-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, BUPNnSnixbFBHfRibcjd+mARtRu1/sZckADrkyGjltECHGtUMSEUjNapW+QPcofj PhF3pooIf0ylY9VWJ5koFw== 0000912057-95-005920.txt : 19950807 0000912057-95-005920.hdr.sgml : 19950807 ACCESSION NUMBER: 0000912057-95-005920 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19950630 FILED AS OF DATE: 19950804 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: HICKOK INC CENTRAL INDEX KEY: 0000047307 STANDARD INDUSTRIAL CLASSIFICATION: INSTRUMENTS FOR MEAS & TESTING OF ELECTRICITY & ELEC SIGNALS [3825] IRS NUMBER: 340288470 STATE OF INCORPORATION: OH FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-00147 FILM NUMBER: 95558944 BUSINESS ADDRESS: STREET 1: 10514 DUPONT AVE CITY: CLEVELAND STATE: OH ZIP: 44108 BUSINESS PHONE: 2165418060 MAIL ADDRESS: STREET 1: 10514 DUPONT AVE CITY: CLEVELAND STATE: OH ZIP: 44108 FORMER COMPANY: FORMER CONFORMED NAME: HICKOK ELECTRICAL INSTRUMENT CO DATE OF NAME CHANGE: 19920703 10-Q 1 10-Q FORM 10Q SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Quarterly Report Under Section 13 or 15(d) of the Securities Exchange Act of 1934 For the Quarter Ended June 30, 1995 Commission File No. 0-147 HICKOK INCORPORATED Incorporated in the State of Ohio I.R.S. No. 34-0288470 10514 Dupont Avenue Cleveland, Ohio 44108 Telephone Number (216) 541-8060 Indicated below are the number of shares outstanding of each of the issuer's classes of Common Stock as of July 21, 1995. Class A Common 737,484 Class B Common 454,866 Company or Group of Companies for which report is filed: HICKOK INCORPORATED SUPREME ELECTRONICS CORP. 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 ---------- ---------- FORM 10Q PART I. FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS: HICKOK INCORPORATED CONSOLIDATED INCOME STATEMENTS (Unaudited)
Three months ended Nine months ended June 30 June 30 -------------------------- --------------------------- 1995 1994 1995 1994 ----------- ----------- ------------ ------------ Net Sales $ 6,958,126 $ 5,233,411 $ 20,999,335 $ 14,998,365 Costs and Expenses: Cost of Goods Sold 4,351,401 3,439,336 13,831,290 9,981,587 Product Development 828,443 450,471 2,234,531 1,546,161 Operating Expenses 1,114,728 808,478 2,872,428 2,303,678 Interest Charges 51,917 2,651 80,939 8,706 Other Income (29,284) (26,941) (93,901) (94,251) ----------- ----------- ------------ ------------ 6,317,205 4,673,995 18,925,287 13,745,881 ----------- ----------- ------------ ------------ Income before Income Taxes 640,921 559,416 2,074,048 1,252,484 Income Taxes 249,900 227,700 808,900 510,000 ----------- ----------- ------------ ------------ Net Income $ 391,021 $ 331,716 $ 1,265,148 $ 742,484 ----------- ----------- ------------ ------------ ----------- ----------- ------------ ------------ EARNINGS PER COMMON SHARE: - -------------------------- Net Income $ .33 $ .28 $ 1.06 $ .62 ----------- ----------- ------------ ------------ ----------- ----------- ------------ ------------ Weighted Average Shares of Common Stock Out- standing 1,192,350 1,191,276 1,195,128 1,191,232 ----------- ----------- ------------ ------------ ----------- ----------- ------------ ------------ Dividends per Share $ .10 $ -0- $ .275 $ .15 ----------- ----------- ------------ ------------ ----------- ----------- ------------ ------------
See Notes to Consolidated Financial Statements. (2) HICKOK INCORPORATED
CONSOLIDATED BALANCE SHEETS June 30, September 30, June 30, 1995 1994 1994 ------------ ------------ ------------ (Unaudited) (Note) (Unaudited) ASSETS - ------ CURRENT ASSETS - -------------- Cash and Cash Equivalents $ 276,689 $ 401,291 $ 354,038 Trade Accounts Receivable - Net 4,925,471 6,041,626 4,059,892 Inventories 6,270,966 3,844,402 3,989,742 Prepaid and Deferred Expenses 312,791 128,169 118,480 ------------ ------------ ------------ TOTAL CURRENT ASSETS 11,785,917 10,415,488 8,522,152 -------------------- ------------ ------------ ------------ PROPERTY, PLANT AND EQUIPMENT Land 139,192 139,192 132,692 Buildings 1,092,595 1,092,595 968,764 Machinery and Equipment 3,552,017 2,829,416 3,000,767 ------------ ------------ ------------ 4,783,804 4,061,203 4,102,223 Less: Allowance for Depreciation 2,584,150 2,161,662 2,159,740 ------------ ------------ ------------ TOTAL PROPERTY - NET 2,199,654 1,899,541 1,942,483 -------------------- ------------ ------------ ------------ OTHER ASSETS - ------------ Goodwill - Net of Amortization 163,000 172,000 175,000 Prepaid Rent and Other Deposits 13,444 13,444 13,444 ------------ ------------ ------------ TOTAL OTHER ASSETS 176,444 185,444 188,444 ------------------ ------------ ------------ ------------ TOTAL ASSETS $ 14,162,015 $ 12,500,473 $ 10,653,079 ------------ ------------- ------------ ------------ ------------ ------------- ------------ ------------
NOTE: Amounts derived from audited financial statements previously filed with the Securities and Exchange Commission. See Notes to Consolidated Financial Statements. (3) FORM 10Q
June 30, September 30, June 30, 1995 1994 1994 ------------ ------------ ------------ (Unaudited) (Note) (Unaudited) LIABILITIES - ----------- CURRENT LIABILITIES - ------------------- Notes Payable $ 2,465,000 $ 1,230,000 $ 1,050,000 Trade Accounts Payable 546,517 542,023 553,210 Accrued Payroll and Related Expenses 868,322 1,165,008 612,084 Dividends Declared 119,235 - - Accrued Expenses 195,587 235,081 235,465 Accrued Income Taxes - 252,164 63,442 ------------ ------------ ------------ TOTAL CURRENT LIABILITIES 4,194,661 3,424,276 2,514,201 ------------------------- ------------ ------------ ------------ DEFERRED INCOME TAXES 106,000 106,000 - - --------------------- ------------ ------------ ------------ REDEEMABLE COMMON STOCK - ----------------------- 9,800 Class B Shares at September 30, 1994(9,000 shares at June 30, 1994) - 235,000 235,000 STOCKHOLDERS' EQUITY - -------------------- Class A, $1.00 par value; authorized 3,750,000 shares; 737,484 shares outstanding(368,492 shares at September 30, 1994 and 365,992 shares at June 30, 1994) excluding 19,172 shares in treasury at June 30, 1995(9,586 shares at September 30, 1994 and June 30, 1994) 737,484 368,492 365,992 Class B, $1.00 par value; authorized 1,000,000 shares; 454,866 shares outstanding (229,713 shares at September 30, 1994 and June 30, 1994 of which 9,800 shares were classified as redeemable at September 30, 1994 and 9,000 shares at June 30, 1994) excluding 36,774 shares in treasury at June 30, 1995(16,107 shares at September 30, 1994 and June 30, 1994) 454,866 219,913 220,713 Contributed Capital 910,816 726,690 710,890 Retained Earnings 7,758,188 7,420,102 6,606,283 --------- --------- --------- TOTAL STOCKHOLDERS' EQUITY 9,861,354 8,735,197 7,903,878 -------------------------- --------- --------- --------- TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 14,162,015 $ 12,500,473 $ 10,653,079 - -------------------- ------------ ------------ ------------ - -------------------- ------------ ------------ ------------
(4) HICKOK INCORPORATED CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE NINE MONTHS ENDED JUNE 30 (Unaudited)
1995 1994 --------------- ----------------- Cash Flows from Operating Activities: Cash received from customers $ 22,115,490 $ 16,780,136 Cash paid to suppliers and employees (21,204,955) (14,486,474) Interest paid (68,082) (5,305) Interest received 2,630 6,335 Income taxes paid (1,198,420) (760,480) --------------- ----------------- Net Cash Provided by (Used in) Operating Activities (353,337) 1,534,212 Cash Flows from Investing Activities: Capital expenditures (722,601) (589,799) Decrease in cash surrender value of officers' life insurance - 5,018 Fastening systems purchase - (730,675) --------------- ----------------- Net Cash Used in Investing Activities (722,601) (1,315,456) Cash Flows from Financing Activities: Change in short-term borrowing 1,235,000 (200,000) Purchase of Class B Shares (77,752) - Sale of Class A Shares under Option 3,460 1,384 Dividends paid (209,372) (178,682) --------------- ----------------- Net Cash Provided by (Used in) Financing Activities 951,336 (377,298) --------------- ----------------- Net decrease in cash and cash equivalents (124,602) (158,542) Cash and cash equivalents at beginning of year 401,291 512,580 --------------- ----------------- Cash and cash equivalents at end of third quarter $ 276,689 $ 354,038 --------------- ----------------- --------------- -----------------
See Notes to Consolidated Financial Statements. (5) FORM 10Q
1995 1994 --------------- ----------------- Reconciliation of Net Income to Net Cash Provided by Operating Activities: Net Income $ 1,265,148 $ 742,484 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 431,488 385,027 Non-cash compensation charge related to stock options 28,908 216 Changes in assets and liabilities: Decrease (Increase) in accounts receivable 1,116,155 1,781,771 Decrease (Increase) in inventories (2,426,564) (348,558) Decrease (Increase) in prepaid and deferred expenses (184,622) (15,295) Decrease (Increase) in prepaid rents and deposits - - Increase (Decrease) in trade accounts payable 4,494 219,540 Increase (Decrease) in accrued payroll and related expenses (296,686) (532,332) Increase (Decrease) in accrued expenses (39,494) (426,161) Increase (Decrease) in accrued income taxes (252,164) (272,480) --------------- ----------------- Total Adjustments (1,618,485) 791,728 --------------- ----------------- Net Cash Provided by (Used in) Operating Activities $ (353,337) $ 1,534,212 --------------- ----------------- --------------- ----------------- NON-CASH FINANCING ACTIVITY: ---------------------------- Dividends declared $ 119,235 $ - -------------- ------------------ -------------- ------------------
(6) FORM 10Q HICKOK INCORPORATED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) JUNE 30, 1995 1. BASIS OF PRESENTATION The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three and nine-month periods ended June 30, 1995 are not necessarily indicative of the results that may be expected for the year ended September 30, 1995. For further information, refer to the consolidated financial statements and footnotes thereto included in the Company's annual report on Form 10-K for the year ended September 30, 1994. 2. INVENTORIES Inventories are valued at the lower of cost or market and consist of the following:
June 30, Sept. 30, June 30, 1995 1994 1994 ----------- ----------- ------------ Components $ 1,804,452 $ 1,347,496 $ 1,280,641 Work-in-Process 2,912,014 1,617,218 1,815,622 Finished Product 1,554,500 879,688 893,479 ----------- ----------- ------------ $ 6,270,966 $ 3,844,402 $ 3,989,742 ----------- ----------- ----------- ----------- ----------- -----------
3. CAPITAL STOCK, TREASURY STOCK, CONTRIBUTED CAPITAL AND STOCK OPTIONS On February 23, 1995 the number of authorized shares of Class A common stock and Class B common stock were increased to 3,750,000 from 1,000,000 and 1,000,000 from 295,980, respectively. On April 10, 1995, the Company distributed to stockholders of record on March 10, 1995 a 2 for 1 stock split in the form of a 100% share dividend of Class A and Class B common stock. One share of Class A common stock was issued for each share of Class A outstanding and one share of Class B common stock was issued for each share of Class B outstanding(including shares in treasury). All per share amounts on the consolidated income statement have been retroactively adjusted for the stock dividend. Additionally, $598,455, an amount equal to the $1.00 par value of the combined Class A and Class B common stock, has been transferred from retained earnings to common stock ($368,742 to Class A common stock and $229,713 to Class B common stock). (7) FORM 10Q NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - continued The Company purchased 16,107 shares of Class B Common Stock from the Estate of Robert D. Hickok (the "Estate") in January, 1993 and 4,560 shares in March, 1995 pursuant to a Section 303 Stock Redemption Agreement (the "Agreement"). No future redemption requests are anticipated from the Estate. The Company has reclassified the remaining shares of Class B Common Stock, approximately $157,248, previously listed as Redeemable Common Stock. Excess of market value over par value of redeemable shares has been added to contributed capital. Under the Company's Key Employees Stock Option Plan and the 1995 Key Employees Stock Option Plan (collectively the "Employee Plans"), incentive stock options, in general, are exercisable for up to ten years, at an exercise price of not less than the market price on the date the option is granted. Non-qualified stock options may be granted at such exercise price and such other terms and conditions as the Stock Option Committee of the Board of Directors may determine. No options may be granted at a price less than $2.925. On February 23, 1995 the Board of Directors adopted the 1995 Outside Directors Stock Option Plan (the "Directors Plan"), subject to approval by the Company's shareholders. The Director's Plan provides for the automatic grant of options to purchase shares of Class A Common Stock to members of the Board of Directors who are not employees of the Company, at the fair market value on the date of grant. Options for 40,300 Class A shares were outstanding and exercisable under the Employees Plan at June 30, 1995 (33,600 shares at September 30, 1994 and 38,600 shares at June 30, 1994) at prices ranging from $2.925 to $11.75. Options for 7,200 shares and 7,800 shares were granted under the Employee Plans during the three month period ended December 31, 1994 and December 31, 1993 respectively at a price of $8.31 and $6.92 per share respectively. Options for 4,000 shares under the Employee Plans were granted during the three month period ended March 31, 1994 at a price of $11.75 per share. Options for 12,000 shares at an exercise price of $16.125 were granted under the Director's Plan during the three month period ended March 31, 1995 subject to shareholders approval. During the second quarter period ended March 31, 1995, options for 500 Class A shares were exercised at a price of $6.92 per share resulting in non-cash compensation to the optionee of $540. During the third quarter period ended June 30, 1994, options for 200 Class A shares were exercised at a price of $6.92 per share resulting in non-cash compensation to the optionee of $216. No other options were exercised during the three or nine month periods ended June 30, 1995 and 1994. Unissued shares of Class A common stock (495,166 shares) are reserved for the share-for-share conversion rights of the Class B common stock and the Company's stock options outstanding. The Company declared a $.10 per share special dividend on its Class A and Class B common shares on June 2, 1995 payable July 10, 1995 to shareholdersof record June 19, 1995. A special dividend of $.175 per share was declared (8) FORM 10Q NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - continued by the Company on its Class A and Class B common shares on December 7, 1994 payable January 25, 1995 to shareholders of record January 3, 1995. A special dividend of $.15 per share on Class A and Class B common shares, payable January 25, 1994 to shareholders of record January 3, 1994, was declared on December 14, 1993. 4. EARNINGS PER COMMON SHARE Earnings per common share are based on the weighted average number of shares outstanding during each period. All per share amounts on the consolidated income statement have been adjusted to reflect the 100% share dividend on a retroactive basis. 5. PURCHASE On February 4, 1994, the Company purchased for $692,000 and subsequently adjusted on April 6, 1994 to $730,675, certain assets and assumed certain liabilities from Allen-Bradley Company, Inc. related to their fastening systems business. The purchase consisted of inventory ($461,092), machinery and equipment ($239,974) and accrued expenses ($150,391). Goodwill of $180,000 was recorded in conjunction with this purchase and will be amortized evenly over a 15 year period. 6. NAME CHANGE The Board of Directors recommended and on February 23, 1995 the shareholders approved changing the name of the Company to Hickok Incorporated. (9) FORM 10Q ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Operating Results, Third Quarter April 1, 1995 through June 30, 1995 Fiscal 1995 Compared to Third Quarter Results Fiscal 1994 -------------------------------------------------------------------- Sales for the quarter ended June 30, 1995 were $6,958,126 versus $5,233,411 for the quarter ended June 30, 1994. The 33.0% current quarter increase in sales is primarily the result of the addition of the fastening systems product class acquired in February, 1994 which contributed 29.7% of total sales in the current quarter. Sales in the Company's other product classes also improved compared to the third quarter of fiscal 1994 due to increased shipments. Cost of goods sold in the third quarter of fiscal 1995 was $4,351,401 or 62.5% of the sales dollar as compared to $3,439,336 or 65.7% of the sales dollar in the third quarter of 1994. This change in the cost of goods sold percentage was due primarily to the addition of the fastening systems line and a change in product mix. Product development expenses were $828,443 in the third quarter of fiscal 1995 or 11.9% of the sales dollar as compared to $450,471 or 8.6% of the sales dollar in the third quarter of 1994. The absolute dollar increase in the third quarter of 1995 is due primarily to an increase in development costs for new products and costs incurred to enhance the Company's existing products, both of which are expensed when incurred. Operating expenses were $1,114,728, 16.0% of the sales dollar versus $808,478 or 15.4% of the sales dollar for the same period a year ago. The absolute dollar increase in the third quarter of 1995 is due to increased marketing expenses necessary to support higher sales volume and to an increase in profit sharing expense. Interest expense was $51,917 in the third quarter of fiscal 1995, which compares with $2,651 in the third quarter of fiscal 1994. This was due to increased borrowing in the current quarter. Other income includes $20,619 of rental income from a sub-lease of excess space during the current year and prior year third quarter. Net income of $391,021 or 5.6% of the sales dollar was earned in the third quarter of fiscal 1995 which compares with $331,716 or 6.3% of the sales dollar in 1994. This increase was due primarily to an increase in shipments in the current quarter. Unshipped customer orders as of June 30, 1995 were $9,053,000 versus $7,019,000 at June 30, 1994. The increase is due primarily to an increase in both fastening systems customer orders and orders for automotive test equipment. (10) FORM 10Q Operating Results, Nine Months Ended June 30, 1995 Compared to Nine Months Ended June 30, 1994 ------------------------------------------------------------ Sales for the nine months ended June 30, 1995 were $20,999,335 versus $14,998,365 at June 30, 1994. The 40.0% increase is due primarily to increased shipments in fastening systems related products and services. Sales in other product classes were flat compared to sales for the same period in 1994. Cost of goods sold was $13,831,290 or 65.9% of the sales dollar as compared to $9,981,587 or 66.6% of the sales dollar for the nine months ended June 30, 1994. This change in the cost of goods sold percentage was due to a change in product mix. Product development expenses were $2,234,531 or 10.6% of the sales dollar for the nine months ended June 30, 1995 compared to $1,546,161 or 10.3% of the sales dollar for the nine months ended June 30, 1994. Costs associated with the planned introduction of new products and costs incurred to enhance the Company's existing products are the primary reasons for the absolute dollar increase during the current fiscal year. Operating expenses were $2,872,428 or 13.6% of the sales dollar for the nine months ended June 30, 1995 compared to $2,303,678 or 15.4% of the sales dollar for the nine months ended June 30, 1994. This dollar increase is due primarily to increased marketing and administrative expenditures associated with the addition of the fastening systems product line. The percentage change is the result of increased shipments in the current year which covered more of the Company's fixed expenses necessary to support this period's higher sales volume. Interest expense was $80,939 for the nine months ended June 30, 1995, and $8,706 for the same period in 1994. This was due to increased borrowing in the current period. Other income includes $61,856 of rental income from a sub-lease of excess space during the first nine months of fiscal 1995. In the first nine months of fiscal 1994, other income includes $68,729 of rental income from this lease. Net income of $1,265,148 or 6.0% of the sales dollar for the nine months ended June 30, 1995 compares with net income of $742,484 or 5.0% of the sales dollar for the nine months ended June 30, 1994. This increase is due primarily to the increase in sales volume in the current nine months. (11) FORM 10Q Liquidity and Capital Resources ------------------------------- Total current assets were $11,785,917, $10,415,488 and $8,522,152 at June 30, 1995, September 30, 1994 and June 30, 1994, respectively. The increase from June to June is primarily due to an increase in inventory necessary to support anticipated higher sales during the last quarter of fiscal 1995 and an increase in accounts receivable due to an increase in sales during the current quarter versus a year ago. These increases were financed by earnings retention and by an increase in short-term financing and higher payables. As a result, there was an increase in current liabilities from $2,514,201 at June 30, 1994 to $3,424,276 at September 30, 1994. At June 30, 1995 current liabilities amounted to $4,194,661. Working capital as of June 30, 1995 amounted to $7,591,256. This compares to $6,007,951 a year earlier. Current assets were 2.8 times current liabilities and total cash and receivables were 1.2 times current liabilities. These ratios compare to 3.4 and 1.8, respectively, at the nine months ended June 30, 1994. Shareholders' equity during the nine months ended June 30, 1995 increased by $1,126,157 ($.94 per share) resulting from $1,265,148 of net income, $28,368 stock options granted, $4,000 sale of common stock, $235,000 from the reclassification of redeemable common stock, less $209,372 payment of special dividend, $119,235 special dividend declared and $77,752 purchase of Class B shares. In January, 1995, the Company amended its credit agreement with its financial lender. The agreement provides a revolving credit facility of $5,000,000 with interest at the bank's prime commercial rate and is unsecured. Management of the Company believes that cash and cash equivalents, together with funds generated by operations and funds available under the Company's credit agreement, will provide the liquidity necessary to support its current and anticipated operations and to finance approved capital expenditures. (12) FORM 10Q PART II. OTHER INFORMATION ITEMS 1 through 5: Not applicable ITEM 6: EXHIBITS AND REPORTS ON FORM 8-K: The following exhibit is included herein: (11) Statement re: Computation of earnings per share. The Company did not file any reports on Form 8-K during the three months ended June 30, 1995. SIGNATURE 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. Date 8-2-95 HICKOK INCORPORATED ---------------- ------------------- (Registrant) /s/ E. T. Nowakowski ----------------------------------------- E. T. Nowakowski, Chief Financial Officer (13) EX-11 2 EXHIBIT 11 FORM 10Q EXHIBIT 11 HICKOK INCORPORATED STATEMENT RE: COMPUTATION OF PER SHARE EARNINGS
Three Months Ended Nine Months Ended June 30 June 30 -------------------------- ------------------------------ 1995 1994 1995 1994 -------------------------- ------------------------------ PRIMARY Average shares outstanding 1,192,350 1,191,276 1,195,128 1,191,232 Net effect of dilutive stock options - based on the treasury stock method using average market price 28,550 24,314 27,528 22,902 ----------- ---------- ----------- ---------- Total Shares 1,220,900 1,215,590 1,222,656 1,214,134 ----------- ---------- ----------- ---------- Net Income $ 391,021 $ 331,716 $1,265,148 $ 742,484 ----------- ---------- ---------- ---------- Per Share $ 0.32 $ 0.27 $ 1.03 $ .61 --------- ---------- ---------- ---------- --------- ---------- ---------- ---------- FULLY DILUTED Average shares outstanding 1,192,350 1,191,276 1,195,128 1,191,232 Net effect of dilutive stock options - based on the treasury stock method using period-end market price, if higher than average market price 28,550* 24,864 28,060 24,864 ---------- --------- ---------- ----------- Total Shares 1,220,900 1,216,140 1,223,188 1,216,096 ---------- --------- ---------- ----------- Net Income $ 391,021 $ 331,716 $1,265,148 $ 742,484 --------- --------- ---------- ----------- --------- --------- ---------- ----------- Per Share $ 0.32 $ 0.27 $ 1.03 $ .61 --------- --------- ---------- ----------- --------- --------- ---------- -----------
*Period-end market price is less than average market price, use same as primary shares. (14) EX-27 3 EXHIBIT 27
5 9-MOS SEP-30-1995 JUN-30-1995 276689 0 4925471 0 6270966 11785917 4783804 2584150 14162015 4194661 0 1192350 0 0 8669004 14162015 20999335 21093236 13831290 5106959 0 0 80939 2074048 808900 1265148 0 0 0 1265148 1.06 1.06
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