-----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, CRcRdRkENu5NOUL68uQvxeHFdJL7H9B2oleTvwQU5X6a5WxC/AAYDxM08jm1s/DV XyQAB8krSws2QyYqeQtsNQ== 0001047469-98-038193.txt : 19981028 0001047469-98-038193.hdr.sgml : 19981028 ACCESSION NUMBER: 0001047469-98-038193 CONFORMED SUBMISSION TYPE: 10QSB PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19980930 FILED AS OF DATE: 19981027 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: RETROSPETTIVA INC CENTRAL INDEX KEY: 0001015383 STANDARD INDUSTRIAL CLASSIFICATION: WOMEN'S, MISSES', AND JUNIORS OUTERWEAR [2330] IRS NUMBER: 954298051 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10QSB SEC ACT: SEC FILE NUMBER: 001-13101 FILM NUMBER: 98730987 BUSINESS ADDRESS: STREET 1: 8825 WEST OLYMPIC BLVD CITY: BEVERLY HILLS STATE: CA ZIP: 90211 10QSB 1 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 September 30, 1998 [ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT For the transition period from __________ to ___________ For the quarterly period ended ________________________ Commission file number: 333-29295 RETROSPETTIVA, INC. (Exact name of small business issuer as specified in its charter) California 95-4298051 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 8825 West Olympic Boulevard Beverly Hills, CA 90211 (Address of principal executive offices) (310) 657-1745 (Issuer's telephone number) Check whether the registrant (1) has 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 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 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: Common Stock, No Par Value, 2,900,000 shares as October 15, 1998 Transitional Small Business Disclosure Format: Yes [ ] No [ X ] Item 1. RETROSPETTIVA, INC. BALANCE SHEETS (UNAUDITED) ASSETS
SEPTEMBER 30, DECEMBER 31, 1998 1997 ---------------------------- CURRENT ASSETS Cash $ 1,376,973 $ 1,569,905 Accounts receivable, net, pledged 3,348,779 2,958,770 Due from factor 1,035,316 - Note receivable 99,809 115,210 Note receivable, stockholder 377,999 288,496 Inventories, pledged 6,928,911 6,389,896 Advances to vendor 350,000 - Insurance receivable 6,708 - Accrued interest receivable, stockholder 57,088 21,042 Prepaid expense 19,367 - Other 14,301 79,999 ---------------------------- Total Current Assets 13,615,251 11,423,318 PROPERTY AND EQUIPMENT, at cost, net 630,996 183,293 DEFERRED TAX ASSETS 34,000 34,000 OTHER ASSETS - 4,610 ---------------------------- $ 14,280,247 $ 11,645,221 ---------------------------- ---------------------------- LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES Accounts payable, trade $ 2,937,266 $ 2,881,620 Line of credit 1,348,242 95,610 Note payable 26,580 131,124 Accrued expenses 27,042 66,140 Accounts payable, license fee 34,668 Accrued income taxes 271,260 160,966 Customer advances 250,000 137,385 ---------------------------- Total Current Liabilities 4,895,058 3,472,845 ---------------------------- COMMITMENTS AND CONTINGENCIES STOCKHOLDERS' EQUITY Preferred stock - authorized 1,000,000 shares - none issued or outstanding Common stock - authorized 15,000,000 shares, no par value; issued and outstanding 2,900,000 and 2,900,000 shares, respectively 6,258,190 6,258,190 Additional paid-in capital 230,000 230,000 Retained earnings 2,896,999 1,684,186 ---------------------------- Total Stockholders Equity 9,385,189 8,172,376 ---------------------------- $ 14,280,247 $ 11,645,221 ---------------------------- ----------------------------
RETROSPETTIVA, INC. STATEMENTS OF INCOME (UNAUDITED)
THREE MONTHS ENDED NINE MONTHS ENDED SEPTEMBER 30, SEPTEMBER 30, 1997 1998 1997 1998 -------------------------------------------------------- SALES $ 5,105,601 $ 9,941,330 $13,026,900 $24,719,323 - COST OF SALES 4,366,641 9,155,393 11,124,972 21,291,989 -------------------------------------------------------- GROSS PROFIT 738,960 785,937 1,901,928 3,427,334 OPERATING EXPENSES Selling expenses 78,167 208,615 172,735 416,499 General and administrative 206,011 312,411 424,952 1,070,177 -------------------------------------------------------- Total Operating Expenses 284,178 521,026 597,687 1,486,676 -------------------------------------------------------- INCOME FROM OPERATIONS 454,782 264,911 1,304,241 1,940,658 OTHER INCOME (EXPENSES) Interest income 3,677 36,539 8,154 102,317 Interest expense (26,717) (32,246) (50,501) (70,162) -------------------------------------------------------- Net Other Income (Expenses) (23,040) 4,293 (42,347) 32,155 -------------------------------------------------------- INCOME BEFORE INCOME TAXES 431,742 269,204 1,261,894 1,972,813 PROVISION FOR INCOME TAXES 174,001 250,000 506,871 760,000 -------------------------------------------------------- NET INCOME $ 257,741 $ 19,204 $ 755,023 $ 1,212,813 -------------------------------------------------------- -------------------------------------------------------- NET INCOME PER SHARE, BASIC $ 0.14 $ 0.01 $ 0.43 $ 0.42 -------------------------------------------------------- -------------------------------------------------------- WEIGHTED AVERAGE NUMBERS OF SHARES OUTSTANDING, BASIC 1,826,087 2,900,000 1,775,641 2,900,000 -------------------------------------------------------- -------------------------------------------------------- NET INCOME PER SHARE, DILUTED $ 0.13 $ 0.01 $ 0.42 $ 0.38 -------------------------------------------------------- -------------------------------------------------------- WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING, DILUTED 1,917,314 3,141,359 1,806,112 3,174,317 -------------------------------------------------------- --------------------------------------------------------
RETROSPETTIVA, INC. STATEMENTS OF CASH FLOWS (UNAUDITED)
NINE MONTHS ENDED SEPTEMBER 30, 1997 1998 ------------------------------- CASH FLOWS FROM (TO) OPERATING ACTIVITIES Net income $ 394,638 $ 1,212,813 Adjustments to reconcile net income to net cash provided (used) by operating activities: Depreciation and amortization 8,581 52,580 Stock issued for compensation 34,000 Deferred income taxes 23,000 Stock issued for loan 100,000 Changes in: - - Accounts receivable (197,507) (332,351) Due from factor - (1,027,947) Prepaid license fees - 30,333 Accounts receivable Mfg. Agent - 103,330 Accounts receivable Partnership - (160,989) Prepaid expenses - 5,024 Insurance receivable - (6,708) Accrued interest receivable, shareholder - (36,046) Advances to vendor - (350,000) Inventories 846,888 (539,015) Other - (9,691) Accounts payable and accrued expenses (1,481,727) 16,546 Accrued income taxes 216,982 110,294 License fee payable 34,668 Customer advances 200,000 112,615 ------------------------------- Cash flows provided (used) by operating activities 144,855 (784,544) ------------------------------- CASH FLOWS FROM (TO) INVESTING ACTIVITIES: Note receivable 0 40,675 Purchase of fixed assets (4,836) (500,279) ------------------------------- Cash flows provided (used) by investing activities (4,836) (459,604) ------------------------------- CASH FLOWS FROM (TO) FINANCING ACTIVITIES: Loans to stockholder - (89,503) Proceeds from note payable, stockholder 149,319 Payments on note payable, stockholder (245,141) Proceeds from notes payable, bridge loans 250,000 Proceeds from line of credit - (95,610) Payments on line of credit 1,348,242 Due to factor - (7,369) Payments on note payable (9,725) (104,544) Payments for deferred offering costs (101,186) - ------------------------------- Cash flows provided (used) by financing activities 43,267 1,051,216 ------------------------------- NET INCREASE (DECREASE) IN CASH 183,286 (192,932) CASH IN BANK, beginning of period 38,297 1,569,905 ------------------------------- CASH IN BANK, end of period $ 221,583 $ 1,376,973 ------------------------------- -------------------------------
RETROSPETTIVA, INC. NOTES TO FINANCIAL STATEMENTS (UNAUDITED) NOTE 1 - BASIS OF PRESENTATION The accompanying unaudited financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and in accordance with the instructions for Form 10-QSB. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, the financial statements contain all material adjustments, consisting only of normal recurring adjustments necessary to present fairly the financial condition, results of operations, and cash flows of the Company for the interim periods presented. The results for the three and nine months ended September 30, 1998 are not necessarily indicative of the results of operations for the full year. These financial statements and related footnotes should be read in conjunction with the financial statements and footnotes thereto included in the Company's Form 10-KSB filed with the Securities and Exchange Commission for the year ended December 31, 1997. ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS GENERAL The Company contracts for the manufacture of a variety of garments, primarily basic women's sportswear which includes suits, skirts, blouses, blazers, pants, shorts, vests and dresses, using assorted fabrics including rayons, linens, cotton and wool. The Company arranges for the manufacture of garments for customers under private labels selected by its customers. It markets its products exclusively in the United States directly to large wholesalers, directly and indirectly to national retailers and buying organizations and directly to women's chain clothing stores and catalogues. Substantially all of the Company's garments are sold on a "package" basis pursuant to which the Company markets at fixed prices finished garments to the customer's specifications and quantity requirements, arranges for the production of the garments and delivers the garments directly to the customer at the port of entry. In its marketing, the Company emphasizes these package arrangements and what it believes to be the better quality and lower prices of garments produced by skilled Macedonian workers as compared to lower paid workers in certain other regions. As a package provider, the Company sources and purchases fabrics and trims, arranges for cutting and sewing, and coordinates any other services required to provide a completed garment. Since the Company manufactures its finished products only upon receipt of purchase orders from its wholesale and retail customers, it therefore does not maintain an inventory of finished products. The Company believes that in this way it minimizes the marketing and fashion risk generally associated with the apparel industry. Fabrics and trims are purchased from suppliers in China, India, Russia, Romania, Italy and the United States. After dying the fabric, if necessary, the fabric and trim are shipped to factories selected by the Company (primarily located in Macedonia) where they are manufactured into completed garments under the Company's management and quality control guidance. The finished products are then shipped directly to New York City where the Company's customers claim the goods either at the port in New York City or at a consolidating warehouse in Astoria, New York. Except for historical information contained herein, the matters set forth may include forward-looking statements that are subject to risks and uncertainty that may cause actual results to differ materially. Such forward-looking statements that may be contained in this document could include in particular statements concerning business back-logs, operating efficiencies and capacities, capital spending, and other expenses. Among other factors that could cause actual results to differ materially are the following; dependence upon unaffiliated manufacturers and fabric suppliers, dependence on certain customers, foreign operations, competition, risks associated with significant growth, uncertainties in apparel industry, general economic conditions, seasonality, political instability, concentration of accounts receivable and possible fluctuations in operating results RESULTS OF OPERATIONS The following table sets forth, for the periods indicated, the percentage relationship to net revenues of certain items in the Company's statements;
Three Months Ended Nine Months Ended September 30, September 30, 1997 1998 1997 1998 ----------------------------------------------------- Revenues 100.0% 100.0% 100.0% 100.0% Cost of goods sold 85.5% 92.1% 85.4% 86.1% Gross profit 14.5% 7.9% 14.6% 13.9% Selling, General and Administrative 5.6% 5.5% 4.6% 6.0% Operating income 8.9% 2.4% 10.0% 7.9%
NINE MONTHS ENDED SEPTEMBER 30, 1998 ("1998") COMPARED TO NINE MONTHS ENDED SEPTEMBER 30, 1997 ("1997") SALES Sales for 1998 were $24,719,323 which represented an increase of $11,692,423 or 89.8% over 1997 net sales of $13,026,900. The growth in sales was primarily attributable to increased purchases by existing customers and from new customers. The Company currently has fifty (50) customers up from six (6) at the year ended December 31, 1997. Four customers represented 70% of the Companys accounts receivable (22%, 22%, 13% and 13% respectively). The Company continues to add new customers and believes that going forward those concentrations will continue to decrease. Generally, the Company receives relatively small initial orders from new customers. As the relationship with the customer continues, the purchase orders often increase substantially. Net sales increases during the period reflected these increased customer orders. The Company expects sales to increase in the future near-term quarters, but believes that those increases in sales will not necessarily be at the same rate as the Company has been experiencing historically either in terms of percentage or dollar increases. During the period sales were adversely impacted by customer-initiated discounts due to the unseasonably hot weather in New York (weather in excess of 100 degrees). This is during the season when the weather is historically much cooler and when wool suits, blazers and pants are traditionally sold,. Warm weather impacted the demand and the Company's customers had to offer deep discounts in order to move their wool garments. Those customers in turn asked those discounts be passed on to the Company. The Company of course can not predict the extent to which the unseasonably warm weather might continue or that the weather experienced in New York this year represents a long-term change in weather patterns in that region. The Company continues to evaluate the situation with the intent of developing strategies to mitigate any impact those changes might have on the Company. COST OF GOODS SOLD Cost of goods sold in 1998 was $21,291,989 or 86.1% of sales, an increase of $10,167,017 from $11,124,972 or 85.4% of sales in 1997. The increase in cost of goods sold was primarily attributable to increases in costs related to technicians, freight, inspection, merchandise repairs, customs duties and sample expenses. One of the Companys customers has instituted new quality control procedures. The customer now independently checks all of its suppliers finished goods for compliance with the specifications on its original purchase orders. Their quality control procedures result in costs spread over three different areas, inspection, quality control and merchandise repair costs. The customer is now passing those costs arising from those new procedures along to its suppliers and as a result this is impacting the costs associated with the production of goods for that customer. The Company believes that there is an industry-wide shift to higher levels of quality control and the implementation of more detailed levels of regular and more thorough quality control checking procedures. The Company can not predict at this time to what extent the costs related to any change in customers quality control checking procedures, should they arise, might impact the Companys costs of production for those customers. As is usual and customary when using a new factory, there is always a learning curve process which results in some impact on quality control. Those problems that occur during this process give rise to costs associated with the cost to correct those problems. The Company expects costs of quality control learning curve issues to arise whenever it enters a new factory. Accordingly, costs associated with new factories at the beginning of the production relationship normally result in merchandise repair costs to correct the early procedural learning process that results in some garments produced outside of specifications. During the period the Company recorded what it believes to be non-recurring charges. These charges are directly related to the changing demand resulting from the devaluation of the dollar, material changes in weather patterns on the east coast and orders received later in the season than historically that impacted the period. As a result, the Company had to hire additional technicians at significant increased cost to manage the shifts required in production to, among other things, decrease the turnaround time. As a result of tight production and delivery schedules, the Company also had to utilize less cost-effective means of finished good transport relying more heavily on air freight forwarders compared to the preferred and normal mode of transportation, namely by ship. The Company is currently working to manage the costs in all of the above-mentioned areas, technicians, air freight and order and production timing. The Company believes that the cost-cutting and working on improving efficiencies in these areas could result in some related charges through the next quarter or possibly two quarters. It believes any negative impact on the Company's financial performance could be offset by its continually increasing customer base and top-line sales growth. GROSS PROFIT Gross profit was $3,427,334 for 1998, an increase of $1,525,406 from $1,901,928 for 1997. The gross profit percentage was 13.9% in 1998, a decrease of 0.7% from 14.6% in 1997. The reasons for the decrease of the gross profit in the third quarter are explained in detail in the section above. The Company believes, notwithstanding the issues mentioned above that the deterioration of the gross profit, again, could possibly be offset by its penetration of the retail distribution channel where profit margins are traditionally higher than in the wholesale distribution channel. The wholesale distribution channel is where the Company currently conducts a substantial portion of its business. There can, however, be no guaranty that any decrease in the Companys profit margin will be offset by increases in the margins of goods sold to customers in the retail distribution channel. SELLING, GENERAL AND ADMINISTRATIVE EXPENSES Selling, general and administrative ("SG&A") expenses were $1,486,676 or 6.0% of sales for 1998, an increase of $888,989 from $597,687 or 4.6% of sales for 1997. The increase in G&A expense levels was primarily attributable to increases in commission, salaries, professional fees, insurance, bank charges, rent, printing, promotion and marketing, depreciation, dues and subscriptions and factor charges. INTEREST EXPENSE Interest expense for 1998 was $70,162 compared to $50,501 for 1997. The increase in interest was primarily attributable to the increase in the utilization of lines of credit. PROVISION FOR INCOME TAXES The provision for income taxes was $760,000 and $506,871 for 1998 and 1997, respectively. The increase in the provision for income taxes for the 1998 was primarily attributable to increased earnings. LIQUIDITY The Company has 575,000 warrants outstanding with an exercise price of $7.50 per warrant expiring September 23, 2002. The Company has 50,000 underwriter warrants outstanding with an exercise price of $14.40 per unit. Each unit consists of two shares of the Company's common stock and one warrant as described above. The Company does not know whether the warrants will be exercised in 1998. Without exercise of those warrants, the Company may need to limit its growth in order to more efficiently manage its available funds and funds generated by operations. It is the Company's intention, however, to utilize more fully and possibly increase its existing line of credit with a major lending institution and its credit facility arrangement with a New York factoring company. These measures are required due to the significant cash requirements related to increases in revenues. The Company does not expect its historical rate of increase in sales growth to continue and further expects its rate of growth to be lower in the future as it begins to reach its full operating capacity constraints and utilization of its existing capital resources. In the event the Company is able to obtain additional equity capital through the exercise, if any, of its outstanding warrants or other increases in potential working capital as mentioned above, however, the Company believes that this new working capital may allow it to grow more quickly. CAPITAL RESOURCES Since its formation, the Company has financed its operations and met its capital requirements primarily in its initial stages of growth through cash flows from operations and within the last two years more from customer advances, from principals, credit facilities, bridge loans, a private placement and its IPO, although the Company of course continues to generate cash flow in its normal course of business. Due to the Companys high rate of growth, however, it has been unable to internally generate sufficient working capital to finance that growth and as a result has had to more recently rely on other sources of capital. These sources of capital again, consist of credit facilities, favorable terms from suppliers and customer advances which have aided the Company in supplying the cash required to supplement the normal cash flow from operations. The initial use of IPO funds was to repay certain debt and to purchase raw materials, for working capital and the eventual purchase of wool manufacturing equipment. The Company's primary need for cash is for working capital purposes. The Company may raise capital through the issuance of long-term or short-term debt, or the issuance of securities in private or public transactions to fund future expansion of its business. There can be no assurance that acceptable financing for future transactions can be obtained. INFLATION As a direct result of deteriorating global financial markets, the Company expects the U.S. dollar to be adversely impacted over the short-term. All of the Company's transactions worldwide are conducted on a dollar-denominated basis which was intended to mitigate the possible impact of volatile currencies that may have arisen as a result of global corporations crowding emerging markets in search of growth. What has occurred more recently is that the dollar has weakened due to the financial crises in Asia and Russia. The Company can not predict at this time the extent to which the continuing global financial crises will impact the Company, in either a minimally or materially adverse way. It is clear, however, that the Companys cost of goods could be adversely impacted in an economic environment where the weakening of the U.S. dollar would require the Company to spend more dollars to purchase goods now, compared to similar purchases that required correspondingly fewer dollars historically. SEASONALITY The Company's revenues and operating results have exhibited some degree of seasonality in past periods. Typically, the Company experiences its highest sales in the first and fourth quarters and its lowest sales in the second and third quarters. Due to the recent overall global and economic market conditions, it is possible that there could be some variability going forward compared to the historical seasonality of the Company, however, the Company believes that its higher sales quarters will continue to be the first and fourth quarters. YEAR 2000 ISSUES Many computer systems in use today were designed and developed using two digits, rather than four, to specify the year. As a result, such systems will recognize the year 2000 as "00". This could cause many computer applications to fail completely or to create erroneous results unless corrective measures are taken. The Company currently uses software and related computer technologies essential to its operations that the Company believes will not be affected by the year 2000 issue. The Company, however, can not determine the extent to which its vendors and customers may or may not be affected by the year 2000 issue. The Company intends over the next 2 years to establish relationships with customers that may require the use of EDI (electronic data interchange) whereby all invoicing and payments will take place electronically over the internet through computers. The Company believes that since these prospective customers already utilize EDI, that they either have in place now, or will have successfully taken whatever steps are necessary to solve the year 2000 issue. The Company can not currently assess the extent to which vendors and customers inability to become year 2000 compliant might impact the Company. PART II. OTHER INFORMATION ITEM 1. LEGAL PROCEEDINGS Not applicable ITEM 2. CHANGES IN SECURITIES AND USE OF PROCEEDS CHANGES IN SECURITIES Not applicable USE OF PROCEEDS
USE OF PROCEEDS % of proceeds Sub-Totals Totals ------------- ---------- ------ GROSS PROCEEDS $6,900,000 Less: Underwriters discounts, commissions 10.0% 690,000 Finders' fees - Underwriters expenses 3.0% 207,000 Payments to directors and officers 0.7% 49,376 ----------------------------- Total expenses 13.7% 946,376 ---------- Net proceeds 5,953,624 USE OF PROCEEDS Construction of plan, building and - facilities Purchase and installation of 4.7% 280,000 machinery and equipment Purchases of real estate - Acquisition of other business(es) - Repayment of indebtedness 9.7% 578,532 Working capital 15.2% 903,104 Temporary investments - Purchases of raw materials 70.4% 4,191,988 ----------------------------- Total use of proceeds 100.0% 5,953,624 ---------- REMAINING PROCEEDS $ 0 ----------
ITEM 3. DEFAULTS UPON SENIOR SECURITIES Not applicable ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS Not applicable ITEM 5. OTHER INFORMATION Not applicable ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K Not applicable 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 thereto duly authorized. Date: October 15, 1998 RETROSPETTIVA, INC. ----------------------- (Registrant) /s/ Michael D. Silberman -------------------------- Michael D. Silberman Chief Financial Officer (Principal Accounting Officer) EX-27.05 2 EXHIBIT 27.05
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM RETROSPETTIVA'S 10-QSB FOR THE THREE MONTHS ENDED SEPTEMBER 30, 1998, AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 3-MOS DEC-31-1998 JUL-01-1998 SEP-30-1998 1,376,973 0 3,972,212 155,897 6,928,911 13,570,493 749,979 118,984 14,272,877 4,887,688 0 0 0 6,258,190 3,196,999 14,272,877 9,941,330 9,941,330 9,155,393 9,676,418 0 0 32,131 269,204 250,000 0 0 0 0 19,204 0.01 0.01
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