-----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, WcQWysiWukqBQtv+EQhdMo4hEjeH6p6cPmoVrgS7kWhcbB1h0XYo03qxrpn/EKsd nAYI0+TJ4SxcqzI8aoZMFQ== 0000926236-99-000047.txt : 19990513 0000926236-99-000047.hdr.sgml : 19990513 ACCESSION NUMBER: 0000926236-99-000047 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19990331 FILED AS OF DATE: 19990512 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MYR GROUP INC CENTRAL INDEX KEY: 0000700923 STANDARD INDUSTRIAL CLASSIFICATION: WATER, SEWER, PIPELINE, COMM AND POWER LINE CONSTRUCTION [1623] IRS NUMBER: 363158643 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 001-08325 FILM NUMBER: 99618544 BUSINESS ADDRESS: STREET 1: THREE CONTINENTAL TOWERS STREET 2: 1701 W GOLF ROAD SUITE 1012 CITY: ROLLING MEADOWS STATE: IL ZIP: 60008-4007 BUSINESS PHONE: 8472901891 MAIL ADDRESS: STREET 1: 1701 W GOLF ROAD STREET 2: SUITE 1012 CITY: ROLLING MEADOWS STATE: IL ZIP: 60008 FORMER COMPANY: FORMER CONFORMED NAME: MYERS L E CO GROUP DATE OF NAME CHANGE: 19920703 10-Q 1 Form 10-Q SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 (X) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 1999 OR ( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______________ to ____________ Commission File Number 1-8325 MYR GROUP INC. (Exact name of registrant as specified in its charter) Delaware 36-3158643 (State or other jurisdiction of (I.R.S. Employer Identification No.) incorporation or organization) 1701 W. Golf Road, Tower 3, Suite 1012, Rolling Meadows, Illinois 60008 (Address of principal executive offices) (Zip Code) (847) 290-1891 Registrant's telephone number, include area code 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 and Exchange Act of 1934 during the preceding 12 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 APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PRECEDING FIVE YEARS: Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Yes No Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of May 11, 1999: 5,969,868 MYR GROUP INC. I N D E X PART I. Financial Information Page No. --------------------- -------- Item 1. Financial Statements Condensed Consolidated Balance Sheets - March 31, 1999 and December 31, 1998 2 Condensed Consolidated Statements of Income - Three Months Ended March 31, 1999 and 1998 3 Condensed Consolidated Statements of Cash Flows - Three Months Ended March 31, 1999 and 1998 4 Notes to Condensed Consolidated Financial Statements 5-7 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 8-10 PART II. Other Information Item 1. Legal Proceedings 10 Item 6. Exhibits and Reports on Form 8-K 10 SIGNATURE 11 Part I, Item 1 Financial Information MYR Group Inc. CONDENSED CONSOLIDATED BALANCE SHEETS (Dollars in thousands)
- ---------------------------------------------------------------------------- March 31 Dec. 31 1999 1998 --------- --------- (Unaudited) * - ---------------------------------------------------------------------------- ASSETS Current assets: Cash and cash equivalents $ 530 $ 1,372 Contract receivables including retainage 73,280 68,112 Costs and estimated earnings in excess of billings on uncompleted contracts 16,151 17,092 Deferred income taxes 6,153 6,153 Other current assets 637 239 --------------------- Total current assets 96,751 92,968 --------------------- Property and equipment: 56,736 56,706 Less accumulated depreciation 41,378 40,604 --------------------- 15,358 16,102 --------------------- Other assets 1,399 1,129 --------------------- Total assets $ 113,508 $ 110,199 ===================== LIABILITIES Current Liabilities: Current maturities of long-term debt $ 9,183 $ 7,813 Accounts payable 16,959 14,135 Billings in excess of costs and estimated earnings on uncompleted contracts 11,257 9,448 Accrued insurance 14,809 13,868 Other current liabilities 14,510 17,528 --------------------- Total current liabilities 66,718 62,792 --------------------- Deferred income taxes 1,052 1,052 Other liabilities 393 393 Long-term debt: Promissory notes and other debt 916 917 Industrial revenue bond 250 250 Subordinated convertible debentures 3,632 5,447 --------------------- Total long-term debt 4,798 6,614 SHAREHOLDERS' EQUITY Common stock and additional paid-in capital 7,987 7,009 Retained earnings 35,887 34,335 Restricted stock awards and shareholders' notes receivable (3,327) (1,996) --------------------- Total shareholders' equity 40,547 39,348 --------------------- Total liabilities and shareholders' equity $ 113,508 $ 110,199 ===================== *Condensed from audited financial statements - ---------------------------------------------------------------------------- The "Notes to Condensed Consolidated Financial Statements" are an integral part of this statement.
MYR Group Inc. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Dollars in thousands except per share amounts) (Unaudited) - ---------------------------------------------------------------------------- Three Months Ended March 31 1999 1998 - ---------------------------------------------------------------------------- Contract revenue $ 107,327 $ 110,671 Contract cost 95,569 101,742 ------------------------- Gross profit 11,758 8,929 Selling, general and administrative expenses 8,597 6,739 ------------------------- Income from operations 3,161 2,190 Other income (expense) Interest income 2 4 Interest expense (275) (445) Gain on sale of property and equipment 91 47 Miscellaneous (42) 7 ------------------------- Income before taxes 2,937 1,803 Income tax expense 1,175 721 ------------------------- Net income $ 1,762 $ 1,082 ========================================================================= Earnings per share: Basic $ .31 $ .20 ========================= Diluted $ .27 $ .17 ========================= Dividends per common share $ .0375 $ .035 ========================= Average number of shares outstanding: Basic 5,740 5,548 ========================= Diluted 6,639 6,621 ========================= - ---------------------------------------------------------------------------- The "Notes to Condensed Consolidated Financial Statements" are an integral part of this statement.
MYR Group Inc. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Dollars in thousands) (Unaudited) - ------------------------------------------------------------------------- Three Months Ended March 31 1999 1998 - ------------------------------------------------------------------------- CASH FLOWS FROM OPERATIONS Net income $ 1,762 $ 1,082 Adjustments to reconcile net income to cash flows from operations Depreciation and amortization 905 1,248 Amortization of unearned stock awards 84 52 Gain from disposition of assets (91) (47) Changes in assets and liabilities (546) (8,623) ------------------------- Cash flows from operations 2,114 (6,288) ------------------------- CASH FLOWS FROM INVESTMENTS Expenditures for property and equipment (202) (952) Proceeds from disposition of assets 101 59 ------------------------- Cash flows from investments (101) (893) ------------------------- CASH FLOWS FROM FINANCING Proceeds (repayments) of long term debt (445) 4,156 Proceeds from exercise of stock options 937 8 Issuance of shareholder notes (1,645) - Purchase of treasury stock (1,491) - Decrease in deferred compensation - 4 Dividends paid (211) ( 199) ------------------------- Cash flows from financing (2,855) 3,969 ------------------------- Decrease in cash and cash equivalents (842) (3,212) Cash and cash equivalents at beginning of year 1,372 3,757 ------------------------- Cash and cash equivalents at end of period $ 530 $ 545 ========================= - ------------------------------------------------------------------------- The "Notes to Condensed Consolidated Financial Statements" are an integral part of this statement.
MYR Group Inc. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) 1 - Basis of Presentation The condensed consolidated balance sheets, statements of income and statements of cash flows include the accounts of the Company and its subsidiaries. All material intercompany balances and transactions have been eliminated. The financial information included herein is unaudited; however, such information reflects all adjustments (consisting solely of normal recurring adjustments) which are, in the opinion of management, necessary for a fair presentation of results for the interim period. The results of operations for the three month period ended March 31, 1999 are not necessarily indicative of the results to be expected for the full year. 2 - Earnings Per Share Basic and diluted weighted average shares outstanding and earnings per share on net income are as follows: Three months ended March 31 --------------------------- Share Data: 1999 1998 ----- ----- Basic Shares 5,740 5,548 Common equivalent shares 540 714 Shares assumed converted 359 359 ----- ----- Diluted shares 6,639 6,621 ===== ===== Three months ended March 31 --------------------------- 1999 1998 Total Per Share Total Per Share ------- --------- ------- ---------- Net Income: Basic $ 1,762 $ 0.31 $ 1,082 $ 0.20 Interest on convertible subordinated shares 22 22 ------- ------- Diluted $ 1,784 $ 0.27 $ 1,104 $ 0.17 ======= =======
3 - Supplemental Quarterly Financial Information (Unaudited) (Dollars in thousands, except per share amounts) 1999 1998 ------- -------------------------------------------- Mar. 31 Mar. 31 June 30 Sept. 30 Dec. 31 Year ------- ------- ------- ------- ------- ------- Contract revenue $107,327 $110,671 $109,666 $122,282 $116,724 $459,343 Gross profit 11,758 8,929 11,053 12,224 13,014 45,220 Net income 1,762 1,082 2,071 2,285 2,450 7,888 Earnings per share - Basic: 0.31 0.20 0.37 0.40 0.43 1.40 Earnings per share - Diluted: 0.27 0.17 0.31 0.34 0.38 1.20 Dividends paid per share 0.0375 0.035 0.035 0.035 0.035 0.14 Market price: High 12.00 12.81 14.25 16.88 12.88 16.88 Low 10.06 11.31 11.31 10.69 10.13 10.13
4 - Pending Accounting Pronouncements In 1998, the Financial Accounting Standards Board issued SFAS No. 133, "Accounting for Derivative Instruments and Hedging Activities". SFAS No. 133 establishes accounting and reporting standards for derivative instruments, including certain derivative instruments embedded in other contracts, (collectively referred to as derivatives) and for hedging activities. This standard is effective for years beginning after June 15, 1999. The Company believes the implementation of this pronouncement will not have a material impact on the Company's reported financial position, results of operations and cash flows. 5. Segment Reporting The Company adopted SFAS No. 131, "Disclosures about Segments of an Enterprise and Related Information", during the fourth quarter of 1998. SFAS No. 131 established standards for reporting information about operating segments in annual financial statements and requires selected information about operating segments in interim financial reports issued to stockholders. Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker, or decision making group, in deciding how to allocate resources and in assessing performance. The adoption of SFAS No. 131 did not affect results of operations or financial position, but did affect the disclosure of segment information. The Company is engaged primarily in two segments: infrastructure services and commercial/industrial construction. The accounting policies of the operating segments are the same as those described in the summary of significant accounting policies except that the financial results have been prepared using a management approach. This approach is consistent with the basis and manner in which management internally disaggregates financial information for the purpose of assisting in making internal operating decisions and is exclusive of corporate selling, general and administrative expenses, net interest expense and other income. Identifiable assets include all assets directly identified with the reportable segments including retentions, accounts receivable, property, equipment and costs and estimated earnings in excess of billings on uncompleted contracts. Corporate assets include cash, deferred tax assets, and other assets that are corporate in nature. Infrastructure Commercial/ Corporate Services Industrial and Other Consolidated --------- --------- --------- ------------ Three months ended March 31, 1999 ------------------ Contract revenue $ 73,101 $ 34,226 $ - $ 107,327 Depreciation and amortization 875 30 84 989 Income before taxes 5,932 542 (3,537) 2,937 Segment assets 65,950 39,301 8,257 113,508 Capital expenditures 181 21 - 202 Three months ended March 31, 1998 ------------------ Contract revenue 50,955 59,716 - 110,671 Depreciation and amortization 1,168 80 52 1,300 Income before taxes 2,469 1,915 (2,581) 1,803 Segment assets 55,909 60,293 4,587 120,789 Capital expenditures 902 50 - 952
Part I Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations for the Three Months Ending March 31, 1999 Results of Operations Revenue for the quarter was $107.3 million, compared to $110.7 million in 1998. Revenues for the infrastructure segment increased 43.5% over the prior year. Commercial/industrial revenues were essentially flat with the prior year after excluding the 1998 revenues from the major hotel and casino project in Las Vegas, NV that was completed in late 1998. Gross profit for the quarter was $11.8 million, compared to $8.9 million in 1998, or an increase of 31.7%. Gross profit as a percentage of revenue was 11.0% compared to 8.1% in 1998. The 1999 gross profit percentage increased primarily due to improved productivity in the infrastructure services business and the completion of a relatively low margin, cost-plus fixed-fee hotel and casino project in Las Vegas, Nevada in late 1998. Margin percentages for infrastructure services were favorably impacted by weather conditions more conducive to outdoor construction activity during the first quarter of 1999 as compared to the first quarter last year. Revenue and gross profit comparisons from quarter to quarter and comparable quarters of different periods may be impacted by variables beyond the control of the Company. Such variables include unusual or unseasonable weather and delays in receipt of construction materials on projects where the materials are provided to the Company by its clients. The different mix of the Company's work from period to period can impact the gross margin percentage. As the percentage of revenue derived from projects in which the Company supplies materials increases, the gross profit percentage will generally decrease. As the percentage of revenue derived from cost-plus work increases, margins may also decrease since this work involves lower financial risk. Finally, since the Company's revenues are derived principally from providing construction labor services, insurance costs, particularly for workers' compensation, are a significant factor in the Company's contract cost structure. Fluctuations in insurance reserves for claims under the retrospective rated insurance programs can have a significant impact on gross margins, either upward or downward, in the period in which such insurance reserve adjustments are made. Selling, general and administrative expenses for the quarter increased 27.6% to $8.6 million, compared to $6.7 million in 1998. The increase reflects increased training related costs associated with new management development programs, higher professional fees, costs related to additional personnel, and higher incentive compensation accruals on improved profit levels in comparison to the prior year. Net interest expense for the quarter was $273,000 compared to $441,000 in 1998. This decrease was primarily due to lower average outstanding bank debt levels in 1999 due to the reduced retention receivable balances on the major hotel and casino project in Las Vegas, NV. Gain on sale of property and equipment was $91,000 compared to $47,000 in 1998. The 1999 gain reflects sales and disposals in our continuing efforts to modernize the equipment fleet. Other expense for the quarter was $42,000 compared to other income of $7,000 in 1998 and consisted primarily of bank fees, offset by cash discounts. Income tax expense for the quarter was $1.2 million compared to $721,000 in 1998. As a percentage of income, the effective rate was 40% in 1999 and 1998. The Company's backlog at March 31, 1999 was $149.4 million, compared to $140.1 million at December 31, 1998, and $136.5 million at March 31, 1998. Substantially all the current backlog will be completed within twelve months and approximately 80% will be completed by December 31, 1999. Liquidity and Capital Resources The Company has a $20 million revolving credit facility. As of March 31, 1999, there was $6.5 million outstanding under the revolving credit facility. The Company has outstanding letters of credit with Banks totaling $4.7 million. The Company anticipates that its credit facility, cash balances and internally generated cash flows will continue to be sufficient to fund operations, capital expenditures and debt service requirements. The Company is also confident that its financial condition will allow it to meet long-term capital requirements. In March 1999, the Company's Board of Directors authorized the purchase of up to 750,000 shares of its common stock. In 1999 and 1998, purchases under the prior stock repurchase program totaled 144,808 and 19,494 shares at a cost of $1,492,000 and $248,000, respectively. In March 1999, the Company loaned two officers $1,645,000 in total for the exercise cost and tax liability associated with exercising options on 347,225 shares that were expiring in 1999. The portion related to the exercise price, $886,000, is classified in stockholders' equity and the balance that relates to the withholding taxes paid is included in other assets. Capital expenditures for the quarter were $202,000 compared to $952,000 in 1998. Capital expenditures during these periods were used for normal property and equipment additions, replacements and upgrades. Proceeds from the disposal of property and equipment for the quarter amounted to $101,000 and $59,000 in 1998. The Company plans to spend approximately $5.5 million on capital improvements during 1999. Cash flows provided from operations amounted to $2.1 million, which was used for net capital expenditures of $101,000, the purchase of treasury stock of $1.5 million, dividends paid of $211,000, and the financing of shareholder stock option exercises of $1.6 million. The Company's financial condition continues to be strong at March 31, 1999, with working capital of $30.0 million compared to $30.2 million at December 31, 1998. Year 2000 Compliance The "Year 2000 problem" arose because many existing computer programs use only the last two digits to refer to a year. Therefore, these computer programs do not properly recognize a year that begins with "20" instead of the familiar "19." If not corrected, many computer applications could fail or create erroneous results. The extent of the potential impact of the Year 2000 problem is not yet known, and if not timely corrected, it could affect the global economy. State of Readiness In 1997, the Company established an organization wide project to identify non-compliant items, formulate corrective actions and to implement these changes to mitigate the year 2000 issue. The Company has identified three categories of components that require attention: 1. Information technology ("IT") systems, such as mainframes, midranges, personal computers, software and networks 2. Non-IT systems such as equipment, machinery, climate control, security and telephone systems, which may contain micro-controllers with embedded technology 3. Third party IT and Non-IT systems The table below summarizes the estimated completion percentages of the three categories and stages that are being undertaken to mitigate the Year 2000 issue. Identification Formulation Implementation of material of of Planned items corrective corrective Completion actions actions ---- ---- --- --------------- IT systems 100% 100% 95% September, 1999 Non-IT systems 100% 90% 90% September, 1999 Third party systems 100% 90% 90% September, 1999
Although the Company has contacted its major suppliers to determine their readiness regarding the Year 2000 issue and has been assured that they are working to mitigate its effects, the Company has no way of determining what level of compliance they will attain by the year 2000. The Company is currently in the process of contacting its major customers to evaluate their planned level of compliance. Upon receiving the responses, the Company will formulate corrective actions. There is no guarantee that systems of other companies on which the Company's systems rely will be timely converted and would not have an adverse effect on the Company's systems. If all material components are not identified or all appropriate corrective actions are not taken or are not completed in a timely manner, the Year 2000 issue could have a material impact on the operations of the Company. Year 2000 Costs Costs related to the Year 2000 issue are funded through operating cash flows and are being expensed as incurred. As of December 1998, the Company has expended funds in remediation efforts, which consisted of costs associated with modifying the source code of existing software. This amount has been immaterial to the Company. Based upon the Company's investigations to date, it estimates the total costs related to the Year 2000 issue would be immaterial. A number of other upgrades have been made to systems in the normal course of business that mitigate Year 2000 issues. This amount may vary substantially as the Company continues to evaluate items associated with the Year 2000 issue. Year 2000 Risks The most reasonably likely worst case scenario for the Company is the failure of a supplier to be Year 2000 compliant such that its supply of needed products or services is interrupted temporarily. This could result in the Company not being able to fulfill its obligation on a construction contract, which could cause lost sales and profits and possibly additional exposure for non-performance and damage claims. Year 2000 Contingency Plans The Company is currently evaluating business disruption scenarios, coordinating the establishment of Year 2000 contingency plans and identifying and implementing preemptive strategies. Detailed contingency plans for critical business processes will be developed by September 1999. The costs of the project and the date on which the Company believes it will complete the Year 2000 project are based on management's best estimates, which were derived utilizing numerous assumptions and future events, including the continued availability of certain resources and other factors. However, there can be no guarantee that these estimates will be achieved and actual results could differ materially from those anticipated. Specific factors that might cause such material differences include, but are not limited to, the availability and cost of personnel trained in this area, the ability to locate and correct all relevant codes, the level of compliance by key suppliers and customers, and similar uncertainties. PART II Item 1. Legal Proceedings There were no material developments during the quarter relating to legal proceedings previously reported by the Company. Item 4.Submission of Matters to a Vote of Security Holders The Company held its annual meeting of stockholders on May 10, 1999, pursuant to notice of meeting and proxy statement sent to stockholders of the Company. Stockholders elected Messrs. William G. Brown and John M. Harlan as the Class I directors to serve a term until the annual meeting of stockholders to be held in the year 2002. Messrs. William G. Brown and John M. Harlan were the incumbent Class I directors who were nominated for election by the Board of Directors for re-election. Messrs. Allan E. Bulley, Jr. (Class II), Bide L. Thomas (Class II) and Charles M. Brennan III (Class III) continue to serve as directors of the class indicated after the meeting. The stockholders approved an amendment to Article Fourth of the Company's Certificate of Incorporation to increase the authorized shares of common stock from 10,000,000 to 25,000,000 and to reduce the stated par value from $1.00 to $0.01 per share. The vote on the proposal was 3,626,428 for, 544,999 against and 8,463 abstained. Item 6. Exhibits and Reports on Form 8-K a. Exhibits filed herewith are listed in the Exhibit Index filed as a part hereof and incorporated herein by reference. b. No reports on Form 8-K were filed by the Company for the 1st Quarter of 1999. CAUTIONARY STATEMENT-- This Report may contain statements which constitute "forward-looking" information as defined in the Private Securities Litigation Reform Act of 1995 or by the Securities and Exchange Commission. Investors are cautioned that any such forward- looking statements are not guarantees of future performance and actual results may differ. 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. MYR Group Inc. Date: May 11, 1999 By: /s/ William A. Koertner, Sr. Vice President, Treasurer, and Chief Financial Officer (duly authorized representative of registrant and principal financial officer) MYR Group Inc. Quarterly Report on Form 10Q for the Quarter Ended March 31, 1998 Exhibit Index Number Description Page (or Reference) 3 Certificate of Amendment of Amended 13 and Restated Certificate of Incorporation 27 Financial Data Schedules 14 EX-3 2 Exhibit 3 CERTIFICATE OF AMENDMENT OF AMENDED AND RESTATED CERTIFICATE OF INCORPORATION OF MYR GROUP INC. MYR GROUP Inc., a corporation organized and existing under the laws of the State of Delaware FIRST: That the first paragraph of ARTICLE FOURTH of the Amended and Restated Certificate of Incorporation of the Company is amended to read in its entirety as follows: "FOURTH: The number of shares of all classes of stock which the corporation shall have authority to issue is twenty-six million (26,000,000), of which twenty-five million (25,000,000) shares of par value of $0.01 each are to be of a class designated as Common Stock and one million (1,000,000) shares of par value of $1.00 each are to be of a class designated Preferred Stock. The Preferred Stock shall be issuable in series." SECOND: That such amendment has been duly adopted by the Board of Directors and approved by the holders of a majority of the corporation's shares of in accordance with the provisions of Section 242 of the General Corporation Law of the State of Delaware. IN WITNESS WHEREOF, MYR Group Inc. has caused its corporate seal to be hereunto affixed and this certificate to be signed by its Senior Vice President this 10th day of May, 1999. (Seal) MYR Group Inc. By_____________________ William A. Koertner Attest: ______________________ Byron D. Nelson EX-27 3
5 1,000 3-MOS DEC-31-1999 MAR-31-1998 530 0 74,191 911 0 96,751 56,736 41,378 113,508 66,718 4,798 0 0 5,970 34,577 113,508 107,327 107,327 95,569 104,166 (49) 0 275 2,937 1,175 1,762 0 0 0 1,762 .31 .27
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