1 ================================================================================ FORM 10-Q SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 /X/ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 1996 OR / / TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED] For the transition period from ____________ to ____________ Commission File No.: 0-14685 GENICOM CORPORATION (Exact name of registrant as specified in its charter) DELAWARE 51-0271821 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 14800 CONFERENCE CENTER DRIVE SUITE 400, WESTFIELDS CHANTILLY, VIRGINIA 20151 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (703) 802-9200 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 and (2) has been subject to such filing requirements for the past 90 days. Yes X No - --- --- As of August 2, 1996, there were 10,966,039 shares of Common Stock of the Registrant outstanding. ================================================================================ 2 FORM 10-Q INDEX PART I - FINANCIAL INFORMATION Item 1. Financial Statements Consolidated Balance Sheets - June 30, 1996 and December 31, 1995 3 Consolidated Statements of Income - Three and Six Months Ended June 30, 1996 and July 2, 1995 4 Consolidated Statements of Cash Flows - Six Months Ended June 30, 1996 and July 2, 1995 5 Notes to Consolidated Financial Statements 6 - 7 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 8 - 11 PART II - OTHER INFORMATION Item 1. Legal Proceedings 12 Item 2. Changes in Securities 12 Item 3. Defaults Upon Senior Securities 12 Item 4. Submission of Matters to a Vote of Security Holders 12 Item 5. Other Information 12 Item 6. Exhibits and Reports on Form 8-K 12 Signatures 13 Index to Exhibits E-1 PAGE 2 3 PART I. - FINANCIAL INFORMATION Item 1. Financial Statements GENICOM CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS JUNE 30, DECEMBER 31, (In thousands, except share data) 1996 1995 --------------- --------------- (UNAUDITED) ASSETS CURRENT ASSETS: Cash and cash equivalents $ 4,651 $ 4,271 Accounts receivable, less allowance for doubtful accounts of $1,781 and $1,616 50,710 53,572 Other receivables 7,360 3,767 Inventories 31,743 43,079 Prepaid expenses and other assets 1,488 1,432 --------------- --------------- TOTAL CURRENT ASSETS 95,952 106,121 Property, plant and equipment 27,410 30,896 Goodwill 19,477 21,632 Intangibles and other assets 3,612 2,890 --------------- --------------- $ 146,451 $ 161,539 =============== =============== LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Debt maturing within one year $ 4,127 $ 7,865 Accounts payable and accrued expenses 42,027 52,115 Deferred income 12,754 11,611 --------------- --------------- TOTAL CURRENT LIABILITIES 58,908 71,591 Long-term debt, less current portion 40,823 44,474 Other non-current liabilities 10,400 10,941 --------------- --------------- TOTAL LIABILITIES 110,131 127,006 STOCKHOLDERS' EQUITY: Common stock, $0.01 par value; 18,000,000 shares authorized, 10,946,139 and 10,839,399 shares issued 109 108 Additional paid-in capital 26,141 26,023 Retained earnings 12,195 10,503 Foreign currency translation adjustment (1,355) (1,331) Pension liability adjustment (770) (770) --------------- --------------- TOTAL STOCKHOLDERS' EQUITY 36,320 34,533 --------------- --------------- $ 146,451 $ 161,539 =============== =============== The accompanying notes are an integral part of these financial statements. PAGE 3 4 GENICOM CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (Unaudited) THREE MONTHS ENDED, SIX MONTHS ENDED, JUNE 30, JULY 2, JUNE 30, JULY 2, (In thousands, except per share data) 1996 1995 1996 1995 =========== =========== ========== =========== REVENUES, NET: Products $ 40,706 $ 40,674 $ 83,302 $ 83,099 Services 28,433 31,168 59,390 56,877 ----------- ----------- ---------- ----------- 69,139 71,842 142,692 139,976 ----------- ----------- ---------- ----------- OPERATING COSTS AND EXPENSES: Cost of revenues: Products 28,092 26,706 58,638 56,431 Services 25,888 25,469 51,588 45,463 Selling, general and administration 12,756 12,440 25,287 25,373 Engineering, research and product development 1,966 2,299 3,897 4,264 Gain on sale of investment in subsidiary (1,481) (1,481) Acquisition related costs 1,204 1,204 ----------- ----------- ---------- ----------- 67,221 68,118 137,929 132,735 ----------- ----------- ---------- ----------- OPERATING INCOME 1,918 3,724 4,763 7,241 Interest expense, net 1,000 1,887 2,152 3,645 Other income (90) ----------- ----------- ---------- ----------- Income before income taxes 918 1,837 2,701 3,596 Income tax expense 229 278 591 736 ----------- ----------- ---------- ----------- INCOME BEFORE EXTRAORDINARY ITEM 689 1,559 2,110 2,860 EXTRAORDINARY ITEM - LOSS ON EXTINGUISHMENT OF DEBT, NET OF $258 TAX (8) (422) ----------- ----------- ---------- ----------- NET INCOME $ 681 $ 1,559 $ 1,688 $ 2,860 =========== =========== ========== =========== Earnings per common share and common share equivalent (primary and fully diluted) $ 0.06 $ 0.13 $ 0.14 $ 0.24 =========== =========== ========== =========== Weighted average number of common shares and common share equivalents outstanding Primary 12,270 12,095 12,261 11,859 =========== =========== ========== =========== Fully diluted 12,270 12,141 12,261 11,882 =========== =========== ========== =========== The accompanying notes are an integral part of these financial statements. PAGE 4 5 GENICOM CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) SIX MONTHS ENDED, JUNE 30, JULY 2, (In thousands) 1996 1995 ------------ ------------ Cash flows from operating activities: Net income $ 1,688 $ 2,860 Adjustments to reconcile net income to cash provided by operating activities: Depreciation 7,866 6,209 Amortization 1,695 2,155 Gain on sale of Genicom de Mexico (1,481) Effect of acquisition related costs 1,204 Changes in assets and liabilities net of effects from acquisitions: Accounts receivable 2,892 (14) Inventories 13,041 (7,924) Accounts payable and accrued expenses (14,147) (383) Deferred income 1,143 404 Other (2,097) 982 ------------ ------------ NET CASH PROVIDED BY OPERATING ACTIVITIES 10,600 5,493 ------------ ------------ Cash flows from investing activities: Payment for purchase of businesses, net of cash acquired (8,227) Sale of Genicom de Mexico 3,950 Additions to property, plant and equipment (6,546) (6,520) Other (259) (110) ------------ ------------ NET CASH USED IN INVESTING ACTIVITIES (2,855) (14,857) ------------ ------------ Cash flows from financing activities: Borrowings from long-term debt 53,225 19,382 Payments on long-term debt (59,339) (10,204) Financing costs and transactions (1,259) ------------ ------------ NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES (7,373) 9,178 ------------ ------------ Effect of exchange rate changes on cash and cash equivalent 8 (373) ------------ ------------ Net increase in cash and cash equivalents 380 (559) Cash and cash equivalents at beginning of period 4,271 673 ------------ ------------ Cash and cash equivalents at end of period $ 4,651 $ 114 ============ ============ The accompanying notes are an integral part of these financial statements PAGE 5 6 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) 1. In the opinion of management, the accompanying unaudited consolidated financial statements of GENICOM Corporation and subsidiaries (the "Company" or "GENICOM") contain all adjustments (consisting only of normal recurring accruals) necessary to present fairly the Company's consolidated financial position as of June 30, 1996, and the results of operations and cash flows for the periods indicated. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted. It is suggested that these condensed consolidated financial statements be read in conjunction with the financial statements and notes thereto included in the Company's December 31, 1995 Annual Report. The results of operations for the three and six months ended June 30, 1996, are not necessarily indicative of the operating results to be expected for the full year. Certain reclassifications have been made to the 1995 condensed financial statements in order to conform to the 1996 presentation. 2. Inventories are stated at the lower of cost, determined on the first-in, first-out method, or market. Inventories consist of, in thousands: JUNE 30, DECEMBER 31, 1996 1995 ------------ ------------ Raw Materials $ 2,146 $ 2,594 Work in process 3,720 4,899 Finished goods 25,877 23,327 Atlantic Design inventory 12,259 ------------ ------------ $ 31,743 $ 43,079 ============ ============ 3. Earnings per share are based upon the weighted average number of common shares and dilutive common share equivalents (using the treasury stock method) outstanding during the period. THREE MONTHS ENDED SIX MONTHS ENDED --------------------- --------------------- JUNE 30, JULY 2, JUNE 30, JULY 2, 1996 1995 1996 1995 ---------- --------- --------- --------- SHARES USED IN COMPUTATION: Weighted average common shares outstanding 10,928 10,734 10,893 10,695 Shares applicable to stock options, net of shares assumed to be purchased from proceeds at average market price 1,342 1,361 1,368 1,164 ---------- --------- --------- --------- Total shares for earnings per common share and common share equivalent (primary) 12,270 12,095 12,261 11,859 Shares applicable to stock options in addition to those used in primary computation due to the use of period-end market price when higher than average market price 46 23 ---------- --------- --------- --------- Total fully diluted shares 12,270 12,141 12,261 11,882 ========== ========= ========= ========= PAGE 6 7 4. During the first quarter ended March 31, 1996 the Company adopted the provisions of SFAS No. 121 "Accounting for the Impairment of Long-Lived Assets and for Long-Lived Assets to be Disposed of". The implementation of SFAS No. 121 did not have a material effect on the Company's financial condition or results of operations in 1996. 5. On January 12, 1996, the Company reached an agreement with NationsBank of Texas, N.A., as agent for a syndicate of banks, ("NationsBank") on $75 million of credit facilities. The Company used this new credit agreement with NationsBank to retire all the debt associated with its former credit agreement with CIT and to retire all of the Company's outstanding 12.5% Senior Subordinated Notes. As a result of the retirement of this debt the Company recognized a loss on the extinguishment of debt of $422,000, net of tax of $258,000. PAGE 7 8 Item 2. Management's Discussion and Analysis of Results of Operations and Financial Condition: RESULTS OF OPERATIONS ================================================================================================================================== THREE MONTHS ENDED SIX MONTHS ENDED ----------------------------------------- ------------------------------------------ (in millions) 2ND QTR. 2ND QTR. 2ND QTR. 2ND QTR. 1996 CHANGE 1995 1996 CHANGE 1995 - ---------------------------------------------------------------------------------------------------------------------------------- Revenues - Enterprising Service Solutions $ 28.4 $ (2.7) $ 31.1 $ 59.4 $ 2.5 $ 56.9 Revenues - Document Solutions 40.7 0.0 40.7 83.3 0.2 83.1 ---------- ------------- --------- --------- ----------- ----------- Total Revenues $ 69.1 $ (2.7) $ 71.8 $ 142.7 $ 2.7 $ 140.0 ---------- ------------- --------- --------- ----------- ----------- Percentage change (3.8)% 1.9% ================================================================================================================================== Revenue in the second quarter of 1996 decreased 3.8% compared to the year-ago quarter primarily due to a revenue fall off in Enterprising Service Solutions. Enterprising Service Solutions ("ESS") revenue declined $2.7 million or 8.8% in the second quarter of 1996. The Multivendor Service revenue decreased $1.4 million as a result of a decline in legacy service business combined with delays in new service work startups and a significant but temporary reduction in revenue from a large customer in connection with the customer's inventory reduction management program. Integrated Network Service revenue decreased $1.3 million over last year's second quarter due to the winding down of certain contracts not currently replaced. The Company is continuing to invest in the business directed at the fast growing network management market. Document Solutions ("DS") revenues during the second quarter of 1996 were unchanged from the same period last year. Printer sales declined 7.5% due to laser printer sales being 30.1% lower than the same period a year ago. Impact printer sales were flat for the second quarter of 1996 as compared to the second quarter of 1995. Supply sales partially offset the decline in printer sales with an increase of 9.9% over the second quarter of 1995. Relay revenues, which are included as part of Document Solutions, increased by $0.5 million or 16.0% in the second quarter of 1996 as compared to the prior year quarter. Revenues for the first six months of 1996 increased $2.7 million from the same period in 1995 reflecting a full six months of revenue from the acquisition of Harris Adacom in March 1995. Revenues for Enterprising Service Solutions increased $2.5 million for the period. This increase is directly related to the 1995 acquisition. Document Solutions revenues were flat for the first half of 1996 as compared to 1995. While printer revenues declined for both laser and impact printers, parts and supplies revenues increased substantially offsetting the decline in printer sales. Relay revenues increased 10.1%. =========================================================================================== (in millions) 2ND QUARTER 4TH QUARTER 2ND QUARTER 1996 1995 1995 - ------------------------------------------------------------------------------------------- Order backlog $ 39.6 $ 47.5 $ 43.4 Change: 2nd Quarter of 1996 compared to Amount (7.9) (3.8) Percentage (16.6)% (8.8)% =========================================================================================== The decrease in order backlog from the 1995 fourth and second quarter primarily reflects the end of life shipment of the 7170 product line and selected declining legacy business within ESS. In addition, the new service contracts represent potential revenue versus firm commitments. The backlog reflects only fixed-price contracts for all orders associated with relays, service, systems integration, network monitoring and those orders for printers, spare parts and supplies for which a delivery date within PAGE 8 9 approximately six months has been specified by the customer. The Company's backlog as of any particular date should not be the sole measurement used in determining sales for any future period. ========================================================================================================================== THREE MONTHS ENDED SIX MONTHS ENDED ------------------------------------- --------------------------------- (in millions) 2ND QTR. 2ND QTR. 2ND QTR. 2ND QTR. 1996 CHANGE 1995 1996 CHANGE 1995 - -------------------------------------------------------------------------------------------------------------------------- Gross margin - Enterprising Service Solutions $ 2.5 $ (3.2) $ 5.7 $ 7.8 $ (3.6) $ 11.4 Gross margin - Document Solutions 12.6 (1.3) 13.9 24.7 (2.0) 26.7 -------- ------------- ------- --------- -------- ---------- Total gross margin 15.1 (4.5) 19.6 32.5 (5.6) 38.1 -------- ------------- ------- --------- -------- ---------- As a % of revenue 21.9 % 27.3 % 22.8 % 27.2 % ========================================================================================================================== Gross margin, as a percentage of revenue, decreased in the second quarter of 1996 as compared to the prior year quarter. This decrease is primarily attributable to the consumption of inventory transferred to Atlantic Design pursuant to the outsourcing agreement and the fixed cost structure of the service business which was not supported by actual revenue. The inventory transferred to Atlantic Design was substantially consumed by the end of the second quarter and the Company has taken steps to better align the service cost structure to revenues. For the first six months of 1996, gross margin also declined as a percentage of revenue when compared to 1995 for the reasons mentioned above and increased costs associated with the extreme snow conditions which impacted the service depots in Virginia and Massachusetts for a full week of production in January 1996. ======================================================================================================== THREE MONTHS ENDED SIX MONTHS ENDED --------------------------------- -------------------------------- (in millions) 2ND QTR. 2ND QTR. 2ND QTR. 2ND QTR. 1996 CHANGE 1995 1996 CHANGE 1995 - -------------------------------------------------------------------------------------------------------- Operating expenses: Selling, general and administrative $ 12.8 $ 0.4 $ 12.4 $ 25.3 $ (0.1) $ 25.4 Engineering, research and product development 2.0 (0.3) 2.3 3.9 (0.4) 4.3 --------- --------- --------- ------- -------- -------- Total $ 14.8 $ 0.1 $ 14.7 $ 29.2 $ (0.5) $ 29.7 As a % of revenue 21.4 % 20.5 % 20.5 % 21.2 % ======================================================================================================== Operating expenses were flat in the second quarter of 1996 as compared to the year-ago period, due primarily to management's focus on controlling costs. Operating expenses have declined $0.5 million and as a percent of revenue for year-to-date 1996 compared to the first six months of 1995 primarily due to the cost controls mentioned above. In July 1996, the Company reached an agreement with Electronic Data Systems ("EDS") to outsource its information systems and data processing activities. Under the agreement, EDS will operate and service the Company's systems as well as design, install and service new business systems and global networks. The agreement is for a period of ten years. PAGE 9 10 ============================================================================================== THREE MONTHS ENDED SIX MONTHS ENDED -------------------------------- -------------------------------- (in millions) 2ND QTR. 2ND QTR. 2ND QTR. 2ND QTR. 1996 CHANGE 1995 1996 CHANGE 1995 - ---------------------------------------------------------------------------------------------- Interest expense, net $ 1.0 $ (0.9) $ 1.9 $ 2.2 $ (1.4) $ 3.6 Percentage change (47.4)% (38.9)% ============================================================================================== The decrease in interest expense in the second quarter of 1996 as compared to the year-ago quarter and for the six months ended is primarily due to the Company's retirement of its outstanding 12.5% senior subordinated notes in February 1996 and the refinancing of the Company's credit facility through NationsBank of Texas, N.A., as agent for a group of banks, in January 1996. In addition, the Company has reduced its outstanding debt $7.4 million since December 31, 1995 and $17.8 million since July 2, 1995. =============================================================================================== THREE MONTHS ENDED SIX MONTHS ENDED -------------------------------- --------------------------------- (in millions) 2ND QTR. 2ND QTR. 2ND QTR. 2ND QTR. 1996 CHANGE 1995 1996 CHANGE 1995 - ----------------------------------------------------------------------------------------------- Income tax expense $ 0.2 $ (0.1) $ 0.3 $ 0.6 $ (0.1) $ 0.7 Effective tax rate 25.0% 15.1% 21.9% 20.5% =============================================================================================== The Company's effective income tax rate for the second quarter of 1996 was 25.0% as compared to 15.1% for the year-ago period. The tax rate for the six months ended June 30, 1996 was 21.9% as compared to 20.5% for the same period in 1995. In 1995 and 1996, the rate was significantly affected by foreign income taxes and tax credits and in 1995, the utilization of net operating losses, and in 1996, adjustments to true-up tax accounts to amounts actually owed. LIQUIDITY AND CAPITAL RESOURCES ================================================================================================= SIX MONTHS ENDED -------------------------------------- (in millions) 2ND QUARTER 2ND QUARTER 1996 1995 - ------------------------------------------------------------------------------------------------- Cash provided by operations $ 10.6 $ 5.5 Cash used in investing activities (2.9) (14.9) Cash (used in) provided by financing activities (7.4) 9.2 ================================================================================================= ================================================================================================= (in millions) 2ND QUARTER 4TH QUARTER 1996 1995 - ------------------------------------------------------------------------------------------------- Working capital $ 37.0 $ 34.5 Inventories 31.7 43.1 Debt obligations 44.9 52.4 Debt to equity ratio 1.2 to 1 1.5 to 1 ================================================================================================= PAGE 10 11 The Company's working capital increased $2.5 million as of June 30, 1996 as compared to December 31, 1995 due primarily to the reduction in current liabilities. The reduction in current liabilities was partially offset by a reduction in inventories. The Company's current debt consists of payments due within the next year on its term notes with NationsBank and notes associated with the purchase of Harris Adacom and Printer Systems in 1995. In the second quarter of 1996, the Company used cash generated by operations to reduce its outstanding debt. On January 12, 1996, the Company reached an agreement with NationsBank of Texas, N.A., as agent for a syndicate of banks, ("NationsBank") on $75 million of credit facilities. Under the agreement, NationsBank is providing a $35 million revolving credit facility and two term loans totaling $40 million. In a separate transaction, the Company entered into an interest rate swap arrangement with NationsBank which fixes the interest rate for five years on a substantial portion of the debt. The fixed rate at the time of the agreement was executed averaged 8.25%. In May 1996, the Company renegotiated the term of the interest rate swap, decreasing the term from five to three years. As a result of the term change, the Company received a payment of $530,000 resulting in a gain which is being amortized to income over the remaining life of the Company's term loans. As of June 30, 1996, the Company had $4.5 million outstanding and $27.8 million available for borrowing on the revolving credit facility and $39.1 million outstanding in term loans. The Company used the new credit agreement to retire all the debt associated with its former credit agreement with CIT and to retire all of the Company's outstanding senior subordinated notes. As part of the refinancing, the Company recognized a loss on extinguishment of debt of $0.4 million net of tax. At the end of June 1996, the Company sold the stock of its Mexican subsidiary, whose principal asset was a building in Reynosa, Mexico, receiving net proceeds of $3.5 million and recognizing a gain of $1.5 million. On July 22, 1996, the Company signed a definitive agreement to acquire the assets of Texas Instruments' worldwide printer and related supplies business. Under the agreement, the Company would acquire design rights, product intellectual property rights, vendor and customer contracts, production equipment and working capital, including inventory. The proposed acquisition is subject to customary due diligence, appropriate regulatory clearances and other consents. Subject to such conditions, the transaction is expected to be completed within 60 days. Financing for the proposed acquisition is expected to be provided through refinancing of the Company's credit facility through NationsBank of Texas, N.A., as agent for a group of banks. GENICOM provides an array of services and products addressing different niches of the information processing industry, competing against a wide range of companies from large multinationals to small domestic entrepreneurs. Except for the historical information contained herein, the matters discussed in this 10Q include forward-looking statements that involve a number of risks and uncertainties. There are certain important factors and risks, including the change in hardware and software technology, economic conditions in the North American and Western European markets, the anticipation of growth of certain market segments and the positioning of the Company's products and services in those segments, selective service customers whose business is declining, seasonality in the buying cycles of certain of the Company's customers, the timing of product announcements, the release of new or enhanced products and services, the introduction of competitive products and services by existing or new competitors, access to and development of product rights and technologies, the management of growth, GENICOM's ability to retain highly skilled technical, managerial and sales and marketing personnel, possible litigation related to the Company's operations, including litigation arising under various environmental laws, and the other risks detailed from time to time in the Company's SEC reports, including reports on Form 10K, that could cause results to differ materially from those anticipated by the statements contained herein. PAGE 11 12 PART II. - OTHER INFORMATION Item 1. Legal Proceedings: Not applicable. Item 2. Changes in Securities: On June 16, 1996, the Board of Directors of the Company approved a Stockholders' Rights Plan having a 17% share acquisition trigger. The Rights Plan was executed in the form of a rights dividend with a record date of July 5, 1996. A Form 8-A and Form 8-A/A were filed with the Securities and Exchange Commission on July 5, 1996 which included a copy of the Rights Agreement. Item. 3 Defaults Upon Senior Securities: Not applicable. Item 4. Submission of Matters to a Vote of Security Holders: Not applicable. Item 5. Other Information: On July 22, 1996, the Company signed a definitive agreement to acquire the assets of Texas Instruments' worldwide printer and related supplies business. Under the agreement, the Company would acquire design rights, product intellectual property rights, vendor and customer contracts, production equipment and working capital, including inventory. The proposed acquisition is subject to customary due diligence, appropriate regulatory clearances and other consents. Subject to such conditions, the transaction is expected to be completed within 60 days. Financing for the proposed acquisition is expected to be provided through refinancing of the Company's credit facility through NationsBank of Texas, N.A., as agent for a group of banks. Item 6. Exhibits and Reports on Form 8-K: (a) Exhibits NUMBER DESCRIPTION 27.1 Financial Data Schedule (b) Reports on Form 8-K: Not applicable. PAGE 12 13 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. GENICOM Corporation ----------------------------- Registrant Date: August 14, 1996 James C. Gale ----------------------------- Signature James C. Gale Senior Vice President Finance and Chief Financial Officer (Mr. Gale is the Chief Financial Officer and has been duly authorized to sign on behalf of the Registrant) PAGE 13 14 GENICOM CORPORATION AND SUBSIDIARIES INDEX TO EXHIBITS TO FORM 10-Q FOR THE QUARTERLY PERIOD ENDED JUNE 30, 1996 EXHIBIT NUMBER DESCRIPTION PAGE - --------- ------------------------------------------------------------------- ---------------------- 27.1 FINANCIAL DATA SCHEDULE FILED ONLY WITH EDGAR VERSION E - 1