-----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, PxdTEuQP1W7e6PVQXPqwUhhOhKCyUEY1vEgHh7v/QDq9/P0deKIsDq86Dx9IHtT4 LCWvsDAwdmatcohae3hb3Q== 0000930661-99-001228.txt : 19990518 0000930661-99-001228.hdr.sgml : 19990518 ACCESSION NUMBER: 0000930661-99-001228 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19990331 FILED AS OF DATE: 19990517 FILER: COMPANY DATA: COMPANY CONFORMED NAME: WISER OIL CO CENTRAL INDEX KEY: 0000107874 STANDARD INDUSTRIAL CLASSIFICATION: CRUDE PETROLEUM & NATURAL GAS [1311] IRS NUMBER: 550522128 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 001-12640 FILM NUMBER: 99627094 BUSINESS ADDRESS: STREET 1: 8115 PRESTON RD STE 400 CITY: DALLAS STATE: TX ZIP: 75225 BUSINESS PHONE: 2142650080 MAIL ADDRESS: STREET 1: 8115 PRESTON ROAD STREET 2: SUITE 400 CITY: DALLAS STATE: TX ZIP: 75225 10-Q 1 FORM 10-Q ================================================================================ SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR QUARTER ENDED MARCH 31, 1999 COMMISSION FILE NUMBER 0-5426 THE WISER OIL COMPANY A DELAWARE CORPORATION I.R.S. EMPLOYER IDENTIFICATION NO. 55-0522128 8115 PRESTON ROAD, SUITE 400 DALLAS, TEXAS 75225 TELEPHONE (214) 265-0080 Former name, former address and former fiscal year, if changed since last report. NONE 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, and (2) has been subject to such filing requirements for the past 90 days. x ----- ____ Yes No Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the close of the period covered by this report. Class Outstanding at March 31, 1999 ------------- ----------------------------- $3 par value 8,951,965 ================================================================================ THE WISER OIL COMPANY THE WISER OIL COMPANY PART I FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS The consolidated condensed financial statements included herein have been prepared by the Company, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. The financial statements reflect all adjustments which are, in the opinion of management, necessary to fairly present such information. Although the Company believes that the disclosures are adequate to make the information presented not misleading, certain information and footnote disclosures, including significant accounting policies, normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations. It is suggested that these condensed financial statements be read in conjunction with the financial statements and the notes thereto included in the Company's latest annual report on Form 10-K. 2 THE WISER OIL COMPANY THE WISER OIL COMPANY CONSOLIDATED BALANCE SHEETS (UNAUDITED)
MARCH 31, DECEMBER 31, 1999 1998 ---------- ---------- (000's) except share data ASSETS Current Assets: Cash and cash equivalents.................................... $ 2,614 $ 2,779 Accounts receivable.......................................... 9,149 9,102 Inventories.................................................. 612 669 Income taxes receivable...................................... 1,270 1,270 Prepaid expenses............................................. 1,218 1,035 ----------------------- Total current assets...................................... 14,863 14,855 ----------------------- Property, Plant and Equipment, at cost: Oil and gas properties (successful efforts method)........... 370,568 367,974 Other properties............................................. 5,443 5,523 ----------------------- 376,011 373,497 Accumulated depreciation, depletion and amortization......... (165,861) (160,202) ----------------------- Net property, plant and equipment............................ 210,150 213,295 Other Assets.................................................. 3,532 3,660 ----------------------- $ 228,545 $ 231,810 ============ ========== LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable............................................. $ 9,471 $ 10,473 Current portion of long-term debt............................ 21,000 21,000 Accrued liabilities.......................................... 5,541 2,730 ----------------------- Total current liabilities.................................. 36,012 34,203 ----------------------- Long Term Debt................................................ 124,472 124,452 Deferred Benefit Cost......................................... 369 378 Deferred Income Taxes......................................... -- 686 Stockholders' Equity: Common stock - $3 par value; 20,000,000 shares authorized; shares issued - 9,128,169; shares outstanding - 8,951,965... 27,385 27,385 Paid-in capital.............................................. 3,223 3,223 Retained earnings............................................ 38,732 43,090 Foreign currency translation................................. 1,081 1,122 Treasury stock; 176,204 shares, at cost...................... (2,729) (2,729) ----------------------- Total stockholders' equity................................. 67,692 72,091 ----------------------- $ 228,545 $ 231,810 =======================
The notes to financial statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 1998 are an integral part of these financial statements. 3 THE WISER OIL COMPANY THE WISER OIL COMPANY CONSOLIDATED STATEMENTS OF INCOME AND RETAINED EARNINGS (UNAUDITED)
FOR THE THREE MONTHS ENDED MARCH 31, ------------------ 1999 1998 ----------- ----------- (000's except per share data) Revenues: Oil and gas sales......................... $ 11,605 $ 17,074 Dividends and interest.................... 26 145 Other..................................... 240 196 -------------------------- 11,871 17,415 -------------------------- Costs and Expenses: Production and operating.................. 5,322 6,162 Purchased natural gas..................... 336 388 Depreciation, depletion and amortization.. 5,438 6,841 Exploration............................... 894 3,353 General and administrative................ 1,519 2,426 Interest expense.......................... 3,406 3,146 -------------------------- 16,915 22,316 -------------------------- Earnings (Loss) Before Income Taxes......... (5,044) (4,901) Income Tax Expense (Benefit)................ (686) (1,345) -------------------------- NET INCOME (LOSS)........................... (4,358) (3,556) Retained Earnings, beginning of period...... 43,090 68,630 Dividends Paid.............................. -- (268) -------------------------- Retained Earnings, end of period............ $ 38,732 $ 64,806 ========================== Weighted Average Outstanding Shares......... 8,952 8,952 ========================== Earnings (Loss) Per Share: Basic..................................... $ (0.49) $ (0.40) ========================== Diluted................................... $ (0.49) $ (0.40) ========================== Cash Dividends Per Share.................... $ -- $ 0.03 ==========================
The notes to financial statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 1998 are an integral part of these financial statements. 4 THE WISER OIL COMPANY THE WISER OIL COMPANY CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY For the Three Months Ended March 31, 1999
Foreign Common Paid-in Retained Currency Treasury Total Stock Capital Earnings Translation Stock --------- --------- ------- --------- ------------ --------- (000's) December 31, 1998............. $ 72,091 $ 27,385 $ 3,223 $ 43,090 $ 1,122 $ (2,729) Net income (loss) (4,358) -- -- (4,358) -- -- Other comprehensive income (loss), net of tax....... (41) -- -- -- (41) -- -------- Comprehensive income (loss)... (4,399) Dividends paid................ -- -- -- -- -- -- -------- -------- ------- -------- ----------- -------- MARCH 31, 1999................ $ 67,692 $ 27,385 $ 3,223 $ 38,732 $ 1,081 $ (2,729) ======== ======== ======= ======== =========== ========
The notes to financial statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 1998 are an integral part of these financial statements. 5 THE WISER OIL COMPANY THE WISER OIL COMPANY CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
FOR THE THREE MONTHS ENDED MARCH 31, ---------------------- 1999 1998 ---------- ---------- (000's) Cash Flows From Operating Activities: Net Income (Loss)............................................. $ (4,358) $ (3,556) Adjustments to reconcile net income to operating cash flows: Depreciation, depletion and amortization.................... 5,438 6,841 Deferred income taxes....................................... (686) (448) Property sales losses (gains)............................... 12 (22) Foreign currency translation................................ (41) (105) Exploration expense......................................... 894 3,353 Amortization of other assets................................ 121 146 Other Changes: Accounts receivable....................................... (47) 1,082 Inventories............................................... 57 22 Income taxes receivable................................... -- (947) Prepaid expenses.......................................... (183) (696) Other assets.............................................. 27 - Accounts payable.......................................... (1,002) (954) Accrued liabilities....................................... 2,811 (1,384) Deferred benefits cost.................................... (9) 111 ---------- ---------- Operating Cash Flows................................... 3,034 3,443 ---------- ---------- Cash Flows From Investing Activities: Capital and exploration expenditures.......................... (3,517) (17,184) Proceeds from sales of property, plant and equipment.......... 318 1,281 ---------- ---------- Investing Cash Flows................................... (3,199) (15,903) ---------- ---------- Cash Flows From Financing Activities: Long term debt issued......................................... -- 4,486 Dividends paid................................................ -- (268) ---------- ---------- Investing Cash Flows................................... -- 4,218 ---------- ---------- Net Increase (Decrease) In Cash.................................. (165) (8,242) Cash and Cash Equivalents, beginning of period................... 2,779 13,255 ---------- ---------- Cash and Cash Equivalents, end of period......................... $ 2,614 $ 5,013 ========== ==========
The notes to financial statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 1998 are an integral part of these financial statements. 6 THE WISER OIL COMPANY THE WISER OIL COMPANY NOTES TO FINANCIAL STATEMENTS NOTE 1. LIQUIDITY On April 21, 1999, the Company completed the sale of certain producing and non-producing mineral interests ("Mineral Properties") to Prince Minerals, Ltd. for $10 million. The $10 million of sales proceeds were used to reduce the outstanding principal balance under the Credit Agreement to $11 million. The producing portion of the oil and gas properties comprising the Mineral Properties represent approximately 2% of the Company's total proved oil and gas reserves at December 31, 1998. The Company will recognize a gain of approximately $1.1 million from the sale of the Mineral Properties in the second quarter of 1999. On May 11, 1999 the Company entered into a $25 million Senior Secured Reducing Revolver ("BankOne Revolver") with Bank One, Texas, NA and also on May 11, 1999 the Company borrowed $11 million under the BankOne Revolver to repay in full the outstanding principal balance of $11 million under the Credit Agreement. On May 12, 1999, the Company completed the sale of its oil and gas properties in Kentucky, Tennessee and West Virginia ("Appalachia Properties") for $28 million to Columbia Natural Resources. Approximately $10.5 million of the sale proceeds were used by the Company to reduce the outstanding principal balance under the BankOne Revolver from $11 million to $0.5 million. The remainder of the Appalachia Properties sales proceeds will be used by the Company to fund capital expenditures and for general corporate purposes. The oil and gas properties comprising the Appalachia Properties represent approximately 15% of the Company's total proved oil and gas reserves at December 31, 1998. The Company will recognize a gain of approximately $2.7 million from the sale of the Appalachia Properties in the second quarter of 1999. In addition, the Company has agreed to sell a number of smaller, non-strategic oil and gas properties in Texas and New Mexico for an aggregate sales price of $4.3 million. This sale is expected to close by May 18, 1999. The sales proceeds will be used to fund capital expenditures and for general corporate purposes. 7 THE WISER OIL COMPANY THE WISER OIL COMPANY NOTES TO FINANCIAL STATEMENTS (continued) NOTE 2. SUMMARY OF GUARANTIES OF 9 1/2% SENIOR SUBORDINATED NOTES In May 1997, the Company issued $125 million aggregate principal amount of its 9 1/2% Senior Subordinated Notes due 2007 pursuant to an offering exempt from registration under the Securities Act of 1933. The notes are unsecured obligations of the Company, subordinated in right of payment to all existing and any future senior indebtedness of the Company. The notes rank pari passu with any future senior subordinated indebtedness and senior to any future junior subordinated indebtedness of the Company. The notes are fully and unconditionally guaranteed, jointly and severally, on an unsecured, senior subordinated basis by certain wholly owned subsidiaries of the Company (the "Subsidiary Guarantors"). At the time of the initial issuance of the notes, Wiser Oil Delaware, Inc., The Wiser Marketing Company, Wiser Delaware LLC, T.W.O.C., Inc. and The Wiser Oil Company of Canada were the Subsidiary Guarantors (the "Initial Subsidiary Guarantors"). Except for five wholly owned subsidiaries that are inconsequential to the Company on a consolidated basis, the Initial Subsidiary Guarantors comprise all of the Company's direct and indirect subsidiaries. Sections 13 and 15(d) of the Securities Exchange Act of 1934 require presentation of the following unaudited summarized financial information of the Subsidiary Guarantors. The Company has not presented separate financial statements and other disclosures concerning each Subsidiary Guarantor because such information is not material to investors. There are no significant contractual restrictions on distributions from each of the Subsidiary Guarantors to the Company. 8 THE WISER OIL COMPANY THE WISER OIL COMPANY NOTES TO FINANCIAL STATEMENTS (continued)
THE WISER OIL COMPANY SUBSIDIARY GUARANTORS -------------------------------------------- THE WISER WISER T.W.O.C. MARKETING COMBINED Canada(1) INC. COMPANY TOTAL ----------- --------- --------- --------- (000's) REVENUES - -------- For the quarter ended March 31, 1999.. $ 3,158 $ - $523 $ 3,681 For the quarter ended March 31, 1998.. 3,780 1 559 4,340 INCOME (LOSS) BEFORE INCOME TAXES - --------------------------------- For the quarter ended March 31, 1999.. $ (510) $ - $ 68 $ (442) For the quarter ended March 31, 1998.. (709) (3) 66 (646) NET INCOME (LOSS) - ----------------- For the quarter ended March 31, 1999.. $ (510) $ - $ 68 $ (442) For the quarter ended March 31, 1998.. (518) (2) 48 (472) CURRENT ASSETS - -------------- March 31, 1999........................ $ 4,041 $ 3 $157 $ 4,201 December 31, 1998..................... 3,782 3 213 3,998 TOTAL ASSETS - ------------ March 31, 1999........................ $51,255 $ 3 $569 $51,827 December 31, 1998..................... 50,797 3 526 51,326 CURRENT LIABILITIES - ------------------- March 31, 1999........................ $ 6,419 $ - $336 $ 6,755 December 31, 1998..................... 4,806 - 361 5,167 NONCURRENT LIABILITIES - ---------------------- March 31, 1999........................ $17,898 $ - $ - $17,898 December 31, 1998..................... 17,846 - - 17,846 STOCKHOLDER'S EQUITY - -------------------- March 31, 1999........................ $26,938 $ 3 $233 $27,174 December 31, 1998..................... 28,145 3 165 28,313
(1) Includes the accounts of Wiser Oil Delaware, Inc., Wiser Delaware LLC and The Wiser Oil Company of Canada. See other notes to financial statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 1998. 9 THE WISER OIL COMPANY THE WISER OIL COMPANY Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations COMPARISON OF QUARTERS ENDED MARCH 31, 1999 AND MARCH 31, 1998 Revenues for the first quarter of 1999 decreased $5.5 million or 32% from the first quarter of 1998, due primarily to lower oil and gas prices and lower oil production. Oil sales for the first quarter of 1999 were $4.2 million lower than the first quarter of 1998 as the average price received for oil sales in the first quarter of 1999 was $10.94 per barrel, down $3.14 per barrel or 22% from the first quarter of 1998. Net oil production for the first quarter of 1999 was 499,000 barrels, down 27% from 683,000 barrels in the first quarter of 1998. The decline in oil production is attributable primarily to the Maljamar field which produced 160,000 barrels of oil in the first quarter of 1999 compared to 258,000 barrels in the first quarter of 1998. Development of the Maljamar field was substantially completed in 1998 and the decline in oil production is consistent with the Company's expectations. Gas sales for the first quarter of 1999 were $1.2 million lower than the first quarter of 1998. Gas production for the first quarter of 1999 was 3,304 MMCF, down 124 MMCF or 4% from the first quarter of 1998. The average price received for gas sales during the first quarter of 1999 was $1.68 per mcf, a decrease of $0.28 per mcf or 14% from the first quarter of 1998. During the first quarter of 1999, oil and gas sales were increased $0.1 million from the Company's hedging activities. There were no hedging activities in the first quarter of 1998. Production and operating expense for the first quarter of 1999 decreased $0.8 million or 14% from the first quarter of 1998 primarily as a result of lower production taxes associated with lower oil and gas prices received in the first quarter of 1999. On a BOE basis (excluding 148 MMCF and 165 MMCF of gas purchased for resale during the first quarter of 1999 and 1998, respectively), production and operating expense during the first quarter of 1999 increased to $4.85 per BOE or 3% from $4.73 per BOE during the first quarter of 1998. Depreciation, depletion and amortization, ("DD&A") for the first quarter of 1999, decreased $1.4 million or 21% from the first quarter of 1998 due primarily to lower BOE production. Exploration expense for the first quarter of 1999 was $0.9 million, down $2.5 million from the first quarter of 1998 due to substantial reductions in exploration activity during the first quarter of 1999. General and administrative expense in the first quarter of 1999 was $1.5 million, down $0.9 million lower than the first quarter of 1998 due to substantial reductions in office staff that were made in December 1998. Interest expense during the first quarter of 1999 was $0.3 million or 8% higher than the first quarter of 1998 due to borrowings under the Credit Agreement. The effective income tax rate for the first quarter of 1999 was 14% compared to 27% in the first quarter of 1998. The net loss before income taxes of $5.0 million in the first quarter of 1999 will generate income tax benefits only if the net loss can be carried forward and applied against future taxable income. Since full realization of the future income tax benefits associated with the net loss can not be reasonably assured at this time, income tax benefits were recognized only to the extent of the Company's existing deferred income tax liability of $0.7 million in the first quarter of 1999. 10 THE WISER OIL COMPANY THE WISER OIL COMPANY Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations COMPARISON OF QUARTERS ENDED MARCH 31, 1999 AND MARCH 31, 1998 (CONTINUED) The Company realized a net loss of $4.4 million and net loss per share of $0.49 in the first quarter of 1999 compared to a net loss of $3.6 million and net loss per share of $0.40 during the first quarter of 1998. Operating cash flows during the first quarter of 1999 were $3.0 million, down $0.4 million from the first quarter of 1998 primarily as a result of decreased oil and gas sales combined with an increase in accrued liabilities. Capital and exploration expenditures during the first quarter of 1999 were $3.5 million, down $13.7 million from $17.2 million during the first quarter of 1998. The Company has reduced its capital and exploration budget for 1999 to a range of $4 million to $5 million. On a cash basis, the Company paid $0.3 million in interest expense in the first quarter of 1999 and no income taxes were paid in the first quarter of 1999. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK In February, March and April of 1999, the Company entered into forward sale agreements to hedge a portion of the Company's oil and gas production as follows:
Period Daily Volume - Product Price (Floor / Ceiling) ------ ---------------------- ----------------------- March 1, 1999 to July 31, 1999 23,832 MMBTU - Natural Gas $1.72 per MMBTU May 1, 1999 to August 31, 1999 800 Bbls - Crude Oil $13.40 per Bbl May 1, 1999 to August 31, 1999 455 Bbls - Crude Oil $14.50 / 16.60 per Bbl May 1, 1999 to September 30, 1999 500 Bbls - Crude Oil $13.00 / 17.35 per Bbl
The 455 Bbls per day crude oil hedge is a "collar" hedge whereby the Company will receive the actual market price if the actual market price is between the floor price of $14.50 per Bbl and the ceiling price of $16.60 per Bbl. If the actual market price is below or above the floor or ceiling prices, the price received by the Company will be limited to the floor price or ceiling price, respectively. The 500 Bbls per day crude oil hedge is also a "collar" hedge whereby the Company will receive the actual market price if the actual market price is between $15.00 per Bbl and the ceiling price of $17.35 per Bbl. If the actual market price is between the floor price of $13.00 per Bbl and $15.00 per Bbl, the Company will receive $15.00 per Bbl. If the actual market price is less than the floor price of $13.00 per Bbl, the Company will receive the actual market price plus $2.00 per Bbl. If the actual market price is above the ceiling price of $17.35 per Bbl, the price received by the Company will be limited to $17.35 per Bbl. During the first quarter of 1999, oil and gas sales were increased $0.1 million from the Company's hedging activities. As a result of property sales completed in May 1999, the Company intends to settle the hedge relating to approximately 10,200 MMBTU per day of natural gas for the forward months of June and July 1999 prior to May 31, 1999. The cost to settle this hedge is estimated to range from $200,000 to $300,000. 11 THE WISER OIL COMPANY THE WISER OIL COMPANY PART II - OTHER INFORMATION YEAR 2000 ISSUE The Company has assessed and continues to assess the impact of the "year 2000" ("Y2K") issue on its reporting systems and operations. The Y2K issue exists because many computer systems and applications currently use two-digit date fields to designate a year. As the century date occurs, two-digit date systems will recognize the year 2000 as 1900 or not at all. This inability to recognize or properly treat the year 2000 may cause systems to process critical financial and operational information incorrectly. In 1998 and the first quarter of 1999, the Company's U.S. and Canadian computerized accounting systems were upgraded to versions which are Y2K compliant. These upgrades were completed at a nominal cost to the Company. In addition, the Company's personal computer systems were analyzed for Y2K compliance during 1998 and certain components were upgraded at a nominal cost to the Company. Virtually all of the Company's personal computer systems are currently Y2K compliant. Wiser is currently reviewing computer-controlled oil field equipment for Y2K compliance and expects the suppliers of such equipment to provide upgrades or modifications, if necessary, before the end of 1999 at a nominal cost to the Company. Wiser is also in the process of surveying its primary business partners to seek assurances that they will be Y2K compliant during 1999. Despite these efforts to seek assurances, the Company cannot provide assurance that all significant business partners will achieve Y2K compliance in a timely manner. If there is a high risk that a business partner will not be Y2K compliant in a timely manner, a contingency plan will be developed or an alternate business partner will be used to minimize the Y2K risk. The Company plans to perform Y2K testing of both office and field equipment in the third quarter of 1999. ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K (a) Exhibits -------- The information required by this Item 6 (a) is set forth in the Index to Exhibits accompanying this quarterly report and is incorporated herein by reference. (b) Reports on Form 8-K ------------------- None. 12 THE WISER OIL COMPANY 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. THE WISER OIL COMPANY --------------------------------- (Registrant) Date: May 17, 1999 /s/ Andrew J. Shoup, Jr. --------------------------------- Andrew J. Shoup, Jr. President and Chief Executive Officer Date: May 17, 1999 /s/ Lawrence J. Finn --------------------------------- Lawrence J. Finn Vice President, Finance and Chief Financial Officer 13 THE WISER OIL COMPANY THE WISER OIL COMPANY INDEX TO EXHIBITS Exhibit Number Exhibit - ------ ------- 27 Financial Data Schedule + Filed herewith. 14 EX-27 2 FINANCIAL DATA SCHEDULE
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM FORM 10-Q MARCH 31, 1999 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 1,000 3-MOS DEC-31-1999 JAN-01-1999 MAR-31-1999 2,614 0 10,419 0 612 14,863 376,011 165,861 228,545 36,012 124,472 0 0 27,385 40,307 228,545 11,605 11,871 5,658 16,915 0 0 3,406 (5,044) (686) (4,358) 0 0 0 (4,358) (.49) (.49)
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