-----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, VmnFtNEn9zfTCwvG5F5j7zbbeGKh+33p2OsHEZtw/diHXIcm4zrY2EH6K7OnbjHn KeH+WrDTMqCfDNXDRQubsg== 0000025445-96-000012.txt : 19961203 0000025445-96-000012.hdr.sgml : 19961203 ACCESSION NUMBER: 0000025445-96-000012 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19960930 FILED AS OF DATE: 19961113 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: CRANE CO /DE/ CENTRAL INDEX KEY: 0000025445 STANDARD INDUSTRIAL CLASSIFICATION: 5031 IRS NUMBER: 131952290 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-01657 FILM NUMBER: 96660432 BUSINESS ADDRESS: STREET 1: 100 FIRST STAMFORD PLACE CITY: STAMFORD STATE: CT ZIP: 06902 BUSINESS PHONE: 2033637300 10-Q 1 FORM 10-Q SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 QUARTERLY REPORT UNDER SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended September 30, 1996 Commission File Number 1-1657 CRANE CO. (Exact name of registrant as specified in its charter) Delaware 13-1952290 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 100 First Stamford Place, Stamford, Ct. 06902 (Address of principal executive office) (Zip Code) (203) 363-7300 (Registrant's telephone number, including area code) (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 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 the issuer's classes of common stock, as of October 31, 1996: Common stock, $1.00 Par Value - 30,631,560 shares Part I - Financial Information Item 1. Financial Statements Crane Co. and Subsidiaries Consolidated Statements of Income (in thousands, except per share amounts) (unaudited)
Periods Ended September 30, Three Months Nine Months 1996 1995 1996 1995 Net Sales $481,116 $453,344 $1,383,810 $1,337,401 Operating Costs and Expenses: Cost of sales 352,632 336,860 1,012,219 993,081 Selling, general and administrative 71,246 65,944 212,731 202,416 Depreciation and amortization 12,226 12,406 36,298 36,252 436,104 415,210 1,261,248 1,231,749 Operating Profit 45,012 38,134 122,562 105,652 Other Income (Deductions): Interest income 639 979 1,819 1,602 Interest expense (5,911) (6,699) (17,541) (20,729) Miscellaneous - net 2,394 2,701 (207) 3,067 (2,878) (3,019) (15,929) (16,060) Income Before Taxes 42,134 35,115 106,633 89,592 Provision for Income Taxes 15,245 13,086 39,432 34,171 Net Income $ 26,889 $ 22,029 $ 67,201 $ 55,421 Net Income Per Share $ .88 $ .71 $ 2.20 $ 1.81 Average Shares Outstanding 30,398 30,830 30,497 30,567 Dividends Per Share $ .1875 $ .1875 $ .5625 $ .5625 See Notes to Consolidated Financial Statements
-2- Part I - Financial Information Crane Co. and Subsidiaries Consolidated Balance Sheets (in thousands)
September 30, December 31, 1996 1995 1995 (Unaudited) Assets Current Assets: Cash and cash equivalents $ 28,241 $ 423 $ 5,476 Accounts receivable, net of allowance 268,938 284,966 240,787 Inventories: Finished goods 119,638 113,439 117,060 Finished parts and subassemblies 34,618 33,710 37,915 Work in process 31,287 37,358 35,364 Raw materials 56,146x 54,558 54,662 241,689 239,065 245,001 Other current assets 7,232 6,682 6,774 Total Current Assets 546,100 531,136 498,038 Property, Plant and Equipment: Cost 530,701 507,259 512,985 Less accumulated depreciation 281,402 263,540 269,047 249,299 243,719 243,938 Other Assets 27,381 27,410 26,874 Intangibles 56,649 60,142 58,894 Cost in excess of net assets acquired 165,995 169,297 170,667 $ 1,045,424 $ 1,031,704 $ 998,411 See Notes to Consolidated Financial Statements -3-
Part I - Financial Information
September 30, December 31, 1996 1995 1995 (Unaudited) Liabilities and Shareholders' Equity Current Liabilities: Current maturities of long-term debt $ 736 $ 767 $ 771 Loans payable 22,743 14,819 15,359 Accounts payable 112,330 109,612 96,873 Accrued liabilities 115,827 120,341 115,530 U.S. and foreign taxes on income 17,003 9,872 12,743 Total Current Liabilities 268,639 255,411 241,276 Long-Term Debt 265,179 305,756 281,093 Deferred Income Taxes 27,346 32,315 27,993 Other Liabilities 21,714 17,274 21,977 Accrued Postretirement Benefits 43,204 43,138 43,071 Accrued Pension Liability 8,397 8,730 8,272 Preferred Shares, Par Value $.01 Authorized - 5,000 Shares - - - Common Shareholders' Equity: Common shares 29,894 30,363 30,125 Capital surplus 2,383 20,037 12,283 Retained earnings 389,548 326,766 342,330 Currency translation adjustment (10,880) (8,086) (10,009) Total Common Shareholders' Equity 410,945 369,080 374,729 $ 1,045,424 $ 1,031,704 $ 998,411 See Notes to Consolidated Financial Statements -4-
Part I - Financial Information (Cont'd.) Crane Co. and Subsidiaries Consolidated Statements of Cash Flows (in thousands) (unaudited)
Nine Months Ended September 30, 1996 1995 Cash flows from operating activities: Net income $ 67,201 $ 55,421 Depreciation 25,973 26,848 Amortization 10,325 9,404 Deferred taxes (1,159) (1,385) Cash used for operating working capital (5,719) (27,800) Other (4,261) 872 Total from operating activities 92,360 63,360 Cash flows from investing activities: Capital expenditures (40,595) (20,239) Payments for acquisitions - (1,879) Proceeds from divestitures 1,554 - Proceeds from disposition of capital assets 11,030 8,100 Purchase of equity investment - (5,501) Total used for investing activities (28,011) (19,519) Cash flows from financing activities: Equity: Dividends paid (16,966) (17,096) Reacquisition of shares (20,311) (3,129) Stock options exercised 4,492 8,762 Net Equity (32,785) (11,463) Debt: Repayments of long-term debt (12,013) (13,051) Net decrease in short-term debt 3,321 (21,052) Net Debt (8,692) (34,103) Total(used for)provided from financing activities (41,477) (45,566) Effect of exchange rate on cash and cash equivalents (107) 76 Decrease in cash and cash equivalents 22,765 (1,649) Cash and cash equivalents at beginning of period 5,476 2,072 Cash and cash equivalents at end of period $ 28,241 $ 423 Detail of Cash (Used for) Provided From Operating Working Capital: Accounts receivable $ (28,947) $ (37,497) Inventories 2,852 1,232 Other current assets (483) (209) Accounts payable 10,450 6,164 Accrued liabilities 6,179 110 U.S. and foreign taxes on income 4,230 2,400 Total $ (5,719) $ (27,800) Supplemental disclosure of cash flow information: Interest paid $ 16,550 $ 19,681 Income taxes paid 34,882 30,526 See Notes to Consolidated Financial Statements -5-
Part I - Financial Information (Cont'd.) Notes to Consolidated Financial Statements 1. The accompanying unaudited consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and, therefore reflect all adjustments which are, in the opinion of management, necessary for a fair statement of the results for the interim period presented. 2. Sales and operating profit by segment are as follows:
Three Months Ended Nine Months Ended September 30, September 30, 1996 1995 1996 1995 (in thousands) Net Sales: Fluid Handling $ 91,606 $ 88,438 $ 275,810 $ 250,695 Aerospace 61,267 55,902 176,756 160,391 Engineered Materials 54,358 47,842 158,262 151,806 Crane Controls 31,933 31,739 98,173 99,006 Merchandising Systems 40,931 42,480 132,413 142,087 Wholesale Distribution 202,280 187,765 548,228 536,451 Other 2,756 2,903 7,228 9,221 Intersegment Elimination (4,015) (3,725) (13,060) (12,256) Total $ 481,116 $ 453,344 $ 1,383,810 $ 1,337,401 Operating Profit (Loss): Fluid Handling $ 6,685 $ 6,560 $ 17,449 $ 13,793 Aerospace 16,979 14,329 48,688 40,581 Engineered Materials 7,355 4,699 20,266 16,719 Crane Controls 2,501 2,417 8,597 8,475 Merchandising Systems 5,292 4,587 18,409 19,983 Wholesale Distribution 10,456 8,793 22,313 16,542 Other 70 280 83 322 Corporate (4,346) (3,507) (13,393) (10,817) Intersegment Elimination 20 (24) 150 54 Total $ 45,012 $ 38,134 $ 122,562 $ 105,652
-6- Part I - Financial Information (Cont'd.) Notes to Consolidated Financial Statements 3. Accounts Receivable Receivables are carried at net realizable value. The allowance for doubtful accounts was $4,018,000 at September 30, 1996, $4,484,000 at September 30, 1995, and $3,598,000 at December 31, 1995. 4. Inventories Inventories are stated at the lower of cost or market, principally on the last-in, first-out (LIFO) method of inventory valuation. Replacement cost would be higher by $51,706,000 at September 30, 1996, $52,021,000 at September 30, 1995, and $49,460,000 at December 31, 1995. 5. Intangibles Intangible assets are amortized on a straight-line basis over their estimated useful lives which range from five to twenty years. Accumulated amortization was $14,131,000 at September 30, 1996, $9,924,000 at September 30, 1995, and $11,020,000 at December 31, 1995. 6. Cost in Excess of Net Assets Acquired Cost in excess of net assets acquired is amortized on a straight- line basis principally over 15 to 40 years. Accumulated amortization was $26,723,000 at September 30,1996, $21,051,000 on September 30, 1995, and $22,482,000 on December 31, 1995. -7- Part I - Financial Information (Cont'd) Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations Three and Nine Months Ended September 30, 1996 and 1995 [CAPTION] Results From Operations: Third Quarter of 1996 Compared to Third Quarter of 1995: Net income for the quarter ended September 30, 1996 set a third quarter record of $26.9 million, or $.88 per share. This represents a 22% increase from the $22 million, or $.71 per share, reported for the 1995 third quarter. Operating profit for the third quarter increased 18% to $45 million on a sales increase of 6.1% to $481.1 million. Operating margins improved one percentage point to 9.4% of sales. Fluid Handling sales were up 3.6% and operating profit increased 1.9% in the quarter compared to the prior year. The pump businesses experienced strong sales gains with most product lines contributing to the improvement. Pump sales also benefited from the impact of the Process Systems acquisition completed in the fourth quarter of 1995 and new products. Valves shipments were up slightly as improvements in international valves businesses more than offset a significant decline in North American shipments of engineered cast steel and nuclear products. Operating profit improved due to the strong sales at the pump businesses and Crane Australia. These improvements were tempered by weak results at Crane Valves North America due to lower sales and lower production level at Crane U.K. as this unit adjusts its inventory in line with current order backlog. Aerospace sales increased 10% in the quarter due to continued increases in shipments to airframe manufacturers and increased aftermarket shipments. Despite increased product development spending, operating profit rose 18% from the increased sales volume and manufacturing efficiency gains. Orders in the commercial air transportation market remain strong and the company expects that this trend will continue into 1997 as aircraft production and airline utilization rates continue to rise. Engineered Materials sales and operating profit increased 14% and 57%, respectively, compared to the 1995 third quarter. The improved results were attributable to significantly higher shipments and operating margins at Resistoflex and Kemlite. Resistoflex shipments increased 50% with gains across most product lines. In addition, Resistoflex benefited from its expansion into the Southeast Asia market. Kemlite sales rose 16% as fiberglass-reinforced plastic panels continued to displace aluminum in the recreational vehicle market. Results at Cor Tec continued to be negatively impacted by the 20% decline in the truck trailer transportation market. -8- Part I - Financial Information (Cont'd) Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations Three and Nine Months Ended September 30, 1996 and 1995 Crane Controls operating profit was up 3.5% on a small sales increase compared to the third quarter 1995. Contributing to the improvement in profits were Ferguson Europe which recorded a profit compared to a loss due to the plant consolidation in 1995 and Dynalco which had significantly higher margins on increased sales. Lower operating costs at Barksdale U.S. resulted in improved margins despite flat sales. Merchandising Systems sales declined 3.6% while operating profit improved 15% in the quarter compared to the prior year. National Vendors vending merchandiser sales in the United States fell due to reduced purchases by national accounts and a shift in product mix towards smaller merchandisers. In addition, sales efforts in Europe were hampered by weak demand in Germany and France. Despite the lower sales, National Vendors' profit increased due to the cost benefits of its plant modernization program. Operating profit for NRI improved due to increased sales and the continued benefit of costs reduction programs. Overall, this segment's operating margins improved to 12.9% of sales from 10.8% in the third quarter of 1995. Wholesale Distribution sales increased 7.7% and operating profit rose 19%. Huttig's distribution business benefited from the increased activity in the home construction market. This along with a shift to higher value added products at its manufacturing facilities led to improved profit margins at Huttig. Additionally, Crane Supply and Valve Systems and Controls improved profit margins due to cost control initiatives and increased focus on maintaining margins in competitive markets allowing this segment's overall margin to increase to 5.2% of sales compared to 4.7% in the third quarter of 1995. Interest expense in the quarter decreased $.4 million compared to the prior year due to reduced debt levels. The company's effective tax rate in the third quarter improved to 36.2% from 37.3% in the comparable quarter as the company was able to realize tax benefits on certain foreign tax loss carryforwards. -9- Part I - Financial Information (Cont'd) Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations Three and Nine Months Ended September 30, 1996 and 1995 Nine Months Ended September 30, 1996 Compared to Nine Months Ended September 30 , 1995: Net income for the first nine months increased 21% to $67.2 million, or $2.20 per share, from the $55.4 million, or $1.81 per share, in the comparable 1995 period. Operating profit for the nine months increased 16% to $122.6 million on a sales increase of 3.5% to $1.4 billion. Operating margins improved a full percentage point from the prior year level. Fluid Handling sales were up 10% and operating profit was up 26%. In the United States, sales increased due to the acquisition of Process Systems in the fourth quarter of 1995 and strong demand in the pump businesses. Internationally, sales improved due to higher export sales at Crane U.K., increased market share at Westad in Norway, and successful expansion to new markets and an improved domestic market at Crane Australia. Operating profit increased due to the strong sales as well as profitable results at Cochrane's water treatment business compared to a loss in 1995. Aerospace sales were up 10% in the first nine months due to continued increases in shipments to airframe manufacturers and the overhaul and repair markets. Operating profit rose 20% as a result of the sales increase, higher margins in the overhaul and repair markets and manufacturing efficiencies. Engineered Materials sales and operating profit increased 4% and 21%, respectively. At Resistoflex, higher shipments across most product lines and successful expansion in Asia led to a sales increase of 31% and an operating profit increase of 58%. A significant decline in the truck trailer transportation market negatively impacted Cor Tec's sales and profits. At Kemlite, the declines due to the transportation market were offset with increased demand in the recreational vehicle market. Crane Controls operating profit improved slightly despite a small decline in sales. Lower shipments of Ferguson's motion control products were offset partially by sales gains at Barksdale. In addition, Ferguson Europe's results benefited from the plant consolidation completed in 1995. Merchandising Systems operating profit was down 8% on a 7% sales decline. Vending merchandiser sales in the United States declined due to the completion of the United States Postal Service contract in 1995 and reduced purchases by national accounts. Operating profit at NRI improved significantly on an 8% sales gain due to the benefits of its cost reduction program. -10- Part I - Financial Information (Cont'd) Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations Three and Nine Months Ended September 30, 1996 and 1995 Wholesale Distribution operating profit improved 35% on a small sales increase. This was mainly the result of significant improvements in Huttig's manufacturing business along with profit margin improvements in its distribution business. Cost control initiatives at Crane Supply and Valve Systems & Controls also benefited results increasing the overall profit margin of this segment by a full percentage point. Net interest expense decreased 18% to $15.7 million from $19.1 million a year earlier due to lower debt levels. The effective tax rate was 37% compared to 38.1% in 1995. [CAPTION] Liquidity and Capital Resources: For the first nine months of 1996, the company generated more than $92 million in cash from operations allowing Crane to reduce net debt $31.3 million from December 31, 1995 to $260.4 million at September 30, 1996. As a result, the net debt to capital ratio improved to 38.8% from 43.8%. In addition, the company made capital expenditures of $40.6 million, paid dividends of $17 million and repurchased 490,000 shares of stock in the open market at an average price per share of $37.98 for a total of $18.6 million. -11- Part II - Other Information Item 1. Legal Proceedings: Neither the company nor any subsidiary of the company has become a party to, nor has any of their property become the subject of, any material legal proceedings, other than ordinary routine litigation incidental to their businesses, except for the following. On February 28, 1991, the company was served with a complaint filed in the U.S. District Court for the Eastern District of Missouri naming the company and its former subsidiary, CF&I Steel Corporation ("CF&I"), as defendants and alleging violations of the federal False Claims Act in connection with the distribution of the company's shares of CF&I to the company's shareholders in 1985. A subsequent complaint with substantially similar allegations was served on the company on September 22, 1992 and the two actions were consolidated by the Court. The case was brought in the name of the U.S. Government by a private individual (the "relator") and involves allegations of a conspiracy between the company and CF&I to cause the Pension Benefit Guaranty Corporation ("PBGC") to assume certain unfunded liabilities under a CF&I pension plan (alleged to have been approximately $270 million), to prevent the PBGC from obtaining any reimbursement from the company and to publish and file misleading information in furtherance of those alleged objectives. The suit seeks treble damages and attorney's fees. On June 1,1993 the District Court dismissed the case for lack of subject matter jurisdiction under the False Claims Act and the plaintiff appealed. On November 16, 1994, the U.S. Court of Appeals for the Eighth Circuit reinstated the action. The company's petition for a writ of certiorari to the U.S. Supreme Court was denied on or about June 16, 1995 and the case was returned to the District Court to further proceedings. The company filed motions for summary judgment and judgment on the pleadings, and on May 30, 1996, the District Court entered an order dismissing all counts of the complaint. The relator asked the District Court to reconsider its decision and on September 3, 1996 the District Court denied the relator's request. The relator filed his notice of appeal on June 3, 1996 and an amended notice of appeal on September 11, 1996, and the appeal is currently being briefed by the parties for the United States Court of Appeals for the Eighth Circuit. The company is firmly convinced that the allegations made by the relator are without merit and that the actions of the District Court are correct. The company has vigorously defended itself in the litigation and will continue to do so, and is confident that it will ultimately prevail. The following proceedings are not considered by the company to be material to its business or financial condition and are reported herein because of the requirements of the Securities and Exchange Commission with respect to the descriptions of administrative or judicial proceedings by governmental authorities arising under federal, state or local provisions regulating the discharge of materials into the environment or otherwise relating to the protection of the environment. -12- Part II - Other Information Item 1. Legal Proceedings (Cont'd) On July 12, 1985 the company received written notice from the United States Environmental Protection Agency (the "EPA") that the EPA believes the company may be a potentially responsible party ("PRP") under the Federal Comprehensive Environmental Response, Compensation and Liability Act of 1980 ("CERCLA") to pay for investigation and corrective measures which may be required to be taken at the Roebling Steel Company site in Florence Township, Burlington County, New Jersey ("Roebling Site") of which its former subsidiary, CF&I Steel Corporation ("CF&I") was a past owner and operator prior to the enactment of CERCLA. The stated grounds for the EPA's position was the EPA's belief that the company had owned and/or operated the Roebling Site. The company has advised the EPA that such was not the case and does not believe that it is responsible for any testing or clean-up at the Roebling Site based on current facts. The EPA has identified sources and areas of contamination at the Roebling Site which must be examined for potential environmental damage. The EPA has disclosed that two surface clean-ups have been performed at a cost in excess of $19 million. In July 1996 the EPA completed a third Focused Feasibility Study which defined the nature of contaminants and evaluated appropriate remedial alternatives, and the EPA estimated the cost of its preferred clean-up alternative at $38 million. On November 7, 1990 CF&I filed a petition for reorganization and protection under Chapter 11 of the United States Bankruptcy Code. In the bankruptcy proceeding of CF&I the EPA was allowed an unsecured claim against CF&I for $27.1 million related to EPA's environmental investigations and remediation at the Roebling Site. In June 1996 the company received a Section 104 Request issued by the EPA under CERCLA requesting information about the company's (and CF&I's) connection to the Roebling Site. The company has filed its response to this request, and based on the facts and circumstances summarized above, the company does not believe it is responsible for any portion of the clean-up. -13- Part II - Other Information Item 5. Other: On October 15, 1996, the company completed the acquisition of Interpoint Corporation in a tax-free merger in which the company issued shares of Crane common stock for all the outstanding shares of Interpoint. The aggregate purchase price was $59 million which, after deduction of approximately $26 million in Interpoint debt and certain other adjustments, resulted in the issuance of 729,541 shares of Crane common stock. Interpoint designs and manufactures high density power converters with applications in the aerospace and medical technology industries. This acquisition allows Crane to increase both its product and customer base and to provide its current customers with a wider range of power components and sub- systems. On October 28, 1996, the company announced it would effect a three- for-two split of its common stock in the form of a stock dividend of one share of common stock for every two shares of common stock outstanding payable on December 12, 1996 to shareholders of record as the close of business December 4, 1996. On October 31, 1996, the company acquired Grenson Electronics of Daventry England for $2.74 million. Grenson Electronics designs and produces low voltage power conversion electronics for the aerospace, defense and industrial markets. Item 6. Exhibits and Reports on Form 8-K 11.Computation of earnings per share for the quarters and nine months ended September 30, 1996 and 1995. 27.Article 5 of Regulation S-X Financial Data Schedule for the third quarter. -14- SIGNATURES 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. CRANE CO. REGISTRANT Date November 13, 1996 By /s/ D.S. Smith D.S. SMITH Vice President-Finance and Chief Financial Officer Date November 13, 1996 By /s/ M.L. Raithel M.L. RAITHEL Controller -15- Crane Co. and Subsidiaries Exhibit 11 to Form 10-Q Computation of Net Income per Common Share Three and Nine Months Ended September 30, 1996 and 1995 (in thousands, except per share amounts)
Three Months Nine Months Ended Ended September 30, September 30, 1996 1995 1996 1995 Primary Net Income Per Share: Net income available to shareholders $ 26,889 $ 22,029 $ 67,201 $55,421 Average primary shares outstanding 30,398 30,830 30,497 30,567 Net Income $ .88 $ .71 $ 2.20 $ 1.81 Fully Diluted - Income Per Share: Net income available to shareholders $ 26,889 $ 22,029 $ 67,201 $55,421 Average primary shares outstanding 30,398 30,830 30,497 30,567 Add Adjustment for further dilutive effect of stock options (ending market price higher than average market price used in primary shares calculation) 80 9 69 11 Average fully diluted shares outstanding 30,478 30,839 30,566 30,578 Net income $ .88 $ .71 $ 2.20 $ 1.81
-16- EX-27 2 ARTICLE 5 FDS FOR 3RD QUARTER 10-Q WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
5 1,000 9-MOS DEC-31-1996 Sept-30-1996 28,241 0 268,938 0 241,689 546,100 530,701 281,402 1,045,424 268,639 0 29,894 0 0 381,105 1,045,424 1,383,810 1,383,810 1,041,519 1,261,248 207 0 15,722 106,633 39,432 67,201 0 0 0 67,201 2.20 2.20
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