-----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, Qq3ll4bo6YIKZOAmCu7/rOaSbCub8r1yLRT5zygqn69DpoN7iHcNfh0b9FsMzrnI 05HCUTI8Qkx9tHn+BnOtuA== 0000912057-96-025524.txt : 19961113 0000912057-96-025524.hdr.sgml : 19961113 ACCESSION NUMBER: 0000912057-96-025524 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 5 CONFORMED PERIOD OF REPORT: 19960928 FILED AS OF DATE: 19961112 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: LEE SARA CORP CENTRAL INDEX KEY: 0000023666 STANDARD INDUSTRIAL CLASSIFICATION: FOOD & KINDRED PRODUCTS [2000] IRS NUMBER: 362089049 STATE OF INCORPORATION: MD FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-03344 FILM NUMBER: 96658441 BUSINESS ADDRESS: STREET 1: THREE FIRST NATIONAL PLAZA STREET 2: SUITE 4600 CITY: CHICAGO STATE: IL ZIP: 60602 BUSINESS PHONE: 3127262600 MAIL ADDRESS: STREET 1: THREE FIRST NATL PLZ STREET 2: SUITE 4600 CITY: CHICAGO STATE: IL ZIP: 60602 FORMER COMPANY: FORMER CONFORMED NAME: CONSOLIDATED FOODS CORP DATE OF NAME CHANGE: 19850402 FORMER COMPANY: FORMER CONFORMED NAME: CONSOLIDATED GROCERD CORP DATE OF NAME CHANGE: 19731220 10-Q 1 10-Q 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 quarterly period ended September 28, 1996 ------------------------------------------------- OR [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number 1-3344 --------------------------------------------------------- Sara Lee Corporation -------------------------------------------------------------- (Exact name of registrant as specified in its charter) Maryland 36-2089049 - ------------------------------- ------------------- (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No) Three First National Plaza, Suite 4600, Chicago, Illinois 60602-4260 - -------------------------------------------------------------------------------- (Address of principal executive offices) (Zip Code) (312) 726-2600 ----------------------------------------------------------- (Registrant's telephone number, including area code) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X No -------- ------- On September 28, 1996, the Registrant had 483,832,418 outstanding shares of common stock $1.33 1/3 par value, which is the Registrant's only class of common stock. The document contains 16 pages. Page 1 SARA LEE CORPORATION AND SUBSIDIARIES INDEX ----- PART I - FINANCIAL STATEMENTS - Preface 3 Condensed Consolidated Balance Sheets - At September 28, 1996 and June 29, 1996 4 Consolidated Statements of Income - For the thirteen weeks ended September 28, 1996 and September 30, 1995 5 Consolidated Statements of Common Stockholders' Equity - For the period July 1, 1995 to September 28, 1996 6 Consolidated Statements of Cash Flows - For the thirteen weeks ended September 28, 1996 and September 30, 1995 7 MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS AND FINANCIAL CONDITION 8 PART II - ITEM 4. - SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS 10 ITEM 6. - EXHIBITS AND REPORTS ON FORM 8-K 11 SIGNATURE 12 EXHIBIT 11 - Computation of Net Income Per Common Share 13 EXHIBIT 12.1 - Computation of Ratio of Earnings to Fixed Charges 14 EXHIBIT 12.2 - Computation of Ratio of Earnings to Fixed Charges and Preferred Stock Dividend Requirements 15 EXHIBIT 27 - Financial Data Schedule 16 Page 2 PART I SARA LEE CORPORATION AND SUBSIDIARIES ------------------------------------- PREFACE The consolidated financial statements for the thirteen weeks ended September 28, 1996 and September 30, 1995 and the balance sheet as of September 28, 1996 included herein have not been examined by independent public accountants, but, in the opinion of Sara Lee Corporation ("Corporation"), all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position at September 28, 1996 and the results of operations and the cash flows for the periods presented herein have been made. The results of operations for the thirteen weeks ended September 28, 1996 are not necessarily indicative of the operating results for the full fiscal year. The consolidated financial statements included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. Although the Corporation believes that the disclosures made are adequate to make the information presented not misleading, certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such regulations. These consolidated financial statements should be read in conjunction with the financial statements and the notes thereto included in the Corporation's Form 10-K for the year ended June 29, 1996. Page 3 SARA LEE CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS AT SEPTEMBER 28, 1996 AND JUNE 29, 1996 (IN MILLIONS) Sept. 28, June 29, 1996 1996 --------- -------- ASSETS Cash and equivalents $ 240 $ 243 Trade accounts receivable, less allowances 2,079 1,728 Inventories: Finished goods 1,824 1,802 Work in process 475 381 Materials and supplies 648 624 --------- --------- 2,947 2,807 Other current assets 315 303 --------- --------- Total current assets 5,581 5,081 Trademarks and other assets 607 636 Property, net 3,129 3,007 Intangible assets 4,194 3,878 --------- --------- $ 13,511 $ 12,602 --------- --------- --------- --------- LIABILITIES AND EQUITY Notes payable $ 1,242 $ 319 Accounts payable 1,390 1,592 Accrued liabilities 2,654 2,596 Current maturities of long-term debt 143 135 --------- --------- Total current liabilities 5,429 4,642 Long-term debt 1,922 1,842 Deferred income taxes 338 333 Other liabilities 600 604 Minority interest in subsidiaries 529 523 Auction preferred stock 300 300 ESOP convertible preferred stock 319 324 Unearned deferred compensation (286) (286) Common stockholders' equity 4,360 4,320 --------- --------- $ 13,511 $ 12,602 --------- --------- --------- --------- Page 4 SARA LEE CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME FOR THE THIRTEEN WEEKS ENDED SEPTEMBER 28, 1996 AND SEPTEMBER 30, 1995 (IN MILLIONS, EXCEPT PER SHARE DATA) THIRTEEN WEEKS ENDED ----------------------- Sept. 28, Sept. 30, 1996 1995 ---------- ---------- Net sales $ 4,886 $ 4,656 ---------- ---------- Cost of sales 3,077 2,931 Selling, general and administrative expenses 1,463 1,396 Interest expense 54 59 Interest income (11) (12) ---------- ---------- 4,583 4,374 ---------- ---------- Income before income taxes 303 282 Income taxes 97 96 ---------- ---------- Net income 206 186 Preferred dividend requirements, net of tax 7 7 ---------- ---------- Net income available for common stockholders $ 199 $ 179 ---------- ---------- ---------- ---------- Net income per common share - primary $ 0.41 $ 0.37 ---------- ---------- ---------- ---------- Average shares outstanding 486 483 ---------- ---------- ---------- ---------- Net income per common share - fully diluted $ 0.40 $ 0.36 ---------- ---------- ---------- ---------- Average shares outstanding 505 502 ---------- ---------- ---------- ---------- Cash dividends per common share $ 0.19 $ 0.17 ---------- ---------- ---------- ---------- Page 5 SARA LEE CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF COMMON STOCKHOLDERS' EQUITY FOR THE PERIOD JULY 1, 1995 TO SEPTEMBER 28, 1996 (IN MILLIONS, EXCEPT PER SHARE DATA)
UNEARNED COMMON CAPITAL RETAINED TRANSLATION RESTRICTED TOTAL STOCK SURPLUS EARNINGS ADJUSTMENTS STOCK ------ ------ ------- -------- ----------- ---------- Balances at July 1, 1995 $3,939 $640 $ 67 $3,252 $ 3 $(23) Net income 186 -- -- 186 -- -- Cash dividends - Common ($.17 per share) (82) -- -- (82) -- -- Auction preferred ($1,091.33 per share) (3) -- -- (3) -- -- ESOP convertible preferred ($1.359 per share) (6) -- -- (6) -- -- Stock issuances - Business acquisition 55 3 52 -- -- -- Stock option and benefit plans 19 1 18 -- -- -- Restricted stock, less amortization of $3 3 1 14 -- -- (12) Reacquired shares (28) (1) (27) -- -- -- Translation adjustments (52) -- -- -- (52) -- ESOP tax benefit 2 -- -- 2 -- -- ESOP share redemption 4 -- 4 -- -- -- Other 9 1 8 -- -- -- ------ ------ ------- -------- ----- --- Balances at September 30, 1995 4,046 645 136 3,349 (49) (35) Net income 730 -- -- 730 -- -- Cash dividends - Common ($.57 per share) (276) -- -- (276) -- -- Auction preferred ($3,127.67 per share) (10) -- -- (10) -- -- ESOP convertible preferred ($4.0785 per share) (18) -- -- (18) -- -- Stock issuances - Stock option and benefit plans 74 5 69 -- -- -- Restricted stock, less amortization of $10 10 -- 3 -- -- 7 Reacquired shares (75) (3) (72) -- -- -- Translation adjustments (178) -- -- -- (178) -- ESOP tax benefit 8 -- -- 8 -- -- ESOP share redemption 3 -- 3 -- -- -- Other 6 (1) 2 -- -- 5 ------ ------ ------- -------- ----- --- Balances at June 29, 1996 4,320 646 141 3,783 (227) (23) Net income 206 -- -- 206 -- -- Cash dividends - Common ($.19 per share) (92) -- -- (92) -- -- Auction preferred ($997.00 per share) (3) -- -- (3) -- -- ESOP convertible preferred ($1.359 per share) (6) -- -- (6) -- -- Stock issuances - Business acquisition 13 1 12 -- -- -- Stock option and benefit plans 18 1 17 -- -- -- Restricted stock, less amortization of $6 6 -- 7 -- -- (1) Reacquired shares (95) (4) (91) -- -- -- Translation adjustments (16) -- -- -- (16) -- ESOP tax benefit 2 -- -- 2 -- -- ESOP share redemption 6 1 5 -- -- -- Other 1 -- -- -- -- 1 ------ ------ ------- -------- ----- --- Balances at September 28, 1996 $4,360 $645 $ 91 $3,890 $(243) $(23) ------ ------ ------- -------- ----- --- ------ ------ ------- -------- ----- ---
Page 6 SARA LEE CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE THIRTEEN WEEKS ENDED SEPTEMBER 28, 1996 AND SEPTEMBER 30, 1995 (IN MILLIONS) THIRTEEN WEEKS ENDED -------------------- Sept. 28, Sept. 30, 1996 1995 --------- --------- OPERATING ACTIVITIES - Net income $ 206 $ 186 Adjustments for non-cash charges included in net income: Depreciation 121 116 Amortization of intangibles 48 43 Increase in deferred income taxes 5 2 Other (5) 3 Changes in current assets and liabilities, excluding businesses acquired and sold (556) (574) ------ ------ Net cash used in operating activities (181) (224) ------ ------ INVESTING ACTIVITIES - Purchases of property and equipment (107) (83) Acquisitions of businesses (520) (23) Sales of property 19 12 Other 1 17 ------ ------ Net cash used in investing activities (607) (77) ------ ------ FINANCING ACTIVITIES - Issuances of common stock 18 19 Purchases of common stock (95) (28) Borrowings of long-term debt 78 84 Repayments of long-term debt (28) (140) Short-term borrowings, net 913 483 Payments of dividends (101) (91) ------ ------ Net cash from financing activities 785 327 ------ ------ Effect of changes in foreign exchange rates on cash -- (6) ------ ------ (Decrease) increase in cash and equivalents (3) 20 Cash and equivalents at beginning of year 243 202 ------ ------ Cash and equivalents at end of quarter $ 240 $ 222 ------ ------ ------ ------ COMPONENTS OF THE CHANGES IN CURRENT ASSETS AND LIABILITIES: (Increase) in trade accounts receivable $ (218) $ (249) Decrease (increase) in inventories 5 (141) Decrease (increase) in other current assets 10 (10) (Decrease) in accounts payable (336) (179) (Decrease) increase in accrued liabilities (17) 5 ------ ------ Changes in current assets and liabilities $ (556) $ (574) ------ ------ ------ ------ Page 7 SARA LEE CORPORATION AND SUBSIDIARIES MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS AND FINANCIAL CONDITION The following is a discussion of the results of operations for the first quarter of fiscal 1997 compared to the first quarter of fiscal 1996 and the changes in financial condition during the first three months of fiscal 1997. RESULTS OF OPERATIONS Current quarter net sales of $4.89 billion were $230 million or 4.9% above the $4.66 billion reported in the first quarter last year. Businesses acquired net of businesses sold subsequent to the start of the first quarter of last year increased sales by approximately 5.1 percentage points. The strengthening of the U.S. dollar relative to foreign currencies had the effect of reducing sales in fiscal 1997 by approximately 1.3 percentage points. Thus, on a comparable basis, sales increased approximately 1.1%. Aoste, a European manufacturer of processed meat products, was the principle acquisition in the current quarter. Cost of sales increased by $146 million or 5.0% and the gross profit margin of 37.0% was slightly lower than the 37.1% in the first quarter of last year. Lower gross profit margins in the Corporation's Packaged Meats and Bakery and Personal Products operations were offset in part by improved Coffee and Grocery and Household and Body Care margins. Selling, general and administrative expenses of $1.46 billion were $67 million or 4.8% higher than the first quarter of last year. The increase was primarily due to acquisitions and higher advertising and promotion expense offset in part by the strengthening of the U.S. dollar relative to foreign currencies. Net interest expense declined from $47 million last year to $43 million in the current year primarily as a result of lower borrowing costs. The effective tax rate decreased from 34.0% to 32.0% of income before income taxes. This decrease was largely due to the impact of lower foreign taxes. Net income increased 10.9% to $206 million. Net income per share increased 10.8% to $.41 per share from the $.37 reported last year. Page 8 FINANCIAL CONDITION During the first quarter of fiscal 1997, cash and equivalents remained essentially the same while borrowings increased by $1.0 billion. The increase in borrowings is primarily attributable to business acquisitions and seasonal working capital requirements. The Corporation also repurchased 2.9 million shares of its common stock in the first quarter of 1997. On October 31, 1996, the Corporation's board of directors authorized the repurchase of up to 20 million shares of the Corporation's outstanding common stock. This amount is in addition to 12 million shares which remain from previous repurchase authorizations. It is anticipated that future share repurchases will be funded from internal sources of cash. RESTRUCTURING As of September 28, 1996, the Corporation had completed the plant closure and employee severance actions defined in the fiscal 1994 restructuring plan. The Consolidated Balance Sheet at the end of the first quarter includes $54 million of continuing lease and other obligations relating to closed facilities. These amounts are classified as current liabilities. Actions taken as part of the restructuring plan lowered operating costs by $50 million in the first quarter of 1997; however, a significant portion of this benefit has been used for business building and profit improvement initiatives. The Corporation expects the restructuring plan to generate increasing savings, growing to an annual savings of approximately $250 million in 1998. Savings from the planned actions will be used for business building initiatives and profit improvements. Page 9 PART II ITEM 4 - SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS (a) The Registrant's 1996 Annual Meeting of Stockholders was held on October 31, 1996, in Chicago, Illinois ("Annual Meeting"). (b) Not applicable. (c) (i) A total of 423,592,948 votes (83.4% of all votes entitled to vote at the Annual Meeting) were represented by proxy or ballot at the Annual Meeting. The stockholders of the Registrant were requested to elect 18 directors as nominated by management. All nominees were elected as indicated by the following voting tabulation: NAME FOR WITHHELD ---- --- -------- Paul A. Allaire 418,419,653 5,173,295 Frans H.J.J. Andriessen 418,407,513 5,185,435 John H. Bryan 418,296,872 5,296,076 Duane L. Burnham 418,482,213 5,110,735 Charles W. Coker 418,435,476 5,157,472 Willie D. Davis 418,328,546 5,264,402 Donald J. Franceschini 418,334,165 5,258,783 Allen F. Jacobson 418,196,064 5,396,884 Vernon E. Jordan, Jr. 417,995,678 5,597,270 James L. Ketelsen 418,402,034 5,190,914 Hans B. van Liemt 418,451,057 5,141,891 Joan D. Manley 418,379,937 5,213,011 C. Steven McMillan 418,201,665 5,391,283 Newton N. Minow 418,250,461 5,342,487 Michael E. Murphy 418,419,592 5,173,356 Sir Arvi H. Parbo A.C. 418,303,517 5,289,431 Rozanne L. Ridgway 418,278,109 5,314,839 Richard L. Thomas 418,393,146 5,199,802 (ii) The stockholders were requested to ratify the appointment of Arthur Andersen LLP as the independent public accountants of the Corporation for its fiscal year 1997. The appointment of Arthur Andersen LLP was ratified by the stockholders, as 421,140,430 votes were cast for the proposal, 1,247,490 votes were cast against the proposal, and 1,205,028 votes abstained. (d) Not applicable. Page 10 ITEM 6. - EXHIBITS AND REPORTS ON FORM 8-K (a) Exhibits (numbered in accordance with Item 601 of Regulation S-K) PAGE NUMBER OR EXHIBIT INCORPORATED HEREIN NUMBER DESCRIPTION BY REFERENCE TO ------- ----------- ------------------- 11 Computation of Net Income Per Common Share 13 12.1 Computation of Ratio of Earnings to Fixed Charges 14 12.2 Computation of Ratio of Earnings to Fixed Charges and Preferred Stock Dividend Requirements 15 27 Financial Data Schedule 16 (b) Reports on Form 8-K A Form 8-K was filed by the Corporation on September 4, 1996. It reported the consolidated balance sheets of Sara Lee Corporation and Subsidiaries as of June 29, 1996, July 1, 1995 and July 2, 1994 and the related consolidated statements of income, common stockholders' equity and cash flows for each of the three years in the period ended June 29, 1996. Page 11 S I G N A T U R E 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. SARA LEE CORPORATION (Registrant) By: /s/ Wayne R. Szypulski -------------------------------- Wayne R. Szypulski Vice President and Controller DATE: November 11, 1996 Page 12 EX-11 2 COMP OF NET INCOME PER SHARE SARA LEE CORPORATION AND SUBSIDIARIES EXHIBIT 11 COMPUTATION OF NET INCOME PER COMMON SHARE (IN MILLIONS EXCEPT PER SHARE DATA)
Thirteen Weeks Ended Thirteen Weeks Ended September 28, 1996 September 30, 1995 -------------------- -------------------- Fully Fully Primary Diluted Primary Diluted ------- ------- ------- ------- EARNINGS: Net income $ 206 $ 206 $ 186 $ 186 Less: Dividends on preferred stocks, net of tax benefits (7) (3) (7) (3) Adjustment attributable to conversion of ESOP convertible preferred stock -- (2) -- (2) ------- ------- ------- ------- Net income available for common stockholders $ 199 $ 201 $ 179 $ 181 ------- ------- ------- ------- ------- ------- ------- ------- SHARES: Average shares outstanding 482 482 480 480 Add: Common stock equivalents - Stock options 2 3 2 2 ESOP convertible preferred stock -- 18 -- 18 Restricted stock and other 2 2 1 2 ------- ------- ------- ------- Adjusted weighted average shares outstanding 486 505 483 502 ------- ------- ------- ------- ------- ------- ------- ------- Net income per common share: $ 0.41 $ 0.40 $ 0.37 $ 0.36 ------- ------- ------- ------- ------- ------- ------- -------
Page 13 EX-12.1 3 COMP OF RATIO EXHIBIT 12.1 SARA LEE CORPORATION AND SUBSIDIARIES COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (IN MILLIONS EXCEPT RATIOS)
THIRTEEN WEEKS ENDED --------------------- SEPT. 28, SEPT. 30, 1996 1995 --------- --------- Fixed charges: Interest expense..................................... $ 54 $ 59 Interest portion of rental expense................... 17 21 --------- --------- Total fixed charges before capitalized interest...... 71 80 Capitalized interest................................. 2 3 --------- --------- Total fixed charges............................. $ 73 $ 83 --------- --------- --------- --------- Earnings available for fixed charges: Income before income taxes........................... $303 $282 Less undistributed income in minority owned companies........................................... (2) (2) Add minority interest in majority-owned subsidiaries........................................ 8 10 Add amortization of capitalized interest............. 6 5 Add fixed charges before capitalized interest........ 71 80 --------- --------- Total earnings available for fixed charges......... $386 $375 --------- --------- --------- --------- Ratio of earnings to fixed charges..................... 5.3 4.5 --------- --------- --------- ---------
Page 14 EX-12.2 4 COMP OF EARNINGS TO FIXED CHARGES SARA LEE CORPORATION AND SUBSIDIARIES COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES EXHIBIT 12.2 AND PREFERRED STOCK DIVIDEND REQUIREMENTS (IN MILLIONS EXCEPT RATIOS)
Thirteen Weeks Ended -------------------- Sept. 28, Sept. 30, 1996 1995 --------- --------- Fixed charges and preferred stock dividend requirements: Interest expense $ 54 $ 59 Interest portion of rental expense 17 21 --------- --------- Total fixed charges before capitalized interest and preferred stock dividend requirements 71 80 Capitalized interest 2 3 Preferred stock dividend requirements (1) 10 11 --------- --------- Total fixed charges and preferred stock dividend requirements $ 83 $ 94 --------- --------- --------- --------- Earnings available for fixed charges and preferred stock dividend requirements: Income before income taxes $ 303 $ 282 Less undistributed income in minority owned companies (2) (2) Add minority interest in majority-owned subsidiaries 8 10 Add amortization of capitalized interest 6 5 Add fixed charges before capitalized interest and preferred stock dividend requirements 71 80 --------- --------- Total earnings available for fixed charges and preferred stock dividend requirements $ 386 $ 375 --------- --------- --------- --------- Ratio of earnings to fixed charges and preferred stock dividend requirements 4.7 4.0 --------- --------- --------- ---------
(1) Preferred stock dividends in the computation have been increased to an amount representing the pretax earnings that would have been required to cover such dividends. Page 15 EX-27 5 FINANCIAL DATA SCHEDULE
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE CONSOLIDATED STATEMENT OF INCOME AND CONSOLIDATED BALANCE SHEET AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 3-MOS JUN-28-1997 SEP-28-1996 228 12 2,306 227 2,947 5,581 6,203 3,074 13,511 5,429 1,922 0 333 645 3,715 13,511 4,886 4,886 3,077 3,077 0 58 43 303 97 206 0 0 0 206 0.41 0.40
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