-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, OSO42SKr9yv0UWPZAqklM8xTWTPdIHgwd7TH6Syz7lqzu2/zNQKa7T0iBktBPnMM ZY7ctyD1FIfp+a4d0ZufTQ== 0000711761-95-000009.txt : 19950517 0000711761-95-000009.hdr.sgml : 19950517 ACCESSION NUMBER: 0000711761-95-000009 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19950401 FILED AS OF DATE: 19950516 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: LOTUS DEVELOPMENT CORP CENTRAL INDEX KEY: 0000711761 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-PREPACKAGED SOFTWARE [7372] IRS NUMBER: 042757702 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-11626 FILM NUMBER: 95540096 BUSINESS ADDRESS: STREET 1: 55 CAMBRIDGE PWY CITY: CAMBRIDGE STATE: MA ZIP: 02142 BUSINESS PHONE: 6175778500 10-Q 1 Q1 1995 10Q ============================================================================== UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark one) X Quarterly Report Pursuant to Section 13 or 15(d) -------- of the Securities Exchange Act of 1934 For the Quarterly Period Ended April 1, 1995 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 0-11626 LOTUS DEVELOPMENT CORPORATION ----------------------------- (Exact name of registrant as specified in its charter) Delaware 04-2757702 ------------------------------ ----------------------- (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification Number) 55 Cambridge Parkway, Cambridge, Massachusetts 02142 ----------------------------------------------------- (Address of principal executive offices) (Zip Code) (617) 577-8500 -------------- (Registrant's telephone number, including 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 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 -------- -------- Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date. Outstanding at Class April 29, 1995 ----- -------------- Common Stock, 47,594,311 $.01 par value shares =========================================================================== PART I. FINANCIAL INFORMATION ITEM 1: FINANCIAL STATEMENTS LOTUS DEVELOPMENT CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share data) (unaudited)
Three Months Ended ------------------------------- April 1, 1995 April 2, 1994 ------------- ------------- Net sales ....................................... $202,615 $246,992 Cost of sales ................................... 39,146 46,408 -------- -------- Gross margin ................................. 163,469 200,584 Expenses: Research and development ..................... 42,067 34,484 Sales and marketing .......................... 133,075 117,820 General and administrative ................... 18,128 16,248 Other (income)/expense, net (Note D) .......... (2,449) (1,314) -------- -------- Total expenses ............................. 190,821 167,238 Income (loss) before income taxes ............... (27,352) 33,346 Provision (benefit) for income taxes ............ (9,847) 12,005 -------- -------- Net income (loss) ........................... ($17,505) $21,341 ======== ======== Net income (loss) per share ................ ($0.36) $0.45 ======== ======== Shares used in calculation of net income (loss) per share .................... 48,077 47,707 ======== ========
The accompanying notes are an integral part of the consolidated financial statements. 1 ______________________________________________________________________________ LOTUS DEVELOPMENT CORPORATION CONSOLIDATED BALANCE SHEETS (in thousands) ASSETS
April 1, 1995 December 31, 1994 ------------- ----------------- (unaudited) Current assets: Cash and short-term investments (Note B) .............. $401,145 $376,218 Accounts receivable, net of allowances of $42,129 and $37,971 ................................. 196,307 230,977 Inventory (Note C) .................................... 19,027 20,711 Other current assets .................................. 30,597 24,452 -------- -------- Total current assets .............................. 647,076 652,358 -------- -------- Property and equipment, net of accumulated depreciation and amortization of $195,864 and $185,286 .............. 147,421 138,664 Software and other intangibles, net of accumulated amortization of $141,354 and $128,140 .................. 90,821 96,228 Other assets .............................................. 17,774 16,829 -------- -------- Total assets ...................................... $903,092 $904,079 ======== ======== LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accrued compensation and benefits ...................... $37,425 $35,674 Accounts payable, accrued expenses and deferred revenue 207,922 189,461 Accrued and deferred income taxes ...................... 17,843 35,219 -------- -------- Total current liabilities ......................... 263,190 260,354 -------- -------- Deferred income taxes ..................................... 39,318 39,595 Long-term debt ............................................ 50,000 50,000 Stockholders' equity: Preferred stock, $1.00 par value, 5,000 shares authorized, none issued ................ -- -- Common stock, $.01 par value, 200,000 shares authorized; 63,575 shares issued; 48,333 and 47,849 shares outstanding ................ 636 636 Additional paid-in capital ............................ 284,483 280,815 Retained earnings ..................................... 489,875 507,380 Treasury stock, 15,242 and 15,726 shares at an average cost of $14.99 and $14.95 per share ... (228,497) (235,047) Translation adjustment ................................ 4,087 346 -------- -------- Total stockholders' equity ........................ 550,584 554,130 -------- -------- Total liabilities and stockholders' equity ........ $903,092 $904,079 ======== ========
The accompanying notes are an integral part of the consolidated financial statements. 2 ______________________________________________________________________________ LOTUS DEVELOPMENT CORPORATION CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) (unaudited)
Three Months Ended ----------------------------- April 1, 1995 April 2, 1994 ------------- ------------- Cash flows from operating activities: Net income (loss) .......................................... ($17,505) $21,341 Depreciation and amortization .............................. 23,119 21,413 Change in assets and liabilities: Decrease in accounts receivable ........................ 41,142 28,879 Decrease in inventory .................................. 4,252 4,459 Increase (decrease) in accrued compensation and benefits 983 (12,481) Increase (decrease) in accounts payable, accrued expenses and deferred revenue ....................... 15,366 (4,052) Increase (decrease) in accrued and deferred income taxes (17,841) 2,472 Net change in other working capital items .............. (9,131) (7,597) -------- -------- Net cash provided by operating activities ...................... 40,385 54,434 -------- -------- Cash flows from investing activities: Purchases of property and equipment ........................ (18,073) (5,871) Payments for software and other intangibles ................ (7,542) (8,177) Purchases of short-term investments, net ................... (38,580) (8,168) Other, net ................................................. (61) (141) -------- -------- Net cash used for investing activities ......................... (64,256) (22,357) -------- -------- Cash flows from financing activities: Issuance of common stock .................................. 11,248 18,475 Purchase of common stock for treasury ...................... (1,030) -- Increase in short-term borrowings .......................... -- 1,476 -------- -------- Net cash provided by financing activities ...................... 10,218 19,951 -------- -------- Net increase (decrease) in cash and cash equivalents ........... (13,653) 52,028 Cash and cash equivalents, beginning of year ................... 209,076 164,849 -------- -------- Cash and cash equivalents, end of first quarter ................ $195,423 $216,877 ======== ======== Supplemental Cash Flow Information Three Months Ended ----------------------------- April 1, 1995 April 2, 1994 ------------- ------------- Interest received .......................................... $4,947 $3,238 Interest paid .............................................. $676 $887 Income taxes paid .......................................... $7,806 $9,474
The accompanying notes are an integral part of the consolidated financial statements. 3 ______________________________________________________________________________ LOTUS DEVELOPMENT CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (in thousands) A) Basis of Presentation The accompanying unaudited consolidated balance sheets, statements of operations, and statements of cash flows reflect all adjustments (consisting only of normal recurring items) which are, in the opinion of management, necessary for a fair statement of consolidated financial position at April 1, 1995, and of consolidated operations and cash flows for the interim periods ended April 1, 1995 and April 2, 1994. The accompanying unaudited condensed financial statements have been prepared in accordance with the instructions for Form 10-Q and therefore do not include all information and footnotes necessary for a complete presentation of operations, the financial position, and cash flows of the Company, in conformity with generally accepted accounting principles. The Company filed audited consolidated financial statements which included all information and footnotes necessary for such presentation for the years ended December 31, 1994 and December 31, 1993 in conjunction with its 1994 Annual Report on Form 10-K. The results of operations for the interim period ended April 1, 1995 are not necessarily indicative of the results to be expected for the year. B) Cash and Short-term Investments Cash and short-term investments consist of the following:
April 1, 1995 December 31, 1994 ------------- ----------------- Cash and cash equivalents $195,423 $209,076 Short-term investments 205,722 167,142 -------- -------- Cash and short-term investments $401,145 $376,218 ======== ========
C) Inventory Inventory consists of the following:
April 1, 1995 December 31, 1994 ------------- ----------------- Finished goods $11,604 $13,041 Raw materials 7,423 7,670 ------- ------- Total $19,027 $20,711 ======= =======
D) Other (income) / expense, net Other (income) / expense, net consists of the following:
Three Months Ended April 1, 1995 April 2, 1994 ------------- ------------- Interest income ($5,005) ($3,773) Interest expense 854 1,762 Currency transaction (gains)/losses, net 681 223 Other, net 1,021 474 ------ ------ Total ($2,449) ($1,314) ====== ======
4 ______________________________________________________________________________ ITEM 2: Management's Discussion and Analysis of Financial Condition and Results of Operations Results of Operations Revenue The Company's revenue is derived from desktop applications products and communications products and services. Desktop applications products include SmartSuite (an integrated applications suite), 1-2-3 (spreadsheets), Word Pro, formerly Ami Pro (word processing), Freelance Graphics (presentation graphics), Lotus Approach (end-user database), and Lotus Organizer (personal information management). Communications products and services include Lotus Notes (workgroup computing), cc:Mail (electronic mail), Soft*Switch (electronic mail switching), consulting and support services. Revenue for the first quarter of 1995 decreased 18% over the comparable period in 1994. The decrease in revenue contributed to the Company's $17.5 million net loss in the first quarter of 1995. Revenue from desktop applications declined by 34%, while revenue from communications products and services grew by 22%. This performance generally reflects the effects of increased competition for the Company's products in the maturing desktop applications market and the growing momentum for the Company's products in the expanding client-server communications market. Desktop Applications Revenue Revenue from desktop applications represented 58% of total revenue in the first quarter of 1995 as compared to 72% in the first quarter of 1994. The decline in desktop revenue is attributable to a decrease in both DOS and Windows desktop revenue. DOS desktop revenue, primarily from 1-2-3 for DOS, decreased approximately $27 million in the first quarter of 1995 over the corresponding prior year period. The decline in Windows desktop revenue, which occurred principally in the United States and in Europe, resulted from a decrease in SmartSuite and standalone product revenue. SmartSuite revenue represented 44% of Windows desktop applications revenue in the first quarter of 1995 compared to 46% in the first quarter of 1994. Although SmartSuite revenue declined slightly as a percentage of overall Windows desktop revenue in the first quarter of 1995 compared to the corresponding quarter in 1994, the Company expects that SmartSuite sales will continue to account for a growing percentage of total Windows desktop sales and will eventually surpass aggregate sales of individual desktop applications as a percentage of Windows desktop sales. The 34% decline in desktop applications revenue in the first quarter of 1995 is primarily attributable to severe competition, delays in customer purchases in the Windows applications market due to the anticipation of "Windows 95" (a new operating system that Microsoft Corporation has announced it will release in 1995) and related applications, the continuing migration of users from DOS-based to Windows-based applications and downward pricing pressure. The Company believes that intense competition, particularly from its largest competitor, Microsoft Corporation, and delays in customer buying decisions in the Windows applications market in anticipation of the Windows 95 operating system and related applications, resulted in a reduction of Windows market share and Windows desktop applications revenue, particularly SmartSuite revenue. Additionally, the Company believes that its SmartSuite revenue was adversely affected by sales to the reseller channel by Novell, Inc. of PerfectOffice, a recently introduced product. The marketplace migration from DOS to Windows adversely affected and will continue to affect the Company's results, as its current market share for Windows spreadsheets is lower than that for DOS spreadsheets. However, the Company believes that the magnitude of the decline in DOS-based revenue in 1995 should not be as dramatic as that experienced in recent years, as DOS-based revenue continues to represent a smaller share of overall revenue. In the first quarter of 1995, DOS-based revenue was 12% of total desktop revenue. On a worldwide basis, prices for standalone Windows desktop applications products remained relatively unchanged in the first quarter of 1995 compared to the first quarter of 1994, while prices for Smartsuite declined in the first quarter of 1995 compared to the first quarter of 1994. The Company anticipates that downward pressure on pricing will continue. During the first quarter of 1995, the Company released SmartSuite for Windows Release 3.1, which includes the latest versions of all of its major desktop products. The standalone versions of 1-2-3 for Windows Release 5.0, 1-2-3 for DOS Release 4.0, Ami Pro for Windows Release 3.1, Freelance Graphics for Windows Release 2.1, and 5 _____________________________________________________________________________ ITEM 2: Management's Discussion and Analysis of Financial Condition and Results of Operations Results of Operations (continued) Lotus Approach for Windows Release 3.0 were released in the third quarter of 1994, and are the most recent commercially available versions of such products. The latest version of Lotus Organizer for Windows, Release 2.0, was released in the fourth quarter of 1994. Communications Products and Services Revenue Revenue from communications products and services represented 42% of total revenue in the first quarter of 1995 as compared to 28% in the first quarter of 1994. The growth in communications revenue is attributable to an increase in Lotus Notes and consulting services revenue as well as the inclusion of Soft*Switch revenue in the first quarter of 1995. The Company believes that as the client-server market expands and there is a greater availability of networked personal computers, demand for networked applications, such as Notes, has increased. In addition, end-user demand for Notes has grown dramatically as customers have begun to understand how the product's workgroup computing capabilities can enable them to become more productive. As of April 1, 1995, there were approximately 1.57 million users of Notes worldwide. The Company has further enhanced the product's value to customers by expanding the number of third parties, or Lotus Business Partners, who are capable of developing Notes applications. As of April 1, 1995, there were more than 9,000 Lotus Business Partners offering products and services for Notes. Also contributing to the demand for Notes is the greater availability of Notes on different operating system platforms. As of April 1, 1995, Notes was available on the Windows, Windows NT, OS/2, Macintosh, UNIX SCO, UNIX AIX, UNIX HP-UX and Sun Solaris operating system platforms. The latest commercially available Windows version of Notes is Release 3.3, which was released in the first quarter of 1995. Although Notes revenue increased in the first quarter of 1995 compared to the corresponding prior period, the Company believes that revenue was adversely affected by several events during the first quarter. The Company announced a Notes price reduction and released a run-time version of Notes, Notes Desktop Release 1.0, both of which had the effect of delaying sales as the Company's sales force and customers evaluated these new offerings. Additionally, the Company believes that strong fourth quarter 1994 sales of Notes may have depleted the sales pipeline for the first quarter of 1995. cc:Mail revenue declined slightly in the first quarter of 1995 compared to the first quarter of 1994. As of April 1, 1995, there were approximately 7.0 million cc:Mail users worldwide. Communications support revenue increased in the first quarter of 1995 compared with the corresponding prior year period. The Company anticipates that customer support revenue from communications products will continue to represent a growing component of communications revenue as the installed base of Notes, cc:Mail and Soft*Switch customers grows. Consulting services revenue also increased in the first quarter of 1995, fueled in part by the increase in the number of users of Notes. International Revenue Revenue outside the United States increased to 57% of the Company's total revenue in the first quarter of 1995 from 55% in the corresponding prior year period, primarily due to a decline in desktop revenue in the United States. The impact of foreign currency fluctuations on international revenue was insignificant. Expenses and Profit Margins Gross margin as a percentage of sales was 81% for the first quarters of 1995 and 1994. Gross margin in 1995 was favorably affected by reduced manufacturing and delivery costs resulting from an increase in the percentage of sales in the form of non-physical license rights, a corresponding decrease in the percentage of sales in the form of physical units and material cost reductions. These favorable reductions were offset by the effect of fixed overhead costs and amortization charges on significantly lower revenue. The 22% increase in research and development reflects a constant level of desktop development spending year over year and significantly higher spending associated with the Company's communications products. Additionally, the acquisition of Soft*Switch in July 1994 contributed to higher research and development expenses. Capitalized software development costs for the first quarters of 1995 and 1994 were $7.0 million. 6 _____________________________________________________________________________ ITEM 2: Management's Discussion and Analysis of Financial Condition and Results of Operations Results of Operations (continued) Sales and marketing expenses grew 13% in the first quarter of 1995 compared with the corresponding prior year period. The increase consists of significantly higher spending for marketing, sales and support of communications products, partially offset by a decrease in marketing spending for desktop products. The Company's expansion of its communications support capability, growth in the consulting services business and the acquisition of Soft*Switch in July 1994 also drove higher sales and marketing spending. General and administrative expenses increased 12% to $18 million in the first quarter of 1995 compared to the corresponding prior year period. The increase is largely attributable to legal expense associated with the Company's litigation with Borland International, Inc. The Company intends to outsource its manufacturing operations and is in the final stages of discussions with several possible partners. The Company's objective is to make its cost of goods more variable by reducing fixed costs. The Company also recently announced its intentions to realign and reorganize around four business units (communications, desktop, support and services, and public networking) and to reduce costs. These actions may result in future restructuring charges in 1995; however, the Company can not quantify the amount of such charges at this time. Other income and expense also includes interest income and expense and the effect of currency transaction gains and losses. Interest income was higher in the first quarter of 1995 than in the comparable prior year period because of higher average cash and short-term investment balances and higher interest rates. Interest expense declined primarily due to scheduled debt repayments. The estimated tax rate for 1995 of 36% is unchanged from the effective tax rate for fiscal year 1994. Issues and Risks There are a number of business factors that, individually or combined, may affect the future results of the Company. Some of these issues and risks have been outlined in the Company's 1994 Annual Report to Shareholders on Form 10-K, which is available from the Company's Investor Relations department. Financial Condition Cash and short-term investments increased $25 million over the first quarter to $401 million at April 1, 1995. The two primary sources of cash flow were $40 million of cash generated by operations and $11 million in proceeds from the issuance of common stock under the Company's employee stock plans. The Company used a portion of the cash for investing and financing activities, including $18 million for the purchase of property and equipment, $8 million for payments for software and other intangibles and $1 million to repurchase shares of the Company's common stock under a previously announced buyback program. A substantial portion of the Company's cash and short-term investments are either deposited in financial institutions located in Puerto Rico or held by subsidiaries outside the United States. These investments can be readily transferred to the United States as required, subject to income and/or withholding taxes upon repatriation, for which taxes have already been provided. The Company's financial resources are represented by cash, short-term investments and unused portions of credit facilities. The Company believes its financial resources and funds provided by ongoing operations are adequate to meet future liquidity requirements. 7 _____________________________________________________________________________ PART II. OTHER INFORMATION ITEM 1: LEGAL PROCEEDINGS The Company commenced an action on July 2, 1990 in the U.S. District Court in Boston against Borland International, Inc. ("Borland") (Civ. Action No. 90-11662-K), alleging infringement of its copyrights in the Lotus 1-2-3 software program by Borland's "Quattro" and "Quattro Pro" software products. The action against Borland alleged that the "1-2-3 compatible modes" of Quattro and Quattro Pro identically recreate substantial and significant elements of 1-2-3's user interface, including its menu structure and command choices. The action sought an injunction preventing further sale of the infringing products and an award of damages, attorney's fees and costs. On July 31, 1992, the District Court found that Borland infringed the Company's copyrights by copying the menu commands, menu command structure, macro language and keystroke sequences of Lotus 1-2-3. On June 30, 1993, the District Court ruled in the Company's favor on all remaining liability issues except the Company's claim that the macro "Key Reader" for Quattro Pro for DOS and Quattro Pro for Windows infringes the Company's copyrights in 1-2-3. On August 19, 1993, the District Court found that the Key Reader infringed the Company's copyrights and permanently enjoined Borland from developing, manufacturing or selling versions of Quattro Pro, Quattro Pro SE and Quattro Pro for Windows that include Borland's 1-2-3 compatible modes and/or its Key Reader facility. On March 9, 1995, the United States Court of Appeals for the First Circuit held that the Lotus 1-2-3 menu commands and menu command structure were not copyrightable, and thus that Borland was not liable for having copied them. The Company intends to appeal the decision of the Court of Appeals by filing a petition for writ of certiorari to the United States Supreme Court. A suit was filed against the Company on July 27, 1989, in the U.S. District Court in New York City by REFAC International, Ltd. ("REFAC"). The suit alleges that the Company has committed patent infringement with respect to a U.S. patent issued in 1983 entitled "A Process and Apparatus for Converting A Source Program Into An Object Program". On April 11, 1995, the Court dismissed the complaint on the ground that the patent is unenforceable by reason of inequitable conduct before the Patent Office. Six complaints against the Company were filed in June and July 1994 in the U.S. District Court in Boston, which were subsequently consolidated under the caption "In re Lotus Development Corporation Securities Litigation" (Civ. Action No. 94-11279 (PBS)). The consolidated amended complaint alleges that the Company and two of its officers, Jim P. Manzi and Edwin J. Gillis, violated Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by failing to disclose allegedly material adverse information concerning the Company's anticipated revenues and earnings for the fiscal quarter ending July 2, 1994. The amended complaint purports to be brought on behalf of a class of persons who purchased Lotus stock between April 20, 1994 and June 20, 1994, when the Company made certain public disclosures concerning its anticipated revenues and earnings. The Company has moved to dismiss the amended complaint for failure to state a claim upon which relief may be granted. The Company believes that the allegations of the amended complaint are without merit and intends to defend these actions vigorously. 8 _____________________________________________________________________________ PART II. OTHER INFORMATION ITEM 6: Exhibits and Reports on Form 8-K (a) Exhibits Part I: Exhibit 11* - Computation of Primary and Fully Diluted Earnings per Share - page 10 Part II: None. (b) Reports on Form 8-K None. ___________________ *filed herewith 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. LOTUS DEVELOPMENT CORPORATION (Registrant) By /s/ Edwin J. Gillis --------------------------------------- Edwin J. Gillis, Senior Vice President, Finance and Operations and Chief Financial Officer (Principal Financial Officer) By /s/ William J. Sample --------------------------------------- William J. Sample, Director of Financial Services (Principal Accounting Officer) Date: May 15, 1995 ______________________________________________________________________________ Exhibit 11 LOTUS DEVELOPMENT CORPORATION COMPUTATION OF PRIMARY AND FULLY DILUTED EARNINGS PER SHARE (in thousands, except per share data)
Three Months Ended ------------------------------ April 1, 1995 April 2, 1994 ------------- ------------- Net income (loss) .......................................... ($17,505) $21,341 ======= ======= Weighted average shares outstanding during the period ..... 48,077 45,290 Common stock equivalent shares ............................ -- 2,417 ------- ------- Common and common stock equivalent shares outstanding for purpose of calculating primary net income per share ... 48,077 47,707 Incremental shares to reflect full dilution ............... -- 156 ------- ------- Total shares for purpose of calculating fully diluted net income (loss) per share ........................... 48,077 47,863 ======= ======= Primary net income (loss) per share ....................... ($0.36) $0.45 ======= ======= Fully diluted net income (loss) per share ................. ($0.36) $0.45 ======= =======
10 EX-27 2 Q1 1995 FIN'L DATA SCHED
5 1000 3-MOS DEC-31-1995 APR-01-1995 195,423 205,722 196,307 42,129 19,027 647,076 147,421 195,864 903,092 263,190 50,000 636 0 0 549,948 903,092 202,615 202,615 39,146 39,146 189,150 817 854 (27,352) (9,847) (17,505) 0 0 0 (17,505) (0.36) (0.36)
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