-----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, DLrr+2LBlsj5Ew4WHB4o4TMbp/9AjeYweva8olQFkuomitkuuBSjS+myj/QnduF+ q6ML/uhmcasx86xcast/FA== 0000350644-99-000008.txt : 19990817 0000350644-99-000008.hdr.sgml : 19990817 ACCESSION NUMBER: 0000350644-99-000008 CONFORMED SUBMISSION TYPE: 10QSB PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19990630 FILED AS OF DATE: 19990816 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SCIENCE DYNAMICS CORP CENTRAL INDEX KEY: 0000350644 STANDARD INDUSTRIAL CLASSIFICATION: TELEPHONE & TELEGRAPH APPARATUS [3661] IRS NUMBER: 222011859 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10QSB SEC ACT: SEC FILE NUMBER: 000-10690 FILM NUMBER: 99691056 BUSINESS ADDRESS: STREET 1: 1919 SPRINGDALE RD CITY: CHERRY HILL STATE: NJ ZIP: 08003 BUSINESS PHONE: 6094240068 MAIL ADDRESS: STREET 1: SCIENCE DYNAMICS CORP STREET 2: 1919 SPRINGDALE RD CITY: CHERRY HILL STATE: NJ ZIP: 08003 10QSB 1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-QSB (Mark One) [x] QUARTERLY REPORT UNDER SECTION 13 0R 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended June 30, 1999 ------------------ [ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT For the transition period from ______________ to ______________ Commission file number 010690 ____________________ Science Dynamics Corporation ------------------------------------------------------------------- (Exact name of small business issuer as specified in its charter) Delaware ------------------------------------------------------------ (State or other jurisdiction of incorporation or organization) 22-2011859 ------------------------------- (IRS Employer Identification No.) 1919 Springdale Road, Cherry Hill, New Jersey 08003 ----------------------------------------------------- (Address of principal executive offices) ( 609 ) 424-0068 ----------------------------------------------------- (Issuer's telephone number) N/A --------------------------------------------------------------- (Former name, former address, and former fiscal year, if changed since last report) Check whether the issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 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 [ ] APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PRECEDING FIVE YEARS Check whether the registrant filed all documents and reports required to be filed by Section 12, 13, or 15(d) of the Exchange Act after the distribution of securities under a plan confirmed by a court. Yes [ ] No [ ] APPLICABLE ONLY TO CORPORATE ISSUERS State the number of shares outstanding of each of the issuer's classes of common equity, as of the latest practicable date: 06/30/99 16,833,478 shares of common stock were outstanding. S C I E N C E D Y N A M I C S C O R P O R A T I O N INDEX ----- PAGE NO. -------- PART I. FINANCIAL INFORMATION Item 1. Financial Statements Consolidated Balance Sheets as of June 30, 1999 1 (unaudited) and June 30, 1998 (audited) Consolidated Statements of Income (loss) for Six months and three months ended June 30, 1999 (unaudited) and six months and three months ended June 39, 1998 (unaudited) 2 Consolidated Statements of Cash Flows for Six months and three months ended June 30, 1999 (unaudited) and six months and three months ended June 39, 1998 (unaudited) 3 Consolidated Statements of Shareholders' Equity for 4 the year ended December 31, 1998 (audited) and the six months ending June 30, 1999 (unaudited) Notes to Consolidated Financial Statements 5 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 5-11 PART II. OTHER INFORMATION Item 1. Legal Proceedings 12 Item 2. Changes in Securities 12 Item 3. Defaults upon Senior Securities 12 Item 4. Submission of Matters to Vote of Security Holders 12 Item 5. Other Information 12 Item 6. Exhibits and Reports 12 Item 7. Signatures 13 SCIENCE DYNAMICS CORPORATION AND SUBSIDIARY CONSOLIDATED BALANCE SHEETS
PART I. FINANCIAL INFORMATION Item 1. Financial Statements: ASSETS June 30, December 31, 1999 1998 Unaudited Audited ---------------------------- Current assets: Cash and cash equivalents $ 67,429 $ 32,249 Accounts receivable - trade 327,923 266,403 Accounts receivable - other 201,099 659,900 Inventories 442,754 478,494 Other current assets 14,221 46,266 ------------ ----------- Total current assets 1,053,426 1,483,312 ------------ ----------- Property and equipment, net 205,769 231,088 Software development costs, net of accumulated amortization of $451,736 in 1999 and $382,239 in 1998 69,498 138,996 Deferred income taxes 308,000 308,000 Intangible Assets, net of accumulated amortization of $750,000 in 1999 and $600,000 in 1998. 750,000 900,000 Other assets 137,597 41,418 ------------ ----------- Total assets $ 2,524,290 $ 3,102,814 ============ =========== LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Loan Payable $ 243,224 $ 100,000 Accounts payable 337,890 638,493 Accrued expenses, principally payroll related 119,055 181,492 ------------ ----------- Total current liabilities 700,169 919,985 ------------ ----------- Commitments Shareholders' equity - Common stock - .01 par value, 45,000,000 shares authorized, 16,833,478 and 15,861,449 issued 16,707,678 and 15,735,649 outstanding in 1999 and 1998 respectively. 168,335 158,614 Additional paid-in capital 11,224,683 10,729,429 Retained earnings (deficit) (9,171,064) (8,307,381) ------------ ----------- 2,221,954 2,580,662 Common stock held in treasury, at cost (397,833) (397,833) ------------ ----------- Total shareholders' equity 1,824,121 2,182,829 ------------ ----------- Total liabilities and shareholders' equity $ 2,524,290 $ 3,102,814 ============ =========== - -1-
SCIENCE DYNAMICS CORPORATION AND SUBSIDIARY CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) --------- PART I. FINANCIAL INFORMATION Item 1. Financial Statements(Continued):
Six Months Ended June 30, Three Months Ended June 30, 1999 1998 1999 1998 ---- ---- ---- ---- NET SALES $1,208,224 $2,325,306 $ 440,365 $ 752,599 ---------- ---------- --------- --------- Operating costs and expenses: Cost of sales 433,948 897,643 185,549 295,301 Research and development 615,773 613,128 298,174 325,066 Selling, general and administrative 1,015,281 1,242,494 453,707 634,737 ---------- ---------- --------- --------- 2,065,002 2,753,265 937,430 1,255,104 ---------- ---------- --------- --------- Operating (loss) (856,778) (427,959) (497,065) (502,505) Other (expenses): Interest and other investment income - - - - Interest expense (6,905) - (3,814) - ---------- ---------- --------- --------- Net (Loss) $ (863,683) $ (427,959) $(500,879) $(502,505) ========== ========== ========= ========= Net (Loss) per common share $ (0.05) $ (0.03) $ (0.03) $ (0.03) ========== ========== ========= =========
- -2- SCIENCE DYNAMICS CORPORATION AND SUBSIDIARY CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) ---------
PART I. FINANCIAL INFORMATION Item 1. Financial Statements(Continued): Six Months Ended June 30, Three Months Ended June 30, 1998 1997 1998 1997 ---- ---- ---- ---- Cash flows from operating activities: Net income (loss) $(863,683) $(427,959) $(500,879) $(502,505) --------- --------- --------- --------- Adjustments to reconcile net (loss) to net cash provided by (used for) operating activities: Depreciation 44,630 32,597 22,646 17,500 Amortization of capitalized software 69,498 52,123 34,749 26,061 Amortization of Intangible assets 150,000 150,000 75,000 75,000 Changes in operating assets and liabilities: (Increase) decrease in: Accounts receivable (61,520) 213,416 250,115 432,190 Other receivable 458,801 (16,024) Inventories 35,740 (230,669) 12,568 (201,893) Other current assets 32,045 22,946 15,410 17,842 Other assets (96,179) (5,697) 1,910 (500) Increase (decrease) in: Accounts payable and accrued expenses (363,040) 270,782 (123,163) 141,625 --------- --------- --------- --------- Total adjustments 269,975 505,498 273,211 507,825 --------- --------- --------- --------- Net cash provided by (used for) operating activities (593,708) 77,539 (227,668) 5,320 --------- --------- --------- --------- Cash flows from investing activities: Purchase of property and equipment - net (19,311) (74,878) (9,165) (31,402) --------- --------- --------- --------- Net cash (used) in investing activities (19,311) (74,878) (9,165) (31,402) --------- --------- --------- --------- Cash flows from financing activities: Increase (decrease) in Loan Payable 143,224 - (10,577) - Issuance of common stock and warrants 504,975 - 254,975 - --------- --------- --------- --------- Net cash (used in) provided by financing activities 648,199 - 244,398 - --------- --------- --------- --------- Net increase (decrease) in cash and cash equivalents 35,180 2,661 7,565 (26,082) Cash and cash equivalents - beginning of period 32,249 21,181 59,864 49,924 --------- --------- --------- --------- Cash and cash equivalents - end of period $ 67,429 $ 23,842 $ 67,429 $ 23,842 ========= ========= =========== =========== - -3-
SCIENCE DYNAMICS CORPORATION AND SUBSIDIARY CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY FOR THE YEAR ENDED DECEMBER 31, 1998 AND SIX MONTHS ENDED JUNE 30, 1999
PART I. FINANCIAL INFORMATION Item 1. Financial Statements(Continued): Common Stock Additional Treasury ------------ Paid-In -------- Shares Amount Capital (Deficit) Shares Amount ------ ------ ------- --------- ------ ------ Balance December 31, 1997 14,661,449 $146,614 $10,166,429 $(7,271,075) 125,800 $397,833 ---------- -------- ----------- ----------- ------- -------- Issuance of common stock net of related expenses 1,200,000 12,000 563,000 - - - Net loss - - - (1,036,306) - - ---------- -------- ----------- ----------- ------- -------- Balance December 31, 1998 15,861,449 158,614 10,729,429 (8,307,381) 125,800 397,833 ========== ======== =========== =========== ======= ======= Issuance of common stock net of related expenses 972,029 9,721 495,254 - - Net loss - - - (863,683) - - ---------- -------- ----------- ----------- ------- -------- Balance June 30, 1999 16,833,478 $168,335 $11,224,683 $(9,171,064) 125,800 $397,833 ========== ======== =========== =========== ======= ========
- -4- SCIENCE DYNAMICS CORPORATION AND SUBSIDIARY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited) PART I Item 1. (continued) Basis of Presentation --------------------- The unaudited financial statements included in the Form 10-QSB have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-QSB and Item 310(b) of Regulation SB. The financial information furnished herein reflects all adjustments, which in the opinion of management are necessary for a fair presentation of the Company's financial position, the results of operations and the cash flows for the periods presented. Certain information and footnote disclosures, normally included in financial statements prepared in accordance with generally accepted accounting principles, have been condensed, or omitted, pursuant to such rules and regulations. These interim statements should be read in conjunction with the audited financial statements and notes thereto included in the Company's Annual Report on Form 10-KSB for the fiscal year ended December 31, 1998. The Company presumes that users of the interim financial information herein have read or have access to the audited financial statements for the preceding fiscal year and that the adequacy of additional disclosure needed for a fair presentation may be determined in that context. The results of operations for any interim period are not necessarily indicative of the results for the full year. Income per share ---------------- Per-share data has been computed on the basis of the weighted average number of shares of common stock outstanding during the periods. Shares issuable upon exercise of common stock options and warrants are not included for the periods presented, as they would be anti-dilutive. Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL POSITION AND RESULTS OF OPERATIONS FOR SIX MONTHS ENDED JUNE 30, 1999 AND FOR THE SIX MONTHS ENDED JUNE 30, 1998. Business Overview ----------------- Science Dynamics Corporation designs, develops and markets a variety of Telecommunication products and applications, including intelligent call processing platforms which provide telecommunications service capabilities to both the IP and public switched telephone network. These platforms are sophisticated software based systems that satisfy a wide range of computer - -5- telephony integration applications. The Company's development is driven by user needs for cost effective, easy to use multiservice products that provide an array of telecommunications solutions and services to the customers. These opportunities are primarily in the areas of Voice over Internet Protocol, Inmate Systems, Video over Frame Relay, Voice Announcements, Interactive Communications, Intelligent Network Control and Administration. The Company's strategy is to deliver quality software products and services that empower its customers to improve their applications and deploy quality services worldwide. The second quarter has been a building quarter for Science Dynamics in regards to the Telephony over IP IntegratorC-2000(R) series platform and the VFX product lines. The Company has entered into an arrangement with a next generation telco assisting in the funding for the promotion, consulting and further development of the IP Telephony product. IntegratorC-2000(R) IP Telephony Products ----------------------------------------- The development effort on the IntegratorC-2000(R) series platform has progressed markedly in the second quarter. There was continual development on the Gateway products, adding the latest billing system components, working towards interoperability testing and creating a more stable product. During the second quarter the contract with One Stop Communication was finalized for more than 50,000 lines of gateway equipment, contingent upon customer approval of operational tests. The initial installation was completed in New York and Los Angeles and the trials are currently underway. The Company anticipates the testing to be completed the end of August. Once the tests are completed, OSCM has stated that it will provide SDC with a rollout schedule defining equipment requirements and timeframes. An order for the initial rollout of 1000 ports is expected upon the successful completion of the test phase. The Company has been conducting sales presentations to prospective customers worldwide for its Voice over IP Telephony System. Currently in development are new service modules for the IntegratorC-2000(R) VoIP family of products. The SS7 Interface will allow an Integrator Gateway to connect to Carrier networks as an End Office Gateway. The H323 Interface allows interoperability between Gateways of various vendors as well as desktop clients such as Microsoft NetMeeting. An H323 compliant gatekeeper also in development helps complete the suite of IP based voice and switching products. - -6- VFX Product ----------- Though the VFX was launched into the market over a year ago the effort of building awareness of the product has been focused primarily on creating and building the distribution channels. The channels have given SDC an access point to the market place, however without a strong marketing message and focus the channels have underperformed. In the past three months the issue has been readdressed by dedicating a sales person to maintain active contact with the distribution channels, seek out endorser opportunities, develop an awareness in the frame relay user market place and increase press coverage. The biggest hurdle in launching this product is the major portion of the Frame Relay and video conferencing market continues to be unaware that it is possible to use frame relay networks to carry video conferencing. A public relations firm has also been hired to promote to the video conferencing and frame relay user groups the cost effectiveness of video over frame relay as well as the availability. Since these additions, there has been a notable improvement in market awareness, though this is not reflected in the second quarter sales figures. As these changes build and grow the initial indications point to a stronger third and fourth quarter. COMMANDER --------- The absence of purchase orders from the Company's largest inmate phone control customer primarily responsible for the soft sales performance during the second quarter. This customer has an edict to be Y2K compliant prior to September 1 of this year. With this priority directive the customer has been busy managing Y2K activities including hardware and software testing for all systems for the PayPhone and Inmate markets. Accordingly, new system and existing system expansions purchases have been placed on hold until the customer is certain that all Y2K testing and compliance is compete. The Company expects to see an improvement in sales revenues from this customer throughout Q4 and continuing into Q1 of 2000. Inmate sales opportunities are currently underway with other RBOC's and Independents. The Commander system is currently undergoing testing at a different RBOC's correctional facility and is progressing well. It is anticipated that the Company's patented Three Way Call Detection software modules will meet their expectations. New business potential as a result of this testing could be realized in Q4 of this year and throughout 2000. - -7- CIMS/Voice Intercept -------------------- CIMS and Voice Intercept sales have reflected limited sales activities for the same Y2K reasons. We are projecting limited revenue growth for this niche market in Q4 and throughout 2000. Year 2000 Technology -------------------- The Company continues the investigation on the Year 2000 issue to ensure its operations and systems will not be adversely impacted by the inability of the Company's and supplier systems to process data affected by Year 2000 date corruption. There are six major suppliers of products incorporated into the Company's final systems. Each of those suppliers has attested that the components are Y2K compliant. With those sub-systems installed in the Company's newest platform, compliance testing, following the defined test plan was satisfactorily completed during June. There are twenty-two identified critical facilities such as telephone, utilities, banks, etc., thirteen have attested to be compliant with the remaining nine in the testing phase to prove compliance or correction. If any company should fail to attest compliance, that supplier will be replaced, if practical. Results of Operations --------------------- The following table summarizes the basic results of operations for the periods indicated in the Consolidated Statement of Operations. Six Months ended June 30, 1999 compared to the Six Months ended June 30, 1998 (unaudited). For the Six Months Ended June 30, 1999 1998 ---- ---- Sales $1,208,224 $2,325,306 Net Loss (863,683) (427,959) Net Loss Per Share $(0.05) $(.03) - -8- OPERATING EXPENSES PERCENT OF SALES ------------------ ---------------- 1999 1998 1999 1998 ---- ---- ---- ---- Cost of Goods Sold $433,948 $897,643 35.9% 38.6% Research & Development 615,773 613,128 51.0% 26.4% Selling, General & Admin 1,015,281 1,242,494 84.0% 53.4% Total Operating Costs and Expenses $2,065,002 $2,753,265 170.9% 118.4% Sales for the six-month period of 1999 were $1,208,224 a decrease of $1,117,082 from sales of $2,325,306 in the corresponding period in 1998. The decrease in revenues was attributable to a lack of sales of the Commander II inmate call control system and the underperformance of the distribution channels for the Video Over Frame Relay VFX 250S product. Such quarter over quarter differences continue to plague the business due to the Company being unable to specifically work from any significant backlog. Management of the Company believes as the marketing and sales strategies for the IP Telephony and the VFX products are implemented the Company will be less dependent on a single product line and will be able to achieve a continual sales growth pattern. Cost of Goods sold decreased to $433,948 in the first six months of 1999 from $897,643 in the corresponding six-month period of 1998. The decrease in the cost of goods sold was directly related to the decrease in sales revenue. Research & Development expenses increased to $615,773 in the first six months of 1999 as compared to $613,128 in the comparable six-month period of 1998. The Company expects to continue to invest significant resources for sustaining product engineering and new product development to be well positioned to enter the emerging IP marketplace. Sales, General & Administrative expenses decreased to $1,015,281 in the first six months of 1999, compared to $1,242,494 in the corresponding period of 1998. The decrease was attributable to the sharing of the overhead for the promotion of the IP Telephony Product. The Company expects that selling and marketing expenses will increase from the current level as the Company continues to increase our internal sales staff and marketing efforts to further expose our products to the business and special applications markets. - -9- Three Months ended June 30, 1999 compared to the Three Months ended June 30, 1998 (unaudited). Three Months ended June 30, 1999 compared to the Three Months ended June 30, 1998 (unaudited). For the Quarter Ended June 30, 1999 1998 ---- ---- Sales $440,365 $752,559 Net Loss $(500,879) $(502,505) Net Loss Per Share $(0.03) $(0.03) OPERATING EXPENSES PERCENT OF SALES ------------------ ---------------- 1999 1998 1999 1998 ---- ---- ---- ---- Cost of Goods Sold $185,549 $295,301 42.1% 39.2% Research & Development 298,174 325,066 67.7% 43.2% Selling, General & Admin 453,707 634,737 103.0% 84.3% Total Operating Costs and Expenses $937,430 $1,255,104 212.8% 166.7% Cost of Goods sold in the three months ended June 30, 1999 was $185,549 as compared to $295,301 in the corresponding period of 1998. The decrease is directly attributable to the low sales captured in the second quarter of 1999. Research & Development expenses decreased from $325,066 in the second quarter of 1998 to $298,174 in the corresponding quarter of 1999. Although the Company continues to expend resources in this area to accomplish its growth strategy, it was offset by the financial assistance extended by the next generation telco during the second quarter. Sales, General & Administrative expenses, decreased $181,030 in 1999 over the corresponding quarter in 1998. This decrease is attributable to the funding agreement to promote and expand the IP Telephony sales effort into the international marketplace. LIQUIDITY AND CAPITAL RESOURCES: ------------------------------- Cash and cash equivalents increased to $67,429 for the period ended June 30, 1999 from $32,249 at December 31, 1998. Net cash used for operating activities was $593,708 for the six months period ended June 30, 1999 compared to $77,539 net cash provided by operating activities in six month ended June 30, 1998. Net cash used for operating activities was $227,668 for the quarter ended June 30, 1990 compared to net cash provided by operating activities of $5,320 in the comparable quarter of 1998. The change was primarily a result of the loss from operations, the increase in receivables and a decrease in accounts payable. - -10- Net cash used in investing activities was $19,311 during the six-month period of 1999 compared to $74,878 in the corresponding six-month period of 1998. Net cash used in investing activities in the current quarter of 1999 was $9,165 compared to $31,402 in the quarter ended June 30, 1998. Net cash provided by financing activities was $648,199 for the six-month period ended June 30, 1999 and $244,398 for the three-month period ended June 30, 1999. The Company has financed its recent operations primarily from the proceeds of private placements of its securities, to subsidize its working capital needs. The accounts receivable purchase agreement with CIT/Commercial Services has provided the bridge to augment the periods of revenue fluctuation. Management believes that the forecasted sales generating cash flow from operations along with funds originating from the next generation telco will be sufficient to finance the Company's operations and meet its foreseeable cash requirements. Certain statements contained in the 10QSB concerning the Company's business outlook on future performance and statements concerning assumptions made or expectations as to any future events, conditions or other matters are "forward-looking statements" as that term is defined under the Federal Securities Laws. Forward-looking statements are subject to risks, uncertainties and other factors, which may cause actual results to differ materially from those set forth in this report. These factors include industry specific factors including significant competition in the communications infrastructure equipment industry characterized by rapid technological change, new product development, product obsolescence, and significant price erosion over the life of a product, our ability to timely develop and produce commercially viable products at competitive prices, the ability of our products to operate and be compatible with various OEM equipment, our ability to produce products which meet the quality standards of both existing and potential new customers, our ability to accurately anticipate customer demand, our ability to manage expense levels, the availability and cost of components, our ability to maintain our financial liquidity and worldwide economic and political conditions. - -11- PART II. OTHER INFORMATION SCIENCE DYNAMICS CORPORATION AND SUBSIDIARY _____________________________________________ Item 1. Legal Proceedings No material developments. Item 2. Changes in Securities None Item 3. Defaults Upon Senior Securities None Item 4. Submission of Matters to a Vote of Security Holders None. Item 5. Other Information None. Item 6. Exhibits and Reports on Form 8-K. None. - -12- Item 7. Signatures Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, registrant has duly caused this report to be signed in its behalf by the undersigned thereunto duly authorized. Signature Title Date --------- ----- ---- By: /s/ Alan C. Bashforth CEO, President, Director August 16, 1999 --------------------- Alan C. Bashforth By: /s/ Joy C. Hartman Exec. Vice President, CFO, August 16, 1999 --------------------- Treasurer, Secretary and Joy C. Hartman Director - -13- EX-27 2 ART. 5 FDS FOR 2ND QTR 10-QSB
5 1,000 3-MOS DEC-31-1999 APR-01-1999 JUN-30-1999 67 0 328 0 443 14 206 45 2524 700 0 0 0 168 11,225 2524 440 440 186 000 751 0 4 (501) 0 (501) 0 0 0 (501) (.03) (.03)
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