-----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, RxROAYSSzvdxXLU2dL5lgKtO8wJMuyTVkvF3Wb/tFy7K3Tfq3Y3L426EU89mnu+r LhmuCDnX6GM+3S6MlO2fsg== 0000891554-98-000139.txt : 19980212 0000891554-98-000139.hdr.sgml : 19980212 ACCESSION NUMBER: 0000891554-98-000139 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19971231 FILED AS OF DATE: 19980211 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: LIBERTE INVESTORS INC CENTRAL INDEX KEY: 0001017907 STANDARD INDUSTRIAL CLASSIFICATION: INVESTORS, NEC [6799] IRS NUMBER: 751328153 STATE OF INCORPORATION: DE FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 001-12117 FILM NUMBER: 98531200 BUSINESS ADDRESS: STREET 1: 600 N PEARL STREET 2: SUITE 420 CITY: DALLAS STATE: TX ZIP: 75201 BUSINESS PHONE: 2147208950 MAIL ADDRESS: STREET 1: 600 N PEARL SUITE 420 CITY: DALLAS STATE: TX ZIP: 75201 10-Q 1 QUARTERLY REPORT UNITED STATES 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 December 31, 1997 OR ___ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For Transition Period From __________ To __________ Commission File Number 1-6802 Liberte Investors Inc. (Exact name of Registrant as specified in its Charter) Delaware 75-1328153 (State or other jurisdiction (I.R.S. Employer of incorporation or organization) Identification No.) 200 Crescent Court, Suite 1365 Dallas, Texas 75201 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (214) 871-5935 (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 ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PRECEDING FIVE YEARS: Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Section 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. YES _X_* NO ___ * The registrant's confirmed plan of reorganization under Chapter 11 of the Bankruptcy code did not provide for the distribution of securities. APPLICABLE ONLY TO CORPORATE ISSUERS: The number of shares outstanding of registrant's common stock, $.01 par value, as of the close of business on February 10, 1998: 20,256,097 shares. 1 LIBERTE INVESTORS INC. FORM 10-Q FOR THE QUARTER ENDED DECEMBER 31, 1997 INDEX Page PART I - FINANCIAL INFORMATION Item 1. Financial Statements (Unaudited) Consolidated Statements of Financial Condition December 31, 1997 and June 30, 1997........................ 3 Consolidated Statements of Operations Six Months Ended December 31, 1997 and 1996................ 4 Consolidated Statements of Operations Three Months Ended December 31, 1997 and 1996.............. 5 Consolidated Statements of Cash Flows Six Months Ended December 31, 1997 and 1996................ 6 Notes to Consolidated Financial Statements.................. 7 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations......................... 9 PART II - OTHER INFORMATION Item 1. Legal Proceedings............................................ 13 Item 2. Changes in Securities and Use of Proceeds.................... 13 Item 3. Defaults upon Senior Securities.............................. 13 Item 4. Submission of Matters to a Vote of Security Holders.......... 13 Item 5. Other Information............................................ 14 Item 6. Exhibits and Reports on Form 8-K............................. 14 2 PART I - FINANCIAL INFORMATION Item 1. Financial Statements LIBERTE INVESTORS INC. AND SUBSIDIARY CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Unaudited) December 31, June 30, 1997 1997 ------------- ------------- Assets Unrestricted cash $ 53,617,799 $ 52,474,290 Restricted cash and cash equivalents 62,830 61,237 ------------- ------------- Total cash and cash equivalents 53,680,629 52,535,527 Foreclosed real estate held for sale 3,435,621 3,435,621 Notes receivable, net 445 1,693 Accrued interest and other receivables 5,075 4,507 Other assets 414,822 467,876 ------------- ------------- Total assets $ 57,536,592 $ 56,445,224 ============= ============= Liabilities and Stockholders' Equity Liabilities-accrued and other liabilities $ 340,555 $ 239,545 Stockholders' Equity Common stock, $.01 par value, 50,000,000 shares authorized, 20,256,097 shares issued and outstanding 202,561 202,561 Additional paid-in capital 309,392,399 309,392,399 Accumulated deficit (252,398,923) (253,389,281) ------------- ------------- Total stockholders' equity 57,196,037 56,205,679 ------------- ------------- Commitments and contingencies Total liabilities and stockholders' equity $ 57,536,592 $ 56,445,224 ============= ============= See notes to consolidated financial statements. 3 LIBERTE INVESTORS INC. AND SUBSIDIARY CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) Six Months Ended December 31, 1997 1996 ----------- ----------- Income Interest-bearing deposits in banks $ 1,364,077 $ 1,089,722 Interest income on notes receivable 41 69,739 Gains on sales of foreclosed real estate -- 11,310 Other 29,139 19,896 ----------- ----------- Total income 1,393,257 1,190,667 ----------- ----------- Expenses Insurance 78,902 159,739 Compensation and employee benefits 37,333 88,808 Legal, audit and advisory fees 36,734 65,158 Franchise taxes 28,757 -- Foreclosed real estate operations 72,994 125,209 General and administrative 148,179 137,637 ----------- ----------- Total expenses 402,899 576,551 ----------- ----------- Net Income $ 990,358 $ 614,116 =========== =========== Net income per share of common stock $ 0.05 $ 0.03 =========== =========== Weighted average number of shares of common stock 20,256,097 18,230,487 =========== =========== See notes to consolidated financial statements. 4 LIBERTE INVESTORS INC. AND SUBSIDIARY CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) Three Months Ended December 31, --------------------------- 1997 1996 ----------- ----------- Income Interest-bearing deposits in banks $ 687,569 $ 609,203 Interest income on notes receivable 10 30,240 Gains on sales of foreclosed real estate -- 11,310 Other 7,125 7,225 ----------- ----------- Total income 694,704 657,978 ----------- ----------- Expenses Insurance 39,259 79,550 Compensation and employee benefits 26,027 22,517 Legal, audit and advisory fees 12,346 12,406 Franchise taxes 15,076 -- Foreclosed real estate operations 17,367 90,538 General and administrative 79,792 94,809 ----------- ----------- Total expenses 189,867 299,820 ----------- ----------- Net Income $ 504,837 $ 358,158 =========== =========== Net income per share of common stock $ 0.02 $ 0.02 =========== =========== Weighted average number of shares of common stock 20,256,097 20,256,097 =========== =========== See notes to consolidated financial statements. 5 LIBERTE INVESTORS INC. AND SUBSIDIARY CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
Six Months Ended December 31, ---------------------------- 1997 1996 ------------ ------------ Cash flows from operating activities: Net income $ 990,358 $ 614,116 Adjustments to reconcile net income to net cash provided by operating activities: Amortization of discount on notes receivable (93) (8,948) (Increase) decrease in accrued interest receivable (568) 54,713 Decrease in other assets 67,686 280,311 Increase (decrease) in accrued and other liabilities 101,010 (168,661) Gains from sales of foreclosed real estate -- (11,310) ------------ ------------ Net cash provided by operating activities 1,158,393 760,221 ------------ ------------ Cash flows from investing activities: Collections of notes receivable 1,341 621,549 Proceeds from sales of foreclosed real estate -- 51,479 Additions to fixed assets (14,632) -- Increase in restricted cash investments (1,593) (1,382) ------------ ------------ Net cash (used in)/provided by investing activities (14,884) 671,646 ------------ ------------ Cash flows from financing activities: Issuance of common stock -- 23,091,951 Stock issuance costs -- (628,123) ------------ ------------ Net cash provided by financing activities -- 22,463,828 ------------ ------------ Net increase in unrestricted cash and cash equivalents 1,143,509 23,895,695 Unrestricted cash at beginning of period 52,474,290 27,245,594 ------------ ------------ Unrestricted cash at end of period $ 53,617,799 $ 51,141,289 ============ ============
See notes to consolidated financial statements. 6 LIBERTE INVESTORS INC. AND SUBSIDIARY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 1997 (Unaudited) Note A - Organization Liberte Investors Inc., a Delaware corporation (the "Company"), was organized in April of 1996 in order to effect the reorganization of Liberte Investors, a Massachusetts business trust (the "Trust"). At a special meeting of the shareholders of the Trust held on August 15, 1996, (the "Special Meeting"), the Trust's shareholders approved a plan of reorganization whereby the Trust contributed its assets to the Company and received all of the Company's outstanding common stock, par value $.01 per share ("Shares" or "Common Stock"). The Trust then distributed to its shareholders in redemption of all outstanding shares of beneficial interest in the Trust (the "Beneficial Shares") the Shares of the Company. The Company assumed all of the Trust's assets and outstanding liabilities and obligations. Thereafter, the Trust was terminated. Unless otherwise indicated, the information contained in the Form 10-Q which relates to periods prior to August 16, 1996 is information relating to the Trust, and information relating to periods on and after August 16, 1996 is information relating to the Company. Note B - Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X and therefore do not include all of the information and footnotes necessary for a fair presentation of financial condition, results of operations, and cash flows in conformity with generally accepted accounting principles. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the six months ended December 31, 1997, are not necessarily indicative of the results that may be expected for the fiscal year ending June 30, 1998. The accompanying financial statements include the accounts of the Company and LNC Holdings, Inc., a wholly-owned subsidiary whose sole asset is approximately 40 acres of land located in Arlington, Texas. All intercompany balances and transactions have been eliminated. Note C - Foreclosed Real Estate Held For Sale At December 31, 1997, the Company held foreclosed real estate for sale in the form of single-family lots and land. The December 31, 1997 carrying amount of these assets was $3,435,621. The foreclosed real estate for sale consists of 55 single-family lots in Fontana, California, land totaling approximately 603 acres in San Antonio, Texas, and approximately 40 acres in Arlington, Texas. Note D - Commitments and Contingencies The Company's wholly-owned subsidiary, LNC Holdings Inc., owns approximately 40 acres of land located in Arlington, Texas which is encumbered by property tax liens totaling $975,000 including penalties and interest. There is no carrying value of the property due to the encumbrances. 7 On April 16, 1997, LNC Holdings Inc. received a notice of final judgment from the City of Arlington with regard to the delinquent taxes. On May 27, 1997, LNC Holdings Inc. notified the City of Arlington that it would execute a deed without warranty to allow the taxing units to obtain title to the property. No response has yet been received. LNC Holdings Inc. has accrued property taxes for calendar year 1997 and 1996 totaling $79,000. Management believes that resolution of the delinquent tax issue with the taxing authorities will not result in a material adverse impact on the consolidated financial statements. Cash and cash equivalents at December 31, 1997, included restricted cash of approximately $63,000 for claims due to bankruptcy. On June 30, 1997, the court issued an Administrative Closing Order and Final Decree with regard to the bankruptcy case. The claims remaining represent unclaimed dividend checks dated May 20, 1994. Any check not claimed will be voided after five years. The Company is involved in routine litigation incidental to its business, which, in the opinion of management, will not result in a material adverse impact on the Company's consolidated financial condition, results of operations, or cash flows. Note E - Federal Income Taxes Although the Company had taxable income for the six months ended December 31, 1997 and 1996, no tax liability has been recognized due to a reduction in the valuation allowance related to its net operating loss carryforwards. Based on current business activity, management believes it is more likely that not that the Company will not realize the benefits of the loss carryforwards. Therefore, a full valuation allowance has been established. In the event the Company expands its business operations through an acquisition, the ability to use the loss carryforwards may change. Note F - Reclassifications Certain 1996 amounts have been reclassified to conform with 1997 classifications. 8 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations General The fiscal year ended June 30, 1997 was a transition year for Liberte Investors Inc. With the reorganization of the Trust into the Company, the additional cash provided by the issuance of stock to Hunter's Glen/Ford, Ltd., a Texas limited partnership, and the associated changes in management, the Company believes it is prepared to seek and acquire a viable operating company that will generate increased value per share to existing stockholders and provide a new focus and direction for the Company. Although substantial efforts have been made to identify quality acquisitions in fiscal 1998, the Company has not yet entered into any definitive acquisition agreements. Six Months Ended December 31, 1997 versus Six Months Ended December 31, 1996 Net income for the six months ended December 31, 1997 was $990,000 compared to net income of $614,000 for the same period in 1996. The change in operating results for the six months was due to the various factors discussed below. Interest income related to interest-bearing deposits in banks increased to $1,364,000 for the six months ended December 31, 1997 from $1,090,000 for the same period in 1996. This increase is due to growth in the unrestricted cash balance available for interest-bearing deposits. Unrestricted cash increased by $23.1 million due to the sale of newly-issued shares of common stock on August 16, 1996, thereby increasing the cash balance available to invest in interest-bearing deposits. This increase in unrestricted cash resulted in a higher average daily balance of interest-bearing deposits during the six months ended December 31, 1997 versus the six months ended December 31, 1996. Unrestricted cash increased from $51.1 million at December 31, 1996 to $53.6 million at December 31, 1997 primarily due to collections on the notes receivable of $719,000 and interest earned on the unrestricted cash accounts. Notes receivable interest income decreased to $41 for the six months ended December 31, 1997 from $70,000 for the same period in 1996 as a result of a lower outstanding balance of notes receivable. The notes receivable balance decreased to $445 at December 31, 1997 from $719,000 at December 31, 1996 due to the pay off of a $719,000 note receivable. There were no gains on sales of foreclosed real estate during the six months ended December 31, 1997 as compared to $11,000 for the same period in 1996. The gains on sales of real estate represents proceeds received from the sale of foreclosed real estate in excess of its carrying value. The gain recognized during the six months ended December 31, 1996 resulted from the sale of single-family lots in San Antonio, Texas. Other income increased to $29,000 for the six months ended December 31, 1997 from $20,000 for the same period in 1996. Other income for the six months ended December 31, 1997 and for the six months ended December 31, 1996 consisted primarily of dividends on Resurgence Properties, Inc. preferred stock. Insurance expense decreased to $79,000 for the six months ended December 31, 1997, as compared to $160,000 for the same period in 1996. The decrease is primarily due to decreased premiums related to Directors' and Officers' insurance. Compensation and employee benefits expense decreased by $52,000 from $89,000 during the six months ended December 31, 1996 to $37,000 for the same period in 1997. The decrease is due to a decrease in the number of employees from six to two. 9 Legal, audit and advisory fees were $37,000 for the six months ended December 31, 1997, a decrease of $28,000 from the same period in 1996. Prior period activity included additional legal expenses related to the collection of deficiency notes that had been previously written-off. Franchise tax expense for the six months ended December 31, 1997 represents Delaware, California, and Texas franchise taxes due as a result of the reorganization of the Trust into the Company. No amount was accrued for such expense during the six months ended December 31, 1996. Foreclosed real estate operations expense decreased from $125,000 for the six months ended December 31, 1996 to $73,000 for the same period in 1997. The decrease is due to a special accrual done during the six months ended December 31, 1996 to record 1996 property taxes relating to the 40 acres of land located in Arlington, Texas held by LNC Holdings, Inc., and a reduction in property tax expense for the period ended December 31, 1997 due to property tax refunds resulting from reduced appraised values for 1995 and 1996 property values of land owned in San Antonio, Texas. General and administrative expense increased by $10,000 from $138,000 during the six months ended December 31, 1996 to $148,000 for the same period in 1997. The increase is attributed to an increase in director's fees and rent expense and a decrease in shareholder relations expense for the six months ended December 31, 1997. Director fees increased due to an increase in the number of directors of the Company, and rent expense increased when the Company relocated into new office space in July 1997. Shareholder relations expense for the six months ended December 31, 1997 is less due to an accrual for the six months ended December 31, 1996 for expenses relating to two shareholders' meetings. Three Months Ended December 31, 1997 versus Three Months Ended December 31, 1996 Net income for the three months ended December 31, 1997 was $505,000 compared to net income of $358,000 for the same period in 1996. The change in operating results for the three months was due to various factors discussed below. Interest income related to interest-bearing deposits in banks increased to $688,000 for the three months ended December 31, 1997 from $609,000 for the same period in 1996. This increase is due to a higher average daily balance of interest-bearing deposits during the three months ended December 31, 1997 versus the three months ended December 31, 1996. Unrestricted cash increased from $51.1 million at December 31, 1996 to $53.6 million at December 31, 1997 primarily due to collections on the notes receivable of $719,000 and interest earned on the unrestricted cash accounts. Notes receivable interest income decreased to $10 for the three months ended December 31, 1997 from $30,000 for the same period in 1996 as a result of a lower outstanding balance of notes receivable. The notes receivable balance decreased to $445 at December 31, 1997 from $719,000 at December 31, 1996 due to the pay off of a $719,000 note receivable. There were no gains on sales of foreclosed real estate during the three months ended December 31, 1997 as compared to $11,000 for the same period in 1996. The gains on sales of real estate of the prior period represent proceeds received from the sale of foreclosed real estate in excess of its carrying value. The gain recognized during the three months ended December 31, 1996 resulted from the sale of single-family lots in San Antonio, Texas. Other income of $7,000 for the three months ended December 31, 1997 was comparable to the same period in 1996, and consisted primarily of dividends on Resurgence Properties, Inc. preferred stock. 10 Insurance expense decreased to $39,000 for the three months ended December 31, 1997, as compared to $80,000 for the same period in 1996. The decrease is primarily due to decreased premiums related to Directors' and Officers' insurance. Compensation and employee benefits expense increased to $26,000 for the three months ended December 31, 1997 from $23,000 for the same period in 1996. The increase is due to an increase in employees' salaries due to yearly adjustments. Legal, audit and advisory fees were $12,000 for the three months ended December 31, 1997, and for the same period in 1996. Legal expenses are related to the collection of deficiency notes that had been previously written-off, and to review of contracts related to the pending sale of real estate owned by the Company. Franchise tax expense for the three months ended December 31, 1997 represents Delaware, California, and Texas franchise taxes due as a result of the reorganization of the Trust into the Company. No amount was accrued for such expense during the three months ended December 31, 1996. Foreclosed real estate operations expense decreased $74,000 from $91,000 for the three months ended December 31, 1996 to $17,000 for the same period in 1997. The decrease is due to a special accrual during the six months ended December 31, 1996 to establish 1996 property taxes relating to the 40 acres of land located in Arlington, Texas held by LNC Holdings, Inc., and a reduction in property tax expense for the three months ended December 31, 1997 due to property tax refunds resulting from reduced appraised values for 1995 and 1996 property values of land owned in San Antonio, Texas. General and administrative expense decreased by $15,000 from $95,000 during the three months ended December 31, 1996 to $80,000 for the same period in 1997. The decrease is attributed to an accrual for the three months ended December 31, 1996 for expenses relating to two shareholders' meeting. Liquidity and Capital Resources The Company's principal funding requirements are operating expenses, including legal, audit, and advisory expenses expected to be incurred in connection with evaluation of potential acquisition candidates and other strategic opportunities. The Company anticipates that its primary sources of funding operating expenses are proceeds from the sale of foreclosed real estate, interest income on cash and cash equivalents, and cash on hand. The proceeds from the sale of newly-issued shares of stock to Hunter's Glen/Ford, Ltd. ("Hunter's Glen") in August of 1996 for $23.1 million substantially increased cash available to the Company. Management believes that the additional cash will assist the Company in its efforts to expand its business through acquisitions. Hunter's Glen is an affiliate of Mr. Gerald J. Ford, who became the Chief Executive Officer and Chairman of the Board of the Company following the Trust's reorganization into the Company and the sale of the shares of stock to Hunter's Glen. Statements contained in this Quarterly Report on Form 10-Q which are not historical facts are forward-looking statements. In addition, the Company, through its senior management, from time to time makes forward-looking public statements concerning its expected future operations and performance, including its ability to acquire businesses in the future, and other developments. Such forward-looking statements are necessarily estimates reflecting the Company's best judgment based upon current information, involve a number of risks and uncertainties, and there can be no assurance that other factors will not affect the accuracy of such forward-looking statements. While it is impossible to identify all such factors, factors which could cause actual results to differ materially from those estimated by the Company include, but are not limited to, the uncertainty as to whether the Company will be able to make future business acquisitions 11 or that any such acquisitions will be successful, the Company's ability to obtain financing for any possible acquisitions, general conditions in the economy and capital markets, and other factors which may be identified from time to time in the Company's Securities and Exchange Commission filings and other public announcements. 12 PART II. - OTHER INFORMATION Item 1. Legal Proceedings None Item 2. Changes in Securities and Use of Proceeds None Item 3. Defaults upon Senior Securities None Item 4. Submission of Matters to a Vote of Security Holders The Annual Meeting of the Company's stockholders was held on November 7, 1997 for the purpose of voting on two proposals. The proposals, including the results of the voting, are as follows: Proposal No. 1. Proposal to elect each of Messrs. Gene H. Bishop, Harvey B. Cash, Robert Ted Enloe, III, Gerald J. Ford, Edward W. Rose, III, and Gary Shultz as directors of the Company until expiration of their term at the 1998 Annual Meeting of stockholders and until their successor is elected and qualified or until their earlier death, resignation or removal from office. For Withheld --- -------- G. Bishop 19,619,724 81,383 H. Cash 19,612,987 88,120 R. Enloe 19,605,529 95,578 G. Ford 19,621,876 79,231 E. Rose 19,620,149 80,958 G. Shultz 19,614,969 86,138 Proposal No. 2 Proposal to approve the ratification of the selection of KPMG Peat Marwick LLP ("KPMG") as the Company's independent accountants for the fiscal year ending June 30, 1998. Percentage of Number of Outstanding Shares of Shares of Common Common Stock Stock Voted ------------ ----------- For 19,656,550 99.78 Against 12,484 .06 Abstain 32,073 .16 The total number of shares of Common Stock voted on Proposals No. 1 and 2 was 19,701,107 equal to approximately 97.3% of the outstanding shares of Common Stock. 13 Item 5. Other Information None Item 6. Exhibits and Reports on Form 8-K (a) Exhibits: 27.1 Financial Data Schedules (included only in the EDGAR filing). (b) Reports on Form 8-K: None 14 SIGNATURE 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 thereunder duly authorized. LIBERTE INVESTORS INC. February 10, 1998 By: /s/ Gerald J. Ford ---------------------------------------- Gerald J. Ford Chief Executive Officer and Chairman of the Board February 10, 1998 By: /s/ Samuel C. Perry ---------------------------------------- Samuel C. Perry Controller and Principal Accounting Officer 15 EX-27 2 FDS --
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE COMPANY'S UNAUDITED FINANCIAL STATEMENTS DATED AS OF DECEMBER 31, 1997 6-MOS JUN-30-1998 JUL-01-1997 DEC-31-1997 53,680,629 0 420,342 0 3,435,621 0 0 0 57,536,592 340,555 0 0 0 202,561 56,993,476 57,536,592 0 1,393,257 0 0 402,899 0 0 990,358 0 990,358 0 0 0 990,358 .02 0
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