-----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, NXez4jFcLB1iOaTnX+XZY3ICsg8E3aRC+DVs7gYfGmWr2t6qY+eNrQH6IHXSfPjj HzHDpXRhLIvEgQj7tY/wfQ== 0000910647-97-000116.txt : 19970505 0000910647-97-000116.hdr.sgml : 19970505 ACCESSION NUMBER: 0000910647-97-000116 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19970331 FILED AS OF DATE: 19970502 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: 97594567 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 10-Q FOR 2ND QUARTER 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 March 31, 1997 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 March 31, 1997: 18,616,491 ---------- NBTY, INC. and SUBSIDIARIES INDEX PART I Financial Information Condensed Consolidated Balance Sheets - March 31, 1997 and September 30, 1996 1 - 2 Condensed Consolidated Statements of Operations - Three Months Ended March 31, 1997 and 1996 3 Condensed Consolidated Statements of Operations - Six Months Ended March 31, 1997 and 1996 4 Condensed Consolidated Statements of Cash Flows -Six months Ended March 31, 1997 and 1996 5 - 6 Notes to Condensed Consolidated Financial Statements 7 - 9 Management's Discussion and Analysis of Financial Condition and Results of Operations 10 - 13 PART II Other Information 14 Signature 15
NBTY, INC. and SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS ASSETS
March 31, September 30, 1997 1996 ------------ ------------- (Unaudited) Current assets: Cash and cash equivalents $ 9,766,465 $ 9,292,374 Short-term investments 15,676,044 11,024,624 Accounts receivable, less allowance for doubtful accounts of $1,000,148 in 1997 and $793,669 in 1996 15,251,916 11,625,112 Inventories 46,401,336 38,070,071 Deferred income taxes 3,155,163 3,155,163 Prepaid catalog costs and other current assets 6,630,776 5,682,874 ----------------------------- Total current assets 96,881,700 78,850,218 Property, plant and equipment 98,081,957 89,082,883 less accumulated depreciation and amortization 29,850,233 27,351,258 ----------------------------- 68,231,724 61,731,625 Intangible assets, net 3,807,991 3,974,573 Other assets 688,792 993,785 ----------------------------- Total assets $ 169,610,207 $145,550,201 =============================
See notes to consolidated condensed financial statements. NBTY, INC. and SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS LIABILITIES AND STOCKHOLDERS' EQUITY
March 31, September 30, 1997 1996 ------------ ------------- (Unaudited) Current liabilities: Current portion of long-term debt and capital lease obligations $ 974,685 $ 934,887 Accounts payable 19,622,866 10,943,228 Accrued expenses 19,350,556 14,704,507 ---------------------------- Total current liabilities 39,948,107 26,582,622 Long-term debt 14,917,127 15,178,412 Obligations under capital leases 2,984,517 3,219,127 Deferred income taxes 2,827,198 2,827,198 Other liabilities 792,985 792,985 ---------------------------- Total liabilities 61,469,934 48,600,344 Commitments and contingencies Stockholders' equity: Common stock, $.008 par; authorized 25,000,000 shares; issued 20,104,676 shares in 1997 and 20,079,676 in 1996 and outstanding 18,616,491 shares in 1997 and 18,592,119 shares in 1996 160,838 160,638 Capital in excess of par 56,225,185 56,012,910 Retained earnings 54,932,692 44,008,465 ---------------------------- 111,318,715 100,182,013 Less 1,488,185 and 1,487,557 treasury shares at cost, in 1997 and 1996, respectively 2,663,167 2,648,256 Stock subscriptions receivable 515,275 583,900 ---------------------------- Total stockholders' equity 108,140,273 96,949,857 ---------------------------- Total liabilities and stockholders' equity $169,610,207 $145,550,201 ============================
See notes to consolidated condensed financial statements. NBTY, INC. and SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
For the three months ended March 31, 1997 1996 ----------- ----------- Net sales $75,018,983 $55,604,762 -------------------------- Costs and expenses: Cost of sales 35,676,560 27,844,549 Catalog printing, postage and promotion 5,891,318 4,985,003 Selling, general and administrative 20,436,739 15,101,162 -------------------------- 62,004,617 47,930,714 -------------------------- Income from operations 13,014,366 7,674,048 -------------------------- Other income (charges): Interest expense (406,601) (333,619) Miscellaneous, net 115,617 161,726 -------------------------- (290,984) (171,893) -------------------------- Income before income taxes 12,723,382 7,502,155 Income taxes 5,089,353 2,925,841 -------------------------- Net income $ 7,634,029 $ 4,576,314 ========================== Earnings per common share and common share equivalents $ 0.38 $ 0.23 ========================== Weighted average common shares and common share equivalents 20,054,743 19,922,954 ==========================
See notes to consolidated condensed financial statements. NBTY, INC. and SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
For the six months ended March 31, 1997 1996 ------------ ----------- Net sales $122,346,697 $94,193,889 --------------------------- Costs and expenses: Cost of sales 58,247,421 48,654,777 Catalog printing, postage and promotion 9,941,476 9,549,182 Selling, general and administrative 35,408,674 28,617,069 --------------------------- 103,597,571 86,821,028 --------------------------- Income from operations 18,749,126 7,372,861 --------------------------- Other income (charges): Interest expense (868,920) (638,517) Miscellaneous, net 326,839 356,185 --------------------------- (542,081) (282,332) --------------------------- Income before income taxes 18,207,045 7,090,529 Income taxes 7,282,818 2,765,356 --------------------------- Net income $ 10,924,227 $ 4,325,173 =========================== Earnings per common share and common share equivalents $ 0.54 $0.22 =========================== Weighted average common shares and common share equivalents 20,049,144 19,891,479 ===========================
See notes to consolidated condensed financial statements. NBTY, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS
For the six months ended March 31, 1997 1996 ----------- ----------- Net income $10,924,227 $ 4,325,173 Adjustments to reconcile net income to cash provided by operating activities: Loss on sale of property, plant and equipment 25,526 Depreciation and amortization 2,965,656 2,641,608 Provision for allowance for doubtful accounts 206,479 82,943 Changes in assets and liabilities, net of acquistions: (Increase) decrease in accounts receivable (4,155,384) 1,250,338 Increase in inventories (8,331,265) (2,170,262) Increase in prepaid catalog costs and other current assets (947,902) (2,530,162) Decrease other assets 287,930 1,858,906 Increase (decrease) in accounts payable 8,679,638 (105,686) Increase in accrued expenses 4,904,274 70,770 -------------------------- Net cash provided by operating activities 14,559,179 5,423,628 -------------------------- Cash flow from investing activities: Increase in intangible assets (53,369) Purchase of property, plant and equipment (9,327,787) (10,979,874) Proceeds from sale of property, plant and equipment 20,150 Purchase of short-term investments (4,651,420) Proceeds from sale of direct-mail cosmetics business 350,000 Receipt of payments from direct-mail cosmetics business 322,101 247,101 -------------------------- Net cash used in investing activities (13,636,956) (10,436,142) -------------------------- Cash flows from financing activities: Borrowings under long term debt agreements 2,268,770 Principal payments under long-term debt agreements and capital leases (456,096) (227,395) Purchase of treasury stock (14,911) (172,118) Proceeds from stock options exercised 22,875 -------------------------- Net cash (used in) provided by financing activities (448,132) 1,869,257 -------------------------- Net increase (decrease) in cash and cash equivalents 474,091 (3,143,257) Cash and cash equivalents at beginning of year 9,292,374 10,378,476 -------------------------- Cash and cash equivalents at end of quarter $ 9,766,465 $ 7,235,219 ========================== Supplemental Disclosure of Cash Flow Information: Cash paid during the period for interest $ 868,920 $ 633,642 Cash paid during the period for taxes $ 4,676,791 $ 68,131 ==========================
See notes to consolidated condensed financial statements. NBTY, INC. and SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS For the six months ended March 31, 1997 and 1996 Supplemental non-cash investing and financing information: The Company entered into capital leases for machinery and equipment aggregating $2,268,770 for the six months ended March 31, 1996. During the first six months of 1997, options were exercised with 25,000 shares of common stock issued to certain officers for $22,875. As a result of the exercise of those options, the Company received a compensation deduction for tax purposes of approximately $474,000 and a tax benefit of approximately $190,000. An additional 628 NBTY common shares were surrendered to the Company, at market price, in payment of a stock subscription receivable and interest in 1997. The average cost of shares was $22.50 in 1997. During the first six months of 1996, options were exercised with 860,000 shares of common stock issued to certain officers for an interest bearing note in the amount of $583,900. As a result of the exercise of those options, the Company received a compensation deduction for tax purposes of approximately $3,065,000 and a tax benefit of approximately $1,200,000. 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 inventory note was repaid in full in October 1996. In April 1997, the Company received $725,000 as a final payment of the customer list note. 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 March 31, 1997 and results of operations for the three and six months ended March 31, 1997 and 1996 and statements of cash flows for the six months ended March 31, 1997 and 1996. The consolidated condensed balance sheet as of September 30, 1996 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, 1996. 2. The results of operations and cash flows for the six months ended March 31, 1997 are not necessarily indicative of the results to be expected for the full year. 3. Sale of Direct-Mail Cosmetic Business: 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 inventory note was repaid in full in October 1996. In April 1997, the Company received $725,000 as a final payment of the customer list note. 4. Inventories have been estimated by using the gross profit method for the interim periods. The components of the inventories are as follows:
March 31, September 30, 1997 1996 ----------- ------------- (UNAUDITED) Raw materials and work-in-process $24,057,864 $18,654,335 Finished goods 22,343,472 19,415,736 --------------------------- $46,401,336 $38,070,071 ===========================
5. Intangible assets, at cost, acquired at various dates are as follows:
March 31, September 30, 1997 1996 ----------- ------------- (UNAUDITED) Goodwill $ 469,400 $ 469,400 Customer lists 8,783,475 8,783,475 Trademark and licenses 1,201,205 1,201,205 Covenants not to compete 1,304,538 1,304,538 --------------------------- 11,758,618 11,758,618 Less, accumulated amortization 7,950,627 7,784,045 --------------------------- $ 3,807,991 $ 3,974,573 ===========================
6. Accrued expenses:
March 31, September 30, 1997 1996 ----------- ------------- (UNAUDITED) Payroll and related payroll taxes $ 2,739,546 $ 2,730,453 Customer deposits 1,226,448 1,862,837 Accrued purchases 3,450,321 1,765,420 Income taxes payable 5,130,801 2,670,270 Other 6,803,439 5,675,527 --------------------------- $19,350,555 $14,704,507 ===========================
7. Treasury stock. The Company purchased 31,000 shares for $172,118 for the six months ended March 31, 1996 in open market transactions using working capital. The average price per share was $5.55. An additional 628 NBTY common shares were surrendered to the Company at market price in payment of a stock subscription receivable and interest in 1997. The average cost of shares was $22.50 in 1997. 8. Earnings per share are based on the weighted average number of common shares and common equivalent shares outstanding during the three and six month periods ended March 31, 1997 and 1996. The calculation of earnings per share include 1,442,640 and 1,387,121 common stock equivalent shares for the three months periods ended March 31, 1997 and 1996. The calculation of earnings per share include 1,447,143 and 1,539,328 common stock equivalent shares for the six month periods ended March 31, 1997 and 1996. 9. During the first six months of 1997, options were exercised with 25,000 shares of common stock issued to certain officers for $22,875. As a result of the exercise of those options, the Company received a compensation deduction for tax purposes of approximately $474,000 and a tax benefit of approximately $190,000. An additional 628 NBTY common shares were surrendered to the Company, at market price, in payment of a stock subscription receivable and interest in 1997. The average cost of shares was $22.50 in 1997. During the first six months of 1996, options were exercised with 860,000 shares of common stock issued to certain officers for an interest bearing note in the amount of $583,900. As a result of the exercise of those options, the Company received a compensation deduction for tax purposes of approximately $3,065,000 and a tax benefit of approximately $1,200,000. In November 1995, options were exercised with shares of common stock issued to certain officers for an interest bearing note in the amount of $437,500. As a result of the exercise of those options, the Company received a compensation deduction for tax purposes of approximately $2,362,500 and a tax benefit of approximately $920,000. The following is a summary of changes in outstanding options for the Company's Stock Option Plans for the six month period ended March 31, 1997:
Exercise Price -------------- Shares under option, September 30, 1996 (fully exercisable) 1,523,000 $.63 - $.92 Options exercised (25,000) $.92 --------- Shares exercisable, March 31, 1997 (fully exercisable) 1,498,000 $.63 - $.92 =========
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 Six months ended ended March 31, March 31, ---------------- ---------------- 1997 1996 1997 1996 ------ ------ ------ ------ Net sales . . . . . . . . . . . . . . . . . . . . . 100.0% 100.0% 100.0% 100.0% Cost and expenses: Cost of sales . . . . . . . . . . . . . . . . . . 47.6 50.1 47.6 51.7 Catalog printing, postage and promotion . . . . . 7.9 9.0 8.1 10.1 Selling, general and administrative . . . . . . . 27.2 27.2 28.9 30.4 ----------------------------------- 82.7 86.3 84.6 92.2 ----------------------------------- Income from operations. . . . . . . . . . . . . . . 17.3 13.7 15.4 7.8 Other income (expenses), net. . . . . . . . . . . . (0.4) (0.3) (0.4) (0.3) ----------------------------------- Income before income taxes. . . . . . . . . . . . . 16.9 13.4 15.0 7.5 Income taxes. . . . . . . . . . . . . . . . . . . . 6.7 5.2 6.1 2.9 ----------------------------------- Net income. . . . . . . . . . . . . . . . . . . . . 10.2% 8.2% 8.9% 4.6% ===================================
Results of Operations - --------------------- For the three months ended March 31, 1997 compared to the three months ended March 31, 1996: Net sales. Net sales in the second quarter ended March 31, 1997 were $75,018,983 compared with $55,604,762 for the prior comparable period, an increase of $19,414,221 or 34.9%. Mail order sales were $37.9 million, compared to $29.0 for the prior comparable period (increase of $8.9 million or 30.8%), wholesale sales were $27.7 million compared to $21.8 million (increase of $5.9 million or 27.2%) and retail operations were $9.4 million compared to $4.8 million (increase of $4.6 million or 94.6%) due to an increase in the number of retail stores over the comparable period. Approximately 30 new products were introduced during the current three months. Costs and expenses. Cost of sales as a percentage of sales was 47.6% for 1997 and 50.1% for 1996. The decrease was associated with lower raw material costs, manufacturing efficiencies and changes in product mix. Catalog printing, postage, and promotion expenses were $5,891,318 in 1997, an increase of $906,315 (18.2% increase), from $4,985,003 in 1996. The increase was primarily attributable to national television advertising for the mail order division. As a percentage of sales, expenses were 7.9% for the current quarter and 9.0% for the prior comparable quarter. For the three months ended March 31, 1997 compared to the three months ended March 31, 1996: Selling, general and administrative expenses were $20,436,739 for the quarter, or 27.2% as a percentage of sales, compared with $15,101,162, or 27.2% as a percentage of sales, an increase of $5,335,577 (35.3% increase). The largest segments are indirect salaries, fringe benefits, freight and building. Increases were primarily in indirect salaries, building, freight and outside services. These expenses increased due to the retail store expansion and the opening of the international mail order operations. Other income includes rental income of $87,238 and $135,663 in 1997 and 1996, respectively. Income before income taxes was $12,723,382 for 1997 and $7,502,155 for 1996. After income taxes, the Company had a net profit of $7,634,029 (or earnings per share of $0.38) for the three month period ended March 31, 1997, and $4,576,314 (or earnings per share of $0.13) for the three months ended March 31, 1996. For the six months ended March 31, 1997 compared to the six months ended March 31, 1996: Net sales. Net sales in the six months ended March 31, 1997 were $122,346,697 compared with $94,193,889 for the prior comparable period, an increase of $28,152,808 or 29.9%. Mail order sales were $52.5 million, compared to $41.5 for the prior comparable period (increase of $11.0 million or 26.6%), wholesale sales were $51.9 million compared to $43.2 million (increase of $8.7 million or 20.1%) and retail operations were $17.9 million compared to $9.3 million (increase of $8.6 million or 91.4%) due to an increase in the number of retail stores over the comparable periods. Approximately 55 new products were introduced over the past six months. Sales for the Company's new mail order operation in the United Kingdom were $1.2 million in 1997 and $0.1 in 1996. Costs and expenses. Cost of sales as a percentage of sales was 47.6% for 1997 and 51.7% for 1996. The decrease was associated with lower raw material costs, manufacturing efficiencies and changes in product mix. Catalog printing, postage, and promotion expenses were $9,941,476 in 1997, an increase of $392,294 (4.1% increase), from $9,549,182 in 1996. As a percentage of sales, expenses were 8.1% for the current six months and 10.1% for the prior comparable six months. The increase was primarily attributable to national television advertising and number of catalogs mailed for the mail order division. For the six months ended March 31, 1997 compared to the six months ended March 31, 1996: Selling, general and administrative expenses were $35,408,674, or 28.9% as a percentage of sales, compared with $28,617,069, or 30.4% as a percentage of sales, an increase of $6,791,605 (or 23.7%). The largest segments are legal, indirect salaries, fringe benefits, freight and building. Increases were primarily in indirect salaries, building, freight and outside services. These expenses increased due to the retail store expansion and the opening of the international mail order operations. Other income includes rental income of $233,901 and $271,325 in 1997 and 1996, respectively. Income before income taxes was $18,207,045 for 1997 and $7,090,529 for 1996. After income taxes, the Company had a net profit of $10,924,227 (or earnings per share of $0.54) for the six month period ended March 31, 1997, and $4,325,173 (or earnings per share of $0.22) for the six months ended March 31, 1996. Liquidity and Capital Resources - ------------------------------- The Company believes it has adequate working capital to meet its obligations in the normal course of business. 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 March 31, 1999. At March 31, 1997, 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. The Company renewed a $10,000,000 capital lease facility. Capital improvements: The Company has committed to a $4 million automated picking and packing system for its mail-order distribution which will be funded by lease financing. Net cash provided by operating activities was $14,559,179 and $5,423,628 in 1997 and 1996, respectively. Net cash used in investing activities was $13,636,956 and $10,436,142 in 1997 and 1996, respectively. Net cash used in financing activities was $448,132 in 1997 and provided by financing activities was $1,869,257 in 1996. 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 inventory note was repaid in full in October 1996. In April 1997, the Company received $725,000 as a final payment of the customer list note. Management believes that inflation did not have a significant impact on operations. This filing contains certain forward-looking statements and information to the Company that are based on the beliefs of management, as well as assumptions made by and information currently available to the Company's management. When used in this document, the words "anticipate," "believe," "estimate," and "expect" and similar expressions, as they relate to the Company are intended to identify forward-looking statements. Such statements reflect the current views of the Company with respect to future events and are subject to certain risks, uncertainties and assumptions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described herein as anticipated, believed, estimated or expected. The Company does not intend to update these forward-looking statements. 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, 1996. Item 2. Changes in Securities Not applicable. Item 3. Defaults upon Senior Securities Not applicable. 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 second quarter of the fiscal year ending September 30, 1997. 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 May 2, 1997 /s/ Harvey Kamil --------------------------------------- Harvey Kamil, Executive Vice President, Secretary (Principal Financial and Accounting Officer) EX-27 2 ART. 5 FDS FOR 2ND QUARTER 10-Q
5 6-MOS SEP-30-1997 OCT-01-1996 MAR-31-1997 9,766,465 0 16,252,064 1,000,148 46,401,336 96,881,700 98,081,957 29,850,233 169,610,207 39,948,107 18,876,330 0 0 160,838 107,979,435 169,610,207 122,346,697 122,346,697 58,247,421 58,247,421 0 0 868,920 18,207,045 7,282,818 10,924,227 0 0 0 10,924,227 0.54 0.54
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