-----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, TfbGhhzB+74fZQQE94QXHf9ib7HCdjg0ZAwUQOiZm6usVTEGPm2zkG8+Ct0WF7Oo xDQ+dK04s6HiRqKdYORxCw== 0000897101-98-000569.txt : 19980518 0000897101-98-000569.hdr.sgml : 19980518 ACCESSION NUMBER: 0000897101-98-000569 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 5 CONFORMED PERIOD OF REPORT: 19980331 FILED AS OF DATE: 19980515 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: INNOVEX INC CENTRAL INDEX KEY: 0000050601 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRONIC COMPONENTS, NEC [3679] IRS NUMBER: 411223933 STATE OF INCORPORATION: MN FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 000-13143 FILM NUMBER: 98623035 BUSINESS ADDRESS: STREET 1: 1313 S FIFTH ST CITY: HOPKINS STATE: MN ZIP: 55343-9904 BUSINESS PHONE: 6129384155 10-Q 1 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q Quarterly Report Under Section 13 or 15 (d) of the Securities Exchange Act of 1934 [x] Quarterly Report Pursuant to Section 13 or 15 (d) of the Securities Exchange Act of 1934. For the Period ended March 31, 1998. OR [ ] Transition Report Pursuant to Section 13 or 15 (d) of the Securities Exchange Act of 1934. Commission File Number: 0-13143 INNOVEX, INC. (Exact name of registrant as specified in its charter) Minnesota 41-1223933 (State or other jurisdiction of (IRS Employer incorporation or organization) Identification No.) 1313 South Fifth Street, Hopkins, Minnesota 55343-9904 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (612) 938-4155 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 May 1, 1998, 14,711,304 shares of the registrant's common stock, $.04 par value per share, were outstanding. Exhibit Index, page 11 PART 1: ITEM 1 FINANCIAL INFORMATION INNOVEX, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS
March 31, September 30, 1998 1997 ASSETS (Unaudited) (Audited) - ------ ------------ ----------- Current assets: Cash and cash equivalents $ 17,584,048 $ 9,442,620 Short-term investments 30,108,253 28,440,000 Accounts receivable, less allowance for doubtful accounts of $535,000 and $621,000 14,749,719 22,052,121 Inventories 7,491,262 7,252,596 Other current assets 4,031,271 4,161,938 ------------ ----------- Total current assets 73,964,553 71,349,275 Property, plant and equipment, net of accumulated depreciation of $14,099,000 and $12,202,000 29,915,107 23,748,632 Intangible assets, net of amortization of $3,378,000 and $3,099,000 1,896,566 1,849,381 Other assets 327,466 327,466 ------------ ----------- $106,103,692 $97,274,754 ============ =========== LIABILITIES AND STOCKHOLDERS' EQUITY - ------------------------------------ Current liabilities: Current maturities of long-term debt $ 82,000 $ 104,000 Accounts payable 3,877,946 4,662,543 Accrued compensation 1,367,207 2,980,086 Income taxes payable 966,537 864,313 Other accrued liabilities 1,176,495 895,705 ------------ ----------- Total current liabilities 7,470,185 9,506,647 Long-term debt 789,383 950,733 Stockholders' equity: Common stock, $.04 par value; 30,000,000 shares authorized, 14,676,204 and 14,619,504 shares issued and outstanding 587,048 584,780 Capital in excess of par value 14,505,632 14,065,186 Retained earnings 82,751,444 72,167,408 ------------ ----------- Total stockholders' equity 97,844,124 86,817,374 ------------ ----------- $106,103,692 $97,274,754 ============ ===========
See accompanying notes. INNOVEX, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) Three Months Ended March 31, 1998 1997 ------------ ------------ Net sales $ 25,105,195 $ 38,388,938 Costs and expenses: Cost of sales 16,253,643 20,807,085 Selling, general and administrative 2,069,023 2,624,004 Engineering 1,133,141 858,894 Net interest and other (income) expense (419,253) (267,414) ------------ ------------ Income before taxes 6,068,641 14,366,369 Provision for income taxes 1,807,000 4,310,000 ------------ ------------ Net income $ 4,261,641 $ 10,056,369 ============ ============ Net income per share: Basic $ 0.29 $ 0.70 ============ ============ Diluted $ 0.28 $ 0.66 ============ ============ Weighted average shares outstanding: Basic 14,660,885 14,349,185 ============ ============ Diluted 15,155,784 15,222,364 ============ ============ Six Months Ended March 31, 1998 1997 ------------ ------------ Net sales $ 58,113,830 $ 67,700,825 Costs and expenses: Cost of sales 36,155,636 38,011,325 Selling, general and administrative 3,990,807 5,027,129 Engineering 2,399,582 1,732,822 Net interest and other (income) expense (880,000) (492,166) ------------ ------------ Income before taxes 16,447,805 23,421,715 Provision for income taxes 4,912,000 7,027,000 ------------ ------------ Net income $ 11,535,805 $ 16,394,715 ============ ============ Net income per share: Basic $ 0.79 $ 1.15 ============ ============ Diluted $ 0.76 $ 1.08 ============ ============ Weighted average shares outstanding: Basic 14,646,603 14,302,943 ============ ============ Diluted 15,171,997 15,125,297 ============ ============ See accompanying notes. INNOVEX, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
Six Months Ended March 31, 1998 1997 ------------ ------------ CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 11,535,805 $ 16,394,715 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 3,268,841 2,250,451 Other non-cash charges (credits) 49,405 60,262 Changes in operating assets and liabilities: Accounts receivable 7,302,402 (9,802,206) Inventories (238,666) (1,360,365) Other current assets 130,667 57,415 Accounts payable (784,597) 1,053,244 Other liabilities (1,332,089) 500,750 Income taxes payable 102,224 2,017,706 ------------ ------------ Net cash provided by (used in) operating activities 20,033,992 11,171,972 CASH FLOWS FROM INVESTING ACTIVITIES: Capital expenditures (9,558,978) (5,100,781) Proceeds from sale of investment in limited partnership -- 884,000 Proceeds from sale of assets 27,071 50,583 Purchase of held-to-maturity securities (12,650,000) (11,140,000) Maturities of held-to-maturity securities 10,981,747 6,540,000 ------------ ------------ Net cash provided by (used in) investing activities (11,200,160) (8,766,198) CASH FLOWS FROM FINANCING ACTIVITIES: Principal payments on long-term debt (183,350) (52,308) Proceeds from exercise of stock options 442,714 689,469 Dividends paid (951,768) (751,804) ------------ ------------ Net cash provided by (used in) financing activities (692,404) (114,643) Increase (decrease) in cash and cash equivalents 8,141,428 2,291,131 Cash and cash equivalents at beginning of year 9,442,620 5,635,534 ------------ ------------ Cash and cash equivalents at end of period $ 17,584,048 $ 7,926,665 ============ ============
SUPPLEMENTAL DISCLOSURES: The Company considers all highly liquid investments with a maturity date of three months or less when purchased to be "cash equivalents." Cash paid for interest was $35,000 and $40,000 in 1998 and 1997, respectively. Income tax payments were $4,810,000 and $5,246,000 in 1998 and 1997, respectively. See accompanying notes. INNOVEX INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS NOTE 1 - ACCOUNTING POLICIES The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions on Form 10-Q and do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. The unaudited condensed consolidated financial statements include the accounts of Innovex, Inc. and its subsidiaries (the "Company") after elimination of all significant intercompany transactions and accounts. In the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of operating results have been made. Operating results for interim periods are not necessarily indicative of results which may be expected for the year as a whole. For further information, refer to the consolidated financial statements and footnotes included in the registrant's annual report on Form 10-K for the year ended September 30, 1997. NOTE 2 - NEW ACCOUNTING STANDARD The Company adopted FASB Statement of Financial Accounting Standards No. 128, Earnings Per Share, which was effective for financial statements issued for periods ending after December 15, 1997. The new standard eliminates primary and fully diluted earnings per share and requires presentation of basic and diluted earnings per share together with disclosure of how the per share amounts were computed. All share and per share information for prior periods has been adjusted to reflect the adoption of SFAS 128 effective October 1, 1997. PART I: ITEM 2: MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS THE COMPANY Innovex, Inc. and its subsidiaries (the Company) operate through four divisions, Precision Products, Litchfield Precision Components, InnoMedica and Iconovex. Each division has its own administrative, engineering, manufacturing and marketing organizations. The largest division, Precision Products, develops, engineers and manufactures specialty precision electromagnetic products for original equipment manufacturers ("OEM's"). Lead wire assemblies for the thin film disk drive market are the Division's primary product. Lead wire assemblies are fine twisted magnet wires that connect the back end electronics of a disk drive with the inductive or magneto resistive thin film heads which read and write information on the disk. The Litchfield Precision Components Division (LPC) designs and manufactures highly complex flexible circuitry and chemically machined components. Approximately 30% of LPC's sales are medical product applications, 50% are computer and computer peripheral applications with the remaining 20% being other applications. LPC is one of a limited number of companies in the world able to produce flexible circuits with line and spacing tolerances of less than 2 mils. The Company also operates two other divisions, Iconovex and InnoMedica. These divisions currently only produce a small portion of the Company's revenue. Iconovex was established to market and further develop a technologically advanced software product. The core software utilizes syntactical analysis to recognize meanings and relationships among words and phrases in order to prepare indexes and abstracts of electronically stored information. In October 1997, Iconovex became the 51% owner of a joint venture with Solutions Corporation of America. The new joint venture, Smart Solution, intends to target the corporate intranet market by providing a product to organize, analyze, screen and index email and to eventually perform the same function for corporate databases. InnoMedica provides contract development and manufacturing services primarily to the medical device industry as well as pacing/defibrillation leads and adapters for the implantable bradycardia and tachacardia industry. Manufacture of these products utilizes silicone rubber molding, similar and dissimilar metal laser welding, product fabrication and miniature product assembly. Products may be either proprietary or made to customer specifications. The Company has reached an agreement in principle to sell InnoMedica. It is anticipated that a definitive agreement will be signed during May 1998. The transaction is not expected to have a significant impact on the Company's earnings. RESULTS OF OPERATIONS NET SALES The Company's net sales from operations totaled $25,105,000 for the quarter, down 35% from $38,389,000 reported in fiscal 1997. Sales of $58,114,000 for the six months ended March 31, 1998 decreased 14% from the prior year period. The decreases were due to softness in the disk drive industry which began in the quarter ending September 30, 1997. This softness appears to be primarily due to an over supply of disk drives caused by the high levels of disk drives produced during the March 1997 and June 1997 quarters and due to a reduction in the number of disk drives kept in inventory by computer manufacturers as they adopt a build to order business model. Also contributing to the sales decrease was a reduction in the average number of heads per disk drive. This reduction is the result of an increasing number of low cost disk drives being sold and as a result of the conversion to magneto resistive (MR) disk drive heads which increased the storage capacity per disk drive platter and reduced the number of heads required to provide the same disk drive capacity. The higher price obtained from the sale of MR lead wire assemblies which have a higher value added content and sell for a higher price than the low end inductive assemblies has partially offset the decreased number of lead wire assemblies being sold. LPC's sales continue to increase as a proportion of total sales, providing over 21% of the Company's sales for the quarter and over 17% for the first six months of fiscal 1998. The first phase of the new LPC automated high volume production facility was completed during the quarter and contributed to the increased volume of LPC sales. The total cost of facility and related equipment through the first phase is approximately $15 million. The facility, which is designed to produce large volumes of high technology flexible circuits for various applications, is currently being utilized to produce the Head Interconnect Flex (HIF) for the disk drive industry. The HIF product provides a technologically advanced solution for the Company's customers which is believed to be significantly more cost effective than any competing new technologies. The largest portion of the Company's sales for the remainder of fiscal 1998 will continue to be generated by the Precision Products Division. Although lead wire assembly unit volumes for the second quarter were lower than the first quarter, unit volumes are expected to increase later in the fiscal year. An increasing portion of the Company's sales will come from the LPC Division due to the strong demand for LPC's high technology flexible circuit products including the HIF. The Company expects that an increasing portion of the demand for disk drive head interconnects will be met by products such as the HIF. The pending sale of the InnoMedica Division will have a small impact on sales for the remainder of the fiscal year. GROSS MARGINS The Company's consolidated gross profit as a percent of sales for the quarter decreased to 35%, down from the 46% reported for the same period last year. The gross margin percent for the first six months decreased to 38% from the 44% reported last year. Gross margin percents decreased primarily due to the lower demand for lead wire assemblies reducing the leverage of the Precision Products Division's fixed overhead costs. Also, pricing pressures returned as a normal operating factor after being unusually low during the first nine months of fiscal 1997 as a result of the heavy demand for lead wire assemblies during that time. Gross margins were also impacted by the increased level of fixed costs related to start up of the new LPC facility. Gross margins for the existing lead wire assembly business will fluctuate during the remainder of the fiscal year as a function of unit demand for disk drive heads. LPC gross margins will improve as the production volume in the new facility increases. OPERATING EXPENSES Operating expenses were 12.8% of sales for the current quarter, as compared to 9.1% in the prior year's second quarter. Operating expenses for the first six months of fiscal 1998 were 11.0%, up from 10.0% for the prior year's first six months. The increase in operating expenses as a percent of sales for the current year is primarily due to the decrease in sales. Total operating expenses decreased due to a reduction in incentive based compensation more than offsetting an increase in engineering spending. Engineering spending increased as a result of new product development costs at both Precision Products and LPC and due to costs related to the new facility at LPC. The level of operating expenses is not expected to change significantly as a percent of sales for the remainder of the fiscal year. OPERATING PROFIT Consolidated operating profit of $5,649,000 in the current quarter was down 60% from the $14,099,000 profit for the prior year second quarter. Consolidated operating profit for the first six months was $15,568,000 versus $22,930,000 for the same period last year. This is primarily the result of the decreased sales volume. The Precision Products Division's operating profit for the remainder of the fiscal year will vary depending on changes in disk drive industry unit volumes. Continued operating profit improvements are expected at Litchfield Precision Components as the demand for high end flexible circuits increases. The Iconovex Division is not expected to have a significant impact on operating profit for the remainder of the fiscal year. NET INCOME Consolidated net income for the fiscal 1998 second quarter was $4,262,000 as compared to $10,056,000 for the prior year. Basic and diluted net income per share were $0.29 and $0.28 as compared to $0.70 and $0.66 for the prior year second quarter. Consolidated net income for the first six months of fiscal 1998 was $11,536,000 as compared to $16,395,000 for the prior year. Basic and diluted net income per share were $0.79 and $0.76 as compared to $1.15 and $1.08 for the same period last year. LIQUIDITY AND CAPITAL RESOURCES Cash and short-term investments increased to $47.7 million at March 31, 1998 from $37.9 million at September 30, 1997. This increase was primarily due to income generated from operating activities. Accounts receivable at March 31, 1998 decreased by $7,302,000 from September 30, 1997 due to the decreased level of sales. Inventory increased by $239,000 from September 30, 1997 to support the increased level of activity at Litchfield Precision Components. Working capital totaled $66.5 million and $61.8 million at March 31, 1998 and September 30, 1997. The increase is primarily due to the decrease in accounts payable and accrued compensation. Since September 30, 1997, the Company has invested $9.6 million in capital expenditures. These additions include a portion of the costs to construct and equip an automated production facility at Litchfield Precision Components to meet the expected demand for new high volume applications including the Head Interconnect Flex (HIF) and chip packaging related products. The first phase of this facility, which cost approximately $15 million, was completed during the March 1998 quarter and provides a capacity of over 2 million units per week. Over the next nine months, the capacity of this facility will be increased to 10 million units per week at an approximate cost of $7 million. Management believes that internally generated funds will provide adequate sources of capital for supporting projected growth in fiscal 1998. FORWARD LOOKING STATEMENTS Statements included in this Quarterly Report on Form 10-Q that are not historical or current facts are "forward-looking statements" made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995 and are subject to certain risks and uncertainties that could cause actual results to differ materially. Among these risks and uncertainties are (i) timely availability and acceptance of new products, (ii) the impact of competitive products and pricing, (iii) and a general downturn in the Company's principal market. The Company disclaims any obligation subsequently to revise any forward looking statements to reflect subsequent events or circumstances or the occurrence of unanticipated events. PART II - OTHER INFORMATION Responses to Items 1 through 3 and 5 are omitted since these items are either inapplicable or the response thereto would be negative. ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS a) The Annual Meeting of the shareholders of Innovex, Inc. was held on January 22, 1998. There were 14,641,904 shares of common stock entitled to vote at the meeting and a total of 13,339,648 shares were represented at the meeting. b) Seven directors were elected at the meeting to serve for one year or until their successors are elected and qualified. Shares were voted as follows: For Against --- ------- Gerald M. Bestler 13,273,105 66,543 Mary E. Curtin 13,257,250 82,398 Willis K. Drake 13,270,705 68,943 Thomas W. Haley 13,276,250 63,398 William J. Miller 13,255,685 83,963 Michael C. Slagle 13,265,995 73,653 Bernt M. Tessem 13,274,385 65,263 c) Other matters voted on at the meeting: Proposal #2. A proposal was made to approve the selection of the Company's independent public accountants for the current fiscal year. Shares were voted as follows: For Against Abstain --- ------- ------- 13,218,263 57,782 63,603 ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K a) Exhibits 27.1 Financial Data Schedule 27.2 Fiscal 1996 Financial Data Schedules Restated to Adopt SFAS 128 27.3 Fiscal 1997 Financial Data Schedules Restated to Adopt SFAS 128 27.4 Fiscal 1995 Financial Data Schedule Restated to Adopt SFAS 128 b) Reports on Form 8-K None. 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. INNOVEX, INC. Registrant Date: May 15, 1998 By \s\ Thomas W. Haley Thomas W. Haley Chief Executive Officer By \s\ Douglas W. Keller Douglas W. Keller Vice President, Finance INDEX TO EXHIBITS Exhibits Page 27.1 Financial Data Schedule 12 27.2 Fiscal 1996 Financial Data Schedules Restated to Adopt SFAS 128 13 27.3 Fiscal 1997 Financial Data Schedules Restated to Adopt SFAS 128 14 27.4 Fiscal 1995 Financial Data Schedule Restated to Adopt SFAS 128 15 EX-27.1 2 FINANCIAL DATA SCHEDULE
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE COMPANY'S FINANCIAL STATEMENTS INCLUDED IN THE 10-Q FOR THE QUARTER ENDED MARCH 31, 1998 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 1,000 6-MOS SEP-30-1998 MAR-31-1998 17,584 30,108 15,285 535 7,491 73,965 44,014 14,099 106,104 7,470 789 0 0 587 97,257 106,104 58,114 58,114 36,156 36,156 0 0 35 16,448 4,912 11,536 0 0 0 11,536 0.79 0.76
EX-27.2 3 RESTATED FINANCIAL DATA SCHEDULE
5 PURSUANT TO ITEM 601c(2)(iii) OF REGULATION S-K, THESE SCHEDULES ARE RESTATED IN ACCORDANCE WITH SFAS 128 AND CONTAIN SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE COMPANY'S FINANCIAL STATEMENTS INCLUDED IN THE 10-QS FOR THE QUARTERS ENDED DECEMBER 31, 1995, MARCH 31, 1996 AND JUNE 30, 1996 AND THE 10-K FOR THE YEAR ENDED SEPTEMBER 30, 1996 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS 1,000 3-MOS 6-MOS 9-MOS 12-MOS SEP-30-1996 SEP-30-1996 SEP-30-1996 SEP-30-1996 DEC-31-1995 MAR-31-1996 JUN-30-1996 SEP-30-1996 6,134 7,349 1,931 5,636 18,105 17,765 15,455 16,140 6,597 7,640 11,562 12,351 273 280 329 317 2,436 3,193 5,172 5,571 34,968 37,908 36,297 42,029 14,175 14,865 20,272 21,475 7,012 7,525 7,897 8,743 44,046 47,075 52,497 58,244 3,890 4,362 6,355 8,487 1,146 1,119 1,109 1,063 0 0 0 0 0 0 0 0 283 283 284 284 38,297 40,939 44,374 48,116 44,046 47,075 52,497 58,244 13,112 27,786 47,041 69,570 13,112 27,786 47,041 69,570 7,595 16,256 28,216 42,592 7,595 16,256 28,216 42,592 0 0 0 0 0 0 0 0 31 61 87 113 3,930 8,154 13,242 18,742 1,179 2,447 3,972 5,621 2,751 5,707 9,270 13,121 0 0 0 0 0 0 0 0 0 0 0 0 2,751 5,707 9,270 13,121 0.19 0.40 0.65 0.93 0.19 0.39 0.64 0.91
EX-27.3 4 RESTATED FINANCIAL DATA SCHEDULE
5 PURSUANT TO ITEM 601c(2)(iii) OF REGULATION S-K, THESE SCHEDULES ARE RESTATED IN ACCORDANCE WITH SFAS 128 AND CONTAIN SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE COMPANY'S FINANCIAL STATEMENTS INCLUDED IN THE 10-QS FOR THE QUARTERS ENDED DECEMBER 31, 1996, MARCH 31, 1997 AND JUNE 30, 1997 AND THE 10-K FOR THE YEAR ENDED SEPTEMBER 30, 1997 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS 1,000 3-MOS 6-MOS 9-MOS 12-MOS SEP-30-1997 SEP-30-1997 SEP-30-1997 SEP-30-1997 DEC-31-1996 MAR-31-1997 JUN-30-1997 SEP-30-1997 4,407 7,927 10,063 9,443 19,540 20,740 26,870 28,440 18,056 22,321 22,083 22,673 342 484 601 621 6,272 6,931 6,771 7,253 50,474 60,025 68,736 71,349 23,034 26,240 30,493 35,951 9,573 10,566 11,198 12,202 66,433 78,096 90,374 97,275 10,228 12,048 12,807 9,507 1,038 1,011 985 951 0 0 0 0 0 0 0 0 572 575 583 585 54,317 64,158 75,689 86,233 66,433 78,096 90,374 97,275 29,312 67,701 109,661 142,004 29,312 67,701 109,661 142,004 17,204 38,011 61,608 81,028 17,204 38,011 61,608 81,028 0 0 0 0 0 0 42 329 25 49 74 96 9,055 23,422 39,052 49,978 2,717 7,027 11,715 14,884 6,338 16,395 27,337 35,094 0 0 0 0 0 0 0 0 0 0 0 0 6,338 16,395 27,337 35,094 0.44 1.15 1.90 2.43 0.42 1.08 1.81 2.31
EX-27.4 5 RESTATED FINANCIAL DATA SCHEDULE
5 PURSUANT TO ITEM 601c(2)(iii) OF REGULATION S-K, THIS SCHEDULE IS RESTATED IN ACCORDANCE WITH SFAS 128 AND CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE COMPANY'S FINANCIAL STATEMENTS INCLUDED IN THE 10-K FOR THE YEAR ENDED SEPTEMBER 30, 1995 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS 1,000 12-MOS SEP-30-1995 SEP-30-1995 7,384 15,130 5,787 265 2,191 32,231 13,425 6,357 41,283 3,869 1,173 0 0 282 35,747 41,283 50,194 50,194 28,631 28,631 0 0 125 14,818 4,789 10,029 0 0 0 10,029 0.73 0.70
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