-----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, S8ASD5Q7G9PZzPr1XFPKfnRgJBA1F1rUAbDejr0JlDdDPHARVSTXJr8PPqEsb6xl klg1+1cAAzCvqeYC/dqq6Q== 0001045969-98-000612.txt : 19980903 0001045969-98-000612.hdr.sgml : 19980903 ACCESSION NUMBER: 0001045969-98-000612 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19980630 FILED AS OF DATE: 19980814 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: C H ROBINSON WORLDWIDE INC CENTRAL INDEX KEY: 0001043277 STANDARD INDUSTRIAL CLASSIFICATION: 4731 IRS NUMBER: 411883630 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 000-23189 FILM NUMBER: 98688592 BUSINESS ADDRESS: STREET 1: 8100 MITCHELL ROAD STREET 2: #200 CITY: EDEN PRAIRIE STATE: MN ZIP: 55344 BUSINESS PHONE: 6129378500 MAIL ADDRESS: STREET 1: 8100 MITCHEL ROAD STREET 2: #200 CITY: EDEN PRAIRIE STATE: MN ZIP: 55344 10-Q 1 FORM 10-Q 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, 1998 OR / / TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM ___________ TO ____________ Commission File Number 000-23189 C.H. ROBINSON WORLDWIDE, INC. (Exact name of registrant as specified in its charter) Delaware 41-1883630 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 8100 South Mitchell Road, Suite 200, Eden Prairie, Minnesota 55344-2248 (Address of principal executive offices) (Zip Code) (612) 937-8500 (Registrant's telephone number, including area code) 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 As of July 31, 1998, the number of outstanding shares of the registrant's common stock was 41,208,887. PART I -- FINANCIAL INFORMATION ITEM 1. Financial Statements C.H. ROBINSON WORLDWIDE, INC. AND SUBSIDIARIES Condensed Consolidated Balance Sheets (In Thousands, except per share amounts)
June 30, 1998 December 31, ASSETS (Unaudited) 1997 -------------- ------------- CURRENT ASSETS: Cash and Cash Equivalents $ 81,396 $ 62,497 Available-for-sale securities 25,539 10,428 Receivables, net of allowance for doubtful accounts of $11,107 and $8,936 248,537 206,743 Inventories 4,060 3,109 Deferred tax benefit 3,710 4,781 Prepaid expenses and other 5,080 5,797 Income taxes receivable -- 17,334 --------- --------- Total current assets 368,322 310,689 PROPERTY AND EQUIPMENT, net 21,848 22,226 INTANGIBLE & OTHER ASSETS, net 8,083 7,713 --------- --------- $ 398,253 $ 340,628 ========= ========= LIABILITIES AND STOCKHOLDERS' INVESTMENT CURRENT LIABILITIES: Accounts Payable $ 208,444 $ 166,789 Accrued Expenses -- Compensation and profit-sharing contribution 14,818 22,107 Income taxes & other 22,424 12,751 --------- --------- Total current liabilities 245,686 201,647 STOCKHOLDERS' INVESTMENT Preferred stock, $0.10 par value, 20,000 shares authorized; none outstanding -- -- Common stock, $0.10 par value; 130,000 shares authorized, 41,265 issued, 41,211 and 41,265 outstanding 4,121 4,126 Additional paid-in capital 60,862 62,108 Retained Earnings 88,549 73,465 Foreign currency translation adjustment (965) (718) --------- --------- Total stockholders' investment 152,567 138,981 --------- --------- $ 398,253 $ 340,628 ========= =========
The accompanying notes are an integral part of these condensed consolidated balance sheets. - 2 - C.H. ROBINSON WORLDWIDE, INC. AND SUBSIDIARIES Condensed Consolidated Statements of Operations and Comprehensive Income (In Thousands, except per share data) (unaudited)
Three Months Six Months Ended June 30, Ended June 30, ------------------- ---------------------- 1998 1997 1998 1997 -------- -------- ----------- -------- GROSS REVENUES $546,672 $451,447 $ 1,014,861 $855,152 COST OF TRANSPORTATION AND PRODUCTS 483,380 399,177 896,348 755,996 -------- -------- ----------- -------- NET REVENUES 63,292 52,270 118,513 99,156 SELLING GENERAL AND ADMINISTRATIVE EXPENSES 44,671 36,994 86,538 72,465 -------- -------- ----------- -------- INCOME FROM OPERATIONS 18,621 15,276 31,975 26,691 INVESTMENT AND OTHER INCOME 639 1,030 1,130 1,881 -------- -------- ----------- -------- INCOME FROM CONTINUING OPERATIONS BEFORE PROVISION FOR INCOME TAXES 19,260 16,306 33,105 28,572 PROVISION FOR INCOME TAXES 7,648 6,499 13,119 11,339 -------- -------- ----------- -------- NET INCOME FROM CONTINUING OPERATIONS 11,612 9,807 19,986 17,233 NET INCOME FROM DISCONTINUED OPERATIONS, net of income taxes -- 461 -- 900 -------- -------- ----------- -------- NET INCOME $ 11,612 $ 10,268 $ 19,986 $ 18,133 -------- -------- ----------- -------- OTHER COMPREHENSIVE INCOME: Foreign currency translation adjustment (202) -- (247) -- -------- -------- ----------- -------- COMPREHENSIVE INCOME $ 11,410 $ 10,268 $ 19,739 $ 18,133 ======== ======== =========== ======== BASIC NET INCOME PER SHARE: From continuing operations $ 0.28 $ 0.24 $ 0.48 $ 0.42 From discontinued operations -- 0.01 -- 0.02 -------- -------- ----------- -------- Net income $ 0.28 $ 0.25 $ 0.48 $ 0.44 ======== ======== =========== ======== DILUTED NET INCOME PER SHARE: From continuing operations $ 0.28 $ 0.24 $ 0.48 $ 0.42 From discontinued operations -- 0.01 -- 0.02 -------- -------- ----------- -------- Net income $ 0.28 $ 0.25 $ 0.48 $ 0.44 ======== ======== =========== ======== BASIC WEIGHTED AVERAGE SHARES OUTSTANDING 41,215 41,253 41,233 41,306 DILUTIVE EFFECT OF OUTSTANDING STOCK OPTIONS 100 -- 101 -- -------- -------- ----------- -------- DILUTED WEIGHTED AVERAGE SHARES OUTSTANDING 41,315 41,253 41,334 41,306 ======== ======== =========== ========
The accompanying notes are an integral part of these condensed consolidated statements. - 3 - C.H. ROBINSON WORLDWIDE INC. AND SUBSIDIARIES Condensed Consolidated Statements of Cash Flows (In Thousands) (unaudited)
Six Months Ended June 30, ------------------------------------ 1998 1997 -------------- -------------- OPERATING ACTIVITIES: Net income $ 19,986 $ 18,133 Adjustments to reconcile net income to net cash provided by operating activities - Depreciation and amortization 4,137 4,073 Loss on sale of assets 11 75 Deferred income taxes 532 (1,662) Changes in operating elements - Receivables (41,794) (33,376) Inventories (951) 258 Prepaid expenses and other current assets 717 424 Accounts payable 41,655 25,393 Accrued compensation and profit sharing (7,289) (5,411) Accrued income taxes and other 27,007 4,403 ------------- ------------- Net cash provided by operating activities 44,011 12,310 INVESTING ACTIVITIES: Additions of property and equipment (2,791) (2,807) Disposals of property and equipment 22 26 Sales/maturities of available-for-sale securities 12,053 34,362 Purchases of available-for-sale securities (27,162) (41,876) Cash used by discontinued operations -- (2,332) Other, net (1,036) 176 ------------- ------------- Net cash used for investing activities (18,914) (12,451) FINANCING ACTIVITIES: Sales of common stock 826 103 Repurchase of common stock (2,077) (1,416) Cash dividends (4,947) (825) ------------- ------------- Net cash used for financing activities (6,198) (2,138) ------------- ------------- Net increase in cash and cash equivalents 18,899 (2,279) CASH AND CASH EQUIVALENTS, beginning of period 62,497 42,567 ------------- ------------- CASH AND CASH EQUIVALENTS, end of period $ 81,396 $ 40,288 ============= =============
The accompanying notes are an integral part of these condensed consolidated statements. - 4 - C.H. ROBINSON WORLDWIDE INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) GENERAL: C.H. Robinson Worldwide, Inc. and Subsidiaries (the "Company") is a global provider of multimodal transportation services and logistic solutions through a network of branch offices throughout the United States, along with offices in Canada, Mexico, Belgium, the United Kingdom, France, Italy, Poland, Brazil and South Africa. The condensed consolidated financial statements include the accounts of C.H. Robinson Worldwide, Inc. and its majority owned and controlled subsidiaries. The Company's financial services segment, which was sold in the fourth quarter of 1997, is presented in the accompanying consolidated financial statements as discontinued operations. Minority interests in subsidiaries are not significant. All significant intercompany transactions and balances have been eliminated in the condensed consolidated financial statements. The condensed consolidated financial statements which are unaudited have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC"). In management's opinion, these financial statements include all adjustments (consisting only of normal recurring adjustments) necessary for a fair presentation of the results of operations for the interim periods presented. The results of operations for the three and six months ended June 30, 1998 and 1997 are not necessarily indicative of results to be expected for the entire year. Pursuant to SEC rules and regulations, certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted from these statements. The condensed consolidated financial statements and notes thereto should be read in conjunction with the financial statements and notes included in the Company's Annual Report on Form 10-K. RECENTLY ISSUED ACCOUNTING PRONOUNCEMENT: The Financial Accounting Standards Board issued Statement of Financial Accounting Standards No. 131 "Disclosures about Segments of an Enterprise and Related Information" (SFAS No. 131) in June 1997. SFAS No. 131 establishes accounting standards for segment reporting and is effective for fiscal years beginning after December 15, 1997. The adoption of SFAS No. 131 is not expected to affect the Company's financial statements or the disclosures contained therein. - 5 - ITEM 2. Managements' Discussion and Analysis of Financial Condition and Results of Operations The following discussion of the financial condition and results of operations of the Company should be read in conjunction with the Company's Condensed Consolidated Financial Statements and Notes thereto. GENERAL Gross revenues represent the total amount of services and goods sold by the Company to its customers. Costs of transportation and products include direct costs of transportation contracted by the Company, including motor carrier, intermodal, ocean, air, and other costs, and the purchase price of products sourced by the Company. The Company acts principally as a service provider to add value and expertise in the execution and procurement of these services for its customers. The net revenues of the Company (gross revenues less costs of transportation and products) are the primary indicator of the Company's ability to source, add value and resell services and products that are provided by third parties, and are considered by management to be the primary measurement of growth for the Company. Accordingly, the discussion of results of operations below focuses on the changes in the Company's net revenues. In the transportation industry generally, results of operations show a seasonal pattern as customers reduce shipments during and after the winter holiday season. In recent years, the Company's operating income and income from continuing operations have been higher in the second and third quarters than in the first and fourth quarters. Although seasonality in the transportation industry has not had a significant impact on the Company's cash flow or results of operations in recent years, the Company cannot fully predict the impact it may have in the future. Inflation has not materially affected the Company's operations due to the short-term, transactional basis of its business. RESULTS OF OPERATIONS The following table summarizes net revenue by service line:
Three Months Ended Six Months Ended June 30, June 30, ----------------------------------------- ----------------------------------------- 1998 1997 % change 1998 1997 % change ------------ ------------ -------------- ------------- ----------- -------------- Net Revenue (in thousands) Transportation $ 48,485 $ 39,707 22.1% $ 90,225 $ 75,682 19.2% Sourcing 12,186 10,564 15.4% 23,283 19,662 18.4% Information services 2,621 1,999 31.1% 5,005 3,812 31.3% ------------ ------------ -------------- ------------- ----------- -------------- Total $ 63,292 $ 52,270 21.1% $ 118,513 $ 99,156 19.5% ============ ============ ============== ============= =========== ==============
- 6 - The following table represents certain income statement data shown as percentages of the Company's net revenues:
Three Months Ended Six Months Ended June 30, June 30, ------------------------------- ---------------------------- 1998 1997 1998 1997 -------------- ---------- ----------- ------------ Net revenues 100.0% 100.0% 100.0% 100.0% Selling, general and administrative expenses 70.6% 70.8% 73.0% 73.1% -------------- ---------- ----------- ------------ Income from operations 29.4% 29.2% 27.0% 26.9% Investment and other income 1.0% 2.0% 1.0% 1.9% -------------- ---------- ----------- ------------ Income from continuing operations before 30.4% 31.2% 28.0% 28.8% provision for income taxes Provision for income taxes 12.1% 12.4% 11.1% 11.4% -------------- ---------- ----------- ------------ Net income from continuing operations 18.3% 18.8% 16.9% 17.4% ============== ========== =========== ============
THREE MONTHS ENDED JUNE 30, 1998 COMPARED TO THREE MONTHS ENDED JUNE 30, 1997 Revenues. Gross revenues for the three months ended June 30, 1998 were $546.7 million, an increase of 21.1% over gross revenues of $451.4 million for the three months ended June 30, 1997. Net revenues for the three months ended June 30, 1998 were $63.3 million, an increase of 21.1% over net revenues of $52.3 million for the three months ended June 30, 1997, resulting from an increase in transportation services net revenues of 22.1% to $48.5 million, an increase in sourcing net revenues of 15.4% to $12.2 million, and an increase in information services net revenues of 31.1% to $2.6 million. The increase in transportation net revenue resulted primarily from an increase in transaction volume. The increase in transaction volume was driven by significant expansion of business with current customers and from new domestic and international customers. Sourcing net revenues increased by 15.4% due principally to net revenue growth from sourcing produce for the Company's large retail chain customers and a new program with an international produce exporter. The increase in information services net revenue was the result of significant growth in transaction volume. Net revenue per transaction decreased slightly due to the increase in less expensive electronic transactions which have been growing faster than manual transactions. Selling, General and Administrative Expenses. Selling, general and administrative expenses for the three months ended June 30, 1998 were $44.7 million, an increase of 20.8% over $37.0 million for the three months ended June 30, 1997. Selling, general and administrative expenses as a percent of net revenue remained relatively constant at 70.6% for the three months ended June 30, 1998 compared to 70.8% for the three months ended June 30,1997. Income from Operations. Income from operations was $18.6 million for the three months ended June 30, 1998, an increase of 21.9% over $15.3 million for the three months ended June 30, 1997. Income - 7 - from operations as a percent of net revenue were 29.4% and 29.2% for the three months ended June 30, 1998 and for the three months ended June 30, 1997, respectively. Investment and Other Income. Investment and other income was $639,000 for the three months ended June 30, 1998, a decrease of 38.0% from $1.0 million for the three months ended June 30, 1997. This decrease was the result of a special dividend paid on October 10, 1997 in conjunction with the initial public offering, which lowered the amount of cash available for investments. Provision for Income Taxes. The effective income tax rates for continuing operations were 39.7% and 39.9% for the three months ended June 30, 1998 and for the three months ended June 30, 1997. The effective income tax rate for both periods is greater than the statutory federal income tax rate primarily due to state income taxes, net of federal benefit. Net Income from Continuing Operations. Net income from continuing operations was $11.6 million for the three months ended June 30, 1998, an increase of 18.4% over $9.8 million for the three months ended June 30, 1997. Net income from continuing operations per share increased by 16.7% to $0.28 (basic and diluted) for the three months ended June 30, 1998 compared to $0.24 (basic and diluted) for the three months ended June 30, 1997. SIX MONTHS ENDED JUNE 30, 1998 COMPARED TO SIX MONTHS ENDED JUNE 30, 1997 Revenues. Gross revenues for the six months ended June 30, 1998 were $1.0 billion, an increase of 18.7% over gross revenues of $855.2 million for the six months ended June 30, 1997. Net revenues for the six months ended June 30, 1998 were $118.5 million, an increase of 19.5% over net revenues of $99.2 million for the six months ended June 30, 1997, resulting from an increase in transportation services net revenues of 19.2% to $90.2 million, an increase in sourcing net revenues of 18.4% to $23.3 million, and an increase in information services net revenues of 31.3% to $5.0 million. The increase in transportation net revenue resulted primarily from an increase in transaction volume. The increase in transaction volume was driven by significant expansion of business with current customers and from new domestic and international customers. Sourcing net revenues increased by 18.4% due principally to net revenue growth from sourcing produce for the Company's large retail chain customers, a new program with an international produce exporter and temporary opportunities created by adverse weather conditions in major produce growing areas. The Company's branch network and relationships with produce growers worldwide provided the Company with sources of produce in this challenging market and provided growth to both the number of transactions and the profit per transaction. The increase in information services net revenue was the result of significant growth in transaction volume. Net revenue per transaction decreased slightly due to the increase in less expensive electronic transactions which have been growing faster than manual transactions. Selling, General and Administrative Expenses. Selling, general and administrative expenses for the six months ended June 30, 1998 were $86.5 million, an increase of 19.4% over $72.5 million for the six months ended June 30, 1997. Selling, general and administrative expenses as a percent of net revenue remained relatively constant at 73.0% for the six months ended June 30, 1998 compared to 73.1% for the six months ended June 30, 1997. Income from Operations. Income from operations was $32.0 million for the six months ended June 30, 1998, an increase of 19.8% over $26.7 million for the six months ended June 30, 1997. Income from operations as a percent of net revenue were 27.0% and 26.9% for the six months ended June 30, 1998 and for the six months ended June 30, 1997, respectively. - 8 - Investment and Other Income. Investment and other income was $1.1 million for the six months ended June 30, 1998, a decrease of 39.9% from $1.9 million for the six months ended June 30, 1997. This decrease was the result of a special dividend paid on October 10, 1997 in conjunction with the initial public offering, which lowered the amount of cash available for investments. Provision for Income Taxes. The effective income tax rates for continuing operations were 39.6% and 39.7% for the six months ended June 30, 1998 and for the six months ended June 30, 1997. The effective income tax rate for both periods is greater than the statutory federal income tax rate primarily due to state income taxes, net of their federal benefit. Net Income from Continuing Operations. Net income from continuing operations was $20.0 million for the six months ended June 30, 1998, an increase of 16.0% over $17.2 million for the six months ended June 30, 1997. Net income from continuing operations per share increased by 14.3% to $0.48 (basic and diluted) for the six months ended June 30, 1998 compared to $0.42 (basic and diluted) for the six months ended June 30, 1997. LIQUIDITY AND CAPITAL RESOURCES The Company has historically generated substantial cash from operations which has enabled it to fund its growth while paying cash dividends and repurchasing stock. Cash and cash equivalents totaled $81.4 million and $62.5 million and available-for-sale securities totaled $25.5 million and $10.4 million as of June 30, 1998 and December 31, 1997, respectively. Working capital at June 30, 1998 and December 31, 1997 totaled $122.6 million and $109.0 million, respectively. The Company has had no long-term debt for the last five years. Management believes that the Company's available cash, together with expected future cash generated from operations, is expected to be sufficient to satisfy its anticipated needs for working capital, capital expenditures, cash dividends and stock repurchases. In addition, the Company has $17.5 million available under its two existing lines of credit at interest rates of 6.7% and 6.6%, respectively, as of June 30, 1998. The lines of credit do not restrict the payment of dividends. There were no borrowings under the lines of credit during 1997 or the six months ended June 30, 1998. The Company continues to assess what impact the year 2000 will have on its current information systems. A plan is underway to complete necessary programming using primarily internal resources. The cost of this programming is not expected to be material to the Company's overall financial position and is being expensed as incurred. The Company believes that failure by its customers or suppliers to address this issue in a timely manner will not have a significant impact on the Company or its operations. CAUTIONARY STATEMENT RELEVANT TO FORWARD-LOOKING INFORMATION The foregoing Management's Discussion and Analysis of Financial Condition and Results of Operations contains certain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements represent the Company's expectations or beliefs, including, but not limited to, statements concerning the Company's operations and financial performance and condition. When used in this Form 10-Q and in future filings by the Company with the Securities and Exchange Commission, in the Company's press releases, presentations to securities analysts or investors, in oral statements made by or with the approval of an executive officer of the Company, the words or phrases "believes," "may," "will," "expects," "should," "continue," "anticipates," "intends," "will likely result," "estimates," "projects" or similar expressions and variations thereof are intended to identify such forward-looking statements. However, any statements contained in this Form 10-Q that are not statements of historical fact may be deemed to be forward-looking statements. The Company cautions that these statements by their nature involve risks and uncertainties, certain of which are beyond the Company's control, and actual results may differ materially depending on a variety of important factors, including those described in Exhibit 99 to the Company's Form 10-K filed with the Securities and Exchange Commission with respect to the Company's fiscal year ended December 31, 1997. - 9 - ITEM 3. Quantitative and Qualitative Disclosures About Market Risk Not applicable. PART II -- OTHER INFORMATION ITEM 1. Legal Proceedings In accordance with reporting requirements promulgated by the Securities and Exchange Commission, the Company has no new information to report regarding legal proceedings for this Quarterly Report on Form 10-Q. 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 May 5, 1998. At the meeting, stockholders voted on the reelection of two directors for terms expiring at the Annual Meeting of the Company in 2001. Each of the directors was reelected by a vote as follows: D.R. Verdoorn received 25,634,013 votes "For" and 84,671 votes were "Withheld;" and Barry W. Butzow received 25,616,591 votes "For" and 102,093 votes were "Withheld." ITEM 5. Other Information None. ITEM 6. Exhibits and Reports on Form 8-K (a) Exhibits 27 Financial Data Schedule (b) Reports on Form 8-K No reports on Form 8-K were filed during the quarter ended June 30, 1998. - 10 - 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 thereunto duly authorized. Date: August 13, 1998 C.H.ROBINSON WORLDWIDE, INC. By /s/ D. R. Verdoorn ------------------------------- D.R. Verdoorn Chief Executive Officer By /s/ Chad Lindbloom ------------------------------ Chad Lindbloom Controller (principal accounting officer) - 11 - EXHIBIT INDEX Exhibit No. Description - - ----------- ----------- 27 Financial Data Schedule EX-27 2 FINANCIAL DATA SCHEDULE
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS OF C.H. ROBINSON WORLDWIDE, INC. AND SUBSIDIARIES FOR THE SIX MONTHS ENDED JUNE 30, 1998 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 1,000 6-MOS DEC-31-1998 JAN-01-1998 JUN-30-1998 81,396 25,539 259,644 11,107 4,060 368,322 43,139 21,291 398,253 245,686 0 0 0 4,121 148,446 398,253 0 1,014,861 0 982,886 0 2,635 0 33,105 13,119 19,986 0 0 0 19,986 .48 .48
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