-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, AWhaBTR4wdjIzj9XNPfCH0svLwfXtFDvCy1U1VilXBybknE0rz6cjys6xLBqeBsY kNgoziAm9emmYLeVbxRFeQ== 0000905718-95-000027.txt : 19950517 0000905718-95-000027.hdr.sgml : 19950517 ACCESSION NUMBER: 0000905718-95-000027 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19950331 FILED AS OF DATE: 19950515 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: BARRINGER TECHNOLOGIES INC CENTRAL INDEX KEY: 0000010119 STANDARD INDUSTRIAL CLASSIFICATION: MEASURING & CONTROLLING DEVICES, NEC [3829] IRS NUMBER: 840720473 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-03207 FILM NUMBER: 95539936 BUSINESS ADDRESS: STREET 1: 219 SOUTH STREET CITY: NEW PROVIDENCE STATE: NJ ZIP: 07974 BUSINESS PHONE: 9086658200 MAIL ADDRESS: STREET 1: 219 SOUTH STREET CITY: NEW PROVIDENCE STATE: NJ ZIP: 07974 FORMER COMPANY: FORMER CONFORMED NAME: BARRINGER RESOURCES INC DATE OF NAME CHANGE: 19910331 FORMER COMPANY: FORMER CONFORMED NAME: BARRINGER RESEARCH INC DATE OF NAME CHANGE: 19800821 10-Q 1 BARRINGER 10-Q SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q [X] Quarterly Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended March 31, 1995 ___ 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 0-3207 Barringer Technologies, Inc. (Exact Name of Registrant as Specified in Its Charter) Delaware 84-0720473 (State or Other Jurisdiction of (IRS Employer Identification Incorporation or Organization) Number) 219 South Street, New Providence, New Jersey 07974 (Address of Principal Executive Office) (Zip Code) (908) 665-8200 (Registrant's Telephone Number, Including Area Code) (Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 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 CORPORATE ISSUERS Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date: May 9, 1995 - 12,736,828 of Common Stock, $.01 par value. BARRINGER TECHNOLOGIES INC. AND SUBSIDIARIES INDEX Part I Financial Information - Consolidated Balance Sheets as of March 31, 1995 (unaudited) and December 31, 1994; - Consolidated Statements of Income (unaudited) for the three months ended March 31, 1995 and 1994; - Consolidated Statements of Cash Flows (unaudited) for the three months ended March 31, 1995 and 1994; - Consolidated Statement of Shareholders' Equity for the three months ended March 31, 1995; - Notes to Consolidated Financial Statements; - Management's Discussion and Analysis of Financial Condition and Results of Operations Part II Other Information Signatures BARRINGER TECHNOLOGIES INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (IN THOUSANDS) March 31, March 31, Dec. 31, 1995 1995 1994 Pro-forma (unaudited) (unaudited) (Note 5) ASSETS Current assets: Cash $ 770 $ 20 $ 267 Trade receivables, less allowances of $521, 2,478 2,478 2,565 $521 and $539 Inventories 1,694 1,694 1,790 Prepaid expenses 142 142 220 Net assets held for sale 755 755 - (note 4) Deferred tax asset 225 225 225 Total current assets 6,064 5,314 5,067 Property and equipment 603 603 1,364 Other assets 71 71 361 Total assets $6,738 $5,988 $6,792 See notes to consolidated financial statements. BARRINGER TECHNOLOGIES INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (IN THOUSANDS) March 31, March 31, Dec. 31. 1995 1995 1994 pro-forma (unaudited) (unaudited) LIABILITIES AND EQUITY Current liabilities: Bank indebtedness and other $ 1,323 $ 1,323 $ 1,160 notes (Note 6) Accounts payable 1,532 1,532 1,632 Accrued liabilities 1,503 1,503 1,393 Liabilities to operation 504 504 - held for sale Current portion of long term - - 230 debt Total current liabilities 4,862 4,862 4,415 Long-term debt, net of current 300 300 451 portion Total liabilities 5,162 5,162 4,866 Minority interest - - 740 Shareholders' equity (note 5) Convertible preferred stock, $1.25 par value, 1,000 shares authorized, 445 shares 555 555 555 outstanding Class A convertible preferred stock, $2.00 par value, 1,000 shares authorized, 83 shares 101 101 101 outstanding less discount of $65 Class B convertible preferred stock, $2.00 par value, 730 shares authorized, 392 shares 635 635 635 outstanding Common stock, $.01 par value, 20,000 shares authorized, 12,736, 11,486 and 11,486 127 115 115 shares outstanding Additional paid-in capital 16,688 15,950 15,950 Accumulated deficit (16,001) (16,001) (15,633) Foreign currency translation (516) (516) (524) _____ ________ ______ 1,589 839 1,199 Less: common stock in treasury at cost, 124 shares (13) (13) (13) Total shareholders' equity 1,576 826 1,186 Total liabilities and equity $ 6,738 $ 5,988 $6,792 See notes to consolidated financial statements. BARRINGER TECHNOLOGIES INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (IN THOUSANDS EXCEPT PER SHARE DATA) (UNAUDITED) Three months ended March 31, 1995 1994 (Restated) Revenues from operations $ 1,328 $2,480 Cost of sales 967 1,396 Gross profit 361 1,084 Operating expenses: Selling, general and administrative 629 639 Unfunded research and development 34 66 _____ ___ 663 705 Operating income (loss) (302) 379 Other income (expense): Interest expense (62) (46) Other (5) 17 ____ ____ (67) (29) Income (loss) from continuing operations (369) 350 Operation held for sale (note 4) 1 17 Net income (loss) for the period (368) 367 Preferred stock dividend requirement (27) (27) Net income (loss) attributable to common shareholders $ (395) $ 340 Per Share Data (note 3): Continuing operations $ (.03) $ .03 Operation held for sale - - Net income (loss) per share $ (.03) .03 Weighted average shares outstanding 11,486 11,090 See notes to consolidated financial statements. BARRINGER TECHNOLOGIES INC. AND SUBSIDIARIES CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY FOR THE THREE MONTHS ENDED MARCH 31, 1995 (IN THOUSANDS) (UNAUDITED) Class Class A Class B Foreign Conv. Conv. Conv. Currency Common Paid-in Pref. Pref. Pref. Transl. Stock Capital Stock Stock Stock Deficit Adjust. Balance- 115 15,950 555 101 635 (15,633) (524) January 1, 1995 Current 8 period adjustment Net Loss ______ _____ ___ ___ ____ (368) _____ Balance- March 115 15,950* 555 101 635 (16,001) (516) 31, 1995 ______________________________________________ * Net of notes receivable of $274 from sale of stock See notes to consolidated financial statements. BARRINGER TECHNOLOGIES INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (IN THOUSANDS) (UNAUDITED) Three Months Ended March 31, 1995 1994 Operating Activities Net income (loss) for the period $ (368) $ 367 Items not affecting case Depreciation/amortization 232 158 Minority interest - 19 Other 8 (88) Decrease (increase) in non-cash working capital balances related to: Continuing operations (81) (1,257) Operation held for sale 352 - Cash provided by (used in) operating activities 143 (801) Investing Activities Purchase of property and equipment and other (177) (73) Other (5) 91 Operation held for sale 10 - Cash provided by (used in) investing activities (172) 18 Financing Activities Reduction in long-term debt (64) (78) Increase in bank debt and other 240 334 Proceeds on issuance of securities - 109 Operation held for sale (394) - Cash provided by (used in) financing activities (218) 365 (Decrease) in cash and cash (247) (418) equivalents Cash at beginning of period 267 486 Cash at end of period $ 20 $ 68 See notes to consolidated financial statements. BARRINGER TECHNOLOGIES INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (IN THOUSANDS) (UNAUDITED) (CONTINUED) Three Months ended March 31, 1995 1994 Changes in components of non-cash working capital balances related to continuing operations: Receivables $ (797) $ (780) Inventory 96 (645) Other current assets 30 (55) Accounts payable and 590 180 accrued expenses Other current liabilities - 43 Decrease (increase) in non- cash working capital balances $ (81) $ (1,257) Cash paid during the period $ 55 $ 31 for interest Cash paid during the period for income taxes $ - $ - See notes to consolidated financial statements. BARRINGER TECHNOLOGIES INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 1. In the opinion of the Company, the unaudited consolidated financial statements contain all adjustments (consisting of only normal recurring accruals) necessary to present fairly the consolidated financial position of the Company as of March 31, 1995 and the results of its operations and its cash flows for the three months ended March 31, 1995 and 1994, respectively. The accounting policies followed by the Company are set forth in the Notes to Consolidated Financial Statements in the audited consolidated financial statements of Barringer Technologies Inc. and Subsidiaries included in its Annual Report on Form 10-K for the year ended December 31, 1994. This report should be read in conjunction therewith. The results of operations for the interim periods are not necessarily indicative of the results to be expected for the full year. 2. As a result of the Company's history of losses, a valuation allowance has been provided for all U.S. deferred tax assets and for substantially all of the Canadian deferred tax assets. The deferred tax asset relates to the Company's Canadian subsidiary, which has available tax credits and loss carryforwards. The Canadian subsidiary has a history of profitability, despite the consolidated losses of the Company. Based on this history and estimated 1995 earnings, which includes earnings from certain contracts, as well as available tax planning strategies, management considers realization of the unreserved deferred tax asset more likely than not. 3. Per share data is based on the weighted average number of common shares outstanding. 4. The Company maintains voting control of more than 50% of Labco's common stock through an irrevocable agreement with another Labco shareholder that requires such shareholder, for as long as it is a shareholder of Labco, to vote its 83,000 shares of Labco common stock in the manner designated by the Company. The agreement also gives the Company the right to bid on such shares of Labco should the record holder wish to sell them. The Company is actively seeking a purchaser for its 47% interest in Barringer Laboratories Inc. ("Labco"). As a result, the financial statements reflect Labco as an asset held for sale. Management believes it will ultimately dispose of Labco at a gain. Labco is currently operating profitably and anticipates doing so for the remainder of 1995. However, management will reevaluate this estimate quarterly. Where appropriate, the Company's Consolidated Statement of Operations and Statement of Cash Flows have been restated to reflect Labco as held for sale. BARRINGER TECHNOLOGIES INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued) The following is the condensed results of operations and condensed balance sheet for Labco. Condensed Results of Operations For the three months ended March 31, (in $000's) 1995 1994 Revenues 1,442 1,552 Cost of revenues 1,080 1,157 Gross profit 362 395 Expenses 359 359 Minority interest 2 19 Net income 1 17 Condensed Balance Sheet As of March 31, 1995 (In $000's) Current assets 1,470 Property and equipment 706 Other assets 80 Total assets 2,256 Current liabilities 852 Long-term debt 124 Equity 1,280 Total liabilities 2,256 and equity 5. Subsequent Event/Pro-forma - On May 9, 1995, the Company completed a private placement of its securities to two institutional investors. The private placement consisted of 125 units priced at $6,000 each for an aggregate sales price of $750,000. Each unit consists of 10,000 shares of the Company's common stock and a five year warrant to purchase 10,000 shares of the Company's common stock at $.50 per share. In addition, in order to induce the institutional investors to enter into this transaction, an additional three year warrant to acquire 150,000 shares of the Company's common stock at $.50 per share was issued. The Company will use the proceeds for working capital purposes. The pro-forma presentation shows the effect of the private placement on the financial condition of the Company by increasing its cash by $750,000 and increasing shareholders' equity by $750,000. 6. At March 31, 1995, the Company's borrowings under its line of credit financing arrangement with a Canadian bank, exceeded the amount available thereunder. On March 23, 1995, the bank and the Company reached an informal understanding under which the bank has acknowledged that the Company will need additional time to come in compliance with the collateral formula used to determine borrowing ability. The bank has indicated that the period of time within which the Company should come back into compliance is three to six months, however, no assurance can be given as to whether or when the Company will come back into compliance with such formula and as to actions to be taken by the bank. BARRINGER TECHNOLOGIES INC. AND SUBSIDIARIES MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS In order to devote its full resources to its instrument business, primarily the further development, marketing and production of its new Model 400 Ionscan and the Company's newly introduced consumer product DrugAlert, the Company has decided to sell its 47% ownership in Labco. Labco is an analytical services company, principally engaged in environmental monitoring, geochemical analysis and image processing for the hydrocarbon, and mineral exploration industries. Since this represents the disposal of a separate and distinct business segment, the Company's financial statements, where appropriate, have been restated. The remaining business segment develops, manufactures and markets specialty analytical instruments for security, law enforcement, exploration and environmental monitoring applications. Accordingly, management's discussion and analysis of financial condition and results of operations is presented on that basis. CONTINUING OPERATIONS Quarter ended March 31, 1995 Compared To Quarter ended March 31, 1994 Instruments sales for the quarter ended March 31, 1995 decreased by $1,644,000 or 67.7%, over the same period last year. The decrease was caused by several factors. The quarter ended March 31, 1994 was favorably impacted by the completion of the major portion of the Eurotunnel contract and related sales. The pending introduction of the Company's new Model 400 IONSCAN has caused a deferral of purchases until the new Model 400 is available. It is anticipated that units will become available late in the second quarter of 1995. Furthermore, because the Company relies upon sales to governmental agencies, which are subject to mandated procurement processes and budgetary constraints, the selling cycle for its products often extends over long periods, which can result in significant variations in quarterly sales. The Company believes that its sales in the first quarter of 1995 were impacted by these factors. Because of the announcement of the Model 400, the Company has reduced the selling price of its existing Model 350 units. Sales of the research and development business during the first quarter of 1995, increased by $492,000, or 946%, compared to the same quarter last year. The increase was the result of the Company being awarded a Cdn. $1,967,000 contract in late 1994. The project is for the design and construction of an airborne laser-fluorosensor system. The system will utilize advanced laser and other electro-optic technologies to precisely monitor the proliferation of oil spills in order to enhance environmental clean-up efforts. It is anticipated that the first unit will be completed in 1997. Gross profit for the Instrument and Research and Development Businesses as a percentage of sales for the quarter ended March 31, 1995 decreased from 43.7% for the quarter ending March 31, 1994 to 27.2% for the first quarter of 1995. The gross profit percentage on research and development increased from 3.8% for the first quarter of 1994 to 4.6% for the first quarter 1995. The gross profit percentage on instrument sales decreased from 44.6% for the first quarter of 1994 to 42.9% for the first quarter of 1995. The lower gross profit in the instrument's segment was due primarily to the sale of several Model 400 prototype units to a single customer at an introductory price. Selling, general and administrative expenses for the quarter ended March 31, 1995 decreased by $10,000, or 1.6%, over the comparable period last year. Selling and marketing expenses increased by $20,000 while general and administrative expenses decreased by $30,000. The Company continues to closely monitor its expenses. Unfunded research and development, primarily applied to IONSCANr technology, decreased by $32,000 or 48.5%. The Company presently intends to increase its research and development expenditures in order to develop additional applications for IONSCAN as funds become available. Interest expense increased by $16,000 due to higher levels of borrowings and increased interest rates. Other expense, net of income, in the first quarter of 1995 was $5,000 as compared to other income, net of expense, of $17,000 for the same period last year. In the first quarter of 1994 the Company had a foreign exchange gain of $22,000 versus a loss of $5,000 for the comparable quarter in 1995. Income (loss) from operations of the instrument and research and development businesses was a loss of $369,000 for the quarter ended March 31, 1995 as compared to a profit of $367,000 for the quarter ended March 31, 1994. Reduced sales, higher interest expense and lower other income accounted for the loss. Capital Resources and Liquidity Operating Activities The Company's reduced level of sales activity during the year ended December 31, 1994 and the first quarter of 1995 and the resultant losses of $2,565,000 and $368,000, respectively, resulted in a severe cash shortage during the last half of 1994 and during the first quarter of 1995. The Company has cut operating expenses and restructured its payments to suppliers to conserve cash. On March 28, 1995, the Company introduced a new consumer product, which is an in-home drug detection and identification kit available to consumers that will allow them to determine the presence of illicit drugs from the sampled areas. The Company has received a substantial number of requests from individuals wishing to market the product on behalf of the Company. The Company is presently evaluating those requests and has hired a product manager to assist in that effort as well as develop and execute a marketing plan. The Company is currently seeking buyers for its investment in Labco and anticipates selling its investment sometime during the year. Financing Activities The Company presently has an interest bearing note payable to Labco in the amount of $452,000 due December 31, 1995. At December 31, 1994, the Company was in arrears on its interest payments pursuant to such notes in the approximate amount of $18,000. In early 1995, the terms of that indebtedness were amended to extend the due date from May 31, 1995 to December 31, 1995. Accrued interest (including past due amounts) will be due June 30, 1995. In consideration of the amendment, Labco received two-year warrants to purchase 25,000 shares of Common Stock at an exercise price of $1.00 per share. It is the intent of the Company to repay the principal of that note on or before the amended due date from funds generated from either the sale of its 47% interest in Labco, or from the proceeds from the sale of the Company's securities, or a combination thereof. If it is unable to pay the principal when due, the Company presently intends to negotiate an additional extension of time in which to pay such principal. If the Company is unsuccessful in obtaining an extension of time during which to pay the principal, the Company could lose its investment in Labco. Pursuant to the terms of the line of credit arrangement Labco entered into with a commercial lender, Labco is prohibited from transferring funds to the Company in the form of dividends, loans or advances or repayments. On May 9, 1995, the Company completed a private placement of its securities to two institutional investors. The private placement consisted of 125 units priced at $6,000 each for an aggregate sales price of $750,000. Each unit consists of 10,000 shares of the Company's common stock and a five year warrant to purchase 10,000 shares of the Company's common stock at $.50 per share. In addition, in order to induce the institutional investors to enter into this transaction, an additional three year warrant to acquire 150,000 shares of the Company's common stock at $.50 per share was issued. The Company will use the proceeds for working capital purposes, principally for manufacturing the Company's new Model 400 IONSCANr and related sales and promotional expenses and will use up to $150,000 to develop a sales, marketing and operational infrastructure to support sales of its new in-home drug detection and identification kit. Investment Activities Purchases of fixed assets for the quarter ended March 31, 1995 were approximately $133,000. The Company anticipates that for the balance of 1995 it will require approximately $200,000 in capital additions. The Company has no major commitments for capital purchases at this time. The funds required for this equipment would be provided by financing or investment activities. Inflation Inflation was not a material factor in either the sales or the operating expenses of the Company during the periods presented herein. OPERATION HELD FOR SALE Quarter ended March 31, 1995 Compared to Quarter ended March 31, 1994 Sales of services for the three months ended March 31, 1995 of $1,442,000 represents a decrease of $110,000 (7.1%) from the same period in 1994. The Environmental Division experienced an increase in sales of $93,000 (10.3%) primarily due to an existing customer's large project which generated sales of $198,000 for the three months ended March 31, 1995, offset by volume decreases of $105,000 from other existing customers. The Mineral Division experienced a decrease of $203,000 (31.4%) due to customer volume decreases caused by severe wet weather in the Sierra Mountains of California and Nevada. Additionally, there was an $88,000 special one time project in the three months ended March 31, 1994. These decreases were offset by sales in Mexico of $64,000 for the three months ended March 31, 1995 compared to no sales for the same period in 1994. The continual wet weather in the Sierra Mountains has caused the Mineral Division's April 1995 sales volume to be behind April 1994. Gross profit as a percentage of sales for the three months ended March 31, 1995 was 25.0% as compared to 25.4% for the same period in 1994. This decrease was due to production inefficiencies in the Mineral Division lab caused by lower sales. Operating expenses for the three months ended March 31, 1995 of $350,000 increased by $8,000 (2.3%) from the same period in 1994 primarily due to higher travel expenses and directors' expenses. Other expenses for the three months ended March 31, 1995 were $8,000 compared to $17,000 for the same period in 1994. This decrease of $9,000 was primarily due to lower financing costs associated with the working line of credit. Income before income taxes for the three months ended March 31, 1995 was $3,000 compared to income of $36,000 for the same period in 1994. This decrease of $33,000 was primarily due to volume decreases in sales and production inefficiencies in the Mineral Division, and higher selling/general administration expenses, offset by lower financing costs associated with the working line of credit. Capital Resources and Liquidity Cash totaled $32,000 at March 31 1995, compared with $39,000 at December 31, 1994. The $7,000 decrease in cash resulted from cash provided by operating activities of $44,000 which was offset by cash used for the purchase of equipment of $46,000 and net cash used in financing activities of $5,000. Cash used for purchase of property and equipment of $46,000 was for lab equipment to support increased sales in the Environmental Division. The Company is currently seeking to sell its investment in Labco. If the investment is sold, the proceeds would be used to pay down the note due Labco. Labco is carrying the note as a non-current asset. Labco has a working line of credit from a lending institution. This line of credit availability is equal to 80% of Labco's eligible accounts receivable. This line of credit is funding Labco's current working capital requirements and has also been used to guarantee a $150,000 letter of credit required by the Colorado Department of Health to increase the level of Labco's Radiochemistry license. This increase in the license gives Labco the ability to grow the radiochemistry analytical business. Labco's management believes that the existing line of credit is adequate to meet Labco's working capital requirements for the next 12 months. Inflation Inflation was not a material factor in either the sales or the operating expenses of Labco during the periods presented herein. Labco continues to evaluate its Mexican subsidiary operations to determine if it will be affected by the devaluation of the Mexican peso and the high inflationary rate in Mexico. At March 31, 1995, the Mexican subsidiary comprised less than 10% of the total assets and revenues of Labco. BARRINGER TECHNOLOGIES INC. AND SUBSIDIARIES PART II OTHER INFORMATION N O N E BARRINGER TECHNOLOGIES INC. AND SUBSIDIARIES SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant had duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. BARRINGER TECHNOLOGIES INC. (Registrant) STANLEY S. BINDER Stanley S. Binder, President RICHARD S. ROSENFELD Richard S. Rosenfeld Principal Accounting Officer Chief Financial Officer Date: May 12, 1995 EX-27 2 ART. 5 FDS FOR FIRST QUARTER 10-Q WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
5 THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE COMPANYS CONSOLIDATED BALANCE SHEETS AND CONSOLIDATED STATEMENTS OF INCOME AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 1,000 3-MOS DEC-31-1995 MAR-31-1995 20 0 2,999 521 1,694 5,314 2,222 1,619 5,988 4,862 300 115 0 1,291 (580) 5,988 1,328 1,328 967 663 5 0 62 (369) 0 1 0 0 (368) (.03) (.03)
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