-----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, QWakTowzvUrElLFfQVpmLptKyv0wd+zgElo3c3Dskeu0KeHCX3HZVuI7zVmTb9rU oYHm13Y1Z9h4gpatUcn/yQ== 0000069499-97-000032.txt : 19971111 0000069499-97-000032.hdr.sgml : 19971111 ACCESSION NUMBER: 0000069499-97-000032 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19970930 FILED AS OF DATE: 19971110 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: MYLAN LABORATORIES INC CENTRAL INDEX KEY: 0000069499 STANDARD INDUSTRIAL CLASSIFICATION: PHARMACEUTICAL PREPARATIONS [2834] IRS NUMBER: 251211621 STATE OF INCORPORATION: PA FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 001-09114 FILM NUMBER: 97711357 BUSINESS ADDRESS: STREET 1: 130 SEVENTH ST STREET 2: 1030 CENTURY BLDG CITY: PITTSBURGH STATE: PA ZIP: 15222 BUSINESS PHONE: 4122320100 MAIL ADDRESS: STREET 1: 1030 CENTURY BUILDING STREET 2: 130 SEVENTH STREET CITY: PITTSBURGH STATE: PA ZIP: 15222 FORMER COMPANY: FORMER CONFORMED NAME: FRM CORP DATE OF NAME CHANGE: 19711003 10-Q 1 10-Q 2ND QUARTER FILING FOR FISCAL 1998 - -------------------------------------------------------------------------------- UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q -------------------------------------------------------------- [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 1997 OR [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OR THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 1-9114 MYLAN LABORATORIES INC. (Exact Name of registrant as specified in its charter) Pennsylvania 25-1211621 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 130 Seventh Street 1030 Century Building Pittsburgh, Pennsylvania 15222 (Address of principal executive offices) (Zip Code) 412-232-0100 (Registrant's telephone number, including area code) Not Applicable (Former name, former address and former fiscal year, if changed since last report) 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 twelve 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 issuer's classes of common stock, as of the latest practicable date Outstanding at Class of Common Stock November 6, 1997 $.50 par value 122,111,884 - -------------------------------------------------------------------------------- MYLAN LABORATORIES INC. AND SUBSIDIARIES INDEX Page Number PART I. FINANCIAL INFORMATION ITEM 1: Financial Statements Consolidated Balance Sheets - September 30, 1997 and March 31, 1997 2A and 2B Consolidated Statements of Earnings - Three and Six Months Ended September 30, 1997 and 1996 3 Consolidated Statements of Cash Flows - Six Months Ended September 30, 1997 and 1996 4 Notes to Consolidated Financial Statements - Six Month Period Ended September 30, 1997 5 through 7 ITEM 2: Management's Discussion and Analysis of Financial Condition and Results of Operations 8 and 9 PART II. OTHER INFORMATION 10 MYLAN LABORATORIES INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS ASSETS September 30, March 31, 1997 1997 Unaudited Audited --------- --------- Current Assets: Cash and cash equivalents $ 93,062,000 $126,156,000 Marketable securities 18,774,000 13,876,000 Accounts receivable - net 117,535,000 115,303,000 Inventories: Raw materials 67,681,000 51,796,000 Work in process 20,471,000 20,843,000 Finished goods 44,306,000 28,251,000 ------------ ------------ 132,458,000 100,890,000 Prepaid and refundable income tax 4,887,000 - Deferred income tax benefit 6,861,000 13,532,000 Other current assets 34,784,000 9,263,000 ------------ ------------ Total Current Assets 408,361,000 379,020,000 Property, Plant and Equipment - at cost 208,662,000 197,466,000 Less accumulated depreciation 67,972,000 61,637,000 ------------ ------------ 140,690,000 135,829,000 Deferred Income Tax Benefit 2,068,000 - Marketable Securities, non-current 22,019,000 23,668,000 Investment in and Advances to Somerset 26,716,000 25,113,000 Intangible Assets-net of accumulated amortization 132,934,000 137,062,000 Other Assets 82,971,000 76,888,000 ------------ ------------ Total Assets $815,759,000 $777,580,000 ============ ============ See Notes to Consolidated Financial Statements -2A- LIABILITIES AND SHAREH0LDERS' EQUITY September 30, March 31, 1997 1997 Unaudited Audited --------- -------- Current Liabilities: Trade accounts payable $ 17,222,000 $ 18,039,000 Current portion of long-term obligations 18,768,000 17,453,000 Income taxes payable 15,820,000 13,795,000 Other current liabilities 27,406,000 24,566,000 Cash dividends payable 4,894,000 4,893,000 ------------ ------------ Total Current Liabilities 84,110,000 78,746,000 Long-Term Obligations 32,175,000 32,593,000 Deferred Income Tax Liability - 6,501,000 Shareholders' Equity: Preferred stock, par value $.50 per share, authorized 5,000,000 shares, issued and outstanding - none - - Common stock, par value $.50 per share, authorized 300,000,000 shares, issued 122,933,112 shares at September 30, 1997 and 122,814,956 shares at March 31, 1997 61,467,000 61,407,000 Additional paid-in capital 90,528,000 89,262,000 Retained earnings 550,973,000 513,750,000 Net unrealized gain (loss) on investments 1,769,000 (947,000) ------------ 704,737,000 663,472,000 Less Treasury stock - at cost, 849,113 shares at September 30, 1997 and 752,950 shares at March 31, 1997 5,263,000 3,732,000 ------------ ------------ Net Worth 699,474,000 659,740,000 ------------ ------------ Total Liabilities and Shareholders' Equity $815,759,000 $777,580,000 ============ ============ See Notes to Consolidated Financial Statements -2B- MYLAN LABORATORIES INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF EARNINGS UNAUDITED Three Months Ended September 30, Six Months Ended September 30, ------------------------------- ------------------------------ 1997 1996 1997 1996 ---- ---- ---- ---- REVENUES: Net Sales $ 127,133,000 $ 108,981,000 $ 236,321,000 $ 207,524,000 Other Revenues 26,822,000 - 26,822,000 - ------------- ------------- ------------- ------- TOTAL REVENUES 153,955,000 108,981,000 263,143,000 207,524,000 COST AND EXPENSES: Cost of Sales 71,201,000 63,836,000 132,580,000 119,615,000 Research and Development 12,124,000 10,255,000 23,815,000 20,786,000 Selling and Administrative 31,482,000 19,465,000 51,221,000 40,716,000 ------------- ------------- ------------- -------------- 114,808,000 93,556,000 207,617,000 181,117,000 114,807,000 93,556,000 207,616,000 181,117,000 EQUITY IN EARNINGS OF SOMERSET 2,456,000 5,002,000 6,592,000 10,045,000 OTHER INCOME 4,437,000 3,769,000 6,263,000 7,761,000 ------------- ------------- ------------- -------------- EARNINGS BEFORE INCOME TAXES 46,041,000 24,196,000 68,382,000 44,213,000 INCOME TAX RATE 34% 28% 31% 29% INCOME TAXES 15,650,000 6,848,000 21,393,000 12,854,000 ------------- ------------- ------------- -------------- NET EARNINGS $ 30,391,000 $ 17,348,000 $ 46,989,000 $ 31,359,000 ============= ============= ============= ============== EARNINGS PER SHARE $ .25 $ .14 $ .39 $ .26 ============= ============= ============= ============== WEIGHTED AVERAGE COMMON SHARES 122,029,000 121,892,000 122,047,000 121,880,000 ============= ============= ============= ============== The Company has paid regular quarterly cash dividends of $.04 per share since October 1995. See Notes to Consolidated Financial Statements -3-
MYLAN LABORATORIES INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE SIX MONTHS ENDED SEPTEMBER 30, 1997 AND 1996 UNAUDITED 1997 1996 ---- ---- CASH FLOWS FROM OPERATING ACTIVITIES Net Earnings $ 46,989,000 $ 31,359,000 Adjustments to reconcile net earnings to net cash (used in) provided from operating activities: 8,876,000 Depreciation and amortization 10,529,000 2,553,000 Deferred income taxes (1,108,000) (10,045,000) Equity in earnings of Somerset (6,592,000) 7,390,000 Cash received from Somerset 4,989,000 (2,053,000) Allowances on accounts receivable 5,500,000 (1,349,000) Other non-cash items 866,000 Changes in operating assets and liabilities: (13,503,000) Accounts receivable (7,982,000) 80,000 Inventories (31,555,000) (1,683,000) Trade accounts payable (817,000) (2,327,000) Income taxes payable (5,115,000) 6,800,000 ---------- Other operating assets and liabilities (22,682,000) 26,098,000 ----------- Net cash (used in) provided from operating activities (6,978,000) CASH FLOWS FROM INVESTING ACTIVITIES Additions to property, plant and equipment (11,196,000) (14,223,000) Increase in intangible and other assets (4,465,000) (27,949,000) Proceeds from investment securities 7,706,000 12,848,000 Purchase of investment securities (6,776,000) (14,318,000) ------------ ----------- Net cash used in investing activities (14,731,000) (43,642,000) CASH FLOWS FROM FINANCING ACTIVITIES Payments on long-term obligations (1,416,000) (1,415,000) Cash dividends paid (9,764,000) (9,742,000) Repurchase of Common Stock (1,507,000) - Proceeds from exercise of stock options 1,302,000 700,000 ------------ ------------ Net cash used in financing activities (11,385,000) (10,457,000) ------------ ------------ Net Decrease in Cash and Cash Equivalents (33,094,000) (28,001,000) Cash and Cash Equivalents - Beginning of Period 126,156,000 176,980,000 ------------- ------------ Cash and Cash Equivalents - Beginning of Period 126,156,000 176,980,000 ------------ ------------ Cash and Cash Equivalents - End of Period $ 93,062,000 $148,979,000 ============ ============ CASH PAID DURING THE PERIOD FOR: Interest $ 350,000 $ 425,000 Income Taxes $ 27,640,000 $ 12,627,000 See Notes to Consolidated Financial Statements -4-
MYLAN LABORATORIES INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SIX MONTH PERIOD ENDED SEPTEMBER 30, 1997 Unaudited A. In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments (consisting of only normal recurring accruals) necessary to present fairly the financial position of the Company as of September 30, 1997 and March 31, 1997 together with the results of operations and cash flows for the interim periods ended September 30, 1997 and 1996. The consolidated results of operations for the three and six months ended September 30, 1997 and 1996 are not necessarily indicative of the results to be expected for the full year. B. These interim financial statements should be read in conjunction with the consolidated financial statements and notes thereto in the Company's 1997 Annual Report and Report on Form 10-K. C. In June 1997, the Company's subsidiary Mylan Pharmaceuticals Inc.("Mylan") entered into an exclusive supply and distribution agreement with Genpharm Inc. ("Genpharm"), a Canadian corporation, relating to the sale of ranitidine HCL tablets ("ranitidine") in the United States. Ranitidine is the generic version of Glaxo's Zantac(R). Under the terms of the agreement Mylan and Genpharm will share in the combined profits resulting from the sale, by Mylan, of ranitidine tablets manufactured by either Mylan or Genpharm. In addition, the agreement provides that Mylan shall be entitled to share in any benefit received by Genpharm as a result of Genpharm entering into any ageement with any third party, which would affect either the marketing of ranitidine or Genpharm's ability to supply product to Mylan. As announced by the Company on July 24, 1997, after a series of court decisions, Genpharm received notice from the FDA on July 23, 1997 that Genpharm was entitled to generic marketing exclusivity with regard to ranitidine tablets through August 29, 1997. While Glaxo's initial patent exclusivity relating to the product expired on July 25, 1997, neither Genpharm nor Mylan had resolved their respective legal matters with Glaxo and accordingly both were prohibited from marketing their respective products. On July 31, 1997, Genpharm entered into an agreement with Novopharm Limited a Canadian Corporation, and its United States subsidiary Granutec Inc. ("Novopharm"),whereby Genpharm agreed to waive its generic marketing exclusivity period in favor of Novopharm. Novopharm had previously settled its patent issues with Glaxo. Based on the agreement between Genpharm and Novopharm, the FDA, on August 1, 1997, approved the Novopharm generic ranitidine product for sale in the United States. Upon notice of approval from the FDA, Novopharm immediately began marketing the product in the United States. -5- MYLAN LABORATORIES INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SIX MONTH PERIOD ENDED SEPTEMBER 30, 1997 Unaudited C. (con't) Under the terms of the agreement between Genpharm and Novopharm, Genpharm is entitled to receive compensation from Novopharm predicated upon Novopharm's sales of the product through December 31, 1997 and a profit allocation factor which is significantly reduced after the exclusivity period. Under the terms of the agreement between Mylan and Genpharm, Mylan is entitled to share in the compensation received by Genpharm from Novopharm. During the quarter ended September 30, 1997, the Company recognized income of $26,822,000 recorded under the caption "Other Revenue" with a corresponding receivable reported under the caption "Other current assets". This amount represents the Company's best estimate, based on information provided by both Genpharm and Novopharm, of the Company's revenue for the respective period resulting from Genpharm's agreement with Novopharm. The amount of revenue to be recognized by the Company in future quarters will be affected by a final accounting of the net sales and expenses incurred by Novopharm during the contract period. The revenue recognized by the Company increased net earnings for the quarter by approximately $16,388,000 or $.13 per share. Subsequent to Genpharm's agreement with Novopharm, Genpharm resolved its patent-related issues with Glaxo. Accordingly, on September 1, 1997 Mylan began marketing ranitidine manufactured by Genpharm under the terms of the distribution agreement between Mylan and Genpharm. Sales of ranitidine by the Company are included under the caption "Net Sales". Promotional and marketing costs associated with the launch of the product are included under the caption "Selling and Administrative" (see note D). Genpharms's portion of the combined profits resulting from the sale of ranitidine by Mylan, as determined in accordance with the distribution agreement, are included under the caption "Cost of Sales". D. During the quarter ended September 30, 1997, the Company incurred significant costs associated with the launch of new generic products including ranitidine. The most significant cost incurred was for stocking fees paid or credited to customers to assist the customers in their conversion and promotion of the new generic products, primarily ranitidine. A total of $9,533,000 of unusual promotional and marketing costs associated with the launch of new generic products was expensed during the quarter. This unusual expense reduced net earnings for the quarter by approximately $6,930,000 or $.06 per share. E. In August 1997, Key Pharmaceuticals, Inc. filed suit in the United States District Court for the Western District of Pennsylvania against the Company and certain subsidiaries claiming patent infringement relating to the marketing of its nitriglycerin transdermal system. The Company received FDA approval for its nitriglycerin transdermal system in September 1996 and immediately began marketing the product. -6- MYLAN LABORATORIES INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SIX MONTH PERIOD ENDED SEPTEMBER 30, 1997 Unaudited E. (con't) The relief sought includes a preliminary and permanent injunction, treble damages along with interest and attorneys' fees and expenses. The Company believes the suit is without merit and intends to vigorously defend its position. A suit was filed by Synthecon, Inc in Harris County Circuit Court, Harris County, Texas against the Company relating to a license agreement entered into by VivoRx Inc. and the National Aeronautics and Space Administration. VivoRx Inc. is a biotechnology company in which the Company had made an investment. The suit seeks unspecified damages for allegedly depriving Sythecon of its rights under the license. The Company believes this suit is without merit and intends to vigorously defend its position. On November 4, 1997 the Company entered into a settlement agreement related to an arbitration award against its Bertek Inc. subsidiary. The Company had accrued expense for this settlement in previous quarters. F. Equity in Earnings of Somerset includes the Company's 50% portion of the net earnings of Somerset Pharmaceuticals Inc. ("Somerset"), certain management fees and amortization of intangible assets resulting from the acquisition of Somerset. Such intangible assets are being amortized over a 15 year period using the straight line method. Condensed unaudited financial information of Somerset for the three and six month periods ended September 30, 1997 and 1996 are as follows (in thousands): Three Months Ended Six Months Ended September 30, September 30, 1997 1996 1997 1996 ---- ---- ---- ---- Net Sales $15,110 $26,224 $32,383 $56,367 Costs and Expenses (8,007) (11,733) (13,254) (28,028) Income Taxes (2,485) (5,337) (6,640) (10,144) ------- ------- ------- ------- Net Earnings $ 4,618 $ 9,154 $12,489 $18,195 ======= ======= ======= ======= The above information represents 100% of Somerset's operations of which the Company has a 50% interest. Somerset's marketing exclusivity for Eldepryl(R) under the Orphan Drug Act expired on June 6, 1996, Somerset has experienced increased competition since August 1996, due to the approval of several generic tablet forms of Eldepryl(R) by the FDA. This has resulted in the decrease in sales and net earnings from 1996 to 1997. -7- PART 1 - FINANCIAL INFORMATION ITEM 2 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Results of Operations Net earnings for the three months ended September 30, 1997 were $30,391,000 representing a 75% increase over the same quarter a year ago and for the six months then ended were $46,989,000 representing a 50% increase over the same period a year ago. Net earnings for the three and six month periods ended September 30, 1997 includes approximately $.13 per share relating to revenue recognized by the Company as a result of the sale of generic ranitidine by an unrelated party during the quarter (see note C) and was reduced by approximately $.06 per share as a result of unusual promotional expense associated with the launch of new generic products by the Company including the launch of generic ranitidine by the Company in September (see note D). In addition to the unusual items identified above, net earnings for both the three and six month periods ended September 30, 1997 were favorably impacted by the addition of 14 products to the Company's generic product line since September 30, 1996 including six products added during the quarter ended June 30, 1997 and four products added during the quarter ended September 30, 1997. The addition of new generic products and continued volume increases throughout the generic product line have more than offset the price deterioration which continues to plague the generic industry. Generic volume of almost 1.9 billion tablets, capsules and patches for the quarter and 3.4 billion year to date, represents 14% growth over the same periods a year ago. As a result of the items identified in the previous paragraph, net sales for the quarter increased by 17% from last year to $127,133,000 and gross profit (net sales less cost of goods sold) as a percentage of net sales increased from 41% last year to 44% this year. For the six month period ended September 30, 1997 net sales increased by 14% from the same period from the prior year to $236,321,000 and gross profit as a percentage of net sales increased from 42% to 44%. Research and development expenses of $12,121,000 for the quarter are 18% higher than the same quarter last year, and consistent with the steady quarterly increase realized throughout the past year. Year to date expenses of $23,815,000 are 15% higher than last year. Based on the current status of the various research projects in progress, including generic, innovative and transdermal patch related projects, the Company expects quarterly expenditures for research and development to increase to approximately $14,000,000 by the quarter ending March 31, 1998. -8- Selling and administrative expenses of $31,482,000 for the quarter ended September 30, 1997 include $9,533,000 in promotional expenses associated with the launch of new generic products during the quarter (see note D). Excluding this unusual expense year to date selling and administrative expenses are 2% higher than last year. With the addition of Maxzide(R) and Nitrek(TM), the Company has begun to expand its branded sales initiative through its Bertek Pharmaceuticals Inc. division resulting in higher selling and administrative expenses. The Company intends to continue to expand this area in preparation for the addition of new branded products. Equity in Earnings of Somerset includes the Company's 50% portion of the net earnings of Somerset, which are generated exclusively from the sale of Eldepryl(R). In May of 1996, Somerset withdrew its tablet form of Eldepryl(R) from the market and replaced it with an easy-to-identify Eldepryl(R) capsule. Despite the withdrawal of the tablet form of the innovator product, in August 1996 the Food and Drug Administration approved several generic versions of Eldepryl(R) in tablet form. The impact of generic competition has and will continue to adversely affect Somerset's contribution to the Company's net earnings. The reduction in Somerset's revenues resulting from generic competition may also impact Somerset's ability to continue research and development expenditures at historical levels. The effective tax rate for the quarter ended September 30, 1997 was impacted by the Other Revenue recognized during the quarter which is subject to the full Federal and State tax rates. Absent such income in future quarters, the Company expects the effective tax rate to return to the 28% to 30% range previously realized. Liquidity, Capital Resources and Financial Condition The Company's balance sheet remains very strong with working capital of $324,251,000, total assets of $815,759,000 and total equity of $699,474,000. The ratio of current assets to current liabilities was 4.9 to 1 as of September 30, 1997 compared to 4.8 to 1 at March 31, 1997. Significant changes in balance sheet accounts between March 31, 1997 and September 30, 1997 relate principally to the settlement of the Internal Revenue Service audit during the period, increased inventory levels attributable to continued higher demand for the Company's products, and the recording of a receivable from Genpharm in "Other current assets" (see note C). These timing items are mainly responsible for the significant change in cash flows from operating activities between the current period and the same period a year ago. The acquisition of Maxzide(R) in the prior period is primarily responsible for the decrease in cash used in investing activities during the current period. -9- PART II. OTHER INFORMATION Item 1. Legal Proceedings The information required by item 1 is hereby incorporated by reference to notes E on pp. 6 and 7 on this Form 10-Q for the period ended September 30, 1997. Item 4. Results of Sharelholder Elections On July 24, 1997 the annual shareholders' meeting was held in Morgantown, West Virginia. The adoption of the 1997 Incentive Stock Option Plan proposal as further described in the Company's Proxy Statement dated May 31, 1997 was voted upon and approved by the shareholders at the meeting. Of the 74,456,869 shareholder votes cast 88.2% voted for the Plan, 8.5% voted against or withheld their vote and 3.3% abstain from voting. In addition, the shareholders elected the seven directors nominated and elected the independent auditors of the Company as described in the Company's Proxy Statement. Item 6. Exhibits and Reports on Form 8-K (a) Exhibit 27 required by Item 601(c) of Regulation S-X filed herewith. (b) Reports on Form 8-K - There were no reports filed on Form 8-K during the three months ended September 30, 1997. 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. Mylan Laboratories Inc. (Registrant) DATE 11/10/97 /s/ Milan Puskar - ------------------------ Milan Puskar Chairman of the Board, Chief Executive Officer and President DATE 11/10/97 /s/ Donald C. Schilling - ------------------------ Donald C. Schilling Vice President of Finance -10- EX-27 2 FDS --
5 Financial Data Schedule Mylan Laboratories Inc. and Subsidiaries Article 5 of Regulation S-X The schedule contains summary financial information extracted from the Consolidated Balance Sheet at September 30, 1997 and the Consolidated Statement of Earnings for the six months ended September 30, 1997 and is qualified in its entirety by reference to such consolidated financial statements. 0000069499 none 3-MOS MAR-31-1998 SEP-30-1997 93,062,000 18,774,000 137,666,000 20,131,000 132,458,000 408,361,000 208,662,000 67,972,000 815,759,000 84,110,000 38,929,000 0 0 61,467,000 638,007,000 815,759,000 236,321,000 263,143,000 132,580,000 132,580,000 75,036,000 0 1,508,000 68,382,000 21,393,000 46,989,000 0 0 0 46,989,000 .39 .39
-----END PRIVACY-ENHANCED MESSAGE-----