4,356
Increase in rental assets (265) -
Purchases of property, plant and equipment (813) (291)
Proceeds from sale of property, plant and equipment 23 -
Purchases of long-term investments - (453)
Other 222 -
------- -------
Net cash provided by investing activities 6,854 3,612
------- -------
Financing Activities:
Net proceeds from issuance of Company and
subsidiary common stock (Note 3) 17,620 239
Repayment of long-term obligations (21) (3,036)
------- -------
Net cash provided by (used in)
financing activities 17,599 (2,797)
------- -------
Increase in Cash and Cash Equivalents 23,320 1,314
Cash and Cash Equivalents at Beginning of Period 7,474 6,154
------- -------
Cash and Cash Equivalents at End of Period $30,794 $ 7,468
======= =======
Cash Paid For:
Interest $ 11 $ 49
Income taxes $ 1,525 $ 569
The accompanying notes are an integral part of these consolidated financial
statements.
6PAGE
FORM 10-Q
April 1, 1995
THERMO POWER CORPORATION
(d) Notes to Consolidated Financial Statements - April 1, 1995
1. General
The interim consolidated financial statements have been prepared by
Thermo Power Corporation (the Company) without audit and, in the opinion of
management, reflect all adjustments of a normal recurring nature necessary
for a fair statement of (a) the results of operations for the three- and
six-month periods ended April 1, 1995 and April 2, 1994, (b) the financial
position at April 1, 1995, and (c) the cash flows for the six-month periods
ended April 1, 1995 and April 2, 1994. Interim results are not necessarily
indicative of results for a full year.
The consolidated balance sheet presented as of October 1, 1994, has
been derived from the consolidated financial statements that have been
audited by the Company's independent public accountants. The consolidated
financial statements and notes are presented as permitted by Form 10-Q, and
do not contain certain information included in the annual financial
statements and notes of the Company. The consolidated financial statements
and notes included herein should be read in conjunction with the financial
statements and notes included in the Company's Annual Report on Form 10-K
for the fiscal year ended October 1, 1994, filed with the Securities and
Exchange Commission.
2. Available-for-sale Investments
Effective October 2, 1994, the Company adopted Statement of Financial
Accounting Standards (SFAS) No. 115, "Accounting for Certain Investments in
Debt and Equity Securities." In accordance with SFAS No. 115, the Company's
debt and marketable equity securities are considered "Available-for-sale
investments" in the accompanying balance sheet and are carried at market
value, with the difference between cost and market value, net of related
tax effects, recorded currently as a component of shareholders' investment
titled "Net unrealized gain on available-for-sale investments." "Net
unrealized gain on available-for-sale investments" consists of (1) an
unrealized gain, net of related tax effects, of $268,000 that was recorded
as an effect of change in accounting principle adjustment and (2) an
unrealized gain, net of related tax effects, of $85,000 relating to the
increase in market value of available-for-sale investments for the
six-month period ended April 1, 1995.
The aggregate market value, cost basis, and gross unrealized gains and
losses of short- and long-term available-for-sale investments by major
security type, as of April 1, 1995, are as follows:
Gross Gross
Market Cost Unrealized Unrealized
(In thousands) Value Basis Gains Losses
--------------------------------------------------------------------------
Tax-exempt securities $ 6,273 $ 6,301 $ - $ 28
Government agency securities 5,083 5,183 - 100
Corporate bonds 1,385 805 580 -
Other 731 639 230 138
------- ------- ------- -------
$13,472 $12,928 $ 810 $ 266
======= ======= ======= =======
7PAGE
FORM 10-Q
April 1, 1995
THERMO POWER CORPORATION
(d) Notes to Consolidated Financial Statements - April 1, 1995 (continued)
2. Available-for-sale Investments (continued)
Short- and long-term available-for-sale investments in the
accompanying balance sheet at April 1, 1995, include $4,296,000 with
contractual maturities of one year or less, $8,613,000 with contractual
maturities of more than one year through five years, and $563,000 with
contractual maturities of more than five years. Actual maturities may
differ from contractual maturities as a result of the Company's intent to
sell these securities prior to maturity and as a result of put and call
options that enable either the Company and/or the issuer to redeem these
securities at an earlier date.
The cost of available-for-sale investments that were sold was based on
specific identification in determining realized losses recorded in the
accompanying statement of income. Loss on sale of investments for the
six-month period ended April 1, 1995, resulted from gross realized losses
relating to the sale of available-for-sale investments.
3. Transaction in Stock of Subsidiary
On March 6, 1995, the Company's wholly owned subsidiary, ThermoLyte
Corporation (ThermoLyte), sold 1,845,000 units, each unit consisting of one
share of ThermoLyte common stock, $.001 par value, and one redemption
right, at $10.00 per unit, for net proceeds of approximately $17.3 million.
Holders of the common stock purchased in the offering will have the option
to require ThermoLyte to redeem in December 1998 and 1999 any or all of
their shares at $10.00 per share. The redemption rights are guaranteed on a
subordinated basis by Thermo Electron Corporation (Thermo Electron). In the
event a payment is made by Thermo Electron under its guarantee, the Company
has agreed to reimburse Thermo Electron. The difference between the
redemption value and the original carrying amount of "Common stock subject
to redemption" is accreted using the straight-line method over the period
ending December 1998, which corresponds to the first redemption period. The
accretion is charged to "Minority interest expense." ThermoLyte is
developing a line of propane-fueled lighting products, including
flashlights, area lights or lanterns, and hazard lights, as well as
researching propane-fueled power supplies. Following the offering, the
Company owned 78% of ThermoLyte's outstanding common stock.
Item 2 - Management's Discussion and Analysis of Financial Condition and
Results of Operations
Description of Business
Industrial Refrigeration Systems
--------------------------------
The Company's FES division supplies standard and custom-designed
refrigeration systems used primarily by the food-processing, petrochemical,
and pharmaceutical industries. NuTemp, Inc. (NuTemp), which was acquired in
May 1994, rents and sells remanufactured and new equipment for industrial
refrigeration applications in the food-processing, petrochemical, and
8PAGE
FORM 10-Q
April 1, 1995
THERMO POWER CORPORATION
Item 2 - Management's Discussion and Analysis of Financial Condition and
Results of Operations (continued)
Description of Business (continued)
pharmaceutical industries, and for commercial cooling applications in
institutions and commercial buildings, as well as for service contractors.
Historically, the demand for NuTemp's equipment is highest in the summer
period.
Engines
-------
The Company's Crusader Engines division (Crusader) manufactures
gasoline engines for recreational boats and natural gas-fueled engines for
vehicle, cooling, pumping, refrigeration, and other industrial
applications.
Cooling and Cogeneration Systems
--------------------------------
The Company's Tecogen division designs, develops, markets, and
services packaged cooling and cogeneration systems fueled principally by
natural gas for sale to commercial, institutional, industrial, and
multi-unit residential users. Certain large-capacity cooling systems are
manufactured by FES, and the cogeneration systems are manufactured by
Crusader.
Through this segment, the Company also conducts research and
development on advanced systems for clean-coal combustion and other
high-efficiency gas-fueled devices. The Company's research and development
capability and expertise in engine, instrumentation, control, and
heat-recovery technologies have enabled it to obtain support from outside
sponsors in industry and government, develop new products, and support
existing products.
The Company's revenues by industry segment for the three- and
six-month periods ended April 1, 1995 and April 2, 1994, are shown in the
following table.
Three Months Ended Six Months Ended
------------------ ------------------
April 1, April 2, April 1, April 2,
(In thousands) 1995 1994 1995 1994
--------------------------------------------------------------------------
Industrial Refrigeration Systems $15,263 $14,302 $29,441 $26,485
Engines 6,526 4,816 11,681 9,710
Cooling and Cogeneration Systems 3,843 3,443 7,223 6,464
Intersegment sales elimination (720) (547) (1,119) (870)
------- ------- ------- -------
$24,912 $22,014 $47,226 $41,789
======= ======= ======= =======
9PAGE
FORM 10-Q
April 1, 1995
THERMO POWER CORPORATION
Item 2 - Management's Discussion and Analysis of Financial Condition and
Results of Operations (continued)
Results of Operations
Second Quarter Fiscal 1995 Compared With Second Quarter Fiscal 1994
-------------------------------------------------------------------
Total revenues increased 13% to $24,912,000 in the second quarter of
fiscal 1995 from $22,014,000 in the second quarter of fiscal 1994.
Industrial Refrigeration Systems segment revenues increased to $15,263,000
in 1995 from $14,302,000 in 1994 due to the inclusion of $1,864,000 in
revenues from NuTemp, which was acquired in May 1994, offset in part by a
decrease in revenues from custom-engineered refrigeration packages at the
Company's FES division due to a decrease in demand. Engines segment
revenues increased 36% to $6,526,000 in 1995 from $4,816,000 in 1994. The
1995 results include a $2,250,000 increase in revenues from Crusader's
inboard marine engine-related products due to increased demand. The 1994
results include $481,000 in revenues from sterndrive marine engine-related
products. The Company's sterndrive customer exited that market in fiscal
1994. Cooling and Cogeneration Systems segment revenues increased to
$3,843,000 in 1995 from $3,443,000 in 1994 due primarily to the inclusion
of a $312,000 fee received from one of the Company's packaged cogeneration
systems distributors to satisfy the financial obligations under a minimum
purchase contract and an increase of $303,000 in revenues from sponsored
research and development contracts. These increases were offset in part by
a decrease in revenues from packaged cogeneration systems and, to a lesser
extent, gas-fueled cooling systems.
The gross profit margin increased to 22% in the second quarter of
fiscal 1995 from 20% in the second quarter of fiscal 1994. The gross profit
margin for the Industrial Refrigeration Systems segment was 22% in 1995,
compared with 18% in 1994. The increase is due primarily to the inclusion
of higher-margin NuTemp revenues and, to a lesser extent, an increase in
margins at FES due to higher-margin sales and lower warranty expenses in
1995, compared with 1994. The gross profit margin for the Engines segment
decreased to 13% in 1995 from 14% in 1994 due to a shift in the sales mix
of marine engine-related products. The gross profit margin for the Cooling
and Cogeneration Systems segment increased to 33% in 1995 from 32% in 1994
due to the fee received from one of the Company's packaged cogeneration
systems distributors as discussed above.
Selling, general and administrative expenses as a percentage of
revenues were 15% in the second quarters of both fiscal 1995 and 1994.
Research and development expenses increased to $716,000 in 1995 from
$433,000 in 1994, due primarily to development costs associated with
gas-fueled lighting products and, to a lesser extent, natural gas-engine
products.
Interest income increased to $431,000 in the second quarter of fiscal
1995 from $338,000 in the second quarter of fiscal 1994, reflecting higher
prevailing interest rates in 1995 and, to a lesser extent, interest income
earned on the proceeds from ThermoLyte Corporation's March 1995 private
placement (see Note 3 to Consolidated Financial Statements). The increase
was offset in part by lower average invested amounts as a result of the
cash expended for the acquisition of NuTemp in May 1994.
10PAGE
FORM 10-Q
April 1, 1995
THERMO POWER CORPORATION
Item 2 - Management's Discussion and Analysis of Financial Condition and
Results of Operations (continued)
First Six Months Fiscal 1995 Compared With First Six Months Fiscal 1994
-----------------------------------------------------------------------
Total revenues increased 13% to $47,226,000 in the first six months of
fiscal 1995 from $41,789,000 in the first six months of fiscal 1994.
Industrial Refrigeration Systems segment revenues increased 11% to
$29,441,000 in 1995 from $26,485,000 in 1994 due to the inclusion of
$4,450,000 in revenues from NuTemp, offset in part by a decrease in
revenues from custom-engineered refrigeration packages at the Company's FES
division due to a decrease in demand. Engines segment revenues increased
20% to $11,681,000 in 1995 from $9,710,000 in 1994. The 1995 results
include a $3,624,000 increase in revenues from Crusader's inboard marine
engine-related products due to increased demand. The 1994 results include
$1,490,000 in revenues from sterndrive marine engine-related products.
Cooling and Cogeneration Systems segment revenues increased to $7,223,000
in 1995 from $6,464,000 in 1994 due primarily to the inclusion of a
$1,187,000 fee received from one of the Company's packaged cogeneration
systems distributors in lieu of that distributor making minimum purchases
required by contract. This increase was offset in part by a decrease in
revenues from packaged cogeneration systems and, to a lesser extent,
gas-fueled cooling systems.
The gross profit margin increased to 23% in the first six months of
fiscal 1995 from 20% in the first six months of fiscal 1994. The gross
profit margin for the Industrial Refrigeration Systems segment increased to
24% in 1995 from 19% in 1994 due primarily to the reasons discussed in the
results of operations for the second quarter. The gross profit margin for
the Engines segment remained relatively unchanged at 12% in 1995, compared
with 13% in 1994. The gross profit margin for the Cooling and Cogeneration
Systems segment increased to 33% in 1995 from 30% in 1994, due primarily to
the fee received from one of the Company's packaged cogeneration systems
distributors as discussed above.
Selling, general and administrative expenses as a percentage of
revenues remained relatively unchanged at 16% in the first six months of
fiscal 1995, compared with 15% in the first six months of fiscal 1994.
Research and development expenses increased to $1,246,000 in 1995 from
$755,000 in 1994, due primarily to development costs associated with
gas-fueled lighting products and, to a lesser extent, natural gas-engine
products.
Interest income increased to $731,000 in the first six months of
fiscal 1995 from $706,000 in the first six months of fiscal 1994 due to the
reasons discussed in the results of operations for the second quarter.
Interest expense decreased to $11,000 in 1995 from $49,000 in 1994 due to
the repayment of a $3,000,000 principal amount 6.2% subordinated
convertible note to Thermo Electron Corporation (Thermo Electron) in the
first quarter of fiscal 1994.
11PAGE
FORM 10-Q
April 1, 1995
THERMO POWER CORPORATION
Item 2 - Management's Discussion and Analysis of Financial Condition and
Results of Operations (continued)
Financial Condition
Liquidity and Capital Resources
-------------------------------
Working capital was $62,417,000 at April 1, 1995, compared with
$43,143,000 at October 1, 1994. Included in working capital were cash, cash
equivalents, and short-term investments of $43,703,000 at April 1, 1995 and
$27,879,000 at October 1, 1994. During the first six months of fiscal 1995,
$1,133,000 of cash was used in operating activities. In March 1995, the
Company's ThermoLyte Corporation subsidiary completed a private placement
for net proceeds of approximately $17.3 million (see Note 3 to Consolidated
Financial Statements). As of April 1, 1995, the Company's short-term
available-for-sale investments included subordinated convertible debentures
issued by Thermedics Inc. (Thermedics) that were purchased on the open
market for $651,000 and have a market value of $1,397,000. Thermedics is a
majority-owned subsidiary of Thermo Electron. As of April 1, 1995, the
Company owned 7,313 shares of Thermo Electron common stock (adjusted to
reflect a three-for-two stock split) that were purchased for $18,000 and
have a market value of $248,000. The Company currently expects to make
capital expenditures of approximately $1,500,000 during the remainder of
fiscal 1995, primarily for machinery and equipment. The Company believes
its existing resources are sufficient to meet the capital requirements of
its existing operations for the foreseeable future.
PART II - Other Information
Item 4 - Submission of Matters to a Vote of Security Holders
On March 14, 1995, at the Annual Meeting of Shareholders, the
shareholders elected seven incumbent directors to a one-year term expiring
in 1996. The directors reelected at the meeting were: Marshall J.
Armstrong, Peter O. Crisp, George N. Hatsopoulos, John N. Hatsopoulos,
Robert C. Howard, Donald E. Noble, and Paul E. Tsongas. Messrs. Armstrong,
G. Hatsopoulos, J. Hatsopoulos, and Howard each received 9,921,553 shares
voted in favor of his election and 6,174 shares voted against. Mr. Crisp
received 9,920,853 shares voted in favor of his election and 6,874 shares
voted against; Mr. Noble received 9,915,128 shares voted in favor of his
election and 12,599 shares voted against; and Mr. Tsongas received
9,922,253 shares voted in favor of his election and 5,474 shares voted
against. No broker nonvotes were recorded on the election of directors.
The shareholders also approved a proposal to amend the directors stock
option plan to change the formula for the award of stock options to
purchase common stock of the Company to its outside Directors and also to
provide for the automatic grant of stock options to purchase common stock
of majority-owned subsidiaries of the Company to its outside directors as
follows: 9,866,829 shares voted in favor, 48,288 shares voted against, and
12,610 shares abstained. No broker nonvotes were recorded on this proposal.
Item 6 - Exhibits
See Exhibit Index on the page immediately preceding exhibits.
12PAGE
FORM 10-Q
April 1, 1995
THERMO POWER CORPORATION
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by
the undersigned thereunto duly authorized as of the 5th day of May 1995.
THERMO POWER CORPORATION
Paul F. Kelleher
---------------------------
Paul F. Kelleher
Chief Accounting Officer
John N. Hatsopoulos
---------------------------
John N. Hatsopoulos
Chief Financial Officer
13PAGE
FORM 10-Q
April 1, 1995
THERMO POWER CORPORATION
EXHIBIT INDEX
Exhibit
Number Description of Exhibit Page
------- ---------------------------------------------------- ----
10.1 Directors Stock Option Plan of the Registrant, as
amended.
27 Financial Data Schedule.