-----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, HVvOSpPDML4N5MKYTw0PyHXZLUGSn/ofMkY2GE0jlsU/3L/J7aR78iBD0OMV5qr8 SBOD+P1V32et2net5zVNYw== 0000950169-97-000538.txt : 19970611 0000950169-97-000538.hdr.sgml : 19970611 ACCESSION NUMBER: 0000950169-97-000538 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19970426 FILED AS OF DATE: 19970610 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: BOWLES FLUIDICS CORP CENTRAL INDEX KEY: 0000013585 STANDARD INDUSTRIAL CLASSIFICATION: MOTOR VEHICLE PARTS & ACCESSORIES [3714] IRS NUMBER: 520741762 STATE OF INCORPORATION: MD FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 002-37706 FILM NUMBER: 97621921 BUSINESS ADDRESS: STREET 1: 6625 DOBBIN RD CITY: COLUMBIA STATE: MD ZIP: 21045-4707 BUSINESS PHONE: 4103810400 MAIL ADDRESS: STREET 1: 6625 DOBBIN ROAD CITY: COLUMBIA STATE: MD ZIP: 21045-4707 FORMER COMPANY: FORMER CONFORMED NAME: BOWLES ENGINEERING CORP DATE OF NAME CHANGE: 19700629 10-Q 1 BOWLES FLUIDICS CORPORATION 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 April 26, 1997 Commission File Number 2-37706 Bowles Fluidics Corporation ------------------------------------------------------ (exact name of registrant as specified in its charter) MARYLAND 52-0741762 - ---------------------------------------------------------------------- (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 6625 Dobbin Road, Columbia, Maryland 21045 ---------------------------------------------------------------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (410) 381-0400 Indicate by check mark whether the registrant has filed all annual, quarterly and other reports required to be filed with the Commission within the past 90 days and in addition has filed the most recent annual report required to be filed. Yes X No ----- ----- Indicate the number of shares outstanding of each issuer's classes of common stock, as of January 25, 1997. Class Outstanding at April 26, 1997 ------------------ ----------------------------- Common Stock, $.10 12,640,011 shares INDEX BOWLES FLUIDICS CORPORATION FOR THE SIX MONTHS ENDED APRIL 26, 1997
Page Number ------ PART I. Financial Information Item 1. Financial Statements Consolidated Statements of Income For the three and six months ended April 26, 1997 and April 27, 1996 .......................................... 3 Consolidated Balance Sheets April 26, 1997 and October 26, 1996 ........................................ 4 Consolidated Statements of Cash Flows For the six months ended April 26, 1997 and April 27, 1996 .......................................... 5 Notes to Consolidated Financial Statements ................................... 6 Item 2. Management's Discussion and Analysis of Results of Operations and Financial Condition ................................................................. 7 PART II. Other Information Item 6. Exhibits and Reports on Form 8-K ............................................ 10 Exhibit 11 ......................................................... 11 Exhibit 20 ......................................................... 13 Form 8-K ........................................................... 15
2 BOWLES FLUIDICS CORPORATION CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
For the Three Months Ended For the Six Months Ended ----------------------------- ------------------------------ April 26, April 27, April 26, April 27, 1997 1996 1997 1996 ----------- ------------ ------------ ------------ Net sales $ 4,983,272 $ 4,687,296 $ 9,227,395 $ 9,237,357 Cost of sales 3,037,098 2,872,639 6,195,179 5,934,760 ----------- ----------- ----------- ----------- Gross profit 1,946,174 1,814,657 3,032,216 3,302,597 Selling, general and administrative expenses 896,487 1,168,405 1,737,469 1,831,780 Research and development costs 256,747 363,532 531,508 579,006 ----------- ----------- ----------- ----------- Operating income 792,940 282,720 763,239 891,811 Interest expense - (63) - (6,018) Other income, net 32,305 21,400 49,339 37,848 ----------- ----------- ----------- ----------- Income before taxes 825,245 304,057 812,578 923,641 Provision for income taxes 307,174 106,220 292,342 332,836 ----------- ----------- ----------- ----------- Net income 518,071 197,837 520,236 590,805 Preferred stock dividends accrued (18,662) (18,662) (37,323) (37,324) ----------- ----------- ----------- ----------- Income applicable to common shareholders $ 499,409 $ 179,175 $ 482,913 $ 553,481 =========== =========== =========== ============ Primary earnings per common share $ .04 $ .01 $ .04 $ .04 =========== =========== =========== ============ Fully diluted earnings per common share $ .03 $ .01 $ .03 $ .04 =========== =========== =========== ============
The accompanying notes are an integral part of these financial statements. 3 BOWLES FLUIDICS CORPORATION CONSOLIDATED BALANCE SHEETS
(Unaudited) (Audited) April 26, October 26, 1997 1996 --------------- ------------- ASSETS Current Cash and cash equivalents $ 1,047,379 $ 1,287,110 Investments available for sale 594,505 577,837 Accounts receivable 3,436,984 2,775,658 Inventories 1,769,122 1,986,065 Other current assets 481,333 556,525 ------------- ------------ Total current assets 7,329,323 7,183,195 ------------- ------------ Property and equipment, net 3,419,346 3,428,765 Other assets 100,338 107,892 ------------- ------------ Total assets $ 10,849,007 $ 10,719,852 ============= ============ LIABILITIES AND STOCKHOLDERS' EQUITY Current Accounts payable - trade $ 819,521 $ 1,104,511 Accrued expenses and other liabilities 1,652,510 1,389,356 Income taxes payable 119,872 40,000 ------------- ------------ Total current liabilities 2,591,903 2,533,867 Other liabilities $ 330,139 $ 746,433 ------------- ------------ Total liabilities $ 2,922,042 $ 3,280,300 ------------- ------------ Commitments and contingencies Stockholders' Equity 8% Convertible preferred stock 933,080 933,080 Common stock 1,264,001 1,261,001 Additional paid-in capital 2,728,082 2,726,583 Retained earnings ($2,407,467 deficit eliminated at 10/29/94) Note 5 3,001,802 2,518,888 ------------- ------------ Total stockholders' equity 7,926,965 7,439,552 ------------- ------------ Total liabilities and stockholders' equity $ 10,849,007 $ 10,719,852 ============= ============
The accompanying notes are an integral part of these financial statements. 4 BOWLES FLUIDICS CORPORATION CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
For the Six Months ended ----------------------------------------- April 26, April 27, 1997 1996 -------------- --------------- Cash flows from operating activities: Net income $ 520,236 $ 590,805 Adjustments to reconcile net income provided by operating activities: Depreciation and amortization 448,238 353,866 Deferred income taxes - (162,000) Loss on disposal of assets 2,450 15,217 Accretion of interest on investments (16,668) (5,329) ------------ ----------- 954,256 792,559 ------------ ----------- Change in operating accounts: Accounts receivable (661,326) (172,799) Inventories 216,942 163,972 Other assets 72,395 (80,651) Accounts payable (284,990) (303,895) Accrued expenses and other liabilities (115,818) 414,427 Income taxes payable 79,872 80,114 ------------ ----------- Change in operating accounts (692,925) 101,168 ------------ ----------- Net cash provided by operating activities 261,331 893,727 ------------ ----------- Cash flows from investing activities: Capital expenditures (431,341) (544,233) Proceeds from sale of equipment 425 - Proceeds from sale of investments - 489,058 ------------ ----------- Net cash used in investing activities (430,916) (55,175) ------------ ----------- Cash flows from financing activities: Principal payment of debt - (271,668) Preferred stock dividend (74,646) (74,648) Proceeds from issuance of common stock 4,500 - ------------ ----------- Net cash used in financing activities (70,146) (346,316) ------------ ----------- Net increase(decrease) in cash and cash equivalents (239,731) 492,236 Cash and cash equivalents - Beginning of period 1,287,110 676,981 ------------ ----------- - End of period $ 1,047,379 $ 1,169,217 ============ ===========
The accompanying notes are an integral part of these financial statements. 5 BOWLES FLUIDICS CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS NOTE 1 - General In the opinion of the Company, the accompanying unaudited financial statements contain all adjustments (consisting of only normal recurring adjustments) necessary to present fairly the financial position as of April 26, 1997, and the results of operations and cash flows for three and six months ended April 26, 1997 and April 27, 1996. While the Company believes that the disclosures presented are adequate to make the information not misleading, it is suggested that these financial statements be read in conjunction with the financial statements and the notes included in the Company's latest annual report on Form 10-K. NOTE 2 - Inventories Inventories are comprised of:
April 26, October 26, 1997 1996 ------------ ------------- Raw Material $ 617,780 $ 678,494 Work and tooling in process 613,986 242,369 Finished Goods 537,356 1,065,202 ----------- ----------- Total $ 1,769,122 $ 1,986,065 =========== ===========
NOTE 3 - Property and Equipment, and Accumulated Depreciation Property and Equipment, and Accumulated Depreciation are comprised of:
April 26, October 26, 1997 1996 ------------ ------------- Production machinery and equipment $ 4,568,873 $ 4,397,018 Office furniture and equipment 2,242,438 1,992,152 Laboratory and machine shop equipment 1,416,220 1,395,837 Leasehold improvements 768,694 796,928 ----------- ------------ Total property and equipment 8,996,225 8,581,935 Less accumulated depreciation (5,576,879) (5,153,170) ----------- ------------ Net property and equipment $ 3,419,346 $ 3,428,765 =========== ============
NOTE 4 - Capital Stock In January, 1997, an officer of the Company exercised her stock options and purchased 30,000 shares of common stock at the exercise price of $.15 per share. NOTE 5 - Quasi reorganization Effective October 29, 1994, the Board of Directors approved a quasi-reorganization which had the impact of eliminating the retained earnings deficit as an adjustment to the additional paid-in capital. 6 MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS AND FINANCIAL CONDITION The following discussion should be read in conjunction with the attached financial statements and notes thereto, and with the Company's audited financial statements and notes thereto for the fiscal year ended October 26, 1996. RESULTS OF OPERATIONS - --------------------- Second Quarter FY 1997 Compared with Second Quarter FY 1996 - ----------------------------------------------------------- The Company achieved record sales in the second quarter of fiscal year 1997 as a result of strong shipments of windshield washer nozzles. Net income was also higher in this year's second quarter due to the lack of last year's second quarter additional charge related to the planned termination of the Company's sales agreement and due to the increased sales of washer nozzles. The termination of the agreement became effective May 14, 1997. Net sales in the second quarter of fiscal year 1997 rose to $4,983,272, 6% above last year's second quarter sales of $4,687,296. Net income was $518,071, 162% or $320,234 more than last year's second quarter income of $197,837. Sales of light vehicle windshield washer and defroster nozzles of $4,878,833 increased 5% over last year's second quarter sales of $4,640,865 despite a drop in shipments of defrosters as certain models were discontinued. Sales of washer nozzles for General Motors vehicles were strong because of this year's higher production of new car models and the recovery from last year's second quarter plant shutdowns. Sales of prototype and production tooling of $104,438 for future product manufacturing increased 125% over last year's second quarter tooling sales, principally due to the timing of the start-up of various car model programs. Gross profit in this year's second quarter was $1,946,174, 7% above last year's second quarter profit of $1,814,657, principally as a result of the higher volume of washer nozzle shipments, in spite of greater spending on engineering and other support activities for the customization of new products, both washer nozzles and air conditioning outlets. Selling, general and administrative expenses of $896,487 for the fiscal year 1997 second quarter were 23% lower than those for the prior fiscal year's second quarter due to the lack of last year's $420,000 additional charge related to the planned termination of the Company's sales agreement with one of its manufacturer's representatives. These expenses were also affected by the addition of sales personnel as well as increased consulting fees related to long-range planning. Research and development costs at 5.2% of net sales were $256,747, 29% below last year's second quarter as a special program for the improvement of windshield washer nozzles was completed during that year. Operating income increased $510,220 or 180% to $792,940 in this fiscal year's second quarter compared to $282,720 in last year's comparable period. Provision for income taxes, both federal and state, was determined based upon an estimate of the total year's pretax income. The effective tax rates for both years' second quarters were essentially the same. 7 Six Months Ended April 26, 1997, Compared with Six Months Ended April 27, 1996 - ------------------------------------------------------------------------------ For the first six months of the 1997 fiscal year ended April 26, 1997, net sales were unchanged, but net income decreased as a result of higher spending for customization of new products. Net sales for the first six months of fiscal year 1997 were $9,227,395, essentially the same as the prior year's first six months. Net income decreased 12% to $520,236 from last year's first six months results of $590,805. Sales of light vehicle washer and defroster nozzles of $8,940,183 increased 1.5% in the first six months compared with $8,812,042 in the same period in the prior year. Higher shipments of washer nozzles for General Motors vehicles were offset by lower shipments of defroster nozzles. Technical services sales of product design work and prototype and production tooling related to future product manufacturing declined 32% to $287,212 from last year's first six months sales of $425,315, principally due to the timing of the start-up of various car model programs. Gross profit in the first six months of the 1997 fiscal year declined 8% to $3,032,216 from $3,302,597 in the similar 1996 period as a result of higher spending on engineering and other support activities for the customization of new windshield washer nozzles and air conditioning outlets. Selling, general and administrative expenses were $1,737,469 in the first six months of fiscal year 1997, 5% lower than in the similar 1996 period due to the lack of last year's $420,000 additional charge related to the planned termination of the Company's sales agreement with one of its manufacturer's representatives. These expenses were also affected by the addition of sales personnel as well as increases in consulting fees for operational improvements and long-range planning. Research and development costs at 5.8% of net sales decreased by 8% as less spending was incurred for basic fluidic and other new product research. Operating income of $763,239 was earned in this year's first six months compared with $891,811 in the similar period last year, a 14% decline. Provision for income taxes, both federal and state, was determined based upon an estimate of the total year's pretax income. The effective tax rates for both years' six months were essentially the same. FINANCIAL CONDITION - ------------------- The Company's working capital of $4,737,420 at April 26, 1997, increased $88,092 or 2% from the previous fiscal year end at October 26, 1996. The current ratio of 2.83 remained the same for the two dates. The current working capital would have increased due to higher accounts receivable from increased General Motors sales and the decline in accrued liabilities from payment of certain year-end accruals. However, current liabilities increased because a significant portion of last year's accrual related to the termination of the Company's sales agreement was reclassified from long-term to current liabilities. 8 Cash provided by operating activities was $261,331 in the first six months of fiscal year 1997 compared with $893,727 in last fiscal year's similar period. The principal difference in cash flow was the investment this year in trade accounts receivable due to timing of cash receipts and the accrual last year related to the termination of the Company's sales agreement. Capital expenditures were $431,341 in this fiscal year's first six months, $112,892 less than the comparable period last year. The Company's management believes that capital expenditures for the 1997 fiscal year as a whole will be approximately equal to the prior year. North American light vehicle production (excluding Mexican output) by the three major U.S. automotive companies, which generates most of the Company's sales, increased 7% in the first calendar quarter of 1997 versus the same period in 1996. Production for the second calendar quarter of 1997 is forecasted by Ward's Automotive Reports to decrease slightly from last year's second quarter. The Company's management believes that the present and planned production capacity should be satisfactory to meet the anticipated demands referred to above, as well as near-term new product deliveries. Cash flow from operations as well as available cash is expected to provide the funds needed for near-term working capital requirements and capital expenditures. 9 BOWLES FLUIDICS CORPORATION PART II. OTHER INFORMATION FOR THE SIX MONTHS ENDED APRIL 26 1997 Item 6. Exhibits and Reports on Form 8-K Exhibit Description ------- ----------- (a) Exhibit 11 Calculation of Earnings Per Common Share Exhibit 20 Report furnished to Security Holders (b) Reports on Form 8-K 10 BOWLES FLUIDICS CORPORATION -EXHIBIT 11 CALCULATION OF EARNINGS PER SHARE A. PRIMARY EARNINGS PER COMMON SHARE
For the Three Months Ended For the Six Months Ended ------------------------------ ---------------------------- April 26, April 27, April 26, April 27, 1997 1996 1997 1996 ----------- ----------- ----------- ----------- Calculation of net income: Net income per books $ 518,071 $ 197,837 $ 520,236 $ 590,805 Less: Dividends on convertible preferred stock 18,662 18,662 37,323 37,324 ------------- ------------- ------------ ------------- Net income as adjusted $ 499,409 $ 179,175 $ 482,913 $ 553,481 ============= ============= ============= ============= Calculation of outstanding shares: Weighted average of common shares outstanding 12,640,011 12,610,011 12,627,511 12,610,011 Add: Assumed exercise of stock options 45,836 86,726 48,570 114,837 ------------- ------------- ------------ ------------- Number of common shares outstanding adjusted 12,685,847 12,696,737 12,676,081 12,724,848 ============= ============= ============= ============= Primary earnings per common share $ .04 $ .01 $ .04 $ .04 ============= ============= ============= =============
11 BOWLES FLUIDICS CORPORATION - EXHIBIT 11 CALCULATION OF EARNINGS PER COMMON SHARE (continued) B. FULLY DILUTED EARNINGS PER COMMON SHARE
For the Three Months Ended For the Six Months Ended -------------------------------- -------------------------------- April 26, April 27, April 26, April 27, 1997 1996 1997 1996 --------------- -------------- -------------- -------------- Net income per books $ 518,071 $ 197,837 $ 520,236 $ 590,805 ------------- ------------ ------------ ------------- Weighted average of common shares outstanding 12,640,011 12,610,011 12,627,511 12,610,011 Add: Assumed conversion of preferred stock 3,732,320 3,732,320 3,732,320 3,732,320 Assumed exercise of stock options 45,836 87,556 48,570 114,837 ------------- ------------ ------------ ------------- Number of common shares outstanding adjusted 16,418,167 16,429,887 16,408,401 16,457,168 ============= ============ ============ ============= Fully diluted earnings per share $ .03 $ .01 $ .03 $ .04 ============= ============ ============ =============
12 Exhibit 20 BOWLES FLUIDICS CORPORATION 6625 Dobbin Road, Columbia, Maryland 21045-4707 USA Phone: 410-381-0400 Fax: 410-381-2718 June 10, 1997 TO THE STOCKHOLDERS OF BOWLES FLUIDICS CORPORATION: Record sales of windshield washer and defroster nozzles in the second quarter of FY 1997 increased 5% over the same period last year. The adverse sales effect of discontinuing certain defroster models was more than compensated by the increase in washer nozzle shipments. During this quarter our new sales office was opened in Detroit and all planned positions have been filled. The sales force is devoting their time to both the washer nozzle and the AC outlet product lines. Also, in this period, we have successfully completed our first QS-9000 Surveillance Audit and have begun use of our new integrated information system. We continue to apportion more resources to pursue the AC outlet opportunities as well as certain household and industrial applications. Sincerely, Ronald Stouffer President RS:lto Attachment 13 EXHIBIT 20 BOWLES FLUIDICS CORPORATION - -------------------------------------------------------------------------------- CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
Three Months Ended Six Months Ended April 26, 1997 April 27, 1996 April 26, 1997 April 27, 1996 -------------- -------------- -------------- -------------- Net Sales $ 4,983,272 $ 4,687,296 $ 9,227,395 $ 9,237,357 Cost of Sales 3,037,098 2,872,639 6,195,179 5,934,760 Selling, General and Administrative Expenses 896,487 1,168,405 1,737,469 1,831,780 Research and Development Costs 256,747 363,532 531,508 579,006 Interest Expense and Other (Income) and Expense, Net (32,305) (21,337) (49,339) (31,830) ----------- ----------- ----------- ----------- Income before Taxes $ 825,245 $ 304,057 $ 812,578 $ 923,641 Provision (benefit) for Income Taxes 307,174 106,220 292,342 332,836 ----------- ----------- ----------- ----------- Net Income $ 518,071 $ 197,837 $ 520,236 $ 590,805 ----------- ----------- ----------- ----------- Income (loss) applicable to Common Shareholders $ 499,409 $ 179,175 $ 482,913 $ 553,481 =========== =========== =========== =========== Net Income per Common Share Primary $ 0.04 $ 0.01 $ 0.04 $ 0.04 Fully Diluted $ 0.03 $ 0.01 $ 0.03 $ 0.04
- -------------------------------------------------------------------------------- CONSOLIDATED BALANCE SHEETS
Unaudited Audited April 26, 1997 October 26, 1996 -------------- ---------------- Assets Cash and Cash Equivalents $ 1,047,379 $ 1,287,110 Investments 594,505 577,837 Accounts Receivable 3,436,984 2,775,658 Inventories 1,769,122 1,986,065 Other Current Assets 481,333 556,525 ----------- ----------- Total Current Assets 7,329,323 7,183,195 Property, Plant and Equipment, Net 3,419,346 3,428,765 Other Assets 100,338 107,892 ----------- ----------- Total Assets $10,849,007 $10,719,852 =========== =========== Liabilities and Stockholders' Equity Accounts Payable--Trade $ 819,521 $ 1,104,511 Accrued Expenses and Other Liabilities 1,652,510 1,389,356 Income Taxes Payable 119,872 40,000 Total Current Liabilities 2,591,903 2,533,867 Other Liabilities 330,139 746,433 ----------- ----------- Total Liabilities 2,922,042 3,280,300 ----------- ----------- 8% Convertible Preferred Stock 933,080 933,080 Common Stock 1,264,001 1,261,001 Additional Paid-in Capital 2,728,082 2,726,583 Retained Earnings 3,001,802 2,518,888 ----------- ----------- Stockholders' Equity 7,926,965 7,439,552 ----------- ----------- Total Liabilities and Stockholders' Equity $10,849,007 $10,719,852 =========== ===========
14 BOWLES FLUIDICS CORPORATION PART II. OTHER INFORMATION Item 6. (b) Reports on Form 8-K March 25, 1997 An Annual Meeting of Stockholders of Bowles Fluidics Corporation was held on March 13, 1997. 1. The following Board of Directors was elected: William Ewing, III Ronald D. Stouffer John E. Searle, Jr. David C. Dressler 2. Also at the meeting of stockholders, Coopers & Lybrand L.L.P. was appointed as the Corporation's certified public accountants. 3. At a director's meeting immediately following the meeting of Stockholders, the following officers were elected: Chairman of the Board William Ewing III President Ronald D. Stouffer Vice President, Administration, & Secretary Eleanor M. Kupris Vice President, Engineering Richard W. Hess Vice President, Finance David A. Quinn Vice President, Marketing Eric W. Koehler Vice President, Quality Assurance Dharaphuram N. Srinath Vice President, Operations Melvyn J. L. Clough Corporate Controller Arlene M. Hardy 4. Miss Kupris has exercised an incentive stock option for 30,000 shares of the Common Stock of the Corporation, par value $.10 at $.15 per share. Sales of the stock is restricted in accordance with the terms of the Corporation's Incentive Stock Option Plan. 15 FORM 10-Q BOWLES FLUIDICS CORPORATION 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. BOWLES FLUIDICS CORPORATION Date_____________________ By________________________ Ronald D. Stouffer President Date_____________________ By________________________ David A. Quinn Vice President-Finance 16 EX-27 2 FINANCIAL DATA SCHEDULE
5 1 3-MOS OCT-25-1997 APR-26-1997 1,047,379 594,505 3,436,984 0 1,769,122 7,329,323 8,996,225 5,576,879 10,849,007 2,591,903 0 0 933,080 1,264,001 5,729,884 10,849,007 4,983,272 4,983,272 3,037,098 4,190,332 (32,305) 0 0 825,245 307,174 518,071 0 0 0 518,071 0.04 0.03
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