-----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, Ba6czaH+tO6Rw09IeWnT7m0Jy4JtHOpZRaJbNNKfhvoeeo2W9wOEeqDRdDeW0D4b wTX1TG7PEZbDkzKJ1sS46g== 0000313927-98-000096.txt : 19980807 0000313927-98-000096.hdr.sgml : 19980807 ACCESSION NUMBER: 0000313927-98-000096 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 19980626 FILED AS OF DATE: 19980806 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: CHURCH & DWIGHT CO INC /DE/ CENTRAL INDEX KEY: 0000313927 STANDARD INDUSTRIAL CLASSIFICATION: SOAP, DETERGENT, CLEANING PREPARATIONS, PERFUMES, COSMETICS [2840] IRS NUMBER: 134996950 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 001-10585 FILM NUMBER: 98678368 BUSINESS ADDRESS: STREET 1: 469 N HARRISON ST CITY: PRINCETON STATE: NJ ZIP: 08543-5297 BUSINESS PHONE: 6096835900 MAIL ADDRESS: STREET 1: 469 N HARRISON STREET CITY: PRINCETON STATE: NJ ZIP: 08543-5297 10-Q 1 FORM 10-Q UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 -------------------------- FORM 10-Q QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES AND EXCHANGE ACT OF 1934 For the quarter ended June 26, 1998 Commission file No. 1-10585 -------------------------- CHURCH & DWIGHT CO., INC. (Exact name of registrant as specified in its charter) Delaware 13-4996950 (State of incorporation) (I.R.S. Employer Identification No.) 469 North Harrison Street, Princeton, N.J. 08543-5297 (Address of principal executive office) (Zip Code) Registrant's telephone number, including area code: (609) 683-5900 -------------------------- 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 twelve 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 July 24, 1998, there were 19,418,623 shares of Common Stock outstanding. - ------------------------------------------------------------------------------- - ------------------------------------------------------------------------------- 1 of 12 PART I - FINANCIAL INFORMATION ------------------------------ CHURCH & DWIGHT CO., INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME AND RETAINED EARNINGS ------------------------------------------------------- (Unaudited)
Three Months Ended Six Months Ended ---------------------------------------------------- June 26, June 27, June 26, June 27, (In thousands, except per share data) 1998 1997 1998 1997 ---------------------------------------------------------------------------------------------------------------------- Net Sales $173,534 $141,850 $325,545 $271,471 Cost of sales 98,942 81,069 186,762 155,830 ----------------------------- ------------------------------ Gross profit 74,592 60,781 138,783 115,641 Selling, general and administrative expenses 66,755 52,231 122,492 100,911 Sale of Technology (3,500) - (3,500) - ----------------------------- ------------------------------ Income from Operations 11,337 8,550 19,791 14,730 Equity in earnings of affiliates 1,739 1,594 2,963 3,010 Investment income 281 393 590 808 Other income/(expense) (169) 1,107 (135) 1,397 Interest expense (600) (87) (1,172) (169) ----------------------------- ------------------------------ Income before taxes 12,588 11,557 22,037 19,776 Income taxes 4,715 4,277 8,268 7,269 ----------------------------- ------------------------------ Net Income 7,873 7,280 13,769 12,507 Retained earnings at beginning of period 201,192 185,152 197,622 182,069 ----------------------------- ------------------------------ 209,065 192,432 211,391 194,576 Dividends paid 2,329 2,144 4,655 4,288 ----------------------------- ------------------------------ Retained earnings at end of period $206,736 $190,288 $206,736 $190,288 ---------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------- Weighted average shares outstanding - Basic 19,398 19,480 19,397 19,478 Weighted average shares outstanding - Diluted 20,064 19,924 19,990 19,919 ---------------------------------------------------------------------------------------------------------------------- Earnings Per Share: Net income per share - Basic $.41 $.37 $.71 $.64 Net income per share - Diluted $.39 $.37 $.69 $.63 ---------------------------------------------------------------------------------------------------------------------- Dividends Per Share: $.12 $.11 $.24 $.22 ----------------------------------------------------------------------------------------------------------------------
2 of 12 CHURCH & DWIGHT CO., INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS ---------------------------
June 26, December 31, 1998 1997 ------------ --------------- (Dollars in thousands) (Unaudited) -------------------------------------------------------------------------------- --------------- --------------- Assets -------------------------------------------------------------------------------- --------------- --------------- Current Assets Cash and cash equivalents $15,239 $ 14,949 Short-term investments 2,997 3,993 Accounts receivable, less allowances of $1,366 and $1,532 75,629 49,566 Inventories (Note 2) 64,983 61,275 Current portion of note receivable 4,304 4,131 Deferred income taxes 10,183 9,802 Prepaid expenses 5,963 5,727 --------------- --------------- Total Current Assets 179,298 149,443 -------------------------------------------------------------------------------- --------------- --------------- Property, Plant and Equipment (Note 3) 149,662 142,343 Note Receivable from Joint Venture 4,673 6,869 Equity Investment in Affiliates 27,145 26,871 Long-Term Supply Contract 2,506 2,775 Intangibles and Other Assets 28,018 22,713 -------------------------------------------------------------------------------- --------------- --------------- Total Assets $391,302 $351,014 -------------------------------------------------------------------------------- --------------- --------------- Liabilities and Stockholders' Equity -------------------------------------------------------------------------------- --------------- --------------- Current Liabilities Short-term borrowings $ 33,500 $ 32,000 Accounts payable and accrued expenses 100,994 92,090 Current portion of long-term debt 1,027 685 Income taxes payable 3,233 1,456 --------------- --------------- Total Current Liabilities 138,754 126,231 -------------------------------------------------------------------------------- --------------- --------------- Long-Term Debt 24,973 6,815 Deferred Income Taxes 21,272 20,578 Deferred Liabilities 5,655 3,786 Nonpension Postretirement and Postemployment Benefits 14,450 14,263 Commitments and Contingencies Stockholders' Equity Preferred Stock - $1 par value Authorized 2,500,000 shares, none issued - - Common Stock - $1 par value Authorized 100,000,000 shares, issued 23,330,494 shares 23,330 23,330 Additional paid-in capital 34,933 34,097 Retained earnings 206,736 197,622 Cumulative translation adjustments (692) (591) --------------- --------------- 264,307 254,458 Less common stock in treasury, at cost- 3,923,471 shares in 1998 and 3,893,155 shares in 1997 (77,560) (74,568) Due from officers (549) (549) -------------------------------------------------------------------------------- --------------- --------------- Total Stockholders' Equity 186,198 179,341 -------------------------------------------------------------------------------- --------------- --------------- Total Liabilities and Stockholders' Equity $391,302 $351,014 -------------------------------------------------------------------------------- --------------- ---------------
3 of 12 CHURCH & DWIGHT CO., INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOW ------------------------------------ (Unaudited)
Six Months Ended ----------------------- June 26, June 27, (Dollars in thousands) 1998 1997 - ------------------------------------------------------------------------------------ ------------ ----------- Cash Flow From Operating Activities - ------------------------------------------------------------------------------------ ------------ ----------- Net Income $13,769 $12,507 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation, depletion and amortization 8,265 6,875 Deferred income taxes 313 121 Equity in income from affiliates (2,963) (3,010) Other 56 (2) Change in assets and liabilities: Decrease/(increase) in short-term investments 996 (989) (Increase) in accounts receivable (26,090) (8,346) (Increase) in inventories (2,608) (3,578) (Increase)/decrease in prepaid expenses (242) 199 Increase/(decrease) in accounts payable 8,961 (2,681) Increase/(decrease) in income taxes payable 1,918 (193) Increase in other liabilities 2,055 717 - ------------------------------------------------------------------------------------ ------------ ----------- Net Cash Provided By Operating Activities 4,430 1,620 Cash Flow From Investing Activities - ------------------------------------------------------------------------------------ ------------ ----------- Additions to property, plant and equipment (13,206) (3,424) Purchase of new product lines (7,035) - Investment in affiliates - (10,358) Distributions from unconsolidated affiliates 2,689 3,059 Purchase of other assets (1,526) - Proceeds from repayment of notes receivable 2,023 - - ------------------------------------------------------------------------------------ ------------ ----------- Net Cash (Used In) Investing Activities (17,055) (10,723) Cash Flow From Financing Activities - ------------------------------------------------------------------------------------ ------------ ----------- Short-term borrowing 1,500 - Long-term borrowing 18,500 - Payment of cash dividends (4,655) (4,288) Proceeds from stock options exercised 2,026 1,129 Purchase of treasury stock (4,456) (2,434) - ------------------------------------------------------------------------------------ ------------ ----------- Net Cash Provided By (Used In) Financing Activities 12,915 (5,593) Net Change In Cash and Cash Equivalents 290 (14,696) Cash And Cash Equivalents At Beginning Of Year 14,949 22,902 - ------------------------------------------------------------------------------------ ------------ ----------- Cash And Cash Equivalents At End Of Period $15,239 $8,206 - ------------------------------------------------------------------------------------ ------------ -----------
4 of 12 CHURCH & DWIGHT CO., INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS ------------------------------------------ (Unaudited) 1. The consolidated balance sheet as of June 26, 1998, the consolidated statements of income and retained earnings for the three and six months ended June 26, 1998 and June 27, 1997, and the consolidated statements of cash flow for the six months ended June 26, 1998 and June 27, 1997 have been prepared by the Company without audit. In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations and cash flow at June 26, 1998 and for all periods presented have been made. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted. It is suggested that these condensed consolidated financial statements be read in conjunction with the financial statements and notes thereto included in the Company's December 31, 1997 annual report to shareholders. The results of operations for the period ended June 26, 1998 are not necessarily indicative of the operating results for the full year.
2. Inventories consist of the following: June 26, Dec. 31, (in thousands) 1998 1997 - ----------------------------------------------------------------------------------------------------------- Raw materials and supplies $17,200 $16,848 Finished goods 47,783 44,427 --------------------------------------- $64,983 $61,275 - -----------------------------------------------------------------------------------------------------------
3. Property, Plant and Equipment consist of the following: June 26, Dec. 31, (in thousands) 1998 1997 - ----------------------------------------------------------------------------------------------------------- Land $3,253 $3,258 Buildings and improvements 68,077 68,075 Machinery and equipment 167,190 165,174 Office equipment and other assets 17,970 13,355 Mineral rights 5,931 5,931 Construction in progress 11,344 3,304 ----------------------------------------- 273,765 259,097 Less accumulated depreciation and amortization 124,103 116,754 ----------------------------------------- Net Property, Plant and Equipment $149,662 $142,343 - -------------------------------------------------------------------------------------------------------------
5 of 12 CHURCH & DWIGHT CO., INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS ------------------------------------------ (Unaudited) 4. Equity Investment In Joint Venture The following table reflects summarized financial information for the Armand Products Company joint venture. The Company accounts for its 50 percent interest in the joint venture under the equity method. Product and services are provided to the Armand Products Company by the joint venture partners at cost. As a result, the following information would not be indicative of the financial position or results of operation had the joint venture operated on a stand-alone basis.
Three Months Ended Six Months Ended --------------------- ------------------- June 26, June 27, June 26, June 27, (in thousands) 1998 1997 1998 1997 - ------------------------------------------------------------------------------------------------------------------------- Net sales $10,653 $10,724 $19,895 $20,862 Gross profit 3,894 4,074 7,108 7,508 Net income 3,147 3,220 5,571 5,826 Company's share in net income 1,573 1,610 2,785 2,913 Elimination of Company's share of intercompany interest expense 100 114 210 227 ------------------------- ---------------------- Equity in joint venture income $1,673 $1,724 $2,995 $3,140 - -------------------------------------------------------------------------------------------------------------------------
5. Earnings Per Share Basic EPS is calculated based on income available to common shareholders and the weighted-average number of shares outstanding during the reported period. Diluted EPS includes additional dilution from potential common stock issuable pursuant to the exercise of stock options outstanding. Prior year amounts have been restated to conform with Statement of Financial Accounting Standards No. 128 "Earnings Per Share". 6. Accounting Change During the first quarter of 1998, the Company adopted AICPA Statement of Position 98-1 "Accounting for the Costs of Computer Software Developed or Obtained for Internal Use". The SOP requires companies to capitalize certain costs of developing computer software. The effect was an increase of net income for the second quarter and six month periods of approximately $.8 million or $.04 per basic share and $2.7 million or $.14 per basic share, respectively. Had the SOP been applicable for 1997, the effect on net income for the quarter and six month periods ended June 27, 1997 would have been approximately $.7 million or $.04 per basic share and $1.1 million or $.06 per basic share, respectively. 7. Acquisitions On January 26, 1998, the Company's Brotherton Speciality Products subsidiary purchased Kingston Chemical Ltd., a supplier of specialty chemicals for approximately $1.7 million. On January 29, 1998, the Company closed on its previously announced acquisition of TOSS N' SOFT Dryer Sheets from The Dial Corporation for approximately $5.3 million. 6 of 12 8. Subsequent Event On July 15, 1998, the Company purchased from the Fluid Packaging Co., Inc., a manufacturing facility and machinery located in Lakewood, New Jersey for approximately $9.0 million. In addition, the Company loaned to Fluid Packaging $3.0 million at an interest rate of 8% per annum. The note is payable no later than July 15, 1999, and is secured by a pledge of and security interest in 65% of the capital stock of Allied Mexico, S.A. de C.V., a wholly-owned subsidiary of Fluid Packaging. 9. Comprehensive Income During June 1997, the Financial Accounting Standards Board issued Statement of Financial Accounting Standards No. 130, "Reporting Comprehensive Income". The statement was effective for fiscal years beginning after December 15, 1997 and establishes standards for the reporting and displaying of comprehensive income. The following table presents the Company's Comprehensive Income for the three and six month periods ending June 26, 1998 and June 27, 1997.
Three Months Ended Six Months Ended June 26, June 27, June 26, June 27, (in thousands) 1998 1997 1998 1997 - --------------------------------------------------------------------------------- ------------------------- Net Income $7,873 $7,280 $13,769 $12,507 Other Comprehensive Income, net of tax: Foreign exchange translation adjustments (163) 73 (62) (100) ---------------------- ---------------------- Comprehensive Income $7,710 $7,353 $13,707 $12,407 - -----------------------------------------------------------------------------------------------------------------
10. Contingencies The Company, in the ordinary course of its business, is the subject of, or a party to, various pending or threatened legal actions. The Company believes that any ultimate liability arising from these actions will not have a material adverse effect on its consolidated financial statements. 7 of 12 MANAGEMENT'S DISCUSSION AND ANALYSIS Results of Operations - --------------------- For the quarter ended June 26, 1998, net income was $7.9 million, equivalent to basic earnings of $.41 per share from $7.3 million or $.37 per share, in last year's second quarter. Diluted earnings were $.39 per share compared to $.37 per share last year. For the first six months of 1998, net income was $13.8 million or basic earnings of $.71 per share compared to $12.5 million or $.64 per share last year. Diluted earnings were $.69 per share compared to $.63 per share last year. Net sales for the quarter were $173.5 million, a $31.7 million or 22.3% increase versus last year. The increase is primarily a result of the launch of two new major consumer products, ARM & HAMMER SUPER SCOOP(TM) Clumping Litter, in late 1997 and ARM & HAMMER DENTAL CARE(TM) Gum, in early 1998. It also includes the sales of BRILLO(R) Soap Pads and certain other brands acquired in late 1997. With regard to established brands, sales of deodorizer products were higher but sales of personal care products were lower. Specialty Products sales were slightly higher with particular strength in the animal nutrition area. Net Sales for the first six months of 1998 were $325.5 million, $54.1 million or 19.9% ahead of 1997. The aforementioned new products were also the main reason for the six month increase. Within the established products, higher laundry and deodorizer products sales were offset by lower sales of personal products. Specialty Products sales were slightly higher. The Company's gross margin was 43.0% and 42.6% for the quarter and six month period, respectively. This compares with 42.8% and 42.6% for the same periods of last year. This change is due to lower manufacturing costs offset by a less favorable sales mix. Selling, general and administrative expenses increased $14.5 million in the current quarter and $21.6 million for the six month period. Selling expenses for the quarter were higher primarily due to support of new products, namely ARM & HAMMER DENTAL CARE Gum, ARM & HAMMER SUPER SCOOP Clumping Litter and BRILLO Soap Pads, partially offset by lower costs for personal products. General and administrative expenses for the quarter increased primarily as a result of higher information systems and personnel related costs. Selling, general and administrative expenses increased for the six months for the same reasons as the current quarter. During the quarter, the Company recognized a one-time gain as it sold research and development technology for $3.5 million. The Company's joint venture, Armand Products Company, saw sales and earnings virtually unchanged for the current quarter versus last year. For the six month period, both sales and earnings were 5% lower versus the same period of last year. Interest expense increased versus last year as a result of an increase in both short-term and long-term debt to finance the purchase of new product lines and capital expenditures associated with software capitalization and the Green River plant modernization project. Investment income decreased due to having a lower amount of average cash available for investment. Other income and expense is lower primarily as a result of a settlement from a class action suit against the Carbon Dioxide supply industry in 1997. The effective tax rate for the first half was 37.5%, up from 36.8% from last year. The increase in the rate is the result of utilizing foreign operating loss carry-forwards in 1997. Liquidity and Capital Resources - ------------------------------- The Company considers cash and short-term investments as the principal measurement of its liquidity. At June 26, 1998, cash, including cash equivalents and short-term investments totaled $18.2 million as compared to $18.9 million at December 31, 1997. 8 of 12 During the first half of 1998, the Company generated $4.4 million of positive cash flow from operating activities, after changes in working capital including increases in accounts receivable and inventories, increased debt by $20.0 million, received $2.7 million in distributions from its affiliates, received $2.0 million for stock options exercised and received $2.0 million for the repayment of notes receivable. Significant expenditures include additions to property, plant and equipment of $13.2 million (including the earlier mentioned software capitalization), the purchase of new product lines of $7.0 million, the purchase of treasury stock of $4.5 million and the payment of cash dividends of $4.7 million. Year 2000 Compliance - -------------------- During the second quarter, the Company completed and implemented a new enterprise package which is year 2000 compliant. The expenditures incurred during the first half of 1998 were approximately $4.0 million. The Company has developed a program to modify the remainder of its systems. The remaining costs are not expected to have a material adverse impact on the Company's cash flows or financial position. The Company is planning on contacting vendors and others on whom it relies to assure that their systems will be converted. However, there can be no assurance that the systems of other companies will be timely converted and there is no way to predict what impact, if any, this will have on the Company's operations. Furthermore, no assurance can be given that any or all of the Company's systems are or will be Year 2000 compliant, or that the ultimate costs required to address the Year 2000 issue or the impact of any failure to achieve substantial Year 2000 compliance will not have a material adverse effect on the Company's financial condition. 9 of 12 PART II - Other Information --------------------------- Item 4. Results of Vote of Security Holders ----------------------------------- The Company's Annual Meeting of Stockholders was held on May 7, 1998. The following nominees were elected to the Company's Board of Directors for a term of three years. Nominee For Withhold Robert H. Beeby 35,637,402 537,465 J. Richard Leaman, Jr. 35,646,602 528,265 Dwight C. Minton 35,592,730 582,137 John O. Whitney 35,646,080 528,787 The results of voting on the following additional items were as follows: Approval of the appointment of Deloitte & Touche LLP as independent auditors of the Company's 1998 financial statements. For Against Abstained Broker Non-Votes 35,609,742 91,232 473,893 0 To consider and act upon a stockholder proposal requesting that the Board of Directors take the steps necessary to provide for cumulative voting in the election of Directors annually and not by class. For Against Abstained Broker Non-Votes 5,861,973 27,797,922 733,964 1,780,938 The Approval of the stock option plan. For Against Abstained Broker Non-Votes 31,634,419 3,967,204 573,244 0 Item 5. Other Information ----------------- A duly executed proxy given in connection with the registrant's 1999 Annual Meeting of Stockholders will confer discretionary authority on the proxies named therein, or any of them, to vote at such meeting on any matter of which the registrant does not have written notice on or before February 15, 1999, which date is forty-five days before the date on which the registrant first mailed its proxy materials for its 1998 Annual Meeting of Stockholders, without advice in the registrant's proxy statement as to the nature of such matter. Item 6. Exhibits and Reports on Form 8-K -------------------------------- (a) Exhibits (11) Computation of earnings per share (b) No reports on Form 8-K were filed for the three months ended June 26, 1998. 10 of 12 CHURCH & DWIGHT CO., INC. AND SUBSIDIARIES EXHIBIT 11 - Computation of Earnings Per Share (In thousands except per share amounts) (Unaudited)
Three Months Ended Six Months Ended ------------------------ ------------------------ June 26, June 27, June 26, June 27, 1998 1997 1998 1997 ------------ ------------ ------------ ------------ BASIC: Net Income $7,873 $7,280 $13,769 $12,507 Weighted average shares outstanding 19,398 19,480 19,397 19,478 Basic earnings per share $.41 $.37 $.71 $.64 DILUTED: Net Income $7,873 $7,280 $13,769 $12,507 Weighted average shares outstanding 19,398 19,480 19,397 19,478 Incremental shares under stock option plans 666 444 593 441 ------------ ------------ ------------ ------------ Adjusted weighted average shares outstanding 20,064 19,924 19,990 19,919 ------------ ------------ ------------ ------------ Diluted earnings per share $.39 $.37 $.69 $.63
11 of 12 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. CHURCH & DWIGHT CO., INC. ------------------------- (REGISTRANT) DATE: August 3, 1998 Zvi Eiref ---------------------------- ------------------------- ZVI EIREF VICE PRESIDENT FINANCE AND CHIEF FINANCIAL OFFICER DATE: August 3, 1998 Gary P. Halker ---------------------------- ------------------------- GARY P. HALKER VICE PRESIDENT, CONTROLLER AND CHIEF INFORMATION OFFICER 12 of 12 EX-27 2 FDS --
5 1000 6-MOS DEC-31-1998 JAN-01-1998 JUN-26-1998 15,239 2,997 76,995 1,366 64,983 179,298 273,765 124,103 391,302 138,754 6,473 0 0 23,330 162,868 391,302 325,545 325,545 186,762 186,762 0 100 1,172 22,037 8,268 13,769 0 0 0 13,769 0.71 0.69
EX-27 3 FDS --
5 1000 12-MOS 3-MOS 6-MOS 9-MOS DEC-31-1995 DEC-31-1996 DEC-31-1996 DEC-31-1996 JAN-01-1995 JAN-01-1996 JAN-01-1996 JAN-01-1996 DEC-31-1995 MAR-29-1996 JUN-28-1996 SEP-30-1996 11,355 9,070 9,795 16,532 5,027 5,021 5,048 5,017 45,731 56,192 52,668 55,062 1,304 1,290 1,339 1,316 41,349 45,739 46,857 45,592 119,175 131,830 130,334 139,006 239,900 240,940 242,403 243,719 95,561 98,856 102,158 105,485 293,180 303,336 299,673 306,013 97,101 104,847 95,460 99,737 7,500 7,500 7,500 7,500 0 0 0 0 0 0 0 0 23,330 23,330 23,330 23,330 130,352 132,438 137,124 139,071 293,180 303,336 299,673 306,013 485,759 121,548 256,175 393,265 485,759 121,548 256,175 393,265 289,734 69,786 146,682 224,886 289,734 69,786 146,682 224,886 3,987 0 0 0 478 50 100 150 1,255 135 243 317 16,292 6,166 15,874 24,242 6,140 2,318 5,895 9,065 10,152 3,848 9,979 15,177 0 0 0 0 0 0 0 0 0 0 0 0 10,152 3,848 9,979 15,177 0.52 0.20 0.51 0.78 0.51 0.20 0.51 0.77
EX-27 4 FDS --
5 1000 12-MOS 3-MOS 6-MOS 9-MOS DEC-31-1996 DEC-31-1997 DEC-31-1997 DEC-31-1997 JAN-01-1996 JAN-01-1997 JAN-01-1997 JAN-01-1997 DEC-31-1996 MAR-28-1997 JUN-27-1997 SEP-26-1997 22,902 18,358 8,206 7,709 5,011 4,010 6,000 5,000 43,315 49,912 51,665 61,463 1,478 1,510 1,553 1,618 48,887 53,887 52,419 57,948 135,519 143,108 135,123 149,201 243,047 243,873 246,285 257,841 104,676 107,888 111,221 114,519 307,971 312,056 312,284 351,580 98,754 98,258 95,799 130,843 7,500 7,500 7,500 7,500 0 0 0 0 0 0 0 0 23,330 23,330 23,330 23,330 141,982 145,623 148,732 153,040 307,971 312,056 312,284 351,580 527,771 129,621 271,471 417,799 527,771 129,621 271,471 417,799 306,047 74,761 155,830 238,991 306,047 74,761 155,830 238,991 0 0 0 0 401 50 100 150 352 82 169 421 33,171 8,219 19,776 30,397 11,943 2,992 7,269 11,463 21,228 5,227 12,507 18,934 0 0 0 0 0 0 0 0 0 0 0 0 21,228 5,227 12,507 18,934 1.09 0.27 0.64 0.97 1.08 0.26 0.63 0.95
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