Form 10-K - Securities And Exchange Commission Page 6
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46anticipate that compliance with these provisions will have a material adverse
effect on its earnings or competitive position.
Employees
On February 25, 2000, the Company had 292 full-time employees, of whom
6 were employed in executive positions, 109 were engineers, engineering
designers, or draftspeople, 67 were administrative (sales, accounting, etc.) and
clerical personnel, and 110 were engaged principally in production and
operations.
7
I tem 2. Description of Property
The Company owns its executive offices and principal production
facilities located on a 5-acre site in the County Line Industrial Park,
Southampton, Pennsylvania in an approximately 70,000 square foot steel and
masonry building. Approximately 55,000 square feet are devoted to manufacturing,
and 15,000 square feet to office space. The original building was erected in
1969 and additions were made in 1973, 1976, 1985 and 1991. This property serves
as collateral for the Company's revolving credit facility. Additionally, the
Company rents office space at various sales and support locations throughout the
world and at its Polish subsidiary.
The Company considers its machinery and plant to be in satisfactory
operating condition. It plans to construct an addition to its main building in
Southampton, PA, in fiscal 2001. Increases in the level of operations beyond
that expected in the current fiscal year might require the Company to obtain
additional facilities and equipment.
Item 3. Legal Proceedings
Certain claims, suits and complaints arising in the ordinary course of
business have been filed or are pending against the Company. In the opinion of
management, all such matters are reserved for or are adequately covered by
insurance or, if not so covered, are without merit or are of such kind, or
involve such amounts as would not have a significant effect on the financial
position of the Company if disposed of unfavorably.
Item 4. Submission of Matters to a Vote of Security Holders
None.
8
PART II
Item 5. Market for the Registrant's Common Stock and Related Security Holder
Matters
See information appearing under the heading "Market for the
Registrant's Common Stock and Related Stockholder Matters" in the Annual Report,
attached hereto as Exhibit 13 and incorporated herein by reference.
Item 6. Selected Financial Data
See information appearing under the heading "Financial Review" in the
annual report, attached hereto as Exhibit 13 and incorporated herein by
reference.
Item 7. Management's Discussion and Analysis of Financial Condition and Results
of Operations
See information appearing under the heading "Management's Discussion
and Analysis of Financial Condition and Results of Operations" in the Annual
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