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 PERIOD ENDED September 30, 2001
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OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES
EXCHANGE ACT OF 1934
FOR THE TRANSITION PERIOD From to
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Commission File number 1-1000
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SPARTON CORPORATION
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(Exact name of registrant as specified in its charter)
Ohio 38-1054690
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(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
2400 East Ganson Street
Jackson, Michigan 49202
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(Address of principal executive offices)
(Zip Code)
(517) 787-8600
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(Registrant's telephone number, including area code)
Indicate by checkmark 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 practical date.
Common Stock, $1.25 Par Value - 7,570,090 shares as of October 31, 2001.
INDEX
SPARTON CORPORATION AND SUBSIDIARIES
Part I. Financial Information
Item 1. Financial Statements (Unaudited)
Condensed Consolidated Balance Sheets - September 30 and
June 30, 2001 3
Condensed Consolidated Statements of Operations - Three-Month
Periods ended September 30, 2001 and 2000 4
Condensed Consolidated Statements of Cash Flows - Three-Month
Periods ended September 30, 2001 and 2000 5
Notes to Condensed Consolidated Financial Statements 6
Item 2. Management's Discussion and Analysis of Financial Condition
and Results of Operations 8
Part II. Other Information
Item 1. Legal Proceedings 10
Item 6. Exhibits and Reports on Form 8-K 12
Signatures 12
SPARTON CORPORATION AND SUBSIDIARIES
Condensed Consolidated Balance Sheets (Unaudited)
September 30 and June 30, 2001
September 30 June 30
------------ ------------
ASSETS
Current assets:
Cash and cash equivalents $ 10,783,656 $ 13,034,790
Investment securities 4,785,195 1,175,000
Accounts receivable 22,055,157 23,704,854
Inventories and costs on contracts in progress, less progress
payments of $11,423,000 at September 30 ($11,234,000 at June 30) 40,482,343 44,912,886
Prepaid expenses 3,443,247 3,685,831
------------ ------------
Total current assets 81,549,598 86,513,361
Other assets 11,128,944 11,170,575
Property, plant and equipment - net 9,785,318 10,110,569
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Total assets $102,463,860 $107,794,505
============ ============
LIABILITIES AND SHAREOWNERS' EQUITY
Current liabilities:
Accounts payable $ 5,538,342 $ 13,329,356
Salaries and wages 3,104,800 2,902,324
Accrued liabilities 5,190,413 4,187,044
Income taxes payable 571,046 117,457
------------ ------------
Total current liabilities 14,404,601 20,536,181
Deferred income taxes 127,200 127,200
Environmental remediation 7,509,543 7,608,673
Shareowners' equity:
Common stock - 7,570,090 shares outstanding at September 30 and
June 30 after deducting 364,622 shares in treasury 9,462,613 9,462,613
Capital in excess of par value 478,144 478,144
Accumulated other comprehensive income 42,005 --
Retained earnings 70,439,754 69,581,694
------------ ------------
Total shareowners' equity 80,422,516 79,522,451
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Total liabilities and shareowners' equity $102,463,860 $107,794,505
============ ============
SEE ACCOMPANYING NOTES.
3
SPARTON CORPORATION AND SUBSIDIARIES
Condensed Consolidated Statements of Operations (Unaudited)
For the Three-Month Periods ended September 30, 2001 and 2000
Three-Month Periods
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2001 2000
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Net sales $ 40,810,080 $ 42,682,312
Costs and expenses:
Costs of goods sold 36,082,165 40,652,936
Selling and administrative 3,452,532 3,680,908
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39,534,697 44,333,844
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1,275,383 (1,651,532)
Other income (expenses):
Interest and investment income 128,624 78,816
Other - net (41,947) (187,331)
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86,677 (108,515)
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Income (loss) before income taxes 1,362,060 (1,760,047)
Provision (credit) for income taxes 504,000 (651,000)
------------ ------------
Net income (loss) $ 858,060 $ (1,109,047)
============ ============
Basic and diluted earnings (loss) per share $.11 $(.14)
============ ============
Dividends $-0- $ -0-
============ ============
SEE ACCOMPANYING NOTES
4
SPARTON CORPORATION AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows (Unaudited)
For the Three-Month Periods ended September 30, 2001 and 2000
<Table>
<Caption>
2001 2000
------------ ------------
Cash flows provided (used) by Operating Activities:
Income (loss) from operations $ 858,060 $ (1,109,047)
Add noncash items affecting operations:
Depreciation 426,304 502,818
Add (deduct) changes in operating assets and liabilities:
Inventories 4,430,543 382,511
Accounts receivable 1,649,697 3,900,556
Other 1,391,304 1,965,252
Taxes on income 453,589 (533,042)
Accounts payable (7,791,014) (2,086,771)
------------ ------------
1,418,483 3,022,277
Cash flows provided (used) by Investing Activities:
(Purchases) sales of investment securities-net (3,610,195) 2,590,791
Noncurrent other assets 41,631 22,859
Purchases of property, plant and equipment-net (101,053) (491,989)
------------ ------------
(3,669,617) 2,121,661
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(Decrease) increase in cash and cash equivalents (2,251,134) 5,143,938
Cash and cash equivalents at beginning of period 13,034,790 5,052,405
------------ ------------
Cash and cash equivalents at end of period $ 10,783,656 $ 10,196,343
============ ============
Supplemental disclosures of cash paid during the period:
Income taxes $ 89,000 $ 19,000
============ ============
SEE ACCOMPANYING NOTES
5
SPARTON CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
1. The accompanying condensed consolidated balance sheet at September 30, 2001,
and the related condensed consolidated statements of operations and cash flows
for the three-month periods ended September 30, 2001 and 2000 are unaudited, but
include all adjustments (consisting only of normal recurring accruals) which the
Company considers necessary for a fair presentation of such financial
statements. The results of operations for the period ended September 30, 2001,
are not necessarily indicative of the results that may be expected for the full
fiscal year.
2. Long-term contracts relate principally to government defense contracts. These
contracts are accounted for based on completed units and their estimated average
contract cost per unit. Development contracts are accounted for based on
percentage of completion. Costs and fees billed under cost-reimbursement-type
contracts are recorded as sales. A provision for the entire amount of a loss on
a contract is charged to operations as soon as the loss is determinable.
Inventories are valued at the lower of cost (first-in, first-out basis) or
market and include costs related to long-term contracts. Inventories, other than
contract costs, are principally raw materials and supplies. The following are
the major classifications of inventory:
September 30, 2001 June 30, 2001
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Raw materials $24,830,000 $30,122,000
Work in process and finished goods 15,652,000 14,791,000
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Total $40,482,000 $44,913,000
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3. Basic earnings per share were computed using the weighted average number of
shares outstanding. For the three-month periods, average shares outstanding
were 7,570,090 in 2001 and 7,828,090 in 2000. At September 30, 2001, differences
in the weighted average number of shares outstanding for purposes of computing
diluted earnings per share were due to the inclusion of the dilutive effect of
outstanding employee incentive stock options, at prices ranging from $3.750 to
$6.625. These differences in the weighted average number of shares outstanding
for the calculation of basic and diluted earnings per share were not material
and resulted in no differences between basic and diluted earnings per share. For
the three months ended September 30, options to purchase 98,500 shares at $8.375
in 2001 and 158,500 shares, at prices ranging from $3.750 to $8.375 in 2000,
were not included in the computation of diluted earnings per share because their
exercise price was greater than the average market price of the common shares
and therefore the effect would be anti-dilutive.
4. The reporting of comprehensive income requires disclosure of total
non-shareowner changes in equity in interim periods and additional disclosures
of the components of non-shareowner changes in equity on an annual basis. Total
non-shareowner changes in equity include all changes in equity during a period
except those resulting from investments by and distributions to shareowners.
Comprehensive income for the three-month periods September 30, 2001, and 2000
was as follows:
Three Months Ended
----------------------------
2001 2000
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Net income (loss) $ 858,000 $(1,109,000)
Other comprehensive income:
Unrealized gains on investment securities 42,000 106,000
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Comprehensive income (loss) $ 900,000 $(1,003,000)
========= ===========
Shareowner's equity includes accumulated other comprehensive income of $42,000
at September 30, 2001, which relates to unrealized gains on investments. There
was no accumulated other comprehensive gain or losses at June 30, 2001.
6
5. Cash and cash equivalents consist of demand deposits and other highly liquid
investments. The investment portfolio has an average original maturity date
between 3 and 10 years and a daily market exists for all of the investment
securities. The Company believes that the impact of fluctuations in interest
rates on its investment portfolio should not have a material impact on financial
position or results of operations. It is the Company's intention to use these
investment securities to provide working capital, fund the expansion of its
business and for other business purposes.
At September 30, 2001, the Company had net unrealized gains of $67,000. At that
date, the net after-tax effect of these gains was $42,000, which amount is
included in equity. Purchases of investments at September 30, 2001, totaled
$3,610,000. There were no purchases of investment securities for the
corresponding period ended September 30, 2000. Sales of investment securities
totaled $2,591,000 for the three months ended September 30, 2000. There were no
sales of investment securities for the corresponding period ended September 30,
2001.
6. One of Sparton's facilities, located in Albuquerque, New Mexico, has been the
subject of ongoing investigations conducted with the United States Environmental
Protection Agency (EPA) under the Resource Conservation and Recovery Act (RCRA).
This EPA compliance issue involves an idled facility now leased to others. The
investigation began in the early 1980s and involved a review of on-site and
off-site environmental impacts.
At September 30, 2001, Sparton has an accrual of $8,438,000 for its estimate of
the future undiscounted minimum financial liability with respect to this matter,
of which $928,000 is classified as a current liability and included on the
balance sheet in accrued liabilities. The Company's minimum cost estimate is
based upon existing technology and excludes legal and related consulting costs.
The Company's estimate includes equipment and operating costs for on-site and
off-site pump and treat containment systems, a soil vapor extraction program and
continued on-site and off-site monitoring. Legal costs and related consulting
costs are expensed as incurred.
Uncertainties associated with environmental remediation contingencies are
pervasive and often result in wide ranges of reasonably possible outcomes.
Estimates developed in the early stages of remediation can vary significantly.
Normally a finite estimate of cost does not become fixed and determinable at a
specific point in time. Rather, the costs associated with environmental
remediation become estimable over a continuum of events and activities that help
to frame and define a liability.
Factors which cause uncertainties for the Company include, but are not limited
to, the effectiveness of the current work plans in achieving targeted results
and proposals of regulatory agencies for desired methods and outcomes. Future
cash flows and results of operations could be significantly affected by the
impact of changes associated with the ultimate resolution of this contingency.
Amounts charged to operations, principally legal and consulting, for the three
months ended September 30, 2001 and 2000 were $173,000 and $201,000,
respectively.
7
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The following is management's discussion and analysis of certain significant
events affecting the Company's earnings and financial condition during the
periods included in the accompanying financial statements. The Company's
operations are in one line of business, electronic manufacturing services (EMS).
This includes the design, development and/or manufacture of electronic parts and
assemblies for both government and commercial customers worldwide.
The Private Securities Litigation Reform Act of 1995 reflects Congress'
determination that the disclosure of forward-looking information is desirable
for investors and encourages such disclosure by providing a safe harbor for
forward-looking statements by corporate management. The following discussion
about the Company's results of operations and financial condition contains
forward-looking statements that involve risk and uncertainty. The Company notes
that a variety of factors could cause the actual results and experience to
differ materially from anticipated results or other expectations expressed in
the Company's forward-looking statements. The risks and uncertainties that may
affect the operations, performance, growth forecasts and results of the
Company's business include, but are not limited to, timing and fluctuations in
U.S. and/or world economies and customer demand for products. The already
uncertain economic environment and decreasing commercial customer demand from
the recent softening of the economy have been further exacerbated by the
terrorist events of September 11, 2001. Additional uncertainties are competition
in the overall EMS business, the availability and cost of materials, production
labor and management services under terms acceptable to the Company,
Congressional budget outlays for sonobuoy development and production,
Congressional legislation, changes in the interpretation of environmental laws
and the uncertainties of environmental remediation. Availability of material
components can adversely affect the Company's ability to meet customers'
production schedules. Management cautions readers not to place undue reliance on
forward-looking statements, which are subject to influence by the enumerated
risk factors as well as unanticipated future events.
RESULTS OF OPERATIONS
- ---------------------
Sales for the three-month period ended September 30, 2001, totaled $40,810,000,
a decrease of $1,872,000 (4%) from last year. Government EMS sales increased 12%
to $9,822,000, while commercial EMS sales decreased 9% compared to last year.
The decline in commercial EMS sales reflects current economic and market
uncertainties as a result of the events following the tragedy on September 11,
2001. The uncertainty of demand in the commercial market has resulted in
Sparton's taking additional measures to reduce costs and expenses. This includes
the lay off of approximately 170 employees over the last six months.
An operating income of $1,275,000 was reported for the three months ended
September 30, 2001, compared to an operating loss of $1,652,000 for the same
period last year. The higher gross margin for the current period was reflective
of an improved operational performance. In addition, several previously
contested customer issues were successfully completed. Included in government
EMS sales were $4,855,000 of shipments ($4,400,000 last year) with no gross
margin. As previously disclosed, several government programs are loss contracts,
which loss has been previously recognized. Gross margin for the three months
ended September 30, 2000 was reduced by $557,000 due to pricing issues on a
major commercial EMS program, which were resolved later in the fiscal year.
Selling and administrative expenses were below the level last year as the
Company continues to focus on cost control. Finally, included are charges
against income related to the New Mexico environmental remediation effort,
principally litigation, of $173,000 in 2001 and $201,000 in 2000. At September
30, 2001, the backlog of sales on loss contracts approximated $5.8 million.
Interest and Investment Income increased $50,000 to $129,000 in 2001 due to
higher average investments. Other Expense-Net was $42,000 in 2001 compared to
$187,000 for the corresponding three-month period last year. Last years amount
included $147,000 for losses incurred in liquidating investments.
The Company reported net income of $858,000 ($.11 per share) for the three
months ended September 30, 2001, compared to a net loss of $1,109,000 ($(.14)
per share) for the corresponding period last year.
8
FINANCIAL POSITION
- ------------------
For the three-month period ended September 30, 2001, Cash and Cash Equivalents
decreased $2,251,000 to $10,784,000. Overall, Cash and Investments increased by
$1,359,000 from June 30, 2001. Operating activities provided $1,419,000 in net
cash flows. The principal source of cash flow from operating activities was a
decline in inventories. The principal use of cash flow from operating activities
was a reduction in accounts payable, including $1,700,000 of payables to one
customer which were in negotiations at year end. Cash flows used by investing
activities totaled $3,670,000, principally for the purchase of investments. No
cash was used or provided by financing activities.
The Company's market risk exposure to foreign currency exchange and interest
rates are not considered to be material principally due to short term
investments and minimal receivables and payables designated in foreign currency.
At September 30, 2001 and June 30, 2001, the aggregate government EMS backlog
was approximately $71 million ($5.8 million at zero margins) and $59 million
($10.7 million at zero margin), respectively. A majority of the September 30,
2001, backlog is expected to be realized in the next 8-10 months. Commercial EMS
sales are not included in the backlog. The Company does not believe the amount
of commercial sales covered by firm purchase orders is a meaningful measure of
future sales, as such orders may be rescheduled or cancelled without significant
penalty.
No dividends were declared in either period presented. At September 30, 2001,
the Company had $80,423,000 in recorded shareowners' equity ($10.62 per share),
$67,145,000 in working capital, and a 5.66:1.00 working capital ratio.
OTHER
- -----
One of Sparton's facilities, located in Albuquerque, New Mexico, has been the
subject of ongoing investigations conducted with the United States
Environmental Protection Agency (EPA) under the Resource Conservation and
Recovery Act (RCRA). This EPA compliance issue involves an idled facility now
leased to others. The investigation began in the early 1980s and involved a
review of on-site and off-site environmental impacts.
At September 30, 2001, Sparton has an accrual of $8,438,000 for its estimate of
the future undiscounted minimum financial liability with respect to this matter,
of which $928,000 is classified as a current liability and included on the
balance sheet in accrued liabilities. The Company's minimum cost estimate is
based upon existing technology and excludes legal and related consulting costs.
The Company's estimate includes equipment and operating costs for on-site and
off-site pump and treat containment systems, a soil vapor extraction program and
continued on-site and off-site monitoring. Legal costs and related consulting
costs are expensed as incurred.
Uncertainties associated with environmental remediation contingencies are
pervasive and often result in wide ranges of reasonably possible outcomes.
Estimates developed in the early stages of remediation can vary significantly.
Normally a finite estimate of cost does not become fixed and determinable at a
specific point in time. Rather, the costs associated with environmental
remediation become estimable over a continuum of events and activities that help
to frame and define a liability.
Factors which cause uncertainties for the Company include, but are not limited
to, the effectiveness of the current work plans in achieving targeted results
and proposals of regulatory agencies for desired methods and outcomes. Future
cash flows and results of operations could be significantly affected by the
impact of changes associated with the ultimate resolution of this contingency.
Amounts charged to operations, principally legal and consulting, for the three
months ended September 30, 2001 and 2000 were $173,000 and $201,000,
respectively.
9
OTHER INFORMATION
PART II. OTHER INFORMATION
Item 1. Legal Proceedings
Various litigation is pending against the Company, in many cases involving
ordinary and routine claims incidental to the business of the Company and in
others presenting allegations that are non-routine. The Company and its
subsidiaries are also involved in certain compliance issues with the United
States Environmental Protection Agency (EPA) and various state agencies,
including being named as a potentially responsible party at several sites.
Potentially responsible parties (PRPs) can be held jointly and severally liable
for the cleanup costs at any specific site. The Company's past experience,
however, has indicated that when it has contributed only relatively small
amounts of materials or waste to a specific site relative to other PRPs, its
ultimate share of any cleanup costs has been minor. Based upon available
information, the Company believes it has contributed only small amounts to those
sites in which it is currently viewed a potentially responsible party.
In February 1997, three lawsuits were filed against Sparton's wholly owned
subsidiary, Sparton Technology, Inc., in Federal District Court in Albuquerque,
one by the United States on behalf of the EPA, the second by the State of New
Mexico and the New Mexico Office of Natural Resources Trustee and the third by
the City of Albuquerque and the County of Bernalillo. All three actions alleged
that the impacts to soil and groundwater associated with Sparton Technology's
Coors Road facility presented an imminent and substantial threat to human health
or the environment. On March 3, 2000, a Consent Decree was entered, settling the
lawsuits as well as a related administrative enforcement action. The Consent
Decree represents a judicially enforceable settlement agreement under which
Sparton Technology has paid $1,000,000 to resolve claims for damages to natural
resources, $475,000 to resolve claims for civil penalties for alleged violations
of state law and an order entered in the related administrative enforcement
action, and $200,000 for reimbursement of the litigation costs of certain
plaintiffs. The Consent Decree also contains work plans describing remedial
activity Sparton Technology agreed to undertake. In exchange for the monetary
payment and an agreement to implement the work plans, Sparton Technology
received covenants not to sue that, except in fairly extraordinary
circumstances, prevent any further administrative or judicial action by state
and federal entities in connection with the impacts to the environment
associated with past activities at the Coors Road facility.
The work plans provide for the installation of an off-site containment well
(already completed and operating), enhancement to an on-site soil vapor
extraction system and an on-site containment well. It is anticipated that these
remediation activities will operate for a period of time during which Sparton
Technology and the regulatory agencies will analyze their effectiveness. The
Company believes that it will take at least three to five years from the date of
the Consent Decree before the effectiveness of the groundwater extraction wells
can be established. If ineffective, additional remedies may be imposed at a
significantly increased cost. There is no assurance that additional costs
greater than the amount accrued will not be incurred or that changes in
environmental laws or their interpretation will not require that additional
amounts be spent.
Upon entering into the Consent Decree, the Company reviewed its estimates of the
future costs expected to be incurred in connection with its remediation of the
environmental issues associated with its Coors Road Plant over the next 30
years. The Company increased its accrual for the cost of addressing
environmental impacts associated with its Coors Road Plant by $10,000,000,
pre-tax, in December 1999. At September 30, 2001, the remaining undiscounted
minimum accrual for EPA remediation approximates $8,438,000. The Company's
estimate is based upon existing technology and current costs which have not been
discounted. The estimate includes equipment and operating and maintenance costs
for the on-site and off-site pump and treat containment systems, a soil vapor
extraction program and continued on-site and off-site monitoring. It also
includes the required periodic reporting requirements. This estimate does not
include legal and related consulting costs which are expensed as incurred. The
estimate does not reflect any offset or reduction for monies that may be
recovered from various parties which the Company is currently pursuing as
described below.
In 1995 Sparton Corporation and Sparton Technology, Inc. filed a Complaint in
the Circuit Court of Cook County, Illinois, against Lumbermens Mutual Casualty
Company and American Manufacturers Mutual Insurance Company demanding
reimbursement of expenses incurred in connection with its remediation efforts at
the Coors Road facility based on various primary and excess comprehensive
general liability policies in effect between 1959 and 1975. In 1999 the
Complaint was amended to add various other excess insurers, including certain
London market insurers and Fireman's Fund Insurance Company. The case is
currently in the discovery stage, with discovery currently set to close on
November 15, 2001.
10
On February 11, 1998, Sparton Technology, Inc. commenced litigation in the
United States Court of Federal Claims alleging that the Department of Energy
(DOE), acting through its contractors, Sandia Corporation and Allied Signal,
Inc., is liable for reimbursement of Sparton's costs incurred in defending
against and complying with federal and state regulatory requirements. The DOE
prescribed certain mandatory performance requirements that were then imposed
upon Sparton Technology through its agreements with Sandia Corporation and
Allied Signal, Inc. On February 9, 1999, the Court of Federal Claims dismissed
Sparton Technology's complaint on the basis of a lack of jurisdiction concluding
that an agency relationship did not exist between Sandia Corporation and Allied
Signal, Inc. and the United States for purposes of reimbursing costs incurred
during litigation. Sparton Technology believed that the court erred in its
decision and filed its notice of appeal on April 9, 1999. On April 18, 2000, the
Federal Circuit Court reversed the lower court's decision and reinstated Sparton
Technology's claim for purposes of examining whether the Court of Federal Claims
does indeed have jurisdiction. Sparton Technology is now proceeding with
discovery on the jurisdiction related issues. On September 28, 2001 the
government filed a Motion for Summary Judgement on the issue of jurisdiction.
Sparton Technology will oppose government's Motion and file its opposition on or
about October 26, 2001.
Sparton Technology, Inc. filed a Complaint on September 21, 1998, against Allied
Signal, Inc. in U.S. District Court in Kansas City seeking to recover costs
incurred to investigate and remediate impacts to the environment at its Coors
Road facility. In July 1999, the Court allowed Sparton Technology to amend its
complaint to add Sandia Corporation and the DOE as defendants. In March 2000,
the case was transferred to the United States District Court in Albuquerque, New
Mexico. Written discovery commenced, but was stayed on July 13, 2000, so that a
court-ordered mediation could be conducted. Mediation did not result in
settlement, and on December 20, 2000, the Court entered a new discovery
scheduling order whereby fact discovery is currently scheduled to end in
December 2001 and expert witness discovery in July 2002. Dispositive motions are
due at that time. Trial is not yet scheduled, but normally takes place within
six months of dispositive motions. Active discovery is now taking place.
At this time, the Company is unable to predict the amount or timing of recovery,
if any, that may result from the pursuit of these before-mentioned three claims.
11
OTHER INFORMATION
PART II.
Item 6. Exhibits and Reports on Form 10-K and 10-Q
(a) Exhibits
3 & 4 Instruments defining the rights of security holders have been
previously filed as follows:
Articles of Incorporation of the Registrant were filed on Form
10-K for the year ended June 30, 1981, and an amendment thereto
was filed on Form 10-Q for the three-month period ended December
31, 1983, and are incorporated herein by reference.
By-laws of the Registrant were filed on Form 10-K for the year
ended June 30, 1981, and an amendment thereto was filed on Form
10-Q for the three-month period ended December 31, 2000, and are
incorporated herein by reference.
Code of Regulation of the Registrant was filed on Form 10-K for
the year ended June 30, 1981, and an amendment thereto was filed
on Form 10-Q for the three-month period ended September 30, 1982,
and are incorporated herein by reference.
(b) Reports on Form 8-K filed in the First Quarter of Fiscal 2002: None
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.
SPARTON CORPORATION
-------------------
Registrant
Date: November 13, 2001 /s/ David W. Hockenbrocht
----------------- --------------------------------------------
David W. Hockenbrocht, CEO and President
Date: November 13, 2001 /s/ Richard Langley
----------------- --------------------------------------------
Richard Langley, Principal Financial Officer
12