-----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, BBXtDqwkweCAHVo60CHvIL3PVNzhTs9vA8R8rKBin8SUzhRYUrC7dBEZQPqfHs3a CGR9IBQY/FBwqB3swpq3wg== 0000030067-96-000009.txt : 19960814 0000030067-96-000009.hdr.sgml : 19960814 ACCESSION NUMBER: 0000030067-96-000009 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19960630 FILED AS OF DATE: 19960813 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: DRAVO CORP CENTRAL INDEX KEY: 0000030067 STANDARD INDUSTRIAL CLASSIFICATION: MINING, QUARRYING OF NONMETALLIC MINERALS (NO FUELS) [1400] IRS NUMBER: 250447860 STATE OF INCORPORATION: PA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-05642 FILM NUMBER: 96609901 BUSINESS ADDRESS: STREET 1: 3600 ONE OLIVER PLZ CITY: PITTSBURGH STATE: PA ZIP: 15222-2651 BUSINESS PHONE: 2054322651 MAIL ADDRESS: STREET 1: P O BOX 2068 CITY: MOBILE STATE: AL ZIP: 36652 10-Q 1 10-Q SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 10-Q Quarterly Report Under Section 13 or 15(d) of the Securities Exchange Act of 1934 For Quarter Ended: June 30, 1996 Commission File Number: 1-5642 DRAVO CORPORATION (Exact name of registrant as specified in its charter) Pennsylvania 25-0447860 (State or other jurisdiction of (I.R.S. employer incorporation or organization) identification no.) One Oliver Plaza, Pittsburgh, Pennsylvania 15222 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (412) 566-3000 Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X No The number of shares outstanding of each of the registrant's classes of common stock as of July 31, 1996: Title of Class Shares Outstanding Common Stock, $1.00 par value 14,747,569 DRAVO CORPORATION AND SUBSIDIARIES INDEX PART I - FINANCIAL INFORMATION Page No. Consolidated Balance Sheets at June 30, 1996 and December 31, 1995 3, 4 Consolidated Statements of Operations for the Quarters ended June 30, 1996 and 1995 5 Consolidated Statements of Operations for the Six Months ended June 30, 1996 and 1995 6 Consolidated Statements of Cash Flows for the Six Months ended June 30, 1996 and 1995 7, 8 Notes to Consolidated Financial Statements 9-11 Management's Discussion and Analysis of Financial Condition and Results of Operations 12 PART II - OTHER INFORMATION Item 4. Submission of Matters to a Vote of Security Holders 13 Item 6. Exhibits and Reports on Form 8-K 13 SIGNATURES 14 -2- DRAVO CORPORATION AND SUBSIDIARIES Consolidated Balance Sheets ($ in 000's) June 30, December 31, 1996 1995 (unaudited)
ASSETS Current assets: Cash and cash equivalents $ 719 $ 1,086 Accounts receivable, net 27,107 24,251 Notes receivable, net 1,048 1,296 Inventories 16,748 14,194 Net assets of discontinued operations - 923 Other current assets 1,535 1,322 Total current assets 47,157 43,072 Advances to and equity in joint ventures 2,924 2,466 Notes receivable 3,304 3,497 Other assets 22,783 23,205 Deferred income taxes 24,853 24,853 Property, plant and equipment 233,742 225,835 Less: accumulated depreciation and amortization 115,140 109,667 Net property, plant and equipment 118,602 116,168 Total assets $219,623 $213,261
See accompanying notes to consolidated financial statements. -3- DRAVO CORPORATION AND SUBSIDIARIES Consolidated Balance Sheets ($ in 000's) June 30, December 31, 1996 1995 (unaudited)
LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Current portion of long-term notes $ 6,127 $ 6,099 Accounts payable - trade 13,536 17,969 Income taxes 88 208 Accrued insurance 1,411 1,639 Accrued retirement contribution 1,900 2,423 Net liabilities of discontinued operations 5,680 - Other current liabilities 4,633 4,969 Total current liabilities 33,375 33,307 Long-term notes 65,158 64,292 Net liabilities of discontinued operations 9,299 9,517 Other liabilities 6,422 6,290 Redeemable preference stock: Par value $1, issued 200,000 shares: Series D, $12.35 cumulative, convertible, exchangeable (entitled in liquidation to $20.0 million) 20,000 20,000 Shareholders' equity: Preference stock, par value $1, authorized 1,878,870: Series B, $2.475 cumulative, convertible; issued 25,386 shares (entitled in liquidation to $1.4 million); 25 25 Series D, reported above Common stock, par value $1, authorized 35,000,000 shares; issued 15,060,237 and 15,055,237 15,060 15,055 Other capital 60,871 60,818 Retained earnings 13,755 8,464 Treasury stock at cost: Common shares 333,168 and 347,691 (4,342) (4,507) Total shareholders' equity 85,369 79,855 Total liabilities and shareholders' equity $219,623 $213,261
See accompanying notes to consolidated financial statements. -4- DRAVO CORPORATION AND SUBSIDIARIES Consolidated Statements of Operations (unaudited, $ in 000's, except per share data) Quarters ended June 30, 1996 1995
Revenue $ 39,349 $ 35,697 Cost of revenue 30,004 26,217 Gross profit 9,345 9,480 Selling, general and administrative expenses 5,252 5,502 Earnings from operations 4,093 3,978 Other income (expense): Equity in earnings of joint ventures 234 234 Other income 0 3 Interest income 868 0 Interest expense (1,640) (1,291) Net other income (expense) (538) (1,054) Earnings before taxes 3,555 2,924 Provision for income taxes 107 206 Net earnings 3,448 2,718 Preference dividends 633 634 Net earnings available for common shares $ 2,815 $ 2,084 Earnings per share: Operations $ 0.19 $ 0.14 Weighted average shares outstanding 14,894 14,896
See accompanying notes to consolidated financial statements. -5- DRAVO CORPORATION AND SUBSIDIARIES Consolidated Statements of Operations (unaudited, $ in 000's, except per share data) Six Months ended June 30, 1996 1995
Revenue $ 77,573 $ 69,602 Cost of revenue 58,490 51,421 Gross profit 19,083 18,181 Selling, general and administrative expenses 10,323 10,693 Earnings from operations 8,760 7,488 Other income (expense): Equity in earnings of joint ventures 468 468 Other income 0 182 Interest income 868 75 Interest expense (3,336) (2,564) Net other income (expense) (2,000) (1,839) Earnings before taxes 6,760 5,649 Provision for income taxes 203 396 Net earnings 6,557 5,253 Preference dividends 1,266 1,268 Net earnings available for common shares $ 5,291 $ 3,985 Earnings per share: Operations $ 0.36 $ 0.27 Weighted average shares outstanding 14,859 14,908
See accompanying notes to consolidated financial statements. -6- DRAVO CORPORATION AND SUBSIDIARIES Consolidated Statements of Cash Flows (unaudited, $ in 000's) Six Months ended June 30, 1996 1995
CASH FLOWS FROM OPERATING ACTIVITIES: Net earnings $ 6,557 $ 5,253 Adjustments to reconcile net earnings to net cash provided (used) by continuing operations activities: Depreciation and amortization 5,641 4,297 Equity in joint ventures (458) 152 Changes in assets and liabilities: Increase in accounts receivable (2,856) (4,673) Decrease in notes receivable 442 329 Increase in inventories (2,554) (795) Increase in other current assets (146) (68) Decrease in accounts payable and accrued expenses (5,412) (26,111) Increase (decrease) in taxes payable (120) 269 Decrease in other assets 422 1,476 Increase in other liabilities 132 191 Net cash provided (used) by continuing operations activities 1,648 (19,680) Increase (decrease) in net liabilities of discontinued operations 6,385 (6,929) Proceeds from repayment of notes receivable from sale of discontinued operations - 2,200 Net cash provided (used) by discontinued operations activities 6,385 (4,729) Net cash provided (used) by operating activities 8,033 (24,409) CASH FLOWS FROM INVESTING ACTIVITIES: Proceeds from sale of assets - 120,464 Additions to property, plant and equipment (8,075) (22,196) Other, (net) (1) 1 Net cash provided (used) by investing activities $ (8,076) $ 98,269
See accompanying notes to consolidated financial statements. -7- DRAVO CORPORATION AND SUBSIDIARIES Consolidated Statements of Cash Flows (unaudited, $ in 000's) Six Months ended June 30, 1996 1995
CASH FLOWS FROM FINANCING ACTIVITIES: Net borrowing under revolving credit agreements $ 6,901 $ 13,148 Principal payments under long-term notes (6,007) (85,148) Proceeds from issuance of common stock 48 419 Purchase of treasury stock - (2,639) Dividends on preference stock (1,266) (1,268) Net cash used by financing activities (324) (75,488) Net decrease in cash and cash equivalents (367) (1,628) Cash and cash equivalents at beginning of period 1,086 2,027 Cash and cash equivalents at end of period $ 719 $ 399 SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: Cash paid during the period for: Interest (net of amount capitalized) $ 3,347 $ 3,073 Income taxes 323 127
See accompanying notes to consolidated financial statements. -8- DRAVO CORPORATION AND SUBSIDIARIES Notes to Consolidated Financial Statements (1) Basis of Presentation The accompanying consolidated financial statements include the accounts of Dravo Corporation and its majority-owned subsidiaries (the company). The principal subsidiary is Dravo Lime Company, one of the nation's largest lime producers. The company completed a transaction on December 30, 1994 in which it sold substantially all the assets and certain liabilities of Dravo Basic Materials Company, Inc. (DBM), a former principal subsidiary. The consolidated cash flow statement for the six months ended June 30, 1995 reflects the collection of proceeds from the sale of DBM, repayment of debt, and satisfaction of DBM liabilities, primarily accounts payable. Significant intercompany balances and transactions have been eliminated in the consolidation process. These unaudited consolidated financial statements include all adjustments, consisting only of normal, recurring accruals, which management considers necessary for a fair presentation of the company's consolidated financial position, results of operations, and cash flows for the interim periods presented. Certain reclassifications of previously reported balances have been made to conform to the current period's presentation. (2) Inventories Inventories are classified as follows: ($ in 000's) June 30, December 31, 1996 1995
Finished goods $ 3,635 $ 1,677 Materials and supplies 13,113 12,517 Net inventories $16,748 $14,194
Finished goods are valued at average production cost or market, whichever is lower, and include raw materials, direct labor, and operating overhead. Materials and supplies are valued at average cost. (3) Contingent Liabilities The company has been notified by the federal Environmental Protection Agency (EPA) that the EPA believes the company is a potentially responsible party (PRP) for the clean-up of soil and groundwater contamination at four sub-sites in Hastings, Nebraska. The Hastings site is one of the EPA's priority sites for taking remedial action under the Comprehensive Environmental Response, Compensation and Liability Act (CERCLA). At one of these sub-sites, a municipal landfill, the company believes it could not have disposed of hazardous wastes at the particular sub-site because the landfill was closed prior to the time the company and its predecessor initiated the operation which generated the type of hazardous substances found at this sub-site. Other PRPs, including the local municipality, have agreed to perform the remedial investigation and to design soil and groundwater remedies at this sub-site. The company is participating in an EPA-initiated allocation proceeding for this sub-site. -9- DRAVO CORPORATION AND SUBSIDIARIES Notes to Consolidated Financial Statements (3) Contingent Liabilities (continued) The company has also been notified by the EPA that the EPA considers it a PRP at another municipal landfill in Hastings. At least three other parties (including the City of Hastings) are considered by the EPA to be PRPs at this second sub-site. At this sub-site, the company has concluded that the City of Hastings is responsible for a proper closure of the landfill and the remediation of any release of hazardous substances. In January, 1994, EPA invited the company and the other PRPs to make an offer to conduct a remedial investigation and feasibility study (RI/FS) of this sub-site and stated that the EPA was in the process of preparing a work plan for the RI/FS. None of the PRPs has volunteered to undertake the RI/FS. With respect to the third sub-site, the company and two other PRPs have been served with administrative orders directing them to undertake soil remediation and interim groundwater remediation at that sub-site. The company is currently complying with these orders while reserving its right to seek reimbursement from the United States for its costs if it is determined it is not liable for response costs or if it is required to incur costs because of arbitrary, capricious or unreasonable requirements imposed by the EPA. The EPA has taken no legal action with respect to its demand that the company and the other PRPs pay its past response costs. A total of five parties have been named by the EPA as PRPs at this sub-site, but two of them have been granted de minimis status. The company believes other persons should also be named as PRPs. The fourth sub-site is a former naval ammunition depot which was subsequently converted to an industrial park. The company and its predecessor owned and operated a manufacturing facility in this industrial park. To date, the company's investigation indicates that it did not cause the release of hazardous substances at this sub-site during the time it owned and operated the facility. The United States has undertaken to conduct the remediation of this sub-site. In addition to sub-site clean-up, the EPA is seeking a clean-up of area-wide contamination associated with all of the sub-sites in and around Hastings, Nebraska. The company, along with other Hastings PRPs, has recommended that the EPA adopt institutional controls as the area-wide remedy in Hastings. The EPA has indicated some interest in this proposal but has decided to first conduct an area-wide remedial investigation before choosing a remedy. On August 10, 1992 the company filed suit in the Alabama District Court against its primary liability insurance carriers and one of its predecessor's insurers, seeking a declaratory judgment that the company is entitled to a defense and indemnity under its contracts of insurance (including certain excess policies provided by one of the primary carriers) with regard to the third Hastings sub-site. The company has settled the claim against its predecessor's insurer, but the case against the company's insurers is still in litigation. An award of punitive damages is also being sought against the company's insurers for their bad faith in failing to investigate the company's claim and/or denying the company's claim. The company has notified its primary and excess general liability carrier, as well as the excess carrier of its predecessor, of the receipt of its notice of potential liability at the first, second and fourth sub-sites. -10- DRAVO CORPORATION AND SUBSIDIARIES Notes to Consolidated Financial Statements (3) Contingent Liabilities (continued) Estimated total clean-up costs, including capital outlays and future maintenance costs for soil and groundwater remediation of approximately $18 million, are based on independent engineering studies. Included in the discontinued operations provision is the company's estimate that it will participate in 33 percent of these remediation costs. The company's estimated share of the costs is based on its assessment of the total clean-up costs, its potential exposure, and the viability of other named PRPs. Other claims and assertions made against the company will be resolved, in the opinion of management, without material additional charges to earnings. The company has asserted claims that management believes to be meritorious, but no estimate can be made at present of the timing or the amount of recovery. (4) Discontinued Operations In December, 1987, Dravo's Board of Directors approved a major restructuring program which concentrated the company's future direction exclusively on opportunities involving its natural resources business. The remaining discontinued operations' assets and liabilities at June 30, 1996 and December 31, 1995 relate to non-cancelable leases, insurance, environmental, legal and other matters associated with exiting the engineering and construction business and are presented below: ($ in 000's) June 30, December 31, 1996 1995
Current assets: Accounts and retainers receivable $ 323 $ 122 Other - 7,185 Total current assets 323 7,307 Accounts and retainers receivable - 333 Other 309 309 Total assets $ 632 $ 7,949 Current liabilities: Accounts and retainers payable $ 146 $ 140 Accrued loss on leases 2,295 2,240 Other 3,562 4,004 Total current liabilities 6,003 6,384 Accrued loss on leases 2,202 3,328 Other 7,406 6,831 Total liabilities $ 15,611 $ 16,543 Net liabilities and accrued loss on leases of discontinued operations $(14,979) $ (8,594)
-11- DRAVO CORPORATION AND SUBSIDIARIES Management's Discussion and Analysis of Financial Condition and Results of Operations Revenue increased in 1996's second quarter by $3.7 million, or 10 percent, over last year. Expanded production capacity at the company's Black River facility in northern Kentucky made the revenue improvement possible, however, gross profit did not keep pace with the higher revenue. The primary cause of the gross profit shortfall was prolonged delivery interruptions to a major electric utility customer caused by problems at the customer's generating station. The associated operational disruptions increased production costs and, ultimately, cost of sales at Maysville and Black River, the company's two Ohio Valley facilities. Because these disruptions occurred toward the end of the second quarter, the lingering effects will continue into the third quarter. Earnings were bolstered by refunds received from a state taxing authority for amended returns filed based on current interpretation of the state tax code. The refunds included interest income of $851,000. Higher debt levels caused 1996 interest expense to be $394,000 more than in 1995. The higher debt resulted from the company internally financing the completion of the Black River expansion project and the ongoing expansion, discussed below, at Maysville. Also, proceeds received from the sale of a former principal subsidiary's assets, Dravo Basic Materials Company, Inc. (DBM), were used to reduce debt $85 million in 1995. Debt levels subsequently increased as DBMs' liabilities were satisfied. Year-to-date results mirrored the second quarter, that is, revenue was higher by 11 percent while gross profit increased 5 percent, or $902,000. As with the second quarter results, interest income from state tax refunds offset increased interest expense from higher debt levels. Net earnings of $5.3 million, or 36 cents per share after preferred dividend payments, were $1.3 million, or nine cents per share, higher than the same period last year. The most notable change in the company's balance sheet relates to net liabilities of discontinued operations. As previously reported, the company collected $7.3 million in March 1996 for a judgment and interest awarded by a Georgia court related to a subcontractor dispute on a contract performed by a discontinued engineering subsidiary. Also, $1.5 million of the state tax refund discussed above was applicable to discontinued operations. A three-bank lending group recently extended the company's $65 million revolving line of credit facility through July 31, 1998. On July 31, 1997, up to $17 million borrowed under the facility may be converted to a five-year term loan. Also on July 31, 1997, the amount available under the revolver will be reduced from $65 million to $48 million. Construction continues on a previously announced $20 million expansion of the company's lime production facility near Maysville, Kentucky. A new kiln and ancillary equipment, expected to start-up late in the first quarter of 1997, will increase Maysville's production capacity by 350,000 tons, or 33 percent. -12- DRAVO CORPORATION AND SUBSIDIARIES PART II - Other Information Item 4. Submission of Matters to a Vote of Security Holders The annual meeting of shareholders was held on April 25, 1996 in Pittsburgh, Pennsylvania. Listed below are the proposals submitted to shareholders in the company's Proxy Statement dated March 26, 1996 and the results of the shareholder votes.
Election of two directors for a three year term: For Against Arthur E. Byrnes 13,134,229 324,380 James C. Huntington, Jr. 13,133,565 325,044
Following the election, the company's Board of Directors consisted of Mr. Byrnes, Mr. Huntington, Mr. Carl A. Gilbert, Mr. William E. Kassling, Mr. William G. Roth, and Mr. Konrad M. Weis.
Election of Certified Public Accountants: For Against Abstain KPMG Peat Marwick 13,403,669 9,810 45,130
Proposal to approve the Non-Employee Directors' Retainer Fee Plan: For Against Abstain 11,945,669 1,461,843 51,097
Proposal to approve the Stock Incentive Compensation Plan: For Against Abstain 11,624,671 1,788,240 45,698
Item 6. Exhibits and Reports on Form 8-K (a) Exhibits The following is filed as an exhibit to Part I of this Form 10-Q: Exhibit No. 11 - Statement re computation of per share earnings. (b) Reports on Form 8-K The company filed no reports on Form 8-K for the quarter ended June 30, 1996. -13- 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. DRAVO CORPORATION (Registrant) Date: August 12, 1996 /s/CARL A. GILBERT Carl A. Gilbert President and Chief Executive Officer Date: August 12, 1996 /s/LARRY J. WALKER Larry J. Walker Vice President and Controller (Principal Accounting Officer) -14- EX-11 2 Exhibit 11. Statement Re Computation of Per Share Earnings (In 000's, except per share data)
Quarters ended June 30, Primary 1996 1995 Earnings: Net earnings $ 3,448 $ 2,718 Deduct dividends on preference stock 633 634 Net earnings applicable to common stock $ 2,815 $ 2,084 Shares: Weighted average number of common shares outstanding 14,723 14,750 Dilutive effect of outstanding options and rights (as determined by the application of the treasury stock method at the average market price for the period) 171 146 Weighted average number of shares outstanding, as adjusted 14,894 14,896 Primary earnings per share $ 0.19 $ 0.14 Fully diluted Earnings: Net earnings $ 3,448 $ 2,718 Deduct dividends on preference stock (1) 633 634 Net earnings applicable to common stock $ 2,815 $ 2,084 Shares: Weighted average number of common shares outstanding 14,723 14,750 Dilutive effect of outstanding options and rights (as determined by the application of the treasury stock method at the higher of the closing or the average market price for the period) 243 226 Weighted average number of shares outstanding, as adjusted 14,966 14,976 Fully diluted earnings per share $ 0.19 $ 0.14
-15- Exhibit 11. Statement Re Computation of Per Share Earnings (continued) (In 000's, except per share data)
Quarters ended June 30, 1996 1995 Additional Fully Diluted Computation (2) Earnings: Net earnings $ 3,448 $ 2,718 Shares: Weighted average number of common shares outstanding 14,723 14,750 Dilutive effect of outstanding options and rights (as determined by the application of the treasury stock method at the higher of the closing or average market price for the period) 243 226 Shares issuable from assumed exercise of convertible preference stock 1,682 1,686 Weighted average number of shares outstanding, as adjusted 16,648 16,662 Fully diluted earnings per share $ 0.21 $ 0.16
(1) The inclusion of preference stock in the fully dilutive computation would have an anti-dilutive effect on earnings per share. (2) This calculation is submitted in accordance with Securities Exchange Act of 1934, Regulation S-K, paragraph 229.601 (b)(11) although it is contrary to paragraph 40 of APB Opinion No. 15 because it produces an anti-dilutive result. -16- Exhibit 11. Statement Re Computation of Per Share Earnings (In 000's, except per share data)
Six Months ended June 30, Primary 1996 1995 Earnings: Net earnings $ 6,557 $ 5,253 Deduct dividends on preference stock 1,266 1,268 Net earnings applicable to common stock $ 5,291 $ 3,985 Shares: Weighted average number of common shares outstanding 14,716 14,800 Dilutive effect of outstanding options and rights (as determined by the application of the treasury stock method at the average market price for the period) 143 108 Weighted average number of shares outstanding, as adjusted 14,859 14,908 Primary earnings per share $ 0.36 $ 0.27 Fully diluted Earnings: Net earnings $ 6,557 $ 5,253 Deduct dividends on preference stock (1) 1,266 1,268 Net earnings applicable to common stock $ 5,291 $ 3,985 Shares: Weighted average number of common shares outstanding 14,716 14,800 Dilutive effect of outstanding options and rights (as determined by the application of the treasury stock method at the higher of the closing or the average market price for the period) 243 226 Weighted average number of shares outstanding, as adjusted 14,959 15,026 Fully diluted earnings per share $ 0.35 $ 0.27
-17- Exhibit 11. Statement Re Computation of Per Share Earnings (continued) (In 000's, except per share data)
Six Months ended June 30, 1996 1995 Additional Fully Diluted Computation (2) Earnings: Net earnings $ 6,557 $ 5,253 Shares: Weighted average number of common shares outstanding 14,716 14,800 Dilutive effect of outstanding options and rights (as determined by the application of the treasury stock method at the higher of the closing or average market price for the period) 243 226 Shares issuable from assumed exercise of convertible preference stock 1,682 1,688 Weighted average number of shares outstanding, as adjusted 16,641 16,714 Fully diluted earnings per share $ 0.39 $ 0.31
(1) The inclusion of preference stock in the fully dilutive computation would have an anti-dilutive effect on earnings per share. (2) This calculation is submitted in accordance with Securities Exchange Act of 1934, Regulation S-K, paragraph 229.601 (b)(11) although it is contrary to paragraph 40 of APB Opinion No. 15 because it produces an anti-dilutive result. -18- EX-27 3
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM DRAVO CORPORATION'S JUNE 30, 1996 FINANCIAL STATEMENTS AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 6-MOS DEC-31-1996 JUN-30-1996 719 0 28262 107 16748 47157 233742 115140 219623 33375 0 15060 20000 25 70284 219623 77573 77573 58490 58490 0 0 3336 6760 203 6557 0 0 0 6557 .36 0
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