-----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, BtgH1Vh6lvD0QBVGBKPKi9mqqzNuEHtWrw+K4/m8vp28luvQZC8KUbCbEEE89oG0 LP6m4WVajebBO0yGPQzXvA== 0001092388-00-000273.txt : 20000516 0001092388-00-000273.hdr.sgml : 20000516 ACCESSION NUMBER: 0001092388-00-000273 CONFORMED SUBMISSION TYPE: 10QSB PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20000331 FILED AS OF DATE: 20000515 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: SEC FILE NUMBER: 000-27464 FILM NUMBER: 634888 BUSINESS ADDRESS: STREET 1: 4800 WILSHIRE BLVD CITY: LOS ANGELES STATE: CA ZIP: 90010 BUSINESS PHONE: 2136341700 MAIL ADDRESS: STREET 1: 4800 WILSHIRE BLVD CITY: LOS ANGELES STATE: CA ZIP: 90010 10QSB 1 FORM 10QSB 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 SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2000 [ ] 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.) 4800 WILSHIRE BOULEVARD, LOS ANGELES, CALIFORNIA 90010 (Address of Principal Executive Offices) (323) 634-1700 (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: 926,627 shares of the Company's Common Stock, par value $.01 per share, were issued and outstanding as of April 28, 2000. Transitional Small Business Disclosure Format (Check one): Yes [ ] No [x] INDEX PART I -- FINANCIAL INFORMATION Item 1. Financial Statements Page Consolidated Balance Sheets (unaudited) as of March 31, 2000 and December 31, 1999 3 Consolidated Statements of Earnings (unaudited) for the three months ended March 31, 2000 and March 31, 1999 4 Consolidated Statements of Cash Flows (unaudited) for the three months ended March 31, 2000 and March 31, 1999 5 Notes to Consolidated Financial Statements 7 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 8 PART II -- OTHER INFORMATION 13 SIGNATURES 13 2 BROADWAY FINANCIAL CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (DOLLARS IN THOUSANDS, EXCEPT SHARE AMOUNTS) (UNAUDITED)
MARCH 31, DECEMBER 31, 2000 1999 ---------- ------------ ASSETS: Cash $ 2,214 $ 3,135 Investment securities held to maturity 10,623 10,623 Mortgage-backed securities held to maturity 12,459 13,210 Loans receivable, net 126,191 126,871 Loans receivable held for sale, at lower of cost or fair value 4,060 2,458 Accrued interest receivable 1,053 1,013 Real estate acquired through foreclosure, net 538 515 Investments in capital stock of Federal Home Loan Bank, at cost 1,246 1,229 Office properties and equipment, net 6,459 6,533 Other assets 737 717 --------- -------- Total assets $ 165,580 $166,304 ========= ======== LIABILITIES AND STOCKHOLDERS' EQUITY Deposits $ 135,607 $133,984 Advances from Federal Home Loan Bank 14,600 16,900 Advance payments by borrowers for taxes and insurance 56 192 Deferred income taxes 605 605 Other liabilities 772 822 --------- -------- Total liabilities 151,640 152,503 Stockholders' Equity: Preferred nonconvertible, non-cumulative, and non-voting stock, $.01 par value, authorized 1,000,000 shares; issued and outstanding 55,199 shares at March 31, 2000 and December 31, 1999 1 1 Common stock, $.01 par value, authorized 3,000,000 shares; issued and outstanding 932,494 shares at March 31, 2000 and December 31, 1999 10 10 Additional paid-in capital 9,684 9,674 Retained earnings-substantially restricted 4,922 4,809 Treasury stock-29,241 shares at cost (318) (318) Unearned Employee Stock Ownership Plan shares (359) (375) --------- -------- Total stockholders' equity 13,940 13,801 --------- -------- Total liabilities and stockholders' equity $ 165,580 $166,304 ========= ========
See Notes to Consolidated Financial Statements 3 BROADWAY FINANCIAL CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (DOLLARS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS) (UNAUDITED)
THREE MONTHS ENDED MARCH 31, ------------------------ 2000 1999 --------- -------- Interest on loans receivable $ 2,686 $ 2,255 Interest on investment securities held-to-maturity 165 168 Interest on mortgage-backed securities held-to-maturity 199 204 Other interest income 17 15 --------- -------- Total interest income 3,067 2,642 Interest on deposits 1,146 1,083 Interest on borrowings 244 57 --------- -------- Total interest expense 1,390 1,140 --------- -------- Net interest income before provision for loan losses 1,677 1,502 Provision for loan losses 90 75 --------- -------- Net interest income after provision for loan losses 1,587 1,427 Noninterest income: Service charges 124 119 Loss on sale of loans receivable held for sale (6) -- Other 18 12 --------- -------- Total noninterest income 136 131 --------- -------- Noninterest expense: Compensation and benefits 668 777 Occupancy expense, net 290 257 Advertising and promotional expense 33 46 Professional services 86 77 Real estate operations, net 12 11 Contracted security services 38 38 Telephone and postage 45 39 Stationary, printing and supplies 28 30 Other 242 135 --------- -------- Total noninterest expense 1,442 1,410 --------- -------- Earnings before income taxes 281 148 Income taxes 114 61 --------- -------- Net earnings $ 167 $ 87 ========= ======== Earnings applicable to common shareholder: Net earnings 167 87 Dividends paid on preferred stock (7) (7) --------- -------- $ 160 $ 80 ========= ======== Earnings per share-basic $0.17 $0.09 Earnings per share-diluted 0.17 0.09 Dividend declared per share-common stock 0.05 0.05
See Notes to Consolidated Financial Statements 4 BROADWAY FINANCIAL CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (DOLLARS IN THOUSANDS) (UNAUDITED) Three months ended March 31, 2000 1999 ----------- --------- CASH FLOWS FROM OPERATING ACTIVITIES Net earnings $167 $87 Adjustments to reconcile net earnings to net cash provided by (used in) operating activities: Depreciation 88 81 Amortization of premium on loans purchased 1 37 Amortization of net deferred loan origination fees (1) (17) Amortization of discounts and premium on securities 32 25 Amortization of deferred compensation 26 27 Loss on sale of real estate acquired through foreclosure 4 - Loss on sale of loans receivable held for sale 6 6 Provision for loan losses 90 75 Provision for write-downs and losses on real estate acquired through foreclosure - 6 Lower of cost or fair value adjustment on loans receivable held for sale 96 - Loans originated for sale, net of refinances (3,444) (1,394) Proceeds from sale of loans receivable held for sale 1,740 1,195 Changes in operating assets and liabilities: Accrued interest receivable (40) (51) Other assets (20) 35 Other liabilities (62) 80 ---------- --------- Total adjustments (1,484) 105 ---------- --------- Net cash provided by (used in) operating activities (1,317) 192 ---------- --------- CASH FLOWS FROM INVESTING ACTIVITIES Loans originated, net of refinances (2,828) (9,176) Principal repayment on loans 3,311 7,520 Purchases of investment securities held-to-maturity - (3,500) Purchases of mortgage-backed securities held-to-maturity 0 (4,595) Proceeds from maturities of investment securities held-to-maturity - 1,500 Proceeds from maturities of mortgage-backed securities held-to-maturity 719 857 Purchase of Federal Home Loan stock (17) (13) Capital expenditures for office properties and equipment (14) (431) Proceeds from sale of real estate acquired through foreclosure 92 - ---------- --------- Net cash provided by (used in) investing activities 1,263 (7,838) ---------- --------- See Notes to Consolidated Financial Statements 5 BROADWAY FINANCIAL CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED) (DOLLARS IN THOUSANDS) (UNAUDITED) Three months ended March 31, 2000 1999 ----------- --------- CASH FLOWS FROM FINANCING ACTIVITIES Net increase in deposits 1,623 1,656 Increase (decrease) in advances from Federal Home Loan Bank (2,300) 1,500 Dividends paid (54) (53) Decrease in advances by borrowers for taxes and insurance (136) (155) ----------- --------- Net cash provided by (used in) financing activities (867) 2,948 ----------- --------- Net decrease in cash and cash equivalents (921) (4,698) Cash and cash equivalents at beginning of period 3,135 7,205 ----------- --------- Cash and cash equivalents at end of period $2,214 $2,507 =========== ========= SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: Cash paid for interest $1,421 $1,100 Cash paid for income taxes 25 10 =========== ========= SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES Transfers of real estate acquired through foreclosure from loans receivable 107 102 See Notes to Consolidated Financial Statements 6 BROADWAY FINANCIAL CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS MARCH 31, 2000 1. In the opinion of management of Broadway Financial Corporation (the "Company"), the preceding unaudited consolidated financial statements contain all material adjustments, necessary to present fairly the consolidated financial position of the Company at March 31, 2000 and the results of its operations, and its cash flows for the three months ended March 31, 2000 and 1999. These consolidated financial statements do not include all disclosures associated with the Company's consolidated annual financial statements included in its annual report on Form 10-KSB for the year ended December 31, 1999 and, accordingly, should be read in conjunction with such audited statements. The results of operations for the three months ended March 31, 2000 are not necessarily indicative of the results to be expected for the full year. 2. RECENT ACCOUNTING PRONOUNCEMENTS In June 1998, the Financial Accounting Standards Board issued SFAS No. 133, "Accounting for Derivative Instruments and Hedging Activities". SFAS No. 133 establishes accounting and reporting standards for derivative instruments and hedging activities. SFAS No. 133 requires recognition of all derivative instruments in the statement of financial position as either assets or liabilities and the measurement of derivative instruments at fair value. SFAS No. 133 is effective for fiscal years beginning after June 15, 2000. Early implementation is permitted under this statement. The Company has not adopted early implementation and management does not believe that the implementation of SFAS No. 133 will have a material impact on the Company's financial condition or results of operations. 7 ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS GENERAL Broadway Financial Corporation (the "Company") is a Delaware corporation, primarily engaged in the savings and loan business through its wholly owned subsidiary, Broadway Federal Bank, f.s.b. (Broadway Federal). Broadway Federal's business is that of a financial intermediary and consists primarily of attracting deposits from the general public and using such deposits, together with borrowings and other funds, to make mortgage loans secured by residential real estate located in Southern California. At March 31, 2000, Broadway Federal operated five retail banking offices, including a loan center, in Southern California. Broadway Federal is subject to significant competition from other financial institutions, and is also subject to regulation by certain federal agencies and undergoes periodic examinations by those regulatory agencies. The accompanying consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries, Broadway Federal and BankSmart, Inc. All significant intercompany balances and transactions have been eliminated in consolidation. The Company's principal business is serving as a holding company for Broadway Federal. The Company's results of operations are dependent primarily on Broadway Federal's 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 its interest-bearing liabilities, such as deposits and borrowings. Broadway Federal 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, and 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. The Company's management considers its operations to be segregated into two operating segments - (i) banking, through Broadway Federal and (ii) retail services, through its newly established subsidiary, BankSmart, Inc. ("BankSmart"). BankSmart currently includes a postal and copy center. In August 1999, BankSmart opened its first center inside Broadway Federal's Exposition Park branch. As of March 31, 2000, the operations of BankSmart are insignificant to the operations of the Company and as such, do not constitute a separately reportable segment, under applicable accounting standards. 8 COMPARISON OF OPERATING RESULTS FOR THE THREE MONTHS ENDED MARCH 31, 2000 AND MARCH 31, 1999 GENERAL The Company recorded net earnings of $167,000, or $0.17 per diluted share for the three months ended March 31, 2000, as compared to net earnings of $87,000, or $0.09 per diluted share for the three months ended March 31, 1999. The increase in first quarter net earnings from 1999 to 2000 resulted primarily from higher net interest income, offset by small increases in the provision for loan losses and noninterest expense. INTEREST INCOME Interest income increased by $425,000 during the three months ended March 31, 2000 as compared to the same period in 1999. This increase was primarily the result of an increase in average assets of $20.0 million, to $167.5 million for the three months ended March 31, 2000 from $147.5 million for the same period in 1999. The increase in average assets during the three months ended March 31, 2000 was funded by an increase in savings deposits and advances from the Federal Home Loan Bank. The increase in average assets primarily resulted from the Company's continued focus on increasing its loan portfolio and its investment in mortgage-backed securities. INTEREST EXPENSE Interest expense increased by $250,000 during the three months ended March 31, 2000 as compared to the same period in 1999. The increase was due to a $63,000 increase in interest on deposits and a $187,000 increase in interest on borrowings. The increase in interest on deposits was due to an increase in average deposits of $7.3 million, to $134.8 million for the three months ended March 31, 2000 from $127.5 million during the same period in 1999. Average borrowings also increased by $12.2 million for the three months ended March 31, 2000 as compared to the same period in 1999. The impact of the increase in interest on deposits was mitigated by the current interest rate environment as the average cost of deposits decreased 5-basis points, from 3.46% for the three months ended March 31, 1999 to 3.41% for the three months ended March 31, 2000. PROVISION FOR LOAN LOSSES The provision for loan losses increased by $15,000 from $75,000 at March 31, 1999 to $90,000 at March 31, 2000. Total non-performing assets, consisting of non-accrual loans and real estate acquired through foreclosure ("REO"), decreased by $325,000, from $1.7 million at March 31, 1999 to $1.4 million at March 31, 2000. The decrease resulted from a decrease in non-accrual loans of $545,000 and an increase in REO of $220,000. As a percentage of total assets, non-performing assets were 0.83% at March 31, 2000, compared to 1.14% and 1.15% at March 31, 1999 and December 31, 1999, 9 respectively. Since December 1999, non-accrual loans decreased by $565,000, to $831,000, and REO has increased by $23,000, to $538,000. Non-accrual loans at March 31, 2000 included five loans totaling $182,000 secured by one- to four-unit properties, three loans totaling $407,000 secured by multi-family properties. and two loans totaling $242,000 secured by commercial real estate REO at March 31, 2000 included two single family properties totaling $337,000, one multifamily property totaling $119,000 and one parcel of land having a net balance of $82,000. As of March 31, 2000 the Company's allowance for loan losses totaled $1.4 million, representing a $60,000 decrease from the balance at December 31, 1999. The allowance for loan losses represents 1.04% of total loans at March 31, 2000 compared to 1.09% at December 31, 1999. The allowance for loan losses was 166.00% of non-accrual loans at March 31, 2000, compared to 103.14% at December 31, 1999. Loan charge-offs for the three months ended March 31, 2000 totaled $149,000, consisting of a $132,000 charge-off on a multi-family loan secured by a 15-unit property and a $17,000 charge-off on a loan secured by a one-to four- unit property, both of which were sold at foreclosure during the quarter. Management believes that the allowance for loan losses is adequate to cover inherent losses in its loan portfolio as of March 31, 2000, but there can be no assurance that such losses will not exceed the estimated amounts. In addition, the Office of Thrift Supervision and the Federal Deposit Insurance Corporation as an integral part of their examination process, periodically review the Company's allowance for loan losses. These agencies may require the Company to increase the allowance for loan losses based on their judgements of the information available at the time of the examination. NONINTEREST EXPENSE Noninterest expense increased by $32,000 during the three-month period ended March 31, 2000 as compared to the same period in 1999. The increase in noninterest expense was due primarily to increases in occupancy expense and other expense offset primarily by decreases in compensation and benefits. Occupancy expense increased by $33,000 for the three-month period ended March 31, 2000 as compared to the same period in 1999. The increase was primarily attributed to increase in depreciation expense caused by the addition of the Exposition Park savings branch and equipment rental expenses for BankSmart. Other noninterest expense increased by $107,000 for the three-month period ended March 31, 2000 as compared to the same period during 1999. The increase was primarily caused by a $96,000 unrealized loss on loans held for sale recorded for the three-month period ended March 31, 2000 and penalties and interest paid to the Internal Revenue Service on late remittance of back-up withholding. The unrealized loss was due to fluctuations in market interest rates, resulting in a diminution in the value of such assets. Compensation and benefits decreased by $109,000 for the three-month period ended March 31, 2000 as compared to the same period in 1999. The decreases primarily resulted from the following factors: 1) lower accrual of vested stock grants and bonus, 2) lower employee's compensation expense. 10 INCOME TAXES The Company's effective tax rate was approximately 41% for both the three months ended March 31, 2000 and March 31, 1999. Broadway Federal computed income taxes by applying the statutory federal income tax rate of 34% and California income tax rate of 10.84% to earnings before income taxes. COMPARISON OF FINANCIAL CONDITION AT MARCH 31, 2000 AND DECEMBER 31, 1999 Total assets at March 31, 2000 were $165.6 million compared to $166.3 million at December 31, 1999, representing a decrease of $724,000. Net loans receivable decreased from $126.9 million at December 31, 1999 to $126.2 million at March 31, 2000 as a result of $6.3 million in new loan originations, offset by $3.3 million in principal repayments, $107,000 in loans transferred to foreclosure, $90,000 provision for loan losses and $3.4 million in loans originated and classified as held for sale. Loans held for sale at March 31, 2000 totaled $4.1 million as compared to $2.5 million at December 31, 1999. During the period loans originated that were classified as held-for-sale totaled $3.4 million and loans sold totaled $1.7 million. Office properties and equipment decreased from $6.5 million at December 31, 1999 to $6.4 million at March 31, 2000, primarily as a result of depreciation expense offset by BankSmart's increase in fixed assets. Total liabilities at March 31, 2000 were $151.6 million compared to $152.5 million at December 31, 1999. The $861,000 decrease was primarily attributable to the decrease in advances from Federal Home Loan Bank and advance payments by borrowers for taxes and insurance, offset by an increase in deposits. Total capital at March 31, 2000 was 13.9 million compared to $13.8 million at December 31, 1999. The $139,000 increase was primarily due to the increase in net profit, payment received on ESOP loan offset by cash dividends declared. LIQUIDITY, CAPITAL RESOURCES AND MARKET RISK Sources of liquidity and capital for the Company on a stand-alone basis include distributions from the Bank and borrowings such as securities sold under agreements to repurchase. Dividends and other capital distributions from the Bank are subject to regulatory restrictions. The Bank's primary sources of funds are Bank deposits, principal and interest payments on loans and, to a lesser extent, proceeds from the sale of loans and advances from the FHLB. While maturities and scheduled amortization of Bank loans are predictable sources of funds, deposit flows and mortgage prepayments are greatly influenced by general interest rates, economic conditions, and competition. Broadway Federal's average liquidity ratios were 11.87% and 22.30% for the period ended March 31, 2000 and 1999, respectively. The decrease is due to the fact that at March 31, 2000 11 liquid assets, which is a component of the liquidity calculation, excluded $11.3 million in pledged assets. At March 31, 1999 there were no pledged assets excluded. Management currently maintains its liquidity ratio in a range of 10% to 12% as part of its investment strategy. The Bank has other sources of liquidity in the event that a need for additional funds arises, including FHLB advances to the Bank. At March 31, 2000 and 1999 FHLB advances totaled $14.6 million and $6.0 million, respectively. Broadway Federal had borrowed from the FHLB to meet its short-term loan funding needs. Other sources of liquidity include principal repayments on mortgage-backed securities. As of March 31, 2000 there was no material change in the Company's market risk. For a discussion on the Company's interest rate sensitivity and market risk, see the Company's annual report for the year ended December 31, 1999 and the notes thereto. REGULATORY CAPITAL The OTS capital regulations include three separate minimum capital requirements for savings institutions subject to OTS supervision. First, the tangible capital requirement mandates that the Bank's stockholder's equity, less intangible assets, be at least 1.50% of adjusted total assets as defined in the capital regulations. Second, the core capital requirement currently mandates core capital (tangible capital plus qualifying supervisory goodwill) be at least 4.00% of adjusted total assets as defined in the capital regulations. Third, the risk-based capital requirement presently mandates that core capital plus supplemental capital as defined by the OTS be at least 8.00% of risk-weighted assets as prescribed in the capital regulations. The capital regulations assign specific risk weightings to all assets and off-balance sheet items. Broadway Federal was in compliance with all capital requirements in effect at March 31, 2000, and meets all standards necessary to be considered "well-capitalized" under the prompt corrective action regulations adopted by the OTS pursuant to the Federal Deposit Insurance Corporation Improvement Act of 1991 (FDICIA). The following table reflects the required and actual regulatory capital ratios of Broadway Federal at the date indicated: FIRREA FDICIA Actual Regulatory Capital Ratios Minimum "Well-capitalized" At March 31, for Broadway Federal Requirement Requirement 2000 - ------------------------- -------------- ------------------- ------------- Tangible capital 1.50% N/A 7.13% Core capital 4.00% 5.00% 7.13% Risk-based capital 8.00% 10.00% 11.57% Tier 1 Risk-based capital N/A 6.00% 10.50% 12 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 Matter to a Vote of Security Holders None Item 5. Other Information None Item 6. Exhibits and Reports Data Schedule (a) Exhibits Exhibit 27 Financial Data Schedule (b) Reports on Form 8-K None SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. BROADWAY FINANCIAL CORPORATION Date: MAY 12, 2000 By: /s/ Paul C. Hudson ------------------- ------------------ Paul C. Hudson President and Chief Executive Officer By: /s/ Bob Adkins ------------------ Bob Adkins Chief Financial Officer 13 EX-27 2 ARTICLE 9 FINANCIAL DATA SCHEDULE
9 1,000 3-MOS DEC-31-2000 JAN-01-2000 MAR-31-2000 2,214 65 0 0 0 24,328 23,589 131,630 (1,379) 165,580 135,607 14,600 1,435 0 0 552 9,142 (677) 165,580 2,686 364 17 3,067 1,143 1,390 1,677 90 0 0 281 281 0 0 167 0.17 0.17 0.079 831 0 0 0 (1,439) 149 0 (1,379) (1,379) 0 314
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