-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, WkwXtkzIXKVkfldTaqON3aZknS7pIjQzZOi5u/pIOXq10MdUoPoW58u3MMLldyBY +8Rk6V/j3kTzHJ912HjPrg== 0000909654-01-500081.txt : 20010515 0000909654-01-500081.hdr.sgml : 20010515 ACCESSION NUMBER: 0000909654-01-500081 CONFORMED SUBMISSION TYPE: 10QSB PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20010331 FILED AS OF DATE: 20010514 FILER: COMPANY DATA: COMPANY CONFORMED NAME: LENOX BANCORP INC CENTRAL INDEX KEY: 0001000050 STANDARD INDUSTRIAL CLASSIFICATION: SAVINGS INSTITUTIONS, NOT FEDERALLY CHARTERED [6036] IRS NUMBER: 311445959 STATE OF INCORPORATION: OH FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10QSB SEC ACT: SEC FILE NUMBER: 000-28162 FILM NUMBER: 1632618 BUSINESS ADDRESS: STREET 1: 5255 BEECH ST CITY: CINCINNATI STATE: OH ZIP: 45217 BUSINESS PHONE: 5132426900 MAIL ADDRESS: STREET 1: 5255 BEECH STREET CITY: CINCINNATI STATE: OH ZIP: 45217 10QSB 1 lenoxform10qsb.txt 1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-QSB (Mark One) [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2001 or [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________________ to ________________ Commission File Number 0-28162 LENOX BANCORP, INC. (Exact name of small business issuer as specified in its charter) Ohio 31-1445959 (State or other jurisdiction of incorporation or (I.R.S. Employer organization) Identification No.) 4730 Montgomery Road, Norwood, Ohio 45212 (Address of principal executive offices) (Zip Code) (513) 531-8655 (Issuer's telephone number) Not Applicable (Former name, former address and former fiscal year, if changes since last report) As of May 11, 2001, the Company had 285,028 shares of common stock, par value $0.01 per share, outstanding. Transitional Small Business Disclosure Format (check one): Yes No X ---- ---- 2 LENOX BANCORP, INC. FORM 10-QSB FOR THE QUARTER ENDED MARCH 31, 2001 INDEX Page ---- PART I. FINANCIAL INFORMATION Item 1. Financial Statements-Unaudited Consolidated Balance Sheets at March 31, 2001 and December 31, 2000 ......................... 3 Consolidated Statements of Operations For the Three Months Ended March 31, 2001 and 2000 ......................... 4 Consolidated Statements of Cash Flows For the Three Months Ended March 31, 2001 and 2000 ................... 5 Notes to Unaudited Consolidated Financial Statements ......... 6 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operation...................................... 7 PART II: OTHER INFORMATION Item 1. Legal Proceedings ............................................11 Item 2. Changes in Securities ........................................11 Item 3. Defaults Upon Senior Securities ..............................11 Item 4. Submission of Matters to a Vote of Security Holders ..........11 Item 5. Other Information ............................................11 Item 6. Exhibits and Reports on Form 8-K ............................11 SIGNATURES 2 3
LENOX BANCORP, INC. Item 1. FINANCIAL STATEMENTS. LENOX BANCORP, INC. CONSOLIDATED BALANCE SHEETS AT AT MARCH 31, DECEMBER 31, 2001 2000 --------------- -------------- (UNAUDITED) (DOLLARS IN THOUSANDS) ASSETS Cash and due from banks......................................................... $ 3,729 $ 2,591 Certificates of deposit......................................................... 100 98 Investment securities - available for sale, at fair value (amortized cost of $2,000 and $2,700 at March 31, 2001 and December 31, 2000)................ 1,992 2,661 Mortgage-backed securities - available for sale, at fair value (amortized cost of $486 and $602 at March 31, 2001 and December 31, 2000)............... 489 509 Collateralized mortgage obligations - available for sale, at fair value (amortized cost of $4,156 and $4,114 at March 31, 2001 and December 31, 2000) 4,101 4,050 ------- ------- Total Investment Securities................................... 6,582 7,220 Loans receivable, net........................................................... 55,991 54,251 Loans held for sale - at lower of cost or market................................ -- 3,711 Accrued interest receivable: Loans.................................................................. 423 421 Mortgage-backed securities............................................. 4 4 Collateralized mortgage obligations.................................... 61 26 Investments and certificates of deposit................................ -- 50 Property and equipment, net..................................................... 1,246 1,266 Federal Home Loan Bank stock - at cost.......................................... 1,796 1,765 Prepaid expenses and other assets............................................... 456 336 Prepaid federal income taxes.................................................... -- 90 ------- ------- Total assets.................................................. $70,388 $71,829 ======= ======= LIABILITIES AND STOCKHOLDERS' EQUITY LIABILITIES: DEPOSITS: Savings, club and other accounts....................................... $ 8,944 $ 7,274 Money market and NOW accounts.......................................... 4,230 4,668 Certificate accounts................................................... 23,432 24,603 ------- ------- Total deposits................................................ 36,499 36,544 Advances from Federal Home Loan Bank......................................... 28,329 29,864 Advance payments by borrowers for taxes and insurance........................ 170 257 Accrued expenses............................................................. 404 286 Deferred federal income taxes................................................ 82 76 ------- ------- Total liabilities............................................. $65,484 $67,027 ------- ------- STOCKHOLDERS' EQUITY: Common stock - no par value: 2,000,000 authorized, 425,677 issued and 285,028 outstanding at March 31, 2001 and at December 31, 2000........ 426 426 Additional paid in capital................................................... 3,341 3,341 Retained earnings - substantially restricted................................. 4,116 4,058 Unearned ESOP shares......................................................... (171) (171) Shares acquired for Stock Incentive Plan..................................... (201) (184) Treasury stock (140,649 shares at March 31, 2001 and at December 31, 2000)... (2,567) (2,567) Unrealized loss on available for sale securities, net of taxes............... (40) (100) ------- ------- Total stockholders' equity.................................... 4,904 4,803 ------- ------- Total liabilities and stockholders' equity................................... $70,388 $71,829 ======= =======
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LENOX BANCORP, INC. CONSOLIDATED STATEMENT OF OPERATIONS THREE MONTHS ENDED MARCH 31, -------------------------------- 2001 2000 ------------ ------------ (UNAUDITED) (DOLLARS IN THOUSANDS EXCEPT PER SHARE DATA) INTEREST INCOME AND DIVIDEND INCOME: Loans................................................................. $1,091 $1,190 Mortgage-backed securities............................................ 8 10 Collateralized mortgage obligations................................... 73 69 Investments and interest bearing deposits............................. 83 45 FHLB stock dividends.................................................. 32 29 ------ ------ Total............................................................. 1,287 1,343 INTEREST EXPENSE: Deposits.............................................................. 436 451 Borrowed money and capitalized leases................................. 443 458 ------ ------ Total............................................................. 879 909 Net interest income before provision for loan losses.................. 408 434 Provision for loan losses.................................................. 9 23 ------ ------ Net interest income after provision for loan losses................... 399 411 ------ ------ OTHER INCOME: Service fee income.................................................... 43 35 Gain on sale of loans and securities................................ 28 23 Loan fees and other................................................... 60 49 ------ ------ Total............................................................. 131 107 ------ ------ GENERAL AND ADMINISTRATIVE EXPENSES: Compensation and employee benefits.................................... 212 216 Occupancy and equipment............................................... 55 49 Federal insurance premium............................................. 5 2 Franchise taxes....................................................... 16 16 Other expenses........................................................ 182 184 ------ ------ Total............................................................. 470 467 Income before provision for income taxes.............................. 60 51 Provision for income taxes................................................. 23 19 ------ ------ Net income............................................................ $ 37 $ 32 ====== ====== Basic earnings per share................................................... $ 0.13 $ 0.11 ====== ====== Diluted earnings per share................................................. $ 0.13 $ 0.11 ====== ======
4 5
LENOX BANCORP, INC. CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE THREE MONTHS ENDED MARCH 31, ---------------------------------- 2001 2000 -------------- --------------- (UNAUDITED) (DOLLARS IN THOUSANDS) CASH FLOWS FROM OPERATING ACTIVITIES: Net income............................................................. $ 37 $ 32 Adjustments to reconcile net income to net cash provided (used) by operating activities: Depreciation and amortization........................................ 22 18 Provision for losses on loans........................................ 9 23 Amortization of deferred loan costs.................................. 14 17 Deferred loan origination (costs).................................... (13) (22) FHLB stock dividends................................................. (31) (29) Gain on sale of investments and loans................................ (28) (23) Amortization of stock incentive plan award........................... 5 5 Effect of change in operating assets and liabilities: Accrued interest receivable........................................ 33 (53) Prepaid expenses................................................... (24) (139) Prepaid federal income tax......................................... 5 20 Advances by borrowers for taxes and insurance...................... (87) (117) Accrued expenses................................................... 63 156 ------ ------ Net cash provided (used) by operating activities................. 5 (112) CASH FLOWS FROM INVESTING ACTIVITIES: Property and equipment additions....................................... -- (882) Repayments of mortgage-backed securities............................... 27 15 Purchase of certificates of deposits................................... (2) (2) Maturity of certificates of deposit.................................... -- 100 Net change in loans.................................................... (1,788) (4,153) Purchase from sale of investments...................................... 711 -- Proceeds from sale of mortgage loans................................... 3,766 5,885 Purchase of FHLB stock................................................. -- (34) ------ ------- Net cash used by investing activities................................ 2,714 929 CASH FLOWS FROM FINANCING ACTIVITIES: Net (decrease) in deposits............................................. (46) (829) Borrowings from FHLB................................................... -- 5,100 Repayments of FHLB advances............................................ (1,535) (4,464) ------- ------- Net cash provided (used) by financing activities..................... (1,581) (193) ------- ------- Increase in cash and cash equivalents..................................... 1,138 624 Cash and cash equivalents at beginning of period.......................... 2,591 738 ------ ------ Cash and cash equivalents at end of period................................ $3,729 $1,362 ====== ====== SUPPLEMENTAL DISCLOSURE: Cash paid for: Interest expense..................................................... $ 899 $ 901 Income taxes......................................................... -- --
5 6 LENOX BANCORP, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THREE MONTHS ENDED MARCH 31, 2001 AND 2000 1. Principles of Consolidation --------------------------- The consolidated financial statements include the accounts of Lenox Bancorp, Inc. ("Lenox" or the "Company") and its wholly-owned subsidiary Lenox Savings Bank (the "Bank") which includes Lenox Mortgage Corporation. All significant intercompany transactions have been eliminated in consolidation. The investment in the Bank on Lenox's financial statements is carried at the parent company's equity in the underlying net assets. The consolidated balance sheet as of March 31, 2001 the consolidated statement of operations and cash flows for the three months ending March 31, 2001 and 2000 are unaudited. In the opinion of management, all adjustments necessary for a fair presentation of such financial statements have been included. Such adjustments consisted of normal recurring items. Interim results are not necessarily indicated of results for a full year. The financial statements and notes are presented as permitted by Form 10-QSB. The interim statements are unaudited and should be read in conjunction with the financial statements and notes thereto contained in the Company's annual report for the year ended dated December 31, 2000. 2. Conversion to Capital Stock Form of Ownership --------------------------------------------- On July 17, 1996, the Bank converted from an Ohio chartered mutual savings bank to an Ohio chartered capital stock savings bank, with the concurrent formation of the Company. Lenox was capitalized through the initial sale of 425,677 shares of common stock. Lenox then used a portion of the proceeds from the sale to purchase all of the outstanding shares of the Bank. This transaction was accounted for in a manner similar to the pooling of interest method. The Bank may not declare or pay cash dividends on or repurchase any of its shares of common stock if the effect thereof would cause equity to be reduced below applicable regulatory capital maintenance requirements or if such declaration and payment would otherwise violate regulatory requirements. 3. Earnings Per Share ------------------ The net income for the three months ended March 31, 2001, was $0.13 per share or $37,000 on an average of 285,028 shares, compared to net income for the quarter ending March 31, 2000, of $32,000 or $0.11 per share. 6 7 Item 2. Management Discussion and Analysis of Financial Condition and Results of Operations. The following analysis discusses changes in the financial condition and results of operations at and for the three months ended March 31, 2001 and 2000, and should be read in conjunction with the Company's Consolidated Financial Statements and the notes thereto, appearing in Part I, Item 1 of this document. FORWARD-LOOKING STATEMENTS This report contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Reform Act of 1995, and is including this statement for purposes of these safe harbor provisions. Forward-looking statements, which are based on certain assumptions and describe future plans, strategies and expectations of the Company, are generally identified by use of the words "believe," "expect," "intend," "anticipate," "estimate," "project," or similar expressions. The Company's ability to predict results or the actual effect of future plans or strategies is inherently uncertain. Factors which could have a material adverse effect on the operations of the Company and the subsidiaries include, but are not limited to, changes in: interest rates, general economic conditions, legislative/regulatory changes, monetary and fiscal policies of the U.S. Government, including policies of the U.S. Treasury and the Federal Reserve Board, the quality or composition of the loan or investment portfolios, demand for loan products, deposit flows, competition, demand for financial services in the Company's market area and accounting principles and guidelines. These risks and uncertainties should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements. Further information concerning the Company and its business, including additional factors that could materially affect the Company's financial results, is included in the Company's filings with the Securities and Exchange Commission. Except as required by applicable law and regulation, the Company does not undertake -- and specifically disclaims any obligation -- to publicly release the result of any revisions which may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events. Comparison of Financial Condition at March 31, 2001 and December 31, 2000 - ------------------------------------------------------------------------- ASSETS. Total assets decreased by $1.3 million or 2.0%, to $70.4 million ------ at March 31, 2001 from $71.8 million at December 31, 2000. This decrease was due to a $2.0 million, or 3.4% decrease in loans receivable from $58.0 million at December 31, 2000, to $56.0 million at March 31, 2001 and was the combined effect of the sale of loans and the early payoff of certain loans offset by additional new loan closing activity. Lower-yielding loans were sold without incurring losses and replaced with higher yielding loans to enhance the Company's interest rate spread and margin. Total investment securities decreased by $638,000, or 8.8%, to $6.6 million at March 31, 2001 from $7.2 million at December 31, 2000, due primarily to the sale of a one-time only 7 8 callable agency obligation. The remainder of the change was due to fluctuations in the market valuation of securities. Cash and due from banks increased $1.1 million to $3.7 million at March 31, 2001 from $2.6 million at December 31, 2000 as excess funds were held in interest bearing accounts. LIABILITIES. Total liabilities decreased by $1.6 million, or 2.3%, from ----------- $67.0 million at December 31, 2000 to $65.5 million at March 31, 2001, primarily due to a decrease in Federal Home Loan Bank (the "FHLB") advances of $1.5 million, or 5.1%, from $29.9 million at December 31, 2000 to $28.3 million at March 31, 2001. The decrease in advances was due to the repayment of advances with proceeds from the sale of loans. Additionally, the Company has restructured the composition of its FHLB advances from mostly short-term variable rate borrowings to longer-term fixed rate borrowings. The deposit base remained fairly constant, however, the deposit base makeup changed somewhat. Certificates of deposit declined $1.2 million, or 4.8%, from $24.6 million at December 31, 2000 to $23.4 million at March 31, 2001, due to lower pricing in an effort to reduce the Company's cost of funds. This decrease, however, was offset by savings, club and other accounts increasing by $1.6 million, or 21.5%, from $7.3 million at December 31, 2000 to $8.9 million at March 31, 2001. This change improves the Banks' interest rate risk position in that many of these accounts are either tied to a lower-yielding account or to an account that will reprice when rates change. Accrued expenses and other liabilities also increased $63,000 to $349,000 at March 31, 2001 from $286,000 at December 31, 2000 for payments received on loans serviced for others. STOCKHOLDERS' EQUITY. Stockholders' equity increased $102,000, or 2.1%, -------------------- from $4.8 million at December 31, 2000 to $4.9 million at March 31, 2001. The increase was primarily due to a $37,000 increase in retained earnings for net income earned for the period and a $60,000 decrease in the unrealized loss on available for sale securities. LIQUIDITY AND CAPITAL RESOURCES. The Company's primary sources of funds ------------------------------- are deposits, FHLB advances, principal and interest payments on loans and loan sales in the secondary market. While maturities and scheduled amortization of loans are predictable sources of funds, deposit flow and mortgage prepayments are strongly influenced by changes in general interest rates, economic conditions and competition. The primary investment activity of the Company for the three months ended March 31, 2001, was the origination of mortgage and consumer loans. The most significant source of funds for the three months ending March 31, 2001, was the repayment of mortgage loans and the sale of mortgage loans. The Bank is required to maintain a minimum level of liquidity consistent with the safe and sound operation of the institution. The Bank's most liquid assets are cash, federal funds sold, and marketable securities. The levels of the Bank's liquid assets are dependent on the Bank's operation, financing, lending and investing activities during any given period. At March 31, 2001, 8 9 assets qualifying for short term liquidity, including cash and short term investment, totaled approximately $4.0 million. At March 31, 2001, the Bank's capital exceeded all the capital requirements of the FDIC. The Bank's tier 1 leverage and total capital to risk-weighted capital ratios were 6.80% and 12.48%, respectively. Comprehensive income for the three months ending March 31, 2001 was $90,000 compared to a comprehensive loss of $5,000 for the three months ending March 31, 2000. The difference between net income and comprehensive income consists solely of the effect of unrealized gain and losses, net of taxes, on available for sale securities. Comparison of Results of Operations For The Three Months Ended March 31, 2001 - ----------------------------------------------------------------------------- and 2000. - -------- GENERAL. The Company reported net income of $37,000 for the three months ------- ending March 31, 2001, which represents a $5,000 increase from $32,000 of net income reported for the three months ended March 31, 2000. INTEREST AND DIVIDEND INCOME. Interest and dividend income for the three ---------------------------- months ended March 31, 2001 decreased $56,000, or 4.2%. Interest income on loans decreased by $99,000, or 8.3%, from $1.2 million for the three months ended March 31, 2000 to $1.1 million for the three months ended March 31, 2001, due to a lower average balance of loans and a decreasing rate environment. Other investments and investment bearing deposits increased by $38,000, or 84.4%, from $45,000 for the three months ended March 31, 2000 to $83,000 for the three months ended March 31, 2001, mainly due to the Bank's excess funds being housed in the FHLB overnight interest-bearing IFTS account. INTEREST EXPENSE. Interest expense for the three months ended March 31, ---------------- 2001 was $879,000 compared to $909,000 for the three months ended March 31, 2000, a decrease of $30,000 or 3.3%. Deposit expense decreased $15,000, or 3.3%, due to lower rates paid. The Bank utilized FHLB advances to fund a portion of asset growth but the average balance on FHLB advances decreased to $28.3 million for the period ended March 31, 2001 from $29.9 million for the period ended March 31, 2000. This reduction in the level of FHLB advances as well as the lower rates led to the reduction in borrowed money expenses. NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES. Net interest income --------------------------------------------------- after provision for loan losses decreased $12,000, or 2.9%, for the three months ended March 31, 2001, to $399,000 from $411,000 for the three months ended March 31, 2000. Such decrease was offset by an decrease of $14,000 in the provision for loan losses for the three months ending March 31, 2001, primarily due to the improved quality of the loan portfolio as evidenced by a reduction in the level of delinquencies and charge-offs. The Company uses different formulas to determine the appropriate level of provision necessary for the allowance for loan losses to cover the losses in the loan portfolio. Because 9 10 future events affecting the loan portfolio cannot be predicted with complete accuracy, there can be no assurances that management's estimates are correct and that the existing allowance for loan losses is adequate. However, management believes that based on the information available to it on March 31, 2001, the Company's allowance for loan losses is sufficient to cover losses inherent in the Company's current loan portfolio. OTHER INCOME. Other income increased $24,000, or 22.4%, for the three ------------ months ended March 31, 2001 to $131,000 from $107,000 for three months ended March 31, 2000. Service fee income increased $8,000, or 22.8%, from $35,000 for the three months ended March 31, 2000 to $43,000 for the three months ended March 31, 2001, due to increases in the Bank's service charges. The revenue side of the Mortgage Corp. operations increased $11,000, or 22.4%, for the three months ended March 31, 2001 to $60,000 from $49,000 for the three months ended March 31, 2000. This increase was directly attributable to more oversight by the Company as to the quality and potential for profitability of the loans originated and also due to a favorable interest rate environment. GENERAL AND ADMINISTRATIVE EXPENSES. General and administrative expenses ----------------------------------- for the three months ended March 31, 2001 were $470,000 compared to $467,000 for the three months ended March 31, 2000. Compensation and benefits decreased $4,000 due to the concerted effort to control expenses, especially relating to the Mortgage Corporation. The increase in other expenses related to professional fees to respond to regulatory and shareholder issues. INCOME TAXES. Income taxes for the three months ended March 31, 2001 ------------ increased $4,000 to $23,000 from $19,000 for the three months ending March 31, 2000, because of an increase in pretax earnings. Net income before tax provision was $60,000 for the three months ended March 31, 2001, compared to net income of $51,000 for the same period ending March 31, 2000. RECENT ACCOUNTING PRONOUNCEMENTS. -------------------------------- In June 1998, the FASB issued SFAS No. 133, "Accounting for Derivative Instruments and Hedging Activities," which establishes for derivative instruments, including derivative instruments imbedded in other contracts, and for hedging activities. It requires that an entire recognize all derivatives as either assets or liabilities in the statement of financial position and measure those instruments at fair value. SFAS No. 133, as amended by SFAS No. 137, is effective for all fiscal quarters of fiscal years beginning after June 15, 2000. The Company adopted SFAS No. 133 effective January 1, 2001 as required without material effect on the Company's financial position or results of operation. PART II. OTHER INFORMATION Item 1. Legal Proceedings. ----------------- The Company is not involved in any legal proceedings other than routine legal proceedings occurring in the ordinary course of business. Such routine legal proceedings, 10 11 in the aggregate, are believed by management to be immaterial to the Company's financial condition or results of operation. Item 2. Changes in Securities and Use of Proceeds. ----------------------------------------- None. Item 3. Defaults Upon Senior Securities. ------------------------------- None. Item 4. Submission of Matters to a Vote of Security Holders. ---------------------------------------------------- None. Item 5. Other Information. ----------------- None. Item 6. Exhibits and Reports on Form 8-K (ss.249.308 of this Chapter). ------------------------------------------------------------- (a) Exhibits 3.1 Amended Articles of Incorporation of Lenox Bancorp, Inc.* 3.2 Amended and Restated Code of Regulations of Lenox Bancorp, Inc.* 11.0 Statement re: Computation of Per Share Earnings - ---------------------- * Incorporated herein by reference to the Company's Form 10-KSB, filed on March 25, 1998. (b)Reports on Form 8-K None. 11 12 SIGNATURES In accordance with the requirements of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. LENOX BANCORP, INC. Dated: May 14, 2001 By: /s/ Virginia M. Heitzman ------------------------------------- Virginia M. Heitzman President and Chief Executive Officer (principal executive officer) Dated: May 14, 2001 By: /s/ David K. Brown ------------------------------------- David K. Brown Chief Financial Officer and Treasurer (principal financial and accounting officer) 12 EX-11 2 lenoxexhibit11.txt
EXHIBIT 11.0 COMPUTATION OF PER SHARE EARNINGS THREE MONTHS ENDED MARCH 31, ---------------------------------------- 2001 2000 ----------------- ----------------- (IN THOUSANDS, EXCEPT PER SHARE DATA) Net income.............................................................. $ 37 $ 32 -------- -------- Average shares outstanding.............................................. 285 285 -------- -------- Per share amount........................................................ $ 0.13 $ (0.11) ======== ========= Net income.............................................................. $ 37 $ 32 -------- -------- Average shares outstanding.............................................. 285 285 Net effect of dilutive stock options based on the treasury stock method using the average market price or quarter end price, whichever is greater............................................... -- 12 -------- -------- Total shares outstanding....................................... 285 297 -------- -------- Per share amount........................................................ $ 0.13 $ 0.11 ======== ========
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