-----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, CgdxvKPppEYM6eYqEUTkO+wBzJzdjkLPyNaYPp12NKIvTFprXmZXIkcjj/XWIBpc 0NhLCZkA80ge2o4Sc3MsKA== 0000062996-96-000009.txt : 19960517 0000062996-96-000009.hdr.sgml : 19960517 ACCESSION NUMBER: 0000062996-96-000009 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 19960331 FILED AS OF DATE: 19960515 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: MASCO CORP /DE/ CENTRAL INDEX KEY: 0000062996 STANDARD INDUSTRIAL CLASSIFICATION: WOOD HOUSEHOLD FURNITURE, (NO UPHOLSTERED) [2511] IRS NUMBER: 381794485 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-05794 FILM NUMBER: 96566911 BUSINESS ADDRESS: STREET 1: 21001 VAN BORN RD CITY: TAYLOR STATE: MI ZIP: 48180 BUSINESS PHONE: 3132747400 MAIL ADDRESS: STREET 1: 21001 VAN BORN ROAD CITY: TAYLOR STATE: MI ZIP: 48180 FORMER COMPANY: FORMER CONFORMED NAME: MASCO SCREW PRODUCTS CO DATE OF NAME CHANGE: 19731025 10-Q 1 MASCO CORPORATION 1ST QUARTER 10-Q FORM 10-Q SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 Quarterly Report Pursuant To Section 13 or 15(d) of the Securities Exchange Act of 1934 For Quarter Ended March 31, 1996. Commission File Number 1-5794 MASCO CORPORATION (Exact name of Registrant as specified in its Charter) Delaware 38-1794485 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 21001 Van Born Road, Taylor, Michigan 48180 (Address of principal executive offices) (Zip Code) (313) 274-7400 (Telephone Number) 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 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 issuer's classes of common stock, as of the latest practical date. Shares Outstanding at Class May 1, 1996 Common stock, par value $1 per share 160,439,000 MASCO CORPORATION INDEX Page No. Part I. Financial Information Item 1. Financial Statements Condensed Consolidated Balance Sheet - March 31, 1996 and December 31, 1995 1 Condensed Consolidated Statement of Income for the Three Months Ended March 31, 1996 and 1995 2 Condensed Consolidated Statement of Cash Flows for the Three Months Ended March 31, 1996 and 1995 3 Notes to Condensed Consolidated Financial Statements 4-7 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 8-9 Unaudited Information Regarding Equity Affiliates for the Three Months Ended March 31, 1996 and 1995 10 Part II. Other Information and Signature 11 MASCO CORPORATION CONDENSED CONSOLIDATED BALANCE SHEET March 31, 1996 and December 31, 1995 (Dollars in thousands) March 31, December 31, ASSETS 1996 1995 Current assets: Cash and cash investments $ 45,690 $ 60,470 Accounts and notes receivable, net 489,740 439,900 Prepaid expenses and other 66,280 72,370 Inventories: Raw material 176,650 171,670 Finished goods 121,040 130,070 Work in process 91,710 90,020 389,400 391,760 Total current assets 991,110 964,500 Equity investments in MascoTech, Inc. 209,860 202,380 Equity investments in other affiliates 63,620 62,570 Property and equipment, net 865,340 856,690 Excess of cost over acquired net assets 343,240 343,510 Other noncurrent assets 294,710 296,310 Net assets of discontinued operations 1,035,080 1,052,670 Total assets $3,802,960 $3,778,630 LIABILITIES Current liabilities: Notes payable $ 18,420 $ 25,690 Accounts payable 107,070 125,230 Accrued liabilities 295,450 294,930 Total current liabilities 420,940 445,850 Long-term debt 1,594,890 1,577,100 Deferred income taxes and other 102,960 100,250 Total liabilities 2,118,790 2,123,200 SHAREHOLDERS' EQUITY Common stock, par value $1 per share Authorized shares: 400,000,000 160,430 160,380 Preferred stock, par value $1 per share Authorized shares: 1,000,000 --- --- Paid-in capital 129,640 128,550 Retained earnings 1,397,010 1,366,330 Cumulative translation adjustments (2,910) 170 Total shareholders' equity 1,684,170 1,655,430 Total liabilities and shareholders' equity $3,802,960 $3,778,630 See notes to condensed consolidated financial statements. 1 MASCO CORPORATION CONDENSED CONSOLIDATED STATEMENT OF INCOME For the Three Months Ended March 31, 1996 and 1995 (Amounts in thousands except per share data) Three Months Ended March 31 1996 1995 Net sales $764,000 $721,000 Cost of sales 480,330 438,830 Gross profit 283,670 282,170 Selling, general and administrative expenses 172,140 160,310 Operating profit 111,530 121,860 Other (income) expense, net: Interest expense 17,500 16,550 Equity earnings from MascoTech, Inc. (8,870) (3,770) Other, net (3,900) (7,550) 4,730 5,230 Income from continuing operations before income taxes 106,800 116,630 Income taxes 44,800 46,710 Income from continuing operations 62,000 69,920 Income from operations of discontinued segment (net of $2,990 of income taxes in 1995) --- 4,480 Net income $ 62,000 $ 74,400 Earnings per share: Continuing operations $.39 $.44 Discontinued operations -- .03 Earnings per share $.39 $.47 Cash dividends declared and paid per share $.19 $.18 Average shares outstanding 160,400 158,400 See notes to condensed consolidated financial statements. 2 MASCO CORPORATION CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS For the Three Months Ended March 31, 1996 and 1995 (Dollars in thousands) Three Months Ended March 31 1996 1995 CASH FLOWS FROM (FOR) OPERATING ACTIVITIES: Cash provided by continuing operations $ 80,230 $ 73,810 (Increase) in receivables (49,840) (83,870) (Increase) decrease in inventories 2,980 (22,690) Decrease in prepaid expenses 6,090 8,460 Increase (decrease) in current liabilities (18,500) 590 Total cash from (for) operating activities of continuing operations 20,960 (23,700) CASH FLOWS FROM (FOR) INVESTING ACTIVITIES: Capital expenditures (25,200) (43,740) Proceeds from sale of Formica investment --- 73,770 Other, net (7,230) 17,540 Total cash from (for) investing activities of continuing operations (32,430) 47,570 Discontinued operations, net 17,590 (11,010) Total cash from (for) investing activities (14,840) 36,560 CASH FLOWS FROM (FOR) FINANCING ACTIVITIES: Increase in debt 53,610 83,360 Payment of debt (44,050) (72,310) Cash dividends paid (30,460) (28,280) Total cash (for) financing activities of continuing operations (20,900) (17,230) CASH AND CASH INVESTMENTS: Decrease for the quarter (14,780) (4,370) At January 1 60,470 36,530 At March 31 $ 45,690 $ 32,160 See notes to condensed consolidated financial statements. 3 MASCO CORPORATION NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS A. In the opinion of the Company, the accompanying unaudited condensed consolidated financial statements contain all adjustments, of a normal recurring nature, necessary to present fairly its financial position as at March 31, 1996 and the results of operations and changes in cash flows for the three months ended March 31, 1996 and 1995. The statements of income and cash flows and related notes for the three months ended March 31, 1995 have been reclassified to present the Company's home furnishings products segment as discontinued operations. In addition, the condensed consolidated balance sheet as of March 31, 1996 and December 31, 1995 reflects the home furnishings products segment as discontinued operations. The condensed consolidated balance sheet at December 31, 1995 was derived from audited financial statements, but does not include all disclosures required by generally accepted accounting principles. Earnings per share are calculated based on the weighted average common shares outstanding. B. On April 1, 1996, the Company entered into an agreement for the sale of its home furnishings products businesses to Furnishings International, Inc. The Company classified its home furnishings products segment as discontinued operations in late November 1995. Furnishings International's investors currently include 399 Venture Partners (a subsidiary of Citibank), certain members of Furnishings International's management, the Company and other institutional investors. The value of this transaction to the Company is in excess of $1 billion with approximately $760 million of the purchase price in cash. The balance will consist of subordinated debt, preferred stock and 15 percent of the common equity of Furnishings International. In addition, the Company will receive certain transferable rights to acquire additional equity in Furnishings International. The transaction is expected to be completed within 90 days and is subject to certain closing conditions. The Company's discontinued home furnishings products segment had net income of approximately $8 million for the quarter ended March 31, 1996 (considered in determining the $650 million loss reserve established in 1995). C. Other (income) expense, net consists of the following, in thousands: Three Months Ended March 31 1996 1995 Interest expense $17,500 $16,550 Equity earnings from MascoTech, Inc. (8,870) (3,770) Equity earnings, other (2,020) (2,260) Interest income and gains from marketable securities and cash investments (3,710) (2,180) Other, net 1,830 (3,110) $ 4,730 $ 5,230 Interest expense is presented net of interest expense allocated to discontinued operations of $10.9 million and $11.9 million for the quarters ended March 31, 1996 and 1995, respectively. Included in 1996 equity earnings from MascoTech is approximately $5 million of income related to a MascoTech accounting change. 4 MASCO CORPORATION NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued) Note C - Concluded: Included in other, net for the three months ended March 31, 1995, was a $15.9 million gain from the sale of the Company's investment in Formica Corporation; this gain was largely offset by charges for product line disposals. D. The following presents the combined unaudited financial statements of the Company, MascoTech, Inc. and TriMas Corporation as one entity, with Masco Corporation as the parent company. The statements of income and cash flows for the three months ended March 31, 1995 have been reclassified to present the Company's home furnishings products segment as discontinued operations. In addition, the balance sheet as of March 31, 1996 and December 31, 1995 reflects the home furnishings products segment as discontinued operations. Intercompany transactions have been eliminated. Amounts, except per share data, are in thousands. Combined Balance Sheet March 31, December 31, Assets 1996 1995 Current assets: Cash and cash investments $ 131,130 $ 169,240 Marketable securities 4,120 4,120 Accounts and notes receivable, net 801,670 727,300 Prepaid expenses 43,220 52,160 Deferred income taxes 94,460 95,650 Net current assets of businesses held for disposition 24,850 62,410 Inventories: Raw material 244,160 230,290 Finished goods 190,030 198,680 Work in process 145,100 142,700 579,290 571,670 Total current assets 1,678,740 1,682,550 Equity investments in affiliates 198,630 199,330 Property and equipment, net 1,507,640 1,496,840 Excess of cost over acquired net assets 619,810 618,190 Net non-current assets of businesses held for disposition 21,290 104,510 Net assets of discontinued operations 1,035,080 1,052,670 Other assets 388,170 390,300 Total assets $5,449,360 $5,544,390 Liabilities and Shareholders' Equity Current liabilities: Notes payable $ 23,780 $ 31,050 Accounts payable 225,320 249,330 Accrued liabilities 421,990 406,570 Total current liabilities 671,090 686,950 Long-term debt 2,339,720 2,466,210 Deferred income taxes and other 278,150 271,030 Other interests in combined affiliates 476,230 464,770 Equity of shareholders of Masco Corporation 1,684,170 1,655,430 Total liabilities and shareholders' equity $5,449,360 $5,544,390 5 MASCO CORPORATION NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued) Note D - Continued: Three Months Ended March 31 Combined Statement of Income 1996 1995 Net sales $1,279,790 $1,305,760 Costs and expenses, net: Cost of sales 887,220 899,530 Selling, general and administrative expenses 232,660 229,830 Charge on disposition of businesses, net 2,000 1,500 Other (income) expense, net: Interest expense 28,120 34,980 Other income, net (9,060) (12,350) 19,060 22,630 1,140,940 1,153,490 Income from continuing operations before income taxes and other interests 138,850 152,270 Income taxes 58,670 66,180 Other interests in combined affiliates 21,260 16,170 Income from continuing operations 58,920 69,920 Income from operations of discontinued segment (net of income taxes) --- 4,480 Cumulative effect of an accounting change, net 3,080 --- Net income $ 62,000 $ 74,400 Earnings per share: Continuing operations $.37 $.44 Discontinued segment -- .03 Cumulative effect of an accounting change .02 -- Earnings per share $.39 $.47 Cash dividends declared and paid per share $.19 $.18 Average shares outstanding 160,400 158,400 6 MASCO CORPORATION NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (concluded) Note D - Concluded: Three Months Ended March 31 Combined Statement of Cash Flows 1996 1995 Cash Flows From (For) Operating Activities: Cash provided by continuing operations $ 102,850 $ 101,910 (Increase) in receivables (78,050) (116,250) (Increase) in inventories (5,370) (20,960) Decrease in marketable securities, net --- 30,840 Decrease in prepaid expenses 9,130 5,320 Decrease in current liabilities (11,640) (560) Total cash from operating activities 16,920 300 Cash Flows From (For) Investing Activities: Capital expenditures (43,050) (67,820) Proceeds from sale of Formica investment --- 73,770 Proceeds from sale of subsidiaries 129,180 28,880 Acquisitions, net of cash acquired (4,470) (21,190) Discontinued operations, net 17,590 (11,010) Net assets held for disposition (760) (5,020) Other, net 17,870 46,120 Total cash from investing activities 116,360 43,730 Cash Flows From (For) Financing Activities: Increase in debt 54,330 257,110 Payment of debt (190,040) (313,820) Cash dividends paid (35,680) (33,460) Total cash (for) financing activities (171,390) (90,170) Cash and Cash Investments: Decrease for the period (38,110) (46,140) At January 1 169,240 206,150 At March 31 $ 131,130 $ 160,010 7 MASCO CORPORATION Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS FIRST QUARTER 1996 VERSUS FIRST QUARTER 1995 Net sales from continuing operations for the three months ended March 31, 1996 increased 6 percent to $764 million from $721 million in the comparable period in 1995. After adjusting for a 1995 acquisition and divestitures of two small operations, net sales increased 3 percent. The Company's operating profit margins from continuing operations declined in the first quarter of 1996 as compared with the first quarter of 1995. Cost of sales as a percentage of sales increased to 62.9 percent for the first quarter of 1996 from 60.9 percent for the comparable period in 1995. This increase primarily reflects the influence of a higher percentage of lower margin sales to total sales, as well as under-utilization of plant capacity. Selling, general and administrative expenses as a percentage of sales for the three months ended March 31, 1996 increased modestly to 22.5 percent from 22.2 percent in the comparable period in 1995. Included in other (income) expense, net from continuing operations for the three months ended March 31, 1996 are equity earnings from MascoTech, Inc. of $8.9 million, which include the Company's approximate $5 million equity share of MascoTech's non-recurring income, resulting from the cumulative effect of the adoption of a new accounting rule relating to the accounting for assets held for sale; equity earnings from MascoTech were $3.8 million in the comparable period in 1995. Included in other (income) expense, net for the three months ended March 31, 1995, was a $15.9 million gain from the sale of the Company's investment in Formica Corporation; this gain was largely offset by charges for product line disposals. Net income from continuing operations for the first quarter of 1996 decreased 11 percent to $62.0 million from $69.9 million in the comparable period in 1995, and net income from continuing operations per share also decreased 11 percent to $.39 from $.44. The Company experienced reduced operating results from its European operations; also, the Company's effective tax rate increased to 42 percent for the first quarter of 1996 from 40 percent for the comparable period in 1995 primarily as a result of higher taxes on foreign earnings. In addition to the above, earnings in the 1996 first quarter were comparatively lower than the previous year due to a particularly strong first quarter in 1995; relatively modest current growth in consumer spending and home improvement markets continues to adversely affect the Company's sales growth and profit margins. On April 1, 1996, the Company entered into an agreement for the sale of its home furnishings products businesses to Furnishings International, Inc. The Company classified its home furnishings products segment as discontinued operations in late November 1995. Furnishings International's investors currently include 399 Venture Partners (a subsidiary of Citibank), certain members of Furnishings International's management, the Company and other institutional investors. The value of this transaction to the Company is in excess of $1 billion with approximately $760 million of the purchase price in cash. The balance will consist of subordinated debt, preferred stock and 15 percent of the common equity of Furnishings International. In addition, the Company will receive certain transferable rights to acquire additional equity in Furnishings International. 8 MASCO CORPORATION Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS FIRST QUARTER 1996 VERSUS FIRST QUARTER 1995 (concluded) The transaction is expected to be completed within 90 days and is subject to certain closing conditions. The Company's President and Chief Operating Officer will join Furnishings International as its full-time Chairman, President and Chief Executive Officer and will leave the Company upon completion of the transaction. The Company intends to use $550 million of the anticipated proceeds from the sale of the home furnishings products businesses to reduce debt. The balance of the proceeds will eventually be reinvested in the future growth of the Company. In April 1996 the Company's equity affiliate MascoTech, Inc. announced the signing of a letter of intent for the sale of one of its subsidiaries. This letter of intent is subject to the execution of a definitive agreement, regulatory approval and approval by the Boards of Directors of both MascoTech and the buyer. MascoTech anticipates that this sale, if consummated, would result in a non-cash after-tax charge of approximately $30 million in the second quarter of 1996. If the sale is consummated, the Company would be required to record a non-cash after-tax charge of approximately $8 million as its equity share of this charge. At March 31, 1996 current assets were 2.4 times current liabilities, from continuing operations. First quarter 1996 cash from operations was affected by an expected and recurring first quarter increase in accounts receivable. As the annual increase in accounts receivable is historically experienced in the first quarter, cash from operations in the remaining three quarters of 1996 should not be affected by significant increases in accounts receivable. The Company believes that its cash from operations and, to the extent necessary, future financial market activities and bank borrowings, are sufficient to fund its working capital and other investment needs. The Company has on file with the Securities and Exchange Commission, an unallocated shelf registration pursuant to which the Company is able to issue up to a combined $759 million of debt and equity securities. 9 UNAUDITED INFORMATION REGARDING EQUITY AFFILIATES FOR THE THREE MONTHS ENDED MARCH 31, 1996 AND 1995 Equity investments in affiliates consist primarily of the following approximate common stock and partnership interests at March 31: 1996 1995 MascoTech, Inc. 45% 41% Hans Grohe, a German partnership 27% 27% TriMas Corporation 5% 5% The Company has an approximate 39 percent voting interest in MascoTech at March 31, 1996, after including the voting interests of the preferred stockholders of MascoTech. The following presents the condensed financial data of MascoTech, Inc. Amounts are in thousands. Three Months Ended March 31 1996 1995 Sales - Net $373,920 $445,010 Gross Profit $ 61,440 $ 76,460 Net Income (After Preferred Stock Dividends) $ 19,200 $ 10,220 10 PART II. OTHER INFORMATION MASCO CORPORATION Items 1 through 5 are not applicable. Item 6. Exhibits and Reports on Form 8-K (a) Exhibits: 11 - Computation of Earnings Per Share 12 - Computation of Ratio of Earnings to Fixed Charges 27 - Financial Data Schedule (b) Reports on Form 8-K: Report on Form 8-K dated January 4, 1996 reporting under Item 5 the issuance of a press release relating to the termination of Morgan Stanley Capital Partners' participation in the purchase of the Company's Home Furnishings Group. Report on Form 8-K dated April 1, 1996 reporting under Item 5 the issuance of a press release relating to the agreement to sell the Company's Home Furnishings Group to Furnishings International, Inc. and the Company's first quarter 1996 results. 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. MASCO CORPORATION (Registrant) Date: May 15, 1996 By: /s/Richard G. Mosteller Richard G. Mosteller Senior Vice-President - Finance (Chief Financial officer and authorized signatory) 11 MASCO CORPORATION EXHIBIT INDEX Exhibit Exhibit 11 Computation of Earnings Per Share Exhibit 12 Computation of Ratio of Earnings to Fixed Charges Exhibit 27 Financial Data Schedule EX-11 2 MASCO CORPORATION 1ST QUARTER 10-Q EXHIBIT 11 Exhibit 11 MASCO CORPORATION AND CONSOLIDATED SUBSIDIARIES COMPUTATION OF EARNINGS PER SHARE Primary and Fully Diluted Earnings Per Share For the Three Months Ended March 31, 1996 and 1995 (Amounts in thousands except per share amounts) Three Months Ended March 31 1996 1995 Shares for computation of primary and fully diluted earnings per share: Weighted average number of shares outstanding 160,400 158,400 Common stock equivalents: Shares issuable assuming conversion of debentures 4,200 4,200 Stock options 790 700 Total shares for primary and fully diluted earnings per share computation 165,390 163,300 Income from continuing operations $62,000 $69,920 Add back of debenture interest, net 1,500 1,500 Adjusted earnings from continuing operations 63,500 71,420 Income from operations of discontinued segment --- 4,480 Earnings attributable to common stock $63,500 $75,900 Primary and fully diluted earnings per share: Continuing operations $.38 $.44 Discontinued operations -- .03 Primary and fully diluted earnings per share $.38 $.47 Earnings per share as reported $.39 $.47 This calculation is submitted in accordance with Regulation S-K Item 601(b)(11), although not required by APB Opinion No. 15, inasmuch as dilution for either period was less than 3 percent. EX-12 3 MASCO CORPORATION 1ST QUARTER 10-Q EXHIBIT 12 Exhibit 12 MASCO CORPORATION AND CONSOLIDATED SUBSIDIARIES Computation of Ratio of Earnings to Fixed Charges
(Thousands of Dollars) Three Months Ended March 31, Year Ended December 31, 1996 1995 1994 1993 1992 1991 Earnings Before Income Taxes And Fixed Charges: Income from continuing operations before income taxes $106,800 $351,790 $292,830 $349,190 $296,020 $125,140 Deduct/add equity in undistributed (earnings) losses of fifty-percent- or-less-owned companies (8,850) (17,770) 106,200 (13,750) (13,210) 38,150 Add interest on indebtedness, net 17,420 73,400 60,360 62,860 57,190 71,640 Add amortization of debt expense 420 1,930 2,220 2,650 2,710 1,630 Add one-third of rentals 1,370 4,970 4,220 3,190 3,290 3,490 Earnings from continuing operations before income taxes and fixed charges $117,160 $414,320 $465,830 $404,140 $346,000 $240,050 Fixed charges: Interest on indebtedness $ 18,130 $ 76,460 $ 63,220 $ 63,600 $ 69,890 $ 72,850 Amortization of debt expense 420 1,930 2,220 2,650 2,710 1,630 One-third of rentals 1,370 4,970 4,220 3,190 3,290 3,490 $ 19,920 $ 83,360 $ 69,660 $ 69,440 $ 75,890 $ 77,970 Ratio of earnings to fixed charges 5.9 5.0 6.7 5.8 4.6 3.1
EX-27 4 MASCO CORPORATION 1ST QUARTER 10-Q EXHIBIT 27
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM MASCO CORPORATION'S MARCH 31, 1996 FORM 10-Q AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 1,000 3-MOS 3-MOS MAR-31-1996 MAR-31-1995 JAN-1-1996 JAN-1-1995 MAR-31-1996 MAR-31-1995 45,690 32,160 0 0 489,740 453,070 0 0 389,400 392,700 991,110 932,600 865,340 786,990 0 0 3,802,960 4,295,200 420,940 443,880 1,594,890 1,566,400 0 0 0 0 160,430 158,750 1,523,740 2,061,970 3,802,960 4,295,200 764,000 721,000 764,000 721,000 480,330 438,830 480,330 438,830 0 0 0 0 17,500 16,550 106,800 116,630 44,800 46,710 62,000 69,920 0 4,480 0 0 0 0 62,000 74,400 .39 .47 .39 .47 Receivables and property and equipment are presented net of allowances for doubtful accounts and accumulated depreciation and amortization, respectively.
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