-----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, NR3xNHRYPwKHhoQG884TQWLWE+pqro0mzkyzbOyMMrgUqd1NWDcvqRTlWULrAwCt mcTRbXTQfp3SaFWOZ4214A== 0001047469-98-014832.txt : 19980415 0001047469-98-014832.hdr.sgml : 19980415 ACCESSION NUMBER: 0001047469-98-014832 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19980228 FILED AS OF DATE: 19980414 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: MEDIA 100 INC CENTRAL INDEX KEY: 0000713138 STANDARD INDUSTRIAL CLASSIFICATION: COMPUTER PERIPHERAL EQUIPMENT, NEC [3577] IRS NUMBER: 042532613 STATE OF INCORPORATION: DE FISCAL YEAR END: 1130 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 000-14779 FILM NUMBER: 98592841 BUSINESS ADDRESS: STREET 1: 100 LOCKE DRIVE CITY: MARLBOROUGH STATE: MA ZIP: 01752-1192 BUSINESS PHONE: 5084813700 MAIL ADDRESS: STREET 2: 100 LOCKE DRIVE CITY: MARLBORO STATE: MA ZIP: 01752-1192 FORMER COMPANY: FORMER CONFORMED NAME: DATA TRANSLATION INC DATE OF NAME CHANGE: 19920703 10-Q 1 10-Q 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: February 28, 1998 ----------------- [ ] 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: 0-14779 MEDIA 100 INC. ------------------------------------------------------ (Exact name of registrant as specified in its charter) DELAWARE 04-2532613 - ------------------------------- -------------------------------- (State or other jurisdiction of (I.R.S. Employer organization or incorporation) Identification Number) 290 DONALD LYNCH BOULEVARD MARLBOROUGH, MASSACHUSETTS ------------------------------------------------------ (Address of principal executive offices) 01752-4748 ------------------------------------------------------ (Zip code) (508) 460-1600 ------------------------------------------------------ (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. Common Stock, par value $.01 per share 8,251,495 shares - -------------------------------------- ----------------------------- Class Outstanding at March 31, 1998 MEDIA 100 INC. AND SUBSIDIARIES INDEX
PAGE PART I -- FINANCIAL INFORMATION NUMBER ------ ITEM 1 Consolidated Financial Statements: Consolidated Balance Sheets as of February 28, 1998 and November 30, 1997 3 Consolidated Statements of Operations for the three months ended February 28, 1998 and 1997 4 Consolidated Statements of Cash Flows for the three months ended February 28, 1998 and 1997 5 Notes to Consolidated Financial Statements 6 - 8 ITEM 2 Management's Discussion and Analysis of Financial Condition and Results of Operations 9 - 10 PART II - OTHER INFORMATION ITEM 1 Legal Proceedings 11 ITEM 6 Exhibits and Reports on Form 8-K 11 SIGNATURES 12 EXHIBIT INDEX 13
2 PART I - FINANCIAL INFORMATION MEDIA 100 INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS
February 28, November 30, (in thousands) 1998 1997 ASSETS ------------ ------------ (unaudited) Current assets: Cash and cash equivalents $ 3,659 $ 4,042 Marketable securities 29,634 28,892 Accounts receivable, net of reserves of $396 in 1998 and $411 in 1997 6,917 7,689 Inventories 658 696 Prepaid expenses 709 743 ------------ ------------ Total current assets 41,577 42,062 Property and equipment, net 8,253 8,104 Other assets, net 593 593 ------------ ------------ Total assets $ 50,423 $ 50,759 ------------ ------------ ------------ ------------ LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 1,770 $ 1,953 Accrued expenses 7,515 6,958 Deferred revenue 4,111 4,005 ------------ ------------ Total current liabilities 13,396 12,916 Commitments and contingencies (Note 6) Stockholders' equity: Preferred stock -- -- Common stock 82 82 Capital in excess of par value 40,690 40,477 Retained deficit (3,299) (2,547) Cumulative translation adjustment (371) (87) Unrealized holding loss on available for sale securities, net (75) (82) ------------ ------------ Total stockholders' equity 37,027 37,843 ------------ ------------ Total liabilities and stockholders' equity $ 50,423 $ 50,759 ------------ ------------ ------------ ------------
The accompanying notes are an integral part of these consolidated financial statements. 3 MEDIA 100 INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)
Three Months Ended (in thousands, except per share data) February 28, --------------------- 1998 1997 -------- ------- Net sales $10,521 $11,524 Cost of sales 4,093 4,361 -------- ------- Gross profit 6,428 7,163 Operating expenses: Research and development 2,991 1,995 Selling and marketing 3,662 4,229 General and administrative 998 933 -------- ------- Total operating expenses 7,651 7,157 -------- ------- Income (loss) from operations (1,223) 6 Interest income 425 462 Other income (expense), net 58 (248) -------- ------- Income (loss) from before tax provision (740) 220 Tax provision 12 55 -------- ------- Net income (loss) $ (752) $ 165 -------- ------- -------- ------- Earnings (loss) per share: Basic $ (0.09) $ .02 -------- ------- -------- ------- Diluted $ (0.09) $ .02 -------- ------- -------- ------- Weighted average common shares outstanding: Basic 8,232 8,110 -------- ------- -------- ------- Diluted 8,232 8,284 -------- ------- -------- -------
The accompanying notes are an integral part of these consolidated financial statements. 4 MEDIA 100 INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)
Three Months Ended February 28, (in thousands) 1998 1997 ---------- --------- CASH FLOWS FROM OPERATING ACTIVITIES: Net income (loss) $ (752) $ 165 Adjustments to reconcile net income to net cash provided by (used in) operating activities Depreciation and amortization 602 278 Gain on sale of marketable securities (18) (22) Changes in assets and liabilities Accounts receivable 772 1,771 Inventories 38 192 Prepaid expenses 34 (173) Accounts payable (183) (560) Accrued expenses 557 (518) Deferred revenue 106 444 ---------- --------- Net cash provided by operating activities $ 1,156 $ 1,577 ---------- --------- CASH FLOWS FROM INVESTING ACTIVITIES: Purchases of equipment (751) (1,043) Increase in other assets -- 24 Purchases of marketable securities (24,279) (12,621) Proceeds from sales of marketable securities 23,562 11,452 ---------- --------- Net cash used in investing activities $ (1,468) $ (2,188) ---------- --------- CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from stock plans 213 187 ---------- --------- Net cash provided by financing activities $ 213 $ 187 ---------- --------- EFFECT OF EXCHANGE RATE CHANGES ON CASH (284) (192) ---------- --------- NET DECREASE IN CASH AND CASH EQUIVALENTS $ (383) $ (616) CASH AND CASH EQUIVALENTS, beginning of period 4,042 2,733 ---------- --------- CASH AND CASH EQUIVALENTS, end of period $ 3,659 $ 2,117 ---------- --------- ---------- --------- SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: Cash paid for income taxes $ 62 $ 56 ---------- --------- ---------- --------- OTHER TRANSACTIONS NOT PROVIDING (USING) CASH: Change in value of marketable securities $ 7 $ (183) ---------- --------- ---------- ---------
The accompanying notes are an integral part of these consolidated financial statements. 5 MEDIA 100 INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED, EXCEPT FOR NOVEMBER 30, 1997 AMOUNTS) 1. Basis of Presentation The accompanying consolidated financial statements include the accounts of Media 100 Inc. ("the Company") and its wholly-owned subsidiaries. The interim financial statements are unaudited. However, in the opinion of management, the consolidated financial statements and disclosures reflect all adjustments necessary for fair presentation. Interim results are not necessarily indicative of results expected for a full year or for any other interim period. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission. These consolidated condensed financial statements should be read in conjunction with the consolidated financial statements and the notes thereto included in the Company's latest audited financial statements, which are included in the Company's Annual Report on Form 10-K for the fiscal year ended November 30, 1997, filed with the Securities and Exchange Commission. The Company's preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. 2. Cash Equivalents and Marketable Securities Cash equivalents are carried at cost, which approximates market value, and have original maturities of less than three months. Cash equivalents include money market accounts and repurchase agreements with overnight maturities. The Company accounts for marketable securities in accordance with Statement of Financial Accounting Standards No. 115, Accounting for Certain Investments in Debt and Equity Securities (SFAS No. 115). Under this standard, the Company is required to classify all investments in debt and equity securities into one or more of the following three categories: held-to-maturity, available-for-sale or trading. Available-for-sale securities are recorded at fair market value with unrealized gains and losses excluded from earnings and reported to stockholders' equity. All of the Company's marketable securities are classified as available-for-sale. Marketable securities held as of February 28, 1998, consist of the following (in thousands):
Investments available for sale: Maturity Market Value -------- ------------ U.S. Treasury Notes less than 1 year $ 1,013 U.S. Treasury Notes 1 - 4 years 5,590 ------------ Total U.S. Treasury Notes 6,603 Municipal Bonds less than 1 year 2,021 Municipal Bonds 1 - 2 years 511 ------------ Total Municipal Bonds 2,532 U.S. Agency Bonds less than 1 year 489 U.S. Agency Bonds more than 1 year 3,531 ------------ Total U.S. Agency Bonds 4,020 Investments available for sale: Maturity Market Value -------- ------------ Money Market Instruments 9,092 Corporate Obligations less than 1 year 5,336 Corporate Obligations 1 - 3 years 2,051 ------------ Total Corporate Obligations 7,387 ------------ Total investments available for sale $ 29,634 ------------ ------------
6 2. Cash Equivalents and Marketable Securities (continued) Marketable securities had a cost of $29,709 and $28,974 at February 28, 1998 and November 30, 1997, respectively, and a market value of $29,634 and $28,892, respectively. To reduce the carrying amounts of the February 28, 1998 and November 30, 1997 marketable securities portfolios to market value, a valuation allowance has been reflected as a separate component of stockholders' equity pursuant to the provisions of SFAS No. 115. 3. Inventories Inventories are stated at the lower of first-in, first-out (FIFO) cost or market and consist of the following (in thousands):
February 28, November 30, 1998 1997 ------------------- --------------------- Raw materials $ 301 $ 305 Work-in-process 288 252 Finished goods 69 139 ------------------- --------------------- $ 658 $ 696 ------------------- --------------------- ------------------- ---------------------
Work-in-process and finished goods inventories include material, labor and manufacturing overhead. Management performs periodic reviews of inventory and disposes of items not required by their manufacturing plan. 4. Property and equipment, net Property and equipment, net is stated at cost, less accumulated depreciation and amortization, and consists of the following (in thousands):
February 28, November 30, 1998 1997 --------------------- ---------------------- Machinery and equipment $ 11,167 $ 10,428 Furniture and fixtures 1,300 1,288 Vehicles 12 12 --------------------- ---------------------- $ 12,479 $ 11,728 Less accumulated depreciation and amortization 4,226 3,624 --------------------- ---------------------- $ 8,253 $ 8,104 --------------------- ---------------------- --------------------- ----------------------
5. Net Income (Loss) Per Common Share In February 1997, the Financial Accounting Standards Board issued Statement of Financial Accounting Standards No. 128, Earnings Per Share (SFAS No. 128). The new standard simplifies the computation of earnings per share and increased comparability to international standards. Under SFAS No. 128, primary earnings per share is replaced by "Basic" earnings per share, which excludes potentially dilutive equity instruments and is computed by dividing income available to common shareholders by the weighted average number of common shares outstanding for the period. "Diluted" earnings per share, which is computed similarly to fully diluted earnings per share, reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock. 7 6. Contingencies (i) On June 7, 1995, a lawsuit was filed against the Company by Avid Technology, Inc. ("Avid") in the United States District Court for the District of Massachusetts. The complaint generally alleges patent infringement by the Company arising from the manufacture, sale, and use of the Company's Media 100 products. The complaint includes requests for injunctive relief, treble damages, interest, costs and fees. In July 1995, the Company filed an answer and counterclaim denying any infringement and asserting that the Avid patent in question is invalid. The Company intends to vigorously defend the lawsuit. In addition, Avid is seeking reissue of the patent, including claims that it asserts are broader than in the existing patent, and these reissue proceedings remain pending before the U.S. Patent and Trademark Office. On January 16, 1998, the court dismissed the lawsuit without prejudice to either party moving to restore it to the docket upon completion of all matters pending before the U.S. Patent and Trademark Office. There can be no assurance that the Company will prevail in the lawsuit asserted by Avid or that the expense or other effects of the lawsuit, whether or not the Company prevails, will not have a material adverse effect on the Company's business, operating results and financial condition. (ii) From time to time the Company is involved in other disputes and/or litigation encountered in its normal course of business. The Company does not believe that the ultimate impact of the resolution of such other outstanding matters will have a material effect on the Company's business, operating results or financial condition. 7. Capitalized Software Development Costs The Company capitalizes certain computer software development costs. Capitalization of costs commences upon establishing technological feasibility. Capitalized costs, net of accumulated amortization, were approximately $89,000 as of February 28, 1998 and November 30, 1997, and are included in other assets. These costs are amortized on a straight-line basis over two years, which approximates the economic life of the product. Amortization expense, included in cost of sales in the accompanying consolidated statements of operations, was approximately $15,000 and $80,000 for the three months ended February 28, 1998 and twelve months ended November 30, 1997, respectively. 8. Income Taxes Due to the net loss in the first quarter of 1998 and the Company's current expectation that it will not be profitable for the full year ended November 30, 1998, the Company anticipates its tax liabilities for fiscal 1998 will not be significant. 8 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Overview Except for the historical information contained herein, the matters discussed in this Quarterly Report on Form 10-Q are forward-looking statements based on current expectations, and involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company, or industry results, to be materially different from those expressed in such forward-looking statements. The risks and uncertainties associated with such statements have been described under the heading "Certain Factors That May Affect Future Results" in the Company's Annual Report on Form 10-K for the fiscal year ended November 30, 1997. Media 100 Inc. is a technology and market leader in the market for personal computer-based digital video systems. The Media 100 family of products are analog and digital conversion systems that enable users to capture video and audio into a personal computer, perform random-access ("nonlinear") video editing and audio mixing, and directly produce a finished program with broadcast-quality picture and compact disc-quality sound, all without the use of traditional video tape equipment. Results of Operations The following table shows certain consolidated statements of operations data as a percentage of net sales.
February 28, February 28, 1998 1997 ----------------------- ----------------------- Net sales 100.0 % 100.0 % Cost of sales 38.9 37.8 ----------------------- ----------------------- Gross profit 61.1 62.2 Operating expenses: Research and development expenses 28.4 17.3 Selling and marketing expenses 34.8 36.7 General and administrative expenses 9.5 8.1 ----------------------- ----------------------- Total operating expenses 72.7 62.1 Operating income (loss) (11.6) .1 Interest income and other, net 4.6 1.8 ----------------------- ----------------------- Income (loss) before income taxes (7.0) 1.9 Provision for income taxes .1 0.5 ----------------------- ----------------------- Net income (loss) (7.1) % 1.4 % ----------------------- ----------------------- ----------------------- -----------------------
Comparison of First Fiscal Quarter of 1998 to First Fiscal Quarter of 1997 Net sales for the fiscal quarter ended February 28, 1998 were $10,521,000, a decrease of $1,003,000, or 8.7%, from the same period a year ago. Net sales decreased for the quarter ended February 28, 1998 primarily due to lower average selling prices for the Company's Media 100 products. In response to competitive pressures, the Company reduced the selling price of several of its products, including Media 100 qx by $2,000 to $1,995, Media 100 qx with component by $2,000 to $3,995, Media 100 xe by $2,000 to $12,995, and Media 100 xs by $7,000 to $14,995. These pricing actions resulted in lower average selling prices for the Company's products and resulted in lower total net sales for the first fiscal quarter of 1998; however, the lower selling prices allowed the Company to increase the total number of systems sold over the first fiscal quarter of 1997. Gross profit for the fiscal quarter ended February 28, 1998 was 61.1% compared to 62.2% in the comparable quarter a year ago. This decrease in gross profit was primarily the result of the lower average selling prices discussed above partially offset by reductions in the cost of key component parts used in the manufacture of the Media 100 hardware. 9 Comparison of First Quarter of 1998 to First Fiscal Quarter of 1997 (continued) Operating expenses for the fiscal quarter ended February 28, 1998 were $7,651,000, an increase of $494,000, or 6.9%, from the same period a year ago. Research and development expenses for the fiscal quarter ended February 28, 1998 were $2,991,000, an increase of $996,000, or 49.9%, from the same period a year ago. In the first quarter of fiscal 1998, the Company announced its intentions to significantly increase research and development expenditures in fiscal 1998 over fiscal 1997 to support the development of products running on the Windows NT platform. Selling and marketing expenses for the fiscal quarter ended February 28, 1998 were $3,662,000, a decrease of $567,000, or 13.4%, from the same period a year ago. The decrease in selling and marketing expenses reflects primarily reductions in headcount and advertising expenses related to the Company's existing products. The Company expects that selling and marketing expenses will increase from their current levels in connection with the introduction of new products based on the Windows NT platform, which are currently anticipated to begin shipping in the latter half of fiscal 1998. General and administrative expenses for the quarter ended February 28, 1998 were $998,000, an increase of $65,000, or 7.0%, from the same period a year ago. The increase in general and administrative expenses primarily represents additional expense for allowance for doubtful accounts. The loss from operations for the first fiscal quarter of 1998 was $1,223,000 compared to income of $6,000 for the same period a year ago. The loss from operations for the quarter ended February 28, 1998 was due to lower net sales, lower gross margin and higher operating expenses primarily due to the increase in research and development expenses. Interest income for the fiscal quarter ended February 28, 1998 was $425,000, or 4.0% of net sales, compared to $462,000, or 4.0% of net sales, in the comparable quarter a year ago. Other income, net of other expense, for the first fiscal quarter of 1998 was $58,000, an increase of $306,000 over the same period a year ago, reflecting the impact of foreign currency translations arising out of the Company's subsidiaries. The tax provision of $12,000 for the fiscal quarter ended February 28, 1998 compares to $55,000 for the same period a year ago. The Company currently estimates tax liabilities for the full year of 1998 will not be material due to an anticipated loss for fiscal 1998. The net loss for the fiscal quarter ended February 28, 1998 was $752,000 or $0.09 per share, compared to net income of $165,000, or $.02 per share, for the same period a year ago. Liquidity and Capital Resources The Company has funded its operations to date primarily from public offerings of equity securities and cash flows from operations. As of February 28, 1998 the Company's principal sources of liquidity included cash and cash equivalents and marketable securities totaling approximately $33,293,000. In the first quarter ended February 28, 1998, cash provided by operating activities was approximately $1,156,000 compared to approximately $1,577,000 for the same period a year ago. Cash was generated during the three months of 1998 from an increase in deferred revenue of $106,000 and accrued expenses of $557,000, reductions in accounts receivable of $772,000, inventory of $38,000 and prepaid expenses of $34,000. This increase in cash was partially offset by a reduction in accounts payable of $183,000. Net cash used in investing activities was approximately $1,468,000 during the first three months of 1998 compared to approximately $2,188,000 for the same period a year ago. Cash used in investing activities during the three month period ended February 28, 1998 was primarily for purchases of machinery and equipment of approximately $751,000 and net purchases of marketable securities of approximately $717,000. Cash provided by financing activities during the first three months of 1998 was approximately $213,000 compared to $187,000 for the same period a year ago. All of the cash provided by financing activities in the first three months of 1998 came from proceeds from the Company's stock plans. The Company believes its existing cash balance, including cash equivalents and marketable securities will be sufficient to meet the Company's cash requirements for at least the next twelve months. 10 PART II. OTHER INFORMATION Item 1. Legal Proceedings On June 7, 1995, a lawsuit was filed against the Company by Avid Technology, Inc. ("Avid") in the United States District Court for the District of Massachusetts. The complaint generally alleges patent infringement by the Company arising from the manufacture, sale, and use of the Company's Media 100 products. The complaint includes requests for injunctive relief, treble damages, interest, costs and fees. In July 1995, the Company filed an answer and counterclaim denying any infringement and asserting that the Avid patent in question is invalid. The Company intends to vigorously defend the lawsuit. In addition, Avid is seeking reissue of the patent, including claims that it asserts are broader than in the existing patent, and these reissue proceedings remain pending before the U.S. Patent and Trademark Office. On January 16, 1998, the court dismissed the lawsuit without prejudice to either party moving to restore it to the docket upon completion of all matters pending before the U.S. Patent and Trademark Office. There can be no assurance that the Company will prevail in the lawsuit asserted by Avid or that the expense or other effects of the lawsuit, whether or not the Company prevails, will not have a material adverse effect on the Company's business, operating results and financial condition. Item 6. Exhibits and Reports on Form 8-K a) Exhibits Exhibits required as part of this Quarterly Report on Form 10-Q are listed in the exhibit index on page 13. b) Reports on Form 8-K No reports on Form 8-K have been filed during the quarter for which this report is filed. 11 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. Media 100 Inc. Date: April 14, 1998 By: /s/ Steven D. Shea ------------------------ Steven D. Shea Corporate Controller and Chief Accounting Officer 12 EXHIBIT INDEX Number Description 27 Financial Data Schedule 13 EX-27 2 EX-27
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE CONSOLIDATED BALANCE SHEET ON FORM 10Q FOR THE PERIOD ENDED FEBRUARY 28, 1998 AND THE CONSOLIDATED STATEMENT OF OPERATIONS AS FILED ON FORM 10Q FOR THE THREE MONTHS ENDED FEBRUARY 28, 1998 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 1,000 3-MOS NOV-30-1998 DEC-01-1997 FEB-28-1998 3,659 29,634 7,313 396 658 41,577 12,479 4,226 50,423 13,396 0 0 0 82 36,945 37,027 10,521 10,521 4,093 4,093 7,651 200 0 (740) 12 (752) 0 0 0 (752) (.09) (.09)
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