-----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, HihTx/AZra30l9mr1/6gpy0N7l0siAQzt86QsSJ8MGe/6lvto8ghFiChTTR7GDtd JpIUg0WBY9R4/nBll8fHBw== 0000700674-96-000011.txt : 19960814 0000700674-96-000011.hdr.sgml : 19960814 ACCESSION NUMBER: 0000700674-96-000011 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19960630 FILED AS OF DATE: 19960813 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: 96610736 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 2ND QUARTER 1996-10-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 June 30, 1996 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 Jurisdiction 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 August 12, 1996 was 22,672,038 (Net of 25,807 Treasury Shares). AIR EXPRESS INTERNATIONAL CORPORATION June 1996 Form 10-Q Quarterly Report Table of Contents Part I - Financial Information Page Item 1. Financial Statements Condensed Consolidated Balance Sheets as at June 30, 1996 and December 31, 1995 ............ 2 Condensed Consolidated Statements of Operations - three months and six months ended June 30, 1996 and 1995......................................... 3 Consolidated Statements of Cash Flows - six months ended June 30, 1996 and 1995.......... 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) June 30, 1996 Dec 31, 1995 (Unaudited) Assets Current Assets: Cash and cash equivalents ......................... $ 42,370 $ 54,463 Accounts receivable, (less allowance for doubtful accounts of $4,670 and $4,695) .......... 290,428 268,289 Other current assets .............................. 5,541 4,754 Total current assets ........................ 338,339 327,506 Investment in unconsolidated affiliates .............. 13,142 13,228 Property, plant and equipment (less accumulated depreciation and amortization of $47,873 and $43,242) ...................................... 58,855 54,149 Deposits and other assets ............................ 14,076 12,999 Goodwill (less accumulated amortization of $9,285 and $8,269) ............................ 81,108 78,961 Total assets ................................ $ 505,520 $ 486,843 Liabilities and stockholders' investment Current Liabilities: Current portion of long-term debt ................. $ 2,880 $ 2,690 Bank overdrafts payable ........................... 1,043 620 Transportation payables ........................... 141,413 149,536 Accounts payable .................................. 47,889 41,625 Accrued liabilities ............................... 49,001 45,556 Income taxes payable .............................. 13,051 10,581 Total current liabilities ................... 255,277 250,608 Long-term debt .................................... 74,815 82,762 Other liabilities ................................. 5,938 5,907 Total liabilities ........................... 336,030 339,277 Stockholders' Investment: Capital stock- Preferred (authorized 1,000,000 shares, none outstanding) ................................ -- -- Common, $.01 par value (authorized 40,000,000 shares, issued 19,713,089 and 18,577,880 shares) . 197 186 Capital surplus ................................... 68,209 60,164 Cumulative translation adjustments ................ (16,357) (12,539) Retained earnings ................................. 118,072 100,372 170,121 148,183 Less: 25,807 and 25,279 shares of treasury stock, at cost .................................... (631) (617) Total stockholders' investment .................... 169,490 147,566 Total liabilities and stockholders' investment .... $ 505,520 $ 486,843
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 Six Months Ended June 30, June 30, 1996 1995 1996 1995 Revenues ................... $ 320,660 $ 299,387 $ 615,447 $ 579,349 Operating expenses: Transportation ........... 214,926 209,474 416,571 408,622 Terminal ................. 55,479 47,902 108,141 91,529 Selling, general and administrative .......... 34,577 29,642 64,954 58,368 Operating profit ........... 15,678 12,369 25,781 20,830 Other income (expense): Interest expense, net .... (828) (800) (1,815) (1,467) Other, net ............. 1,066 905 2,027 1,415 238 105 212 (52) Income before provision for income taxes .......... 15,916 12,474 25,993 20,778 Provision for income taxes . 6,207 4,917 10,137 8,108 Net income ................. $ 9,709 $ 7,557 $ 15,856 $ 12,670 Income per common share: Primary ................ $ .49 $ .42 $ .80 $ .70 Fully diluted .......... $ .45 $ .39 $ .75 $ .66 Weighted average number of common shares (000's): Primary ................ 19,870 18,144 19,741 17,991 Fully diluted .......... 23,102 21,436 23,077 21,307
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 SIX MONTHS ENDED JUNE 30, 1996 AND 1995 (Unaudited) (Dollars in thousands) 1996 1995 Cash flows from operating activities: Net income ............................................ $ 15,856 $ 12,670 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization ................... 4,676 3,446 Amortization of goodwill ........................ 1,163 871 Amortization of bond discount ................... 115 115 Deferred income taxes ........................... 635 (560) Undistributed earnings of affiliates ............ (508) (624) Gains on sales of assets, net ................... (100) (143) Changes in assets and liabilities, net of business acquisitions: (Increase) in accounts receivable, net ........... (4,052) (7,861) Decrease (increase) in other current assets ..... 83 (2,425) (Increase) decrease in other assets .............. (432) 1,100 (Decrease) in transportation payables ............ (15,979) (4,026) (Decrease) increase in accounts payable .......... (3,614) 7,402 Increase (decrease) in accrued liabilities ...... 627 (5,013) Increase in income taxes payable ................ 2,824 1,002 Increase (decrease) in other liabilities ........ 103 (171) Total adjustments .......................... (14,459) (6,887) Net cash provided by operating activities ..... 1,397 5,783 Cash flows from investing activities: Business acquisitions, net of cash acquired ........... (6,282) 74 Sale of marketable securities ......................... -- 19,981 Losses from hedging activities ........................ (330) (1,043) Proceeds from sales of assets ......................... 272 346 Capital expenditures .................................. (4,633) (12,787) Investment in unconsolidated affiliates ............... (71) (196) Net cash (used) provided by investing activities (11,044) 6,375 Cash flows from financing activities: Net borrowings (repayments) in bank overdrafts payable 464 (1,251) Additions to long-term debt ........................... -- 3,110 Payment of long-term debt ............................. (1,387) (1,360) Issuance of common stock .............................. 977 622 Payment of cash dividends ............................. (1,859) (1,398) Purchase of treasury stock ............................ (14) (112) Net cash used by financing activities ......... (1,819) (389) Effect of foreign currency exchange rates on cash ........ (627) 442 Net (decrease) increase in cash and cash equivalents ..... (12,093) 12,211 Cash and cash equivalents at beginning of period ......... 54,463 44,168 Cash and cash equivalents at end of period ............... $ 42,370 $ 56,379
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 June 30, 1996, the consolidated statements of operations for the three-month and six-month periods ended June 30, 1996 and 1995, and the consolidated statements of cash flows for the six-month periods ended June 30, 1996 and 1995 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 June 30, 1995 financial statements have been reclassified to conform to the classification of June 30, 1996. 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, 1995. The results of operations for the three and six month periods ended June 30, 1996 are not necessarily indicative of the results of operations expected for the full year ending December 31, 1996. B. Interest expense, net is as follows:
Three Months Ended Six Months Ended June 30, June 30, 1996 1995 1996 1995 Interest expense ........... $(1,503) $(1,504) $(3,012) $(2,954) Interest income ............ 675 704 1,197 1,487 Interest expense, net ...... $ (828) $ (800) (1,815) $(1,467)
C. Other income (expense) is as follows:
Three Months Ended Six Months Ended June 30, June 30, 1996 1995 1996 1995 Equity in earnings of unconsolidated affiliates .... $ 615 $ 679 $1,180 $ 803 Foreign exchange gains, net.... 374 118 747 435 Other, net .................... 77 108 100 177 $1,066 $ 905 $2,027 $1,415
Page 6 D. Supplemental disclosures of cash flow information:
Three Months Ended Six Months Ended June 30, June 30, 1996 1995 1996 1995 Interest and income taxes paid: Interest ..................... $ 176 $ 272 $ 2,560 $ 2,709 Income taxes ................. 3,599 4,591 6,122 7,447 $ 3,775 $ 4,863 $ 8,682 $10,156
Non cash investing and financing activities: In June 1996, as a result of Debenture conversions, the Company issued 313,125 shares of Common Stock valued at approximately $7.1 million (See Note F). In June 1995, as part of the Radix acquisition, the Company issued 979,887 shares of Common Stock valued at approximately $23.9 million. Subsequently, upon finalization of the acquisition, the Common Stock issued was reduced to 954,608 (See Note E). E. Acquisitions: During the first six months of 1996, the Company acquired four companies in separate transactions. Three were accounted for as purchases and one as a pooling of interest. In March 1996, the Company acquired all of the outstanding stock of the Profreight group of companies, a customs broker and air and ocean forwarder in South Africa. In May 1996, the Company purchased the business and certain assets of John V. Carr & Son, Inc, a U.S. customs broker with 32 offices in 25 U.S. and 2 Canadian cities. In May 1996, the Company acquired an additional 50.0% of the outstanding stock of AEI Finland bringing its ownership of this Finland based air and ocean forwarder to approximately 90.0%. The total paid for the three acquisitions was approximately $11.5 million. The total cost in excess of net assets acquired for these acquisitions of approximately $3.7 million is being amortized over 40 years. The results of operations of these purchases are included in the Consolidated Statement of Operations from dates of acquisitions. Additionally, in April 1996, the Company acquired Lusk Shipping Company, Inc., a New Orleans, Louisiana based ocean forwarder and customs broker for 750,000 shares of the Company's Common Stock. The acquisition was accounted for as a pooling of interest. The combined effect of these acquisitions did not have a material pro forma impact on the Company's results of operations or financial position. On June 8, 1995, the Company acquired Radix Ventures, Inc. ("Radix") for 954,608 shares of Common Stock valued at approximately $23.3 million and $.5 million in cash. The acquisition was accounted for as a purchase. Accordingly, the purchase price was allocated on the basis of the estimated fair market value of the assets acquired and the liabilities assumed. This allocation resulted in goodwill of approximately $26.4 million. Radix's results of operations are Page 7 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, 1995. 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 Ended Six Months Ended June 30, 1995 June 30, 1995 Revenues ............................. $ 312,662 $ 611,385 Net Income ........................... $ 7,628 $ 12,831 Income per share: Primary ........ ................... $ .40 $ .68 Fully diluted ...................... $ .37 $ .34
F. Debt Conversion: On June 7, 1996, the Company announced the redemption for all of its $74,750,000 outstanding 6.0% Convertible Subordinated Debentures (Debentures) to take place on July 8, 1996. The Debentures outstanding were convertible into the Company's Common Stock at $22.71 per share or 44.03 common shares for each $1,000 principal amount of Debentures. As of June 30, 1996, approximately $7,112,000 of the Debentures were converted resulting in the issuance of 313,125 shares of Common Stock with the resulting increase in Common Stock and Capital Surplus of approximately $7,000,000, net of related conversion and deferred costs. Subsequently, as of July 8, 1996, substantially all of the remaining Debentures were converted into 2,977,631 shares of the Company's Common Stock with the remainder redeemed for cash. G. Revolving Credit Loan: In June 1996, the Company entered into a $75.0 million unsecured Revolving Credit Loan Agreement (the "Agreement"). The Agreement with a syndicated group of U.S. banks has a three year maturity which expires in June 1999 with the option to extend annually on the anniversary date. The interest charged on borrowings is the bank's prime rate, or London Interbank Offered Rate (LIBOR) plus .25% to .50% per annum. The Company is required to pay an annual facility fee at a variable rate of .12% to .25% on the maximum amount available under the Agreement. Among the various covenants contained in this Agreement, the Company is to maintain certain ratios and balances as to minimum net worth, debt to net worth and fixed charge coverage. The Company is in compliance with all conditions of the Agreement. Page 8 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations Results of Operations The following table sets forth the gross revenues and net revenues (gross revenues minus transportation expenses) for each of the Company's three service categories: airfreight forwarding, ocean freight forwarding, and customs brokerage and other services, as well as the Company's internal operating expenses (terminal, selling, general and administrative expenses) and operating profit:
Three Months Six Months Ended June 30, Ended June 30, 1996 1995 1996 1995 Gross Revenues: Airfreight ............................... $245.4 $239.2 $478.1 $468.8 Ocean Freight ............................ 49.2 40.3 89.4 74.0 Customs Brokerage and Other .............. 26.1 19.9 47.9 36.5 Total Gross Revenues ................... $320.7 $299.4 $615.4 $579.3 Net Revenues: Airfreight ............................... $ 68.4 $ 60.4 $131.7 $116.6 Ocean freight ............................ 14.2 9.8 24.5 18.1 Customs Brokerage and Other .............. 23.1 19.7 42.7 36.0 Total Net Revenues ..................... 105.7 89.9 198.9 170.7 Internal Operating Expenses: Terminal ................................. 55.5 47.9 108.1 91.5 Selling, general and administrative ...... 34.5 29.6 65.0 58.4 Total Internal Operating Expenses ...... 90.0 77.5 173.1 149.9 Operating Profit ........................... $ 15.7 $ 12.4 $ 25.8 $ 20.8
Consolidated gross revenues for the second quarter and six months ended June 30, 1996 increased 7.1% to $320.7 million and 6.2% to $615.4 million, respectively over the comparable periods in 1995. Additionally, included in the increase in gross revenues for the quarter and six months was the negative effect of approximately $6.9 million and $9.4 million, respectively, resulting from a stronger U.S. dollar when converting foreign currency revenues into U.S. dollars for financial reporting purposes. Consolidated net revenues (gross revenues minus transportation expenses) for the second quarter and first six months of 1996 increased 17.6% to $105.7 million and 16.5% to $198.9 million, respectively, over the comparable 1995 periods. Gross airfreight revenues for the second quarter and first six months of 1996 increased 2.6% to $245.4 million and 2.0% to $478.1 million, respectively, over the comparable 1995 periods. The increase in gross airfreight revenues for both the quarter and six months was due to increases in shipments, total weight of cargo shipped and the impact from acquisitions not included in the comparable 1995 periods. For the quarter, shipments increased .5% and the weight of cargo shipped increased 4.0% over the second quarter of 1995. For the six month period, shipments increased 2.3% and the weight of cargo shipped increased 2.0% Page 9 over the first six months of 1995. Airfreight net revenues for the second quarter of 1996 increased 13.2% to $68.4 million over the comparable 1995 period. For the six months, airfreight net revenue increased 13.0% to $131.7 million over the comparable 1995 period. The increase in net revenues from airfreight operations was attributable to lower transportation costs, mainly due to improved utilization of airfreight containers, and reduced airline rates in certain markets. Ocean freight gross revenues for the second quarter and first six months of 1996 increased 22.1% to $49.2 million and 20.8% to $89.4 million, respectively, over the comparable 1995 periods. Ocean freight net revenues for the quarter and first six months of 1996 increased 44.9% to $14.2 million and 35.4% to $24.5 million, respectively, over the comparable 1995 periods. The increase in both the gross and net ocean freight revenues was due to increased shipping volumes. The higher shipping volumes were attributable to the impact from acquisitions not included in the comparable 1995 periods and the Company's continuing penetration into the ocean freight market. Customs brokerage and other gross revenues for both the second quarter and first six months of 1996 increased 31.2% to $26.1 million and $47.9 million, respectively, over the comparable 1995 periods. Customs brokerage and other net revenues for the second quarter and first six months of 1996 increased 17.3% to $23.1 million and 18.6% to $42.7 million, respectively, over the comparable 1995 periods. The increase in both the gross and net customs brokerage and other revenues was mainly attributable to the acquisitions of Profreight (acquired March 1996), Lusk Shipping Co. (acquired April 1996), John V. Carr & Sons (acquired May 1996), and Radix (acquired June 1995), (See Note E). Internal operating expenses (terminal, selling, and general and administrative expenses) increased $12.5 million or 16.1% for the quarter and $23.2 million or 15.5% for the first six months of 1996 over the comparable periods in 1995. 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 1995 periods. Operating profit for the second quarter of 1996 increased $3.3 million or 26.6% over the second quarter of 1995. For the first six months of 1996, operating profit increased $5.0 million or 24.0% over the comparable 1995 period. Interest expense, net was marginally higher for the second quarter of 1996 compared to the second quarter of 1995. For the first six months of 1996, interest expense, net increased $.3 million over the comparable 1995 period. The increase resulted from lower interest income due to a reduction in the amount of funds the Company had invested during the first six months of 1996 and a reduction in the interest rate earned on those funds. Page 10 The effective income tax rate of 39.0% for the second quarter of 1996 was marginally lower than the second quarter of 1995. For both the first six months of 1996 and 1995, the effective income tax rate was 39.0%. Liquidity and Capital Resources At June 30, 1996, the Company's working capital increased approximately $6.2 million to $83.1 million from $76.9 million at December 31, 1995. The increase was mainly attributable to the increase in profits. Capital expenditures decreased approximately $8.2 million from $12.8 million for the first six months of 1995 to $4.6 million for the first six months of 1996. The decrease was primarily due to expenditures incurred during the first six months of 1995 for the Company's new warehouse and distribution facility in Singapore which was completed during the third quarter of 1995. The $4.6 million for capital expenditures was primarily for facility improvements and management information systems. In June 1996, the Company announced the redemption for all of its 6.0% Convertible Subordinated Debentures (See Note F). Early in the third quarter of 1996, substantially all of the Debentures were converted into shares of the Company's Common Stock which will increase the Company's Stockholders' Investment approximately $74.2 million and correspondingly its debt to equity ratio (total long-term debt as a percentage of stockholders' investment) will decline from 45.8% at June 30, 1996 to approximately 5.0%. Additionally, the redemption of the Debentures will reduce the Company's pre tax interest expense by approximately $2.4 million during the second half of 1996. The impact of Debenture redemptions for cash will be immaterial to the Company's results of operations. During the second quarter of 1996, the Company secured a $75 million revolving credit facility (See Note G). At June 30, 1996, the Company had $75 million available for future borrowings under this credit facility. Additionally, various of the Company's foreign subsidiaries maintained overdraft facilities with foreign banks, aggregating approximately $13.9 million, of which approximately $1.0 million was outstanding. During the second quarter of 1996, the Company's Board of Directors authorized a 20.0% increase in the quarterly cash dividend from five cents ($.05) to six cents ($.06) per share. Management believes that the Company's available cash and sources of credit, together with cash generated from operations, will be sufficient to satisfy its anticipated needs for working capital, capital expenditures and dividends. Page 11 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: During the second quarter of 1996, the Company filed an 8-K under Item 5 - Other Events relating to the Company's announced redemption for all of its Convertible Subordinated Debentures and the establishment of a Revolving Credit Loan Agreement. 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: August 13, 1996 /s/ Dennis M. Dolan Dennis M. Dolan Vice President and Chief Financial Officer (Principal Financial Officer) Date: August 13, 1996 /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 Six Months Ended June 30, June 30, 1996 1995 1996 1995 Primary: Net income applicable to common shares ...................... $ 9,709 $ 7,557 $15,856 $12,670 Weighted average of common shares outstanding ................. 19,436 17,739 19,381 17,615 Common shares equivalents ............ 434 405 360 376 Average common shares out- standing ........................... 19,870 18,144 19,741 17,991 Earnings per common share ............ $ .49 $ .42 $ .80 $ .70 Fully diluted: Weighted average of common shares outstanding ................. 19,436 17,739 19,381 17,615 Common shares equivalents ............ 452 405 449 400 Common shares issuable upon assumed conversion of subor- dinated debentures ................. 3,214 3,292 3,247 3,292 Average common shares out- standing ........................... 23,102 21,436 23,077 21,307 Earnings per common share ............ $ .45 $ .39 $ .75 $ .66 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 June 30, 1996 and 1995, the interest elimination was $.73 million. For the six months ended June 30, 1996 and 1995, the interest elimination was $1.46 million.
EX-27 3
5 1000 6-MOS DEC-31-1996 JUN-30-1996 42,370 0 295,098 4,670 0 338,339 106,728 47,873 505,520 255,277 74,815 197 0 0 186,281 505,520 0 615,447 0 416,571 108,141 549 3,012 25,993 10,137 15,856 0 0 0 15,856 .80 .75
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