ITEM 6. AVERAGE BALANCE SHEETS [CAPTION]
NOTES TO AVERAGE BALANCE SHEET
1. Tax-exempt income is calculated at coupon rate, no adjusted on a tax equivalent basis.
2. At December 31, 1995, loans on non-accrual status totaled $3,359,857. These loans are included in the loan category on the preceding Average Balance Sheet. If interest had been accrued on such loans, interest income on loans would have been $416,342 higher in 1995.
3. Interest on loans includes loan fees pursuant to FASB91 in the following amounts:
4. The Bank s net interest margin remains above the national average, but has remained at higher than average levels for a number of years. The Bank is a community bank which focuses its efforts on customer relationships and good service while remaining competitive in the demand for loans both in the commercial and consumer sectors. The spread and margin for the Bank have been decreasing gradually over the past three years, as competition for the same customers within the Bank s market area continues to grow. The average rate on earning assets increased by 63 basis points in 1995 when compared to 1994; however, the average rate on interest bearing liabilities increased by 85 basis points. The Bank continues to seek quality loans, broadening its customer base as the spread tightens. The effect of rates and volumes is exemplified further in the Rate Volume Analysis found on page 12 of this report.
RATE VOLUME ANALYSIS
The following table represents a summary of the changes in interest earned and interest paid as a result of changes in rates and changes in volumes. For each category of earning assets and interest-bearing liabilities, information is provided with respect to changes attributable to change in rate (change in rate multiplied by old volume) and change in volume (change in volume multiplied by old rate). The change in interest due to both volume and rate has been allocated to volume and rate changes in proportion to the relationship of the absolute dollar amounts of the change in each.
INTEREST RATE SENSITIVITY ANALYSIS AS OF DECEMBER 31, 1995 Amounts in Thousands
The following table sets forth the amounts of interest-earning assets and interest-bearing liabilities outstanding at December 31, 1995 which are anticipated by the Bank, based upon certain assumptions, to reprice or mature in each of the future time periods shown.
Except as stated below, the amounts of assets and liabilities shown which reprice or mature during a particular period were determined in accordance with the earlier of term to repricing or the contractual terms of the asset or liability. The Bank has assumed that 3% of its savings is more rate sensitive and will react to rate changes, and has therefore categorized it in the one-year time horizon. The remainder is stable and is listed in the greater than five year category. NOW accounts, other than seasonal fluctuations approximating $4,000,000, are stable and are listed in the greater than five year category. Money market accounts are assumed to reprice in three months or less. Certificates of deposit are assumed to reprice at the date of contractual maturity. Fixed rate mortgages, totaling $35,000,000 are amortized using a 6% rate, which approximates the Bank s prior experience.
SUMMARY OF INVESTMENT PORTFOLIO
The information presented below is to facilitate the analysis and comparison of sources of income and exposure to risks.
MATURITY SCHEDULE FOR INVESTMENTS HELD TO MATURITY AT DECEMBER, 1995
MATURITY SCHEDULE FOR INVESTMENTS AVAILABLE FOR SALE AT DECEMBER 31, 1995
The maturity schedule for securities available for sale excludes marketable equity securities totaling $5,421,086 and other investments of $240,483.
Yield on tax exempt bonds were not computed on a tax equivalent basis
The bank does not hold any securities for a single issuer where the aggregate book value of the securities exceed 10% of the Bank s stockholders equity.
The maturities for the mortgage-backed securities are shown at the stated maturity. If the Bank presented mortgage-backed securities by average expected life, the breakdown would be:
In 1987, the Bank purchased adjustable rate preferred (ARPS) securities totaling $1,319,000. As the economy entered into its recessionary cycle in the late 1980s, these ARPS, which were issued by other banks, were impacted by concerns of investors in the banking industry. The Bank elected to recognize a permanent write down on the ARPS totaling $387,000 beginning in 1990.
The ARPS portfolio began increasing in market value during 1991 as banks showed stronger earnings. Since this upward market trend continued in 1992, the Bank elected to sell its holdings of ARPS and by year end had a remaining balance of $463,000 in ARPS with minimum loss to the Bank. The remaining ARPS were sold in early 1993.
Changes in the market value of the investment portfolio follow national interest rate fluctuations. As national interest rates dropped, the value of the portfolio has increased. The Bank does not hold any IOs or POs, nor does it hold any securities whose market value could change to a greater degree than traditional debt. The Bank does hold one 10-year government agency backed step up which has a fixed rate of interest for the first three years and which then increases incrementally each year until maturity. This debenture is callable one year from issuance date.
SUMMARY OF LOAN PORTFOLIO
PAST DUE LOANS (Amounts in Thousands)
The figures below represent loans past due 30 days or more (% is percentage of loans outstanding for a specific category of loans).
Loans which were non-performing as of December 31, 1994 and for which the real estate was acquired by the Bank in 1995 totaled $181,000.
MATURITY SCHEDULE - LOAN PORTFOLIO As of December 31,
The Bank makes construction loans on the basis of: a) permanent financing from another financial institution, or b)approval at the time of origination for permanent financing by our own Bank. In addition, a number of large commercial real estate loans are written and priced on the basis of fixed rates with a three to five year balloon payment. It is generally the intent of the Bank to renegotiate the rate and term of the loan at the balloon maturity. Lines of credit are renewed annually. There are consumer construction loans that will either be sold to the secondary market upon completion of construction or rolled into permanent portfolio residential mortgage loans on the Bank s books.
The total amount of commercial, financial and agricultural, construction, and land development loans with adjustable interest rates and maturities of greater than one year is $10,676,789 and with fixed interest rates and maturities of greater than one year is $7,730,755.
RISK ELEMENTS
It is the policy of management to review past due loans on a monthly basis. Those loans 90 days or more past due which are not well secured or in the process of collection are designated as non-accruing. This includes government guaranteed loans unless the guaranteed portion has been sold. If interest had been accruing on such loans, interest income on loans would have been $416,342 higher in 1995. Interest collected on these loans totaled $184,983 in 1995 and was included in net income. Non-accrual loans represent 1.7% of average loans for 1995 and 1994.
Management is not aware of any potential problems loans which are not included in the above table.
The Bank makes single-family residential loans, commercial real estate loans, commercial loans, and a variety of consumer loans. The Bank s lending activities are conducted in north coastal Maine. Because of the Bank s proximity to Acadia National Park, a large part of the economic activity in the area is generated from the hospitality business associated with tourism. At December 31, 1995, approximately $25,500,000 of loans were mde to companies in the hospitality industry. Of this total indebtedness, 1.8% were 30 days or more delinquent as of December 31, 1995. Loans to real estate investors and developers totaled $14,100,000 in 1995. In the fishing industry, loans decreased from $10,000,000 in 1994 to $7,500,000 in 1995. This decrease was attributable to the paydown of several aquaculture loans and a lesser need at year end for Bank support for the lobster pounding industry.
From the standpoint of large loans to single borrowers, loans of $700,000 or more to one borrower decreased as a percentage of capital from 95% in 1994 to 90% in 1995. As most loans granted by the Bank are collateralized by real estate, the ability of the Bank s borrowers to repay is dependent on the level of economic activity and the level of real estate values in the Bank s market area. Because of the increasing health of the tourist industry and other industries in its market area, the Bank has benefited from the economic well-being of its customers.
SUMMARY OF LOAN LOSSES
Delinquencies are reviewed on a monthly and quarterly basis by senior management as well as the Board of Directors. Information reviewed is used in determining if and when loans represent potential losses to the Bank. A determination of a potential loss could result in a charge to the provision for loan losses, with an increase to the reserve for possible loans so that risks in the portfolio can be identified on a timely basis and an appropriate reserve can be maintained.
Historically, the amount allocated for the allowance for possible loan losses has been based on management s evaluation of the loan portfolio. Considerations used in this evaluation included past and anticipated loan loss experience, the character and size of the loan portfolio, the value of collateral, general economic conditions, and maintenance of the allowance at a level adequate to absorb anticipated losses. With net charge offs remaining under one-half of one percent of average loans outstanding for 1990, the above method and review was adequate.
Since 1991, the Bank has utilized the methodology for the review of the allowance for loan losses to be in accordance with the approach suggested by bank regulators through FDIC Fil-34-91, dated June 28, 1992. The reserve includes specific reserves based on the review of specific credits, pool reserves based on historical charge offs by loan types and supplementary reserves reflecting concerns and loan concentrations by industry, by customer and by general economic conditions. The allocation has changed based on concentration of loans in the fishing and tourist related industries.
In 1992, the Bank continued to concentrate on resolving loan problems, focusing on the reduction of non-earning assets and resolution of troubled debt situations. With continued softness in the economy, the Bank aggressively charged off problem loans, and, at the same time provided more reserves for possible loan losses in the future. Building on the prior year s program of measuring adequacy, the Bank continued to build reserves to ensure that future earnings were not hurt by unforseen problems in the loan area.
The Bank experienced its greatest percentage of charge offs when compared to average loans outstanding in 1991 when the ratio was .74%. This ratio reached a low point in 1994 with charge offs representing only .25% of average loans. The percentage of charge offs to average loans in 1995 totals .41%. During the past five years, the majority of charge offs have been commercial loans secured by real estate. In 1992, increases in charge offs were attributable to an account where faulty documentation resulted in loss of collateral. The Bank real estate charge offs in 1994 represent charge down of loan balances on troubled loans based on updated fair value appraisals, or highest third party bids at auction.
In 1994 there were two writedowns of REO charged directly to earnings. A property in Northeast Harbor was sold at a loss of $74,000 after paying all expenses, and property on Main Street in Ellsworth was written down by $100,000 to more closely reflect a liquidation. In 1994, the same property
in Ellsworth was written down by additional $23,500. This property was sold in 1995 for $120,000. Additionally in 1994, three residential properties owned by the Bank were written down by a total of $58,000 to more closely reflect their market values.
Approximately 28% of the chargeoffs in 1995 represented loans secured by real estate, and 39% represented commercial credits. The increase in commercial loan chargeoffs in 1995 included a chargedown of a large commercial loan. Recoveries offset losses totaling $97,000, $141,000 and $264,900 for the years ended 1995, 1994 and 1993, respectively.
Softness in the economy in the early 1990s, reduction of collateral value, and, in some cases, poor management by the owners of the business have caused the major losses in the commercial area.
Based on past experience and management s assessment of the present loan portfolio, it is expected that loan charge offs for 1996 will not exceed $840,000.
A breakdown of the allowance for possible loan losses is as follows:
SUMMARY OF LOAN LOSS EXPERIENCE (In thousands)
% = Percentage of Loans Outstanding for a Specific Category of Loans
SUMMARY OF DEPOSIT PORTFOLIO
MATURITY SCHEDULE FOR TIME DEPOSITS $100,000 OR MORE
RETURN ON EQUITY AND ASSETS
As of January 1, 1996, there were approximately 974 holders of record of Bar Harbor Bankshares common stock.
Dividends have been paid semi-annually during 1994 and 1995, as follows:
In 1996 the Company will pay dividends on a quarterly basis.
SHORT TERM BORROWINGS
The terms for short-term FHLB advances taken in 1995 ranged from 5 days to 200 days and averaged 49 days. The terms for wholesale repurchase agreements taken in 1995 ranged from 4 days to 90 days and averaged 24 days.
The terms for short-term FHLB advances taken in 1994 ranged from 14 days to 257 days and averaged 82 days. The terms for wholesale repurchase agreements taken in 1994 ranged from four days to 90 days and averaged 25 days.
The terms for short-term FHLB advances taken in 1993 ranged from 17 days to 260 days and averaged 82 days. The terms for wholesale repurchase agreements taken in 1993 ranged from 6 days to 140 days and averaged 31 days.
The following data represents selected year end financial information for the past five years. All information is unaudited. (In thousands, except per share data)
SUPPLEMENTARY FINANCIAL DATA BY QUARTERS (In thousands except per share data)
ITEM 7.

ITEM 7. MANAGEMENT S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The information contained in the section captioned Management s Discussion and Analysis of Financial Condition and Results of Operations in the Company s Annual Report is incorporated herein by reference.
ITEM 8.

ITEM 8. CONSOLIDATED FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
The financial statements required are contained on pages 10 through 25 of the Company s Annual Report for the year ended December 31, 1995 and are incorporated herein by reference.
ITEM 9.

ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURES
Not applicable.
PART III
ITEM 10.

ITEM 10. DIRECTORS AND EXECUTIVE OFFICERS
The following statements pertain to all individuals listed below:
1. There are no arrangements or understandings between any director or officer listed below and any other person pursuant to which such director or officer was selected as an officer or director.
2. There is no family relationship among any of the directors and officers listed below.
3. None of the directors and officers listed below have been involved in any bankruptcy, criminal, or other proceeding set forth or described in sub-section (f) of Item 401 of Regulation S-K as promulgated by the Securities and Exchange Commission.
4. Each of the directors listed below has been elected to a three year term, except where the mandatory retirement age of 75 years precluded an election of a shorter term, with one third of the Board of Directors, as nearly as may be, standing for election each year. Each director of the Company also serves as a director of the Bank, and references below to the year in which an individual was first elected refer to the year in which s/he was first elected a director of the Bank.
[1] Robert H. Avery. Director, Age 67. Mr. Avery is retired. He first was elected as a Director on November 2, 1965. He was elected as President and Chief Executive Officer of the Bank in 1971 and retired as of June 30, 1986. He currently serves as Director and Treasurer of the Bar Harbor Water Company.
[2] Frederick F. Brown, Director, Age 69. Mr. Brown s principal occupation during the past five years has been as proprietor and owner of F. T. Brown Company, which owns and operates a hardware store in Northeast Harbor and as one-third owner of Island Plumbing & Heating in Northeast Harbor. He also serves as President of Northeast Harbor Water Company. Mr. Brown first was elected as a director on October 2, 1979.
[3] Thomas A. Colwell, Director. Age 51. Mr. Colwell s principal occupation during the past five years has been as owner of Colwell Brothers, Inc. He also serves as a member of the Board of Directors of the Maine Lobster Pound Association. Mr. Colwell was first elected as a director on October 1, 1991.
[4] Bernard K. Cough, Director, Age 68. Mr. Cough s principal occupation during the past five years has been owner/operator of several motels, including the Atlantic Oakes Motel, Atlantic Eyrie Lodge, Inc., Brookside Motel, Bay View, Inc., and Ocean Gate, Inc. Mr. Cough is also Treasurer of Cough Bros., Inc. And President of Downeast Inns, Inc. Mr. Cough was first elected as a director on October 1, 1985.
[5] Peter Dodge, Director, Age 52. Mr. Dodge is President of the Peter Dodge Agency (a Maine corporation) d/b/a the Merle B. Grindle Insurance Agency in Blue Hill, Maine. He is also Director and Treasurer of Coastal Holdings, Inc., Trustee of George Stevens Academy, and Director, Bagaduce Music Lending Library. He was first elected as a director on October 6, 1987.
[6] Lawrence L. Dorr, Director, Age 74. Mr Dorr is retired. Prior to his retirement, Mr. Dorr was the principal stockholder and administrator of Oceanview Nursing Home, Inc. Of Lubec. Mr. Dorr first was elected as a director on October 2, 1973.
[7] Dwight L. Eaton, Senior Vice President and Trust Officer, Age 60. Mr. Eaton s principal occupation during the past five years has been as Senior Vice President and Trust Officer of Bar Harbor Banking and Trust Company. He serves as Chairman and Director of the Acadia Corporation. Mr. Eaton first was elected as a Director on October 4, 1988.
[8] Ruth S. Foster, Director, Age 66. Mrs. Foster s principal occupation is the President and principal stockholder of Ruth Foster s, a children s clothing store in Ellsworth, Maine. Mrs. Foster first was elected as a director on October 7, 1986.
[9] Robert L. Gilfillan, Chairman of the Board of Directors, Age 68. Mr. Gilfillan s principal occupation during the past five years has been as the owner and President of the West End Drug Company in Bar Harbor. Mr. Gilfillan first was elected as a director on November 5, 1957.
[10] Sheldon F. Goldthwait, Jr., President and Chief Executive Officer, Age 57. He was appointed President and Chief Executive Officer of Bar Harbor Banking and Trust Company January 1, 1995. Prior to that he served as Executive Vice President of Bar Harbor Banking and Trust Company. He serves as Treasurer and Director of the Acadia Corporation. Mr. Goldthwait first was elected as a director on October 4, 1988.
[11] James C. MacLeod, Director, Age 71. Mr. MacLeod is retired. Mr. MacLeod served as Vice President of the Bank until his retirement in December of 1987. He was appointed as a Vice president of the Bank in 1972 and was first elected as a director of the Bank on November 7, 1961.
[12] John P. McCurdy, Director, Age 64. Prior to his retirement in 1991. Mr. McCurdy s principal occupation was the owner and operator of McCurdy Fish Company of Lubec, a processor of smoked herring. Mr. McCurdy first was elected as a director on October 2, 1979.
[13] Jarvis W. Newman, Director, Age 60. Mr. Newman is the owner of Newman Marine, a boat brokerage in Southwest Harbor. Mr. Newman first was elected as a Director on October 5, 1971.
[14] Robert M. Phillips, Director, Age 54. Mr. Phillips is Vice President and Chief Operating Officer of Jasper Wyman and Son (blueberry processors), Milbridge, Maine. He was first elected as a director on October 5, 1993.
[15] John P. Reeves. Director, Age 61. Mr. Reeves is retired. He was elected as President and Chief Executive Officer of Bar Harbor Banking and Trust Company in 1986 and retired in 1994. He first was elected as a director on October 6, 1970.
[16] Abner L. Sargent, Director, Age 71. Mr. Sargent is former owner and designated broker of High Street Real Estate and Vice President and Treasurer of Sargent s Mobile Homes, Inc., of Ellsworth. He first was elected as a director on October 6, 1981.
[17] Lynda Z. Tyson, Director, Age 40. Mrs. Tyson is Chief Operating Officer and Marketing Director of Tyson & Partners, Inc., a marketing communications consulting firm in Bar Harbor. Mrs. Tyson was first elected as a director on October 5, 1993.
ITEM 11.

ITEM 11. EXECUTIVE COMPENSATION
Officers of the Company do not, as such, receive compensation. The following table sets forth cash compensation received during the Bank s last fiscal year by the executive officers for whom such compensation exceeded $100,000.
The Bank has an incentive plan in which all employees who were on the payroll as of January 1st of a calendar year and who worked through December 31st are eligible. The computation is based on earnings per share growing by 10% each year with 1992 being the base year. Once the 10% growth is attained, a pool is created in which all eligible employees receive the same percentage of their salary in the form of an incentive payment.
COMPENSATION OF DIRECTORS
Each of the directors of the Company is a director of the Bank and as such receives a fee of $250.00 for each meeting attended. The fee paid for the Annual Meeting is $500.00 per member of the Board of Directors. Meetings of the Board of Directors of the Bank are held monthly. No directors fees are paid to the directors of the Company as such. Those directors of the Bank who are also officers do not receive directors fees.
EMPLOYEE BENEFIT PLANS
Effective August 31, 1993, the Board of Directors ratified the termination of the Company s noncontributory defined benefit pension plan, which covered all eligible employees.
At December 31, 1994, the plan s projected benefit obligation was essentially equivalent to the plan s net assets available for benefits of approximately $2,150,000, and such assets were invested in U.S. Government obligations and cash equivalents. The settlement of the vested benefit obligation by the purchase of nonparticipating annuity contracts for, or the lump sum payments to, each covered employee was completed in 1994, upon receipt of certain regulatory approvals. The Company recognized no curtailment gain or loss in 1993 as a result of the plan termination and no gain or loss was recognized when the plan s benefit obligation was settled in 1994.
Prior to the plan termination, pension benefits were based on years of service, and the Company s policy was to fund, at a minimum, the amount required under the Employee Retirement Income Security Act of 1974. Net pension income of $51,000 in 1993 has been included in operating results. The weighted average discount rate and increase in salary levels used in determining the projected benefit obligation were 8% in 1993. The expected long-term rate of return on assets was 9%.
The Bank offers a 401(k) plan to all employees who have completed one year of service and who have attained the age of 21. Employees may elect to defer from 1% to 15% of their salaries subject to a maximum amount determined by a formula annually, which amount was $9,240 in 1994 and 1995. In 1995, the bank matched employee contributions to the 401(k) plan to the extend of 25% of the first 6% of salary for a total of contribution by the bank of $46,637. The bank match for 1994 and 1993 was $42,590 and $37,195, respectively. On December 31, 1995, the Company contributed to each participating employee an additional 3% of the employee s salary, which represented a non-contributory plan replacing the Bank s contribution to the former defined benefit plan. The total contribution made for the non-contributory plan was $122,486. This non-contributory
plan was established in 1994 with a contribution made by the Bank totalling $113,432. Any future contributions by the bank will be determined annually by the vote of the Board of Directors.
In 1995 and 1994, the Bank provided a restricted stock purchase plan through which each employee having one year of service may purchase up to 100 shares of Bar Harbor Bankshares stock at the current fair market price as of a date determined by the Board of Directors. These shares may be purchased through a direct purchase or through the employees 401(k) accounts.
At December 31, 1995, employees exercised their right to purchase 4,632 shares at $28.00 per share, with the actual purchase transpiring in January of 1996. At December 31, 1994, employees exercised their right to purchase 3,770 shares at $16.40 per share, with the actual purchase transpiring in January of 1995.
The Bank provides certain of its officers with individual memberships in local civic organizations and clubs. The aggregate value of these benefits with respect to any individual officer did not exceed $5,000 during the Bank s last fiscal year.
The Bank has entered into agreements with Messrs: Avery, Reeves, Goldthwait, and Eaton whereby those individuals or their beneficiaries will receive upon death or retirement an annual supplemental pension benefit over a period of 10 years in the amount of $15,000 (in the case of Messrs. Avery and Reeves) and in the amount of $10,000 (in the case of Messrs. Goldthwait and Eaton). This plan is unfunded and benefits will be paid out of Bank earnings. As of January 1, 1987, Mr. Avery began drawing his annual installment of $15,000 pursuant to this deferred compensation arrangement. Mr. Reeves began drawing his annual installment of $5,300.04 (reduced for early retirement) as of January 1, 1995.
In 1993, the Company established a non-qualified supplemental retirement plan for Messrs. Reeves, Eaton, Goldthwait and MacDonald. The agreements provide supplemental retirement benefits payable in installments over twenty years upon retirement or death. The Company recognizes the costs associated with the agreements over the service lives of the participating officers. The cost relative to the supplemental plan was $98,273, $368,898, and $181,415 for 1995, 1994, and 1993 respectively. The agreements with Messrs. Reeves, Eaton, Goldthwait and MacDonald are in the amounts of $49,020, $22,600, $37,400 and $7,700 respectively. Mr Reeves began drawing his annual installment of $49,020 as of January 1, 1995.
Officers of the Bank are entitled to participate in certain group insurance benefits. In accordance with Bank policy, all such benefits are available generally to employees of the Bank.
ITEM 12.

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT
As of December 31, 1995, to the knowledge of the Company, there are not any beneficial owners of more than five percent of the Company s common stock.
The following table lists, as of December 31, 1995, the number of shares of Common Stock and the percentage of the Common Stock represented thereby, beneficially owned by each director and nominee for director, and by all principal officers and directors of the Company as a group.
For purposes of this table, beneficial ownership has been determined in accordance with the provisions of Rule 13-d-3 promulgated under the Securities Exchange Act of 1934 as amended. Direct beneficial ownership includes shares held outright or jointly with others. Indirect beneficial ownership includes shares held in the same name of a director s spouse or minor children or in trust for the benefit of a director or member of his or her family. Indirect beneficial ownership does not include, in the case of each director, one seventeenth (2,864 shares) of the 48,680 shares (2.84%) of the Common Stock held by two trusts which shares, for purposes of voting, are allocated equally among the directors of the bank under the terms of the respective trust instruments. No director has any other
beneficial interest in such shares. Ownership figures for directors and nominees include directors qualifying shares owned by each person named.
Management is not aware of any arrangement which could, at a subsequent date, result in a change in control of the company.
ITEM 13.

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
The Bank retains the firm of Tyson & Partners, Inc. to assist with its marketing program. Lynda Z. Tyson, who was elected to the Board of the Company and the Bank on October 4, 1993, serves as that firm s Chief Operating Officer as well as Director of Marketing. Management believes that the fees charged by Tyson & Partners, Inc. are at least as favorable as any which could have been obtained from persons not affiliated with the Bank.
The Bank has had, and expects to have in the future, banking transactions in the ordinary course of its business with directors, officers, principal stockholders and their associates upon substantially the same terms, including interest rates and collateral on the loans, as those prevailing at the same time for comparable transactions with others. Such loans have not and will not involve more than normal risk of collectibility or present other unfavorable features.
PART IV
ITEM 14.

ITEM 14. EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND REPORTS ON FORM 8-K
(a) (1) The following financial statements are incorporated by reference from Item 8 hereof: [Annual Report to Stockholders included herein as Exhibit 13].


ITEM 1. BUSINESS
Certain geographic information for Item 1 is contained in the Company's 1995 Annual Report to Stockholders on page 16, which information is incorporated herein by reference (and except for that page, the Company's Annual Report to Stockholders for the fiscal year ended March 31, 1995 is not deemed filed as part of this report).
GENERAL
Printronix, Inc. designs, manufactures, and markets medium and high speed printers which support a wide range of computer systems and software platforms. Printronix printers produce "hard copy" through the application of impact printing and non-impact printing technologies. The Company's product line is designed primarily for business and industrial applications, quickly and reliably producing every type of printed computer output, from reports and graphics to bar code labels. The Company also produces and markets the Intelligent Graphics Printing which resides in the printer, enabling it to produce bar codes, forms, and logos.
Printronix, Inc. was incorporated in California in 1974 and was reincorporated in Delaware in December 1986. Unless the context otherwise requires, the terms "Company" and "Printronix" refer to Printronix, Inc. and its consolidated subsidiaries.
COMPUTER PRINTERS
Computer printers are output devices that use electromechanical techniques to convert digitized information sent from a host computer to printed form. The printed output produced can then be read by humans and/or machines, depending upon the format of the output. Such devices can print on paper and other substances, such as card stock or mylar, by means of impact or non-impact technologies.
Impact printers are generally classified as being either text or graphics printers and as either serial or line printers. Text printers generally print a predetermined set of fully formed characters. Graphics printers, also referred to as All Points Addressable (APA), can place dots anywhere on the paper and are used for text and graphics applications. Serial printers print one character at a time and line printers print one line at a time. Most serial printers produced today are serial matrix printers, which use serial graphics technology to print text one character at a time. Higher speed line printers, that also print fully formed characters, use high speed mechanical devices, such as metal bands, upon which alphanumeric characters are embossed. With these devices, a hammer presses the paper and ribbon against the proper character when the band moves past the appropriate print location. Band printers and line matrix printers are examples of line printers.
Matrix printers form characters by printing dots in combinations of patterns. Most manufacturers who use the matrix technique produce serial matrix printers, which create characters one at a time in horizontal sweeps across the page. Printronix manufactures line matrix printers. The Company's line matrix printers print a complete line of dots at a time, thus combining the flexibility of the matrix technique with the reliability and durability of a line printer.
Non-impact printers print on paper by means of thermal, electrostatic, inkjet, laser, LED, and other techniques that deliver high resolution printed output for letter quality and graphics applications.
TECHNOLOGY
The current Printronix product line encompasses impact line matrix printers, and three non-impact printer technologies: laser printers, LED printers, and thermal printers. The Company's line matrix printers are designed for heavy duty cycle, medium and high speed printing and plotting; Printronix laser, LED and thermal printers offer medium speed, high quality text and graphics printing.
Printronix line matrix printers electromechanically create an image on paper in a manner similar to the "raster scan" method by which a television creates a picture on its screen. The printers utilize small leaf-spring ham-
mers and electromagnetic coils combined in a row or "bank" of hammers. When at rest, the hammers are held retracted by a permanent magnet; this "stored energy" is selectively released by electrical pulses passing through the coils.
Printronix line matrix printer models operate between 200 and 1200 lines per minute as summarized below. Printing is accomplished as the hammer bank shuttles a small distance back and forth, enabling the hammers to place dots anywhere along a row across the paper. Successive dot rows are produced by the paper advancing while the hammer bank reverses for printing the next dot row. Dots overlap horizontally and vertically to produce graphics as well as alphanumeric characters.
The dot placement of Printronix line matrix printers is very precise, permitting accurate character alignment. The combination of precise dot placement anywhere on the page and the use of overlapping dots rather than fully formed characters enables Printronix printers, under computer control, to produce graphic output. Another key feature of the line matrix technology is that hammer energy is optimized to print dots only, resulting in improved print quality on multi-part forms.
The Company's non-impact page printers create images on paper electrographically. Laser printers direct a laser beam onto a drum by means of a rotating mirror; LED array printers use fixed, light emitting diodes (LEDs) to image each dot position onto a belt. Both processes are facilitated by an electronic controller which provides intelligence to the printer by converting data sent from the host computer system into a raster image. The image is subsequently fixed to the paper with toner in the same manner as copiers. The intelligent controllers that are designed by the Company are integrated with print engines purchased from outside suppliers.
The Company's thermal printer creates an image on paper by heating thermal sensitive media. The image is created either by heating an ink based ribbon which transfers its ink to the paper label material or by heating paper label material in which the thermally sensitive ink is already impregnated. This type of printer is especially useful in "on-demand" label applications. As in the case of the Company's other non-impact printers, this process is facilitated by an electronic controller which provides intelligence to the printer by converting data sent from the host computer system into a raster image. The same intelligent controllers, designed by the Company and also used on its page printers, are integrated with a print engine purchased from an outside supplier.
PRODUCTS
Line matrix printer models include the P4000 Series with speeds up to 800 lines per minute; the P9000 Series with speeds up to 1200 lines per minute; the P6000L Series with speeds up to 800 lines per minute; the P3000 Series with speeds up to 400 lines per minute; and the MVP Series with speeds up to 200 lines per minute. Applications for line matrix printers include reports, multi-part forms, electronic forms generation, bar code labels and program listings.
The L5031 Multifunction Page Printer is an LED Printer that prints continuous forms at 31 pages per minute, A-Size, and cut sheet applications at 25 pages per minute. The L5031 has a unique Xenon flash fusing process which produces output of exceptionally high quality. It can handle continuous forms up to 12" x 16" and cut sheet stock up to 11" x 17" and has a duty cycle of 200,000 pages per month. The LED array imaging of the L5031 provides precise 300x300 dot-per-inch resolution. Both 400x400 or 240x240 dot-per-inch resolutions are available as options.
The L1016 Continuous Form Laser Printer combines 300 x 300 dot-per-inch resolution with the convenience and data integrity of continuous form operation. Printing at 16 pages per minute, the L1016 supports a variety of emulations, including bar code label, text and forms applications. A built-in disk drive makes it easy to load emulations, fonts, and upgrades. The L1024 is a 24 page per minute version.
The T1006 Thermal Printer operates at a speed of 6 inches per second, has a resolution of 203 dots-per-inch, and has a wide throat design to accommodate media up to 6.7 inches wide. Supporting both direct thermal and thermal transfer printing, the T1006 can print in either batch or on-demand mode. The T1006 serves a wide variety of label printing needs. A built-in disk drive makes it easy to load emulations, fonts, and upgrades.
All of the Company's printers are supported by the Intelligent Graphics Printing (IGP trademark) Series. This graphics productivity tool enables users to generate on-line forms, bar codes, logos, expanded/compressed text, and reversed and rotated print. IGPs are available with either Printronix Graphics Language or QMS Code V trademark protocols.
MARKETING AND CUSTOMERS
The market for the Company's products is related to the market for computer systems. Printronix printers are marketed worldwide directly to original equipment manufacturers (OEMs) and to end users through a network of full-service distributors and resellers.
The Company's 10 largest customers accounted for an aggregate of approximately 66, 57, and 51 percent of net sales during the fiscal years ended March 1995, 1994, and 1993, respectively. During fiscal 1995, the Company sold its products to OEMs and full-service distributors/resellers, which accounted for approximately 47 percent and 48 percent of net sales, respectively. In addition, the Company sold consumables to end users, accounting for approximately 5 percent of fiscal 1995 net sales.
In fiscal 1995, the Company had two customers which individually represented greater than 10 percent of consolidated net sales. Sales to the largest customer, IBM, represented 28.8 percent and 10.7 percent of net sales for fiscal years 1995 and 1994, respectively. No sales were made to the largest customer in fiscal 1993. On a geographic basis, fiscal 1995 sales to the largest customer represented 30.2 percent of domestic net sales and 26.6 percent of international net sales. A significant decline in sales to our largest customer could have an adverse effect on the Company's operations. Sales to the second largest customer represented 10.5 percent, 14.6 percent and 13.7 percent of consolidated net sales for fiscal years 1995, 1994, and 1993, respectively.
COMPETITION
The Company has a wide range of printers that compete in the overall market for medium and high speed computer printers. The overall market includes serial, line matrix, band and non-impact printers. This overall market includes a large captive market which consists of computer systems manufacturers that produce their own printers and in the past have not bought from independent printer manufacturers. Due to the increasing competitive nature and the level of investment now required for ongoing printer development, more of these OEMs are now either buying or considering buying from independent manufacturers. The Company competes on a direct basis with several companies of varying sizes, including some of the largest businesses in the United States and Japan, in the non-captive market. Competing products include high end serial printers, medium and high speed line printers, laser printers, thermal printers, and other non-impact technologies.
Competitive factors in the Company's markets include reliability, durability, price, print quality, versatility of special performance features, and after sales support. The Company believes that its printers are highly competitive with regard to price/performance and cost of ownership, and that the Company rates highly in after sales support.
The Company has periodically evaluated other printing technologies and intends to continue to do so. Introduction of products with superior performance or substantially lower prices could adversely affect the Company's business.
ORDER BACKLOG
The Company's order backlog at March 31, 1995 was approximately $17,559,000, compared with approximately $18,533,000 at March 25, 1994 and $11,258,000 at March 24, 1993. During fiscal 1995, the Company's improved product availability, achieved through reductions in the required time to build printers and faster response time on customer orders, resulted in a decline in the customers' lead time on product orders. The order backlog represents orders for which a delivery date within six months has been specified by the customer and the Company expects to ship within six months.
RAW MATERIALS
The Company purchases basic mechanical and standard electronic components from numerous outside vendors. Most of those components used in the Company's impact printers are immediately available from alternate sources. The Company also purchases certain components from sole sources and has no reason to believe that it will be unable to obtain those components. However, if the Company were to lose any sole source for a component there could be a delay in shipment of printers using those components until an alternate source begins production. The Company's non-impact printer products are designed to use specific print engines manufactured by outside vendors. The Company has entered into written purchase agreements for each of the printer engines and has no reason to believe that it will be unable to obtain the engines it requires.
ENGINEERING AND DEVELOPMENT
The Company operates in an industry which is subject to rapid technological change, and its ability to compete successfully depends upon, among other things, its ability to react to change. Accordingly, the Company is committed to the development of new products. During fiscal 1995, 1994, and 1993, its engineering and development expenditures incurred were approximately $12,666,000, $10,201,000, and $10,186,000, respectively. Substantially all expenditures were Company sponsored. A substantial portion of engineering and development expenditures were associated with the continued development of lower cost line matrix printers, software and hardware development of the Printronix System Architecture for both non-impact printers and line matrix printers.
New products under development in fiscal 1995 included the following: (1) higher performance and lower cost fourth generation (P4200) line matrix printers with twinax, coax, and IPDS emulation capabilities; (2) customized versions of standard model printers for major OEM customers; and (3) non-impact printers including the L1024 and the L5031 with IBM, IPDS, IGP, and HP PCL 5 emulation capabilities.
PATENTS AND LICENSES
The Company has been issued 40 United States patents, and related foreign patents (primarily in Canada, the United Kingdom, France and Germany) associated with various aspects of its printers. None of these patents will expire before 1996. The Company believes that its patented line dot matrix printing technology has competitive value and intends to continue its practice of enforcing its patent rights against potential infringers where it deems appropriate. Although there can be no assurance that the Company will be successful in defending its rights to any of its patents, the Company believes that its patents are valid.
The Company has no material licenses from others pertaining to the manufacture of its products, including those under development, and believes that none are currently required. The Company believes that, based on industry practice, any such licenses as might be required in the future could be obtained on terms which would not have a material effect on it. However, the Company does have licenses for the use of IPDS, POSTSCRIPT and PCL5 graphic languages.
The Company previously entered into a limited number of agreements granting others certain rights to manufacture printers using one or more of the Company's patents. The final agreement expired in March 1993 and the Company did not earn any royalty income in fiscal 1995 or 1994.
IGP is a trademark of Printronix, Inc. PCL 5 is a trademark of Hewlett-Packard Corporation. IPDS is a registered trademark of International Business Machines Corporation. Code V is a trademark of QMS, Inc.
EMPLOYEES
The Company had approximately 880 employees as of March 31, 1995 including 486 in the United States, 342 in Singapore and 52 in Europe.
None of the Company's employees in North America or Singapore is subject to a collective bargaining agreement. Printronix Nederland BV is a member of the Employers Union F.M.E., and some of its 41 employees have elected to become members of an employee union. This employee union is not government sponsored and is supported by contributions from its members. The Company believes that its relationship with its employees is good.
FOREIGN OPERATIONS
The Company has manufacturing facilities in Singapore, wherein line matrix printer products and some printed circuit board assemblies are produced. In The Netherlands, the Company has a facility that provides assembly of selected models of impact and non-impact printers, product support and customer service, and product distribution. Foreign sales, including exports from the United States, represented approximately 38 percent, 38 percent, and 35 percent of the Company's total sales in fiscal years 1995, 1994, and 1993, respectively. The Company has sales offices within Germany, France, the United Kingdom and Singapore. The Company is not aware of any significant risks with respect to its foreign business other than those inherent in the competitive nature of the business and fluctuations in foreign currency exchange rates. Selected financial information regarding foreign and export sales by geographic area is set forth in Note 4 of Notes to Consolidated Financial Statements.
ITEM 2.

ITEM 2. PROPERTIES
The Company's executive, manufacturing, engineering, administrative and marketing offices are located in a total of approximately 169,000 square feet of leased facilities in Irvine, California.
The Company's foreign operations are located in The Netherlands and Singapore in leased facilities of 41,000 and 79,000 square feet, respectively. The Company also leases several small offices, generally on short-term leases, throughout the United States and Europe for sales or service. The Company has certain idle facilities of approximately 7,500 square feet in The Netherlands. See Note 2 of Notes to Consolidated Financial Statements for a summary of the expiration dates and lease or rental commitments.
ITEM 3.

ITEM 3. LEGAL PROCEEDINGS
ENVIRONMENTAL ASSESSMENT
In January 1994, the Company was notified by the California Regional Water Quality Control Board - Santa Ana Region (the "Board") that groundwater monitoring reports indicate that the groundwater under one of the Company's former production plants is contaminated with various chlorinated volatile organic compounds (VOCs).
Evidence adduced from site studies undertaken to date indicate that compounds containing the VOCs were not used by the Company during its tenancy, but were used by the prior tenant during its long-term occupancy of the site. The tests also indicate that the composition of the soil is such that off-site migration of contamination is very slow and contamination is most likely confined to the site. Accordingly, the Board is presently devoting its attention to the predecessor occupant of the site. Investigation indicates that the prior occupant is a well established business enterprise which has substantial assets and is affiliated with a publicly traded company.
Because of the focus of the Board's investigation, there are no further orders outstanding against the Company. Therefore, there are no recurring costs, capital expenditures or other mandated expenditures. As of March 31, 1995, the Company has reserved $214,000 which is expected to be more than adequate to cover further legal fees or any additional expenses related to environmental tests, which could be requested by the Board, at the site. To date, the Company has incurred only minimal expense in its initial response to the Board's request for information and for environmental testing. However, the Company could be subject to charges related to remediation of the site. These charges on a preliminary (and very general) basis, could be estimated as follows:
Remediation involves a two-step procedure. The first step would include the installation of a soil vapor extraction system. The cost of installation could range from $50,000 to $100,000. There would also be annual operating costs of up to $50,000 for a period of several years. The second step would be the installation of a pump and water treatment system to cleanse the groundwater. The cost of installation would range from $100,000 to $200,000. The annual operating costs would range up to $100,000 for a period which cannot now be ascertained.
The Company is convinced that it bears no responsibility for any contamination at the site and intends to vigorously defend any action which might be brought against it in respect thereto. Furthermore, the Company believes it has adequately accrued for any future expenditures in connection with further legal fees or additional environmental tests that could be requested by the Board at the site, and that such expenditures will not have a materially adverse effect on its financial condition or results of operations.
ITEM 4.

ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
The Company did not submit any matter during the fourth quarter of the fiscal year covered by this report to a vote of security holders, through the solicitation of proxies or otherwise.
EXECUTIVE OFFICERS OF THE REGISTRANT
The executive officers of the Company and their ages as of May 12, 1995 are as follows:
Officers are appointed by and hold office at the pleasure of the Board of Directors.
Mr. Kleist is one of the founders of the Company and has served as a director and its President and Chief Executive Officer since its formation in 1974. In addition, Mr. Kleist served as Chief Financial Officer from February 1987 to October 1988, a position he also held from August 1985 until January 1986. Mr. Kleist is a director of Seagate Technology, a manufacturer of computer memory disk drives.
Dr. Belt joined the Company in December 1985 as Vice President, Engineering, Line Matrix Division. In February 1987, he was appointed Senior Vice President, Engineering and Chief Technical Officer. Dr. Belt was appointed to the additional position of Assistant Corporate Secretary in August 1989. From October 1984 to December 1985, Dr. Belt was Manager of Engineering, Large Communication Systems Division of Rolm Corp. From December 1979 to October 1984, he was Manager of Engineering, Schlumberger Sentry. In prior years, Dr. Belt has held engineering management positions at General Electric Co. and Pertec Computer Corp. He was also a founder and Engineering Vice President of Courier Terminal Systems in 1969.
Mr. Harwood joined the Company in October 1988 as Senior Vice President, Finance and Chief Financial Officer. Mr. Harwood was appointed to the additional office of Corporate Secretary in January 1989. In October 1994, Mr. Harwood assumed responsibility for the Company's Management Information Systems. From December 1984 to October 1988, Mr. Harwood was Chief Financial Officer and Vice President, Finance at Qume Corporation. From December 1982 to December 1984, Mr. Harwood was Group Controller of ITT Automotive Products, Worldwide. In prior years, Mr. Harwood has held various senior financial positions at ITT in Brussels, London and Zambia. Mr. Harwood is a Fellow of the Institute of Chartered Accountants in England and has had seven years of public accounting experience, primarily at Price Waterhouse.
Mr. Fitzsimmons joined the Company in September 1985 as Director of Management Information Systems. In December 1988, he was appointed Vice President, Management Information Systems. In May 1990, Mr. Fitzsimmons assumed responsibility for Printronix B.V., the Company's Netherlands subsidiary. Mr. Fitzsimmons was appointed to the additional office of Vice President, Irvine Manufacturing in October 1990. In July 1991, he assumed responsibility for Printronix A.G., the Company's Singapore subsidiary. From May 1992 to October 1994 Mr. Fitzsimmons was Senior Vice President, Manufacturing and Management Information Systems. In October 1994, he was appointed Senior Vice President, Worldwide Manufacturing. From September 1979 to September 1985, Mr. Fitzsimmons held various senior MIS positions at Magnavox Government and Industrial Electronics Company.
Mr. Steele joined the Company in July 1991 as Senior Vice President, Sales and Marketing. From May 1990 to June 1991, Mr. Steele was Senior Vice President, Sales and Marketing at DataWare. From May 1989 to May 1990, Mr. Steele was Vice President, Sales and Marketing at Talaris. From April 1972 to January 1987, Mr. Steele held various positions including District Sales Manager, National Sales Manager and Vice President, Sales and Marketing
at Datagraphix. In January 1987, Datagraphix became Anacomp, Inc. and Mr. Steele was appointed Senior Vice President, Sales and Marketing, a position he held until October 1988. In prior years, Mr. Steele held various positions in sales management and systems engineering at IBM.
PART II
Information for Items 5, 6, 7 and 8 is contained in the Company's 1995 Annual Report to Stockholders on the following pages, which information is incorporated herein by reference (and except for these pages, the Company's Annual Report to Stockholders for the fiscal year ended March 31, 1995 is not deemed filed as part of this report):
ITEM 9.

ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE
NONE
PART III
Information required under Item 10

Item 12 "Security Ownership of Certain Beneficial Owners and Management," and Item 13

Item 13 "Certain Relationships and Related Transactions" has been omitted from this report. Such information is hereby incorporated by reference from Printronix' Proxy Statement for its Annual Meeting of Stockholders to be held on August 15, 1995, which the Company intends to file with the Securities and Exchange Commission not later than July 11 , 1995.
PART IV
ITEM 14.

ITEM 14. EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND REPORTS ON FORM 8-K
(a) Index to Financial Statements
All schedules except Schedule II have been omitted for the reason that the required information is shown in financial statements or notes thereto, the amounts involved are not significant or the schedules are not applicable.
(b) Reports on Form 8-K
None
(c) Exhibits
Reference is made to the Index of Exhibits beginning at page 14 of this report, which index is incorporated herein by reference.
(d) Other Financial Statements There are no financial statements required to be filed by Regulation S-X which are excluded from the annual report to stockholders by Rule 14a-3(b)(1).
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
To Printronix, Inc.:
We have audited in accordance with generally accepted auditing standards, the financial statements included in Printronix, Inc.'s annual report to stockholders incorporated by reference in this Form 10-K, and have issued our report thereon dated April 26, 1995. Our audit was made for the purpose of forming an opinion on those statements taken as a whole. The schedule listed in the index is presented for purposes of complying with the Securities and Exchange Commission rules and is not part of the basic financial statements. This schedule has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, fairly states in all material respects the financial data required to be set forth therein in relation to the basic financial statements taken as a whole.
ARTHUR ANDERSEN LLP
Orange County, California April 26, 1995
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) 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.
Dated: June 28, 1995
PRINTRONIX, INC. BY ROBERT A. KLEIST ------------------------ Robert A. Kleist, President
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
PRINTRONIX, INC. AND SUBSIDIARIES
--------------
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS
FOR EACH OF THE THREE YEARS IN THE PERIOD ENDED MARCH 31, 1995
DESCRIPTIONS OF OTHER ADDITIONS AND DEDUCTIONS:
A - Expenses incurred in providing warranty services
B - Write-off of bad debt
INDEX OF EXHIBITS
EXHIBIT NUMBER DESCRIPTION - -------------- ----------- 3.1 Certificate of Incorporation of Printronix, Inc. (incorporated by reference to Exhibit 3.1 to the Company's Report on Form 10-K for the fiscal year ended March 27, 1987).
3.2 By-laws of Printronix, Inc. currently in effect (incorporated by reference to Exhibit 3.2 to the Company's Report on Form 10-K for fiscal year ended March 31, 1989).
4.1 Copies of certain instruments, which in accordance with paragraph (b)(4)(iii) of Item 601 of Regulation S-K are not required to be filed as exhibits to Form 10-K, have not been filed by Printronix. Printronix agrees to furnish a copy of any such instrument to the Securities and Exchange Commission upon request.
4.2 Common Shares Rights Agreement dated as of March 17, 1989 between Printronix, Inc. and Chemical Trust Company of California, including the form of Rights Certificate and the Summary of Rights attached thereto as Exhibits A and B, respectively (incorporated by reference to Exhibit 1 to the Company's Registration Statement on Form 8-A filed on or about March 17, 1989).
4.3 Corporate Guarantee for Tat Lee Bank Limited dated April 12, 1995.
10.1 Printronix, Inc. 1980 Employee Stock Purchase Plan, as amended (incorporated by reference to Exhibits 4.1 and 4.2 to Post-Effective Amendment No. 5 to Registration Statement No. 2-70035 on Form S-8).
10.2 Printronix, Inc. 1984 Stock Incentive Plan, as amended (incorporated by reference to Exhibits 4.3 and 4.4 to Registration Statement No. 33-14288 on Form S-8).
10.3 Form of Indemnification Agreement between Printronix, Inc. and its directors (incorporated by reference to Exhibit 10.4 to the Company's Report on Form 10-K for the fiscal year ended March 27, 1987).
10.4 Printronix, Inc. Executive Health Insurance Plan (incorporated by reference to Exhibit 10.5 to the Company's Report on Form 10-K for the fiscal year ended March 29, 1985).
10.5 Restricted Stock Purchase Agreement dated July 6, 1990 between the Company and Robert A. Kleist (incorporated by reference to Exhibit 10.7 to the Company's Report on Form 10-K for the fiscal year ended March 29, 1991).
10.6 Restricted Stock Purchase Agreement dated July 6, 1990 between the Company and J. Edward Belt (incorporated by reference to Exhibit 10.8 to the Company's Report on Form 10-K for the fiscal year ended March 29, 1991).
10.7 Restricted Stock Purchase Agreement dated July 6, 1990 between the Company and George L. Harwood (incorporated by reference to Exhibit 10.9 to the Company's Report on Form 10-K for the fiscal year ended March 29, 1991).
10.8 Restricted Stock Purchase Agreement dated May 7, 1992 between the Company and C. Victor Fitzsimmons (incorporated by reference to Exhibit 10.10 to the Company's Report on Form 10-K for the fiscal year ended March 27, 1992).
INDEX OF EXHIBITS (continued)
EXHIBIT NUMBER DESCRIPTION - -------------- -----------
10.9 Restricted Stock Purchase Agreement dated May 7, 1992 between the Company and Richard A. Steele (incorporated by reference to Exhibit 10.11 to the Company's Report on Form 10-K for the fiscal year ended March 27, 1992).
10.10 Printronix, Inc. 1994 Stock Incentive Plan (incorporated by reference to Exhibit 10.10 to the Company's Report on Form 10-K for the fiscal year ended March 25, 1994).
13 The Company's Annual Report to Stockholders for the fiscal year ended March 25, 1994, (with the exception of the information incorporated by reference into Items 5, 6, 7 and 8 of this report, the Annual Report to Stockholders is not deemed to be filed as part of this report).
21 List of Printronix' subsidiaries.
23 Consent of Independent Public Accountants, Arthur Andersen LLP, to the incorporation of their reports herein to Registration Statement Nos. 2-70035, 33-14288 and 33-83156.
27 Financial Data Schedule ("This schedule contains summary financial information extracted from the Company's Annual Report for the fiscal year ended March 31, 1995 and is qualified in its entirety by reference to such financial statements.")