-----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, OKGl6aeVUaM5LYT6T+QL/GVetRuKAidvNkjENtmSR4s9jOJPuIPDeVCw7u9zdZlI HOSx1UNcWYbtte5aGe227w== 0000950116-98-001709.txt : 19980817 0000950116-98-001709.hdr.sgml : 19980817 ACCESSION NUMBER: 0000950116-98-001709 CONFORMED SUBMISSION TYPE: 10QSB PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19980630 FILED AS OF DATE: 19980814 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: UNIVERSAL DISPLAY CORP \PA\ CENTRAL INDEX KEY: 0001005284 STANDARD INDUSTRIAL CLASSIFICATION: COMPUTER TERMINALS [3575] IRS NUMBER: 232372688 STATE OF INCORPORATION: PA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10QSB SEC ACT: SEC FILE NUMBER: 001-12031 FILM NUMBER: 98688109 BUSINESS ADDRESS: STREET 1: THREE BALA PLAZA, SUITE 104E CITY: BALA CYNWYD STATE: PA ZIP: 19004 BUSINESS PHONE: 6106174010 MAIL ADDRESS: STREET 1: THREE BALA PLAZA EAST STREET 2: SUITE 104 CITY: BALA CYNWYD STATE: PA ZIP: 19004 10QSB 1 U.S. 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 June 30, 1998 ( ) TRANSITION REPORT UNDER SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to ------------ -------------- Commission File No. 0-28146 UNIVERSAL DISPLAY CORPORATION (Exact name of small business issuer as specified in its charter) PENNSYLVANIA 23-2372688 - ------------ ---------- (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) THREE BALA PLAZA EAST SUITE 104 BALA CYNWYD, PA 19004 - --------------------- ----- (Address of principal executive offices) (Zip Code) (610) 617-4010 - -------------- (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 ----- ----- APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PRECEDING FIVE YEARS Check whether the registrant filed all documents and reports required to be filed by Section 12, 13 or 15 (d) of the Exchange Act after the distribution of securities under a plan confirmed by a court. Yes No ----- ----- APPLICABLE ONLY TO CORPORATE ISSUERS State the number of shares outstanding of each of the issuer's classes of common equity, as of the latest practicable date: As of June 30, 1998, the registrant had outstanding 10,312,268 shares of common stock, par value $.01 per share. Transitional Small Business Disclosure Format (check one): Yes No X ----- -----
INDEX PAGE - ----- ---- Part I - Financial Information Item 1. Financial Statements Consolidated Balance Sheets June 30, 1998 (unaudited) and December 31, 1997 3 Consolidated Statements of Operations - Three months ended June 30, 1998 and 1997, and inception to date (unaudited) 4 Consolidated Statement of Operations - Six months ended June 30, 1998 and 1997, and inception to date (unaudited) 5 Consolidated Statements of Cash Flows - Six months ended June 30, 1998 and 1997, and inception to date (unaudited) 6 Notes to Consolidated Financial Statements (unaudited) 7-9 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 9 Part II - Other Information Item 6. Exhibits and Reports on Form 8-K. 11
2 PART I. - FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS - -------------------------------- UNIVERSAL DISPLAY CORPORATION AND SUBSIDIARY (a development-stage company) CONSOLIDATED BALANCE SHEETS
ASSETS June 30, 1998 December 31, (Unaudited) 1997 -------------- ------------ CURRENT ASSETS: Cash and cash equivalents (See Note 2) $ 256,389 $ 85,470 Short-term investments (See Note 2) 3,443,520 4,539,570 Contract research receivables 36,143 88,366 Receivable from related party 51,906 51,906 Prepaid consulting fee 357,446 428,985 Other current assets 99,190 89,806 ------------ ------------ Total current assets 4,244,594 5,284,103 ------------ ------------ PROPERTY AND EQUIPMENT, net of accumulated depreciation of $55,270 and $39,353 44,824 57,401 DEPOSITS 76,073 76,073 ------------ ------------ Total assets $ 4,365,491 $ 5,417,577 ============ ============ LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES: Accounts payable and accrued expenses $ 178,021 $ 280,240 ------------ ------------ SHAREHOLDERS' EQUITY Preferred Stock, par value $0.01 per share, 5,000,000 shares authorized, 200,000 shares designated Series A Nonconvertible Preferred Stock, par value $.01 per share, 200,000 issued and outstanding (liquidation value of $1,500,000) 2,000 2,000 Common Stock, par value $.01 per share, 25,000,000 shares authorized, 10,312,268 and 10, 302, 268 issued and outstanding (see Note 2) 103,123 103,023 Additional paid-in capital 15,815,609 15,812,809 Deficit accumulated during development-stage (11,733,262) (10,780,495) ------------ ------------ Total shareholders' equity 4,187,470 5,137,337 ------------ ------------ Total liabilities and shareholders' equity $ 4,365,491 $ 5,417,577 ============ ============
The accompanying notes are an integral part of these statements. 3 UNIVERSAL DISPLAY CORPORATION AND SUBSIDIARY (a development-stage company) CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
Three Months Three Months Period from Inception Ended Ended (June 17, 1994) to June 30, 1998 June 30, 1997 June 30, 1998 ------------- ------------- ------------- REVENUE: Contract research revenue $ 99,388 $ -- $ 291,970 ------------ ------------ ------------ OPERATING EXPENSES: Research and development (See Note 3) 327,311 415,064 7,675,149 General and administrative 460,988 430,213 4,756,616 ------------ ------------ ------------ Total operating expenses 788,299 845,277 12,431,765 ------------ ------------ ------------ Operating loss (688,911) (845,277) (12,139,795) INTEREST INCOME 57,253 35,562 406,534 ------------ ------------ ------------ NET LOSS $ (631,658) $ (809,715) $(11,733,261) ------------ ------------ ------------ BASIC AND DILUTED NET LOSS PER COMMON SHARE $ (0.06) $ (0.09) ------------ ------------ WEIGHTED AVERAGE SHARES USED IN COMPUTING BASIC AND DILUTED NET LOSS PER COMMON SHARE 10,312,268 8,937,268 ------------ ------------
The accompanying notes are an integral part of these statements. 4 UNIVERSAL DISPLAY CORPORATION AND SUBSIDIARY (a development-stage company) CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
Six Months Period From Ended June 30, Inception -------------- (June 17, 1994) to 1998 1997 June 30, 1998 ---- ---- ------------- REVENUE: Contract research revenue $ 198,365 $ -- $ 291,970 ------------ ------------ ------------ OPERATING EXPENSES: Research and development (See Note 3) 444,944 713,477 7,675,149 General and administrative 821,204 777,865 4,756,616 ------------ ------------ ------------ Total operating expenses 1,266,148 1,491,342 12,431,765 ------------ ------------ ------------ Operating loss (1,067,783) 1,491,342) (12,139,795) ------------ ------------ ------------ INTEREST INCOME $ 115,017 $ 81,137 $ 406,534 ------------ ------------ ------------ NET LOSS $ (952,766) $ 1,410,205) $(11,733,261) ------------ ------------ ------------ BASIC AND DILUTED NET LOSS PER COMMON SHARE $ (0.09) $ (0.16) ------------ ------------ WEIGHTED AVERAGE SHARES USED IN COMPUTING BASIC AND DILUTED NET LOSS PER COMMON SHARE 10,307,268 8,937,268 ------------ ------------
The accompanying notes are an integral part of these statements. 5 UNIVERSAL DISPLAY CORPORATION AND SUBSIDIARY (a development-stage company) CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)
Six Months Period from Inception Ended June 30, (June 14, 1994) to 1998 1997 June 30, 1998 ---- ---- ------------- CASH FLOWS FROM OPERATING ACTIVITIES: Net Loss ($952,766) ($1,410,205) ($11,733,261) Depreciation 15,917 12,728 55,270 Issuance of Common Stock options and warrants -- -- 350,950 Issuance of Common Stock and warrants in connection with amended research and license agreements -- -- 3,120,329 Acquired in-process technology -- -- 350,000 Adjustments to reconcile net loss to net cash used in operating activities: (Increase) decrease in assets: Contract research receivables 52,223 -- (36,143) Prepaid consulting fees 71,539 -- 71,539 Receivable from related party -- -- (51,906) Other current assets (9,384) 1,594 (99,190) Deposits -- 17,345 (76,073) Increase (decrease) in liabilities: Accounts payable and accrued expenses (102,219) 44,248 133,861 Payable to related parties -- -- 250,000 --------- ---------- ----------- Net cash used in operating activities (924,690) (1,334,290) (7,664,624) --------- ---------- ----------- CASH FLOWS FROM INVESTING ACTIVITIES: Purchases of equipment (3,341) (8,474) (100,095) Purchases of short-term investments -- (7,449,570) Proceeds from sale of short-term investments 1,096,050 1,482,000 4,006,050 --------- ---------- ----------- Net cash provided by (used in) investing 1,092,709 1,473,526 (3,543,615) --------- ---------- ----------- activities CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from issuance of Common Stock 2,900 -- 11,464,628 --------- ---------- ----------- INCREASE IN CASH AND CASH EQUIVALENTS 170,919 139,236 256,389 CASH AND CASH EQUIVALENT, BEGINNING OF PERIOD 85,470 638,225 -- ---------- ----------- CASH AND CASH EQUIVALENTS, END OF PERIOD: $256,389 $ 777,461 $ 256,389 ========= ========== ===========
The accompanying notes are an integral part of these statements. 6 UNIVERSAL DISPLAY CORPORATION AND SUBSIDIARY (a development-stage company) NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) NOTE 1. - BACKGROUND Universal Display Corporation (the "Company"), a development-stage company, is engaged in the research and development and commercialization of organic light emitting diode ("OLED") technology for flat panel display applications. The Company, formerly known as Enzymatics, Inc. ("Enzymatics"), was incorporated under the laws of the Commonwealth of Pennsylvania on April 24, 1985 and commenced its current business activities on August 1, 1994. The New Jersey corporation formerly known as Universal Display Corporation ("UDC") was incorporated under the laws of the State of New Jersey on June 17, 1994. Research and development of the OLED technology is being conducted at the Advanced Technology Center for Photonics and Optoelectronic Materials at Princeton University and at the University of Southern California ("USC") (on a subcontract basis with Princeton University), pursuant to a Sponsored Research Agreement dated August 1, 1994, as amended (the "1994 Sponsored Research Agreement"), originally between the Trustees of Princeton University ("Princeton University") and American Biomimetics Corporation ("ABC"), a privately held Pennsylvania corporation and affiliate of the Company. In October 1997, the Company entered into a new 5-year Sponsored Research Agreement (the "1997 Sponsored Research Agreement") for OLED technology (see Note 3). Pursuant to a license agreement dated August 1, 1994 (the "1994 License Agreement") between Princeton University and ABC, assigned to the Company by ABC in June 1995, the Company has a worldwide exclusive license to manufacture and market products based on Princeton University's pending patent application relating to the OLED technology and the right to obtain a similar license to inventions conceived or discovered under the 1994 Sponsored Research Agreement and to sublicense such rights. In October 1997, the Company amended the 1994 license agreement (the "1997 Amended License Agreement") in which certain terms were modified (see Note 3). The Company's Chairman and Chief Executive Officer holds similar positions in ABC, a company which is controlled by members of his family. The Company is a development-stage entity with no significant operating activity to date. Expenses incurred have primarily been in connection with research and development funding, obtaining financing and administrative activities. The developmental nature of the activities is such that significant inherent risks exist in the Company's operations. Completion of the commercialization of the Company's technology will require funds substantially greater than the Company currently has available. There can be no assurance that such financing will be available to the Company when needed, on commercially reasonable terms or at all. The Company anticipates, based on management's internal forecasts and assumptions relating to its operations, that it has sufficient cash to meet its obligations for at least the current fiscal year. To the extent that Princeton University's research efforts do not result in the development of commercially viable applications for the OLED technology, the Company will not have any meaningful operations. Even if a product incorporating the OLED technology is developed and introduced into the marketplace, additional time and funding may be necessary before significant revenues are realized. While the Company funds the OLED technology research, the scope of and technical aspects of the research and the resources and efforts directed to such research is subject to the control of Princeton University and the principal investigators. Accordingly, the Company's success is dependent on the efforts of Princeton University and the principal investigators. The 1997 Sponsored Research Agreement provides that if certain of the principal investigators are unavailable to continue to serve as a principal investigator, because such person is no longer associated with Princeton University or otherwise, and a successor acceptable to both the Company and Princeton University is not available, the 1997 Sponsored Research Agreement will terminate. 7 NOTE 2. - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES SUMMARY FINANCIAL INFORMATION AND RESULTS OF OPERATIONS INTERIM FINANCIAL INFORMATION In the opinion of the Company, the accompanying unaudited Consolidated Financial Statements contain all adjustments (consisting of only normal recurring adjustments) necessary to present fairly the financial position as June 30, 1998, the results of operations for the three months and six months ended June 30, 1998 and 1997, and the cash flows for the six months ended June 30, 1998 and 1997. While the Company believes that the disclosures presented are adequate to make the information not misleading, these Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and the notes in the Company's latest year end financial statements, which were included in the Company's Annual Report Form 10-KSB for the year ended December 31, 1997. PRINCIPLES OF CONSOLIDATION The consolidated financial statements include the accounts of Universal Display Corporation and its wholly-owned subsidiary, UDC, Inc. All significant intercompany transactions and accounts have been eliminated. MANAGEMENT'S USE OF ESTIMATES The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS The Company considers all highly liquid debt instruments purchased with an original maturity of three months or less to be cash equivalents. Investments are carried at market value, and at June 30, 1998 and December 31, 1997, are classified as short-term investments. At June 30, 1998 and December 31, 1997, all of the Company's investments are classified as available for sale pursuant to Statement of Financial Accounting Standards No. 115, "Accounting for Certain Investments in Debt and Equity Securities," (SFAS 115). Therefore, any unrealized holding gains or losses should be presented as a separate component of shareholders' equity. At June 30, 1998 and December 31, 1997, unrealized holding gains or losses were not material. EQUIPMENT Equipment is stated at cost and depreciated on a straight-line basis over 3 years. NET LOSS PER COMMON SHARE The Company has adopted Statement of Financial Accounting Standards No. 128 (SFAS 128), "Earnings per Share", which superscedes APB Opinion No. 15, "Earnings per Share." SFAS 128 requires dual presentation of basic and diluted earnings per share (EPS) for complex capital structures on the face of the Statement of Operations. Basic EPS is computed by dividing income by the weighted-average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution from the exercise or conversion of securities into common stock. Options and warrants to purchase common stock were outstanding during the three month and six month periods ended June 30, 1998 and 1997 are not included in the computation of diluted net loss per share because they are antidilutive. RESEARCH AND DEVELOPMENT Expenditures for research and development expense are charged to operations as incurred. 8 NEW ACCOUNTING PRONOUNCEMENT Effective January 1, 1998, the Company adopted Statement of Financial Accounting Standards No. 130, "Reporting Comprehensive Income" ("SFAS 130"). SFAS 130 requires the reporting of comprehensive income in addition to net income from operations. The Company has reviewed SFAS 130 and has determined that for the three and six months ended June 30, 1998 and 1997, no items meeting the definition of comprehensive income as specified in SFAS 130 existed in the financial statements. NOTE 3. - SPONSORED RESEARCH AGREEMENT WITH PRINCETON UNIVERSITY On October 9, 1997, the Company entered into a new 5-year Sponsored Research Agreement (the "1997 Sponsored Research Agreement), with Princeton University and entered into an Amended License Agreement with Princeton University and USC amending its 1994 License Agreement with Princeton University (the "1997 Amended License Agreement). The 1997 Sponsored Research Agreement continues and expands the sponsored research which commended in 1994 (the "1994 Sponsored Research Agreement") under which the Company funds additional research and development work at Princeton University (and at USC under a subcontract with Princeton University) in OLED technology. The 1997 Sponsored Research Agreement requires the Company to pay up to $4.4 million commencing on July 31, 1998 through July 31, 2002, which period is subject to extension. The amounts due to Princeton University will be expensed when paid by the Company. Under the 1997 License Agreement, the Company has the exclusive worldwide license to manufacture and market products, and to sublicense those rights, based on Princeton University's and USC's pending patent applications relating to the OLED technology and conceived under the 1994 Sponsored Research Agreement, and to inventions conceived or discovered under the 1997 Sponsored Research Agreement. The Company is required to pay Princeton University a royalty in the amount of 3% of the Company's net sales of products utilizing the OLED technology. In circumstances where the Company sublicenses the OLED technology (except to affiliates), the royalty required to be paid by the Company was reduced from 50% to 3%. These royalty rates are subject to upward adjustments under certain conditions. In connection with the 1997 License Agreement and Sponsored Research Agreement, in October 1997, the Company has issued 140,000 common shares and 175,000 warrants to purchase common stock to Princeton University as well as 60,000 common shares and 75,000 warrants to puchase common stock to the University of Southern California. ITEM 2: MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS This document contains certain forward-looking statements that are subject to risks and uncertainties. Forward-looking statements include certain information relating to forecasts regarding the Company's future working capital needs and the extension of agreements relating to the Company's intellectual property, as well as information contained elsewhere in this Report where statements are preceded by, followed by or include the words "believes", "expects", "anticipates", "potential" or similar expressions. For such statements, the Company claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Actual events or results may differ materially from those discussed in forward-looking statements as a result of various factors, including without limitation, those discussed elsewhere herein. GENERAL Since inception, the Company has been engaged, and for the foreseeable future expects to continue to be engaged, exclusively in funding research and development activities related to the OLED technology and attempting to commercialize such technology. To date, the Company has not generated any revenues and does not expect to generate any meaningful revenues for the foreseeable future and until such time, if ever, as it successfully demonstrates that the OLED technology is commercially viable for one or more flat panel display applications and enters into license agreements with third parties with respect to the technology. The Company has incurred significant losses since its inception, resulting in an accumulated deficit of $11,733,262 at June 30, 1998. The rate of loss is expected to increase as the Company's activities increase and losses are expected to continue for the foreseeable future and until such time, if ever, as the Company is able to achieve sufficient levels of revenue from the commercial exploitation of the OLED technology to support its operations. 9 RESULTS OF OPERATIONS Quarter Ended June 30, 1998 Compared to Quarter Ended June 30, 1997 The Company had a net loss of $631,658 (or $.06 per share) for the quarter ended June 30, 1998 compared to a loss of $809,715 (or $0.09 per share) for the same period in 1997. The decrease in the net loss was attributed to increased contract revenue and reduced research and development costs. The Company earned $99,388 from contract research revenue in the quarter ended June 30, 1998 compared to no revenue in the same period in 1997. The revenue was derived primarily from a $100,000 grant from the New Jersey Commission on Science and Technology to continue development of OLED technology and to study manufacturing development issues, and additionally from a 3-year, $3 million contract Princeton University received from the Defense Advanced Research Project Agency. Research and development costs were $327,311 for the quarter ended June 30, 1998 compared to $415,064 for the same period in 1997. Research and development costs were lower in 1998 compared to 1997 because the 1997 Sponsored Research Agreement does not require payments to be made until July, 1998. Research and development costs were primarily costs associated with research being performed at Princeton University by employees of the Company and patent expenses. In 1997, the costs were primarily patent expenses and payments under the 1994 Sponsored Research Agreement. Six Months Ended June 30, 1998 Compared to Six Months Ended June 30, 1997 The Company had a net loss of $952,766 (or $.09 per share) for the six months ended June 30, 1998 compared to a loss of $1,410,205 (or $.16 per share) for the same period in 1997. The decrease of $457,439 was primarily attributed to a decrease in research and development expenses due to the payment schedule of the 1997 Sponsored Research Agreement. Research and development costs were $444,944 for the six months ending June 30, 1998 compared to $713,477 for the same period in 1997. The 1998 costs were primarily associated with our research being performed at Princeton University by employees of the Company and patent expenses. The 1997 costs were primarily associated with payments to Princeton under the 1994 Sponsored Research Agreement and patent costs. Liquidity and Capital Resources As of June 30, 1998, the Company had cash of $256,389 and short-term investments of $3,443,520 compared to cash of $85,470 and short-term investments of $4,539,570 at December 31, 1997. During 1997, private placement warrants to purchase 1,124,000 shares of the Company's Common Stock were exercised, resulting in net cash proceeds of $3,940,800 to the Company. The Company anticipates, based on management's internal forecasts and assumptions relating to its operations (including assumptions regarding working capital requirements of the Company, the progress of research and development, the availability and amount of other sources of funding available to Princeton University for research relating to the OLED technology and the timing and costs associated with the preparation, filing and prosecution of patent applications and the enforcement of intellectual property rights) that it has sufficient cash to meet its obligations for at least the current fiscal year. The 1997 Sponsored Research Agreement requires the Company to pay up to $4.4 million to Princeton University from July 1998 through July 2002, which period is subject to extension. Substantial additional funds will be required thereafter for the research, development and commercialization of OLED technology, obtaining and maintaining intellectual property rights, working capital and other purposes, the timing and amount of which is difficult to ascertain. There can be no assurance that additional funds will be available when needed, or if available, on commercially reasonable terms. The Company is currently in the process of evaluating its information technology infrastructure for year 2000 compliance. The Company does not expect that the cost to modify such infrastructure to Year 2000 compliance will be material to its financial condition or results of the operations. The Company does not anticipate any material disruption in its operations as a result of any failure by the Company to be in compliance. 10 PART II. - OTHER INFORMATION ITEM 1. NONE ITEM 2. NONE ITEM 3. NONE ITEM 4. NONE ITEM 5. NONE ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K (A) EXHIBITS: Exhibit Number 27 Financial Data Schedule (B) REPORTS ON FORM 8-K: None to report. 11 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. UNIVERSAL DISPLAY CORPORATION /s/ Sidney D. Rosenblatt Date: August 14, 1998 ------------------------------- Sidney D. Rosenblatt (Executive Vice President, Chief Financial Officer, Treasurer and Secretary) 12 EXHIBIT INDEX Exhibit Sequential Number Description Page No. - ------- ----------- ---------- 27 Financial Data Schedule 15 13 EX-27 2
5 6-MOS DEC-31-1997 JAN-01-1998 JUN-30-1998 256,389 3,443,520 36,143 0 0 4,244,594 44,824 55,270 4,365,491 178,021 0 0 2,000 103,123 4,187,470 4,365,491 99,388 0 0 327,311 460,988 0 0 (631,658) 0 (631,658) 0 0 0 (631,658) (0.06) (0.06)
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