-----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, U+QGPcCeJ1PqMHr2KTxLgdwYGevqCzQ/OZfvR1gC1EXtAj9O27s5i9h9D/oL3uVI J5EaPwFqjacO4ZZTtxDlZg== 0000313867-96-000002.txt : 19960410 0000313867-96-000002.hdr.sgml : 19960410 ACCESSION NUMBER: 0000313867-96-000002 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19951231 FILED AS OF DATE: 19960209 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: TRIAD SYSTEMS CORP CENTRAL INDEX KEY: 0000313867 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-COMPUTER INTEGRATED SYSTEMS DESIGN [7373] IRS NUMBER: 942160013 STATE OF INCORPORATION: DE FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-10504 FILM NUMBER: 96514454 BUSINESS ADDRESS: STREET 1: 3055 TRIAD DR CITY: LIVERMORE STATE: CA ZIP: 94550 BUSINESS PHONE: 5104490606 MAIL ADDRESS: STREET 1: 3055 TRIAD DRIVE CITY: LIVERMORE STATE: CA ZIP: 94550 10-Q 1 CIK: 0000313867 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 December 31, 1995. OR ___ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. Commission File Number 0-9505 Triad Systems Corporation ------------------------- (Exact name of registrant as specified in its charter) Delaware 94-2160013 -------- ---------- (State or other jurisdiction of (IRS Employer Identification No.) incorporation or organization) 3055 Triad Drive, Livermore, CA 94550 --------------------------------------- (Address of principal executive offices) Registrant's telephone number, including area code: (510) 449-0606 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 --- --- As of December 31, 1995, the registrant had outstanding 17,402,000 shares of common stock with $.001 par value. Triad Systems Corporation QUARTERLY REPORT FORM 10-Q Index Page Part I. Financial Information Item I. Financial Statements Consolidated Balance Sheets at December 31, 1995 and September 30, 1995 1 Consolidated Statements of Income for the Three Month Periods Ended December 31, 1995 and 1994 2 Consolidated Statements of Cash Flows for the Three Month Periods Ended December 31, 1995 and 1994 3 Notes to Consolidated Financial Statements 4-5 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 6-8 Part II. Other Information Item 6. Exhibits and Reports on Form 8-K 9-10 Signatures 11 Exhibit 11.1 Computation of Earnings Per Share 12 Exhibit 27 Financial Data Schedule 13 PART I FINANCIAL INFORMATION Triad Systems Corporation CONSOLIDATED BALANCE SHEETS At December 31, 1995 and September 30, 1995 December 31, September 30, (Amounts in thousands except share data) 1995 1995 ----------- ------------ (Unaudited) Assets Current assets Cash and equivalents $ 6,485 $ 7,263 Trade receivables 14,188 13,175 Investment in leases 2,333 2,001 Inventories 7,046 5,636 Prepaid expenses and other current assets 7,725 6,702 --------- --------- Current assets 37,777 34,777 Service parts 3,510 3,316 Property, plant and equipment, net 26,774 27,017 Long-term investment in leases 12,970 16,540 Land for resale 25,288 25,250 Capitalized software and intangible assets 17,731 16,222 Other assets 9,592 9,587 --------- --------- Assets $133,642 $132,709 ======== ======== Liabilities Current liabilities Notes payable and current portion of long-term debt $ 2,840 $ 3,032 Accounts payable 10,263 9,373 Accrued employee compensation 7,085 7,908 Deferred income taxes 3,388 3,338 Other current liabilities and accrued expenses 9,509 9,695 --------- --------- Current liabilities 33,085 33,346 Long-term debt 51,995 52,577 Deferred income taxes 26,802 26,176 Other liabilities 5,980 6,389 --------- --------- Liabilities 117,862 118,488 --------- --------- Stockholders' Equity Common stock $.001 par value; authorized 50,000,000 shares; issued 18,002,000 shares at December 31, 1995 and 17,969,000 shares at September 30, 1995 18 18 Treasury stock 599,000 shares at December 31, 1995 and September 30, 1995 (3,204) (3,204) Capital in excess of par 28,317 28,201 Accumulated deficit (9,351) (10,794) --------- --------- Stockholders' equity 15,780 14,221 --------- --------- Liabilities and stockholders' equity $133,642 $132,709 ======== ======== The accompanying notes are an integral part of these financial statements. Triad Systems Corporation CONSOLIDATED STATEMENTS OF INCOME For the Three Month Periods Ended December 31 (Unaudited) (Amounts in thousands except per share data) 1995 1994 ------ ------ Revenues Automotive $23,810 $27,796 Hardlines & lumber 15,681 12,602 Other 1,359 1,571 ------- ------- Total revenues 40,850 41,969 ------- ------- Cost of sales 21,433 21,326 ------- ------- Gross margin 19,417 20,643 ------- ------- Marketing 11,181 11,141 Product development 1,914 2,100 General & administrative and other expenses 2,340 3,115 ------- ------- Operating Income 3,982 4,287 ------- ------- Interest and other expenses 1,586 1,734 ------- ------- Income before income taxes and extraordinary charge 2,396 2,553 Provision for income taxes 910 970 ------- ------- Income before extraordinary charge 1,486 1,583 Extraordinary charge on repurchase of debt, net of taxes -- 153 ------- ------- Net income $ 1,486 $ 1,430 ======= ======= Earnings per share Primary Income before extraordinary charge $ 0.09 $ 0.09 Net income $ 0.09 $ 0.08 Weighted average shares 17,380 17,831 Fully diluted Income before extraordinary charge $ 0.09 $ 0.09 Net income $ 0.09 $ 0.08 Weighted average shares 17,380 17,921 ====== ====== The accompanying notes are an integral part of these financial statements. Triad Systems Corporation CONSOLIDATED STATEMENTS OF CASH FLOWS For the Three Month Periods Ended December 31 (Unaudited) (Amounts in thousands) 1995 1994 ------ ------ Cash flows from operating activities Income before extraordinary charge $1,486 $1,583 Adjustments to reconcile income before extraordinary charge to net cash provided by operating activities Extraordinary charge on repurchase of debt, net of taxes - (153) Depreciation and amortization 1,874 2,083 Receivable and inventory loss provisions 2,223 1,733 Gains from lease discounting (1,927) (1,292) Other (1,244) (552) Changes in assets and liabilities Trade accounts receivable (1,847) (1,597) Investment in leases 4,668 2,529 Inventories (1,483) (1,558) Deferred income taxes 676 639 Prepaid expenses and other current assets (1,023) (803) Accounts payable 890 (939) Accrued employee compensation (823) (538) Other current liabilities and accrued expenses (186) 525 ------- ------- Net cash provided by operating activities 3,284 1,660 Cash flows from investing activities Capitalized software and databases (1,957) (1,489) Investment in property, plant and equipment (600) (399) Investment in service parts (485) (496) Other (354) (252) ------- ------- Net cash used in investing activities (3,396) (2,636) Cash flows from financing activities Issuance of debt 14,340 15,150 Repayment of debt (15,122) (18,678) Proceeds from sale of common stock 116 667 Purchase of treasury stock - (391) Dividends paid - (200) Net cash used in investing activities (666) (3,452) Net decrease in cash and equivalents (778) (4,428) Beginning cash and equivalents 7,263 7,963 ------- ------- Ending cash and equivalents $6,485 $3,535 ======= ======= Supplemental disclosures of cash flow information Cash paid during the period for Interest $ 675 $1,088 Income taxes 282 68 ======= ======= The accompanying notes are an integral part of these financial statements. Triad Systems Corporation NOTES TO CONSOLIDATED FINANCIAL STATEMENTS December 31, 1995 and 1994 (Unaudited) 1. In the opinion of the Registrant, the consolidated financial statements contain all adjustments (consisting of only normal recurring adjustments) necessary to present fairly the financial position as of December 31, 1995 and the results of operations and cash flows for the three month periods ended December 31, 1995 and 1994. The results of operations for the three month periods ended December 31, 1995 and 1994 are not necessarily indicative of the results to be expected for the full year. The Balance Sheet does not include all disclosure requirements under GAAP and should be read in conjunction with the September 30, 1995 audited financial statements and notes thereto. 2. The consolidated financial statements include the accounts of Triad Systems Corporation and its wholly-owned subsidiaries, including Triad Systems Financial Corporation ("Triad Financial"), after elimination of intercompany accounts and transactions. Financial information relating to the Company's combined leasing operations is presented in Note 6. 3. Trade accounts receivable at December 31,1995 and September 30,1995 include allowances for doubtful accounts of $1,338,000 and $1,420,000, respectively. 4. Inventories are stated at the lower of cost (first-in, first-out method) or market and include amounts which ultimately may be capitalized as equipment or service parts. (Amounts in thousands) December 31, 1995 September 30, 1995 ----------------- ------------------ Purchased Parts $2,366 $2,189 Work in process 812 391 Finished Goods 3,868 3,056 -------- -------- Inventories $7,046 $5,636 5. Property, plant and equipment at December 31, 1995 and September 30, 1995 includes accumulated depreciation and amortization of $31,695,000 and $30,768,000, respectively. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued) 6. Triad Financial is a wholly-owned subsidiary which purchases Triad systems and other products and leases those products to third parties under full-payout, direct financing leases. Summarized financial information of the Company's combined leasing operations, included in the Consolidated Financial Statements, is as follows: CONDENSED COMBINED BALANCE SHEETS At December 31, 1995 and September 30, 1995 December 31, September 30, (Amounts in thousands) 1995 1995 ----------- ------------ (Unaudited) Assets Cash $ 99 $ 5 Net investment in leases 15,303 18,541 Residual value retained on leases discounted 6,641 6,452 Receivable from parent company 54,049 50,262 Other assets 3,769 3,652 ------- ------- Assets $79,861 $78,912 ======= ======= Liabilities and Stockholders' Equity Other liabilities and accrued expenses $ 7,626 $ 8,367 Deferred income 2,428 2,337 Debt 12,784 13,033 Stockholders' equity 57,023 55,175 ------- ------- Liabilities and stockholders' equity $79,861 $78,912 ======= ======= CONDENSED COMBINED STATEMENTS OF INCOME For the Three Month Periods Ended December 31 (Unaudited) (Amounts in thousands) 1995 1994 ------- ------ Revenues $2,645 $2,380 Selling and administrative expenses 450 455 Provision for doubtful accounts 1,052 603 ------- ------- Operating income 1,143 1,322 Interest expense (255) (41) Intercompany income 1,888 1,197 ------- ------- Income before income taxes 2,776 2,478 Provision for income taxes 937 1,044 ------- ------- Net Income $1,839 $1,434 ====== ====== Triad Systems Corporation MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS First Quarter F/Y 1996 compared to First Quarter F/Y 1995 Results of Operations Summary Revenues of $40.9 million for the period were down 3% from the $42.0 million of one year ago, the result of a 14% drop in Automotive Aftermarket revenues to $23.8 million from $27.8 million. Hardlines and Lumber revenues were a first-quarter record $15.7 million, a 24% improvement over one year ago. Operating income was $4.0 million, or 10% of revenues, compared to $4.3 million, or 10% of revenues, in 1995. Earnings per share were 9 cents compared to 8 cents in the same period of 1995, which included a $153,000 charge related to the early retirement of debt. Automotive Aftermarket Revenues The Automotive Aftermarket consists of warehouse distributors, parts stores and service dealers. Revenues are primarily derived from the sale and financing of systems and from information and support services related to those systems. Systems sales decreased to $6.1 million from $10.2 million in the first quarter of 1995, reflecting a widespread and extended softness in the market that caused customers and potential customers to defer major purchases. A controlled rollout of the second phase of the Triad Prism jobber system also contributed to the revenue decline as the company addressed software performance issues. Customer support revenues of $8.9 million were $.5 million below a year ago, reflecting lower priced service offerings related to more reliable technology, and a reduced customer base. Information Services revenues increased 9% to $7.2 million, including a 9% improvement in database sales to $7.0 million as the number of customers applying Triad's parts and labor estimating system continued to steadily increase. Triad Systems Financial Corporation ("Triad Financial," a wholly-owned subsidiary) revenues related to the Automotive Aftermarket were consistent with a year ago at $1.7 million. An increase of 31% to $1.2 million in discounted lease gains was partially offset by a decline in lease income from a reduced portfolio. Hardlines & Lumber Market Revenue First quarter revenues from the sale and financing of systems, support and information to hardware stores and home centers, lumber and building supply outlets and paint and decorating retailers increased to $15.7 million from $12.6 million one year ago. Systems sales rose $1.8 million or 29% to $8.2 million, reflecting a growing awareness of the competitive benefits of automation, along with a more stable and productive sales force. A significant reduction in sales specialist turnover resulted in a 41% productivity improvement over the first quarter of 1995. The company's efforts to become more closely affiliated with major co-ops and wholesale distributors has also positively impacted revenues. Customer support revenues continued to increase with the customer base growth, improving $.7 million or 12% to $6.1 million. The Company's new point of sale (POS) businesses generated the majority of the $.3 million increase in Information Services revenues to $.5 million, while catalog sales also showed improvement. Triad Financial revenues related to the Hardlines and Lumber Market rose 46% to $1.0 million and gains from the discounting of leases increased 94% to $.7 million. Increased systems sales have resulted in the lease portfolio remaining consistent with a year ago despite increased discounting, and lease income from the portfolio remained at $.2 million. Cost of Systems and Services Both markets experienced an increase in the costs of systems and services for the period. The combined costs of systems and services for both markets, as a percentage of revenue, increased 2% to 53% when compared to the first quarter of last year. This increase was attributed to a heavy volume of hardware related add-ons, which typically has lower margins, in the product mix when compared to the same period last year. Expenses Marketing expense remained consistent with last year at $11.2 million. A planned decrease in the Company's sales force was offset by increased staffing in the third-party lease business and by increased lease losses. Product development expenses, after capitalization of software development, decreased 9% to $1.9 million compared to a year ago. New product development in the POS and Hardlines and Lumber market resulted in higher capitalization than a year ago. General, administrative and other operating expenses were $2.3 million for the period, a reduction of $.8 million from a year ago and flat with last quarter. This is primarily attributed to a reduction in compensation expenses and operating costs when compared to last year. Additionally, litigation expense was $142,000 for the period, less than half when compared to a year ago. The Company also benefited from a reduction in its accruals needed for future tax liabilities. Interest and other expense decreased by $.1 million to $1.6 million for the period. This cost reduction is primarily attributed to the Company's reduction of debt in 1995. In 1995, the Company also refinanced $11.8 million in floating rate notes at a lower interest cost. In October of 1994, $2.9 million of senior fixed rate notes were retired early. This generated an extraordinary charge of $153,000 ($.01 per share) that included a premium of $198,000, unamortized debt costs of $49,000, less taxes of $94,000. Future Operating Results The Company's future operating results will depend upon conditions in its markets that may affect demand for its products, and upon the Company's ability to introduce products and enhancements on a timely basis. Results will also be affected by seasonal changes in product demand, market acceptance of new products and enhancements, the size and experience of the sales force and the mix of products sold. All could cause operating results to fluctuate, especially on a quarterly basis. Liquidity and Capital Resources Management believes available cash resources, primarily generated from operations, lease discounting and credit lines, will provide adequate funds to finance foreseeable operating needs. The Company has available $15.3 million in a bank line of credit and there were no borrowings at December 31, 1995. Triad Financial financed the majority of Triad's domestic business systems sales during the period, as well as $3.5 million in non-Triad equipment through client lease programs. Triad Financial received $18.6 million of proceeds from discounting leases during the period. Limited and full-recourse discounting agreements are maintained with banks and lending institutions. Discounting agreements contain certain restrictive covenants that allow Triad Financial to discount only while in compliance with such covenants. In the event of non-compliance, the banks and lending institutions could assume administrative control of the Company's lease portfolio and prohibit further discounting under the available credit facilities. The Company is in compliance with the restrictive covenants and management believes that it will maintain compliance with such covenants in the foreseeable future. Under the discounting agreements, Triad Financial is contingently liable for losses in the event of lessee nonpayment. The agreements provide for limited recourse of up to 15% or full recourse at 100% of discounting proceeds, depending on the credit risk associated with specific leases. At December 31, 1995, the portfolio available for discounting was $15.3 million and commitments for $38.6 million in discounting lines were available. Capital equipment expenditures, excluding capitalized leases, were $.6 million during the period. During fiscal 1994, the Company established a Stock Ownership By Management policy to further align the executive officers' interests with those of the Corporation's stockholders. The stock ownership equivalent is based upon 1993 compensation, ranging from 100% of base compensation to 200% of total compensation, depending upon the position held within the Company. Each officer must meet their respective stock ownership level within a three to five year period. Eight of the current executive officers are required to meet the stock ownership target by October 1, 1996. As of December 31, 1995, five have already achieved the target. During October 1995, the Financial Accounting Standards Board issued Statement No. 123(SFAS No. 123), "Accounting for Stock-Based Compensation." This standard, which establishes a fair value-based method of accounting for stock-based compensation plans also permits an election to continue, following the requirements of APB Opinion No. 25, "Accounting for Stock Issued to Employees" with disclosures of pro forma net income and earnings per share under the new method. The Company is reviewing the alternatives under SFAS No. 123 but does not expect there will be any effect on the financial condition and results of operations of the Company. Disclosure requirements of SFAS No. 123 will be effective for the Company's fiscal year 1997. PART II OTHER INFORMATION Item 1-5 Not applicable Item 6 No reports on Form 8-K were filed during the quarter ended December 31, 1995. Sequentially Exhibit numbered Number pages - ------- ------------ * 10.1 Triad Systems Corporation Amended and Restated 1982 Stock Option Plan as amended on October 22, 1993, incorporated by reference from Exhibit 10.1 to the Company's Annual Report on Form 10-K for the fiscal year ended September 30, 1993. 10.2 Form of Indemnification Agreement, incorporated by reference from Exhibit 10.4 to the Company's Registration Statement on Form S-2 (File No. 33-2966) filed July 3, 1989 (the "1989 Form-2 Registration Statement"). * 10.3 Nonqualified Stock Option Agreement between the Company and James R. Porter dated January 13, 1987, incorporated by reference from Exhibit 10.5 to the 1987 Form S-2 Registration Statement, (File No. 33-13599) (the "1987 Company's Form S-2 Registration Statement"). 10.4 Mortgage between Variable Annuity Life Insurance Company and 3055 Triad Drive dated August 23, 1988, incorporated by reference from Exhibit 10.6 to the Company's Annual Report on Form 10-K for the fiscal year ended September 30, 1988 (the "1988 Form 10-K"). * 10.5 Nonqualified Stock Option Agreement between the Company and James R. Porter dated as of February 17, 1987, incorporated by reference from Exhibit 10.7 of the 1988 Form 10-K. * 10.6 Nonqualified Stock Option Agreement between the Company and James R. Porter dated November 12, 1988, incorporated by reference from Exhibit 10.8 of the 1988 Form 10-K. * 10.7 Triad Systems Corporation 1990 Stock Option Plan as amended on October 22, 1993, incorporated by reference from Exhibit 10.9 to the Company's Annual Report on Form 10-K for the fiscal year ended September 30, 1993. * 10.8 Triad Systems Corporation Amended and Restated Outside Directors Stock Option Plan, incorporated by reference from Exhibit 10.10 to the Company's Annual Report on Form 10-K for the fiscal year ended September 30, 1991. 10.9 Revolving Credit Loan Agreement dated as of June 30, 1992, as amended, between the Company and Plaza Bank of Commerce, incorporated by reference from Exhibit 10.3 to the Company's Current Report on Form 8-K filed August 17, 1992. 10.10 Unit Purchase Agreement dated as of July 2, 1992, between the Company, Richard C. Blum & Associates, Inc. and certain purchasers, together with the First Amendment to Unit Purchase Agreement dated as of August 3, 1992, and the form of irrevocable Proxy, incorporated by reference from Exhibit 10.4 to the Company's Current Report on Form 8-K filed August 17, 1992. 10.11 Registration Rights Agreement between the Company and certain purchasers under the Unit Purchase Agreement dated as of August 3, 1992, incorporated by reference from Exhibit 10.5 to the Company's Current Report on Form 8-K filed August 17, 1992. 10.12 Grant Agreement between the Industrial Development Authority and Triad Systems Ireland Limited, Triad Systems Corporation and Tridex Systems Limited and related agreements, incorporated by reference from Exhibit 10.15 to the 1992 Form S-4 Registration Statement. 10.13 Cancellation of Development Agreement between the Company and the City of Livermore dated July 15, 1993, incorporated by reference from Exhibit 10.16 to the Company's Annual Report on Form 10-K for the fiscal year ended September 30, 1993. 10.14 Amended and Restated Subdivision Improvement Agreement between the Company and the City of Livermore dated May 12, 1993, incorporated by reference from Exhibit 10.17 to the Company's Annual Report on Form 10-K for the fiscal year ended September 30, 1993. * 10.15 Supplemental Deferred Compensation Plan between the Company and a select group of Triad Key Employees and their beneficiaries dated April 1, 1994, incorporated by reference from Exhibit 10.18 to the Company's Form 10-Q for the fiscal quarter ended June 30, 1994. * 10.16 Amendment to the Amended and Restated 1982 Stock Option Plan dated April 25, 1994, incorporated by reference from Exhibit 10.19 to the Company's Form 10-Q for the fiscal quarter ended June 30, 1994. 10.17 Amendment No. Three to Revolving Credit Loan Agreement and Consent (to Exchange Agreement) between Triad Systems Corporation, Triad Systems Financial Corporation and Comerica Bank-California dated March 31, 1995, incorporated by reference from Exhibit 6 to the May 11, 1995 Form 8-K. 10.18 Exchange Agreement and Second Amendment to Unit Purchase Agreement by and among Triad Systems Corporation, Richard C. Blum & Associates, L.P. and certain holders dated March 31, 1995, incorporated by reference from Exhibit 1 to the Company's Current Report on Form 8-K filed May 11, 1995. 10.19 Warehousing Credit Agreement between Triad Systems Financial Corporation and the First National Bank of Boston dated August 29, 1995. 11.1 Computation of Earnings per share. 27 Financial Data Schedules. * Compensation or employment agreement. 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, a duly authorized officer of the Registrant. Triad Systems Corporation ------------------------- (Registrant) Date: February 9, 1996 /s/ STANLEY F. MARQUIS ---------------- ----------------------- Stanley F. Marquis Vice President, Finance (Principal Financial Officer) EX-11 2 Exhibit 11.1 Triad Systems Corporation COMPUTATION OF EARNINGS PER SHARE For the Three Month Periods Ended December 31 (Amounts in thousands except per share data) 1995 1994 ------- ------- Calculation of number of shares entering into computations Weighted average shares outstanding 17,380 13,800 Assumed conversion of preferred stock and exercise of warrants -- 3,137 ------- ------- 17,380 16,937 Net effect of dilutive stock options and warrants based on the average stock price -- 894 ------- ------- Average primary shares outstanding 17,380 17,831 Net effect of dilutive stock options and warrants based on the ending stock price -- 90 ------- ------- Average fully diluted shares outstanding 17,380 17,921 ======= ======= Income before extraordinary charge $ 1,486 $ 1,583 Extraordinary charge on repurchase of debt, net of taxes -- 153 ------- ------- Adjusted net income $ 1,486 $ 1,430 ======= ======= Earnings per share Primary Income before extraordinary charge $ 0.09 $ 0.09 Net income $ 0.09 $ 0.08 Fully diluted Income before extraordinary charge $ 0.09 $ 0.09 Net income $ 0.09 $ 0.08 ======= ======= EX-27 3
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE CONSOLIDATED BALANCE SHEETS AT DECEMBER 31, 1995 AND CONSOLIDATED STATEMENT OF INCOME AND STATEMENT OF CASH FLOW FOR THE THREE MONTHS ENDED DECEMBER 31, 1995 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 3-MOS SEP-30-1996 DEC-31-1995 6485 0 15526 1338 7046 37777 58469 31695 133642 33085 51995 18 0 0 15780 133642 14981 40850 7792 21433 15435 2223 1586 2396 910 1486 0 0 0 1486 .09 .09
-----END PRIVACY-ENHANCED MESSAGE-----