-----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, CEnzeAaS8rPDVeNXg/r8LyxHWvrty69MM0gHjWu0Qr1ixS2QR0KmwWqu9ayaqJLH AmMHCaKgkXqreNQgtmYk2g== /in/edgar/work/0000006176-00-000016/0000006176-00-000016.txt : 20001115 0000006176-00-000016.hdr.sgml : 20001115 ACCESSION NUMBER: 0000006176-00-000016 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20000930 FILED AS OF DATE: 20001114 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AMPCO PITTSBURGH CORP CENTRAL INDEX KEY: 0000006176 STANDARD INDUSTRIAL CLASSIFICATION: [3561 ] IRS NUMBER: 251117717 STATE OF INCORPORATION: PA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 001-00898 FILM NUMBER: 763335 BUSINESS ADDRESS: STREET 1: 600 GRANT ST STE 4600 CITY: PITTSBURGH STATE: PA ZIP: 15219 BUSINESS PHONE: 4124564400 FORMER COMPANY: FORMER CONFORMED NAME: SCREW & BOLT CORP OF AMERICA DATE OF NAME CHANGE: 19710518 10-Q 1 0001.txt FORM 1O-Q SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 (Mark one) [X] QUARTERLY REPORT PURSUANT TO SECTION 13 or 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2000 OR [ ] 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 1-898. AMPCO-PITTSBURGH CORPORATION Incorporated in Pennsylvania. I.R.S. Employer Identification No. 25-1117717. 600 Grant Street, Pittsburgh, Pennsylvania 15219 Telephone Number 412/456-4400 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 periods 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 On November 13, 2000, 9,602,621 common shares were outstanding. - 1 - AMPCO-PITTSBURGH CORPORATION INDEX Page No. Part I - Financial Information: Item 1 - Consolidated Financial Statements Consolidated Balance Sheets - September 30, 2000 and December 31, 1999 3 Consolidated Statements of Income - Nine Months Ended September 30, 2000 and 1999; Three Months Ended September 30, 2000 and 1999 4 Condensed Consolidated Statements of Cash Flows - Nine Months Ended September 30, 2000 and 1999 5 Notes to Consolidated Financial Statements 6 Item 2 - Management's Discussion and Analysis of Financial Condition and Results of Operations 9 Part II - Other Information: Signatures 14 Exhibits - Exhibit 27 - 2 - PART I - FINANCIAL INFORMATION AMPCO-PITTSBURGH CORPORATION CONSOLIDATED BALANCE SHEETS (UNAUDITED)
September 30, December 31, 2000 1999* Assets Current assets: Cash and cash equivalents $ 22,208,300 $ 16,322,834 Receivables, less allowance for doubtful accounts of $439,486 in 2000 and $364,138 in 1999 43,575,119 51,114,519 Inventories 47,100,387 47,281,320 Other 3,868,391 3,864,604 Total current assets 116,752,197 118,583,277 Property, plant and equipment, at cost: Land and land improvements 5,157,369 5,269,931 Buildings 28,787,822 28,981,171 Machinery and equipment 141,386,777 134,402,869 175,331,968 168,653,971 Accumulated depreciation (84,823,614) (79,933,027) Net property, plant and equipment 90,508,354 88,720,944 Prepaid pension 16,566,924 14,679,325 Other noncurrent assets 12,681,551 13,824,778 $236,509,026 $235,808,324 Liabilities and Shareholders' Equity Current liabilities: Accounts payable $ 11,609,901 $ 14,197,817 Accrued payrolls and employee benefits 8,097,813 8,845,358 Other 14,389,864 16,433,775 Total current liabilities 34,097,578 39,476,950 Employee benefit obligations 16,642,008 16,770,655 Industrial revenue bond debt 14,661,000 14,661,000 Deferred income taxes 11,914,015 11,440,862 Other noncurrent liabilities 663,841 839,131 Total liabilities 77,978,442 83,188,598 Shareholders' equity: Preference stock - no par value; authorized 3,000,000 shares: none issued - - Common stock - par value $1; authorized 20,000,000 shares; issued and outstanding 9,602,621 in 2000 and 9,590,121 in 1999 9,602,621 9,590,121 Additional paid-in capital 102,780,980 102,668,480 Retained earnings 48,650,332 40,034,339 Accumulated other comprehensive (loss) income (2,503,349) 326,786 Total shareholders' equity 158,530,584 152,619,726 $236,509,026 $235,808,324 * Reclassified for comparative purposes
See Notes to Consolidated Financial Statements. - 3 - AMPCO-PITTSBURGH CORPORATION CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
Nine Months Ended Sept. 30, Three Months Ended Sept. 30, 2000 1999 2000 1999 Net sales $167,823,636 $150,188,978 $ 51,559,893 $ 51,897,570 Operating costs and expenses: Cost of products sold (excluding depreciation) 121,676,337 105,818,439 37,261,778 37,360,918 Selling and administrative 22,624,016 21,882,511 7,289,286 7,208,012 Depreciation 5,715,635 5,822,313 1,776,303 2,000,723 150,015,988 133,523,263 46,327,367 46,569,653 Income from operations 17,807,648 16,665,715 5,232,526 5,327,917 Other income (expense) - net (341,868) (12,712) (171,719) (40,752) Income before income taxes 17,465,780 16,653,003 5,060,807 5,287,165 Income taxes 5,969,000 5,780,000 1,761,000 1,820,000 Net income $ 11,496,780 $ 10,873,003 $ 3,299,807 $ 3,467,165 Basic and diluted earnings per share $ 1.20 $ 1.13 $ 0.34 $ 0.36 Cash dividends declared per share $ 0.30 $ 0.30 $ 0.10 $ 0.10 Weighted average number of common shares outstanding 9,600,203 9,584,169 9,602,621 9,590,121
See Notes to Consolidated Financial Statements - 4 - AMPCO-PITTSBURGH CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
Nine Months Ended Sept. 30, 2000 1999 Net cash flows provided by operating activities $ 16,571,680 $ 16,925,041 Cash flows from investing activities: Purchases of property, plant and equipment (10,465,217) (8,741,830) Proceeds from sale of business (Note 7) 1,760,613 - Proceeds from sale of investments 1,297,248 - Proceeds from sales of property, plant and equipment - 401,897 Use of unexpended industrial revenue bond proceeds - 504,625 Business acquisitions (Note 7) - (23,591,200) Reimbursement of purchase price (Note 7) 298,058 - Net cash flows (used in) investing activities (7,109,298) (31,426,508) Cash flows from financing activities: Proceeds from industrial revenue bonds - 2,075,000 Proceeds from the issuance of stock 125,000 125,000 Dividends paid (2,879,537) (2,874,536) Net cash flows (used in) financing activities (2,754,537) (674,536) Effect of exchange rate changes on cash and cash equivalents (822,379) (848) Net increase (decrease) in cash and cash equivalents 5,885,466 (15,176,851) Cash and cash equivalents at beginning of period 16,322,834 33,107,815 Cash and cash equivalents at end of period $ 22,208,300 $ 17,930,964
See Notes to Consolidated Financial Statements. - 5 - AMPCO-PITTSBURGH CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 1. Unaudited Consolidated Financial Statements The consolidated balance sheet as of September 30, 2000, the consolidated statements of income for the nine and three months ended September 30, 2000 and 1999 and the condensed consolidated statements of cash flows for the nine months ended September 30, 2000 and 1999 have been prepared by the Corporation without audit. In the opinion of management, all adjustments, consisting of only normal recurring adjustments, necessary to present fairly the financial position, results of operations and cash flows for the periods presented have been made. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted. These consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Corporation's annual report to shareholders for the year ended December 31, 1999. The results of operations for the period ended September 30, 2000 are not necessarily indicative of the operating results for the full year. 2. Inventory At September 30, 2000 and December 31, 1999, approximately 67% and 63% respectively, of the inventories are valued on the LIFO method, with the remaining inventories being valued on the FIFO method. Inventories are comprised of the following: (in thousands) September 30, December 31, 2000 1999 Raw materials $ 12,227 $ 11,714 Work-in-process 26,481 26,212 Finished goods 3,684 4,084 Supplies 4,708 5,271 $ 47,100 $ 47,281 3. Comprehensive Income The Corporation's comprehensive income for the nine and three months ended September 30, 2000 and 1999 consisted of: (in thousands) Nine Months Ended Three Months Ended September 30, September 30, 2000 1999 2000 1999 Net income $11,497 $10,873 $ 3,300 $ 3,467 Foreign currency translation (2,807) 1,400 (1,474) 2,849 Unrealized holding (losses) gains on securities (23) (14) 63 (142) Comprehensive income $ 8,667 $12,259 $ 1,889 $ 6,174 - 6 - 4. Stock Option Plan In April 2000, the shareholders approved an amendment to the 1997 Stock Option Plan increasing the aggregate number of options available to be granted from 300,000 to 600,000. In May 2000, options for 272,500 shares of common stock were granted at an exercise price of $10.8125 per share which was the market price on the date of grant. 5. Earnings Per Share Basic earnings per share is computed by dividing net income by the weighted average number of common shares outstanding for the period. In February 2000, 12,500 options were exercised resulting in a weighted average number of common shares outstanding for the nine and three months ended September 30, 2000 of 9,600,203 and 9,602,621 shares, respectively. The weighted average number of common shares outstanding for the nine and three months ended September 30, 1999 equaled 9,584,169 and 9,590,121 shares, respectively. The computation of diluted earnings per share is similar to basic earnings per share except that the denominator is increased to include the net additional common shares that would have been outstanding assuming exercise of outstanding stock options, calculated using the treasury stock method. The weighted average number of common shares outstanding assuming exercise of the stock options was 9,619,477 shares and 9,625,979 shares for the nine and three months ended September 30, 2000, respectively, and 9,610,160 and 9,629,552 for the nine and three months ended September 30, 1999, respectively. 6. Business Segments Presented below are the net sales and income before taxes for the Corporation's three business segments.
Nine Months Ended Three Months Ended September 30, September 30, 2000 1999 2000 1999 Net Sales: Forged and Cast Rolls $ 87,264 $ 68,297 $ 25,774 $ 25,588 Air and Liquid Processing 55,427 54,549 18,163 18,509 Plastics Processing Machinery 25,133 27,343 7,623 7,801 Total Reportable Segments $167,824 $150,189 $ 51,560 $ 51,898 Income before Taxes: Forged and Cast Rolls $ 9,635 $ 8,059 $ 2,364 $ 2,663 Air and Liquid Processing 6,687 6,318 2,359 2,404 Plastics Processing Machinery 1,486 2,289 510 261 Total Reportable Segments 17,808 16,666 5,233 5,328 Other income (expense) - net (342) (13) (172) (41) Total $ 17,466 $ 16,653 $ 5,061 $ 5,287
- 7 - 7. Business Acquisitions/Divestitures On August 2, 1999, the Corporation acquired the stock of The Davy Roll Company and two smaller companies (collectively, Davy) for approximately $24,000,000. During the second quarter 2000, approximately $300,000 was returned to the Corporation by the seller based on the balance sheet of Davy as at the date of the transaction. In March 2000, the Corporation sold the net assets, excluding accounts receivables, of the small roll division of The Davy Roll for approximately net book value. A portion of the proceeds included notes which were repaid early (in September 2000). The proceeds exceeded the carrying value of the notes by approximately $100,000; accordingly, a gain was recorded. 8. Subsequent Event On October 27, 2000, the Corporation purchased the outstanding stock of a company which manufactures heat transfer rolls for approximately $1,300,000, plus the assumption of debt. The company compliments the previously existing Plastics Processing Machinery Segment. The acquisition will be accounted for as a purchase transaction in accordance with APB. No. 16, "Business Combinations". 9. Recently Issued Accounting Standards In June 1998, the Financial Accounting Standards Board issued SFAS No. 133, "Accounting for Derivative Instruments and Hedging Activities". This pronouncement requires all derivative instruments to be reported at fair value on the balance sheet; depending on the nature of the derivative instrument, changes in fair value will be recognized either in net income or as an element of other comprehensive income. As amended, SFAS No. 133 is effective for the Corporation on January 1, 2001. Management is currently identifying and documenting the various derivative instruments used throughout the Corporation as well as the Corporate accounting policy with respect to each. The Corporation, however, does not engage in significant activity with respect to derivative instruments or hedging activities; accordingly, management does not anticipate adoption of SFAS No. 133 will have a material effect on the financial condition, results of operations or liquidity of the Corporation. In December 1999, the Securities and Exchange Commission issued Staff Accounting Bulletin No. 101, "Revenue Recognition in Financial Statements". SAB No. 101 is effective for the Corporation in fourth quarter 2000. Management is evaluating the impact of SAB No. 101 but does not anticipate its adoption will have a material effect on the financial condition, results of operations or liquidity of the Corporation. - 8 - AMPCO-PITTSBURGH CORPORATION MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Operations for the Nine and Three Months Ended September 30, 2000 and 1999 On August 2, 1999, the Corporation acquired the stock of The Davy Roll Company and two smaller companies (Davy) and subsequently sold the small roll division of Davy in March 2000. Operations Net Sales. Net sales for the nine and three months ended September 30, 2000 were $167,824,000 and $51,560,000, respectively, compared to $150,189,000 and $51,898,000, respectively, for the same periods of 1999. A discussion of the third quarter and year-to-date sales for the Corporation's three segments is included below. Order backlogs improved to approximately $120,500,000 at September 30, 2000 in comparison to $118,100,000 at December 31, 1999. An increase in backlog for the Air and Liquid Processing and the Plastics Processing Machinery segments offset the decrease in backlog for the Forge and Cast Rolls segment which includes a $3,000,000 reduction from the sale of the small roll division of Davy. Cost of Products Sold. The cost of products sold, excluding depreciation, equaled 72.5% and 72.3%, respectively of net sales for the nine and three months ended September 30, 2000. This compares with the prior comparable periods of 70.5% and 72.0%, respectively. The increase for the nine and three months ended September 30, 2000 is due primarily to Davy which has a higher cost of products sold. Without Davy, cost of products sold, excluding depreciation, approximated 70.1% and 69.2% of net sales for the nine and three months ended September 30, 2000, respectively, in comparison to 69.6% and 69.5% of net sales for the nine and three months ended September 30, 1999, respectively. Income from Operations. Income from operations increased $1,142,000 for the nine-month period ended September 30, 2000 to $17,808,000 and decreased $95,000 for the three-month period ended September 30, 2000 to $5,233,000, both compared to the respective prior year periods. A discussion of the third quarter and year-to-date results for the Corporation's three segments is included below. Operating income for the nine and three months ended September 30, 2000 benefited from lower pension costs of approximately $1,350,000 and $850,000, respectively, due principally to better than expected investment returns on plan assets. Forged and Cast Rolls. Sales for the Forged and Cast Rolls segment increased for the nine and three months ended September 30, 2000 by $18,967,000 and $186,000 to $87,264,000 and $25,774,000, respectively. The increase in sales is primarily attributable to the third quarter 1999 acquisition of Davy. Excluding Davy, sales decreased from the comparable prior year periods by approximately $3,826,000 and $1,794,000 for the nine and three month periods ended September 30, 2000, respectively. The decrease in sales for the nine months ended September 30, 2000 is primarily due to lower overseas sales which have been impacted by the strength of the dollar and due to a strike at one of its forged roll finishing plants throughout the month of September, which was subsequently settled on October 29, 2000. The decrease in sales for the three months ended September 30, 2000 is primarily due to the strike. Operating income - 9 - increased for the nine months ended September 30, 2000 by $1,576,000 to $9,635,000 but decreased $299,000 to $2,364,000 for the three months ended September 30, 2000. Excluding Davy, operating income increased approximately $453,000 for the nine months ended September 30, 2000 despite the decrease in sales due principally to lower depreciation and favorable adjustments to pension expense offset by the effects of the strike. Excluding Davy, operating income decreased by $377,000 for the three months ended September 30, 2000. Air and Liquid Processing. For the nine months ended September 30, 2000, sales for the Air and Liquid Processing segment increased $878,000 to $55,427,000 and earnings increased $369,000 to $6,687,000. This compares to sales and earnings of $54,549,000 and $6,318,000, respectively, for the nine months ended September 30, 1999. An increase in pumps sales to the power generation industry and the Navy account for this increase offsetting the lower sales of the air handling system operation which benefited from a large, highly profitable shipment of specialized air handling units during 1999. Operating results for the three months ended September 30, 2000, approximated those for the similar prior year period. Plastics Processing Machinery. Sales and earnings for the Plastics Processing Machinery segment for the nine month period ended September 30, 2000 decreased by $2,210,000 and $803,000 to $25,133,000 and $1,486,000, respectively. Product mix as well as a general slowdown in the extrusion and injection molding markets account for this decline. In addition, year-to-date results for 1999 benefited from unusually high shipments of the machine product line. Sales decreased by $178,000 to $7,623,000 but earnings improved by $249,000 to $510,000 for the three months ended September 30, 2000 due principally to product mix. Other Income (Expense). Other income (expense) for the nine and three months ended September 30, 2000 of $(342,000) and $(172,000) compares to $(13,000) and $(41,000) for the comparable periods in 1999. The increase in expense is due primarily to losses on foreign exchange. These losses were offset by a $100,000 gain that resulted from proceeds from the repayment of notes received from the buyer of the small roll division exceeding the carrying value of the notes. Net Income. As a result of all of the above, the Corporation had net income for the nine and three months of 2000 of $11,497,000 and $3,300,000, respectively. This compares with $10,873,000 and $3,467,000 for the 1999 comparable periods. Liquidity and Capital Resources Net cash flows from operating activities were positive for the nine months ended September 30, 2000 at $16,572,000 in comparison to positive cash flows of $16,925,000 for the nine months ended September 30, 1999. The difference in cash flows between the two periods results primarily from changes in working capital requirements. Net cash flows used in investing activities were $7,109,000 in 2000 compared to $31,427,000 in 1999. Capital expenditures for 2000 totaled $10,465,000 compared to $8,237,000 in 1999, after consideration of reimbursement from unexpended bond proceeds from previously issued bonds. Capital expenditures carried forward from September 30, 2000 approximate $9,400,000. Funds on-hand, funds generated by future operations and available lines of credit are expected to be sufficient to finance capital - 10 - expenditure requirements. In August 1999, the Corporation acquired Davy for approximately $23,600,000 which was financed from available cash and cash equivalents. Subsequently, in the second quarter 2000, approximately $300,000 was returned to the Corporation by the seller based on the balance sheet of Davy as of the date of the transaction. In March 2000, the Corporation sold the net assets, excluding accounts receivables, of the small roll division of Davy for approximately $1,673,000. A portion of the proceeds included a $400,000 note which was paid in September as well as an additional $100,000 on a long-term note originally deemed to have no present value. Also in March 2000, the Corporation sold the remaining discontinued operation property, which it carried as an investment, for its carrying value of approximately $1,300,000. Cash used in financing activities for 2000 and 1999 includes payment of quarterly dividends at a rate of $.10 per share. In first quarter 1999, proceeds were received from the issuance of tax-exempt industrial revenue bonds. In addition, proceeds were received from the issuance of stock under the Corporation's stock option plan in 2000 and 1999 resulting in net cash used in financing activities of $2,755,000 for 2000 and $675,000 for 1999. The Corporation maintains short-term lines of credit in excess of the cash needs of its businesses. The total available at September 30, 2000 was approximately $10,000,000. With respect to environmental concerns, the Corporation has been named a potentially responsible party at a third party site. The Corporation has accrued its share of the estimated cost of remedial actions it would likely be required to contribute. While it is not possible to quantify with certainty the potential cost of actions regarding environmental matters, particularly any future remediation and other compliance efforts, in the opinion of management, compliance with the present environmental protection laws and the potential liability for all environmental proceedings will not have a material adverse effect on the financial condition, results of operations or liquidity of the Corporation. The nature and scope of the Corporation's business brings it into regular contact with a variety of persons, businesses and government agencies in the ordinary course of business. Consequently, the Corporation and its subsidiaries from time to time are named in various legal actions. The Corporation does not anticipate that its financial condition, results of operations or liquidity will be materially affected by the costs of known, pending or threatened litigation. Conversion to the Euro The Corporation has identified issues that may result from conversion to the Euro which include primarily changes to information systems at its Belgian operation. The Corporation does not expect the conversion to the Euro will have a material impact on its financial condition, results of operations or liquidity. - 11 - PART II - OTHER INFORMATION AMPCO-PITTSBURGH CORPORATION Items 1-5. None Item 6. Exhibits and Reports on Form 8-K (a) Exhibits 3. Articles of Incorporation and By-laws (a) Articles of Incorporation Incorporated by reference to the Quarterly Report on Form 10-Q for the quarter ended March 31, 1983; the Quarterly Report on Form 10-Q for the quarter ended March 31, 1984; the Quarterly Report on Form 10-Q for the quarter ended March 31, 1985; the Quarterly Report on Form 10-Q for the quarter ended March 31, 1987; and the Quarterly Report on Form 10-Q for the quarter ended September 30, 1998. (b) By-laws Incorporated by reference to the Quarterly Report on Form 10-Q for the quarter ended September 30, 1994 and the Quarterly Report on Form 10-Q for the quarter ended March 31, 1996. 4. Instruments defining the rights of securities holders (a) Rights Agreement between Ampco-Pittsburgh Corporation and Chase Mellon Shareholder Services dated as of September 28, 1998. Incorporated by reference to the Form 8-K Current Report dated September 28, 1998. 10. Material Contracts (a) 1988 Supplemental Executive Retirement Plan Incorporated by reference to the Quarterly Report on Form 10-Q for the quarter ended March 31, 1996. (b) Severance Agreements between Ampco-Pittsburgh Corporation and certain officers and employees of Ampco-Pittsburgh Corporation. Incorporated by reference to the Quarterly Report on Form 10-Q for the quarter ended September 30, 1988; the Quarterly Report on Form 10-Q for the quarter ended September 30, 1994; the Annual Report on Form 10-K for fiscal year ended December 31, 1994; the Quarterly Report on Form 10-Q for the quarter ended - 12 - June 30, 1997; the Annual Report on Form 10-K for the fiscal year ended December 31, 1998; and the Quarterly Report on Form 10-Q for the quarter ended June 30, 1999. (c) 1997 Stock Option Plan, as amended. Incorporated by reference to the Proxy Statements dated March 14, 1997 and March 15, 2000. 27. Financial Data Schedule (b) Reports on Form 8-K None - 13 - 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. AMPCO-PITTSBURGH CORPORATION DATE: November 13, 2000 BY: s/Robert A. Paul Robert A. Paul President and Chief Executive Officer DATE: November 13, 2000 BY: s/Marliss D. Johnson Marliss D. Johnson Vice President Controller and Treasurer - 14 - EX-27 2 0002.txt
EXHIBIT 27 EXHIBIT 27
5 9-MOS DEC-31-2000 SEP-30-2000 22,208,300 0 44,014,605 439,486 47,100,387 116,752,197 175,331,968 84,823,614 236,509,026 34,097,578 14,661,000 0 0 9,602,621 148,927,963 236,509,026 167,823,636 168,149,619 121,676,337 150,015,988 0 0 667,851 17,465,780 5,969,000 11,496,780 0 0 0 11,496,780 1.20 1.20
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