-----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, HLLgoiG958ktMRVrfXF9tJ/z1H6WZIU9AC961+GvDyhxjDU6S49F78Zuj0So9i01 mhJYV50RTlVYhw2rj7fdGQ== 0001017062-98-001063.txt : 19980513 0001017062-98-001063.hdr.sgml : 19980513 ACCESSION NUMBER: 0001017062-98-001063 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 10 CONFORMED PERIOD OF REPORT: 19980331 FILED AS OF DATE: 19980512 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: NEWPORT CORP CENTRAL INDEX KEY: 0000225263 STANDARD INDUSTRIAL CLASSIFICATION: LABORATORY APPARATUS & FURNITURE [3821] IRS NUMBER: 940849175 STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 000-01649 FILM NUMBER: 98616693 BUSINESS ADDRESS: STREET 1: 1791 DEERE AVE CITY: IRVINE STATE: CA ZIP: 92714 BUSINESS PHONE: 7148633144 FORMER COMPANY: FORMER CONFORMED NAME: DOLE JAMES CORP DATE OF NAME CHANGE: 19910905 10-Q 1 FORM 10-Q FOR PERIOD ENDED 03/31/98 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 *** FORM 10-Q (Mark One) [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 1998 -------------- 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 0-1649 ------ NEWPORT CORPORATION - -------------------------------------------------------------------------------- (Exact name of registrant as specified in its charter) Nevada 94-0849175 - -------------------------------------------------------------------------------- (State or other Jurisdiction (IRS Employer of incorporation or organization) Identification No.) 1791 Deere Avenue, Irvine, CA 92606 - -------------------------------------------------------------------------------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (949) 863-3144 -------------- N/A ---------------------------------------------------- (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 [_] The number of shares outstanding of each of the issuer's classes of common stock as of March 31, 1998, was 9,149,496. Page 1 of 12 Exhibit Index on Sequentially Numbered Page 12 NEWPORT CORPORATION INDEX PART I. FINANCIAL INFORMATION Page Number Item 1: Financial Statements: Consolidated Statement of Income and Condensed Consolidated Statement of Stockholders' Equity for the Three Months ended March 31, 1998 and 1997. 3 Consolidated Balance Sheet at March 31, 1998 and December 31, 1997. 4 Consolidated Statement of Cash Flows for the Three Months ended March 31, 1998 and 1997. 5 Notes to Condensed Consolidated Financial Statements. 6-8 Item 2: Management's Discussion and Analysis of Financial Condition and Results of Operations. 9-12 PART II. OTHER INFORMATION Item 6: Exhibits and Reports on Form 8-K. 12 SIGNATURE 12 Page 2 NEWPORT CORPORATION Consolidated Statement of Income and Condensed Consolidated Statement of Stockholders' Equity (Unaudited)
(In thousands, except per share amounts) Three Months Ended March 31, -------------------- 1998 1997 -------- -------- Net sales $33,663 $31,051 Cost of sales 19,183 17,532 ------- ------- Gross profit 14,480 13,519 Selling, general and administrative expense 8,312 8,766 Research and development expense 2,772 2,124 ------- ------- Income from operations 3,396 2,629 Interest expense (508) (510) Other income (expense), net 63 (210) ------- ------- Income before income taxes 2,951 1,909 Income tax provision 945 649 ------- ------- Net income $ 2,006 $ 1,260 ======= ======= Net income per share Basic $ 0.22 $ 0.14 Diluted $ 0.21 $ 0.14 Number of shares used to calculate net income per share Basic 8,919 8,811 Diluted 9,377 9,079 Stockholders' equity, beginning of period $60,658 $57,429 Net income 2,006 1,260 Unrealized translation loss (455) (1,541) Unamortized deferred compensation (207) (124) Repurchase of common stock - (225) Issuance of common stock 1,734 433 ------- ------- Stockholders' equity, end of period $63,736 $57,232 ======= =======
See accompanying notes Page 3 NEWPORT CORPORATION Consolidated Balance Sheet
(Dollars in thousands, except per share amounts) March 31, December 31, 1998 1997 ----------- ------------ ASSETS (Unaudited) Current assets: Cash and cash equivalents $ 10,369 $ 7,456 Customer receivables, net 23,505 23,372 Other receivables 1,232 979 Inventories 29,498 28,326 Deferred tax assets 3,231 3,256 Other current assets 2,110 2,065 -------- -------- Total current assets 69,945 65,454 Investments and other assets 5,428 5,830 Property, plant and equipment, at cost, net 21,118 22,994 Goodwill, net 9,824 10,133 -------- -------- $106,315 $104,411 ======== ======== LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 6,811 $ 6,082 Accrued payroll and related expenses 5,074 5,855 Taxes based on income 1,540 2,056 Current portion of long-term debt 2,989 2,380 Other accrued liabilities 3,754 4,766 -------- -------- Total current liabilities 20,168 21,139 Long-term debt 20,824 21,027 Other liabilities 1,587 1,587 Commitments and contingencies Stockholders' equity: Common stock, $.35 stated value, 20,000,000 shares authorized; 9,149,000 shares issued and outstanding at March 31, 1998; 8,951,000 shares at December 31, 1997 3,195 3,132 Capital in excess of stated value 9,697 8,026 Unamortized deferred compensation (726) (519) Unrealized translation loss (5,491) (5,036) Retained earnings 57,061 55,055 -------- -------- Total stockholders' equity 63,736 60,658 -------- -------- $106,315 $104,411 ======== ========
See accompanying notes Page 4 NEWPORT CORPORATION Consolidated Statement of Cash Flows (Unaudited)
(In thousands) Three Months Ended March 31, --------------------- 1998 1997 --------- --------- Operating activities: Net income $ 2,006 $ 1,260 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 1,608 1,371 Increase in provision for losses on receivables and inventories 396 362 Other non-cash items, net 59 (4) Changes in operating assets and liabilities: Receivables (556) (410) Inventories (1,736) (381) Other current assets (318) (430) Other assets 360 430 Accounts payable and other accrued expenses (644) (2,885) Taxes based on income (515) 530 ------- ------- Net cash provided by (used in) operating activities 660 (157) ------- ------- Investing activities: Purchases of property, plant and equipment, net (1,396) (1,243) Disposition of property, plant and equipment, net 1,857 37 Acquisition of businesses, net of cash acquired - (879) Other, net 12 (86) ------- ------- Net cash provided by (used in) investing activities 473 (2,171) ------- ------- Financing activities: Increase in short-term borrowings 651 508 Decrease in long-term borrowings (157) (156) Cash dividends paid (180) (177) Repurchase of common stock - (225) Issuance of common stock under employee agreements, including associated tax benefit 1,467 257 ------- ------- Net cash provided by financing activities 1,781 207 ------- ------- Effect of foreign exchange rate changes on cash (1) 196 ------- ------- Net increase (decrease) in cash and cash equivalents 2,913 (1,925) Cash and cash equivalents at beginning of period 7,456 3,375 ------- ------- Cash and cash equivalents at end of period $10,369 $ 1,450 ======= ======= Cash paid in the period for: Interest $ 51 $ 47 Taxes 1,103 133
See accompanying notes Page 5 NEWPORT CORPORATION Notes to Consolidated Financial Statements March 31, 1998 (Unaudited) 1. Interim Reporting General The accompanying unaudited financial statements consolidate the accounts of the Company and its wholly-owned subsidiaries and have been prepared in accordance with generally accepted accounting principles for interim financial information. The accounts of the Company's subsidiaries in Europe have been consolidated using a one-month lag. In the opinion of management, all adjustments necessary for a fair presentation of the information in the unaudited condensed consolidated financial statements have been made and consist of only normal recurring accruals. Operating results for the three-month period ended March 31, 1998, are not necessarily indicative of the results that may be expected for the year ending December 31, 1998. Although the Company believes that the disclosures in these financial statements are adequate to make the information presented not misleading, certain information and footnotes normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to rules and regulations of the Securities and Exchange Commission, and consequently, these statements should be read in conjunction with the Company's consolidated financial statements and notes thereto, contained in the Company's Annual Report on Form 10-K for the year ended December 31, 1997. Net Income per Share Net income per share for all periods have been presented and, where necessary, restated to conform with the provisions of Statement of Financial Accounting Standards No. 128, Earnings Per Share. Basic net income per share is based on the weighted average number of shares of common stock outstanding during the periods, excluding restricted stock, while diluted net income per share is based on the weighted average number of shares of common stock outstanding during the periods and the dilutive effects of common stock equivalents (stock options), determined using the treasury stock method, outstanding during the periods. Foreign Currency Balance sheet accounts denominated in foreign currencies are translated at exchange rates as of the date of the balance sheet and income statement accounts are translated at average exchange rates for the period. Translation gains and losses are accumulated as a separate component of stockholders' equity. The Company has adopted local currencies as the functional currencies for its subsidiaries because their principal economic activities are most closely tied to the respective local currencies. The Company may enter into foreign exchange contracts as a hedge against foreign currency denominated receivables. It does not engage in currency speculation. Market value gains and losses on contracts are recognized currently, offsetting gains or losses on the associated receivables. Foreign currency transaction gains and losses are included in current earnings. Foreign exchange contracts totaled $4.5 million and $5.6 million at March 31, 1998, and December 31, 1997, respectively. Page 6 NEWPORT CORPORATION Notes to Condensed Consolidated Financial Statements March 31, 1998 (Unaudited) Adoption of Statement of Financial Accounting Standards No. 130 As of January 1, 1998, the Company adopted Statement of Financial Accounting Standards No. 130, Reporting Comprehensive Income (SFAS No. 130). SFAS No. 130 establishes new rules for the reporting and display of comprehensive income and its components; however, the adoption of this Statement had no impact on the Company's net income or stockholders' equity. Statement 130 requires unrealized gains or losses on foreign currency translation adjustments, which prior to adoption were reported separately in shareholders' equity to be included in other comprehensive income. Prior year financial statements have been reclassified to conform to the requirements of Statement 130. The components of comprehensive income, net of related tax, are as follows:
Three Months Ended March 31, ---------------------------- (In thousands) 1998 1997 ------------ ------------ Net income $2,006 $ 1,260 Unrealized translation loss (455) (1,541) ------ ------- Comprehensive income (loss) $1,551 $ (281) ====== =======
Pending Adoption of Statement of Financial Accounting Standards No. 131 In June 1997, the Financial Accounting Standards Board issued Statement of Financial Accounting Standards No. 131, Disclosures about Segments of an Enterprise and Related Information (SFAS 131), which is effective for years beginning after December 15, 1997. SFAS No. 131 establishes standards for the way that public business enterprises report information about operating segments in annual financial statements and requires that those enterprises report selected information about operating segments in interim financial reports. It also establishes standards for related disclosures about products and services, geographic areas, and major customers. SFAS No. 131 is effective for financial statements for fiscal years beginning after December 15, 1997, and therefore the Company will adopt the new requirements effective with the filing of its Annual Report on Form 10-K for the year ended December 31, 1998. Management has not completed its review of SFAS No. 131, but does expect that, while adoption of SFAS. 131 may result in more reported segments than are currently reported, it will not have an impact on the Company's results of operations, financial position or cash flow. Page 7 NEWPORT CORPORATION Notes to Condensed Consolidated Financial Statements March 31, 1998 (Unaudited) 2. Customer Receivables Customer receivables consist of the following:
March 31, December 31, (In thousands) 1998 1997 --------- ------------ Customer receivables $23,986 $23,857 Less allowance for doubtful accounts 481 485 ------- ------- $23,505 $23,372 ======= =======
3. Inventories
March 31, December 31, (In thousands) 1998 1997 --------- ------------ Raw materials and purchased parts $10,794 $10,161 Work in process 5,466 5,236 Finished goods 13,238 12,929 ------- ------- $29,498 $28,326 ======= =======
4. Property, Plant and Equipment Property plant and equipment consist of the following:
March 31, December 31, (In thousands) 1998 1997 --------- ------------ Land $ 1,188 $ 1,954 Buildings 7,039 12,069 Leasehold improvements 8,385 8,381 Machinery and equipment 21,157 20,620 Office equipment 10,237 12,929 ------- ------- 48,006 53,098 Less accumulated depreciation 26,888 30,104 ------- ------- $21,118 $22,994 ======= =======
5. Other Income (Expense), Net Other income (expense), net, consists of the following:
Three Months Ended March 31, ---------------------------- (In thousands) 1998 1997 ------------- ------------ Interest and dividend income $ 86 $ 44 Exchange gains (losses), net (44) (293) Other 21 39 ---- ----- $ 63 $(210) ==== =====
Page 8 NEWPORT CORPORATION Management's Discussion and Analysis of Financial Condition and Results of Operations Three Months Ended March 31, 1998 and March 31, 1997 INTRODUCTORY NOTE This Form 10-Q contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and the Company intends that such forward-looking statements be subject to the safe harbors created thereby. For this purpose, any statements contained in this Form 10-Q except for historical information may be deemed to be forward-looking statements. Without limiting the generality of the foregoing, words such as "may," "will," "expect," believe," "anticipate," "intend," "could," "estimate," or "continue" or the negative or other variations thereof or comparable terminology are intended to identify forward-looking statements. These forward-looking statements include (i) the existence and development of the Company's technical and manufacturing capabilities, (ii) anticipated competition, (iii) potential future growth in revenues and income, (iv) potential future decreases in costs, and (v) the need for, and availability of, additional financing. The forward-looking statements included herein are based on current expectations that involve a number of risks and uncertainties. These forward-looking statements are based on assumptions that the Company will not lose a significant customer or customers or experience increased fluctuations of demand or rescheduling of purchase orders, that the Company's markets will continue to grow, that the Company's products will remain accepted within their respective markets and will not be replaced by new technology, that competitive conditions within the Company's markets will not change materially or adversely, that the Company will retain key technical and management personnel, that the Company's forecasts will accurately anticipate market demand, that there will be no material adverse change in the Company's operations or business, that fluctuations in foreign currency exchange rates do not have a material adverse impact on the Company's competitive position in international markets and that the Company will not experience significant supply shortages with respect to purchased components, sub-systems or raw materials. Additional factors that may affect future operating results are discussed in more detail in the Company's Annual Report on Form 10-K for the year ended December 31, 1997. Assumptions relating to the foregoing involve judgments with respect to, among other things, future economic, competitive and market conditions, and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond the control of the Company. Although, the Company believes that the assumptions underlying the forward-looking statements will be realized. In addition, the business and operations of the Company are subject to substantial risks that increase the uncertainty inherent in the forward-looking statements. In light of the significant uncertainties inherent in the forward- looking information included herein, the inclusion of such information should not be regarded as a representation by the Company or any other person that the objectives or plans of the Company will be achieved. The following is management's discussion and analysis of certain significant factors that have affected the earnings and financial position of the Company during the period included in the accompanying financial statements. This discussion compares the three-month period ended March 31, 1998, with the three- month period ended March 31, 1997. This discussion should be read in conjunction with the financial statements and associated notes. Page 9 NEWPORT CORPORATION Management's Discussion and Analysis of Financial Condition and Results of Operations Three Months Ended March 31, 1998 and March 31, 1997 RESULTS OF OPERATIONS FINANCIAL ANALYSIS
Period-to-Period Percentage of Net Sales Increase (Decrease) ----------------------- ------------------ Three months ended Three months ended March 31, March 31, 1998 1997 1998 ---- ---- ---- Net Sales 100.0% 100.0% 8.4% Cost of sales 57.0 56.5 9.4 ----- ----- Gross profit 43.0 43.5 7.1 Selling, general and administrative expense 24.7 28.2 (5.2) Research and development expense 8.2 6.8 30.5 ----- ----- Income from operations 10.1 8.5 29.2 Interest expense (1.5) (1.6) (0.4) Other income (expense), net 0.2 (0.7) (130.0) Income taxes (2.8) (2.1) 45.6 ----- ----- Net income 6.0 4.1 59.2 ===== =====
NET SALES Net sales were $33.7 million for the three-month period ended March 31, 1998, an increase of 8.4% from $31.1 million for the three-month period ended March 31, 1997. The increase is principally attributable to growth in the domestic market where sales rose $2.8 million, offset in part by lower international sales. Growth in the Company's targeted markets was fueled by increases in the fiber optic communications and semiconductor test equipment markets, where sales advanced 29.5% over a year ago. This increase offset weakness in sales to the computer peripherals market, where sales declined 5.5%. The Company's domestic sales totaled $21.9 million for the three-month period ended March 31, 1998, compared with $19.1 million for the three months ended March 31, 1997, an increase of 14.7%. Consistent with total Company sales, domestic growth was driven by increased sales to the fiber optic communications and semiconductor markets, offset in part by lower sales to the computer peripherals market. The Company's international sales totaled $11.8 million for the three-month period ended March 31, 1998, compared with $12.0 million for the three months ended March 31, 1997, a decrease of 1.7%. While European sales grew by 2%, they were constrained by the negative effect of currency translation against the stronger U.S. dollar. That impact reduced the growth, when measured in dollars, by $0.6 million for the quarter. Excluding the impact of currency translation, sales in the European markets grew $0.8 million, or 10.8%, most notably in France, Germany and the U.K. This local currency performance measurement reflects the positive effect of Newport's increased focus on its targeted markets. U.S. and European order rates for the first quarter increased 22.9% and 5.3%, respectively, over the prior year period. Excluding the impact of currency translation, orders in the European markets grew 14.4%. The increase in domestic orders was fueled by a $4.0 million order with a customer for the Company's precision motion systems. Orders from customers in the Company's targeted markets increased 41.0%, reflecting a favorable book-to-bill ratio for each of the three targeted markets. Overall, management anticipates that net sales in 1998 will increase over 1997; however, such growth is dependent on many factors, including economic uncertainty in Asia which may partially offset anticipated sales growth in other geographic markets, and cannot be assured. Page 10 NEWPORT CORPORATION Management's Discussion and Analysis of Financial Condition and Results of Operations Three Months Ended March 31, 1998 and March 31, 1997 GROSS PROFIT Gross profit increased 7.1% on a sales increase of 8.4% for the three-month period ended March 31, 1998, compared with the three-month period ended March 31, 1997. However, the gross margin (gross profit as a percentage of sales) decreased 0.5% to 43.0% for the three-month period ended March 31, 1998, compared with 43.5% for the three-month period ended March 31, 1997. The decline in gross margin was primarily attributable to the increase in sales to OEM customers in the Company's targeted markets, which generally have a lower margin than sales to end user customers. However, management anticipates that the Company's overall gross margin will improve in 1998 as a result of an overall increase in sales volume and continued productivity improvements Company-wide. SELLING, GENERAL AND ADMINISTRATIVE EXPENSES Selling, general and administrative (SG&A) expenses for the three-month period ended March 31, 1998, decreased 5.2% compared with the three-month period ended March 31, 1997. As a percentage of sales, SG&A expenses were 24.7%, compared with 28.2% for the prior year period. The decrease in SG&A expenses is primarily due to a favorable exchange rate effect and reduced sales and marketing expenses in Europe that resulted from changes made in 1997 to the European sales organization. RESEARCH AND DEVELOPMENT EXPENSES Research and development (R&D) expenses for the three-month period ended March 31, 1998, increased 30.5% compared with the three-month period ended March 31, 1997. As a percentage of sales, R&D expenses were 8.2% versus 6.8% a year ago. The increase in expenses is in line with management's commitment to continued product development and enhancement of existing products. INTEREST EXPENSE AND OTHER INCOME (EXPENSE), NET Interest expense totaled %0.5 million for both the three-month periods ended March 31, 1998 and 1997. Other income (expense), net was a $0.1 million gain for the three-month period ended March 31, 1998, versus a $0.2 million loss for the corresponding 1997 period. This change was primarily attributable to the minimal foreign exchange loss realized in the first three months of 1998 compared with a $0.3 million foreign exchange loss in the prior year period. PROVISION FOR TAXES The effective tax rates for the quarters ended March 31, 1998 and 1997 were 32.0% and 34.0%, respectively. LIQUIDITY AND CAPITAL RESOURCES Net cash provided by operating activities of $0.7 million for the three-month period ended March 31, 1998 was principally attributable to the Company's net income ($2.0 million) and non-cash items, primarily depreciation and amortization ($1.6 million), provision for losses on receivables and inventory ($0.4 million) and other non-cash items ($0.1 million), offset in part by changes in operating assets and liabilities, principally inventories, receivables, taxes and accounts payable and accrued expenses ($3.4 million). Net cash provided by investing activities of $0.5 million for the three-month period ended March 31, 1998, was principally attributable to the Company's sale of property for net proceeds of $1.8 million offset in part by the Company's purchases of property, plant and equipment. Page 11 NEWPORT CORPORATION Management's Discussion and Analysis of Financial Condition and Results of Operations (Cont'd) Three Months Ended March 31, 1998 and March 31, 1997 Net cash provided by financing activities of $1.8 million for the three-month period ended March 31, 1998, was principally attributable to the increase in borrowings and issuance of common stock in connection with stock option and purchase plans, partially offset by dividend payments. In February 1998, the Company's board of directors authorized the repurchase of an additional 350,000 shares under the Company's share repurchase program which commenced in April 1997. This brings the total number of shares authorized for repurchase to 640,000. The 290,000 shares originally authorized for repurchase were repurchased in 1997. In February 1998, the Company modified its bank credit agreement increasing its overall unsecured line of credit to $25.0 million to support the Company's worldwide operations. This modified credit agreement has an interest rate of prime or LIBOR plus 1.0%, an unused line fee of 20 basis points and matures at December 31, 2000. Although the Company has no present agreements or commitments with respect to any material acquisitions of other businesses, products, product rights or technologies, the Company continues to evaluate acquisitions of products, technologies or companies that complement the Company's business and may make such acquisitions in the future, and there can be no assurance that the Company will not need to obtain additional sources of capital to finance any such acquisitions. The Company believes its current working capital position together with estimated cash flows from operations and its existing credit availability are adequate to fund operations in the ordinary course of business, anticipated capital expenditures and debt repayment requirements over at least the next year. NEWPORT CORPORATION PART II. OTHER INFORMATION Item 6. Exhibits and reports on Form 8-K. (a) Exhibits Exhibit 27 Financial Data Schedule (b) Reports on Form 8-K None 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. NEWPORT CORPORATION (Registrant) Dated: May 12, 1998 By: /S/ROBERT C. HEWITT ------------------------------------- Robert C. Hewitt, Principal Financial Officer, duly authorized to sign on behalf of the Registrant Page 12 EX-27.1 2 FINANCIAL DATA SCHEDULE RE 3/31/98
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE COMPANY'S CONSOLIDATED STATEMENTS OF INCOME, CONSOLIDATED BALANCE SHEETS AND CONSOLIDATED STATEMENTS OF CASH FLOWS AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS CONTAINED WITHIN THE COMPANY'S FORM 10-Q FOR THE PERIOD ENDED MARCH 31, 1998. 1,000 3-MOS DEC-31-1998 MAR-31-1998 10,369 0 23,986 481 29,498 69,945 48,006 26,888 106,315 20,168 20,824 0 0 3,195 60,541 106,315 33,663 33,663 19,183 19,183 11,084 63 508 2,951 945 2,006 0 0 0 2,006 0.22 0.21
EX-27.2 3 RESTATED FINANCIAL DATA SCHEDULE RE 12/31/95
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE COMPANY'S CONSOLIDATED STATEMENTS OF OPERATIONS, BALANCE SHEETS AND STATEMENTS OF CASH FLOWS AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH CONSOLIDATED FINANCIAL STATEMENTS CONTAINED WITHIN THE COMPANY'S FORM 10-K FOR THE YEAR ENDED DECEMBER 31, 1995. 1,000 YEAR DEC-31-1995 DEC-31-1995 1,524 0 20,304 537 22,744 48,903 51,479 29,152 83,948 20,330 9,899 0 0 3,045 49,642 83,948 101,961 101,961 55,421 55,421 6,765 171 1,593 4,878 1,003 3,875 0 0 0 3,875 0.47 0.45
EX-27.3 4 RESTATED FINANCIAL DATA SCHEDULE RE 3/31/96
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE COMPANY'S CONSOLIDATED STATEMENTS OF INCOME, CONSOLIDATED BALANCE SHEETS AND CONSOLIDATED STATEMENTS OF CASH FLOWS AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS CONTAINED WITHIN THE COMPANY'S FORM 10-Q FOR THE PERIOD ENDED MARCH 31, 1996. 1,000 3-MOS DEC-31-1996 MAR-31-1996 1,967 0 19,268 514 25,961 55,360 53,053 30,102 94,586 19,041 21,401 0 0 3,066 50,046 94,586 27,979 27,979 15,691 15,691 1,891 35 411 1,386 444 942 0 0 0 942 0.11 0.11
EX-27.4 5 RESTATED FINANCIAL DATA SCHEDULE RE 6/30/96
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE COMPANY'S CONSOLIDATED STATEMENTS OF INCOME, CONSOLIDATED BALANCE SHEETS AND CONSOLIDATED STATEMENTS OF CASH FLOWS AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS CONTAINED WITHIN THE COMPANY'S FORM 10-Q FOR THE PERIOD ENDED JUNE 30, 1996. 1,000 3-MOS DEC-31-1996 JUN-30-1996 2,304 0 20,642 537 25,883 55,997 54,202 30,187 96,242 19,051 22,471 0 0 3,083 50,605 96,242 58,096 58,096 32,790 32,790 3,970 38 913 2,821 903 1,918 0 0 0 1,918 0.22 0.21
EX-27.5 6 RESTATED FINANCIAL DATA SCHEDULE RE 9/30/96
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE COMPANY'S CONSOLIDATED STATEMENTS OF INCOME, CONSOLIDATED BALANCE SHEETS AND CONSOLIDATED STATEMENTS OF CASH FLOWS AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS CONTAINED WITHIN THE COMPANY'S FORM 10-Q FOR THE PERIOD ENDED SEPTEMBER 30, 1996. 1,000 3-MOS DEC-31-1996 SEP-30-1996 3,708 0 20,899 537 27,138 58,510 55,340 31,059 99,000 19,857 22,632 0 0 3,094 52,385 99,000 87,331 87,331 49,317 49,317 5,866 32 1,417 4,463 1,429 3,034 0 0 0 3,034 0.35 0.34
EX-27.6 7 RESTATED FINANCIAL DATA SCHEDULE RE 12/31/96
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE COMPANY'S CONSOLIDATED STATEMENTS OF OPERATIONS, BALANCE SHEETS AND STATEMENTS OF CASH FLOWS AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH CONSOLIDATED FINANCIAL STATEMENTS CONTAINED WITHIN THE COMPANY'S 10-K FOR THE YEAR ENDED DECEMBER 31, 1996. 1,000 YEAR DEC-31-1996 DEC-31-1996 3,375 0 23,942 524 28,954 62,529 55,890 31,845 103,377 20,787 23,464 0 0 3,110 54,319 103,377 119,910 119,910 67,103 67,103 44,883 62 1,931 6,408 1,705 4,703 0 0 0 4,703 0.54 0.52
EX-27.7 8 RESTATED FINANCIAL DATA SCHEDULE RE 3/31/97
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE COMPANY'S CONSOLIDATED STATEMENTS OF INCOME, CONSOLIDATED BALANCE SHEETS AND CONSOLIDATED STATEMENTS OF CASH FLOWS AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS CONTAINED WITHIN THE COMPANY'S FORM 10-Q FOR THE PERIOD ENDED MARCH 31, 1997. 1,000 3-MOS DEC-31-1997 MAR-31-1997 1,450 0 23,925 490 28,455 58,913 55,222 31,644 98,188 16,776 23,131 0 0 3,120 54,112 98,188 31,051 31,051 17,532 17,532 10,890 210 510 1,909 649 1,260 0 0 0 1,260 0.14 0.14
EX-27.8 9 RESTATED FINANCIAL DATA SCHEDULE RE 6/30/97
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE COMPANY'S CONSOLIDATED STATEMENTS OF INCOME, CONSOLIDATED BALANCE SHEETS AND CONSOLIDATED STATEMENTS OF CASH FLOWS AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS CONTAINED WITHIN THE COMPANY'S FORM 10-Q FOR THE PERIOD ENDED JUNE 30, 1997. 1,000 3-MOS DEC-31-1997 JUN-30-1997 4,117 0 21,674 493 28,365 59,255 54,804 31,443 98,058 15,929 22,888 0 0 3,143 55,019 98,058 62,912 62,912 35,452 35,452 22,058 269 1,004 4,129 1,404 2,725 0 0 0 2,725 0.31 0.30
EX-27.9 10 RESTATED FINANCIAL DATA SCHEDULE RE 9/30/97
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE COMPANY'S CONSOLIDATED STATEMENTS OF INCOME, CONSOLIDATED BALANCE SHEETS AND CONSOLIDATED STATEMENTS OF CASH FLOWS AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS CONTAINED WITHIN THE COMPANY'S FORM 10-Q FOR THE PERIOD ENDED SEPTEMBER 30, 1997. 1,000 3-MOS DEC-31-1997 SEP-30-1997 6,576 0 22,049 472 29,210 63,643 55,139 31,401 102,567 18,168 22,740 0 0 3,163 57,447 102,567 95,611 95,611 54,186 54,186 33,162 170 1,484 6,609 2,115 4,494 0 0 0 4,494 0.51 0.49
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