-----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, IV0dzmJWqpM+piHTtNlFgSxa/MvGQrkfMDwQxWRqJ19a1ZcBg+N+9IJ+IbxbYfBH XHHRAFb9mmbZJVUNU65Wwg== 0000912057-95-009746.txt : 19951119 0000912057-95-009746.hdr.sgml : 19951119 ACCESSION NUMBER: 0000912057-95-009746 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19950930 FILED AS OF DATE: 19951113 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: GRUBB & ELLIS CO CENTRAL INDEX KEY: 0000216039 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE AGENTS & MANAGERS (FOR OTHERS) [6531] IRS NUMBER: 941424307 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-20541 FILM NUMBER: 95590365 BUSINESS ADDRESS: STREET 1: ONE MONTGOMERY ST STE 3100 STREET 2: TELESIS TWR 9TH FLR CITY: SAN FRANCISCO STATE: CA ZIP: 94104 BUSINESS PHONE: 4159561990 MAIL ADDRESS: STREET 1: ONE MONTGOMERY ST STE 3100 STREET 2: TELESIS TWR 9TH FLR CITY: SAN FRANCISCO STATE: CA ZIP: 94104 10-Q 1 FORM 10-Q FORM 10-Q SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 1995 OR [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to ----------------- -------------------- Commission File Number: 1-8122 ------------------------ GRUBB & ELLIS COMPANY ------------------------------------------------------ (Exact Name of Registrant as Specified in Its Charter) DELAWARE 94-1424307 - ------------------------------- ------------------ (State or Other Jurisdiction of (I.R.S. Employer Incorporation or Organization) Identification No.) One Montgomery Street, Telesis Tower, San Francisco, CA 94104 ---------------------------------------- (Address of Principal Executive Offices) (Zip Code) (415) 956-1990 ---------------------------------------------------- (Registrant's Telephone Number, Including Area Code) No Change --------------------------------------------------------------- (Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report) 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 ___ 8,873,156 --------------------------------------------------------------------- (Number of Shares Outstanding of the Registrant's Common Stock at November 1, 1995) 1 PART I FINANCIAL INFORMATION 2 ITEM 1. FINANCIAL STATEMENTS GRUBB & ELLIS COMPANY AND SUBSIDIARIES Condensed Consolidated Statements of Operations (in thousands, except per share amounts and shares) (unaudited)
For the Three Months For the Nine Months Ended September 30, Ended September 30, -------------------- -------------------- 1995 1994 1995 1994 -------- -------- -------- -------- Revenue: Commercial real estate brokerage commissions $ 38,686 $ 38,682 $104,020 $103,891 Real estate services fees, commissions and other 8,676 8,322 25,335 22,937 -------- -------- -------- -------- Total Revenue 47,362 47,004 129,355 126,828 -------- -------- -------- -------- Costs and Expenses: Real estate brokerage and other commissions 22,705 22,511 60,119 59,252 Selling, general and administrative 11,259 11,540 34,300 33,729 Salaries and wages 12,584 11,672 37,284 35,019 Depreciation and amortization 565 575 1,535 1,511 Special charges and unusual items (158) (519) (835) (827) -------- -------- -------- -------- Total costs and expenses 46,955 45,779 132,403 128,684 -------- -------- -------- -------- Total operating income (loss) 407 1,225 (3,048) (1,856) Other income and expenses: Interest income 139 151 561 1,113 Other income, net 992 18 1,496 89 Interest expense to related parties (730) (709) (2,192) (2,006) -------- -------- -------- -------- Income (loss) before income taxes 808 685 (3,183) (2,660) Provision for income taxes 212 101 550 297 -------- -------- -------- -------- Net income (loss) $ 596 $ 584 $ (3,733) $ (2,957) -------- -------- -------- -------- -------- -------- -------- -------- Net income (loss) applicable to common stockholders, net of dividends in arrears and accretion of liquidation preference on preferred stock $ (127) $ (74) $ (5,880) $ (4,910) Net income (loss) per common share and equivalents $ (.01) $ (.02) $ (.67) $ (1.18) Weighted average common shares outstanding 8,814,832 4,261,351 8,808,673 4,146,011
See notes to condensed consolidated financial statements. 3 GRUBB & ELLIS COMPANY AND SUBSIDIARIES Condensed Consolidated Balance Sheets (in thousands) ASSETS
September 30, December 31, September 30, 1995 1994 1994 ------------ ----------- ----------- (unaudited) (unaudited) Current Assets: Cash and cash equivalents $ 14,498 $ 23,371 $ 10,381 Real estate brokerage commissions receivable 2,896 4,500 2,765 Real estate services fees and other commissions receivable 3,158 3,317 3,375 Other receivables 4,047 3,116 2,824 Prepaids and other current assets 1,811 2,222 2,764 ---------- --------- --------- Total current assets 26,410 36,526 22,109 Noncurrent Assets: Real estate brokerage commissions receivable 554 454 457 Real estate investments held for sale and real estate owned 604 1,016 915 Equipment and leasehold improvements, net 5,354 5,203 5,160 Other assets 714 2,230 2,631 ---------- --------- --------- Total assets $ 33,636 $ 45,429 $ 31,272 ---------- --------- --------- ---------- --------- ---------
See notes to condensed consolidated financial statements. 4 GRUBB & ELLIS COMPANY AND SUBSIDIARIES Condensed Consolidated Balance Sheets, continued (in thousands, except per share amounts and shares)
September 30, December 31, September 30, 1995 1994 1994 ------------- ------------ ------------- (unaudited) (unaudited) LIABILITIES Current Liabilities: Notes payable and current portion of long-term debt $ 269 $ 508 $ 506 Current portion of notes payable and long-term debt to related party -- -- 6,000 Accounts payable 1,534 1,764 1,079 Compensation and employee benefits payable 8,719 8,556 8,321 Deferred commissions payable 1,073 5,195 540 Accrued severance obligations 468 876 1,237 Accrued office closure costs 1,031 1,346 2,553 Accrued claims and settlements 2,372 2,502 3,715 Other accrued expenses 5,556 8,430 6,665 --------- -------- -------- Total current liabilities 21,022 29,177 30,616 Long-Term Liabilities: Long-term debt, net of current portion 362 391 702 Long-term debt to related party, net of current portion 26,403 25,292 24,678 Accrued claims and settlements 13,432 13,404 13,068 Accrued severance obligations -- 277 287 Accrued office closure costs 1,349 2,220 2,496 Other 138 154 265 --------- -------- -------- Total liabilities 62,706 70,915 72,112 --------- -------- -------- Commitments and contingencies (Note 4) -- -- -- --------- -------- -------- --------- -------- -------- REDEEMABLE PREFERRED STOCK 12% Senior Convertible Preferred Stock, $100.00 per share redemption value; 137,160 shares outstanding -- -- 15,875 5% Junior Convertible Preferred Stock, $100.00 per share redemption value; 150,000 shares outstanding -- -- 16,147 --------- -------- -------- Total redeemable preferred stock -- -- 32,022 --------- -------- -------- STOCKHOLDERS' EQUITY (DEFICIT) Preferred stock, $.01 par value: 1,000,000 shares authorized; 137,160 shares of 12% Senior Convertible Preferred Stock and 150,000 shares of 5% Junior Convertible Preferred Stock outstanding 32,143 32,143 -- Common stock, $.01 par value: 25,000,000 shares authorized; 8,873,156, 8,797,377 and 4,434,232 shares issued and outstanding at September 30, 1995, December 31, 1994 and September 30, 1994, respectively 90 89 45 Additional paid-in capital 57,065 56,917 47,028 Retained earnings (deficit) (118,368) (114,635) (119,935) --------- -------- -------- Total stockholders' equity (deficit) (29,070) (25,486) (72,862) --------- -------- -------- Total liabilities and stockholders' equity (deficit) $ 33,636 $ 45,429 $ 31,272 --------- -------- -------- --------- -------- --------
See notes to condensed consolidated financial statements. 5 GRUBB & ELLIS COMPANY AND SUBSIDIARIES Condensed Consolidated Statements of Cash Flows (unaudited - in thousands)
For the Nine Months Ended September 30, --------------------- 1995 1994 -------- -------- Cash Flows from Operating Activities: Net loss $ (3,733) $ (2,957) Adjustments to reconcile net loss to net cash used in operating activities (4,476) (7,724) -------- -------- Net cash used in operating activities (8,209) (10,681) -------- -------- Cash Flows from Investing Activities: Proceeds from disposition and distribution from real estate joint ventures and real estate owned 1,167 344 Purchases of equipment and leasehold improvements (1,561) (1,526) -------- -------- Net cash used in investing activities (394) (1,182) -------- -------- Cash Flows from Financing Activities: Proceeds from borrowing -- 6,000 Repayment of notes payable (270) (199) Proceeds from issuance of common stock -- 37 -------- -------- Net cash provided by (used in) financing activities (270) 5,838 -------- -------- Net decrease in cash and cash equivalents (8,873) (6,025) Cash and cash equivalents at beginning of period 23,371 16,406 -------- -------- Cash and cash equivalents at end of period $ 14,498 $ 10,381 -------- -------- -------- -------- -------------------------------- Supplemental Disclosure of Cash Flow Information: Cash paid during the period for: Interest $ 1,320 $ 1,281 Income taxes 1,000 351
See notes to condensed consolidated financial statements. 6 GRUBB & ELLIS COMPANY AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements 1. INTERIM PERIOD REPORTING The accompanying unaudited condensed consolidated financial statements include the accounts of Grubb & Ellis Company, its wholly and majority owned and controlled subsidiaries and partnerships (the "Company"), and are prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements, and therefore, should be read in conjunction with the Company's Annual Report on Form 10-K for the year ended December 31, 1994 and footnotes thereto. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Certain amounts in prior periods have been reclassified to conform to the current presentation. Operating results for the three and nine month periods ended September 30, 1995 are not necessarily indicative of the results that may be expected for the year ending December 31, 1995. Any adjustments to reserves provided in prior periods in connection with offices which management determined in 1993 to close in 1994 are reflected as "Special charges and unusual items". 2. INCOME TAXES The Company's tax provision is attributable to federal, state and local income taxes assessed on profitable subsidiaries of the Company. 3. EARNINGS (LOSS) PER COMMON SHARE AND EQUIVALENTS Earnings (loss) per common share and equivalents computations are based on the weighted average number of common shares outstanding. Common equivalent shares from stock options and warrants are excluded from the computation if their effect is anti-dilutive. The calculation of earnings (loss) per common share includes net income (loss), adjusted for amounts applicable to the Senior and Junior Convertible Preferred Stock related to undeclared dividends earned and accretion of liquidation preference (for periods during which the preferred stock was subject to mandatory redemption) as follows (in thousands): 7 GRUBB & ELLIS COMPANY AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements
For the For the Three Months Nine Months Ended Ended September 30, September 30, ----------------------- ---------------------- 1995 1994 1995 1994 --------- ------- -------- -------- Senior Convertible Preferred Stock: Accretion of liquidation preference $ -- $ 461 $ -- $1,365 Undeclared dividends 516 -- 1,530 -- Junior Convertible Preferred Stock: Accretion of liquidation preference -- 197 -- 588 Undeclared dividends 207 -- 617 -- ------- ------ ------ ------ $ 723 $ 658 $2,147 $1,953 ------- ------ ------ ------ ------- ------ ------ ------
4. COMMITMENTS AND CONTINGENCIES The Company has guaranteed, in the aggregate amount of $4 million, the contingent liabilities of one of its wholly-owned subsidiaries with respect to two limited partnerships in which the subsidiary formerly acted as general partner. The Company is involved in various claims and lawsuits arising in the ordinary course of business, as well as in connection with its participation in various joint ventures, partnerships, and a trust, many of which may not be covered by the Company's insurance policies. In the opinion of management, the eventual outcome of such claims and lawsuits is not expected to have a material adverse effect on the Company's financial position or results of operations. The Company previously disclosed in its Annual Report on Form 10-K for the year ended December 31, 1994 the information concerning a lawsuit entitled JOHSZ ET AL. V. KOLL COMPANY, ET AL., and a related lawsuit entitled YOUNKIN, MAIONA, ET AL. V. KOLL COMPANY, ET AL. and a purported class action lawsuit, JOHN W. MATTHEWS, ET AL. V. KIDDER, PEABODY & CO., ET AL. AND HSM INC., ET AL. A trial date of January 8, 1996 has been set in the JOHSZ case. The YOUNKIN case had been stayed pending appellate review of certain jurisdictional issues. The stay has been vacated and discovery is proceeding. Discovery has commenced in the MATTHEWS case. Except as described herein, there has been no material change with respect to these matters. 8 ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS RESULTS OF OPERATIONS REVENUE The Company's revenue is derived principally from commercial brokerage activities. Property and asset management, mortgage brokerage and appraisal and consulting fees provide substantially all of the remaining revenue. The Company has historically experienced its lowest quarterly revenue in the first quarter of each year with historically higher and more consistent revenue in the second and third quarters. The fourth quarter has historically provided the highest quarterly revenue due to increased activity related to clients' desire to complete transactions by year-end. As a percentage of total annual revenue, quarterly revenue during 1992 to 1994 ranged from a high of 30.8% to a low of 19.8%. Additionally, the Company operates in an industry that may be affected by various economic conditions, such as interest rates, and tax and environmental laws. For the first nine months of 1995, total revenues of $129.4 million increased by $2.5 million, or 2.0% over the same period in 1994. Overall, commercial real estate brokerage commissions were level during the comparable periods. On a regional basis, the Pacific Southwest and Eastern regions' commercial brokerage commissions exceeded the comparable 1994 periods by $1.5 million and $1.1 million, respectively. However, the Pacific Northwest region experienced a decrease of $2.9 million which had a significant impact on the net loss for the period. Other real estate services fees of $25.3 million for the year-to-date period increased by $2.4 million or 10.5% over the comparable 1994 period, primarily as a result of heightened business services activities in the Company's property management operations. Total revenue of $47.4 million for the third quarter of 1995 increased by $358,000 or .8% over total revenue of $47.0 million for the third quarter of 1994. Third quarter commercial brokerage commissions of $38.7 million were at the same level as the 1994 comparable period. Increased property management and asset management fees accounted for nearly all of the increase in other real estate services fees over the third quarter of 1995. 9 COSTS AND EXPENSES Real estate brokerage and other commission expense (salespersons' participation) is the Company's major expense and is a direct function of gross brokerage commission revenue levels. As a percentage of total commercial real estate brokerage commission revenue, commercial brokerage salespersons' participation expense for the first nine months and the third quarter of 1995 increased by 100 and 160 basis points, respectively, over the comparable periods in 1994. The increased participation expense percentages were primarily related to performance of top producers and the Company's commitment to strengthen the salesforce by adding seasoned sales personnel. As of September 30, 1995, the Company has increased its salesforce by 7% over the December 31, 1994 level. Total costs and expenses, other than real estate brokerage commissions expense and special charges and unusual items, increased by $2.9 million, or 4.1%, to $73.1 million for the first nine months of 1995 compared to the same period in 1994. This increase related primarily to personnel costs due to increased business activity levels in the property management operations and to a lesser degree, increases in business development activities relating to the commercial brokerage business. Total costs and expenses, other than real estate brokerage commission expense and special charges and unusual items, for the third quarter of 1995 were $24.4 million compared to $23.8 million for the third quarter of 1994. This increase related primarily to personnel costs as described above. Special charges and unusual items were favorably adjusted by $835,000 for the first nine months of 1995 compared to $827,000 for the comparable 1994 period. The 1995 adjustment included $370,000 related to the reversal of a portion of the remaining lease liability and certain transaction fees for the Southern California residential brokerage operations sold in November 1994. The remainder of the 1995 adjustment, and the entire 1994 adjustment, related to changes in estimates and reduction of reserves established at the end of 1993 for the closure of certain offices. As of September 30, 1995, the Company had current accrued severance and office closure costs of approximately $1.5 million of which $468,000 of accrued severance costs and $476,000 of accrued office closure costs, net of anticipated sublease income, are expected to be paid in cash. As of September 30, 1995, approximately $1.0 million of the $1.3 million of long-term accrued office closure costs, net of anticipated sublease income, are expected to be paid in cash over the next seven years. For the nine month period ended September 30, 1995, the Company paid $1.1 million in cash for the accrued severance and office closure costs described above. Other income, net for the third quarter of 1995 included $818,000 representing the recognition of the net effect of the sale of a note secured by certain real estate. On the year-to-date basis, 10 other income, net also includes a $490,000 earnout payment related to the sale of a commercial brokerage operation in 1991. NET LOSS The net loss of $3.7 million or $.67 per common share for the first nine months of 1995 compared unfavorably to the net loss of $3.0 million or $1.18 per common share for the same period in 1994. The decrease from prior year's performance was primarily related to lower earnings from commercial brokerage activities in the Pacific Northwest region which was partially offset by higher earnings from property management operations. Net income for the third quarter of 1995 was $596,000 ($.01 loss per common share) compared to net income of $584,000 ($.02 loss per common share) for the same period in 1994. While total revenues were nearly the same for both periods, the third quarter 1995 salaries and wages were $412,000 higher than the comparable period in 1994 due to the increased business activity levels in the property management and commercial brokerage activities as discussed above. Offsetting the impact of higher expenses was the increase in other income, net as discussed above. LIQUIDITY AND CAPITAL RESOURCES Working capital decreased by $2.0 million to $5.4 million during the first nine months of 1995. Cash and cash equivalents decreased by $8.9 million from December 31, 1994 to September 30, 1995. The decrease was mainly attributable to cash used by operations of $8.2 million, which included cash outflows of $4.4 million for 1994 salespersons' and managers' incentive compensation, $5.1 million for deferred salespersons' commission payments, and aggregate interest payments of $1.3 million on the 9.9% Senior Notes and the Revolving Credit Note. Major sources of cash provided by operations included $1.0 million and $1.9 million reductions in net prepaid assets and real estate brokerage commissions receivable, respectively, and the non-cash adjustment for depreciation and amortization of $1.5 million. The Company has historically experienced the highest use of operating cash in the first quarter of the year, primarily related to the timing of incentive and deferred commission payments combined with the fact that it also historically experiences its lowest quarterly revenue. Historically, operating cash requirements reduce significantly with higher and more consistent revenue in the remaining quarters. Cash used by operations amounted to $10.3 and $.4 million for the first and second quarters of 1995, respectively. Cash provided by operations totaled $2.5 million for the third quarter. During 1994, debt agreements with The Prudential Insurance Company of America were renegotiated and modified to provide, among other things, deferral of principal payments until November 1, 1997 and thereafter on the $15 million principal amount of the 9.9% Senior Notes, 10.65% Payment-in-Kind Notes and the 11 Revolving Credit Note which would have been due from 1994 through 1996. The Company believes that its short-term and long-term cash requirements will be met by operating cash flow. With the completion of the previously mentioned long-term debt restructuring in 1994, and deployment of its 1995 business plan, management believes it will be able to focus on expanding its core commercial real estate business and should be prepared to take advantage of the improving real estate markets. However, if the Company's goals are not substantially achieved because of adverse economic conditions or other unfavorable events, the Company may find it necessary to reduce expense levels, or undertake other actions as may be appropriate. 12 PART II OTHER INFORMATION (Items 2, 3, 4 and 5 are not applicable for the quarter ended September 30, 1995) 13 ITEM 1. LEGAL PROCEEDINGS The Company previously disclosed in its Annual Report on Form 10-K for the year ended December 31, 1994 the information concerning a lawsuit entitled JOHSZ ET AL. V. KOLL COMPANY, ET AL., and a related lawsuit entitled YOUNKIN, MAIONA, ET AL. V. KOLL COMPANY, ET AL. and a purported class action lawsuit, JOHN W. MATTHEWS, ET AL. V. KIDDER, PEABODY & CO., ET AL. AND HSM INC., ET AL. A trial date of January 8, 1996 has been set in the JOHSZ case. The YOUNKIN case had been stayed pending appellate review of certain jurisdictional issues. The stay has been vacated and discovery is proceeding. Discovery has commenced in the MATTHEWS case. Except as described herein, there has been no material change with respect to these matters. ITEM 6(a). EXHIBITS (3) ARTICLES OF INCORPORATION AND BYLAWS 3.1 Certificate of Incorporation of the Registrant, as restated effective November 1, 1994, incorporated herein by reference to Exhibit 3.2 to the Registrant's Annual Report on Form 10-K filed on March 31, 1995 (Commission File No. 1-8122). 3.2 Grubb & Ellis Company Bylaws, as amended effective June 1, 1994, incorporated herein by reference to Exhibit 4.21 to the Registrant's Quarterly Report on Form 10-Q filed on November 14, 1994 (Commission File No. 1-8122). (11) STATEMENT REGARDING COMPUTATION OF PER SHARE EARNINGS (27) FINANCIAL DATA SCHEDULE ITEM 6(B) REPORTS ON FORM 8-K NONE 14 SIGNATURE 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. GRUBB & ELLIS COMPANY ----------------------------- (Registrant) Date: November 13, 1995 /s/ James E. Klescewski ----------------------------- James E. Klescewski Vice President and Corporate Controller (Chief Accounting Officer) 15 Grubb & Ellis Company and Subsidiaries EXHIBIT INDEX (A) FOR THE QUARTER ENDED SEPTEMBER 30, 1995 Exhibit - ------- (11) STATEMENT REGARDING COMPUTATION OF PER SHARE EARNINGS (27) FINANCIAL DATA SCHEDULE (A) Exhibits incorporated by reference are listed in Item 6(a) of this report. 16 EX-11 2 EXHIBIT 11 GRUBB & ELLIS COMPANY AND SUBSIDIARIES EXHIBIT (11) STATEMENT RE COMPUTATION OF PER SHARE EARNINGS - FORM 10-Q for the three-month and nine-month periods ended September 30, 1995 and 1994 (Unaudited) (in thousands, except for shares and per share amounts)
Three Months Nine Months Ended September 30, Ended September 30, ----------------------------- --------------------------- 1995 1994 1995 1994 ------------- ------------- ------------ ------------ Primary income (loss) per share applicable to Common Stock: Weighted average common shares outstanding 8,814,832 4,261,351 8,808,673 4,146,011 ------------- ----------- ----------- ----------- ------------- ----------- ----------- ----------- Net income (loss) $ 596 $ 584 $ (3,733) $ (2,957) Earnings applicable to Preferred Stock (723) (658) (2,147) (1,953) ------------- ----------- ----------- ----------- Net income (loss) applicable to Common Stockholders $ (127) $ (74) $ (5,880) $ (4,910) ------------- ----------- ----------- ----------- ------------- ----------- ----------- ----------- Net income (loss) per common share and equivalents applicable to Common Stock $ (.01) $ (.02) $ (.67) $ (1.18) ------------- ----------- ----------- ----------- ------------- ----------- ----------- ----------- Fully-diluted income (loss) per share applicable to Common Stock: Weighted average common shares outstanding 8,814,832 4,261,351 8,808,673 4,146,011 ------------- ----------- ----------- ----------- ------------- ----------- ----------- ----------- Net income (loss) $ (127) $ (74) $ (5,880) $ (4,910) ------------- ----------- ----------- ----------- ------------- ----------- ----------- ----------- Net income (loss) per common share and equivalents applicable to Common Stock $ (.01) $ (.02) $ (.67) $ (1.18) ------------- ----------- ----------- ----------- ------------- ----------- ----------- -----------
EX-27 3 FINANCIAL DATA SCHEDULE
5 THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 1,000 9-MOS DEC-31-1995 JAN-01-1995 SEP-30-1995 14,498 0 11,826 5,218 0 26,410 20,063 14,709 33,636 21,022 0 90 0 32,143 57,065 33,636 0 131,412 0 60,119 72,284 0 2,192 (3,183) 550 0 0 0 0 (3,733) (.67) (.67) Interest income and other income, net are included in Total Revenue.
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