-----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, BFJ21n5HhnAonMk+fwFM3PtIl+6SnyWaKhNWSlA330TwkSOQrX4DXjPg3q7YKy/a v6E7XENI3P/ou8OkmQuYsw== 0000700674-95-000014.txt : 19951119 0000700674-95-000014.hdr.sgml : 19951119 ACCESSION NUMBER: 0000700674-95-000014 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19950930 FILED AS OF DATE: 19951113 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: AIR EXPRESS INTERNATIONAL CORP /DE/ CENTRAL INDEX KEY: 0000700674 STANDARD INDUSTRIAL CLASSIFICATION: ARRANGEMENT OF TRANSPORTATION OF FREIGHT & CARGO [4731] IRS NUMBER: 362074327 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-08306 FILM NUMBER: 95590426 BUSINESS ADDRESS: STREET 1: 120 TOKENEKE RD PO BOX 1231 CITY: DARIEN STATE: CT ZIP: 06820 BUSINESS PHONE: 2036557900 MAIL ADDRESS: STREET 1: 120 TOKENEKE RD STREET 2: P O BOX 1231 CITY: DARIEN STATE: CT ZIP: 06820 10-Q 1 3RD QUARTER 1995 10-Q 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, 1995 Commission file number: 1-8306 AIR EXPRESS INTERNATIONAL CORPORATION (Exact name of registrant as specified in its charter) Delaware 36-2074327 (State or Other of Jurisdicion of (I.R.S. Employer Identification No.) Incorporation or Organization) 120 Tokeneke Road, Darien, Connecticut 06820 (203) 655-7900 (Address of, Including Zip Code, and Telephone Number, Including Area Code, of Registrant's Principal Executive Offices) NONE 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 Sections 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 3 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 (applicable only to corporate registrants). The number of shares of common stock outstanding as of November 8, 1995 was 18,574,458. AIR EXPRESS INTERNATIONAL CORPORATION September 1995 Form 10-Q Quarterly Report Table of Contents Part I - Financial Information Page Item 1. Financial Statements Condensed Consolidated Balance Sheets as at September 30, 1995 and December 31, 1994 2 Condensed Consolidated Statements of Operations - three months and nine months ended September 30, 1995 and 1994......................................... 3 Consolidated Statements of Cash Flows - nine months ended September 30, 1995 and 1994..... 4 Notes to Condensed Consolidated Financial Statements........................................ 5 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations............. 8 Part II - Other Information Item 1. Legal Proceedings.................................... 11 Item 6. Exhibits and Reports on Form 8-K.................... 11 Page 2
AIR EXPRESS INTERNATIONAL CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Dollars in thousands) Sept 30, 1995 Dec 31, 1994 (Unaudited) Assets Current Assets: Cash and cash equivalents .......................... $ 50,424 $ 44,168 Accounts receivable, (less allowance for doubtful accounts of $3,953 and $3,290) ........... 256,335 206,012 Other current assets ............................... 5,771 2,938 Total current assets ............................ 312,530 253,118 Investment in unconsolidated affiliates .............. 11,408 9,370 Marketable securities ................................ -- 19,961 Property, plant and equipment (less accumulated depreciation and amortization of $42,037 and $37,057) ....................................... 55,504 39,599 Deposits and other assets ............................ 8,982 6,957 Goodwill (less accumulated amortization of$7,747 and $6,403) ................................. 79,467 51,929 Total assets .................................... $ 467,891 $ 380,934 Liabilities and Stockholders' Investment Current Liabilities: Current portion of long-term debt .................. $ 2,650 $ 2,029 Bank overdrafts payable ............................ 1,234 1,399 Transportation payables ............................ 133,624 101,657 Accounts payable ................................... 47,212 34,087 Accrued liabilities ................................ 42,404 43,988 Income taxes payable ............................... 11,550 10,991 Total current liabilities ....................... 238,674 194,151 Long-term debt ..................................... 84,770 83,992 Other liabilities .................................. 3,678 3,441 Total liabilities ............................... 327,122 281,584 Stockholders' Investment: Capital stock- Preferred (authorized 1,000,000 shares, none outstanding) ................................. -- -- Common, $.01 par value (authorized 40,000,000 shares, issued 18,568,833 and 19,620,526 shares) .. 186 196 Capital surplus .................................... 60,054 41,998 Cumulative translation adjustments ................. (11,688) (11,442) Retained earnings .................................. 92,217 108,600 140,769 139,352 Less: 2,184,208 shares of treasury stock at cost (See Note H) ............................... -- (40,002) Total stockholders' investment ..................... 140,769 99,350 Total liabilities and stockholders' investment ..... $ 467,891 $ 380,934
The accompanying notes are an integral part of these financial statements. Page 3
AIR EXPRESS INTERNATIONAL CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (In thousands, except per share data) Three Months Ended Nine Months Ended September 30, September 30, 1995 1994 1995 1994 Revenues ................... $ 320,266 $ 258,175 $ 908,693 $ 700,984 Operating expenses: Transportation ............ 225,121 183,079 642,821 494,103 Terminal .................. 51,663 39,105 143,192 109,234 Selling, general and administrative ........... 30,905 25,255 88,470 70,638 Operating income ........... 12,577 10,736 34,210 27,009 Other income (expense): Interest expense, net ..... (1,096) (772) (2,563) (2,484) Other, net .............. 444 424 1,056 1,396 (652) (348) (1,507) (1,088) Income before provision for income taxes .......... 11,925 10,388 32,703 25,921 Provision for income taxes . 4,651 4,078 12,759 9,980 Net income ................. $ 7,274 $ 6,310 $ 19,944 $ 15,941 Income per common share Primary ................. $ .39 $ .36 $ 1.10 $ .91 Fully diluted ........... $ .36 $ .33 $ 1.03 $ .87 Weighted average number of common shares (000): Primary ................. 18,835 17,676 18,182 17,580 Fully diluted ........... 22,173 21,005 21,529 20,964
The accompanying notes are an integral part of these financial statements.
Page 4 AIR EXPRESS INTERNATIONAL CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1995 AND 1994 (Unaudited) (Dollars in thousands) 1995 1994 Cash flows from operating activities: Net income ........................................... $ 19,944 $ 15,941 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization ..................... 5,272 4,126 Amortization of goodwill .......................... 1,405 974 Deferred income taxes ............................. (727) (416) Undistributed (earnings) losses of affiliates ..... (1,042) (619) Gain on sales of assets, net ...................... (193) (19) Other, net ........................................ 767 (38) Changes in assets and liabilities: Decrease (increase) in accounts receivable, net ... (16,299) (14,531) Decrease (increase) in other current assets ....... (1,947) (218) Increase (decrease) in transportation payables .... 2,904 9,575 Increase (decrease) in accounts payable ........... 9,338 (6,161) Increase (decrease) in accrued liabilities ........ (12,058) 6,680 Increase (decrease) in income taxes payable ....... 1,100 (130) Increase (decrease) in other liabilities .......... 119 -- Total adjustments ................................ (11,361) (777) Net cash provided by operating activities ......... 8,583 15,164 Cash flows from investing activities: Business acquisitions, net of cash acquired .......... (1,176) (10,345) Purchase of short-term investments ................... -- (19,961) Sale of marketable securities ........................ 19,981 -- Gains (losses) from hedging activities ............... (1,533) (874) Proceeds from sales of assets ........................ 491 234 Capital expenditures ................................. (18,591) (7,438) Investment in unconsolidated affiliates .............. (346) -- Net cash (used) in investing activities ........... (1,174) (38,384) Cash flows from financing activities: Net borrowings (repayments) in bank overdrafts payable ............................................ (243) -- Additions to long-term debt .......................... 2,976 2,694 Payment of long-term debt ............................ (2,205) (1,401) Issuance of common stock ............................. 1,343 565 Payment of cash dividends ............................ (2,322) (1,852) Purchase of treasury stock ........................... (990) (332) Net cash (used) in financing activities ........... (1,441) (326) Effect of foreign currency exchange rates on cash ...... 288 990 Net increase (decrease) in cash and cash equivalents ... 6,256 (22,556) Cash and cash equivalents at beginning of period ....... 44,168 55,063 Cash and cash equivalents at end of period ............. $ 50,424 $ 32,507
The accompanying notes are an integral part of these financial statements. Page 5 AIR EXPRESS INTERNATIONAL CORPORATION AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS A. The consolidated balance sheet at September 30, 1995, the consolidated statements of operations for the three-month and nine-month periods ended September 30, 1995 and 1994, and the consolidated statements of cash flows for the nine-month periods ended September 30, 1995 and 1994 have been prepared by the Company without audit. In the opinion of management, all adjustments necessary to present fairly the financial position, results of operations, and cash flows for the interim periods have been made. Certain items in the September 30, 1994 financial statements have been reclassified to conform to the classification of September 30, 1995. Certain information and footnote disclosures, normally included in financial statements prepared in accordance with generally accepted accounting principles, have been condensed or omitted. Accordingly, these condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company's annual report to stockholders for the year ended December 31, 1994. The results of operations for the three and nine month periods ended September 30, 1995 are not necessarily indicative of the results of operations expected for the full year ending December 31, 1995. B. Investments in equity affiliates are recorded using the equity method. Consolidated net income reflects joint venture profits of $563,000 and $1,366,000 respectively, for the quarter and nine months ended September 30, 1995, compared with profits of $262,000 and $673,000 for the quarter and nine months ended September 30, 1994. C. Interest expense, net is as follows:
Three Months Ended Nine Months Ended September 30, September 30, 1995 1994 1995 1994 Interest expense ........... $(1,516) $(1,492) $(4,470) $(4,332) Interest income ............ 420 720 1,907 1,848 Interest expense, net ...... $(1,096) $ (772) $(2,563) $(2,484)
Page 6 D. Other income (expense) is as follows:
Three Months Ended Nine Months Ended September 30, September 30, 1995 1994 1995 1994 Foreign exchange gains, net ................ $ 406 $ 417 $ 841 $1,377 Other, net ................. 38 7 215 19 $ 444 $ 424 $1,056 $1,396
E. Acquisitions: On June 8, 1995, the Company acquired Radix Ventures, Inc. (Radix) for $.5 million in cash and 979,887 of the Company's common shares valued at approximately $23.9 million. Radix, through its 23 U.S. offices, is a leading provider of customs brokerage services in the United States. Additionally, Radix provides both airfreight and ocean freight forwarding services. For its fiscal year ended July 31, 1994, Radix generated approximately $65 million in revenues. The acquisition has been accounted for as a purchase. Accordingly, the purchase price has been allocated on the basis of the estimated fair market value of the assets acquired and the liabilities assumed. This allocation has resulted in goodwill of approximately $25.0 million. Radix's results of operations are included in the consolidated statement of income from the acquisition date forward. The following unaudited pro forma summary combines the results of the Company and Radix's results of operations as if the acquisition occurred as of January 1, 1994. The pro forma information is provided for informational purposes only. It is based upon historical information and does not necessarily reflect the actual results that would have occurred nor is it necessarily indicative of the future results of operations.
Three Months End Nine Months Ended September 30, September 30, 1995 1994 1995 1994 Revenues ........... $323,140 $277,812 $943,603 $755,274 Net income ......... $ 7,174 $ 6,536 $ 20,005 $ 16,075 Income per share: Primary ......... $ .38 $ .35 $ 1.07 $ .87 Fully diluted ... $ .36 $ .33 $ 1.00 $ .83
Page 7 F. Supplemental disclosures of cash flow information:
Three Months Ended Nine Months Ended September 30, September 30 1995 1994 1995 1994 Interest and income tax paid: Interest ............... $ 2,477 $ 2,428 $ 5,186 $ 5,000 Income taxes ........... 3,592 3,338 11,039 9,387 $ 6,069 $ 5,766 $16,225 $14,387
Non cash investing and financing activities: In June 1995, as part of the Radix acquisition, the Company issued 979,887 of its common shares valued at approximately $23.9 million. See Note E. G. Marketable Securities: During the second quarter of 1995, the Company sold, for a marginal gain, all of its marketable securities for approximately $19.8 million which approximated amortized cost. The proceeds from the sale were reinvested in financial instruments with original maturities of three months or less and were classified as cash and cash equivalents. The marketable securities were sold in order to take advantage of the favorable decline in long term interest rates which occurred during the first six months of 1995. H. Treasury Stock: During the third quarter of 1995, the Company's Board of Directors authorized the retirement of all the outstanding treasury stock as of September 30, 1995. As a result, 2,225,177 treasury shares were retired at a cost of $40,992,000. The retirement had the following impact on Stockholders' investment: Increase (Decrease) Stockholders' Investment ($000) Capital Stock - Common $ (22) Capital Surplus (7,196) Retained Earnings (33,774) Treasury Stock 40,992 Total $ - Page 8 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations Results of Operations The following table shows the consolidated revenues and gross profit attributable to the Company's airfreight and ocean freight activities and the Company's consolidated expenses for the quarter and nine months ended September 30, 1995 and 1994. Revenues from customs brokerage and other related services are included in airfreight revenues. Gross profit is determined by deducting transportation expenses from revenues.
Three Months Nine Months Ended Sept 30, Ended Sept 30, 1995 1994 1995 1994 Revenues: Airfreight ......................... $274,056 $226,518 $788,490 $621,324 Ocean Freight ...................... 46,210 31,657 120,203 79,660 Total ............................ $320,266 $258,175 $908,693 $700,984 Gross Profit: Airfreight ......................... $ 84,635 $ 66,555 $237,275 $187,218 Ocean Freight ...................... 10,510 8,541 28,597 19,663 Total ............................ $ 95,145 $ 75,096 $265,872 $206,881 Expenses: Terminal ......................... $ 51,663 $ 39,105 $143,192 $109,234 Selling, general and administrative ............. 30,905 25,255 88,470 70,638 Total ............................ $ 82,568 $ 64,360 $231,662 $179,872 Operating Income ................... $ 12,577 $ 10,736 $ 34,210 $ 27,009
Consolidated revenues for the third quarter and nine months ended September 30, 1995 increased 24.1% or $62.1 million to $320.3 million and 29.6% or $207.8 million to $908.7 million, respectively, over the comparable periods in 1994. Excluding the favorable effects of foreign exchange translation rates, consolidated revenues for the third quarter 1995 increased 21.3% or $54.8 million and 25.3% or $177.5 million for the first nine months of 1995. Airfreight revenues for the third quarter and nine months increased 21.0% to $274.1 million and 26.9% to $788.5 million, respectively. The increase in airfreight revenues for both the quarter and nine months was due to increases in shipments, total weight of cargo shipped and the impact from acquisitions not included in the comparable 1994 periods. For the quarter, shipments increased 7.1% and the weight of cargo shipped increased 8.0% over the third quarter of 1994. For the nine month period, shipments increased 9.0% and the weight of cargo shipped increased 20.0% over the first nine months of 1994. Revenues from the ocean freight operations for the third quarter and nine months increased 46.0% to $46.2 Page 9 million and 50.9% to $120.2 million, respectively. The increase in ocean freight revenues for the quarter and nine months was due to increased shipping volumes. The higher shipping volumes were attributable to increased economic activity and the impact from acquisitions not included in the comparable 1994 periods. Gross profit (revenues less transportation expense) for the third quarter of 1995 increased $20.1 million or 26.7% over the comparable 1994 period to $95.1 million. For the nine months, gross profit increased $59.0 million or 28.5% over the comparable 1994 period to $265.9 million. Gross margin (gross profit as a percentage of revenues) increased .6% to 29.7% for the quarter, and decreased .2% to 29.3% for the nine months when compared to the comparable periods in 1994. The increase in the third quarter gross margin was due to slightly improved yields in the airfreight operation along with the higher margins associated with the increased customs brokerage business related to the Radix acquisition (See Note E) - gross profit for customs brokerage approximates revenues. However, competitive pricing pressures and greater weight per shipment have caused a slight decrease in the gross margin for the nine month period. Gross profit from airfreight operations for the third quarter of 1995 increased $18.1 million or 27.2% over the comparable 1994 period to $84.6 million. For the nine months, gross profit increased $50.1 million or 26.7% over the comparable 1994 period to $237.3 million. Gross profit from ocean freight operations for the third quarter of 1995 increased $2.0 million or 23.1% over the comparable 1994 period to $10.5 million. For the nine months, ocean freight gross profit increased $8.9 million or 45.4% over the comparable 1994 period to $28.6 million. The higher gross profit for both airfreight and ocean freight operations was attributable to increased shipping volumes and the impact of acquired companies not included in the comparable 1994 periods. Internal operating expenses (terminal, selling and general and administrative) increased $18.2 million or 28.3% for the quarter and $51.8 million or 28.8% for the nine month period from the comparable periods in 1994. These increases were mainly attributable to the additional expenses incurred in connection with greater shipping volumes and to the inclusion of expenses of acquired companies not included in the comparable 1994 periods. As a percentage of revenues, internal operating expenses were 25.8% for the quarter and 25.5% for the nine months in 1995 as compared to 24.9% and 25.7%, respectively, for the comparable periods in 1994. The increase, as a percentage of revenues, in the quarter was mainly attributable to the impact of the Radix acquisition (See Note E). Operating income for the third quarter of 1995 increased $1.8 million or 17.1% over the third quarter of 1994. For the nine months, operating income increased $7.2 million or 26.7% over 1994. The increases in operating income for the quarter and nine months ended September 30, 1995 were negatively impacted by approximately $.5 million and $3.3 million, respectively, due to losses attributable to operations in Germany, South Africa and New Zealand. Turnaround strategies for these operations have been developed and are being implemented. Page 10 Interest expense, net was approximately $.3 million higher for the third quarter 1995 compared to the third quarter 1994. The increase resulted from lower interest income due to a reduction in the amount of funds the Company had invested during the quarter. For the first nine months of 1995, interest expense, net increased marginally over the comparable 1994 period. The effective income tax rate of 39.0% for the third quarter of 1995 was marginally lower compared to the 39.3% rate for the third quarter of 1994. For the first nine months of 1995, the effective income tax rate increased .5% over the comparable 1994 period to 39.0%. The increase was mainly due to losses incurred by certain foreign subsidiaries for which there were no tax benefits available. The Financial Accounting Standards Board issued Statement of Financial Standards No. 121 "Accounting for the Impairment of Long-Lived Assets and for Long-Lived Assets to be Disposed Of". This statement establishes the accounting standards for the impairment of long-lived assets, certain identifiable intangibles, and goodwill related to those assets to be held and used and for long-lived assets and certain identifiable intangibles to be disposed of. The Company believes that this statement, when adopted during the first quarter of 1996, will have no material impact on either its results of operations or financial position. Liquidity and Capital Resources At September 30, 1995, the Company's working capital increased to $73.9 million from $59.0 million at December 31, 1994. The increase was attributable to the sale of marketable securities and the subsequent reclassification of the sale proceeds into cash and cash equivalents. See Note G. In June 1995, the Company acquired all the outstanding shares of Radix for $.5 million in cash and 979,887 of the Company's common shares. The acquisition was valued at approximately $23.9 million. See Note E. Capital expenditures for the nine months ended September 30, 1995 were $18.6 million compared to $7.4 million for the first nine months of 1994. This increase was mainly due to the construction costs for the Company's new warehouse and distribution facility in Singapore. This facility was completed during the third quarter of 1995. Of the $18.6 million of capital expenditures, a major portion of the expenditures were for buildings, facility improvements and data processing equipment. At September 30, 1995, the Company's foreign subsidiaries maintained approximately $13.5 million of overdraft facilities with various foreign banks of which $1.2 million was utilized. During the third quarter of 1995, the Company allowed its $20.0 million revolving credit facility agreement to expire. Currently, the Company is negotiating with various financial institutions and anticipates that a new revolving credit facility agreement will be secured in either late 1995 or early 1996. Page 11 During the second quarter of 1995, the Company's Board of Directors authorized a 25% increase in the quarterly cash dividend from four cents ($.04) to five cents ($.05) per share. This increase represents the fourth time the Board of Directors has increased the dividend since the Company reinstated the payment of dividends in 1991. During the third quarter of 1995, the Company's Board of Directors authorized the purchase, from time to time in the open market, of up to one million shares of the Company's common stock. As of September 30, 1995, no shares had been purchased under this authorization. Management believes the Company's available cash and sources of credit, together with expected future cash generated from operations, will be sufficient to satisfy its anticipated needs for working capital, capital expenditures, dividends, and future business acquisitions. PART II - OTHER INFORMATION Item 1. - Legal Proceedings The Company believes that there are no legal proceedings, other than ordinary routine litigation incidental to the business of the Company, to which the Company or any of its subsidiaries is a party. Management is of the opinion that the ultimate outcome of existing legal proceedings, if adverse, would not have a material effect on the Company's consolidated financial position. Item 6. - Exhibits and Reports on Form 8-K a) Exhibits: Exhibit 11 - Computation of Earnings per Common Share. Exhibit 27 - Financial Data Schedule. b) Reports on Form 8-K: None Page 12 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. Air Express International Corporation (Registrant) Date: November 13, 1995 /s/ Dennis M. Dolan Dennis M. Dolan Vice President and Chief Financial Officer (Principal Financial Officer) Date: November 13, 1995 /s/ Walter L. McMaster Walter L. McMaster Vice President - Controller (Principal Accounting Officer) EX-11 2 COMPUTE EARNINGS PER COMMON SHARE
Exhibit 11 AIR EXPRESS INTERNATIONAL CORPORATION AND SUBSIDIARIES COMPUTATION OF EARNINGS PER COMMON SHARE (Unaudited) (In thousands, except per share amounts) Three Months Ended Nine Months Ended September 30, September 30, 1995 1994 1995 1994 Primary: Net income applicable to common shares ......................... $ 7,274 $ 6,310 $19,944 $15,941 Weighted average of common shares outstanding ................. 18,507 17,406 17,885 17,372 Common shares issuable on exercise of stock options .......... 328 270 297 208 Average common shares out- standing ........................... 18,835 17,676 18,182 17,580 Earnings per common share .......... $ .39 $ .36 $ 1.10 $ .91 Fully diluted: Weighted average of common shares outstanding ................. 18,507 17,406 17,885 17,372 Common shares issuable on exercise of stock options .......... 374 307 352 300 Common shares issuable upon assumed conversion of subor- dinated debentures ................. 3,292 3,292 3,292 3,292 Average common shares out- standing ........................... 22,173 21,005 21,529 20,964 Earnings per common share .......... $ .36 $ .33 $ 1.03 $ .87 Primary earnings per share are computed by dividing net income by the weighted average common and common equivalent shares outstanding during the period. Fully diluted earnings per share have been calculated assuming the conversion of the subordinated debentures and the elimination of the associated interest expense, net of tax. For the quarters ended September 30, 1995 and 1994, the interest elimination was $.73 million. For the nine months ended September 30, 1995 and 1994, the interest elimination was $2.19 million.
EX-27 3 FINANCIAL DATA SCHEDULE
5 1000 9-MOS DEC-31-1995 SEP-30-1995 50,424 0 260,288 3,953 0 312,530 97,541 42,037 467,891 238,674 84,770 186 0 0 152,271 467,891 0 908,693 0 642,821 143,192 927 4,470 32,703 12,759 0 0 0 0 19,944 1.10 1.03
-----END PRIVACY-ENHANCED MESSAGE-----