-----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, HfJqNyjmYS0K4yz4E6t2hepgG2FYlSzfy8TOmix5fh3ldWLFK15JexwAlrUASmZj ADlPoFdygnV1Ch3EF7UuHw== 0000950144-96-002377.txt : 19960515 0000950144-96-002377.hdr.sgml : 19960515 ACCESSION NUMBER: 0000950144-96-002377 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19960331 FILED AS OF DATE: 19960514 SROS: CSX SROS: NYSE SROS: PHLX FILER: COMPANY DATA: COMPANY CONFORMED NAME: LIBERTY CORP CENTRAL INDEX KEY: 0000059229 STANDARD INDUSTRIAL CLASSIFICATION: LIFE INSURANCE [6311] IRS NUMBER: 570507055 STATE OF INCORPORATION: SC FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-05846 FILM NUMBER: 96564494 BUSINESS ADDRESS: STREET 1: P O BOX 789 STREET 2: WADE HAMPTON BLVD CITY: GREENVILLE STATE: SC ZIP: 29602 BUSINESS PHONE: 8032688283 MAIL ADDRESS: STREET 1: P O BOX 789 STREET 2: WADE HAMPTON BLVD CITY: GREENVILLE STATE: SC ZIP: 29602 10-Q 1 LIBERTY CORPORATION 10-Q 3-31-96 1 FORM 10-Q SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 (Mark One) [xx] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 1996 -------------- [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______________ to _________________ Commission File Number 1-5846 ------ THE LIBERTY CORPORATION ----------------------- (Exact name of registrant as specified in its charter) South Carolina 57-0507055 (State or other jurisdiction of (IRS Employer incorporation or organization) identification No.) Post Office Box 789, Wade Hampton Boulevard, Greenville, SC 29602 ------------------------------------------------------------------ (Address of principal executive offices) Registrant's telephone number, including area code: 864/609-8436 ------------ 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 --- --- Indicate the number of shares outstanding of each of the Registrant's classes of common stock as of the latest practicable date.
Number of shares Outstanding Title of each class as of March 31, 1996 ------------------- ---------------------------- Common Stock 20,092,805
Page 1 of 11 sequentially numbered pages. The Exhibit Index is on Page 9. 2 PART I, ITEM 1 THE LIBERTY CORPORATION AND SUBSIDIARIES CONSOLIDATED AND CONDENSED BALANCE SHEETS
(In 000's) MARCH 31, 1996 December 31, 1995 ----------------- ----------------- ASSETS (Unaudited) Investments: Fixed Maturity Securities available for sale, at market, cost of $1,406,753 at 3/31/96 and $1,383,324 at 12/31/95 $1,449,102 $1,467,039 Equity Securities, primarily at market, cost of $69,868 at 3/31/96 and $68,637 at 12/31/95 82,002 82,508 Mortgage Loans 215,818 213,223 Investment Real Estate 138,202 135,306 Loans to Policyholders 98,884 98,369 Other Long-Term Investments 28,229 27,535 Short-Term Investments 250 --- ---------- ---------- Total Investments 2,012,487 2,023,980 Cash 37,882 43,741 Accrued Investment Income 20,092 20,018 Receivables 42,611 46,098 Receivable from Reinsurers 275,419 275,090 Deferred Acquisition Costs and Cost of Business Acquired 356,447 352,113 Buildings and Equipment 80,036 79,789 Intangibles Related to Television Operations 98,977 99,056 Goodwill Related to Insurance Acquisitions 36,836 37,239 Other Assets 58,711 57,172 ---------- ---------- Total Assets $3,019,498 $3,034,296 ========== ========== LIABILITIES, REDEEMABLE PREFERRED STOCK AND SHAREHOLDERS' EQUITY Liabilities Policy Liabilities $1,873,706 $1,862,859 Notes, Mortgages and Other Debt 165,763 158,444 Long Term Debt 100,000 100,000 Accrued Income Taxes 11,148 6,665 Deferred Income Taxes 169,291 182,083 Accounts Payable and Accrued Expenses 64,763 67,094 Other Liabilities 27,383 35,722 ---------- ---------- Total Liabilities 2,412,054 2,412,867 ---------- ---------- Redeemable Preferred Stock 1994-A Series, $35.00 redemption value, shares issued and outstanding - 668,207 in 1996 and 1995 23,387 23,387 1994-B Series, $37.50 redemption value, shares issued and outstanding - 592,385 in 1996 and 594,126 in 1995 22,215 22,280 ---------- ---------- Total Redeemable Preferred Stock 45,602 45,667 ---------- ---------- Shareholders' Equity Common Stock 159,614 158,735 Series 1995-A Convertible Preferred Stock, $35.00 redemption value, 599,985 shares issued and outstanding 20,999 20,999 Unearned Stock Compensation (5,595) (6,050) Unrealized Investment Gains (Losses) 32,994 57,986 Cumulative Foreign Currency Translation Adjustment (931) (999) Retained Earnings 354,761 345,091 ---------- ---------- Total Shareholders' Equity 561,842 575,762 ---------- ---------- Total Liabilities, Redeemable Preferred Stock and Shareholders' Equity $3,019,498 $3,034,296 ========== ==========
See Notes to Consolidated and Condensed Financial Statements. 2 3 THE LIBERTY CORPORATION AND SUBSIDIARIES CONSOLIDATED AND CONDENSED STATEMENTS OF INCOME
Three Months ended March 31, ------------------------------- (In 000's, except per share data) 1996 1995 ----------- ----------- (Unaudited) REVENUES Insurance Premiums & Policy Charges $ 77,526 $ 83,106 Broadcasting Revenues 28,880 24,753 Net Investment Income 37,264 35,240 Service Contract Revenue --- 2,260 Realized Investment Gains (Losses) 1,195 (1,874) Other Income 45 --- ----------- ------------ Total Revenues 144,910 143,485 ----------- ------------ EXPENSES Policyholder Benefits 57,528 62,132 Insurance commissions 15,254 13,188 General Insurance Expenses 13,277 16,419 Amortization of Deferred Acquisition Costs 11,092 10,626 Broadcasting Expenses 21,752 18,037 Interest Expense 3,657 3,498 Other Expenses 1,690 3,505 ----------- ------------ Total Expenses 124,250 127,405 ----------- ------------ Income Before Income Taxes 20,660 16,080 Provision for Income Taxes 6,605 5,542 ----------- ------------ NET INCOME $ 14,055 $ 10,538 =========== ============ EARNINGS PER SHARE: (Exhibit 11) $ .64 $ .49 Dividends Per Common Share .17 .155
See Notes to Consolidated and Condensed Financial Statements. 3 4 THE LIBERTY CORPORATION AND SUBSIDIARIES CONSOLIDATED AND CONDENSED STATEMENTS OF CASH FLOWS
Three Months Ended March 31, --------------------------------------- (In 000's) 1996 1995 --------------------------------------- (Unaudited) OPERATING ACTIVITIES Net Income $ 14,055 $ 10,538 Adjustments to reconcile net income to net cash provided (used) in operating activities: Increase in policy liabilities (623) 11,476 Decrease in accounts payable and accrued liabilities (297) (6,059) Decrease in receivables 3,905 1,399 Amortization of policy acquisition costs 11,938 10,677 Policy acquisition costs deferred (11,751) (14,236) Realized investment (gains) losses (1,195) 1,874 Gain on sale of operating assets (479) (1,080) Depreciation and amortization 4,348 4,080 Amortization of bond premium and discount (864) (593) Provision for deferred income taxes 907 (324) All other operating activities, net (7,105) 1,863 ------------- ------------ NET CASH PROVIDED BY OPERATING ACTIVITIES 12,839 19,615 INVESTMENT ACTIVITIES Investment securities sold - available for sale 36,562 54,484 Investment securities matured or redeemed by issuer: Available for sale 22,290 7,394 Held to maturity --- 9,133 Cost of investment securities acquired - available for sale (81,752) (95,472) Mortgage loans made (9,612) (2,429) Mortgage loan repayments 6,889 5,969 Purchase of investment real estate, buildings and equipment (12,408) (12,546) Sale of investment real estate, buildings and equipment 7,386 6,540 Purchase of short-term investments (42,782) (19,970) Sales of short-term investments 42,532 8,724 Net cash paid on purchase of television station --- (5,140) All other investment activities, net 1,022 (689) ------------- ------------ NET CASH USED IN INVESTING ACTIVITIES (29,873) (44,002) FINANCING ACTIVITIES Proceeds from borrowings 655,500 758,500 Principal payments on debt (649,889) (751,640) Dividends paid (4,386) (3,841) Stock issued for employee benefit and compensation programs 692 817 Return of policyholders' account balances (8,895) (8,949) Receipts credited to policyholders' account balances 18,153 19,580 ------------- ------------ NET CASH PROVIDED BY FINANCING ACTIVITIES 11,175 14,467 INCREASE (DECREASE) IN CASH (5,859) (9,920) Cash at beginning of year 43,741 51,400 ------------- ------------ CASH AT END OF PERIOD $ 37,882 $ 41,480 ============= ============
See Notes to Consolidated and Condensed Financial Statements. 4 5 THE LIBERTY CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED AND CONDENSED FINANCIAL STATEMENTS March 31, 1996 (Unaudited) 1. BASIS OF PRESENTATION The accompanying unaudited consolidated and condensed financial statements of The Liberty Corporation and Subsidiaries 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. The information included is not necessarily indicative of the annual results that may be expected for the year ended December 31, 1996, but it does reflect all adjustments (which are of a normal and recurring nature) considered, in the opinion of management, necessary for a fair presentation of the results for the interim periods presented. For further information, refer to the consolidated financial statements and footnotes thereto included in The Liberty Corporation annual report on Form 10-K for the year ended December 31, 1995. 2. ACCOUNTING FOR IMPAIRED ASSETS On January 1, 1996, the Company adopted Statement of Financial Accounting Standard No. 121, "Accounting for the Impairment of Long-Lived Assets and for Long-Lived Assets to be Disposed Of" ("SFAS No. 121"). This standard prescribes accounting standards for the impairment of long-lived assets, certain identifiable intangibles, and goodwill that are used in the business, as well as establishes accounting standards for long-lived assets and certain identifiable intangibles to be disposed of. The standard requires that certain long lived assets that are used in the business be valued at the lower of book value or the sum of undiscounted expected future cash flows. The standard also requires that certain long-lived assets to be disposed of be reported at the lesser of book value or net realizable value. As a result of adopting SFAS No. 121, the Company has recognized impairments of $1.8 million for the quarter ended March 31, 1996, which is reported as a component of realized investment gains and losses. Of the total, $.4 million represents permanent impairment writedowns on assets that are used in the business. 3. STOCK-BASED COMPENSATION On January 1, 1996, the Company adopted Statement of Financial Accounting Standard No. 123, "Accounting for Stock Based Compensation" (" SFAS No. 123"). In accordance with the provisions of this Standard, the Company will disclose the pro-forma impact on net income and earnings per share of expensing the estimated fair value of grants issued in its financial statements for the year ended December 31, 1996. 4. COMMITMENTS AND CONTINGENCIES At March 31, 1996, the Company had made commitments as shown below:
(In 000's) Investment real estate 6,356 Mortgage loans and bonds 23,810 Other 9,250 ------- $39,416 =======
5 6 PART I, ITEM 2 MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS AND FINANCIAL CONDITION (Unaudited) OPERATIONS Consolidated first quarter net income of $14.1 million increased 33% over 1995's first quarter (see table below). Operating earnings (which exclude net realized investment gains and losses) increased $1.4 million (12%) over 1995's first quarter. Net income reflects realized investment gains (after-tax) of $.9 million in first quarter 1996 versus realized investment losses of $1.2 million in first quarter 1995.
First Quarter -------------- 1996 1995 ------------------------------- Income Before Income Taxes $ 20,660 $ 16,080 Income Taxes 6,605 5,542 --------- --------- Net Income $ 14,055 $ 10,538 ========= =========
Excluding realized gains and losses, over the comparable prior year quarter the Company's insurance operations generated an increase in pre-tax income of $1.0 million, broadcasting had an increase of $.1 million, and the Parent Company had a $.5 million lower loss than the prior year. The $1.0 million pre-tax earnings increase for insurance operations was primarily driven by Liberty Life, which saw an improvement of $1.1 million versus the comparable prior year period. Compared to the first quarter of 1995, Liberty Life experienced an improvement in net investment income, primarily due to higher real estate sales, and reduced general insurance expenses. These improvements were offset by higher policy benefit expenses, primarily in the ordinary line of business within the Home Service Division, with some of the deviation also coming from the Mortgage Protection Division. The poor experience in the ordinary line is not expected to continue as, historically, claims experience in this line has been good. On the Mortgage Protection side, though claims were higher than the levels experienced in the latter part of 1995, they are significantly improved from the high levels which occurred in the first quarter of 1995. The FamilySide pre-need business reported a $.2 million reduction in pretax earnings from the prior year, primarily as a result of high benefit expense incurred in the first quarter of 1996. Consistent with Liberty Life, the high benefit expense offset some positives in net investment income and general insurance expenses. Liberty Insurance Services, whose pre-tax earnings have been combined with the results of the Company's 40% equity interest in the Alliance-One service company partnership for reporting purposes beginning with the first quarter of 1996, contributed a pretax earnings increase of $.1 million for the quarter. The broadcasting operations were slightly improved over last year's exceptionally strong first quarter, reporting pretax earnings of $4.9 million versus $4.8 million in 1995. The 1996 earnings include the contributions of WLOX-TV for a full quarter, whereas in 1995 the results included the WLOX station for only one month. Local revenues were very strong for the quarter, while national revenues were not quite as strong as anticipated. The major contributing factor to the $.5 million decrease in the parent company's before-tax loss was a one time non- recurring adjustment of $2.4 million related to reducing previously accrued expenses due to a technical change in how vacation benefits are earned. This was partially offset by lower real estate sales and a $.8 million charge to eliminate investment income recognized by the insurance operations on an intercompany transaction. Consolidated revenues increased $1.4 million (1%) from the prior year first quarter due to a $4.1 million (17%) increase in revenues from the broadcasting operations driven by revenues from inclusion of WLOX-TV for a full quarter in 1996, offset by a $.8 million reduction in revenues from insurance operations and a $1.9 million reduction in the parent company. Excluding the impact of realized investment gains and losses, consolidated revenues decreased $1.6 million (1%). 6 7 The Liberty Corporation and Subsidiaries Management s Discussion and Analysis of Operations March 31, 1996 Insurance premiums and policy charges decreased $5.6 million (7%) from the prior year due to the effects on the FamilySide preneed business associated with the rollout of an entirely new product line in late 1995. It is anticipated that this is a short term trend that will reverse during the latter half of 1996. The $6.8 million decrease in FamilySide premium revenues were somewhat offset by a $1.2 million increase in Liberty Life's premiums. The increase in broadcasting revenues for the quarter was driven by the contributions of WLOX for a full quarter, versus only one month in the first quarter of 1995. Local revenues increased $2.6 million from the prior year, national revenues increased $.4 million, and political and cable revenues each contributed an additional $.5 million compared to the prior year. WLOX-TV contributed $2.2 million of the increase in revenues in 1996. The decrease in service contract revenues is due to the fact that the operations of Liberty Insurance Services have been combined with the Company's 40% equity interest in the earnings of Alliance-One, and the total is being reported on an equity basis in Other Income. The $2.1 million (16%) increase in commissions is primarily related to the growth of the Company's accidental death product group. A substantial amount of this line of business is marketed through a third party marketer. All payments to this third party, which include commissions and certain payments for certain general and administrative functions, are reported as commissions expense. Broadcasting expenses were up 21% for the quarter due to the additional expenses associated with the WLOX-TV operation. INVESTMENTS As of March 31, 1996, approximately 69% of the Company's $2.0 billion consolidated invested assets were in bonds with an overall average credit rating of AA-. Approximately 3.3% of the bond portfolio was rated below investment grade. Approximately 57% of the Company's $1.4 billion bond portfolio at March 31, 1996, was comprised of mortgage-backed securities compared to 56% at December 31, 1995. Certain mortgage-backed securities are subject to significant prepayment or extension risk due to changes in interest rates. In periods of declining interest rates, mortgages may be repaid more rapidly than scheduled as borrowers refinance higher rate mortgages to take advantage of the lower current rates. As a result, holders of mortgage-backed securities may receive large prepayments on their investments which cannot be reinvested at interest rates comparable to the rates on the prepaid mortgages. In a rising interest rate environment refinancings are significantly curtailed and the payments to the holders of the securities decline, limiting the ability of the holder to reinvest at the higher interest rates. Mortgage-backed pass-through securities and sequential collateralized mortgage obligations ("CMO's"), which comprised 15% of the book value of the Company's mortgage-backed securities at March 31, 1996, and 20% at December 31, 1995, are sensitive to prepayment or extension risk. The remaining 85% of the Company's mortgage-backed investment portfolio at March 31, 1996, consisted of planned amortization class ("PAC") instruments compared to approximately 80% at December 31, 1995. These investments are designed to amortize in a more predictable manner by shifting the primary prepayment and extension risk of the underlying collateral to investors in other tranches of the CMO. Mortgage loans of $215.8 million comprised 11% of the consolidated investment portfolio at March 31, 1996. Substantially all of these mortgage loans are commercial mortgages with a loan to value ratio not exceeding 75% when made. These loans are concentrated in the southeast primarily in the states of North Carolina, South Carolina, Georgia, Florida, Virginia, Louisiana and Tennessee. Investment real estate at March 31, 1996, of $138.2 million comprised 7% of the consolidated investment portfolio, the same percentage as at December 31, 1995. Three key property types make up the bulk of the Company's real estate investment assets: 7 8 The Liberty Corporation and Subsidiaries Management s Discussion and Analysis of Operations March 31, 1996 residential land development, business parks, and business property rentals. The majority of the Company's investment real estate is located in South Carolina, Florida, Georgia, and North Carolina. FINANCIAL POSITION In accordance with the provisions of SFAS No. 115, "Accounting for Certain Investments in Debt and Equity Securities", the Company reported an unrealized gain of $33.0 million on fixed maturity securities available for sale and equity securities as of March 31, 1996. This compares with an unrealized gain of $58.0 million at December 31, 1995. The decrease is due to the negative impact on the market value of the portfolio associated with rising interest rates during the first quarter. CAPITAL, FINANCING AND LIQUIDITY The Company's net cash flow from operating activities was $12.8 million for the first quarter of 1996 compared to $19.6 million for the same period of 1995. The Company's net cash used in investing activities was $29.9 million, and cash flow provided from financing activities was $11.1 million. As a result of its activities, the Company had a $5.6 million decrease in cash compared to a decrease of $9.9 million in the same period in 1995. At March 31, 1996, the Company's borrowings and notes payable amounted to $265.8 million, an increase from the $258.4 million outstanding at December 31, 1995. The increase was primarily a function of borrowings used to meet working capital requirements in the parent company during the first quarter. The Company uses various interest rate swaps and caps to help minimize the impact of a potential significant rise in short term interest rates. (See the Company's 1995 Annual Report to Shareholders for a description of the interest rate swaps and caps in place.) The Company has not used interest rate swaps or any other derivative financial instruments to manage its interest rate exposure on interest sensitive universal-life type products. Other Company commitments are shown in Note 4 contained in the accompanying financial statements. Additional detail as to commitments and financing is contained in the Notes to the Consolidated Financial Statements in the Company's annual report on Form 10K for the year ended December 31, 1995. Further discussion of investments and valuation is contained in Notes 1 and 2 to the Consolidated Financial Statements in the Company's annual report on Form 10K for the year ended December 31, 1995. ACCOUNTING DEVELOPMENTS The Company adopted Statement of Financial Accounting Standard No. 121, "Accounting for the Impairment of Long-Lived Assets and for Long-Lived Assets to be Disposed Of" ("SFAS No. 121"), on January 1, 1996. The results of adoption did not have a material effect on the net income or financial position of the Company. For additional information, see Note 2 to the Consolidated and Condensed Financial Statements within this report. The Company adopted Statement of Financial Accounting Standard No. 123, "Accounting for Stock-Based Compensation" ("SFAS No. 123"), on January 1, 1996. For additional information, see Note 3 to the Consolidated and Condensed Financial Statements within this report. 8 9 PART II, ITEM 6. EXHIBIT AND REPORTS ON FORM 8-K (a) A list of the exhibits filed with this report is included in the Index to Exhibits filed herewith. (b) The filing of Form 8-K was not required during the first quarter of 1996. INDEX TO EXHIBITS EXHIBIT 11 Consolidated Earnings Per Share Computation EXHIBIT 27 Financial Data Schedule (Electronic Filing Only) 9 10 SIGNATURES Pursuant to the requirements of Section 13 or 15(d) 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. THE LIBERTY CORPORATION Date: May 9, 1996 - ----------------------- (Registrant) /s/ H. Ray Eanes - ---------------- H. Ray Eanes Senior Vice President Finance & Treasurer /s/ John P. Smith - ----------------- John P. Smith Corporate Controller 10 EX-11 2 CONSOLIDATED EARNINGS PER SHARE COMPUTATION 1 Exhibit 11 THE LIBERTY CORPORATION AND SUBSIDIARIES CONSOLIDATED EARNINGS PER SHARE COMPUTATION
Three Months Ended March 31, -------------------------------- 1996 1995 ------------ ------------- (Unaudited) PRIMARY SHARES - -------------- Common shares outstanding - end of period 20,092,805 19,879,089 Weighted average common shares outstanding 20,080,138 19,852,637 Weighted average common stock options outstanding 160,246 73,498 Preferred stock considered a common stock equivalent 599,985 206,662 ----------- ----------- Total primary shares 20,840,369 20,132,797 =========== =========== FULLY DILUTED SHARES - -------------------- Weighted average common shares outstanding 20,080,138 19,852,637 Weighted average common stock options outstanding 160,290 99,853 Preferred stock considered a common stock equivalent 599,985 206,662 Assumed conversion of redeemable preferred stock not considered a common stock equivalent 1,261,281 1,266,148 ----------- ----------- Total fully diluted shares 22,101,694 21,425,300 =========== =========== NET INCOME $14,055,000 $10,538,000 =========== =========== PREFERRED STOCK DIVIDENDS ON REDEEMABLE PREFERRED STOCK Dividends $ 663,000 $ 665,000 =========== =========== Primary earnings per share (net income minus preferred dividends divided by total primary shares) $ .64 $ 0.49 =========== =========== Fully diluted earnings per share (net income divided by total fully diluted shares) $ .64 $ 0.49 =========== ===========
11 EX-27 3 FINANCIAL DATA SCHEDULE
7 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FINANCIAL STATEMENTS OF LIBERTY CORPORATION FOR THE THREE MONTHS ENDED MARCH 31, 1996, AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 1,000 3-MOS DEC-31-1996 JAN-01-1996 MAR-31-1996 1,449,102 0 0 82,002 215,818 138,202 2,012,487 37,882 275,419 356,447 3,019,498 1,819,522 0 26,827 27,357 265,763 45,602 20,999 159,614 381,229 3,019,498 77,526 37,264 1,195 28,925 57,528 11,092 28,531 20,660 6,605 14,055 0 0 0 14,055 .64 .64 0 0 0 0 0 0 0
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