-----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, DkJ5rOl/92Vk69OrqfD6CI3jUFvWaKGLsYYKEXjLr/GAjgj7O83pa2/rcBrK57L3 HrF+FVouUSwF9vHaNz7Xnw== 0000018000-01-000001.txt : 20010212 0000018000-01-000001.hdr.sgml : 20010212 ACCESSION NUMBER: 0000018000-01-000001 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20001231 FILED AS OF DATE: 20010209 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CARTER WALLACE INC /DE/ CENTRAL INDEX KEY: 0000018000 STANDARD INDUSTRIAL CLASSIFICATION: PHARMACEUTICAL PREPARATIONS [2834] IRS NUMBER: 134986583 STATE OF INCORPORATION: DE FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 001-05910 FILM NUMBER: 1529616 BUSINESS ADDRESS: STREET 1: 1345 AVE OF THE AMERICAS CITY: NEW YORK STATE: NY ZIP: 10105 BUSINESS PHONE: 2123395000 10-Q 1 0001.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (X) Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarter ended December 31, 2000 ( ) Transition Report Pursuant to Section 13 or 15 (d) of the Securities Act of 1934 For the transition period from to Commission File Number 1-5910 CARTER-WALLACE, INC. - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - (Exact name of registrant as specified in its charter) Delaware 13-4986583 (State or other jurisdiction of (IRS Employer Identification No.) incorporation or organization) 1345 Avenue of the Americas New York, New York 10105 (Address of principal executive (Zip Code) offices) Registrant's telephone number, including area code: 212-339-5000 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 The number of shares of the registrant's Common Stock and Class B Common Stock outstanding at December 31, 2000 were 33,022,000 and 12,235,200, respectively. CARTER-WALLACE, INC. AND SUBSIDIARIES INDEX TO FORM 10-Q DECEMBER 31, 2000 PART I - FINANCIAL INFORMATION Item 1 - Financial Statements Condensed Consolidated Statements of Earnings and Comprehensive Earnings for the three and nine months ended December 31, 2000 and 1999 1 Condensed Consolidated Balance Sheets at December 31, 2000 and March 31, 2000 2 Condensed Consolidated Statements of Cash Flows for the nine months ended December 31, 2000 and 1999 3 Notes to Condensed Consolidated Financial Statements 4 Report by KPMG LLP on their limited review 6 Item 2 - Management's Discussion and Analysis of Financial Condition and Results of Operations 7 Item 3 - Quantitative and Qualitative Disclosures about Financial Market Risk 12 PART II - OTHER INFORMATION Item 1 - Legal Proceedings 12 Item 6 - Exhibits and Reports on Form 8-K 12 Signatures 13 PART I - FINANCIAL INFORMATION ITEM 1 - FINANCIAL STATEMENTS CARTER-WALLACE, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS AND COMPREHENSIVE EARNINGS (Unaudited)
Three Months Ended Nine Months Ended December 31, December 31, Statement of Earnings 2000 1999 2000 1999 Net sales $196,250,000 $192,066,000 $603,192,000 $577,167,000 Other income 3,137,000 2,813,000 10,114,000 10,072,000 199,387,000 194,879,000 613,306,000 587,239,000 Cost and expenses: Cost of goods sold 66,401,000 65,753,000 210,727,000 209,761,000 Advertising, marketing & other selling expenses 71,436,000 72,852,000 219,007,000 219,693,000 Research & development expenses 8,283,000 7,903,000 22,061,000 20,533,000 General, administrative & other expenses 31,634,000 24,261,000 87,683,000 73,752,000 Interest expense 1,086,000 1,231,000 3,327,000 3,636,000 178,840,000 172,000,000 542,805,000 527,375,000 Earnings before taxes on income 20,547,000 22,879,000 70,501,000 59,864,000 Provision for taxes on income 8,013,000 8,923,000 27,495,000 23,347,000 Net earnings $ 12,534,000 $13,956,000 $43,006,000 $36,517,000 Earnings per share - Basic $.28 $ .31 $.95 $.81 Earnings per share - Diluted $.26 $ .30 $.91 $.79 Cash dividends per share $.08 $ .06 $.24 $.18 Average shares of common stock outstanding 45,257,000 44,994,000 45,242,000 44,987,000 Statement of Comprehensive Earnings Net Earnings $ 12,534,000 $13,956,000 $43,006,000 $36,517,000 Other comprehensive earnings (loss): Foreign currency translation adjustment (1,413,000) (1,042,000) (7,902,000) (1,253,000) Total Comprehensive Earnings $ 11,121,000 $12,914,000 $35,104,000 $35,264,000
CARTER-WALLACE, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS
December 31, March 31, 2000 2000 Assets (Unaudited) Current Assets: Cash and cash equivalents $126,460,000 $ 62,638,000 Short-term investments 48,155,000 41,150,000 Accounts and other receivables less allowances of $8,014,000 at December 31, 2000 and $8,030,000 at March 31, 2000 119,257,000 126,469,000 Inventories: Finished goods 51,876,000 63,684,000 Work in process 10,711,000 13,376,000 Raw materials and supplies 30,570,000 29,208,000 93,157,000 106,268,000 Deferred taxes, prepaid expenses and other current assets 35,556,000 37,493,000 Total Current Assets 422,585,000 374,018,000 Property, plant and equipment, at cost 340,344,000 323,913,000 Less: accumulated depreciation and amortization 190,375,000 174,503,000 149,969,000 149,410,000 Intangible assets 115,162,000 124,684,000 Deferred taxes and other assets 116,983,000 114,124,000 Total Assets $804,699,000 $762,236,000 Liabilities and Stockholders' Equity Current Liabilities: Accounts payable $ 41,495,000 $ 46,935,000 Accrued expenses 136,487,000 114,925,000 Notes payable 9,501,000 6,711,000 Total Current Liabilities 187,483,000 168,571,000 Long-Term Liabilities: Long-term debt 52,568,000 59,541,000 Deferred compensation 26,044,000 26,647,000 Accrued postretirement benefit obligation 71,659,000 70,308,000 Other long-term liabilities 50,792,000 46,131,000 Total Long-Term Liabilities 201,063,000 202,627,000 Stockholders' Equity: Common stock 34,817,000 34,776,000 Class B common stock 12,388,000 12,429,000 Capital in excess of par value 4,110,000 4,231,000 Retained earnings 432,766,000 400,616,000 Less: Foreign currency translation adjustment 39,287,000 31,385,000 Treasury stock, at cost 28,641,000 29,629,000 Total Stockholders' Equity 416,153,000 391,038,000 Total Liabilities and Stockholders' Equity $804,699,000 $762,236,000
CARTER-WALLACE, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS NINE MONTHS ENDED DECEMBER 31, 2000 AND 1999 (Unaudited)
2000 1999 Cash flows from operations: Net earnings $43,006,000 $36,517,000 Depreciation and amortization 26,395,000 23,327,000 Changes in assets and liabilities 25,707,000 (27,246,000) Cash payments for one-time charges incurred in prior years (440,000) (842,000) 94,668,000 31,756,000 Cash flows used in investing activities: Additions to property, plant and equipment (11,391,000) (13,895,000) Increase in short-term investments (7,048,000) (8,070,000) Proceeds from sale of property, plant and equipment 176,000 636,000 (18,263,000) (21,329,000) Cash flows used in financing activities: Dividends paid (10,856,000) (8,098,000) Increase in borrowings 4,390,000 3,964,000 Payments of debt (5,948,000) (5,884,000) Proceeds from exercise of stock options 787,000 - (11,627,000) (10,018,000) Effect of exchange rate changes on cash and cash equivalents (956,000) (17,000) Increase in cash and cash equivalents $63,822,000 $ 392,000
CARTER-WALLACE, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2000 AND 1999 Note 1: Interim Reports The results of the interim periods are not necessarily indicative of results expected for a full year's operations. In the opinion of management, all adjustments necessary for a fair statement of results of these interim periods have been reflected in these financial statements and are of a normal recurring nature. Note 2: Review of Independent Auditors The interim financial statements and notes thereto included in this Form have been reviewed by KPMG LLP, independent auditors. A copy of their report on this limited review is included in this Form. Note 3: Felbatol As previously reported, in the fiscal years ended March 31, 1995 and 1996 the Company incurred one-time charges to pre-tax earnings totaling $45,980,000 related to use restrictions for Felbatol. Depending on future sales levels, additional inventory write-offs may be required. If for any reason the product at some future date should no longer be available in the market, the Company will incur an additional one-time charge, consisting primarily of inventory write-offs and anticipated returns of product currently in the market, in the range of $15,000,000 on a pre-tax basis. Note 4: Litigation Information regarding Legal Proceedings involving the Company is presented in Note 14 "Litigation Including Environmental Matter" of the Notes to the Consolidated Financial Statements on pages 27 to 28 of the Company's 2000 Annual Report to Stockholders incorporated by reference in the Company's Annual Report on Form 10-K for the fiscal year ended March 31, 2000 and is herein expressly incorporated by reference. In August 2000 the United States Court of Appeals for the Second Circuit affirmed a lower court dismissal with prejudice of all shareholder Security Act claims against the Company relating to Felbatol, the Company's anti-epilepsy drug. The Company continues to believe, based upon opinion of counsel, that it has good defenses to all of the pending actions referenced above and should prevail. (Continued) CARTER-WALLACE, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2000 AND 1999 (Continued) Note 5: Business Segments (In Thousands) Business segment information for the three months and nine months ended December 31, 2000 and 1999 is as follows: Three Months Ended Nine Months Ended December 31 December 31 2000 1999 2000 1999 Sales Domestic Consumer Products $ 71,910 $ 68,307 $249,166 $234,550 Domestic Health Care 70,017 66,931 177,199 159,990 International 54,323 56,828 176,827 182,627 Consolidated $196,250 $192,066 $603,192 $577,167 Operating Profit Domestic Consumer Products $ 13,318 $ 9,913 $ 62,024 49,622 Domestic Health Care 22,459 22,789 47,000 40,886 International 4,699 3,774 15,332 13,650 Domestic net interest income (expense) 523 (512) 912 (1,557) Other (expense) net of other income (10,473) (4,012) (24,810) (14,483) General Corporate expenses (9,979) (9,073) (29,957) (28,254) Earnings before taxes on income $ 20,547 $ 22,879 $ 70,501 $ 59,864
Note 6: Earnings per Share Basic earnings per share for each period presented has been calculated using the weighted average shares outstanding. In computing diluted earnings per share incremental shares issuable upon the assumed exercise of stock options and the vesting of stock awards have been added to the weighted average shares outstanding. For the three months and nine months ended December 31, 2000 incremental shares for purposes of calculating diluted earnings per share amounted to 2,978,700 and 2,275,200 shares, respectively. This compares to 1,089,200 and 1,006,500 incremental shares in the three months and nine months ended December 31, 1999, respectively. Note 7: Acceleration of Certain Pension And Other Costs Included in general, administrative and other expenses for the three and nine month periods ended December 31, 2000 is a pre-tax charge amounting to $6,110,000 ($3,730,000 after tax or $.08 per share) related to the acceleration of certain pension and other costs as a result of the retirement of Henry H. Hoyt, Jr., the Company's former Chairman of the Board and Chief Executive Officer, effective December 31, 2000. INDEPENDENT AUDITORS' REVIEW REPORT The Board of Directors And Stockholders Carter-Wallace, Inc.: We have reviewed the condensed consolidated balance sheet of Carter-Wallace, Inc. and subsidiaries as of December 31, 2000, and the related condensed consolidated statements of earnings and comprehensive earnings for the three month and nine month periods ended December 31, 2000 and 1999 and the condensed consolidated statements of cash flows for the nine month periods ended December 31, 2000 and 1999. These condensed consolidated financial statements are the responsibility of the Company's management. We conducted our review in accordance with standards established by the American Institute of Certified Public Accountants. A review of interim financial information consists principally of applying analytical procedures to financial data and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with generally accepted auditing standards, the objective of which is the expression of an opinion regarding the financial statements, taken as a whole. Accordingly, we do not express such an opinion. Based on our review, we are not aware of any material modifications that should be made to the condensed consolidated financial statements referred to above for them to be in conformity with generally accepted accounting principles. We have previously audited, in accordance with generally accepted auditing standards, the consolidated balance sheet of Carter-Wallace, Inc. and subsidiaries as of March 31, 2000, and the related consolidated statements of earnings, retained earnings, and comprehensive earnings, and cash flows for the year then ended (not presented herein); and in our report dated May 10, 2000, we expressed an unqualified opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanying condensed balance sheet as of March 31, 2000 is fairly stated, in all material respects, in relation to the consolidated balance sheet from which it has been derived. KPMG LLP New York, New York January 31, 2001 CARTER-WALLACE, INC. ITEM 2 - Management's Discussion and Analysis of Financial Condition and Results of Operations Results of Operations - Three months ended December 31, 2000 compared to three months ended December 31, 1999 Consolidated earnings after taxes in the three months ended December 31, 2000 were $12,534,000 compared with net earnings of $13,956,000 in the three months ended December 31, 1999. Basic earnings per share were $.28 per share in the three months ended December 31, 2000 compared to $.31 per share in the three months ended December 31, 1999. Included in the operating results for the three months ended December 31, 2000 is a pre-tax charge amounting to $6,110,000 ($3,730,000 after tax or $.08 per share) related to the acceleration of certain pension and other costs as a result of the retirement of Henry H. Hoyt, Jr., the Company's former Chairman of the Board and Chief Executive Officer, effective December 31, 2000. Excluding this charge, pre-tax profits would have been $26,657,000 ($16,264,000 after tax or $.36 per basic share) in the three month period ended December 31, 2000.000. Net sales increased $4,184,000 (2.2%) in the current three month period as compared to net sales in the prior year period. Domestic Consumer Products sales were higher by $3,603,000 or 5.3% this year due to increased unit sales, and to a lesser extent, selling price increases. Sales of Domestic Health Care products were higher by $3,086,000 or 4.6% due to selling price increases. Unit sales volume was lower in this segment. Sales of pharmaceutical products in the Domestic Health Care segment continue to be adversely affected by generic competition. The decrease in International sales of $2,505,000 or 4.4% was due to unfavorable foreign exchange rates. International unit sales were higher and selling price increases had a favorable effect on sales in this segment in comparison to the prior year period. Sales and earnings from foreign operations are subject to fluctuations in exchange rates. Lower foreign exchange rates had the effect of decreasing sales in the current year period by approximately $6,300,000. The effect of changes in foreign exchange on earnings was not material. Other income increased by $324,000 from $2,813,000 in the prior year period to $3,137,000 in the current year period. Included in other income is higher interest income of $1,326,000 due to increased cash levels. Included in other income in the prior year period are credits of $1,011,000 related to ASTA Medica's share of joint venture operations. Cost of goods sold as a percentage of net sales decreased from 34.2% in the prior year period to 33.8% in the current year period primarily due to changes in product mix and the favorable effect of selling price increases in excess of cost increases. Advertising, marketing and other selling expenses decreased by $1,416,000 or 1.9% versus the prior year period due to lower spending in the International and Domestic Health Care segments. Spending was higher in the Domestic Consumer Products segment. Research and development expenses increased by $380,000 or 4.8% versus the prior year period due to higher spending in the Domestic Health Care segment, including spending for taurolidine, a compound being tested to determine if it has clinically important antineoplastic activity. (Continued) CARTER-WALLACE, INC. ITEM 2 - Management's Discussion and Analysis of Financial Condition and Results of Operations (Continued) Results of Operations - Three months ended December 31, 2000 compared to three months ended December 31, 1999 General, administrative and other expenses increased $7,373,000 or 30.4% versus the prior year period due largely to pre-tax charges of $6,110,000 related to the acceleration of certain pension and other costs referred to in the second paragraph above. In addition, the current year includes costs associated with the sharing of profits on a reformulated product and increased compensation related expenses. The estimated annual effective tax rate applied in the three months ended December 31, 2000 was 39%, the same rate as in the prior year period. (Continued) CARTER-WALLACE, INC. ITEM 2 - Management's Discussion and Analysis of Financial Condition and Results of Operations (Continued) Results of Operations - Nine Months ended December 31, 2000 compared to nine months ended December 31, 1999 Consolidated earnings after taxes in the nine months ended December 31, 2000 were $43,006,000 compared with net earnings of $36,517,000 in the nine months ended December 31, 1999. Basic earnings per share were $.95 per share in the nine months ended December 31, 2000 compared to $.81 per share in the nine months ended December 31, 1999. Included in the operating results for the nine months ended December 31, 2000 is a pre-tax charge amounting to $6,110,000 ($3,730,000 after tax or $.08 per share) related to the acceleration of certain pension and other costs as a result of the retirement of Henry H. Hoyt, Jr., the Company's former Chairman of the Board and Chief Executive Officer, effective December 31, 2000. Excluding this charge, pre-tax profits would have been $76,611,000 ($46,736,000 after tax or $1.03 per basic share) in the nine month period ended December 31, 2000. Net sales increased $26,025,000 (4.5%) in the current nine month period as compared to net sales in the prior year period. Domestic Consumer Products sales were higher by $14,616,000 or 6.2% this year due to increased unit sales, and to a lesser extent, selling price increases. Sales of Domestic Health Care products were higher by $17,209,000 or 10.8% reflecting selling price increases and unit sales gains. Sales of pharmaceutical products in the Domestic Health Care segment continue to be adversely affected by generic competition. The decrease in International sales of $5,800,000 or 3.2% was due to unfavorable foreign exchange rates. International unit sales were higher and selling price increases had a favorable effect on sales in this segment in comparison to the prior year period. Sales and earnings from foreign operations are subject to fluctuations in exchange rates. Lower foreign exchange rates had the effect of decreasing sales in the current year period by approximately $18,000,000. The effect of changes in foreign exchange on earnings was not material. Other income increased by $42,000 from $10,072,000 in the prior year period to $10,114,000 in the current year period. Included in other income is higher interest income which increased versus the prior year by $3,389,000 as a result of higher cash balances. The current year also includes a gain on the sale of a foreign facility of approximately $1,150,000. Included in other income in the prior year are credits of $4,370,000 related to ASTA Medica's share of joint venture operations. Cost of goods sold as a percentage of net sales decreased from 36.3% in the prior year period to 34.9% in the current year period primarily due to changes in product mix and the favorable effect of selling price increases in excess of cost increases. (Continued) CARTER-WALLACE, INC. Management's Discussion and Analysis of Financial Condition and Results of Operations (Continued) Results of Operations - Nine Months ended December 31, 2000 compared to nine months ended December 31, 1999 Advertising, marketing and other selling expenses decreased by $686,000 or 0.3% versus the prior year period due to decreased spending in the Domestic Health Care segment. Spending was higher in the Domestic Consumer Products segment. Research and development expenses increased by $1,528,000 or 7.4% versus the prior year period due to higher spending in the Domestic Health Care segment, including spending for taurolidine, a compound being tested to determine if it has clinically important antineoplastic activity. General, administrative and other expenses increased by $13,931,000 or 18.9% versus the prior year period due largely to pre-tax charges of $6,110,000 related to the acceleration of certain pension and other costs referred to in the second paragraph above. In addition, the current year includes costs associated with the sharing of profits on a reformulated product, a charge of $1,323,000 related to ASTA Medica's share of joint venture operations, and increased compensation related expenses. The estimated annual effective tax rate applied in the nine months ended December 31, 2000 was 39%, the same rate as in the prior year period. Felbatol As previously reported, in the fiscal years ended March 31, 1995 and 1996 the Company incurred one-time charges to pre-tax earnings totaling $45,980,000 related to use restrictions for Felbatol. Depending on future sales levels, additional inventory write-offs may be required. If for any reason the product at some future date should no longer be available in the market, the Company will incur an additional one-time charge, consisting primarily of inventory write-offs and anticipated returns of product currently in the market, in the range of $15,000,000 on a pre-tax basis. (Continued) CARTER-WALLACE, INC. Management's Discussion and Analysis of Financial Condition and Results of Operations (Continued) Liquidity and Capital Resources Funds provided from operations are used for capital expenditures, acquisitions, the purchase of treasury stock, the payment of dividends and working capital requirements. External borrowings are incurred as needed to satisfy cash requirements relating to seasonal business fluctuations, to finance major facility expansion programs and to finance major acquisitions. In September 2000, the Company entered into two revolving credit agreements with a group of banks providing credit lines totaling $100,000,000. These revolving credit agreements replace the $150,000,000 revolving credit agreement which expired on October 1, 2000. In the Statement of Cash Flows, cash and cash equivalents increased by $63,822,000 in the current year period, as compared to an increase of 392,000 in the prior year period. In the current year period, accrued expenses increased while inventory levels and accounts receivable decreased. In the prior year period, accrued expenses decreased while accounts receivable and inventory levels increased. In June 2000 the Company entered into an agreement to sell two parcels of vacant land adjacent to its Cranbury, NJ facility totaling approximately 210 acres. The closings of these transactions are contingent upon certain approvals being obtained and the satisfactory resolution of other conditions. No assurance can be given that the closings will take place. The Company does not anticipate that these transactions will close during the fiscal year ending March 31, 2001; however, one of the transactions could close late in the fourth quarter of the current fiscal year. The total proceeds from these land sales will be approximately $22,050,000, less commissions and other expenses, payable one-third at closing with the balance due in two equal annual installments with interest. A down payment of $500,000 has been received as escrow. The cost basis for the land being sold is approximately $1,000,000. CARTER-WALLACE, INC. ITEM 3 - QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT FINANCIAL MARKET RISK A portion of the Company's revenues and earnings are exposed to changes in foreign exchange rates. Where practical, the Company seeks to relate expected local currency revenues with local currency costs and local currency assets with local currency liabilities. The Company's interest bearing investments and a portion of its debt are subject to interest rate risk. Changes in interest rates could affect interest income and expense in future periods. The Company invests on a short-term basis. There has been no material impact on operations from financial market risk exposure during the nine-month period ended December 31, 2000. PART II - OTHER INFORMATION Item 1 - Legal Proceedings Refer to Note 4: "Litigation" of Notes to Condensed Consolidated Financial Statements for information regarding legal proceedings. Item 6 - Exhibits and Reports on Form 8-K (a) Exhibit 23 - KPMG LLP Letter Regarding Interim Review Report Exhibit 27 - Financial Data Schedule (EDGAR filing only). (b) Reports on Form 8-K - No reports on Form 8-K have been filed during the quarter ended December 31, 2000. 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. Carter-Wallace, Inc. (Registrant) Date: February 8, 2001 /s/ Paul A. Veteri Paul A. Veteri President & Chief Operating Officer Date: February 8, 2001 /s/ Peter J. Griffin Peter J. Griffin Vice President, Finance and Controller
EX-27 2 0002.txt
5 9-MOS MAR-31-2001 DEC-31-2000 126,460,000 48,155,000 119,257,000 8,014,000 93,157,000 422,585,000 340,344,000 190,375,000 804,699,000 187,483,000 52,568,000 0 0 47,205,000 388,948,000 804,699,000 603,192,000 613,306,000 210,727,000 542,805,000 0 0 3,327,000 70,501,000 27,495,000 27,495,000 0 0 0 27,495,000 .95 .91
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