-----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, DPt+xewRuDGblC2lxJmAMmlFjs61oCqtLV8jQRIfIjUrG3YbN9vt2gDqf0suRINH ULY6wmXsj333zo7YG1Hg/g== 0001005477-96-000223.txt : 19960813 0001005477-96-000223.hdr.sgml : 19960813 ACCESSION NUMBER: 0001005477-96-000223 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19960630 FILED AS OF DATE: 19960812 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: NOVOSTE CORP /FL/ CENTRAL INDEX KEY: 0001012131 STANDARD INDUSTRIAL CLASSIFICATION: WHOLESALE-MEDICAL, DENTAL & HOSPITAL EQUIPMENT & SUPPLIES [5047] IRS NUMBER: 592787476 STATE OF INCORPORATION: FL FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-20727 FILM NUMBER: 96608707 BUSINESS ADDRESS: STREET 1: 4350-C INTERNATIONAL BLVD CITY: NORCROSS STATE: GA ZIP: 30093 BUSINESS PHONE: 7707170904 MAIL ADDRESS: STREET 1: 4350 C INTERNATIONAL BLVD CITY: NORCROSS STATE: GA ZIP: 30093 10-Q 1 FORM 10-Q SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 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 June 30, 1996. |_| Transition period pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. For the transition period from _____________ to ______________. 0-20727 ------- (Commission File Number) Novoste Corporation (Exact Name of Registrant as Specified in Its Charter) Florida 59-2787476 ------- ---------- (State or Other Jurisdiction of (I.R.S. Employer Incorporation or Organization) Identification No.) 4350-C International Blvd., Norcross, GA 30093 ---------------------------------------- ----- (Address of Principal Executive Offices) (Zip Code) Registrant's telephone, including area code: (770) 717-0904 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 requirements for the past 90 days. (Item 1) Yes |X| No |_| (Item 2) Yes |_| No |X| As of July 31, 1996, there were 8,076,887 shares of the Registrant's Common Stock outstanding. Exhibit Index on page: 13 Total number of pages: 15 1 NOVOSTE CORPORATION FORM 10-Q INDEX PART I. FINANCIAL INFORMATION PAGE NO. -------- Item 1. Financial Statements Balance Sheets as of June 30, 1996 (unaudited) and December 31, 1995 3 Statements of Operations (unaudited) for the three and six months ended June 30, 1996 and 1995 4 Statements of Cash Flows (unaudited) for the six months ended June 30, 1996 and 1995 5 Notes to Condensed Financial Statements 6-7 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 8-10 PART II. OTHER INFORMATION Item 5. Other information 11 Item 6. Exhibits and Reports on Form 8-K 11 SIGNATURES 12 EXHIBIT INDEX 13 EXHIBIT 11 - COMPUTATION OF NET LOSS PER SHARE 14 EXHIBIT 27 - FINANCIAL DATA SCHEDULE 15 2 NOVOSTE CORPORATION (A Development Stage Company) CONDENSED BALANCE SHEETS
June 30, December 31, 1996 1995 ------------ ------------ (unaudited) Assets Current assets: Cash and cash equivalents $ 29,202,290 $ 817,587 Short-term investments 982,647 -- Prepaid expenses and other current assets 274,571 14,628 ------------ ------------ Total current assets 30,459,508 832,215 Property and equipment, net 1,012,562 932,681 License agreements, net 160,215 166,934 Other 198,999 125,388 ============ ============ $ 31,831,284 $ 2,057,218 ============ ============ Liabilities and shareholders' equity Current liabilities: Fixed rate convertible promissory notes with related parties $ -- $ 1,038,450 Accounts payable 280,674 217,543 Accrued expenses and taxes withheld 381,860 482,584 ------------ ------------ Total current liabilities 662,534 1,738,577 ------------ ------------ Shareholder's equity: Preferred stock, $.01 par value, 5,000,000 shares authorized at June 30, 1996, none authorized at December 31, 1995; no shares issued and outstanding -- -- Common stock, $.01 par value, 25,000,000 and 14,000,000 shares authorized, respectively; 8,082,167 and 2,482,622 issued, respectively 80,822 24,826 Class B common stock, $.01 par value ($5,698,509 liquidation value), none authorized at June 30, 1996; 6,000,000 shares authorized and 1,611,269 -- 16,113 shares issued and outstanding at December 31, 1995 Additional paid-in capital 41,054,388 7,760,175 Deficit accumulated during the development stage (9,950,620) (7,466,633) ------------ ------------ 31,184,590 334,481 Less treasury stock, 5,280 shares of common stock, at cost (15,840) (15,840) ------------ ------------ Total shareholders' equity 31,168,750 318,641 ------------ ------------ $ 31,831,284 $ 2,057,218 ============ ============
See accompanying notes to unaudited condensed financial statements. 3 NOVOSTE CORPORATION (A Development Stage Company) UNAUDITED CONDENSED STATEMENT OF OPERATIONS
From inception Three months ended Six months ended (May 22, 1992) June 30, June 30, through June 30, 1996 1995 1996 1995 1996 ---- ---- ---- ---- ---- Revenues: Option fees $ -- $ -- $ -- $ -- $ 110,000 Contract fees -- -- -- -- 29,740 Miscellaneous sales -- -- -- 1,200 21,147 License fees -- -- -- -- 130,000 ---------------------------- ---------------------------- ------------ -- -- -- 1,200 290,887 Costs and expenses: General and administrative 692,879 407,467 1,062,384 658,493 4,760,251 Research and development 606,300 411,033 1,347,014 723,624 4,791,497 Depreciation and amortization 72,686 56,752 142,903 117,803 704,696 ---------------------------- ---------------------------- ------------ 1,371,865 875,252 2,552,301 1,499,920 10,256,444 ---------------------------- ---------------------------- ------------ Loss from operations (1,371,865) (875,252) (2,552,301) (1,498,720) (9,965,557) Interest income (expense) 98,539 (2,610) 68,314 (6,685) 14,937 ---------------------------- ---------------------------- ------------ Net loss $ (1,273,326) $ (877,862) $ (2,483,987) $ (1,505,405) $ (9,950,620) ============================ ============================ ============ Net loss per share $ (0.22) $ (0.19) $ (0.49) $ (0.33) ============================ ============================ Weighted average shares outstanding 5,744,241 4,699,364 5,089,711 4,606,666 ============================ ============================
See accompanying notes to unaudited condensed financial statements. 4 NOVOSTE CORPORATION (A Development Stage Company) UNAUDITED CONDENSED STATEMENTS OF CASH FLOWS
From inception For the six months (May 22, 1992) ended June 30, through June 30, 1996 1995 1996 ---- ---- ---- Cash flows from operating activities Net loss $ (2,483,987) $ (1,505,405) $ (9,950,620) Adjustments to reconcile net loss to net cash used by operating activities: Depreciation and amortization 142,903 117,803 704,696 Issuance of stock for services or compensation 173,261 51,200 712,541 Changes in assets and liabilities: Prepaid expenses (259,943) 39,591 (282,030) Accounts payable 63,130 (40,730) 280,673 Accrued expenses and taxes withheld 284,983 47,373 767,567 ------------ ------------ ------------ Net cash used in operations (2,079,653) (1,290,168) (7,767,173) ------------ ------------ ------------ Cash flows from investing activities Purchase of property and equipment (193,975) (288,468) (1,501,904) Purchase of short-term investments (982,647) -- (982,647) Option to purchase assets -- -- (90,000) Other -- (12,773) (34,386) ------------ ------------ ------------ Net cash used by investing activities (1,176,622) (301,241) (2,608,937) ------------ ------------ ------------ Cash flows from financing activities Proceeds from issuance of notes payable 2,561,700 300,000 4,770,150 Repayment of notes payable (1,800,150) (550,000) (2,970,150) Proceeds from issuance of common stock 30,671,210 1,976,814 37,570,182 Exercise of warrants 208,218 -- 208,218 ------------ ------------ ------------ Net cash provided by financing activities 31,640,978 1,726,814 39,578,400 ------------ ------------ ------------ Net increase (decrease) in cash and cash equivalents 28,384,703 135,405 29,202,290 Cash and cash equivalents at beginning of period 817,587 79,496 -- ------------ ------------ ------------ Cash and cash equivalents at end of period $ 29,202,290 $ 214,901 $ 29,202,290 ============ ============ ============ Supplemental disclosures of cash flow information Cash paid for interest $ 101,032 $ 22,696 $ 164,857 ============ ============ ============ Supplemental schedule of non cash financing activities Conversion of fixed rate promissory notes to related parties and accrued interest to common stock $ 1,865,083 ============ Conversion of accrued salaries to common stock $ 320,624 ============
See accompanying notes to unaudited condensed financial statements. 5 NOVOSTE CORPORATION (A Development Stage Company) NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS June 30, 1996 Note 1. Basis of Presentation The accompanying unaudited condensed financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and in accordance with instructions to Article 10 of Regulation S-X. Accordingly, such financial statements do not include all of the information and disclosures required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. The operating results of the interim periods presented are not necessarily indicative of the results to be achieved for the year ending December 31, 1996. The accompanying financial statements should be read in conjunction with the audited financial statements and notes thereto for the cumulative period from May 22, 1992 (inception) through December 31, 1995, included in the Company's Registration Statement on Form S-1 (No. 333-3374) filed with the Securities Exchange Commission. Note 2. Net Loss Per Share The net loss per share is computed based on the weighted average number of common shares outstanding after giving effect to certain adjustments described below. Common equivalent shares are not included in the per share calculations where the effect of their inclusion would be antidilutive, except that, in accordance with Securities and Exchange Commission requirements, common and common stock equivalent shares issued during the twelve-month period prior to the initial filing of the public offering on April 11, 1996 have been included in the calculations as if they were outstanding through March 31, 1996 using the treasury stock method. See Exhibit 11. Historical net loss per share information presented in accordance with GAAP is as follows:
Three months ended June 30, Six months ended June 30, 1996 1995 1996 1995 ---- ---- ---- ---- Net loss per share $ (0.22) $ (0.25) $ (0.50) $ (0.44) ========== ========== ========== ========= Shares used in computing net loss per share 5,744,241 3,531,501 4,927,140 3,426,915 ========== ========== ========== ==========
Note 3. Cash Equivalents and Investments At June 30, 1996 the Company's cash equivalents and investments are interest-bearing, highly liquid investment grade securities with maturities of generally less than 90 days. The cost of these securities approximates fair value and the amount of unrealized gains or losses is not significant. At June 30, 1996 one debt security with an amortized cost of $982,647 has a maturity longer than 90 days and is therefore classified as a short-term investment and not as a cash equivalent. 6 NOVOSTE CORPORATION (A Development Stage Company) NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS June 30, 1996 Note 4. Debt On May 28, 1996 fixed rate convertible promissory notes to related parties in the amount of $1,800,000 plus accrued interest of $65,083 were converted into 497,349 shares of Common Stock. On May 31, 1996 a portion of the proceeds from the initial public offering was used to pay in full fixed rate promissory notes to related parties totaling $1,500,150 and a note payable to a bank in the amount of $300,000. At June 30, 1996, there are no loans or debt outstanding. Note 5. Shareholders' Equity Recapitalization On May 28, 1996 all the 1,611,269 outstanding shares of Class B Common Stock were converted on a one-for-one basis into shares of Common Stock and accrued salaries of $320,624 were converted into 100,195 shares of Common Stock. In addition, on May 28, 1996 the holders of warrants for 1,261,899 shares made cashless exercises thereof to purchase an aggregate of 889,912 shares of Common Stock (after giving effect to the conversion on a one-for-one basis of shares of Class B Common Stock issued upon exercise of such warrants) and holders of additional warrants exercised such warrants in full to purchase 47,104 shares of Common Stock for $208,218. On May 28, 1996 the Company filed an amendment to its Articles of Incorporation whereby the number of authorized shares of Common Stock was increased from 14,000,000 to 25,000,000, the Class B Common Stock was eliminated and 5,000,000 shares of Preferred Stock were authorized. Initial Public Offering The Company's initial public offering became effective on May 23, 1996. The offering closed on May 29, 1996 with an issuance of 2,400,000 shares of Common Stock and net proceeds (after underwriting discounts) of $31,248,000 before related expenses of approximately $634,000. The offering is reflected in the financial statements for the three months ended June 30, 1996. Stock Options During the three months ended June 30, 1996 stock options were granted under the Company's stock option plan covering 36,500 shares. These options vest over a four-year period. In addition, on May 20, 1996 the Company amended an option to purchase 100,000 shares of Common Stock at $3.20 per share of which options for 75,000 shares had not yet become exercisable. As amended, options to purchase such 75,000 shares become exercisable at the annual rate of 25,000 shares beginning May 20, 1997, subject to acceleration upon the achievement of three specified milestones at the rate of 25,000 shares per milestone. The Company will record total non-cash compensation expense of $810,000 ratably over the three year period ending May 19, 1999, subject to acceleration if the specified milestones are met at earlier dates. 7 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations Overview Novoste, incorporated in January 1987, was first capitalized and commenced operations in May 1992. To date the Company has been engaged primarily in research and development efforts and clinical trials in interventional cardiology, electrophysiology and critical care products. Commencing in 1994, the Company has devoted its efforts to developing the King Beta-Cath SystemTM, an intraluminal beta radiation catheter delivery system designed to reduce the frequency of restenosis subsequent to percutaneous transluminal coronary angioplasty ("PTCA"). The King Beta-Cath System ("KBC System") applies localized beta radiation to the site of the vascular injury caused by a PTCA procedure and is designed to inhibit long-term cell proliferation ("hyperplasia") and vascular remodeling, each primary causes of restenosis. The KBC System was developed in collaboration with certain physicians at Emory University Hospital, including its Director of Interventional Cardiology, Dr. Spencer B. King, III. The Company is conducting human clinical trials at Emory and Rhode Island Hospital under an Investigational Device Exemption ("IDE") granted by the U. S. Food and Drug Administration ("FDA") to determine the clinical safety of the KBC System for use in coronary arteries. Patient enrollment for the clinical trial at Emory was completed on July 31, 1996. For the period since its capitalization to June 30, 1996 the Company has earned minimal non-recurring revenues from the sale of patent and option rights and license and contract fees and experienced significant losses in each year. At June 30, 1996 the Company had an accumulated deficit of approximately $10 million. Further, Novoste expects to continue to incur significant operating losses through at least 1998 and expects cumulative losses to increase significantly as the Company continues to initiate new research and development projects, conduct its clinical trials in the United States, Canada and Europe, seek regulatory approval or clearance for its products, expand its sales and marketing efforts in contemplation of product introduction and market development and increase its administrative activities to support growth of the Company. There can be no assurance that the Company's research and development efforts will be successfully completed. Additionally, as clinical testing has only recently commenced, there can be no assurance that the KBC System will be safe and effective. There can be no assurance that the KBC System will be approved by the FDA or any foreign government agency or that the KBC System or any other product developed by Novoste will be successfully introduced or attain any significant level of market acceptance. Results of Operations Comparison of Three Months Ended June 30, 1996 and 1995 Revenue. No revenues were earned in the three months ended June 30, 1996 or 1995. Research and Development. Research and development expenses increased to $606,000 in the three months ended June 30, 1996 from $411,000 in the same period of 1995. This increase in expenses was due to the increase in outside consulting and services attributable to the development of the KBC System and the commencement of clinical studies. General and Administrative. General and administrative expenses in the three month period ended June 30, 1996 increased to $693,000 from $407,000 in the three months ended June 30, 1995. This increase in expenses was principally due to accrued severance. Interest Income (Expense). Net interest income of $99,000 was earned during the three months ended June 30, 1996, while net interest expense of $3,000 was incurred in the same period of 1995. The $102,000 8 increase in net interest income was due to the interest earned on the higher average cash balances resulting from the completion of the Company's initial public offering in May 1996 and the use of a portion of the proceeds to pay in full all outstanding loans at May 31, 1996. Interest income is expected to increase substantially in 1996 as a result of the higher cash balances. Comparison of Six Months Ended June 30, 1996 and 1995 Revenue. No revenues were earned in the six months ended June 30, 1996 as compared to $1,200 of miscellaneous sales in the six months ended June 30, 1995. Research and Development. Research and development expenses increased to $1,347,000 in the six months ended June 30, 1996 from $724,000 in the six months ended June 30, 1995. This increase in expenses was due to the hiring of additional personnel, an increase in outside consulting and services attributable to the development of the KBC System, and the support of pre-clinical studies. General and Administrative. General and administrative expenses in 1996 increased to $1,062,000 from $658,000 in 1995. This increase in expenses was principally due to severance and additions to the Company's management to support the Company's increased activities. Salary expense in both the general and administrative and research and development areas will continue to increase during the second half of 1996 due to the impact of planned hires and salary increases granted effective July 1, 1996. Interest Income (Expense). Net interest income of $68,000 was earned during the six months ended June 30, 1996, while net interest expense of $7,000 was incurred in the same period of 1995. The increase in net interest income of $75,000 was due to the interest earned on the higher average cash balances resulting from completion of the Company's initial public offering in May 1996 and the use of a portion of the proceeds to pay in full all outstanding loans at May 31, 1996. Liquidity and Capital Resources The Company has financed its activities since inception principally through private placements of its Common Stock, Class B Common Stock and promissory notes. Since inception through May 22, 1996, the Company had obtained funds aggregating approximately $7 million in net proceeds from the issuance of Common Stock and Class B Common Stock, and approximately $1.8 million in net proceeds from the issuance of convertible promissory notes. On May 29, 1996, the Company completed an initial public offering, selling 2,400,000 shares of Common Stock at $14.00 per share, raising net proceeds of $30.6 million after related expenses. During the six months ended June 30, 1996 and 1995, the Company used cash to fund operations of $2.1 million and $1.3 million, respectively. Cash used to fund operations since inception was approximately $7.8 million. The changes in cash used in operations were due primarily to higher expenses associated with increased research and development activities, initiation of marketing and sales activities and increased general and administrative expenses to support increased operations. The Company's expenditures for equipment and improvements have aggregated $1.5 million since inception. On May 31, 1996 a portion of the initial public offering proceeds was used to pay off fixed rate promissory notes totaling $1,500,150 and a note payable to a bank for $300,000, which debt had been incurred in March and April, 1996. The Company's principal source of liquidity at June 30, 1996 consists of cash, cash equivalents and short-term investments of $30.2 million. The Company does not have any credit lines available or outstanding borrowings at June 30, 1996. 9 The Company anticipates that its operating losses will continue through at least 1998 since it plans to expend substantial resources in funding clinical trials in support of regulatory approvals, and continues to expand research and development and marketing activities. Novoste believes that current cash balances and short-term investments, together with interest thereon, will be sufficient to meet the Company's operating and capital requirements through calendar 1997. Novoste may in the future seek to raise additional funds through bank facilities, debt or equity offerings or other sources of capital. There can be no assurance that additional financing, if required, will be available on satisfactory terms or at all. Novoste's future liquidity and capital requirements will depend on numerous factors, including progress of the Company's product development programs, the receipt of and the time required to obtain regulatory clearances and approvals, actions relating to reimbursement matters, the costs and timing of expansion of marketing, sales, manufacturing and product development activities, the extent to which the Company's products gain market acceptance, and competitive developments. 10 PART II. OTHER INFORMATION Item 5. Other Information William Lane resigned as Vice President-Finance, Chief Financial Officer and Treasurer of the Company effective August 1, 1996. David Gill was elected to these same offices also effective August 1, 1996. Item 6. Exhibits and Reports on Form 8-K The following exhibits are included herein: (11) Computation of net loss per share (27) Financial data schedule The Company did not file any reports on Form 8-K during the three months ended June 30, 1996. 11 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 hereunto duly authorized. NOVOSTE CORPORATION August 12, 1996 /s/ Thomas D. Weldon - ------------------------------- --------------------------------------- Date Thomas D. Weldon President & Chief Executive Officer August 12, 1996 /s/ David N. Gill - ------------------------------- --------------------------------------- Date David N. Gill Vice President - Finance and Chief Financial Officer (Principal Financial & Accounting Officer) 12 EXHIBIT INDEX Exhibit Page Number Exhibit Description Number - ------ ------------------- ------ 11 Computation of net loss per share 14 27 Financial data schedule 15 13 EX-11 2 COMPUTATION OF NET LOSS PER SHARE Novoste Corporation Exhibit 11 Computation of Net Loss Per Share
PRIMARY Three Months Ended Six Months Ended June 30, June 30, ------------------- ------------------- 1996 1995 1996 1995 ---- ---- ---- ---- Weighted average number of shares of common stock outstanding during the year ... 5,744,241 3,531,501 4,927,140 3,426,915 Effect of dilutive common stock equivalents outstanding during the year....................... -- -- -- -- Effect of common stock issued and stock options and warrants granted during the 12-month period preceding April 11, 1996(1)........................ -- 1,194,411 597,205 1,194,411 Elimination of duplicative effect of including the same shares in both amounts above.......................... -- (26,548) (434,634) (14,660) ----------- ----------- ----------- ----------- Total common and common equivalent shares.............. 5,744,241 4,699,364 5,089,711 4,606,666 =========== =========== =========== =========== Net loss....................... $(1,273,326) $ (877,862) $(2,483,987) $(1,505,405) =========== =========== =========== =========== Net loss per share............. $ (0.22) $ (0.19) $ (0.49) $ (0.33) =========== =========== =========== =========== FULLY DILUTED Three Months Ended Six Months Ended June 30, June 30, ------------------- ------------------- 1996 1995 1996 1995 ---- ---- ---- ---- Weighted average number of shares of common stock outstanding during the year ... 5,744,241 3,531,501 4,927,140 3,426,915 Effect of dilutive common stock equivalents outstanding during the year....................... -- -- -- -- Effect of common stock issued and stock options and warrants granted during the 12-month period preceding April 11, 1996(1)........................ -- 1,194,411 597,205 1,194,411 Elimination of duplicative effect of including the same shares in both amounts above ......................... -- (26,548) (434,634) (14,660) ----------- ----------- ----------- ----------- Total common and common equivalent shares.............. 5,744,241 4,699,364 5,089,711 4,606,666 =========== =========== =========== =========== Net loss....................... $(1,273,326) $ (877,862) $(2,483,987) $(1,505,405) =========== =========== =========== =========== Net loss per share............. $ (0.22) $ (0.19) $ (0.49) $ (0.33) =========== =========== =========== ===========
(1) Pursuant to Securities and Exchange Commission Staff Accounting Bulletin No. 83, Common Stock issued and stock options and warrants granted at prices below the initial public offering price per share during the 12-month period immediately preceding the initial filing date of the Company's Registration Statement for its initial public offering have been included as outstanding for all periods presented during the treasury stock method. 14 EX-27 3 FDS FOR NOVOSTE CORPORATION
5 This schedule contains summary financial information extracted from Novoste Corporation's Form 10-Q for the six months ended 6/30/96 and is qualified in its entirety by reference to such financial statements. 6-MOS DEC-31-1996 JAN-01-1996 JUN-30-1996 29,202,290 982,647 0 0 0 30,459,508 1,012,562 (478,921) 31,831,284 662,534 0 0 0 80,822 31,103,768 31,831,284 0 0 0 (2,552,301) 0 0 68,314 (2,483,987) 0 (2,483,987) 0 0 0 (2,483,987) (0.49) (0.49)
-----END PRIVACY-ENHANCED MESSAGE-----