-----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, WtAFJB//3c9xgUMCdQj/vwKRGo7+vxCnA5pwp4Sg5eXcXTtoBxgyxiXgti/AfkIB 7OWGzFK3F+DH8iEPn5hmUw== 0000910647-96-000111.txt : 19960807 0000910647-96-000111.hdr.sgml : 19960807 ACCESSION NUMBER: 0000910647-96-000111 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19960630 FILED AS OF DATE: 19960806 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: NBTY INC CENTRAL INDEX KEY: 0000070793 STANDARD INDUSTRIAL CLASSIFICATION: PHARMACEUTICAL PREPARATIONS [2834] IRS NUMBER: 112228617 STATE OF INCORPORATION: DE FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-10666 FILM NUMBER: 96604574 BUSINESS ADDRESS: STREET 1: 90 ORVILLE DR CITY: BOHEMIA STATE: NY ZIP: 11716 BUSINESS PHONE: 5165679500 MAIL ADDRESS: STREET 1: 90 ORVILLE DRIVE CITY: BOHEMIA STATE: NY ZIP: 11716 FORMER COMPANY: FORMER CONFORMED NAME: NATURES BOUNTY INC DATE OF NAME CHANGE: 19920703 10-Q 1 BODY OF FORM 10-Q UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES AND EXCHANGE ACT OF 1934 For the period ended June 30, 1996 Commission File Number: 0-10666 ------- NBTY, Inc. - ------------------------------------------------------------------------------- (Exact name of registrant as specified in its charter) Delaware 11-2228617 -------------------------------- ------------------------ (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 90 Orville Drive, Bohemia, NY 11716 ---------------------------------------- ----------- (Address of Principal Executive Offices) (Zip Code) Registrant's telephone number, including area code (516) 567-9500 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 registration was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. YES X NO --- --- Shares of Common Stock as of June 30, 1996: 18,592,119 ---------- NBTY, INC. and SUBSIDIARIES INDEX PART I Financial Information Condensed Consolidated Balance Sheets - June 30, 1996 and September 30, 1995 1 - 2 Condensed Consolidated Statements of Income - Three Months Ended June 30, 1996 and 1995 3 Condensed Consolidated Statements of Income - Nine months Ended June 30, 1996 and 1995 4 Condensed Consolidated Statements of Cash Flows - Nine months Ended June 30, 1996 and 1995 5 - 6 Notes to Condensed Consolidated Financial Statements 7 - 9 Management's Discussion and Analysis of Financial Condition and Results of Operations 10 - 12 PART II Other Information 13 Signature 14 NBTY, INC. and SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS ASSETS
June 30, September 30, 1996 1995 ----------- ------------- (Unaudited) Current assets: Cash and cash equivalents $ 13,584,283 $ 10,378,476 Accounts receivable, less allowance for doubtful accounts of $746,060 at June 30, 1996 and $576,579 at September 30, 1995 12,732,324 12,354,545 Inventories 35,804,517 36,972,592 Deferred income taxes 1,846,875 1,846,875 Prepaid catalog costs and other current assets 10,669,718 6,170,243 ------------ ------------ Total current assets 74,637,717 67,722,731 Property, plant and equipment 84,867,483 70,737,588 less accumulated depreciation and amortization 25,903,766 22,413,012 ------------ ------------ 58,963,717 48,324,576 Intangible assets, net 4,141,482 5,813,031 Deferred income taxes 574,611 574,611 Other assets 318,232 1,668,309 ------------ ------------ Total assets $138,635,759 $124,103,258 ============ ============
See notes to condensed consolidated financial statements. NBTY, INC. and SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS LIABILITIES AND STOCKHOLDERS' EQUITY
June 30, September 30, 1996 1995 ----------- ------------- (Unaudited) Current liabilities: Current portion of long-term debt and capital lease obligations $ 915,610 $ 358,675 Accounts payable 11,328,180 16,411,562 Accrued expenses 12,586,083 10,287,989 ------------ ------------ Total current liabilities 24,829,873 27,058,226 Long-term debt and capital lease obligations, less current portion 18,634,683 10,924,454 Deferred income taxes 2,736,148 2,736,148 Other liabilities 792,985 768,985 ------------ ------------ Total liabilities 46,993,689 41,487,813 Commitments and contingencies Stockholders' equity: Common stock, $.008 par; authorized 25,000,000 shares; issued 20,079,676 shares in 1996 and 19,207,676 in 1995 and outstanding 18,592,119 shares in 1996 and 17,766,119 in 1995 160,638 153,662 Capital in excess of par 55,969,182 54,151,206 Retained earnings 38,744,406 30,656,586 ------------ ------------ 94,874,226 84,961,454 Less 1,487,557 treasury shares at cost, at June 30, 1996 and 1,441,557 treasury shares at September 30, 1995 2,648,256 2,346,009 Stock subscriptions receivable 583,900 ------------ ------------ Total stockholders' equity 91,642,070 82,615,445 ------------ ------------ Total liabilities and stockholders' equity $138,635,759 $124,103,258 ============ ============
See notes to condensed consolidated financial statements. NBTY, INC. and SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
For the three months ended June 30, 1996 1995 ----------- ----------- Net sales $47,899,663 $41,649,806 ----------- ----------- Costs and expenses: Cost of sales 23,446,374 21,085,603 Catalog printing, postage and promotion 3,690,819 5,049,906 Selling, general and administrative 14,165,346 13,479,144 ----------- ----------- 41,302,539 39,614,653 ----------- ----------- Income from operations 6,597,124 2,035,153 ----------- ----------- Other income (charges): Interest expense (378,980) (271,305) Miscellaneous, net 284,545 239,721 ----------- ----------- (94,435) (31,584) ----------- ----------- Income before income taxes 6,502,689 2,003,569 Income taxes 2,740,042 851,428 ----------- ----------- Net income $ 3,762,647 $ 1,152,141 =========== =========== Earnings per common share and common share equivalents $0.19 $0.06 ===== ===== Weighted average common shares and common share equivalents 19,991,675 19,899,088 ========== ==========
See notes to condensed consolidated financial statements. NBTY, INC. and SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
For the nine months ended June 30, 1996 1995 ------------ ------------ Net sales $142,093,552 $130,072,605 ------------ ------------ Costs and expenses: Cost of sales 72,101,151 65,908,535 Catalog printing, postage and promotion 13,240,001 14,671,813 Selling, general and administrative 42,782,415 41,470,539 ------------ ------------ 128,123,567 122,050,887 ------------ ------------ Income from operations 13,969,985 8,021,718 ------------ ------------ Other income (charges): Interest expense (1,017,497) (789,435) Miscellaneous, net 640,730 755,308 ------------ ------------ (376,767) (34,127) ------------ ------------ Income before income taxes 13,593,218 7,987,591 Income taxes 5,505,398 3,345,087 ------------ ------------ Net income $ 8,087,820 $ 4,642,504 ============ ============ Earnings per common share and common share equivalents $0.41 $0.23 ===== ===== Weighted average common shares and common share equivalents 19,939,374 20,009,232 ========== ==========
See notes to condensed consolidated financial statements. NBTY, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
For the nine months ended June 30, 1996 1995 ----------- ----------- Net income $ 8,087,820 $ 4,642,504 Adjustments to reconcile net income to cash provided by operating activities: Gain on sale of property, plant and equipment (2,250) Depreciation and amortization 4,003,164 3,650,650 Provision (recovery) for allowance for doubtful accounts 169,481 (53,995) Increase in deferred taxes 150,000 Changes in assets and liabilities: Decrease (increase) in accounts receivable 1,297,204 (142,686) Decrease in inventories 229,671 1,659,183 Increase in income tax receivable (245,115) Increase in prepaid catalog costs and other current assets (4,499,475) (1,152,448) Decrease in other assets 2,547,275 753,267 (Decrease) increase in accounts payable (5,083,382) 945,691 Increase in accrued expenses 2,298,094 1,486,965 ----------- ----------- Net cash provided by operating activities 9,047,602 11,694,016 ----------- ----------- Cash flow from investing activities: Increase in intangible assets (40,047) (1,003,038) Purchase of property, plant and equipment (14,129,895) (10,287,594) Proceeds from sale of property, plant and equipment 2,250 Proceeds from sale of direct-mail cosmetics business 350,000 ----------- ----------- Net cash used in investing activities (13,817,692) (11,290,632) ----------- ----------- Cash flows from financing activities: Net payments under line of credit agreement (5,000,000) Borrowings under long term debt agreement 6,000,000 2,400,000 Principal payments under long-term debt agreements (165,653) (713,173) Proceeds from capital lease agreements 2,635,412 702,500 Repayment of capital lease obligations (202,595) Purchase of treasury stock (302,247) (1,483,287) Proceeds from stock options exercised 10,980 24,000 ----------- ----------- Net cash provided by (used in) financing activities 7,975,897 (4,069,960) ----------- ----------- Net increase (decrease) in cash and cash equivalents 3,205,807 (3,666,576) Cash and cash equivalents at beginning of year 10,378,476 5,900,594 ----------- ----------- Cash and cash equivalents at end of quarter $13,584,283 $ 2,234,018 =========== =========== Supplemental Disclosure of Cash Flow Information: Cash paid during the period for interest $ 1,012,622 $ 800,095 Cash paid during the period for taxes $ 2,178,025 $ 1,287,065 =========== ===========
See notes to consolidated condensed financial statements. NBTY, INC. and SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS For the nine months ended June 30, 1996 and 1995 Supplemental non-cash investing and financing information: During the first nine months of fiscal 1996, options were exercised with 872,000 shares of common stock issued to certain officers and directors for $10,980 and interest bearing notes in the amount of $583,900. As a result of the exercise of these options, the Company is entitled to a compensation deduction for tax purposes of approximately $3,150,000 and it is estimated that such compensation deduction will ultimately result in a tax benefit of approximately $1,230,000 which has been recorded as an increase in capital in excess of par. In addition, the Company has adjusted its current liability to recognize the effect of this tax benefit. On October 9, 1995, the Company sold certain assets of its directmail cosmetics business for approximately $2,495,000. The Company received $350,000 in cash and non-interest bearing notes aggregating approximately $2,145,000 for inventory, a customer list and other intangible assets. The notes will be paid over a three-year period based on a predetermined formula with guaranteed minimum payments. A final payment for the remaining outstanding balance will be made on September 30, 1998. In December 1994, options were exercised with 430,000 shares of common stock issued to certain officers and directors for $24,000 and an interest bearing note in the amount of $191,000. The promissory note, including interest, was paid by the surrender of 23,153 NBTY common shares to the Company at the prevailing market price. As a result of the exercise of these options, the Company was entitled to a compensation deduction for tax purposes of $1,827,500 and that such compensation deduction resulted in a tax benefit of approximately $731,000 which was recorded as an increase in capital in excess of par. In addition, the Company adjusted its current liability to recognize the effect of this tax benefit. See notes to condensed consolidated financial statements. NBTY, INC. and SUBSIDIARIES NOTES to CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 1. In the opinion of the Company, the accompanying unaudited condensed consolidated financial statements contain all adjustments necessary to present fairly its financial position as of June 30, 1996 and results of operations for the three and nine months ended June 30, 1996 and 1995 and statements of cash flows for the nine months ended June 30, 1996 and 1995. The consolidated condensed balance sheet as of September 30, 1995 has been derived from the audited balance sheet as of that date. This report should be read in conjunction with the Company's annual report filed on Form 10-K for the fiscal year ended September 30, 1995. 2. The results of operations and cash flows for the nine months ended June 30, 1996 are not necessarily indicative of the results to be expected for the full year. 3. On October 9, 1995, the Company sold certain assets of its direct- mail cosmetics business for approximately $2,495,000. The Company received $350,000 in cash and non-interest bearing notes aggregating approximately $2,145,000 for inventory, a customer list and other intangible assets. The notes will be paid over a three-year period based on a predetermined formula with guaranteed minimum payments. A final payment for the remaining outstanding balance will be made on September 30, 1998. Revenues applicable to this business were $1,615,074 and $7,124,131 for the three and nine months ended June 30, 1995. 4. Inventories have been estimated by using the gross profit method for the interim periods. The components of the inventories are as follows:
June 30, September 30, 1996 1995 ----------- ------------- (UNAUDITED) Raw materials and work-in-process $12,988,928 $17,746,844 Finished goods 22,815,589 19,225,748 ----------- ----------- $35,804,517 $36,972,592 =========== ===========
5. Intangible assets, at cost, acquired at various dates are as follows:
June 30, September 30, 1996 1995 ----------- ------------- (UNAUDITED) Goodwill $ 469,400 $ 469,400 Customer lists 8,783,475 10,540,017 Trademark and licenses 1,201,205 1,134,514 Covenants not to compete 1,304,538 1,304,538 ----------- ----------- 11,758,618 13,448,469 Less, accumulated amortization 7,617,136 7,635,438 ----------- ----------- $ 4,141,482 $ 5,813,031 =========== ===========
6. Accrued expenses:
June 30, September 30, 1996 1995 ----------- ------------- (UNAUDITED) Payroll and related payroll taxes $ 1,736,647 $ 2,166,355 Customer deposits 798,532 2,034,175 Accrued purchases 241,685 1,734,844 Income taxes payable 5,236,370 39,815 Other 4,572,849 4,312,800 ----------- ------------ $12,586,083 $ 10,287,989 =========== ============
7. The Company purchased 46,000 shares for $302,247 for the nine months ended June 30, 1996 and 205,000 shares for the nine months ended June 30, 1995 in open market transactions using working capital. An additional 23,153 shares were surrendered to the Company in payment of stock subscriptions receivable in 1995. The average cost of shares was $6.57 in 1996 and $6.50 in 1995. 8. Earnings per share are based on the weighted average number of common shares and common equivalent shares outstanding during the three and nine month periods ended June 30, 1996 and 1995. The calculation of earnings per share include common stock equivalent shares for stock options of 1,393,347 and 2,094,506 for the three month periods ended June 30, 1996 and 1995, respectively. The calculation of earnings per share include common stock equivalent shares for stock options of 1,501,084 and 2,203,506 for the nine month periods ended June 30, 1996 and 1995, respectively. 9. During the first nine months of fiscal 1996, options were exercised with 872,000 shares of common stock issued to certain officers and directors for $10,980 and interest bearing notes in the amount of $583,900. As a result of the exercise of these options, the Company is entitled to a compensation deduction for tax purposes of approximately $3,150,000 and it is estimated that such compensation deduction will ultimately result in a tax benefit of approximately $1,230,000 which has been recorded as an increase in capital in excess of par. In addition, the Company has adjusted its current liability to recognize the effect of this tax benefit. In December 1994, options were exercised with 430,000 shares of common stock issued to certain officers and directors for $24,000 and an interest bearing note in the amount of $191,000. The promissory note, including interest, was paid by the surrender of 23,153 NBTY common shares to the Company at the prevailing market price. As a result of the exercise of these options, the Company was entitled to a compensation deduction for tax purposes of $1,827,500 and that such compensation deduction resulted in a tax benefit of approximately $731,000 which was recorded as an increase in capital in excess of par. In addition, the Company adjusted its current liability to recognize the effect of this tax benefit. The following is a summary of changes in outstanding options for the Company's Stock Option Plans for the nine month period ended June 30, 1996:
Exercise Price -------------- Shares under option, September 30, 1995 (fully exercisable) 2,395,000 $.63 - $.92 Options exercised (872,000) $.63 - $.92 --------- Shares exercisable, June 30, 1996 (fully exercisable) 1,523,000 $.63 - $.92 =========
10. On April 3, 1996, the Company renewed a revolving credit agreement with two banks that provides for unsecured borrowings up to $15,000,000 which expires June 30, 1999. There were no borrowings under this agreement. In April 1996, the Company obtained a $6,000,000 first mortgage with a fixed interest rate of 7.375%, collateralized by the underlying real estate. The mortgage has monthly principal and interest payments of $55,196 for fifteen years through 2011. NBTY, INC. and SUBSIDIARIES MANAGEMENT'S DISCUSSION and ANALYSIS of FINANCIAL CONDITION and RESULTS of OPERATIONS Results of Operations: The following table sets forth income statement data of the Company as a percentage of net sales for the periods indicated:
Three months Nine months ended ended June 30, June 30, -------------- ------------- 1996 1995 1996 1995 ---- ---- ---- ---- Net sales................................... 100.0% 100.0% 100.0% 100.0% Cost and expenses: Cost of sales............................. 48.9 50.6 50.7 50.7 Catalog printing, postage and promotion 7.7 12.1 9.3 11.3 Selling, general and administrative....... 29.6 32.4 30.1 31.9 ----- ----- ----- ----- 86.2 95.1 90.1 93.9 ----- ----- ----- ----- Income from operations...................... 13.8 4.9 9.9 6.1 Other income (expenses), net................ (0.2) (0.1) (0.3) 0.0 ----- ----- ----- ----- Income before income taxes................. 13.6 4.8 9.6 6.1 Income taxes................................ 5.7 2.0 3.9 2.5 ----- ----- ----- ----- Net income.................................. 7.9% 2.8% 5.7% 3.6% ===== ===== ===== =====
Results of Operations - --------------------- For the three months ended June 30, 1996 compared to the three months ended June 30, 1995: Net sales. Net sales in the third quarter ended June 30, 1996 were $47,899,663 compared with $41,649,806 for the prior like period, an increase of $6,249,857 or 15.0%. Wholesaleretail sales increased $3.4 million or 14.8%; mail order vitamin sales were $20,911,652 compared to $16,914,033 for the prior like period, an increase of $3,997,619 or 23.6%. Sales during the third quarter of 1995 of $1,615,074 was attributed to Beautiful Visions which was sold October 9, 1995 (see Note 3, sale of direct-mail cosmetics division). Costs and expenses. Cost of sales as a percentage of sales was 48.9% for 1996 and 50.6% for 1995. The decrease was associated with lower raw material costs, manufacturing efficiencies and changes in product mix. Catalog printing, postage, and promotion expenses were $3,690,819 in 1996, a decrease of $1,359,087 (26.9% decrease), from $5,049,906 in 1995. As a percentage of sales, expenses were 7.7% for the current quarter and 12.1% for the prior like quarter. These costs decreased approximately $729,000 due to the discontinuance of the Beautiful Visions catalog. Selling, general and administrative expenses were $14,165,346 for the quarter, or 29.6% as a percentage of sales, compared with $13,479,144, or 32.4% as a percentage of sales, an increase of $686,202. The largest segments are indirect salaries, fringe benefits and freight. Indirect salaries and fringe benefits remained constant while freight increased by $172,916. Other income includes rental income of $135,663. Income before income taxes was $6,502,689 for 1996 and $2,003,569 for 1995. After income taxes, the Company had a net profit of $3,762,647 (or earnings per share of $0.19) for the quarter ended June 30, 1996, and net income of $1,152,141 (or earnings per share of $0.06) for the three months ended June 30, 1995. For the nine months ended June 30, 1996 compared to the nine months ended June 30, 1995: Net sales. Net sales in the nine months ended June 30, 1996 were $142,093,552 compared with $130,072,605 for the prior like period, an increase of $12,020,947 or 9.2%. Wholesaleretail sales increased $8.0 million or 11.3%; mail order vitamin sales were $62,341,145 compared to $51,911,427 for the prior like period, an increase of $10,429,718 or 20.1%. In 1995, sales of $7,124,131 was attributed to Beautiful Visions which was sold October 9, 1995 (see Note 3, sale of direct-mail cosmetics division). Costs and expenses. Cost of sales as a percentage of sales was 50.7% for 1996 and 1995. Catalog printing, postage, and promotion expenses were $13,240,001 for 1996 and $14,671,813 for 1995. As a percentage of sales, expenses were 9.3% for the current nine month period and 11.3% for the prior year. These costs decreased $1,431,812, primarily due to the discontinuance of the Beautiful Visions catalog. Long term contract promotions and coop advertising in the wholesale division were approximately the same as last year. For the nine months ended June 30, 1996 compared to nine months ended June 30, 1995: Selling, general and administrative expenses were $42,782,415 for the nine months, or 30.1% as a percentage of sales compared with $41,470,539 or 31.9% as a percentage of sales - an increase of $1,311,876. The largest segments are indirect salaries, fringe benefits and freight. Indirect salaries remained constant, fringe benefits decreased by $423,420 and freight increased by $159,630. Other income includes rental income of $406,988. Income before income taxes was $13,593,218 for 1996 and $7,987,591 for 1995. After income taxes, the Company had a net profit of $8,087,820 (or earnings per share of $0.41) for the nine months ended June 30, 1996, and net income of $4,642,504 (or earnings per share of $0.23) for the prior like nine months. Liquidity and Capital Resources - ------------------------------- The Company believes it has adequate working capital to meet its obligations in the normal course of business. The Company renewed a three year $15 million Revolving Credit Agreement which expires June 30, 1999. At June 30, 1996, there were no borrowings under this Revolver. In April 1996, the Company obtained a $6,000,000 first mortgage with a fixed interest rate of 7.375%, collateralized by the underlying building. The mortgage has monthly principal and interest payments of $55,196 for fifteen years through 2011. Net cash provided by operating activities was $9,047,602 and $11,694,016 in 1996 and 1995, respectively. Net cash used in investing activities was $13,817,692 and $11,290,632 in 1996 and 1995, respectively. Net cash provided by financing activities was $7,975,897 in 1996 and net cash used in financing activities was $4,069,960 in 1995. On October 9, 1995, the Company sold certain assets of its direct-mail cosmetics business for approximately $2,495,000. The Company received $350,000 in cash and non-interest bearing notes aggregating approximately $2,145,000 for inventory, a customer list and other intangible assets. The notes will be paid over a three-year period based on a predetermined formula with guaranteed minimum payments. A final payment for the remaining outstanding balance will be made on September 30, 1998. Revenues applicable to this business were approximately $1,615,073 and $7,124,131 for the three and nine months ended June 30, 1995. Management believes that inflation did not have a significant impact on operations. NBTY, INC. AND SUBSIDIARIES PART II OTHER INFORMATION Item 1. Legal Proceedings LITIGATION: There have been no material developments with respect to litigation that occurred during this reporting period. Reference is made to Item 3, Legal Proceedings in Form 10K for the year ended September 30, 1995. Item 2. Changes in Securities Not applicable. Item 3. Defaults upon Senior Securities Not applicable. Item 4. Submission of Matters to a Vote of Security Holders Not applicable. Item 5. Other Information Not applicable Item 6. Exhibits and Reports on Form 8-K There was no Form 8-K filed during the third quarter of the fiscal year ending September 30, 1996. NBTY, INC. and SUBSIDIARIES SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned there unto duly authorized. NBTY, INC. ---------- Date August 6, 1996 Harvey Kamil ------------------------------------------ Harvey Kamil, Executive Vice President, Secretary (Principal Financial and Accounting Officer) EX-27 2 FDS FOR 3RD QUARTER 10-Q
5 9-MOS SEP-30-1996 OCT-1-1995 JUN-30-1996 13,584,283 0 13,478,384 746,060 35,804,517 74,637,717 84,867,483 25,903,766 138,635,759 24,829,873 19,550,293 0 0 160,638 91,481,432 138,635,759 142,093,552 142,093,552 72,101,151 72,101,151 0 0 1,017,497 13,593,218 5,505,398 8,087,820 0 0 0 8,087,820 0.41 0.41
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