-----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, BkJXi7UpzTSqt+LiLMn3mI5n44miM9Lqz3/h7MVdHAsn/0cEhSTe6ZzzWxPGS2yc /hFXs9PxmMo8d+HQB/BQyg== 0000014995-96-000010.txt : 19960517 0000014995-96-000010.hdr.sgml : 19960517 ACCESSION NUMBER: 0000014995-96-000010 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19960331 FILED AS OF DATE: 19960515 SROS: AMEX FILER: COMPANY DATA: COMPANY CONFORMED NAME: DIXON TICONDEROGA CO CENTRAL INDEX KEY: 0000014995 STANDARD INDUSTRIAL CLASSIFICATION: PENS, PENCILS & OTHER ARTISTS' MATERIALS [3950] IRS NUMBER: 230973760 STATE OF INCORPORATION: DE FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-02655 FILM NUMBER: 96567499 BUSINESS ADDRESS: STREET 1: 195 INTERNATIONAL PKWY CITY: HEATHROW STATE: FL ZIP: 32746-5036 BUSINESS PHONE: 4078759000 MAIL ADDRESS: STREET 1: PO BOX 958413 CITY: HEATHROW STATE: FL ZIP: 32795-8413 FORMER COMPANY: FORMER CONFORMED NAME: BRYN MAWR CORP/DE/ DATE OF NAME CHANGE: 19831002 FORMER COMPANY: FORMER CONFORMED NAME: BRYN MAWR GROUP INC DATE OF NAME CHANGE: 19730619 FORMER COMPANY: FORMER CONFORMED NAME: BRYN MAWR CAMP RESORTS INC DATE OF NAME CHANGE: 19700608 10-Q 1 MAR 31, 1996 FORM 10-Q 1 SECURITIES AND EXCHANGE COMMISSION Judiciary Plaza, 450 Fifth Street, N.W. Washington, D.C. 20549 FORM 10-Q [ X ] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR QUARTER ENDED MARCH 31, 1996 COMMISSION FILE NO. O-2655 OR [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 DIXON TICONDEROGA COMPANY - --------------------------------------------------------------------------- (Exact name of registrant as specified in its charter) Delaware 23-0973760 - --------------------------------- --------------------------------- (State or other jurisdiction I.R.S. Employer of incorporation or organization) Identification No. 195 International Parkway, Heathrow, FL 32746 - --------------------------------------------------------------------------- (Address of principal executive offices) Zip Code (407) 829-9000 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 [ ] 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 as of March 31, 1996 - ---------------------------- ---------------------------------------- Common Stock $1 par value 3,205,538 2 DIXON TICONDEROGA COMPANY AND SUBSIDIARIES ------------------------------------------ INDEX ----- Page ---- PART I. FINANCIAL INFORMATION Item 1. Financial Information Consolidated Balance Sheets -- March 31, 1996 and September 30, 1995 3-4 Consolidated Statements of Operations -- For The Three Months and Six Months Ended March 31, 1996 and 1995 5-6 Consolidated Statements of Cash Flows -- For The Six Months Ended March 31, 1996 and 1995 7-8 Notes to Consolidated Financial Statements 9-11 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 12-15 PART II. OTHER INFORMATION Item 6. Exhibits and Reports on Form 8-K 16 Signatures 16 3
PART I - FINANCIAL INFORMATION Item 1. DIXON TICONDEROGA COMPANY AND SUBSIDIARIES - ------- CONSOLIDATED BALANCE SHEETS March 31, September 30, 1996 1995 ------------ ------------- CURRENT ASSETS: Cash and cash equivalents $ 1,646,056 $ 1,513,622 Receivables, less allowance for doubtful accounts of $512,951 at March 31, 1996 and $796,715 at September 30, 1995 18,182,021 18,202,541 Inventories 34,660,407 32,638,385 Assets held for sale 227,515 436,306 Other current assets 2,726,153 2,254,101 ----------- ----------- Total current assets 57,442,152 55,044,955 ----------- ----------- PROPERTY, PLANT and EQUIPMENT: Land and buildings 15,424,467 12,908,945 Machinery and equipment 15,573,358 16,986,408 Furniture and fixtures 843,131 902,043 ----------- ----------- 31,840,956 30,797,396 Less accumulated depreciation (16,740,297) (17,229,617) ----------- ----------- 15,100,659 13,567,779 OTHER ASSETS 1,610,280 1,545,110 ----------- ----------- $74,153,091 $70,157,844 =========== ===========
4
March 31, September 30, 1996 1995 ------------ ------------- CURRENT LIABILITIES: Notes payable $24,039,012 $17,877,665 Current maturities of long-term debt 4,563,653 4,587,016 Accounts payable 6,024,833 5,280,884 Accrued liabilities 7,855,253 8,388,309 ----------- ----------- Total current liabilities 42,482,751 36,133,874 ----------- ----------- LONG-TERM DEBT 14,025,000 14,540,884 ----------- ----------- DEFERRED INCOME TAXES AND OTHER 1,169,443 1,177,288 ----------- ----------- MINORITY INTEREST 2,843,518 3,073,375 ----------- ----------- COMMITMENTS AND CONTINGENCIES SHAREHOLDERS' EQUITY: Preferred stock, par $1, authorized 100,000 shares, none issued --- --- Common stock, par $1, authorized 8,000,000 shares; issued 3,460,685 shares as of March 31, 1996 and 3,448,466 as of September 30, 1995 3,460,685 3,448,466 Capital in excess of par value 2,194,438 2,166,329 Retained earnings 11,537,128 12,640,762 Cumulative translation adjustment (2,624,092) (2,087,354) ----------- ----------- 14,568,159 16,168,203 Less - treasury stock, at cost (255,147 shares) (935,780) (935,780) ----------- ----------- 13,632,379 15,232,423 ----------- ----------- $74,153,091 $70,157,844 =========== ===========
The accompanying notes to consolidated financial statements are an integral part of these statements. 5
DIXON TICONDEROGA COMPANY AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS FOR THE THREE AND SIX MONTHS ENDED MARCH 31, 1996 AND 1995 THREE MONTHS ENDED SIX MONTHS ENDED MARCH 31, MARCH 31, 1996 1995 1996 1995 -------- -------- -------- -------- REVENUES $20,621,643 $19,371,467 $41,567,364 $40,764,218 ----------- ----------- ----------- ----------- COST AND EXPENSES: Cost of goods sold 14,174,273 12,558,197 28,464,045 27,001,959 Selling and administrative expenses 5,431,809 5,190,580 11,107,963 10,766,324 ----------- ----------- ----------- ----------- 19,606,082 17,748,777 39,572,008 37,768,283 ----------- ----------- ----------- ----------- OPERATING INCOME 1,015,561 1,622,690 1,995,356 2,995,935 LITIGATION AND RELATED COSTS 2,039,000 -- 2,039,000 -- INTEREST EXPENSE 790,444 838,219 1,404,859 1,594,300 ----------- ----------- ----------- ----------- INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES AND MINORITY INTEREST (1,813,883) 784,471 (1,448,503) 1,401,635 INCOME TAXES (BENEFIT) (686,305) 282,540 (585,658) 520,465 ----------- ----------- ----------- ----------- (1,127,578) 501,931 (862,845) 881,170 MINORITY INTEREST 126,681 331,577 240,791 389,359 ----------- ----------- ----------- ----------- INCOME (LOSS) FROM CONTINUING OPERATIONS (1,254,259) 170,354 (1,103,636) 491,811 DISCONTINUED OPERATIONS -- (30,178) -- (49,679) ----------- ----------- ----------- ----------- NET INCOME (LOSS) ($1,254,259) $ 140,176 ($1,103,636) $ 442,132 =========== =========== =========== =========== 6 EARNINGS (LOSS) PER COMMON SHARE: Continuing operations $ (.39) $ .05 $ (.34) $ .16 Discontinued operations -- (.01) -- (.02) ---------- ---------- ----------- ----------- Net income (loss) $ (.39) $ .04 $ (.34) $ .14 =========== =========== =========== =========== WEIGHTED AVERAGE SHARES OUTSTANDING 3,212,704 3,176,000 3,204,333 3,167,762 =========== =========== =========== ===========
The accompanying notes to consolidated financial statements are an integral part of these statements. 7
DIXON TICONDEROGA COMPANY AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE SIX MONTHS ENDED MARCH 31, 1996 AND 1995 1996 1995 -------- -------- CASH FLOWS FROM OPERATING ACTIVITIES: Income (loss) from continuing operations $(1,103,636) $ 491,811 Loss from discontinued operations -- (49,679) Adjustment to reconcile income (loss) to net cash provided by operating activities: Depreciation and amortization 1,173,687 1,188,991 Deferred taxes 177,144 310,192 Income attributable to currency translation (32,234) (737,811) Income attributable to minority interest 240,791 389,359 Changes in assets and liabilities: Receivables, net (375,873) 808,317 Inventories (2,568,207) (5,224,884) Other current assets (536,880) (381,113) Accounts payable and accrued liabilities 278,729 (3,317,749) Condominiums -- (10,906) Other assets 2,302 (166,997) ----------- ----------- Net cash provided by (used in) operations (2,744,177) (6,700,469) ----------- ----------- CASH FLOWS FROM INVESTING ACTIVITIES: Purchases of property, plant and equipment, net (2,706,299) (648,953) ----------- ----------- CASH FLOWS FROM FINANCING ACTIVITIES: Net proceeds from notes payable 6,198,564 6,952,871 Principal reductions of long-term debt (553,422) (502,843) Exercise of stock options 40,328 98,814 Other non-current liabilities (1,809) (11,283) ----------- ----------- Net cash provided by (used in) financing activities 5,683,661 6,537,559 ----------- ----------- Effect of exchange rate changes on cash (100,751) (495,373) ----------- ----------- 8 Net increase (decrease) in cash and cash equivalents 132,434 (1,307,236) Cash and cash equivalents, beginning of period 1,513,622 1,822,764 ----------- ----------- Cash and cash equivalents, end of period $1,646,056 $ 515,528 =========== =========== Supplemental Disclosures: Cash paid during the period: Interest (net of amount capitalized) $1,368,444 $1,560,901 Income taxes 198,567 1,292,542
The accompanying notes to consolidated financial statements are an integral part of these statements. 9 DIXON TICONDEROGA COMPANY AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 1. BASIS OF PRESENTATION: The condensed consolidated financial statements included herein have been prepared by the Registrant, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations, although the Registrant believes that the disclosures are adequate to make the information presented not misleading. It is suggested that these financial statements be read in conjunction with the financial statements and the notes thereto included in the Registrant's latest annual report on Form 10-K. In the opinion of the Registrant, all adjustments (solely of a normal recurring nature) necessary to present fairly the financial position of the Dixon Ticonderoga Company and subsidiaries as of March 31, 1996 and the results of their operations and cash flows for the six months ended March 31, 1996 and 1995, have been included. The results of operations for such interim periods are not necessarily indicative of the results for the entire year. Certain 1995 balances have been reclassified to conform to current-year presentation. 2. INVENTORIES: Since amounts for inventories under the LIFO method are based on annual determinations of quantities and costs as of the end of the fiscal year, the inventories at March 31, 1996 (for which the LIFO method of accounting are used) are based on certain estimates relating to quantities and costs as of year end. Inventories consist of (in thousands): March 31, September 30, 1996 1995 ------------ ------------- Raw materials $13,892 $12,450 Work in process 5,309 4,462 Finished goods 15,459 15,726 ------- ------- $34,660 $32,638 ======= ======= 3. EFFECT OF CERTAIN NEW ACCOUNTING PRONOUNCEMENTS: The Financial Accounting Standards Board (FASB) issued Statement No. 121 "Accounting for the Impairment of Long-Lived Assets and for Long-Lived Assets to be Disposed Of." This statement, which must be adopted no later than fiscal 1997, establishes accounting standards with respect to the impairment of long-lived assets. Its adoption is not expected to materially affect the future results of operations or financial position of the Company. 10 In 1995, the FASB also issued Statement No. 123, "Accounting for Stock-Based Compensation." The statement (effective for the Company in fiscal 1997) would provide certain specific disclosures regarding the value of stock option grants made in fiscal 1996 and thereafter. The Company does not expect to adopt the compensation recognition provision of the Statement, and, accordingly, it is not expected to materially affect the future results of operations or financial position of the Company. The specific disclosures required by the statement have not been calculated at this time. 4. ACCOUNTING FOR INCOME TAXES: The difference between income taxes calculated at the U.S. statutory federal income tax rate and the provision in the condensed consolidated financial statements is primarily due to foreign income taxes and other permanent items. 5. CONTINGENCIES: The Company, in the normal course of business, is party in certain litigation. Ongoing litigation includes a claim under New Jersey's Environmental Clean-Up Responsibility Act (ECRA) by a 1984 purchaser of industrial property from the Company. On April 24, 1996, a decision was rendered by the Superior Court of New Jersey in Hudson County finding the Company responsible for $1.94 million in certain environmental clean-up costs relating to this matter. Including pre-judgment interest on the damage award, it is estimated that the Company's exposure will not exceed approximately $3.3 million. The Company continues to evaluate pursuing other responsible parties for indemnification and/or contribution to the payment of this claim (including its insurance carriers and a legal malpractice action against its former attorneys) and is in the process of preparing and filing an appeal. As a result of the judgment, a provision of approximately $2 million ($1.3 million, net of tax) has been recorded in the quarter ended March 31, 1996. This amount is in addition to approximately $1.3 million ($800,000, net of tax) provided in prior periods. The Company has evaluated the merits of other litigation and believes their outcome will not have a further material effect on the Company's future results of operations or financial position. The Company is aware of several environmental matters related to certain facilities purchased or to be sold. The Registrant assesses the extent of these matters on an ongoing basis. In the opinion of management (after taking into account accruals), the resolution of these matters will not materially affect the Company's future results of operations or financial position. In connection with the sale of a discontinued business in a previous year, the Company guaranteed a loan to the buyer. The loan balance is approximately $324,000 as of March 31, 1996. In the opinion of management, the guarantee will not ultimately have any material effect on the Company's future results of operations or financial position. 11 6. DISCONTINUED OPERATIONS: In September 1995, the Company disposed of its real estate operations, and accordingly, the prior year operating results of the real estate segment have been restated as discontinued operations. Revenues from discontinued operations were not material. 12 Item 2. - ------- MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS REVENUES for the quarter ended March 31, 1996, increased $1,250,000 from the same quarter last year. The changes by segment are as follows: % Increase (Decrease) --------------------- Increase Total Volume Price/Mix ---------- ----- ------ --------- Consumer U.S. $571,000 6 6 -- Consumer Foreign 482,000 17 18 (1) Graphite & Lubricants 61,000 2 2 -- Refractory 136,000 4 3 1 Revenue in Canada and Mexico decreased $40,000 and $145,000, respectively, due to the decline of their local currencies' value compared to the U.S. dollar. All segments showed increased revenues on higher volume during the quarter. Revenues increased $803,000 for the six months ended March 31, 1996, over the same period last year. By segment, the changes are as follows: % Increase (Decrease) Increase --------------------- (Decrease) Total Volume Price/Mix ---------- ----- ------ --------- Consumer U.S. $131,000 1 2 (1) Consumer Foreign 496,000 10 17 (7) Graphite & Lubricants 180,000 3 4 (1) Refractory (4,000) -- -- -- Revenue in Canada and Mexico decreased $59,000 and $646,000 due to the decline of their currencies' value compared to the U.S. dollar. Price increases in Mexico offset this decrease. Revenues decreased $324,000 from the prior quarter ended December 31, 1995, as follows: % Increase (Decrease) Increase --------------------- (Decrease) Total Volume Price/Mix ---------- ----- ------ --------- Consumer U.S. $(1,786,000) (14) (15) 1 Consumer Foreign 877,000 37 28 9 Graphite & Lubricants 314,000 10 10 -- Refractory 271,000 9 9 -- 13 The decrease in U.S. Consumer revenue reflects the historical trend where the first quarter is positively impacted by holiday sales and certain educational market sales. Foreign revenues, however, increased primarily due to Mexico's educational market sales cycle and strengthening domestic demand. OPERATING INCOME decreased $620,000 from the same quarter last year. Foreign Consumer accounted for a decrease of $742,000 as the prior year quarter was favorably impacted in Mexico by increased shipments to the U.S. and related currency gains. Operating income for the six months ended March 31, 1996, decreased $1,015,000 from the same period last year. U.S. Consumer decreased $564,000 due principally to manufacturing inefficiencies related to more strict inventory control practices and unfavorable purchased materials costs. Moreover, deferral of certain educational market orders adversely affected product mix and margin during the period. Foreign Consumer decreased $634,000 due to the prior-year impact of increased shipments to the U.S. and related currency gains, as mentioned above. Refractory increased $100,000 on higher volume. Operating income for the quarter increased $37,000 over the prior quarter. INTEREST EXPENSE decreased $48,000 and $190,000 in the quarter and six months ending March 31, 1996, from the comparable periods last year, on lower average borrowings. Interest expense increased $175,000 over the first quarter due to higher cyclical borrowings. LITIGATION AND RELATED COSTS represents a pre-tax charge of $2,039,000 relating to a claim under New Jersey's Environmental Clean-Up Responsibility Act (ECRA) by a 1984 purchaser of industrial property from the Company. On April 24, 1996, a decision was rendered by the Superior Court of New Jersey in Hudson County finding the Company responsible for $1.94 million in certain environmental clean-up costs relating to this matter. The Company and its legal counsel are disappointed that in its ruling, the Court allocated 100% of the responsibility to the Company. In the Company's view, the prior decision of the New Jersey Supreme Court in this case seems to require a more equitable apportionment of damages between the plaintiffs and the Company. Including pre-judgment interest on the damage award, it is estimated that the Company's exposure will not exceed approximately $3.3 million. The Company continues to evaluate pursuing other responsible parties for indemnification and/or contribution to the payment of this claim (including its insurance carriers and a legal malpractice action against its former attorneys) and is in the process of preparing and filing an appeal. Also see Note 5 to Consolidated Financial Statements. INCOME TAXES (BENEFIT) reflects the respective changes in before tax income. MINORITY INTEREST represents 49.9% of the net income of the consolidated subsidiary, Dixon Ticonderoga de Mexico, S.A. de C.V. in each period presented. DISCONTINUED OPERATIONS in the prior-year periods represent the Company's real estate segment that was disposed of in September 1995. Loss from discontinued operations was $30,000 and $50,000 (net of tax benefits of $10,000 and $20,000) for the three and six month periods ended March 31, 1995, respectively. 14 LIQUIDITY AND CAPITAL RESOURCES The financial condition of the Company has improved significantly over the past two years, principally due to its recent operating success and the completion of major financing initiatives. Cash flows from operating activities for the first six months of 1996 improved by approximately $4 million over the prior-year period, due principally to more strict inventory control practices. The Company traditionally builds inventory in this period to service upcoming "back-to-school" shipments and this inventory increase was approximately $2 million less in 1996 than the prior year. In addition, the Company managed its accounts payable more effectively in 1996. These improvements were partially offset by a small increase in accounts receivable after accelerated collection practices in the fourth quarter of fiscal 1995. Investing activities included approximately $2 million for the final costs related to the construction of the Company's new corporate headquarters. The total cost of the project was approximately $3.4 million with construction costs to be financed through a separate fixed-rate permanent mortgage arrangement. On an interim basis, these costs have been financed through a construction loan (approximately $2.65 million), included in notes payable in the accompanying financial statements. The Company also intends to finance certain strategic manufacturing equipment (in the amount of $2.8 million) under a long-term lease arrangement commencing in late 1996. Generally, all other major capital projects are discretionary in nature and thus no material purchase commitments exist. Other capital expenditures will include customary projects, and will continue to be funded from operations and existing financing arrangements. The Company completed major financing activities during the past two years. In 1994, the Company successfully completed primary financing arrangements (in the initial amount of $35 million) with a new bank lender, to refinance certain short-term obligations and provide additional working capital. An additional seasonal $5 million in the working capital line of credit was added in 1995. Also in 1995, the interest rate under these facilities was reduced and the Company executed interest rate "swap" agreements to effectively fix its interest rate on approximately $13 million of this debt at approximately 8.8%. The related revolving credit facility provides, under certain circumstances, for the payment of additional subordinated debt obligations (discussed below). The Company is in discussions with its primary lender to increase its facilities to meet its short-term needs and to ultimately complete new financing arrangements totaling approximately $48 million with participating institutions. The recent legal decision against the Company as discussed above and in Note 5 to Consolidated Financial Statements, created defaults under the current agreement. Further, due to the charges related to the decision and capital expenditure activities, the Company is presently not in compliance with certain fixed charge coverage and net worth provisions of the current agreement. The Company has received a waiver of compliance for these provisions and a waiver of the defaults. At March 31, 1996, the Company had approximately $4 million of unused lines of credit available under its current financing arrangement. The Company also has $10.3 million of Senior Subordinated Notes remaining outstanding with several insurance companies. The note agreement, as amended, provides for the payment of approximately $3.3 million annually, through August 1998, with the balance due August 1999. This agreement also provides for the maintenance of certain financial covenants and ratios, with 15 which the Company is presently in compliance. The revolving credit agreements described above provided for the August 1994 and 1995 subordinated note payments and a credit line reserve for the 1996 payment. The Company intends to satisfy future subordinated note payments from funds provided by operations and/or an infusion of new equity or debt. The Company is in the process of raising $15 to $20 million of new subordinated debt through a private placement transaction. The new and existing sources of financing, financing strategies discussed above and cash expected to be generated from future operations will, in management's opinion, be sufficient to fulfill all current and anticipated requirements of the Company's ongoing business. 16 PART II. OTHER INFORMATION Item 6. Exhibits and Reports on Form 8-K. - ----------------------------------------- (a) Exhibits - not applicable. (b) Reports on Form 8-K: The Company filed a current report on Form 8-K, dated April 30, 1996, regarding the decision of a New Jersey court in the Company's long- standing Dixon Venture lawsuit, which involves a claim under the state's Environmental Clean-Up Responsibility Act (ECRA). SIGNATURES Pursuant to the requirements of the Securities and Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. DIXON TICONDEROGA COMPANY Dated: May 15, 1996 By: /s/ Gino N. Pala -------------------------- Gino N. Pala Chairman of the Board, President, Chief Executive Officer and Director Dated: May 15, 1996 By: /s/ Richard A. Asta -------------------------- Richard A. Asta Executive Vice President of Finance and Chief Financial Officer Dated: May 15, 1996 By: /s/ John Adornetto -------------------------- John Adornetto Vice President/Corporate Controller and Chief Accounting Officer EX-27 2 MAR 31, 1996 FDS
5 This schedule contains summary financial information extracted from the Consolidated Balance Sheets, the Consolidated Statement of Operations and the Consolidated Statement of Cash Flows, and is qualified in its entirety by reference to such financial statements. 6-MOS SEP-30-1996 MAR-31-1996 1,646,056 0 18,694,972 512,951 34,660,407 57,442,152 31,840,956 16,740,297 74,153,091 42,482,751 0 3,460,685 0 0 10,171,694 74,153,091 41,567,364 41,567,364 28,464,045 28,464,045 11,107,963 0 1,404,859 (1,448,503) (585,658) (1,103,636) 0 0 0 (1,103,636) (.34) (.34)
EX-27 3 RESTATED MAR 31, 1995 FDS
5 This schedule contains summary financial information extracted from the Consolidated Balance Sheets, the Consolidated Statement of Operations and the Consolidated Statement of Cash Flows, and is qualified in its entirety by reference to such financial statements. 6-MOS SEP-30-1995 MAR-31-1995 515,528 0 18,139,343 514,609 32,538,978 53,106,669 28,809,256 16,621,162 67,458,301 31,330,710 0 3,447,966 0 0 10,713,498 67,458,301 40,764,218 40,764,218 27,001,959 27,001,959 10,766,324 0 1,594,300 1,401,635 520,465 491,811 (49,679) 0 0 442,132 .14 .14
-----END PRIVACY-ENHANCED MESSAGE-----