-----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, E29oTq/1uyjEcoIgZDMuGvXnXkPAFxIWoeKGHUpWkV0wpqHhcYpcLHLRl6DnzFQ+ XZ4PHruonP0UyJBgt/QXHA== 0000912057-97-017320.txt : 19970514 0000912057-97-017320.hdr.sgml : 19970514 ACCESSION NUMBER: 0000912057-97-017320 CONFORMED SUBMISSION TYPE: 10QSB PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19970331 FILED AS OF DATE: 19970513 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: BROADWAY FINANCIAL CORP \DE\ CENTRAL INDEX KEY: 0001001171 STANDARD INDUSTRIAL CLASSIFICATION: SAVINGS INSTITUTION, FEDERALLY CHARTERED [6035] IRS NUMBER: 954547287 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10QSB SEC ACT: 1934 Act SEC FILE NUMBER: 000-27464 FILM NUMBER: 97603103 BUSINESS ADDRESS: STREET 1: 4835 W VENICE BLVD CITY: LOS ANGELES STATE: CA ZIP: 90019 BUSINESS PHONE: 2139311886 MAIL ADDRESS: STREET 1: 4835 WEST VENICE BLVD CITY: LOS ANGELES STATE: CA ZIP: 90019 10QSB 1 FORM 10Q - ------------------------------------------------------------------------------ - ------------------------------------------------------------------------------ U.S. SECURITIES AND EXCHANGE COMMISSION WASHINGTON D.C. 20549 FORM 10-QSB (Mark One) [X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 1997 [ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT For transition period from__________ to___________ Commission file number 0-27464 BROADWAY FINANCIAL CORPORATION ------------------------------------------------------------ (Exact Name of Small Business Issuer as Specified in its Charter) Delaware 95-4547287 ---------------------- --------------------------------- (State of Incorporation) (IRS Employer Identification No.) 4835 West Venice Boulevard, Los Angeles, California 90019 - ---------------------------------------------------------------- (Address of Principal Executive Offices) (213) 931-1886 ------------------------------------------------ (Issuer's Telephone Number, Including Area Code) Check whether the issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes [X] No [ ] State the number of shares outstanding of each of the issuer's classes of common equity, as of the latest practicable date: 840,188 shares of the Company's Common Stock, par value $.01 per share, were issued and oustanding as of April 30, 1997. -------------- Transitional Small Business Disclosure Format (Check one): Yes [ ] No [X] - ------------------------------------------------------------------------------ - ------------------------------------------------------------------------------ INDEX PART I-- FINANCIAL INFORMATION Item 1. Financial Statements Page ---- Consolidated Balance Sheets as of March 31, 1997 (unaudited) and December 31, 1996 3 Consolidated Statements of Operations (unaudited) for the three months ended March 31, 1997 and March 31, 1996 4 Consolidated Statements of Cash Flows (unaudited) for the three months ended March 31, 1997 and March 31, 1996 5 Notes to Consolidated Financial Statements 7 Item 2. Management's Discussion and Analysis of Operations 9 PART II-- OTHER INFORMATION Item 1. Legal Proceedings 14 Item 2. Changes in Securities 14 Item 3. Defaults Upon Senior Securities 14 Item 4. Submission of Matters to a Vote of Security Holders 14 Item 5. Other Information 14 Item 6. Exhibits and Reports on Form 8-K 14 2 BROADWAY FINANCIAL CORPORATION AND SUBSIDIARY CONSOLIDATED BALANCE SHEETS (DOLLARS IN THOUSANDS)
MARCH 31, 1997 DECEMBER 31, (UNAUDITED) 1996 ----------- ------------ ASSETS: Cash and Federal funds sold...................................... $ 5,340 $ 5,180 Investment securities, held to maturity.......................... 8,874 10,371 Loans receivable, net............................................ 98,808 96,260 Accrued interest receivable...................................... 759 733 Investment in real estate........................................ 99 -- Real estate acquired through foreclosure......................... 1,226 933 Investments in capital stock of Federal Home Loan Bank, at cost.. 890 876 Office properties & equipment, net............................... 2,252 2,052 Income tax receivable............................................ 291 426 Other assets..................................................... 224 265 --------- --------- Total Assets.................................................. $ 118,763 $ 117,096 --------- --------- --------- --------- LIABILITIES AND STOCKHOLDERS' EQUITY Savings deposits ................................................ $ 103,724 $ 101,994 Advance payments by borrowers for taxes and insurance............ 4 161 Deferred income taxes............................................ 409 452 Other liabilities................................................ 974 845 --------- --------- Total Liabilities............................................. 105,111 103,452 Stockholders' equity: Preferred nonconvertible, non-cumulative, and non-voting stock, $.01 par value, authorized 1,000,000 shares; isued and outstanding 91,073 shares at March 31, 1997............... 1 1 Additional paid-in capital....................................... 910 910 Common Stock, $.01 par value, authorized 3,000,000 shares; issued and outstanding 892,688 shares at March 31, 1997......... 9 9 Additional paid-in capital....................................... 8,207 8,207 Retained Earnings-substantially restricted....................... 5,088 5,080 Unearned Employee Stock Ownership Plan shares.................... (563) (563) --------- --------- Total stockholders' equity....................................... 13,652 13,644 --------- --------- Total liabilities and stockholders'equity........................ $ 118,763 $ 117,096 --------- --------- --------- ---------
See Notes to Consolidated Financial Statements 3 BROADWAY FINANCIAL CORPORATION AND SUBSIDIARY CONSOLIDATED STATEMENTS OF OPERATIONS (DOLLARS IN THOUSANDS)
THREE MONTHS ENDED MARCH 31, 1997 1996 (UNAUDITED) (UNAUDITED) ----------- ----------- Interest Income: Interest on loans receivable............................ $ 2,039 $ 1,907 Interest on investment securities....................... 157 213 Interest on mortgage backed securities.................. 6 16 Other interest income................................... 14 11 --------- --------- Total interest income................................. 2,216 2,147 Interest on savings deposits............................... 935 863 --------- --------- Net interest income before provision for loan losses.. 1,281 1,284 Provision for loan losses.................................. 30 55 --------- --------- Net interest income after provision for loan losses... 1,251 1,229 Noninterest income: Service charges............................................ 83 75 Real estate operations, net................................ (15) (40) Write-down on valuation of loans held for sale............. -- (16) Other noninterest income................................... 5 18 --------- --------- 73 37 --------- --------- Noninterest expense: Compensation and benefits............................... 575 488 Occupancy expense, net.................................. 222 228 Advertising and promotional expense..................... 45 65 Professional services................................... 23 11 Federal insurance premiums.............................. 12 64 Insurance bond premiums................................. 29 24 Other noninterest expense............................... 307 208 --------- --------- 1,213 1,088 --------- --------- Earnings before income taxes ........................... 111 178 Income taxes............................................... 48 64 --------- --------- Net earnings (Loss)..................................... $ 63 $ 114 --------- --------- --------- --------- Per share information Number of shares........................................ 892,688 892,688 Earnings per share...................................... $.07 $.13
See Notes to Consolidated Financial Statements 4 BROADWAY FINANCIAL CORPORATION AND SUBSIDIARY CONSOLIDATED STATEMENTS OF CASH FLOWS (DOLLARS IN THOUSANDS)
Three Months Ended March 31, March 31, 1997 1996 (Unaudited) (Unaudited) ----------- ----------- Cash flows from operating activities: Net earnings $ 63 $ 114 -------- ------- Adjustments to reconcile net earnings to net cash provided by (used in) operating activities: Depreciation 41 43 Amortization of net deferred loan origination fees 12 (9) Amortization of discounts and premium on securities (2) (4) Federal Home Loan Bank stock dividends (14) (11) Loss (Gain) on sale of real estate owned 1 (14) Gain on sale of loans receivable held for sale -- (4) Write-down on valuation of loans held for sale -- 16 Provision for loan losses 30 55 Provision for write-downs and losses on real estate 10 24 Proceeds from sale of loans receivable held for sale -- 221 Increase in accrued interest receivable (26) (39) Decrease in income tax receivable 92 91 Decrease in other assets 41 297 Increase in other liabilities 120 132 -------- ------- Total adjustments 305 798 -------- ------- Net cash provided by operating activities 368 912 -------- ------- Cash flows provided by (used in) investing activities: Loans originated, net of refinances (3,759) (2,003) Loans purchased (1,833) (8) Principal repayment on loans 2,667 1,099 Increase (Decrease) in loans in process (6) 84 Increase in mortgage-backed securities -- (2,787) Decrease in loan receivable held for sale -- 227 Increase in investment in real estate (99) -- Purchases of investment securities held to maturity -- (3,989) Proceeds from maturities of investment securities held to maturity 1,499 2,000 Capital expenditures for office properties and equipment (241) (34) Proceeds from sale of real estate acquired through foreclosure 47 210 -------- ------- Net cash used in investing activities (1,725) (5,201) -------- -------
(Continued) 5 BROADWAY FINANCIAL CORPORATION AND SUBSIDIARY CONSOLIDATED STATEMENTS OF CASH FLOWS (DOLLARS IN THOUSANDS)
Three Months Ended March 31, March 31, 1997 1996 (Unaudited) (Unaudited) ----------- ----------- Net increase (decrease) in savings deposits 1,730 (11,031) Preferred stock subscribed -- 911 Common stock subscribed -- 8,153 Dividends declared (56) (56) Unearned Employee Stock Ownership Plan -- (625) Decrease in advances by borrowers for taxes and insurance (157) (121) -------- ------- Net cash provided by (used in) financing activities 1,517 (2,769) -------- ------- Net increase (decrease) in cash and cash equivalents 160 (7,058) Cash and cash equivalents at beginning of year 5,180 17,761 -------- ------- Cash and cash equivalents at end of year $ 5,340 $10,703 -------- ------- -------- ------- Supplemental disclosure of cash flow information: Cash paid for interest expense $ 937 $ 887 Cash paid for income taxes -- 90 -------- ------- -------- ------- Supplemental disclosure of noncash investing and financing activities: Additions to real estate acquired through foreclosure 356 413 Loans to facilitate the sale of real estate acquired through foreclosure -- 157
See Notes to Consolidated Financial Statements 6 BROADWAY FINANCIAL CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS MARCH 31, 1997 1. In the opinion of management of Broadway Financial Corporation (the "Company"), the preceding unaudited consolidated financial statements contain all material adjustments (consisting of recurring accruals and standard allowance for loan losses) necessary to present fairly the consolidated financial position of the Company at March 31, 1997 and the results of its operations for the three months ended March 31, 1997 and 1996 and its cash flows for the three months ended March 31, 1997 and 1996. These consolidated financial statements do not include all disclosures associated with the Company's annual financial statements included in its annual report on Form 10-KSB for the year ended December 31, 1996 and, accordingly, should be read in conjunction with such audited statements. 2. The results of operations for the three months ended March 31, 1997 are not necessarily indicative of the results to be expected for the full year. 3. RECENT ACCOUNTING PRONOUNCEMENTS ACCOUNTING FOR STOCK-BASED COMPENSATION - In October 1995, the FASB issued SFAS No. 123, "Accounting for Stock-Based Compensation" ("SFAS No. 123"). SFAS No. 123 provides a choice of accounting methods and requires additional disclosures for stock-based employee compensation plans. SFAS No. 123 defines a fair value-based method of accounting for an employee stock option or similar equity instrument. However, it also allows for the continued use of the intrinsic value-based method of accounting as prescribed by Accounting Principles Board Opinion (APB) No. 25, "Accounting for Stock Issued to Employees." Regardless of the method used to account for stock-based compensation, SFAS No. 123 requires all financial statements to include disclosures of the fair value of such compensation. SFAS No. 123 must be adopted for financial statements for fiscal years beginning after December 15, 1995. In connection with the conversion of the Company's principal subsidiary from mutual to stock form , the Board of Directors of the Company has adopted certain stock-based compensation plans. Stockholder approval of the plans was obtained at the Company's Annual Meeting held on July 3, 1996. The Company will account for such plans under APB Opinion 25 and make the appropriate disclosures required under SFAS No. 123. The Company does not believe that such adoption and accounting has any adverse impact on its financial condition or results of operations. 7 EARNINGS PER SHARE - In February 1997, the Financial Accounting Standards Board issued Statement No. 128, "Earnings per Share" ("SFAS No. 128"), which is required to be adopted on December 31, 1997. At that time, the Company will be required to change the method currently used to compute earnings per share ("EPS") and, if applicable, restate all prior periods. Under the new requirements for calculating primary EPS, the dilutive effect of common stock equivalents (i.e. options, warrants and convertible securities) will be excluded. Thus, the basic EPS calculation under the guidance of SFAS No. 128 will be to divide net income available to common stockholders by the weighted average common shares outstanding. As the company does not have any outstanding common stock equivalents, there is no impact on the Company's calculation of primary and fully diluted EPS based on the method outlined in SFAS No. 128 for the first quarters ended March 31, 1997 and 1996. 8 ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF OPERATIONS GENERAL Broadway Financial Corporation (the "Company") was incorporated under Delaware law on September 25, 1995 for the purpose of acquiring and holding all of the outstanding capital stock of Broadway Federal Bank, f.s.b. ("Broadway Federal" or "Bank") as part of the Bank's conversion from a federally chartered mutual savings association to a federally chartered stock savings bank (the "Conversion"). The Conversion was completed, and the Bank became a wholly owned subsidiary of the Company, on January 8, 1996. The Company's principal business is serving as a holding company for Broadway Federal. The Company's and Broadway Federal's results of operations are dependent primarily on net interest income, which is the difference between the interest income earned on its interest-earning assets, such as loans and investments, and the interest expense on interest-bearing liabilities, such as deposits and borrowings. The Bank also generates recurring non-interest income such as transactional fees on its loan and deposit portfolios. The Company's operating results are also affected by the amount of the Bank's general and administrative expenses, which consist principally of employee compensation and benefits, occupancy expense, federal deposit insurance premiums, and by its periodic provisions for loan losses. More generally, the results of operations of thrift and banking institutions are also affected by prevailing economic conditions, competition, and the monetary and fiscal policies of governmental agencies. COMPARISON OF OPERATING RESULTS FOR THE THREE MONTHS ENDED MARCH 31, 1997 AND MARCH 31, 1996 GENERAL The Company recorded net earnings of $63,000 for the three months ended March 31, 1997, as compared to net earnings of $114,000 for the three months ended March 31, 1996. The first quarter results included a $135,000 pretax loss resulting from a burglary in one of the Bank's branch offices in February 1997. Excluding such burglary loss the Company would have recorded first quarter net earnings of $140,000. First quarter net earnings also resulted from a number of other offsetting factors which included higher interest income, higher interest on savings deposits, lower provision for loan losses, higher noninterest income and higher noninterest expense. 9 INTEREST INCOME Interest income increased by $69,000 during the three months ended March 31, 1997 as compared to the same period a year ago. This increase was primarily the result of an increase in average assets of $4.3 million, to $118.0 million for the three months ended March 31, 1997 from $113.7 million for the same period in the prior year. The increase in assets during the three months ended March 31, 1997 was funded by an increase in savings deposits for the period. The increase in average assets resulted from the Company's focus on increasing its loan portfolio, as well as a planned increase in its investment securities. INTEREST ON SAVINGS DEPOSITS Interest on savings deposits increased by $72,000 during the three months ended March 31, 1997 as compared to the same period a year ago. The increase in interest on savings deposits was due to an increase in average deposits of $1.2 million, to $102.7 million for the three months ended March 31, 1997 from $101.5 million during the same period in 1996. The increase in interest on savings deposits also reflects the rising interest rate environment as the average cost of deposits increased 25-basis points, from 3.40% for the three months ended March 31, 1996 to 3.65% for the three months ended March 31, 1997. PROVISION FOR LOAN LOSSES The provision for loan losses decreased by $25,000, from $55,000 for the three months ended March 31, 1996 to $30,000 for the three months ended March 31, 1997. The decrease in the provision for loan losses was due primarily to higher specific reserves having been established for problem loans during the three months ended March 31, 1996 as compared to the same period during 1997. In March 1996, specific reserves totalling $38,000 were established on three loans. The property securing one of these loans has been foreclosed upon and recorded as real estate acquired through foreclosure ("REO"). Total non-performing assets, consisting of non-accrual loans and REO, increased by $110,000, from $2.7 million at March 31, 1996 to $2.8 million at March 31, 1997. The $110,000 increase resulted from an increase in non-accrual loans of $896,000 offset by a decrease in REO of $786,000. Non-performing assets at December 31, 1996 totalled $2.8 million, consisting of $1.9 in non-accrual loans and $933,000 in REO properties. As a percentage of total assets, nonperforming assets were 2.42% at March 31, 1997, compared to 2.40% and 2.39% at March 31, 1996 and December 31, 1996, respectively. Since December 1996, non-accrual loans have decreased $223,000 to $1.6 million and REO have increased $293,000 to $1.2 million, respectively. Non-accrual loans at March 31, 1997 included seven loans totalling $765,000 secured by one- to four-unit properties, three loans totalling 10 $637,000 secured by multi-family properties, one loan totalling $223,000 secured by a nonresidential property and two fully reserved non-mortgage loans totalling $24,000. As of March 31, 1997 the Company's allowance for loan losses totaled $1.2 million, representing a $20,000 increase over the balance at December 31, 1996. The allowance for loan losses represents 1.18% of total loans at March 31, 1997, as compared to 1.19% of total loans at December 31, 1996. During the quarter the allowance for loan losses was increased by the $30,000 direct charge to the Company's provision for loan losses, offset by a $10,000 write-off of a portion of a loan that was transferred to REO. The allowance for loan losses was 72.32% of non-accrual loans at March 31, 1997, compared to 62.65% at December 31, 1996. As of March 31, 1997 management believes that the allowance for loans losses is adequate to cover inherent losses in its loan portfolio, however, there can be no assurance that such losses will not exceed the estimated amounts. NONINTEREST INCOME Noninterest income increased by $36,000, from $37,000 for the three months ended March 31, 1996 to $73,000 for the same period during 1997. The increase was due to a number of offsetting factors. Service fees on savings accounts increased $8,000, from $75,000 during the three months ended March 31, 1996 to $83,000 for the same period in 1997. The increase resulted primarily from higher fees earned from returned checks on customers checking accounts. In addition, write-downs, expenses and write-offs related to the operation and sale of REO were $15,000 during the first three months of 1997 as compared to $40,000 during the same period in 1996. The higher 1996 loss was the result of a direct write-off to reduce the carrying amount of REO to the fair value of the real estate. The "Write-down on Valuation of Loans Held For Sale" was zero for the three months ended March 31, 1997, as compared to a loss of $16,000 for the three months ended March 31, 1996 as the Company had no loans classified as held for sale at March 31, 1997. Finally, other noninterest income decreased from $18,000 for the three months ended March 31, 1996 to $5,000 for the same period in 1997, primarily as a result of the recognition of nonrecurring income, including recoveries during the first three months of 1996, relating to defaults on loans, that did not recur during the same period in 1997. NONINTEREST EXPENSE Noninterest expense increased $125,000, from $1.1 million for the three months ended March 31, 1996 to $1.2 million for the same period in 1997. The increase in noninterest expense was due primarily to increase in compensation and benefits, professional service and other noninterest expense, offset by decrease in occupancy expense, advertising and promotional expense, and federal insurance premiums. Compensation and benefits increased $87,000, from $488,000 to $575,000, due to general salary increases during the year and an increase in the number of staff. 11 Occupancy expense, including depreciation and repair and maintenance costs on fixed assets, decreased $6,000, from $228,000 to $222,000, due to the elimination of rent expense when Broadway Federal relocated its Inglewood California branch to a newly owned facility in the first quarter of 1997. Advertising and promotional expense decreased $20,000, from $65,000 to $45,000 as a result of decreased promotional activities during the first three months of 1997. Professional service expense increased $12,000, from $11,000 to $23,000, due to an increase in the use of outside consultants and other professionals. Federal insurance premiums decreased $52,000, from $64,000 to $12,000 due to an insurance rate reduction after the payment of a one-time assessment fee imposed by FDIC in 1996. The $99,000 increase in other noninterest expense is primarily attributable to the $135,000 burglary loss incurred in February 1997. The Company is working with local law enforcement agencies in investigating the burglary. As a result of the burglary the Company has enhanced its security controls including training and surveillance activities. Management anticipates that $85,000 of the loss will be recovered from insurance proceeds, and the remaining $50,000 of the loss, representing the Company's deductible under its Fidelity Bond policy, will be recovered from subrogation activities by the insurance carrier. The statement above is a forward looking statement within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. The anticipated proceeds is subject to filing of a claim and determination by the insurance carrier that the loss is covered by the Bank's Financial Institution Bond and the successful subrogation efforts by the insurance carrier and the Company. INCOME TAXES Income tax expense decreased from $64,000 for the three months ended March 31, 1996 to $48,000 for the same period in 1997. The decrease in income taxes was the result of the decrease in earnings before income taxes during the three months ended March 31, 1997 compared to the same period ended March 31, 1996. COMPARISON OF FINANCIAL CONDITION AT MARCH 31, 1997 AND DECEMBER 31, 1996 Total assets at March 31, 1997 were $118.8 million compared to $117.1 million at December 31, 1996, representing an increase of $1.7 million. The increase in total assets was funded primarily from additional savings deposits made during the period, and by $1.5 million maturities from investment securities. Net loans receivable increased from $96.3 million at December 31, 1996 to $98.8 million at March 31, 1997 as a result of $3.8 million in new loan originations, a $1.8 million in loan purchase, offset by $2.7 million in principal repayments and $400,000 in loans transferred to foreclosure. Total liabilities at March 31, 1997 were $105.1 million compared to $103.5 million 12 at December 31, 1996. The $1.6 million increase is primarily attributable to the increase in savings deposits. Total capital at March 31, 1997 was $13.6 million an increase of $8,000 from December 31, 1996. The increase resulted from $63,000 in earnings for the quarter, net of a dividend declared. SUBSEQUENT EVENTS Subsequent to the end of the first quarter, on April 16, 1997 and April 17, 1997 the Company acquired 2,500 shares and 50,000 shares, respectively, of its Common Stock, representing 5.881% of the total outstanding stock. The acquired shares will be used for the Bank's benefit plans and to redeem a portion of the Company's Series A Preferred Stock. 13 PART II. OTHER INFORMATION ITEM 1. LEGAL PROCEEDINGS None ITEM 2. CHANGES IN SECURITIES None ITEM 3. DEFAULTS UPON SENIOR SECURITIES None ITEM 4 SUBMISSION OF MATTERS TO VOTE OF SECURITY HOLDERS None ITEM 5. OTHER INFORMATION None ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K (a) Exhibits None (b) Reports on Form 8-K. None 14 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. BROADWAY FINANCIAL CORPORATION Date: May 9, 1997 By: ------------------- ---------------------------------- Paul C. Hudson President and Chief Executive Officer By: ---------------------------------- Bob Adkins Secretary and Chief Financial Officer 15 EX-27 2 EXHIBIT 27
9 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE PROCEEDING CONSOLIDATED UNAUDITED FINANCIAL STATEMENTS AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 1,000 3-MOS DEC-31-1997 MAR-31-1997 1,308 132 3,900 0 0 8,874 8,773 100,002 (1,194) 118,763 103,724 0 1,430 0 0 911 8,216 (563) 118,763 2,039 163 14 2,216 935 935 1,281 30 0 0 111 111 0 0 111 0.07 0 .083 1,651 0 24 0 1,174 11 1 1,194 1,194 0 270
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