UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the fiscal quarter ended September 25, 1998
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)OF
THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ______ to ______
Commission File Number 0-25246
-----------
WINSLOEW FURNITURE, INC.
(Exact name of registrant as specified in its charter)
FLORIDA 63-1127982
- -------------------------------- --------------------
(State or other jurisdiction of (I.R.S Employer
incorporation or organization) Identification No.)
160 VILLAGE STREET, BIRMINGHAM, ALABAMA 35242
- ------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
(Registrant's telephone number, including Area Code) (205) 408-7600
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 Shares
Outstanding at November 3, 1998
$ .01 par value 7,329,408
WINSLOEW FURNITURE, INC.
INDEX
PART I. FINANCIAL INFORMATION Page
Item 1. Financial Statements
Consolidated Balance Sheet ...................... 3
Consolidated Statements of Income ............... 4
Consolidated Statements of Cash Flows ........... 5
Notes to Consolidated Financial Statements ...... 6-7
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations ............. 8-12
PART II. OTHER INFORMATION
Item 1. Legal Proceedings ............................... 12
Item 4. Submission of Matters to a Vote of
Security Holders ................................ 12
Item 6. Exhibits and Reports on Form 8-K ................ 12
Signatures .................................................. 13
(2)
WinsLoew Furniture, Inc. and Subsidiaries
Consolidated Balance Sheets
(Unaudited)
(In thousands except share
and per share amounts) September 25, December 31,
1998 1997
--------- -----------
Assets
Cash and cash equivalents $ 3,441 $ 707
Accounts receivable, less
allowances for doubtful accounts 16,697 21,124
Inventories 8,263 9,096
Prepaid expenses and other
current assets 4,586 7,391
Net assets of discontinued operations -- 2,057
------- --------
Total current assets 32,987 40,375
Net assets of discontinued operations 948 6,860
Property, plant and equipment, net 11,950 10,320
Goodwill, net 26,595 21,021
Other assets 3,826 763
------- -------
$76,306 $79,339
======= =======
Liabilities and Stockholders' Equity
Current portion of long-term debt $ 46 $ 515
Accounts payable 3,392 3,187
Other accrued liabilities 12,139 7,336
------- -------
Total current liabilities 15,577 11,038
Long-term debt, net of current portion 1,080 15,908
Deferred income taxes 745 1,367
------- -------
Total liabilities 17,402 28,313
------- -------
Commitments and contingencies
Stockholders' equity:
Preferred stock, par value $.01
per share, 5,000,000 shares
authorized, none issued -- --
Common stock; par value $.01
per share, 20,000,000 shares
authorized, 7,329,408 and 7,526,508
shares issued and outstanding at
September 25, 1998 and
December 31, 1997 73 75
Additional paid-in capital 20,439 24,926
Retained earnings 38,392 26,025
------- -------
Total stockholders' equity 58,904 51,026
------- -------
$76,306 $79,339
======= =======
See accompanying notes.
(3)
WinsLoew Furniture, Inc and Subsidiaries
Consolidated Statements of Income
(Unaudited)
(In thousands except
per share amounts)
Third Quarter Ended Nine Months Ended
----------------------- --------------------
Sept 25, Sept 26, Sept 25, Sept 26,
1998 1997 1998 1997
--------- --------- --------- ---------
Net sales $33,329 $27,985 $98,256 $88,645
Cost of sales 20,459 18,121 60,153 56,917
-------- -------- -------- --------
Gross profit 12,870 9,864 38,103 31,728
Selling, general
and administrative
expenses 6,596 5,187 16,672 15,849
Amortization 319 245 806 733
-------- -------- -------- --------
Operating income 5,955 4,432 20,625 15,146
Interest expense 137 590 824 2,092
-------- -------- -------- --------
Income from
continuing
operations before
income taxes 5,818 3,842 19,801 13,054
Provision for
income taxes 2,221 1,492 7,434 5,046
------- -------- -------- --------
Income from continuing
operations 3,597 2,350 12,367 8,008
(Loss) from
discontinued
operations, net
of taxes -- (68) -- (404)
------- -------- -------- --------
Net income $3,597 $2,282 $12,367 $7,604
======= ======= ======= =======
Basic earnings (loss) per share:
Income from continuing
operations $0.48 $0.31 $1.65 $1.07
(Loss) from
discontinued
operations, net
of taxes -- (0.01) -- (0.05)
----- ------ ----- -----
Net income $0.48 $0.30 $1.65 $1.01
===== ====== ===== =====
Weighted average
number of shares 7,468 7,508 7,506 7,508
===== ===== ===== =====
Diluted earnings (loss) per share:
Income from continuing
operations $0.47 $0.31 $1.61 $1.05
(Loss) from
discontinued
operations,
net of taxes -- (0.01) -- (0.05)
----- ------ ----- -----
Net income $0.47 $0.30 $1.61 $1.00
===== ====== ===== =====
Weighted average
number of shares
and common stock
equivalents 7,647 7,602 7,688 7,602
===== ====== ===== =====
See accompanying notes.
(4)
WinsLoew Furniture, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
(Unaudited)
(In thousands) For the Nine Months Ended
-----------------------------
September 25, September 26,
1998 1997
------------- -------------
Cash flows from operating activities:
Net income $12,367 $7,604
Adjustments to reconcile net
income to net cash provided by
(used in) operating activities:
Depreciation and amortization 1,685 1,712
Provision for losses on accounts
receivable 471 (14)
Change in net assets held for sale 7,969 4,784
Changes in operating assets and
liabilities, net of effects
from acquisitions and dispositions:
Accounts receivable 4,693 7,616
Inventories 1,442 1,358
Prepaid expenses and other
current assets 2,813 (261)
Other assets (632) (34)
Accounts payable 15 615
Other accrued liabilities 2,694 2,110
Deferred income taxes (622) 128
------- -------
Total adjustments 20,528 18,014
------- -------
Net cash provided by (used in)
operating activities 32,895 25,618
------- -------
Cash flows from investing activities:
Capital expenditures, net of disposals (1,055) (682)
Proceeds from disposition of business -- 2,119
Investment in subsidiary (9,320) --
------- -------
Net cash provided by (used in)
investing activities (10,375) 1,437
-------- -------
Cash flows from financing activities:
Net borrowings (payments) under
revolving credit agreements (15,297) (23,890)
Proceeds from issuance of
common stock, net 846 (1,970)
Payments on long-term debt -- 731
Repurchase and cancellation of stock (5,335) (490)
-------- -------
Net cash used in financing
activities (19,786) (25,619)
-------- -------
Net increase in cash and
cash equivalents 2,734 1,436
Cash and cash equivalents at
beginning of year 707 897
------ -------
Cash and cash equivalents at
end of period $3,441 $2,333
====== =======
Supplemental disclosures:
Interest paid $500 $1,954
Income taxes paid $6,189 $5,352
====== =======
Investing activities included the acquisition
of Tropic Craft in 1998.
Assets acquired, liabilities assumed and consideration
paid was as follows:
Fair value of assets acquired $11,665
Cash acquired (46)
Liabilities assumed (2,299)
--------
$ 9,320
========
See accompanying notes
(5)
WINSLOEW FURNITURE, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
1. Basis of Presentation
The accompanying unaudited consolidated financial statements of
WinsLoew Furniture, Inc. and subsidiaries (the "Company" or
"WinsLoew"), which are for interim periods, do not include all
disclosures provided in the annual consolidated financial
statements. These unaudited consolidated financial statements
should be read in conjunction with the annual consolidated
financial statements and notes thereto contained in the Company's
Annual Report on Form 10-K for the year ended December 31, 1997,
as filed with the Securities and Exchange Commission.
All material intercompany balances and transactions have been
eliminated. The preparation of the consolidated financial
statements requires the use of estimates in the amounts reported.
In the opinion of the Company, the accompanying unaudited
consolidated financial statements contain all adjustments (which
are of a normal recurring nature) necessary for a fair
presentation of the results for the interim periods. The results
of operations are presented for the Company's third quarter,
which is from June 27 through September 25, 1998, and for the
nine month period which is from January 1 through September 25,
1998. The results of operations for these two periods are not
necessarily indicative of the results to be expected for the full
year.
2. Inventories
Inventories consisted of the following:
(In thousands) September 25, December 31,
1998 1997
------------- ------------
Raw materials $6,210 $7,597
Work in process 721 1,038
Finished goods 1,332 461
------ ------
$8,263 $9,096
====== ======
3. Long-term Debt
WinsLoew's amended senior credit facility provides the Company
with a variable amount available under the revolving line of
credit. The amount available under its revolving credit line is
$20 million between July 1 each year through December 31. The
Company may, at its option, elect to increase the revolving
credit line at January 1 through the following June 30 to a
maximum of $40 million.
4. Capital Stock
In January 1998, WinsLoew's Board of Directors approved a plan to
acquire up to 1,000,000 shares of the Company's common stock. The
purchases are being funded by the Company's senior credit
facility (see Note 3 above). As of September 25, 1998, the
Company has acquired 258,000 shares for $5.3 million.
(6)
5. Discontinued Operations
During 1997 the Company's Board of directors adopted a plan to
discontinue the Company's ready-to-assemble ("RTA") operations.
Of the three business, one is in the process of being liquidated,
one has been sold and one is being held for sale (See Note 6-
Acquisition and Disposition). The results of operations have
been classified in the accompanying statement of income as
discontinued operations. Revenues from discontinued operations
were $2.9 and $7.5 million in the third quarter of 1998 and 1997
and $12.9 and $20.5 million for the nine month period ended
September 25, 1998 and September 26, 1997, respectively.
The current net assets of discontinued operations consist
primarily of inventory and receivables, net of current
liabilities including a reserve for estimated losses through the
disposal date. The non-current net assets of discontinued
operations consist primarily of property, plant and equipment,
net.
6. Acquisition and disposition
On June 26, 1998 the Company entered into an agreement to sell
its Continental Engineering Group, Inc. ("Continental")
subsidiary for approximately $7.9 million. Continental was one
of the RTA businesses being held for sale (See Note 5). The
proceeds were primarily used to reduce outstanding indebtedness
under the Company's senior credit facility.
On June 30, 1998 the Company purchased the stock of Tropic Craft,
Inc. (Tropic Craft) , a company involved in the design and
manufacture of casual furniture for the contract market. The
purchase price of approximately $9.3 million was financed under
the Company's senior credit facility. The acquisition resulted
in goodwill of approximately $8.4 million and was accounted for
under the purchase method and, accordingly, the operating results
of Tropic Craft have been included in the consolidated operating
results since the date of acquisition.
The following unaudited pro forma information has been prepared
assuming that the acquisition of Tropic Craft occurred on January
1, 1997. Permitted pro forma adjustments include only the
effects of events directly attributable to the transaction that
are factually supportable and expected to have a continuing
impact. The pro forma results are not necessarily indicative of
what actually would have occurred if the acquisition had been in
effect for the entire period presented. In addition, they are
not intended to be a projection of future results and do not
reflect any synergy that might be achieved from combined
operations.
Nine Months Ended
---------------------------------
(In thousands) September 25, September 26,
1998 1997
------------- -------------
Net sales $101,648 $93,152
Net income $ 13,014 $ 7,956
Basic earning per share $1.73 $1.06
Diluted earnings per share $1.69 $1.05
(7)
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
General
WinsLoew is engaged in the design, manufacture, and distribution
of casual and contract seating furniture. WinsLoew's casual
furniture products are distributed through independent
manufacturer's representatives and are constructed of extruded
and tubular aluminum, wrought iron and cast aluminum. These
products are distributed through fine patio stores, department
stores and full line furniture stores nationwide. WinsLoew's
contract seating products are distributed to a broad customer
base which includes architectural design firms, restaurants and
lodging chains.
Results of Operations
The following table sets forth net sales, gross profit, and gross
margin as a percent of net sales for the respective periods for
each of the Company's product lines (in thousands, except for
percentages):
Three Months Ended
----------------------------------------------------
September 25, 1998 September 26, 1997
------------------------- ------------------------
Net Gross Gross Net Gross Gross
Sales Profit Margin Sales Profit Margin
------- ------- ------ ------- ------ ------
Casual furniture $15,898 $ 7,038 44.3% $13,116 $5,202 39.7%
Contract seating 17,431 5,832 33.4% 14,869 4,662 31.4%
------- ------- ------- ------
Total $33,329 $12,870 38.6% $27,985 $9,864 35.2%
======= ======= ======= ======
Nine Months Ended
----------------------------------------------------
September 25, 1998 September 26, 1997
------------------------- ------------------------
Net Gross Gross Net Gross Gross
Sales Profit Margin Sales Profit Margin
------- ------- ------ ------- ------ ------
Casual furniture $47,423 $21,754 45.9% $44,974 $18,698 41.6%
Contract seating 50,833 16,349 32.2% 43,671 13,030 29.8%
------- ------- ------- -------
Total $98,256 $38,103 38.8% $88,645 $31,728 35.8%
======= ======= ======= =======
(8)
The following table sets forth certain information relating to
the Company's operations expressed as a percentage of the
Company's net sales:
Three Months Ended Nine Months Ended
-------------------- --------------------
Sept. 25, Sept. 26, Sept. 25, Sept. 26,
1998 1997 1998 1997
----- ----- ----- -----
Gross margin 38.6% 35.2% 38.8% 35.8%
Selling, general and
administrative expense 19.8% 18.5% 17.0% 17.9%
Amortization 1.0% 0.9% 0.8% 0.8%
Operating income 17.9% 15.8% 21.0% 17.1%
Interest expense, net 0.4% 2.1% 0.8% 2.4%
Income from continuing
operations before
income taxes 17.5% 13.7% 20.2% 14.7%
Income from continuing
operations 10.8% 8.4% 12.6% 9.0%
COMPARISON OF THIRD QUARTERS ENDED SEPTEMBER 25, 1998
AND SEPTEMBER 26, 1997
NET SALES: WinsLoew's consolidated net sales for the third
quarter of 1998, $33.3 million, increased $5.3 million or 18.9%
from $28 million in the third quarter of 1997. If the casual
wrought iron business, sold in August 1997, is excluded from the
third quarter of 1997, consolidated net sales increased $6.3
million or 23.3%.
Both of the Company's product lines experienced strong sales
increases. Sales of casual products, after excluding 1997 third
quarter sales for the wrought iron business sold in August 1997,
increased 30.3% in the third quarter of 1998. Management believes
that this increase in demand is primarily due to the Company's
emphasis on quality, leading the industry through innovative
designs and providing customer flexibility with it's delivery
program. Contract Seating product sales increased 17.2% in the
third quarter of 1998 primarily due to increased demand in both
it's core business and the lodging industry.
GROSS MARGIN: Consolidated gross margin was 38.6% in the third
quarter of 1998, compared to 35.2% in the third quarter of 1997.
Both of the Company's product lines contributed to the increase
in gross margin. The Casual product line gross margin improved
to 44.3% in the third quarter of 1998 compared to 39.7% in the
third quarter of 1997, due, in part, to the sale in August 1997
of the wrought iron business and improved operating efficiencies
and lower raw material costs in the remaining casual facilities.
The gross margin for contract seating products improved to 33.4%
in the third quarter of 1998 compared to 31.4% in the third
quarter of 1997 due to higher volume and improved efficiencies in
both of the Company's contract facilities.
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES: Selling,
general and administrative expenses increased $1.4 million in the
third quarter of 1998. The increase was primarily the result of
sales related expenditures and increases to provisions for losses
on accounts receivable.
OPERATING INCOME: As a result of the above, operating income
increased by $1.6 million, to $6.0 million (17.9% of net sales)
in the third quarter of 1998 compared to $4.4 million (15.8% of
net sales) in the third quarter of 1997.
INTEREST EXPENSE: The Company's interest expense decreased
$453,000 in the third quarter of 1998, compared to the third
quarter of 1997, due to lower outstanding debt balances.
PROVISION FOR INCOME TAXES: The Company's effective tax rate
for the third quarter of 1998 was 38.2% compared to 38.8% for the
third quarter of 1997. The effective tax rate is greater than
the federal statutory rate primarily due to the effect of state
income taxes and non-deductible goodwill amortization.
(9)
COMPARISON OF NINE MONTHS ENDED SEPTEMBER 25, 1998
AND SEPTEMBER 26, 1997
NET SALES: WinsLoew's consolidated net sales for the first
nine months of 1998, $98.3 million, increased $9.7 million or
10.9% from $88.6 million for the first nine months of 1997. If
the casual wrought iron business, sold in August 1997, is
excluded from the first nine months of 1997, consolidated net
sales increased $15.4 million or 18.6%.
Both of the Company's product lines experienced strong sales
increases. The Casual product line increased sales by 20.8%,
after excluding sales in the 1997 period of the casual wrought
iron business sold in August 1997. The Company believes that due
to its high quality, innovative designs, and delivery program,
existing retail customers have allocated more floor space, and
are, therefore, requiring larger inventories of the Company's
casual aluminum furniture. The Contract Seating product line
experienced a sales increase of 16.4% as both core business and
the lodging industry increased demand.
GROSS MARGIN: Consolidated gross margin increased to 38.8% in
the first nine months of 1998, compared to 35.8% in the first
nine months of 1997. Both product lines contributed to the
improved gross margin. The Casual product line gross margin
increased to 45.9% during the first nine months of 1998 compared
to 41.6% for the same period in 1997. The increase is a
combination of the sale of the casual wrought iron business,
greater operating efficiencies from increased production volumes
and favorable raw material costs. The contract seating product
line gross margin increased to 32.2% during the first nine months
of 1998 compared to 29.86% for the same period in 1997 primarily
due to increased sales volume and improved operating
efficiencies.
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES: Selling,
general and administrative expenses increased over the first nine
months of 1997 by $0.8 million. The increase was primarily the
result of sales related expenditures and increases to provisions
for losses on accounts receivable.
OPERATING INCOME: As a result of the above, operating income
increased by $5.5 million to $20.6 million (21.0% of net sales)
in the first nine months of 1998, compared to $15.1 million
(17.1% of net sales) during the comparable period of 1997.
INTEREST EXPENSE: The Company's interest expense decreased $1.3
million in the first nine months of 1998, compared to the same
period in 1997 due to lower outstanding debt balances.
PROVISION FOR INCOME TAXES: The Company's 1998 effective tax
rate of 37.5% and effective rate of 38.7% for the 1997 period is
greater than the federal statutory rate due to the effect of
state income taxes and non-deductible goodwill amortization.
Seasonality and Quarterly Information
The furniture industry is cyclical and sensitive to changes in
general economic conditions, consumer confidence, discretionary
income, interest rate levels and credit availability.
Sales of Casual products are typically higher in the second and
fourth quarters of each year, primarily as a result of: (1) high
retail demand for casual furniture in the second quarter,
preceding the summer months, and (2) the impact of special sales
programs on fourth quarter sales. The Company's Casual product
sales will also be affected by weather conditions during the peak
retail selling season with a resulting impact on consumer
purchases of outdoor furniture products.
The results of operations for any interim quarter are not
necessarily indicative of results for a full year.
(10)
Liquidity and Capital Resources
The WinsLoew's short-term cash needs are primarily for working
capital to support its debt service, accounts payable, and
inventory requirements. The Company has historically financed
its short-term liquidity needs with internally generated funds
and revolving credit facility borrowings. The Company actively
monitors its cash balances and applies available funds to reduce
borrowings under its long-term revolving line of credit. At
September 25, 1998, the Company has $20.1 million of working
capital and $20.0 million of unused and available funds under its
credit facilities.
In May 1998, WinsLoew amended its senior credit facility to
provide for capital stock purchases not to exceed, in aggregate,
$10 million (see Note 4 to the Consolidated Financial
Statements). As of September 25, 1998 there was $6.8 million
available for such repurchases.
CASH FLOWS FROM OPERATING ACTIVITIES: Cash provided by
operating activities was $32.9 million and $25.6 million for the
first nine months of 1998 and 1997, respectively. The improvement
in cash provided by operations in the first nine months of 1998
compared to 1997 was primarily due to the overall improvement in
profits.
CASH FLOWS FROM INVESTING ACTIVITIES: Cash provided (used) for
investing activities was $(10.4) million and $1.4 million for the
first nine months of 1998 and 1997, respectively. Cash flows
provided by investing activities for the first nine months of
1997 was primarily due to the proceeds from the disposition of
the casual wrought iron facility in August 1997. Cash used by
investing activities for the first nine months of 1998 was
primarily due to the purchase of Tropic Craft (see Note 6 to the
Consolidated Financial Statements).
CASH FLOWS FROM FINANCING ACTIVITIES: Net cash used in
financing activities was $19.8 million in the first nine months
of 1998 compared to $25.6 million in the first nine months of
1997. Cash was used primarily to reduce debt balances under the
Company's revolving credit facilities (see Note 3 to the
Consolidated Financial Statements) and to repurchase shares of
the Company's stock (see Note 4 to the Consolidated Financial
Statements).
At September 25, 1998, the Company has no material commitments
for capital expenditures.
Foreign Exchange Forward Contracts
WinsLoew purchases some raw materials from several Italian
suppliers. These purchases expose the Company to the effects of
fluctuations in the value of the U.S. dollar versus the Italian
lira. If the U.S. dollar declines in value versus the Italian
lira, the Company will pay more in U.S. dollars for these
purchases. To reduce its exposure to loss from such potential
foreign exchange fluctuations, the Company will occasionally
enter into foreign exchange forward contracts. These contracts
allow the Company to buy Italian lira at a predetermined exchange
rate and thereby transfer the risk of subsequent exchange rate
fluctuations to a third party. However, if the Company is unable
to continue such forward contract activities and the Company's
inventories increase in connection with expanding sales
activities, a weakening of the U.S. dollar against the Italian
lira could result in reduced gross margins. The Company elected
to hedge a portion of its exposure to purchases made in 1998 by
entering into foreign currency forward contracts with a value of
$1.1 million, all of which is outstanding and unsettled at
September 25, 1998, maturing at approximately $279,000 per month.
The Company did not incur significant gains or losses
from these foreign currency transactions.
(11)
Year 2000
The Company began an assessment of the Year 2000 issue on its
systems in mid-1995. Based on the assessment, the Company
determined that that it was necessary to replace portions of its
software and hardware so that those systems will properly utilize
dates beyond December 31, 1999. To date, approximately 91% of
the Company's continuing operations business critical systems
have been remediated and tested at a cost of approximately $0.5
million. This process is projected to be completed by mid to late
1999 at minimal additional cost. A separate plan has been
developed to address the Company's discontinued operations (see
Note 5 to the Consolidated Financial Statements).
The Company has contacted its significant suppliers and customers
concerning Year 2000 compliance. Based on these discussions the
Company is not aware of any supplier or customer with a Year 2000
issue that would materially impact the Company's financial
position, results of operations or liquidity. However, WinsLoew
has no means of ensuring that suppliers or customers will be Year
2000 ready. The effect of non-compliance by third parties is not
determinable.
Management believes that it has substantially completed an
effective program to resolve the Year 2000 issue in a timely
manner. In the event that the Company was unable to complete the
program, management believes that it has established adequate
contingency plans for it's business critical systems and that
such an event would not have a materially impact the Company's
financial position . However, disruptions in the general economy
resulting for Year 2000 issues could adversely affect the
Company.
Part II. Other Information
Item 1. Legal Proceedings
The Company is, from time to time, involved in routine
litigation. No such routine litigation in which the Company is
presently involved is material to its financial position, results
of operations, or liquidity.
Item 4. Submission of Matters to a Vote of Security Holders
(a) None
Item 6. Exhibits and Reports on Form 8-K
Exhibit 27 - Financial Data Schedule
(b) Incorporated by reference and filed with the
Registrant's Report on Form 8-K filed July 14, 1998.
(12)
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.
WINSLOEW FURNITURE, INC.
/s/ Bobby Tesney
-----------------
November 3,1998 BOBBY TESNEY
President and Chief Executive Officer
/s/ Vincent A. Tortorici, Jr.
-----------------------------
November 3, 1998 VINCENT A. TORTORICI, Jr.
Chief Financial Officer
(13)
[ARTICLE] 5
[MULTIPLIER] 1,000
[PERIOD-TYPE] 3-MOS
[FISCAL-YEAR-END] DEC-31-1998
[PERIOD-END] SEP-25-1998
[CASH] 3,441
[SECURITIES] 0
[RECEIVABLES] 16,697
[ALLOWANCES] 0
[INVENTORY] 8,263
[CURRENT-ASSETS] 32,987
[PP&E] 11,950
[DEPRECIATION] 0
[TOTAL-ASSETS] 76,306
[CURRENT-LIABILITIES] 15,577
[BONDS] 0
[PREFERRED-MANDATORY] 0
[PREFERRED] 0
[COMMON] 73
[OTHER-SE] 58,831
[TOTAL-LIABILITY-AND-EQUITY] 76,306
[SALES] 33,329
[TOTAL-REVENUES] 33,329
[CGS] 20,459
[TOTAL-COSTS] 27,374
[OTHER-EXPENSES] 0
[LOSS-PROVISION] 0
[INTEREST-EXPENSE] 137
[INCOME-PRETAX] 5,818
[INCOME-TAX] 2,221
[INCOME-CONTINUING] 3,597
[DISCONTINUED] 0
[EXTRAORDINARY] 0
[CHANGES] 0
[NET-INCOME] 3,597
[EPS-PRIMARY] .48
[EPS-DILUTED] .47