-----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, FCN0YcTEWwjLSMnVX0BvIv3TiHm1STUBNCf92Asm48X5bkgbIgYAaLAo6vz37jb6 ffmmGaus0H3Wm22g5+kjew== 0000903893-97-001063.txt : 19970813 0000903893-97-001063.hdr.sgml : 19970813 ACCESSION NUMBER: 0000903893-97-001063 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19970628 FILED AS OF DATE: 19970812 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: COURIER CORP CENTRAL INDEX KEY: 0000025212 STANDARD INDUSTRIAL CLASSIFICATION: BOOK PRINTING [2732] IRS NUMBER: 042502514 STATE OF INCORPORATION: MA FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-07597 FILM NUMBER: 97657010 BUSINESS ADDRESS: STREET 1: 165 JACKSON ST CITY: LOWELL STATE: MA ZIP: 01852 BUSINESS PHONE: 5084586351 10-Q 1 FORM 10-Q 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 June 28, 1997 ------------------------------------------ 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 0-7597 ------------------------------------------------------- COURIER CORPORATION - -------------------------------------------------------------------------------- (Exact name of registrant as specified in its charter) MASSACHUSETTS 04-2502514 - ------------------------------------------------------------------------------- (State or other jurisdiction (I.R.S. Employer Identification No.) of incorporation or organization) 15 Wellman Avenue, North Chelmsford, Massachusetts 01863 - -------------------------------------------------------------------------------- (Address of principal executive offices) (Zip Code) (508) 251-6000 - -------------------------------------------------------------------------------- (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 ------------ -------- Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date. Class Outstanding at August 1, 1997 - ----------------------------------- ----------------------------------- Common Stock, $1 par value 2,013,709 shares Page 1 of 14 COURIER CORPORATION CONSOLIDATED CONDENSED BALANCE SHEETS (UNAUDITED) (Dollars in thousands)
June 28, September 28, ASSETS 1997 1996 ------------------ ------------------ Current assets: Cash and cash equivalents $25 $33 Accounts receivable, less allowance for uncollectible accounts 21,980 24,935 Inventories (Note B) 10,755 8,178 Deferred income taxes 1,502 1,580 Other current assets 749 954 ------------------ ------------------ Total current assets 35,011 35,680 Property, plant and equipment, less accumulated depreciation: $63,159 at June 28, 1997 and $58,868 at September 28, 1996 34,463 36,675 Real estate held for sale or lease, net (Note D) 2,782 698 Goodwill, at cost 1,204 1,204 Other assets 497 509 ------------------ ------------------ Total assets $73,957 $74,766 ================== ==================
The accompanying notes are an integral part of the consolidated financial statements. Page 2 of 14 COURIER CORPORATION CONSOLIDATED CONDENSED BALANCE SHEETS (UNAUDITED) (Dollars in thousands)
June 28, September 28, LIABILITIES AND STOCKHOLDERS' EQUITY 1997 1996 ------------------ ------------------ Current liabilities: Current maturities of long-term debt $366 $466 Accounts payable 8,458 9,705 Accrued taxes 4,403 4,835 Other current liabilities 8,078 6,952 ------------------ ------------------ Total current liabilities 21,305 21,958 Long-term debt 8,183 9,277 Deferred income taxes 3,344 3,488 Other liabilities 1,314 1,279 ------------------ ------------------ Total liabilities 34,146 36,002 ------------------ ------------------ Stockholders' equity: Preferred stock, $1 par value - authorized 1,000,000 shares; none issued Common stock, $1 par value - authorized 6,000,000 shares; issued 4,500,000 shares 4,500 4,500 Additional paid-in capital 9,072 9,055 Retained earnings 50,559 48,713 Treasury stock, at cost: 2,518,000 shares at June 28, 1997 and 2,471,000 shares at September 28, 1996 (24,320) (23,504) ------------------ ------------------ Total stockholders' equity 39,811 38,764 ------------------ ------------------ Total liabilities and stockholders' equity $73,957 $74,766 ================== ==================
The accompanying notes are an integral part of the consolidated financial statements. Page 3 of 14 COURIER CORPORATION CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) (Dollars in thousands except per share amounts)
QUARTER ENDED NINE MONTHS ENDED ---------------------------------- --------------------------------- June 28, June 29, June 28, June 29, 1997 1996 1997 1996 -------------- -------------- -------------- -------------- Net sales $32,721 $32,928 $95,271 $94,427 Cost of sales 26,212 27,047 75,672 77,258 -------------- -------------- -------------- -------------- Gross profit 6,509 5,881 19,599 17,169 Selling and administrative expenses 5,148 4,962 15,394 14,334 Interest expense 169 210 531 677 Other income (expense) (Note D) 7 26 21 (288) -------------- -------------- -------------- -------------- Income before taxes 1,199 735 3,695 1,870 Provision for income taxes (Note C) 384 220 1,123 68 -------------- -------------- -------------- -------------- Net income $815 $515 $2,572 $1,802 ============== ============== ============== ============== Net income per share $0.40 $0.25 $1.26 $0.87 ============== ============== ============== ============== Cash dividends declared per share $0.12 $0.12 $0.36 $0.36 ============== ============== ============== ============== Weighted average shares outstanding 2,026,000 2,067,000 2,041,000 2,079,000
The accompanying notes are an integral part of the consolidated financial statements. Page 4 of 14 COURIER CORPORATION CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED) (Dollars in thousands)
NINE MONTHS ENDED ----------------------------------- June 28, June 29, 1997 1996 -------------- -------------- Cash provided from operating activities $8,072 $1,443 -------------- -------------- Investment activities: Capital expenditures (5,355) (3,523) Proceeds from sale of assets (Note D) - 1,792 -------------- -------------- Cash used for investment activities (5,355) (1,731) -------------- -------------- Financing activities: Repayment of long-term debt (397) (347) Increase (decrease) in long-term borrowings (797) 763 Cash dividends (726) (727) Stock repurchase program (882) - Proceeds from stock plans 77 226 -------------- -------------- Cash used for financing activities (2,725) (85) -------------- -------------- Decrease in cash and cash equivalents (8) (373) Cash at the beginning of the period 33 1,147 -------------- -------------- Cash at the end of the period $25 $774 ============== ==============
The accompanying notes are an integral part of the consolidated financial statements. Page 5 of 14 COURIER CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) A. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES UNAUDITED FINANCIAL STATEMENTS ------------------------------ The balance sheet as of June 28, 1997, the statements of income for the quarters ended and the nine-month periods ended June 28, 1997 and June 29, 1996 and the statements of cash flows for the nine-month periods ended June 28, 1997 and June 29, 1996 are unaudited and, in the opinion of management, all adjustments necessary for a fair presentation of such financial statements have been recorded. Such adjustments consisted only of normal recurring items. Certain amounts for fiscal 1996 have been reclassified in the accompanying financial statements in order to be consistent with the current year's classifications. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted. The year-end balance sheet data as of September 28, 1996 was derived from audited financial statements, but does not include disclosures required by generally accepted accounting principles. It is suggested that these interim financial statements be read in conjunction with the Company's most recent Form 10-K and Annual Report as of September 28, 1996. In October 1995, the Financial Accounting Standards Board issued SFAS No. 123, "Accounting for Stock-Based Compensation," which permits either recording the estimated value of stock-based employee compensation over the applicable vesting period or disclosing the unrecorded cost and the related effect on net income per share in the notes to the financial statements. The Company will continue to apply current accounting rules for the recording of stock-based compensation (APB Opinion No. 25) and will comply with the provision of SFAS No. 123 relative to disclosure in the notes to the financial statements which will be effective with the Company's Annual Report for the fiscal year ending September 27, 1997. In March 1997, the Financial Accounting Standards Board issued SFAS No. 128, "Earnings per Share," which is not effective until the first quarter of the Company's fiscal 1998. This new standard requires dual presentation of basic and diluted earnings per share ("EPS") on the face of the statement of income and requires a reconciliation of the numerators and denominators of basic and diluted EPS calculations. The results would not materially differ from earnings per share as presented. In June 1997, the Financial Accounting Standards Board issued SFAS No. 130, "Reporting Comprehensive Income" which establishes standards for reporting and display of comprehensive income and its components in a full set of general-purpose financial statements. This new standard will require that all items that are required to be recognized under accounting standards as components of comprehensive income be reported in a financial statement that is displayed with the same prominence as other financial statements. SFAS No. 130 requires that a company (a) classify items of other comprehensive income by their nature in a financial statement and (b) display the accumulated balance of other comprehensive income separately from retained earnings and additional paid-in capital in the equity section of the balance sheet. This new standard will be effective in the Company's fiscal year ending September 25, 1999 and will require reclassification of financial statements for earlier periods provided for comparative purposes. The Company has not determined the effects, if any, that SFAS No. 130 will have on its consolidated financial statements. Page 6 of 14 COURIER CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) A. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) Also in June 1997, SFAS No. 131, "Disclosure about Segments of an Enterprise and Related Information" was issued. This new standard changes the way that public companies report selected information about operating segments in annual financial statements and requires that those companies report selected information about segments in interim financial reports issued to shareholders. It also establishes standards for related disclosures about products and services, geographic areas and major customers. SFAS No. 131 will be effective in the Company's fiscal year ending September 25, 1999. The Company has not determined the effects, if any, that SFAS No. 131 will have on the disclosures in its consolidated financial statements. B. INVENTORIES Inventories are valued at the lower of cost or market. Cost is determined using the last-in, first-out (LIFO) method for substantially all inventories. Inventories consisted of the following: (000's Omitted) ------------------------------- June 28, September 28, 1997 1996 -------------- --------------- Raw materials $ 2,848 $ 2,901 Work in process 6,221 3,746 Finished goods 1,686 1,531 ------- ------- Total inventory $10,755 $ 8,178 ======= ======= C. INCOME TAXES The statutory federal tax rate is 34%. The total tax provision differs from that computed using the statutory federal tax rate for the following reasons: (000's Omitted) Quarter Ended Nine Months Ended ------------- ----------------- June 28, June 29, June 28, June 29, 1997 1996 1997 1996 ------- ------- ------- ------- Federal income taxes at statutory rate $ 408 $ 250 $ 1,256 $ 636 State income taxes, net 33 18 79 52 Donation of real estate (Note D) -- -- -- (500) Export related income (68) (68) (161) (117) Other 11 20 (51) (3) ------- ------- ------- ------- Total provision $ 384 $ 220 $ 1,123 $ 68 ======= ======= ======= ======= Page 7 of 14 COURIER CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) D. OTHER INCOME (EXPENSE) On March 1, 1996, the Company completed the sale and donation of its former telephone directory manufacturing facility which had been vacant. Sales proceeds of $1.8 million for approximately half the site resulted in a pretax loss of $365,000 which is included in other income (expense). Tax benefits from the donation of the remainder of the property resulted in an after-tax gain on the overall transaction of approximately $250,000 or $.12 per share. E. SUBSEQUENT EVENT On July 21, 1997, the Company acquired all of the outstanding capital stock of Book-mart Press, Inc. ("Book-mart"), a North Bergen, New Jersey book manufacturer specializing in short to medium runs of softcover and hardcover books. Book-mart had sales last year of approximately $11 million. The Company paid approximately $12.7 million in cash to the former stockholders of Book-mart for their shares of capital stock. At the time of the closing, Book-mart had approximately $2.3 million of outstanding bank indebtedness which was subsequently paid in full. In connection with the acquisition, 11,111 shares of Courier common stock (based upon a valuation of $18 per share) were issued to two key executives of Book-mart for non-compete agreements. In addition, one of such executives was issued 16,667 shares (subject to a four-year vesting schedule) in connection with an employment agreement. The acquisition will be accounted for as a purchase and, accordingly, the results of operations will be included in the consolidated financial statements from July 21, 1997 forward. The purchase price was determined in an arm's-length negotiation and was financed using the Company's existing credit facility with BankBoston, N.A. and State Street Bank and Trust Company. The amount available under this facility was extended from $20 million to $30 million in contemplation of the transaction. The facility was also used by the Company to repay the approximately $2.3 million of Book-mart's existing bank debt subsequent to the consummation of the acquisition. Page 8 of 14 COURIER CORPORATION MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS RESULTS OF OPERATIONS: ---------------------- Sales of $32.7 million in the third quarter of fiscal 1997 were down slightly from last year's third quarter sales of $32.9 million due to a continuing drop in paper prices and the paper content of sales. Excluding the sales value of paper, sales grew by approximately 6% for the quarter. Sales in the educational market have been particularly strong this year while software documentation sales have continued to decline. Gross profit increased to $6.5 million, or 20% of sales, in the third quarter from $5.9 million, or 18% of sales, in the same period last year. The improvement in gross profit reflects increased sales volume and related capacity utilization, gains in productivity, lower costs and benefits realized from streamlining software documentation operations. Selling and administrative expenses of $5.1 million in the third quarter of fiscal 1997 were comparable to the same period last year of $5.0 million. As a percentage of sales, selling and administrative expenses were 16% compared to 15% in the third quarter last year. The increase includes expansion of the Company's Copyright Management Services (CMS) division and expenses that relate to the increase in profitability. Interest expense was $169,000 compared to $210,000 in the third quarter of fiscal 1996 reflecting decreased average borrowings. The Company's effective tax rate was 32% for the third quarter of fiscal 1997 as compared to the 30% rate for the corresponding period last year. Net income for the third quarter of fiscal 1997 was $815,000 or $.40 per share, compared to $515,000 or $.25 per share in last year's third quarter. The 58% growth in net income reflects the increase in gross profit as a percent of sales resulting from increased capacity utilization, productivity gains and lower costs. For the nine months ended June 28, 1997, the Company reported net income of $2.6 million or $1.26 per share, compared to $1.8 million or $.87 per share for the same period last year. Sales for the first nine months were $95.3 million versus $94.4 million in the comparable period of fiscal 1996. The factors impacting third quarter results similarly affected year-to-date results. In addition, a decrease in the market price of recycled paper reduced gross profit by approximately $330,000 in the first nine months of fiscal 1997 compared to the same period last year; however, paper recycling income in the third quarter was comparable to last year's third quarter. Also, in the first quarter of fiscal 1997, costs associated with the consolidation of operations in Philadelphia amounted to approximately $350,000. The consolidation into a newer, more efficient manufacturing facility was completed in December 1996. The second quarter of fiscal 1996 includes the Company's sale and donation of its former telephone directory manufacturing facility. The sale of approximately half the site resulted in a pretax loss of $365,000. Tax benefits from the donation of the remainder of the property resulted in an after-tax gain of approximately $250,000 or $.12 per share on the overall transaction. Page 9 of 14 COURIER CORPORATION MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS RESULTS OF OPERATIONS (CONTINUED): ---------------------------------- In October 1995, the Financial Accounting Standards Board issued SFAS No. 123, "Accounting for Stock-Based Compensation," which permits either recording the estimated value of stock-based employee compensation over the applicable vesting period or disclosing the unrecorded cost and the related effect on net income per share in the notes to the financial statements. The Company will continue to apply current accounting rules for the recording of stock-based compensation and will comply with the provision of SFAS No. 123 relative to disclosure in the notes to the financial statements which will be effective with the Company's Annual Report for the fiscal year ending September 27, 1997. In March 1997, the Financial Accounting Standards Board issued SFAS No. 128, "Earnings per Share," which will not be effective until the first quarter of the Company's fiscal 1998. This new standard will require the Company to restate all previously reported earnings per share information to conform with the new pronouncement's requirements. The results would not materially differ from earnings per share as presented. In June 1997, the Financial Accounting Standards Board issued SFAS No. 130, "Reporting Comprehensive Income" which establishes standards for reporting and display of comprehensive income and its components in a full set of general-purpose financial statements. This new standard will require that all items that are required to be recognized under accounting standards as components of comprehensive income be reported in a financial statement that is displayed with the same prominence as other financial statements. SFAS No. 130 requires that a company (a) classify items of other comprehensive income by their nature in a financial statement and (b) display the accumulated balance of other comprehensive income separately from retained earnings and additional paid-in capital in the equity section of the balance sheet. This new standard will be effective in the Company's fiscal year ending September 25, 1999 and will require reclassification of financial statements for earlier periods provided for comparative purposes. The Company has not determined the effects, if any, that SFAS No. 130 will have on its consolidated financial statements. Also in June 1997, SFAS No. 131, "Disclosure about Segments of an Enterprise and Related Information" was issued. This new standard changes the way that public companies report selected information about operating segments in annual financial statements and requires that those companies report selected information about segments in interim financial reports issued to shareholders. It also establishes standards for related disclosures about products and services, geographic areas and major customers. SFAS No. 131 will be effective in the Company's fiscal year ending September 25, 1999. The Company has not determined the effects, if any, that SFAS No. 131 will have on the disclosures in its consolidated financial statements. Page 10 of 14 COURIER CORPORATION MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS LIQUIDITY AND CAPITAL RESOURCES: -------------------------------- During the first nine months of fiscal 1997, operations provided approximately $8.1 million of cash. Net income was $2.6 million, depreciation was $5.5 million and working capital was comparable to year-end levels. Investment activities in the first nine months of fiscal 1997 used approximately $5.4 million of cash for capital expenditures. Capital expenditures were made primarily for the final phase of the building expansion at the Company's Philadelphia manufacturing facility and for upgrades to binding equipment. Capital expenditures for the entire fiscal year are expected to be approximately $8 million. In December 1996, the Company completed the consolidation of operations in Philadelphia from an older, multi-story facility to the recently expanded, more efficient property. An agreement to sell the multi-story facility subject to resolution of certain contingencies was scheduled for closing in July 1997. The agreement did not close and the facility is presently offered for sale. The Company's Raymond, New Hampshire facility, which had been leased through June 1996, is now vacant pending sale or lease. With respect to the Company's former headquarters in Lowell, Massachusetts, which was vacated in September 1996, the Company has considered various alternatives and is presently giving priority to donating the property to a not-for-profit organization in order to eliminate ongoing operating costs and to generate a tax benefit in excess of the remaining book value of the property. Financing activities for the first nine months of fiscal 1997 used approximately $2.7 million of cash. Dividend payments were $0.7 million, stock repurchases amounted to $0.9 million and long-term debt was reduced by $1.2 million. In March 1997, the Company replaced it's $11 million long-term revolving credit facility with Bank of Boston, N.A. and $10 million informal bank credit line with State Street Bank and Trust Company with a new $20 million long-term revolving credit facility involving both of the banks. At June 28, 1997, the Company had approximately $13.8 million of borrowing capacity available under the new revolving credit facility. Under the new facility, the Company can borrow at either LIBOR plus 3/4% or the bank's money market rates (6.25% at June 28, 1997). The new facility contains restrictive covenants comparable to the prior revolving credit facility, including provisions related to the maintenance of working capital, the incurring of additional indebtedness and a quarterly test of cash flow to debt service. It also provides for a commitment fee of 1/4% per annum on the unused portion. In November 1996, the Company announced a program to repurchase up to $3 million of its common shares. In April 1997, the Board of Directors voted to extend the program through October 1997. Through the end of June 1997, the Company acquired 54,182 shares of common stock at an average cost of $16.28 per share under this program. There have been no purchases by the Company since April 1997. Page 11 of 14 COURIER CORPORATION MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS LIQUIDITY AND CAPITAL RESOURCES (CONTINUED): -------------------------------------------- On July 21, 1997, the Company acquired all of the outstanding capital stock of Book-mart Press, Inc. ("Book-mart"), a North Bergen, New Jersey book manufacturer specializing in short to medium runs of softcover and hardcover books. Book-mart had sales last year of approximately $11 million. The Company paid approximately $12.7 million in cash to the former stockholders of Book-mart for their shares of capital stock. At the time of the closing, Book-mart had approximately $2.3 million of outstanding bank indebtedness which was subsequently paid in full. In connection with the acquisition, 11,111 shares of Courier common stock (based upon a valuation of $18 per share) were issued to two key executives of Book-mart for non-compete agreements. In addition, one of such executives was issued 16,667 shares (subject to a four-year vesting schedule) in connection with an employment agreement. The acquisition will be accounted for as a purchase and, accordingly, the results of operations will be included in the consolidated financial statements from July 21, 1997 forward. The acquisition is expected to be immediately accretive to the Company's net income. The purchase price was determined in an arm's-length negotiation and was financed using the Company's existing credit facility with BankBoston, N.A. and State Street Bank and Trust Company. The amount available under this facility was extended from $20 million to $30 million in contemplation of the transaction. The facility was also used by the Company to repay the approximately $2.3 million of Book-mart's existing bank debt subsequent to the consummation of the acquisition. Page 12 of 14 COURIER CORPORATION PART II. OTHER INFORMATION ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K ------- -------------------------------- (a) Exhibits Exhibit No. Description of Exhibit ----------- ---------------------- 27 Financial Data Schedule (b) Reports on Form 8-K A Form 8-K dated August 5, 1997 reporting under Item 2 the acquisition of all of the outstanding stock of Book-mart Press, Inc. Page 13 of 14 SIGNATURES ---------- Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. COURIER CORPORATION ------------------- (Registrant) August 11, 1997 By: /s/James F. Conway III ------------------------ ------------------------------------- Date James F. Conway III Chairman, President and Chief Executive Officer August 11, 1997 By: /s/Robert P. Story, Jr. ------------------------ ------------------------------------- Date Robert P. Story, Jr. Senior Vice President and Chief Financial Officer August 11, 1997 By: /s/Peter M. Folger ------------------------ ------------------------------------- Date Peter M. Folger Vice President and Chief Accounting Officer Page 14 of 14 EX-27 2 FDS
5 1,000 9-MOS SEP-27-1997 SEP-29-1996 JUN-28-1997 25 0 21,980 994 10,755 35,011 97,622 63,159 73,957 21,305 0 0 0 4,500 35,311 73,957 95,271 95,271 75,672 75,672 15,186 187 531 3,695 1,123 2,572 0 0 0 2,572 1.26 1.26 Receivables are net of allowances for uncollectible accounts. Other SE includes treasury stock.
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