-----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, Rvk0g5UeFrvBHEUjNHQjN/VgJ9RwmqFrtS4QYdfACB8N60MHNjVr9s7hpdYf9mk+ UgtVrXto3iA0ly1oIBpnGw== 0000914317-98-000512.txt : 19980814 0000914317-98-000512.hdr.sgml : 19980814 ACCESSION NUMBER: 0000914317-98-000512 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 5 CONFORMED PERIOD OF REPORT: 19980629 FILED AS OF DATE: 19980813 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: COMPUTER HORIZONS CORP CENTRAL INDEX KEY: 0000023019 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-COMPUTER INTEGRATED SYSTEMS DESIGN [7373] IRS NUMBER: 132638902 STATE OF INCORPORATION: NY FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 000-07282 FILM NUMBER: 98686375 BUSINESS ADDRESS: STREET 1: 49 OLD BLOOMFIELD AVE CITY: MOUNTAIN LAKES STATE: NJ ZIP: 07046-1495 BUSINESS PHONE: 2014027400 MAIL ADDRESS: STREET 1: 49 0LD BLOOMFIELD AVE CITY: MOUNTAIN LAKES STATE: NJ ZIP: 07046-1495 10-Q 1 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 -------------------------------------------- F O R M 10-Q Quarterly Report Under Section 13 or 15(d) of the Securities Exchange Act of 1934 ------------------------------------------- For Quarter Ended June 29, 1998 Commission File Number 0-7282 COMPUTER HORIZONS CORP. ------------------------------------------------------ (Exact name of registrant as specified in its charter) New York 13-2638902 - ------------------------------- ---------------------- (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification Number) 49 Old Bloomfield Avenue, Mountain Lakes, New Jersey 07046-1495 - -------------------------------------------------------------------------------- (Address of principal executive offices) (Zip code) Registrant's telephone number, including area code (973) 299-4000 -------------- Not Applicable ------------------------------------------------------- (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 twelve 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. X --- -- Yes No As of August 7, 1998 the issuer had 30,869,919 shares of common stock outstanding. COMPUTER HORIZONS CORP. Index Part I Financial Information Consolidated Balance Sheets June 29, 1998 and December 31, 1997 Consolidated Statements of Income Three Months and Six Months Ended June 29, 1998 and June 27, 1997 Condensed Consolidated Statements of Cash Flows - Six Months Ended June 29, 1998 and June 27, 1997 Notes to Consolidated Financial Statements Management's Discussion and Analysis of Financial Condition and Results of Operations Part II Other Information Signatures
COMPUTER HORIZONS CORP. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (Unaudited) June 29, December 31, 1998 1997 -------- -------- (dollars in thousands) ASSETS CURRENT ASSETS: Cash and cash equivalents $ 73,667 $ 92,087 Short term investments 31,451 13,165 Accounts receivable, net of allowance for doubtful accounts of $1,991,000 and $1,742,000 at June 29, 1998 and December 31, 1997, respectively 107,438 81,547 Deferred income tax benefit 2,180 1,818 Other 1,468 1,207 -------- -------- TOTAL CURRENT ASSETS 216,204 189,824 -------- -------- PROPERTY AND EQUIPMENT 18,175 12,801 Less accumulated depreciation 8,488 7,101 -------- -------- 9,687 5,700 -------- -------- OTHER ASSETS - NET: Goodwill 16,511 17,090 Deferred income tax benefit 2,057 852 Other 7,243 4,280 -------- -------- TOTAL OTHER ASSETS 25,811 22,222 -------- -------- TOTAL ASSETS $251,702 $217,746 ======== ======== (Continued) COMPUTER HORIZONS CORP. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (Unaudited) June 29, December 31, 1998 1997 -------- -------- (dollars in thousands) LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES: Current portion of long-term debt $ 1,010 $ 1,473 Accrued payroll, payroll taxes and benefits 18,194 18,231 Accounts payable 5,783 2,211 Income taxes payable 1,693 4,309 Other accrued expenses 9,084 3,145 -------- -------- TOTAL CURRENT LIABILITIES 35,764 29,369 -------- -------- LONG-TERM DEBT 1,000 -- -------- -------- OTHER LIABILITIES 5,466 2,283 -------- -------- SHAREHOLDERS' EQUITY: Preferred stock, $.10 par; authorized and unissued 200,000 shares, including 50,000 Series A Common stock, $.10 par, authorized 60,000,000 shares; issued 32,201,282 shares and 31,247,069 shares at June 29, 1998 and December 31, 1997, respectively 3,220 3,125 Additional paid-in capital 118,215 117,806 Foreign currency translation adjustment 231 173 Retained earnings 98,868 78,862 -------- -------- 220,534 199,966 Less shares held in treasury, at cost; 1,349,671 shares and 1,692,253 shares at June 29 1998 and December 31, 1997, respectively 11,062 13,872 -------- -------- TOTAL SHAREHOLDERS' EQUITY 209,472 186,094 -------- -------- TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $251,702 $217,746 ======== ========
See notes to consolidated financial statements.
COMPUTER HORIZONS CORP. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (Unaudited) THREE MONTHS ENDED SIX MONTHS ENDED ----------------------------------------- ------------------------------------------- JUNE 29, 1998 JUNE 27, 1997 JUNE 29, 1998 JUNE 27, 1997 ------------------- ------------------ ------------------- -------------------- (dollars in thousands, except per share data) REVENUES: Services $118,144 95.5% $83,645 100.0% $226,117 96.1% $160,850 100.0% Products 5,592 4.5% -- 9,130 3.9% -- ------------------- ------------------ ------------------- -------------------- 123,736 100.0% 83,645 100.0% 235,247 100.0% 160,850 100.0% ------------------- ------------------ ------------------- -------------------- COSTS AND EXPENSES: Direct costs - Services 78,702 63.6% 56,102 67.1% 148,854 63.3% 108,587 67.5% Direct costs - Products 918 0.7% -- 1,511 0.6% -- Selling, general and administrative 26,244 21.2% 18,317 21.9% 50,683 21.5% 35,420 22.0% Merger-related expenses 2,209 1.8% -- 3,537 1.5% -- ------------------- ------------------ ------------------- -------------------- 108,073 87.3% 74,419 89.0% 204,585 87.0% 144,007 89.5% ------------------- ------------------ ------------------- -------------------- INCOME FROM OPERATIONS 15,663 12.7% 9,226 11.0% 30,662 13.0% 16,843 10.5% ------------------- ------------------ ------------------- -------------------- OTHER INCOME (expense): Interest income 1,542 1.2% 143 0.2% 2,875 1.2% 313 0.2% Interest expense (16) 0.0% (112) -0.1% (16) 0.0% (225) -0.1% Equity in Joint Venture net earnings (loss) 0 0.0% 63 0.1% (90) 0.0% 213 0.1% ------------------- ------------------ ------------------- -------------------- 1,526 1.2% 94 0.1% 2,769 1.2% 301 0.2% ------------------- ------------------ ------------------- -------------------- INCOME BEFORE INCOME TAXES 17,189 13.9% 9,320 11.1% 33,431 14.2% 17,144 10.7% ------------------- ------------------ ------------------- -------------------- INCOME TAXES: Current 8,346 6.7% 4,772 5.7% 16,276 6.9% 8,042 5.0% Deferred (693) -0.6% (795) -1.0% (1,017) -0.4% (744) -0.5% ------------------- ------------------ ------------------- -------------------- 7,653 6.2% 3,977 4.8% 15,259 6.5% 7,298 4.5% ------------------- ------------------ ------------------- -------------------- NET INCOME $ 9,536 7.7% $ 5,343 6.4% $ 18,172 7.7% $ 9,846 6.1% ================== ================= ================== =================== (Continued) COMPUTER HORIZONS CORP. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (Unaudited) THREE MONTHS ENDED SIX MONTHS ENDED ----------------------------------------- ------------------------------------------- JUNE 29, 1998 JUNE 27, 1997 JUNE 29, 1998 JUNE 27, 1997 ------------------- ------------------ ------------------- -------------------- (dollars in thousands, except per share data) EARNINGS PER SHARE: Basic $ 0.31 $ 0.20 $ 0.59 $ 0.37 ======== ======= ======== ======= Diluted $ 0.30 $ 0.19 $ 0.56 $ 0.35 ======== ======= ======== ======= WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING: Basic 30,827,000 26,830,000 30,771,500 26,782,500 Diluted 32,214,000 28,248,000 32,246,000 28,166,500 ========== ========== ========== ==========
See notes to consolidated financial statements.
COMPUTER HORIZONS CORP. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS Six Months Ended ----------------------- June 29, June 27, 1998 1997 -------- -------- (in thousands) CASH FLOWS FROM OPERATING ACTIVITIES $ 4,082 ($ 5,472) -------- -------- CASH FLOWS FROM INVESTING ACTIVITIES Purchases of short-term investments (17,636) 0 Purchases of property and equipment (4,940) (975) (Increase) decrease in other assets (586) (523) -------- -------- (23,162) (1,498) -------- -------- CASH FLOWS FROM FINANCING ACTIVITIES Repayment of long-term debt (1,432) (1,867) Dividends paid (773) (511) Stock options exercised 2,865 2,187 -------- -------- 660 (191) -------- -------- NET DECREASE IN CASH AND CASH EQUIVALENTS (18,420) (7,161) CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 92,087 14,127 -------- -------- CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 73,667 $ 6,966 ======== ========
See notes to consolidated financial statements. COMPUTER HORIZONS CORP. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS For the Quarters Ended June 29, 1998 and June 27, 1997 The information furnished reflects all adjustments which, in the opinion of the Company, are necessary to present fairly its consolidated financial position and the results of its operations and changes in financial position for the periods indicated. Reference is made to the Company's annual financial statements for the year ended December 31, 1997, for a description of the accounting policies, which have been continued without change. Also refer to the footnotes with those annual statements for additional details of the Company's financial condition, results of operations and changes in cash flows. The details in those notes have not changed except as a result of normal transactions in the interim. On June 24, 1998, the Company announced that it had completed the acquisition of Spargo Consulting PLC (Spargo), an information technology consultancy service provider, organized under the laws of the United Kingdom for 1,887,000 shares of Computer Horizon stock. This transaction has been accounted for as a pooling of interests and, accordingly the consolidated financial statements for the periods presented have been restated to include the accounts of Spargo. The reconciliation below details the effects of the pooling noted above on the previously reported revenues, net income and earnings per share of the separate companies for the periods preceding the acquisition.
Three Months Ended Year Ended Year Ended Year Ended March 31, 1998 1997 1996 1995 -------------- ----------- ------------ ---------- Computer Horizons Corp. 107,101 334,729 249,152 213,165 Spargo 4,410 15,581 12,259 11,327 ========== ========== ========== ========== Combined 111,511 350,310 261,411 224,492 ========== ========== ========== ========== Net Income Computer Horizons Corp. 8,176 22,644 11,864 10,425 Spargo 461 1,902 1,212 873 ========== ========== ========== ========== Combined 8,637 24,546 13,076 11,298 ========== ========== ========== ========== Earnings Per Share Basic Computer Horizons Corp. 0.28 0.88 0.48 0.46 Spargo 0.00 0.01 0.02 0.00 ========== ========== ========== ========== Combined 0.28 0.89 0.50 0.46 ========== ========== ========== ========== Diluted Computer Horizons Corp. 0.27 0.84 0.46 0.44 Spargo 0.00 0.01 0.01 0.00 ========== ========== ========== ========== Combined 0.27 0.85 0.47 0.44 ========== ========== ========== ========== Shares Outstanding Basic 30,714,000 27,567,000 26,380,000 24,312,000 Diluted 32,278,000 29,013,000 27,939,000 25,842,000
On February 27, 1998 the Company acquired all the shares of Princeton Softech, Inc. ("Princeton") in exchange for 954,213 shares of Computer Horizons stock. The results of Princeton, which is being accounted for as an immaterial pooling are included from January 1, 1998. Earnings per Share: Basic Earnings Per Share ("EPS") is based on the weighted average number of common shares outstanding without consideration of common stock equivalents. Diluted earnings per share is based on the weighted average number of common and common equivalent shares outstanding. The calculation takes into account the shares that may be issued upon exercise of stock options, reduced by the shares that may be repurchased with the funds received from the exercise, based on the average price during the year. In accordance with SFAS No.128, the table below presents both basic and diluted earnings per share:
Six Months Ended June 29, June 27, 1998 1997 ---------- ---------- Numerator: Net income $18,172 $9,846 Denominator: Denominator for basic earnings per share Weighted average shares outstanding 30,771,500 26,782,500 Effect of stock options 1,474,500 1,384,000 Dilutive potential earnings per share: Denominator for diluted earnings per share Adjusted weighted average shares outstanding and assumed conversions 32,246,000 28,166,500 Basic earnings per share $0.59 $0.37 Diluted earnings per share $0.56 $0.35
The computation of diluted earnings per share excludes options with exercise prices greater than the average market price. During 1998, there were 145,125 excluded options outstanding at June 29, 1998 with exercise prices of $39.50 to $45.50 per share. All options to purchase shares of common stock were included in the computation of diluted earnings per share in 1997. Subsequent Events On July 2, 1998, the company acquired the assets of Infomatics Search Group ("ISG") for approximately $21.6 million in cash. ISG is a Toronto, Canada-based information technology services firm, offering both professional staffing and career placement services. The acquisition will be accounted for under the purchase method of accounting. On August 5, 1998, the company acquired the assets of RPM Consulting ("RPM") for a combination of cash and stock totaling approximately $27.7 million. RPM, based in Maryland, is a leading provider of electronic commerce solutions and enterprise management development. The acquisition will be accounted for under the purchase method of accounting. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS For the Quarters Ended June 29, 1998 and June 27, 1997 Revenues. Revenues increased to $123.7 million in the second quarter of 1998 from $83.6 million in the second quarter of 1997, an increase of $40.1 million or 48.0%. Staffing revenues increased to $62.6 million in the second quarter of 1998 from $54.3 million in the second quarter of 1997 , an increase of $8.3 million or 15.3%. Total solutions revenues, including Year 2000 revenues, increased to $55.6 million in the second quarter of 1998 from $29.4 million in the second quarter of 1997 , an increase of $26.2 million or 89.1%. Year 2000 services revenues increased to $36.6 million in the second quarter of 1998 from $16.4 million in the second quarter of 1997, an increase of $20.2 million. The Company's Year 2000 business accounted for 29.5% of total revenues in the second quarter of 1998 versus 19.6% of total revenues in the second quarter of 1997. Solutions revenues, excluding Year 2000 services, increased to $19.0 million in the second quarter of 1998 from $13.0 million in the second quarter of 1997, an increase of $6.0 million or 46.2%. The Company's product revenues totaled $5.6 million for the second quarter of 1998. Revenues increased to $235.2 million in the first six months of 1998 from $160.9 million in the first six months of 1997, an increase of $74.3 million or 46.2%. Staffing revenues increased to $121.1 million in the first six months of 1998 from $107.3 million in the first six months of 1997, an increase of $13.8 million or 12.9%. Total solutions revenues, including Year 2000 revenues, increased to $105.0 million in the first six months of 1998 from $53.6 million in the first six months of 1997 , an increase of $51.4 million or 95.9%. Year 2000 services revenues increased to $69.8 million in the first six months of 1998 from $27.8 million in the first six months of 1997, an increase of $42.0 million. The Company's Year 2000 business accounted for 29.7% of total revenues in the first six months of 1998 versus 17.3% of total revenues in the first six months of 1997. Solutions revenues, excluding Year 2000 services, increased to $35.2 million in the first six months of 1998 from $25.7 million in the first six months of 1997, an increase of $9.5 million or 37.0%. The Company's product revenues totaled $9.1 million for the first six months of 1998. Direct Costs. Direct costs increased to $79.6 million and $150.4 million in the second quarter and first six months of 1998, respectively, from $56.1 million and $108.6 million in the comparable 1997 periods. Gross margin increased to 35.7% and 36.1% in the second quarter and first six months of 1998, respectively, from 32.9% and 32.5% in the second quarter and first six months of 1997, respectively. The increase in gross margin was primarily due to stable margins in the Company's staffing business and an increase in the Company's higher margin Year 2000 business. The Company's margins are subject to fluctuations due to a number of factors, including the level of salary and other compensation necessary to attract and retain qualified technical personnel, and the mix of staffing versus solutions business during a particular quarter. Selling, General and Administrative. Selling, general and administrative expenses (excluding merger-related expenses) increased to $26.2 million and $50.7 million in the second quarter and first six months of 1998, respectively, from $18.3 million and $35.4 million in the comparable 1997 periods. As a percentage of revenues, selling, general and administrative expenses decreased to 21.2% of revenues and 21.5% of revenues in the second quarter and first six months of 1998, respectively, from 21.9% of revenues and 22.0% of revenues in the comparable 1997 periods. The increase in dollars in selling, general and administrative expenses was primarily a result of salaries and commissions for additional sales and recruiting personnel and, to a lesser extent, growth in the Company's general and administrative infrastructure. The Company incurred merger-related expenses of approximately $2.2 million and $3.5 million in the second quarter and first six months of 1998, respectively. Income from Operations. Operating margins increased to 12.7% and 13.0% in the second quarter and first six months of 1998, respectively, from 11.0% and 10.5% in the comparable 1997 periods. These increases were primarily due to increases in the Company's higher margin Year 2000 business, partially offset by merger-related expenses in 1998. The Company's business is labor-intensive and, as such, is sensitive to inflationary trends. This sensitivity applies to client billing rates, as well as to payroll costs. Other Income. Other income increased to $1.5 million and $2.8 million in the second quarter and first six months of 1998, respectively, from $0.1 million and $0.3 million in the comparable 1997 periods. This increase was primarily the result of increased interest income resulting from the follow-on offering of approximately $84 million completed in the third quarter of 1997. This increase was partially offset by a decrease in earnings from the Company's Birla Horizons Joint Venture. The Joint Venture's decreased earnings in 1998 were primarily due to costs associated with increased headcount, particularly in marketing and project management personnel as it expanded its solutions business. Provision for Income Taxes. The effective tax rates for Federal, state and local income taxes were 44.5% and 45.6% for the second quarter and first six months of 1998, respectively. For the comparable 1997 periods, the rates were 42.7% and 42.6%, respectively. The increase in the 1998 rates were primarily due to certain non-deductible merger-related expenses incurred during the year. Net Income. Net income increased to $9.5 million, or $0.30 per share (diluted) for the second quarter of 1998, from $5.3 million, or $0.19 per share (diluted) for the second quarter of 1997, an increase of $4.2 million or 79.2%. For the first six months of 1998, net income increased to $18.2 million, or $0.56 per share (diluted), from $9.8 million, or $0.35 per share (diluted) for the first six months of 1997. Liquidity and Capital Resources. At June 29, 1998, the Company had $180.4 million in working capital, of which $105.1 million was cash, cash equivalents and short-term investments. There were no borrowings under its bank lines of credit. Net cash provided by operating activities in the first six months of 1998 was $4.1 million, consisting primarily of net income, offset in part by an increase in accounts receivable. During the first six months of 1997, net cash used in operating activities was $5.5 million, primarily as a result of an increase in accounts receivable, largely due to growth in the Company's solutions business. Net cash used in investing activities in the first six months of 1998 was $23.2 million, consisting primarily of the purchase of short-term investments, as well as purchases of equipment. During the first six months of 1997, cash used in investing activities was $1.5 million, primarily as a result of equipment purchases and an increase in other assets. Net cash provided by financing activities was $0.7 million for the first six months of 1998, with proceeds received from stock option exercises exceeding the amount of repayment of long-term debt and dividend payments made by Spargo. For the first six months of 1997, net cash used by financing activities was $0.2 million, as the amount of repayment of long-term debt and dividend payments made by Spargo exceeded proceeds received from stock option exercises. At June 29, 1998, the Company had a current ratio position of 6.0 to 1, approximately $1.0 million of long-term debt and no outstanding borrowings under its two unsecured lines of credit. The Company believes that its cash and cash equivalents and short-term investments, lines of credit and internally generated funds will be sufficient to meet its working capital needs through 1998. The Company is currently implementing a firmwide accounting/ information system. In addition to being Year 2000 compliant, the system will support the Company's future growth. The implementation is expected to be completed in late 1998, and the related cost, estimated at $4.5 million, is not expected to have a material impact on the Company's financial condition or results of operations. The Company is still assessing the impact of the Year 2000 for its recent acquisitions. Certain Disclosures. This report contains certain forward-looking statements for purposes of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties that could cause actual results to differ materially. Such statements are based upon, among other things, assumptions made by, and information currently available to management, including management's own knowledge and assesment of the Company's industry and competition. PART II Other Information Item 6. b) No reports on Form 8-K have been filed during the quarter for which this report is filed. 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. COMPUTER HORIZONS CORP. ----------------------- (Registrant) DATE: August 11, 1998 /s/ John J. Cassese --------------- -------------------------------------- John J. Cassese, Chairman of the Board and President DATE: August 11, 1998 /s/ William J. Murphy --------------- -------------------------------------- William J. Murphy, Executive Vice President and Chief Financial Officer (Principal Financial Officer) DATE: August 11, 1998 /s/ Michael J. Shea --------------- -------------------------------------- Michael J. Shea Vice President and Controller (Principal Accounting Officer) EX-27.1 2
5 1,000 6-MOS DEC-31-1998 JUN-29-1998 73,667 31,451 107,438 1,991 0 218,261 18,175 8,488 251,702 35,764 1,000 0 0 3,220 206,252 209,472 0 235,247 0 150,365 54,220 0 2,859 33,431 15,259 18,172 0 0 0 18,172 .59 .56
EX-27.2 3
5 1,000 6-MOS DEC-31-1997 JUN-27-1997 6,966 0 73,743 1,576 0 83,149 4,732 6,050 105,350 18,329 0 0 0 2,886 82,369 105,350 0 160,850 0 108,587 35,420 0 88 17,144 7,298 9,846 0 0 0 9,846 .37 .35
EX-27.3 4
5 1,000 3-MOS 3-MOS DEC-31-1998 DEC-31-1997 MAR-31-1998 MAR-31-1997 82,675 9,007 22,199 0 97,367 70,035 1,859 1,465 0 0 205,379 80,381 16,678 10,394 8,031 5,807 239,561 101,595 35,362 19,418 1,045 0 0 0 0 0 3,220 2,680 196,539 76,367 239,561 101,595 0 0 111,511 77,205 0 0 70,745 52,485 25,767 17,103 0 0 1,333 57 16,242 7,824 7,605 3,288 8,637 4,536 0 0 0 0 0 0 8,637 4,536 0.28 0.17 0.27 0.16
EX-27.4 5
5 1,000 12-MOS 12-MOS 12-MOS DEC-31-1997 DEC-31-1996 DEC-31-1995 DEC-31-1997 DEC-31-1996 DEC-31-1995 92,087 14,127 11,128 13,165 0 0 81,547 59,666 63,051 1,742 1,203 840 0 0 0 189,860 74,847 63,051 12,801 10,423 8,133 7,101 5,788 4,343 217,746 96,611 82,931 29,369 19,794 20,539 0 1,432 3,299 0 0 0 0 0 0 3,125 2,837 2,767 182,969 70,911 55,139 217,746 96,611 82,931 0 0 0 350,310 261,411 224,492 0 0 0 233,574 180,409 155,918 75,129 59,677 48,764 0 0 0 1,424 (103) (323) 43,044 22,106 19,849 18,498 9,031 8,550 24,546 13,076 11,298 0 0 0 0 0 0 0 0 0 24,546 13,076 11,298 0.89 0.50 0.46 0.85 0.47 0.44
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