-----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, JMscfRD2nZs78pgX+2pMQmT4DHDQ880ijYjWW8LzjUCyopLx0IDUvi9nbZNNLaFB 8eTFjJIsvlxH58T2Lw8YRg== 0000950153-99-001060.txt : 19990817 0000950153-99-001060.hdr.sgml : 19990817 ACCESSION NUMBER: 0000950153-99-001060 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19990630 FILED AS OF DATE: 19990816 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PENTEGRA DENTAL GROUP INC CENTRAL INDEX KEY: 0001042291 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-OFFICES & CLINICS OF DOCTORS OF MEDICINE [8011] IRS NUMBER: 760545043 STATE OF INCORPORATION: DE FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 001-13725 FILM NUMBER: 99690207 BUSINESS ADDRESS: STREET 1: 2999 NORTH 44TH STREET STREET 2: SUITE 650 CITY: PHOENIX STATE: AZ ZIP: 85018 BUSINESS PHONE: 6029521200 MAIL ADDRESS: STREET 1: 2999 N 44TH STREET STREET 2: SUITE 650 CITY: PHOENIX STATE: AZ ZIP: 85018 10-Q 1 10-Q 1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (MARK ONE) [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED JUNE 30, 1999 OR [ ] TRANSACTION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. FOR THE TRANSITION PERIOD FROM _________ TO _________. COMMISSION FILE NUMBER PENTEGRA DENTAL GROUP, INC. (EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
DELAWARE 76-045043 (STATE OR OTHER JURISDICTION (I.R.S. EMPLOYER OF INCORPORATION OR ORGANIZATION) IDENTIFICATION NO.) 2999 NORTH 44TH STREET, SUITE 650, PHOENIX, ARIZONA 85018 (ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) (ZIP CODE)
REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE (602) 952-1200 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 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 [ ] The number of shares of Common Stock of the Registrant, par value $.001 per share, outstanding at August 9, 1999, was 10,845,672. 1 2 FORM 10-Q REPORT INDEX
10-Q PART AND ITEM NO. Page ------------------------------ ---- PART I - FINANCIAL INFORMATION Item 1 - Consolidated Financial Statements (unaudited) Consolidated Balance Sheets as of June 30, 1999 and March 31, 1999............................................................................ 3 Consolidated Statements of Operations for the Three Months Ended June 30 1999, and June 30, 1998................................................................ 4 Consolidated Statement of Changes in Shareholders' Equity as of June 30, 1999................................................................ 5 Consolidated Statements of Cash Flows for the Three Months Ended June 30, 1999 and June 30, 1998.............................................. 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..................................................................... 12 Item 4 - Submission of Matters to a Vote of Security Holders................................... 12 Item 5 - Other Information..................................................................... 12 Item 6 - Exhibits and Reports on Form 8-K...................................................... 12 Signature...................................................................................... 12
2 3 PART 1 - FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS PENTEGRA DENTAL GROUP, INC. AND SUBSIDIARY CONSOLIDATED BALANCE SHEETS (unaudited) (in thousands, except per share data)
June 30, March 31, 1999 1999 -------- --------- (Unaudited) Assets ------ Current assets: Cash and cash equivalents $ 1,395 $ 1,047 Receivables from affiliated practices, net of allowance for doubtful accounts of $125 at June 30, 1999 and March 31, 1999 6,184 5,659 Prepaid and other current assets 438 465 Notes receivable from affiliated practices - current 307 286 ------- ------- Total current assets 7,324 7,457 Property and equipment, net 6,289 6,171 Intangible assets, net 21,900 21,848 Notes receivable from affiliated practice 923 971 Deferred tax asset 680 680 ------- ------- Total assets $37,116 $37,127 ======= ======= Liabilities and Shareholders' Equity ------------------------------------ Current liabilities: Accounts payable and accrued liabilities $ 1,393 $ 1,756 Accrued employment agreement 910 940 Current portion of long term debt - 537 ------- ------- Total current liabilities 2,303 3,233 Line of credit 8,500 8,000 Convertible subordinated notes 4,566 4,566 Shareholders' notes 568 568 Commitments and contingencies Shareholders' equity Common stock, $.001 par value 40,000,000 shares authorized, 9,102,503 issued and outstanding at June 30, 1999 and March 31, 1999 9 9 Additional paid-in capital 21,823 21,823 Accumulated deficit (653) (1,072) ------- ------- Total shareholders' equity 21,179 20,760 ------- ------- Total liabilities and shareholders' equity $37,116 $37,127 ======= =======
The accompanying notes are an integral part of the financial statements 3 4 PENTEGRA DENTAL GROUP, INC. AND SUBSIDIARY CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) (in thousands, except per share data)
Three Months Ended June 30, 1999 1998 -------- -------- Net revenue $12,449 $7,412 Operating expenses: Clinical salaries, wages and benefits 5,126 2,836 Dental supplies and lab fees 2,225 1,220 Rent 833 550 Advertising and marketing 269 111 General and administrative 1,005 876 Other operating expenses 1,554 751 Depreciation and amortization 532 171 -------- -------- Total operating expenses 11,544 6,515 -------- -------- Earnings from operations 905 897 Interest expense 246 3 Interest income (39) (43) Income before income taxes 659 937 Income taxes 279 263 -------- -------- Net income $ 380 $ 674 ======== ======== Basic and diluted earnings per share $ 0.04 $ 0.10 ======== ======== Weighted average number of shares outstanding - basic and diluted 9,103 6,886 ======== ========
The accompanying notes are an integral part of the financial statements 4 5 PENTEGRA DENTAL GROUP, INC. AND SUBSIDIARY CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY (UNAUDITED) (in thousands)
Additional Total Common Stock Paid-In Accumulated Shareholders' Shares Amount Capital Deficit Equity Balances, March 31, 1999 9,103 $ 9 $21,823 $(1,072) $20,760 Net income -- -- -- 419 419 ----- --- ------- ------- ------- Balance, June 30, 1999 9,103 $ 9 $21,823 $ (653) $21,179 ===== === ======= ======= =======
The accompanying notes are an integral part of the financial statements 6 PENTEGRA DENTAL GROUP, INC. AND SUBSIDIARY CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (in thousands)
Three Months Ended June 30, 1999 1998 --------- --------- Net cash provided by (used in) operating activities...................... $ 1,060 $(2,792) Cash flows from investing activities Capital expenditures................................................ (390) (252) Acquisitions of affiliated dental practices, net of cash acquired... (849) (2,782) Issuance of notes receivable........................................ -- (718) Repayment of notes receivable....................................... 27 -- ------ ------- Net cash used in investing activities.......................... (1,212) (3,752) ======= ======= Cash flows from financing activities Proceeds from issuance of common stock.............................. -- 2,930 Proceeds from line of credit........................................ 500 -- ------ ------- Net cash provided by financing activities...................... 500 2,930 ======= ======= Net change in cash and cash equivalents.................................. 348 (3,614) Cash and cash equivalents, beginning of period........................... 1,047 6,708 ------ ------- Cash and cash equivalents, end of period................................. $ 1,395 $ 3,094 ======= =======
The accompanying notes are an integral part of the financial statements 6 7 PENTEGRA DENTAL GROUP, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) 1. ORGANIZATION AND BASIS OF PRESENTATION Pentegra Dental Group, Inc. (the "Company") provides practice management services to dental practices throughout the United States. As of June 30, 1999, the Company managed 85 affiliated practices ("Affiliated Practices") in 27 states. The unaudited consolidated financial statements included herein have been prepared by the Company, pursuant to the rules and regulations of the Securities and Exchange Commission (the "SEC"). Pursuant to such regulations, certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted. The Company believes the presentation and disclosures herein are adequate to make the information not misleading, but do not purport to be a complete presentation inasmuch as all note disclosures required by generally accepted accounting principles are not included. In the opinion of management, the consolidated financial statements reflect all elimination entries and normal adjustments that are necessary for a fair presentation of the results for the interim periods ended June 30, 1999 and 1998. Fiscal operating results for interim periods are not necessarily indicative of the results for full years. It is suggested that these consolidated financial statements be read in conjunction with the financial statements of Pentegra Dental Group, Inc., and related notes thereto, and management's discussion and analysis related thereto, all of which are included in the Company's annual report on Form 10-K for the year ended March 31, 1999, as filed with the SEC. 2. SIGNIFICANT ACCOUNTING POLICIES EARNINGS PER SHARE Earnings per share are computed based upon the weighted average number of shares of Common Stock and Common Stock equivalents outstanding during each period. Diluted earnings per share are not separately presented because such amounts would be the same as amounts computed for basic earnings per share. Outstanding options to purchase approximately 596,666 and 686,666 shares of Common Stock at exercise prices above the market value of Common Stock were excluded from the calculation of earnings per share for the three months ended June 30, 1999 and 1998, respectively, because their effect would have been antidilutive. USE OF ESTIMATES The preparation of financial statements in conformity with generally accepted accounting principles requires the use of estimates and assumptions by management in determining the reported amounts of liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Actual results could differ from those estimates. 3. ACQUISITION OF OMEGA ORTHODONTICS, INC. In March 1999, the Company entered into a merger agreement with Omega Orthodontics, Inc. ("Omega"). On July 1, 1999, this transaction closed and each of the approximately 5.0 million shares of Omega was exchanged for 0.356 share of the Company (approximately 1.75 million shares). Approximately $1.1 million of Omega debt was assumed by Pentegra. The merger will be accounted for under the purchase method of accounting. 4. ACQUISITION OF LIBERTY DENTAL ALLIANCE, INC. On November 13, 1998 the Company and Liberty Dental Alliance, Inc. ("Liberty") entered into an Agreement pursuant to which Liberty will become a wholly owned subsidiary of the Company. As of June 30, 1999, the Company had completed Liberty affiliations with 17 dental practices. These dental practices generated aggregate annual patient revenue of approximately $13 million during their most recently completed fiscal year, and include dentists treating patients in 17 dental offices. The aggregate consideration paid by Pentegra for these practices consisted of approximately $5.6 million in cash, 1,295,298 shares of Pentegra common stock and approximately $3.6 million aggregate principal amount of 6% Series A convertible subordinated notes, one-half payable November 2002 and one-half payable November 2003 and one-half payable April 1, 2004. 7. 8 The Company expects the Liberty merger to close in September 1999. The consideration to be paid based on the Liberty affiliations as of June 30, 1999 consisted of approximately $585,000 in cash, 109,000 shares of Pentegra common stock, and 74,000 options to purchase Pentegra common stock. ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS THE FOLLOWING DISCUSSION AND ANALYSIS CONTAINS CERTAIN FORWARD-LOOKING STATEMENTS WITHIN THE MEANING OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995. THESE STATEMENTS ARE BASED ON CURRENT PLANS AND EXPECTATIONS OF THE COMPANY AND INVOLVE RISKS AND UNCERTAINTIES THAT COULD CAUSE ACTUAL FUTURE ACTIVITIES AND RESULTS OF OPERATIONS TO BE MATERIALLY DIFFERENT FROM THAT SET FORTH IN THE FORWARD-LOOKING STATEMENTS. IMPORTANT FACTORS THAT COULD CAUSE ACTUAL RESULTS TO DIFFER INCLUDE, AMONG OTHERS, RISKS ASSOCIATED WITH AFFILIATIONS, FLUCTUATIONS IN OPERATING RESULTS BECAUSE OF AFFILIATIONS AND VARIATIONS IN STOCK PRICE, CHANGES IN GOVERNMENT REGULATIONS, COMPETITION, RISKS OF OPERATIONS AND GROWTH OF EXISTING AND NEW AFFILIATED DENTAL PRACTICES, AND RISKS DETAILED IN THE COMPANY'S SEC FILINGS. OVERVIEW The Company provides practice management services to fee-for-service dental practices in the United States. On March 30, 1998, the Company acquired simultaneously with the closing of its initial public offering ("IPO"), substantially all of the tangible and intangible assets, and assumed the liabilities, of the 51 Founding affiliated practices. The Company also began to provide practice management services to professional corporations or associations owned by the dentist-owners of those affiliated practices (one of which split into two separate dental practices immediately after the IPO) pursuant to long-term management service agreements entered into at the time of the Affiliations. Since the IPO, the Company has affiliated with 34 additional practices. The expenses incurred by the Company in fulfilling its obligations under the management service agreements will be generally of the same nature as the operating costs and expenses that would have otherwise been incurred by the affiliated practices, including salaries, wages and benefits of practice personnel (excluding dentists and certain other licensed dental care professionals), dental supplies and office supplies used in administering their practices and the office (general and administrative) expenses of their practices. In addition to the operating costs and expenses discussed above, the Company incurs personnel and administrative expenses in connection with maintaining a corporate office, which provides management, practice enhancements, administrative and business development services. RESULTS OF OPERATIONS (UNAUDITED) Following completion of the IPO on March 30, 1998, the Company began operations effective April 1, 1998. Management service fee recognition and related expenses began April 1, 1998, and the Company began managing 51 dental practices in 18 states. At June 30, 1999, the Company managed 85 practices in 27 states. COMPONENTS OF REVENUES AND EXPENSES Under the terms of the typical management services agreement with an affiliated practice, the Company becomes the exclusive manager and administrator of all non-dental services relating to the operation of an affiliated practice. The obligations of the Company include assuming responsibility for the operating expenses incurred in connection with managing the dental centers. These expenses include salaries, wages and related costs of non-dental personnel, dental supplies and laboratory fees, rental and lease expenses, promotion and marketing costs, management information systems and other operating expenses incurred at the affiliated practices. In addition, the Company incurs general and administrative expenses related to the financial and administrative management of dental operations, insurance, training and development and other typical corporate expenditures. As compensation for its services under the typical services agreement and subject to applicable law, the Company is paid a management fee comprised of two components: (1) the costs incurred by it on behalf of the affiliated practice, and (2) a management fee either fixed in amount, an amount usually approximating 35% of the affiliated practice's operating profit, before dentist compensation or 15% of the Affiliated practice's collected gross revenue ("Service Fee"). Therefore, net revenues represent amounts earned by the Company under the terms of its management services agreements with the Affiliated Practices, which generally equate to the sum of the Service Fees and the operating expenses that the affiliated practices paid to the Company under the service agreements. 8. 9 NET REVENUE Net revenue generated for the three months ended June 30, 1999 and 1998 were approximately $12.4 million and $7.4 million, respectively. For the three months ended June 30, 1999 and 1998, dental center revenues aggregated to approximately $16.9 million and $10.9 million, respectively. The dental center revenue and net revenue increases resulted substantially through additional practice affiliations. OPERATING EXPENSES The Company incurred operating expenses of approximately $11.5 million and $6.5 million for the three months ended June 30, 1999 and 1998, respectively. Operating expenses consisted primarily of salaries, wages and benefits, dental supplies and laboratory fees, rent, advertising and marketing, and general and administrative expenses. General and administrative expenses consist of the corporate expenses of the Company. These corporate expenses include salaries, wages and benefits, rent, consulting fees, travel (primarily related to practice development), office costs and other general corporate expenses. For the three months ended June 30, 1999, general and administrative expenses were approximately $1.0 million, which represented 8.1% of net revenue. For the three months ended June 30, 1998, general and administrative expenses were approximately $876,000, representing about 11.8% of net revenue. INCOME TAX EXPENSE Income tax expense for the three months ended June 30, 1999 and 1998 totaled approximately $279,000 and $263,000, or 40% and 28%, respectively, of income before income taxes. The Company expects the effective tax rate for income generated during fiscal 2000 will be 40%. LIQUIDITY AND CAPITAL RESOURCES At June 30, 1999 the Company had a working capital balance of approximately $5.0 million. Current assets included approximately $1.4 million in cash and $5.2 million in accounts receivable, due from Affiliated Practices. June 30, 1999 current liabilities consisted of approximately $1.4 million in accounts payable and accrued liabilities, mostly related to expenses of the Affiliated Practices. The Company believes that cash on hand, together with the availability under the revolving line of credit will be sufficient to continue execution of its affiliation strategy. On June 1, 1998 the Company closed a revolving bank credit facility with Bank One, Texas, N.A., which provides the Company with a revolving line of credit of up to $15.0 million, to be used for general corporate purposes including financing of acquisitions, capital expenditures and working capital. The credit facility is collateralized by liens on certain of the Company's assets, including its rights under the management service agreements and accounts receivable. The credit facility contains restrictions on the incurrence of additional indebtedness and payment of dividends on the Common Stock. Additionally, compliance with certain financial covenants is required and the lender has approval rights with respect with acquisitions exceeding certain limits. At June 30, 1999 $8.5 million was outstanding under the revolving line of credit. On July 1, 1999, the revolving bank credit facility was amended to permit the acquisition of Omega Orthodontics, Inc. In connection with the approval by the bank, the Company paid $100,000 as an amendment fee, and the term of the credit facility was shortened by one year. The term of the credit facility now will expire on May 31, 2000. Cash used in investing activities for the three months ended June 30, 1999 and 1998 included approximately $390,000 and $252,000, respectively, for purchases of capital equipment and approximately $849,000 and $2.8 million, respectively, for the purchase of intangibles associated with those new practice affiliations, respectively. For the three months ended June 30, 1998, notes receivable were issued totaling approximately $718,000, which represented payment of dental practice affiliation debts, which will be repaid by the affiliated practices over future years. Cash generated from financing activities for the three-month period ended June 30, 1999 included draws on the revolving line of credit of $500,000. During the quarter ended June 30, 1998, 375,000 shares of common stock were sold with the exercise of the underwriter's over-allotment option that provided net proceeds to the company of approximately $2.9 million 9. 10 YEAR 2000 ISSUE A number of computer programs and other equipment with embedded chips or processors ("Systems") use two digits rather than four digits to define the applicable year. Any Systems that are date sensitive may recognize a date of "00" as the year 1900 rather than the year 2000. This could result in miscalculations or system failures causing disruptions of operations, as well as potentially exposing the Company to third party liability. This issue is commonly referred to as the year 2000 ("Y2K") problem. The Company has initiated a Y2K compliance program to ensure that all of the critical Systems and processes that are under its direct control remain functional. The Company completed the installation of year 2000 compliant software for its operations prior to the IPO. Accordingly the Company does not expect the year 2000 issue to have a material adverse effect on its financial position, results of operations or cash flows. Although the Company's Y2K compliance program will attempt to determine the Y2K readiness of key third parties, there may be certain Systems or processes relied on by the Company that are outside of its control, and there can be no assurance that these Systems or processes will remain functional. Non-compliance by key third parties could have a material adverse effect on the operations of the Company. To date, the costs incurred by the Company that relate solely to the Y2K compliance program have been minimal. In the opinion of management, the costs to complete the Company's Y2K compliance program will not have a material adverse effect on the Company's consolidated financial position, results of operations or cash flows. The Company has received assurance that the systems implemented prior to the IPO are Y2K compliant. In addition, the Company has inventoried all hardware and software at the affiliated practices that process information related to practice management. The Company has estimated it will incur approximately $250,000 in affiliate practice computer upgrades for Y2K compliance. These upgrades are estimated to be completed by September 1999. The failure to correct a material year 2000 problem could possibly result in an interruption in or failure of, certain normal business activities operations. Such failure would materially and adversely affect the Company's financial position, results of operations and cash flows. Due to the general uncertainty inherent in the year 2000 problem, including uncertainty regarding the year 2000 readiness of third party suppliers and potential future acquisitions, the Company is unable to determine at this time whether the consequences of any possible year 2000 failures will have a material adverse impact on the Company's financial position, results or operations and cash flows. The Company believes that, with the scheduled completion of its computer system upgrades, the possibility of any material interruption to normal operations should be significantly reduced. The Company's plans to comply with year 2000 requirements and completion dates are based on management's best estimates, which were derived utilizing numerous assumptions of future events including the continued availability of certain resources and other factors. There can be no assurances; however, that the estimates will be achieved and actual results could differ from those estimates. Specific factors that might cause such material difference include, but are not limited to, the availability and cost of personnel trained in this area, the ability to identify and correct potential problems and similar uncertainties. CONTINGENCY PLANS If during the course of the Company's assessments of its critical Systems it is determined that the risk of Y2K disruptions is significant, contingency plans will be developed as appropriate. Such plans might include the use of alternative service providers or product suppliers should they incur significant Y2K losses. Currently, the Company does not have any contingency plans in place based on Y2K readiness assessments. 10. 11 PART II ITEM 1. LEGAL PROCEEDINGS - None ITEM 2. CHANGE IN SECURITIES AND USE OF PROCEEDS - none ITEM 3. DEFAULTS OF SENIOR SECURITIES - none ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS A Special Meeting of Stockholders of the Company was held in Phoenix, Arizona on June 30, 1999 for the purpose of approving and adopting an Agreement and Plan of Merger (the "merger Agreement"), dated as of March 15, 1999, by and among Pentegra Dental Group, Inc. Special Omega Acquisition Corporation, Omega Orthodontics, Inc., Robert J. Schulhof, C. Joel Glovsky, David T. Grove, Dean C. Bellavia and Floyd V. Elliott. Proxies for the meeting were solicited pursuant to Regulation 14A of the Securities Exchange Act of 1934 and there was no solicitation in opposition to management's solicitation. Stockholders approved and adopted the Merger Agreement by the following votes: For: ..................................... 5,457,409 Against: ..................................... 81,614 Abstaining:................................... 4,000
ITEM 5. OTHER INFORMATION - none ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K (a) Exhibits 27.1 Financial Data Schedule. (b) Reports on Form 8-K None SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant, Pentegra Dental Group, Inc., has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. PENTEGRA DENTAL GROUP, INC. Dated: /s/ Sam H. Carr --------------- By: Sam H. Carr Sr. Vice President - Chief Financial Officer 11. 12 EXHIBIT INDEX Number Description - ------ --------------------------------------------------- 27.1 Financial Data Schedule EX-27.1 2 EX-27.1
5 FROM THE COMPANY'S FORM 10-Q FOR THE PERIOD ENDED JUNE 30, 1999 AND IS THIS FINANCIAL DATA SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED 1,000 3-MOS MAR-31-2000 APR-01-1999 JUN-30-1999 1,395 0 5,184 0 0 7,324 7,348 (1,059) 37,116 2,303 13,634 0 0 9 21,170 37,116 12,449 12,449 11,544 11,544 (1) 0 208 698 279 419 0 0 0 419 0.05 0.05
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