-----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, H3x75tsdgPw2FjfXr8NIv66ibzF84sAxYjUwVETo5tIuNoG3PnVmpgFpxPUlLnEi H15nJdDyAtS3G3pGJmIk4w== 0000909518-98-000392.txt : 19980610 0000909518-98-000392.hdr.sgml : 19980610 ACCESSION NUMBER: 0000909518-98-000392 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19980430 FILED AS OF DATE: 19980609 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: NEW PLAN REALTY TRUST CENTRAL INDEX KEY: 0000071519 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 131995781 STATE OF INCORPORATION: MA FISCAL YEAR END: 0731 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 001-08459 FILM NUMBER: 98644845 BUSINESS ADDRESS: STREET 1: 1120 AVE OF THE AMERICAS CITY: NEW YORK STATE: NY ZIP: 10036 BUSINESS PHONE: 2128693000 MAIL ADDRESS: STREET 1: 1120 AVENUE OF THE AMERICAS STREET 2: 1120 AVENUE OF THE AMERICAS CITY: NEW YORK STATE: NY ZIP: 10036 10-Q 1 10Q FOR PERIOD END 4/30/98 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 30, 1998 OR [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM __________ TO __________ Commission file number 1-8459 NEW PLAN REALTY TRUST (Exact name of registrant as specified in its charter) MASSACHUSETTS 13-1995781 (State or other Jurisdiction of (IRS Employer Incorporation or Organization) Identification No.) 1120 Avenue of the Americas, New York, New York 10036 (Address of Principal Executive Office) (Zip Code) 212-869-3000 Registrant's Telephone Number 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 and (2) has been subject to such filing requirements for the past 90 days. Yes X No The number of shares outstanding at May 29, 1998 was 59,659,752. Total number of pages 13 NEW PLAN REALTY TRUST AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) (IN THOUSANDS EXCEPT FOR PER SHARE AMOUNTS)
THREE MONTHS NINE MONTHS ENDED ENDED APRIL 30, APRIL 30, 1998 1997 1998 1997 ---- ---- ---- ---- REVENUES - -------- Rental income and related revenues $62,424 $51,054 $181,816 $147,719 Interest and dividend income 1,057 1,012 3,017 3,277 ------- ------- -------- -------- 63,481 52,066 184,833 150,996 ------- ------- -------- -------- OPERATING EXPENSES - ------------------ Operating costs 15,188 13,611 45,444 37,736 Leasehold rents 166 182 487 507 Real estate and other taxes 5,874 4,479 16,782 13,506 Interest expense 9,754 6,812 26,967 19,758 Depreciation and amortization 7,921 6,385 23,054 18,252 Provision for doubtful accounts, net of recoveries 968 846 2,986 2,389 ------- ------- -------- -------- TOTAL OPERATING EXPENSES 39,871 32,315 115,720 92,148 ------- ------- -------- -------- 23,610 19,751 69,113 58,848 ------- ------- -------- -------- Administrative expenses 719 527 2,093 1,525 ------- ------- -------- -------- INCOME BEFORE GAIN (LOSS) ON SALE OF PROPERTY AND SECURITIES 22,891 19,224 67,020 57,323 Loss on sale of property -- (144) (67) (75) Gain on sale of securities, net 8 7 8 7 ------- ------- -------- -------- NET INCOME 22,899 19,087 66,961 57,255 PREFERRED DIVIDENDS (1,463) __ (4,388) __ ------- ------- -------- -------- NET INCOME APPLICABLE TO SHARES OF BENEFICIAL INTEREST $21,436 $19,087 $ 62,573 $ 57,255 ======= ======= ======== ======== BASIC EARNINGS PER SHARE $.36 $.33 $1.06 $.98 DILUTED EARNINGS PER SHARE $.36 $.32 $1.05 $.98 DIVIDENDS PER SHARE $.37 $.36 $1.1025 $1.0725 WEIGHTED AVERAGE SHARES OUTSTANDING - BASIC 59,522 58,596 59,248 58,353 WEIGHTED AVERAGE SHARES OUTSTANDING - DILUTED 60,039 58,887 59,691 58,617 See accompanying notes to condensed consolidated financial statements.
-2- NEW PLAN REALTY TRUST AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (IN THOUSANDS)
APRIL 30, JULY 31, 1998 1997 ASSETS - ------ Real estate, at cost Land $ 261,850 $ 232,502 Buildings and improvements 1,146,890 1,045,273 ---------- ---------- 1,408,740 1,277,775 Less accumulated depreciation and amortization 128,548 105,866 ---------- ---------- 1,280,192 1,171,909 Cash and cash equivalents 33,936 42,781 Marketable securities 2,006 2,034 Mortgages and notes receivable 12,719 23,107 Receivables: Trade and notes, net of allowance for doubtful accounts 13,789 12,035 Other 1,331 1,464 Prepaid expenses and deferred charges 8,083 5,000 Other assets 3,119 2,814 ---------- ---------- TOTAL ASSETS $1,355,175 $1,261,144 ========== ========== LIABILITIES - ----------- Mortgages payable $ 92,682 $ 65,573 Notes payable, net of unamortized discount 462,749 412,634 Other liabilities 34,630 33,359 Tenants' security deposits 5,438 4,623 ---------- ---------- TOTAL LIABILITIES 595,499 516,189 ---------- ---------- COMMITMENTS AND CONTINGENCIES - ----------------------------- SHAREHOLDERS' EQUITY - -------------------- Preferred shares, par value $1.00, authorized 1,000,000 shares; issued and outstanding (150,000 Series A Cumulative Preferred Shares), $75,000,000 redemption value 72,775 72,775 Shares of beneficial interest without par value, unlimited authorization; issued and outstanding (April 30,, 1998 - 59,658,152; July 31, 1997 - 58,934,371) 754,747 738,011 Less loans receivable for the purchase of shares of beneficial interest 2,344 2,814 Add unrealized gain on securities reported 1,031 1,057 ---------- ---------- at fair value 826,209 809,029 Less distributions in excess of net income 66,533 64,074 ---------- ---------- TOTAL SHAREHOLDERS' EQUITY 759,676 744,955 ---------- ---------- TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $1,355,175 $1,261,144 ========== ========== See accompanying notes to condensed consolidated financial statements.
-3- NEW PLAN REALTY TRUST AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS NINE MONTHS ENDED APRIL 30, (UNAUDITED)(IN THOUSANDS)
1998 1997 ---- ---- OPERATING ACTIVITIES - -------------------- Net Income $ 66,961 $ 57,255 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 23,054 18,252 Loss on sale of property 67 75 Gain on sale of securities, net (8) (7) -------- ------- 90,074 75,575 Changes in operating assets and liabilities, net Change in trade and notes receivable (3,402) (1,360) Change in allowance for doubtful accounts 1,648 1,029 Change in other receivables 133 78 Change in other liabilities 1,271 1,114 Change in net sundry assets and liabilities (2,830) (2,339) ------- ------- NET CASH PROVIDED BY OPERATING ACTIVITIES 86,894 74,097 ------ ------ INVESTING ACTIVITIES - -------------------- Sale of marketable securities 32 164 Purchase of marketable securities (31) -- Net proceeds from the sale of property and securities (59) 2,525 Purchase and improvement of properties (101,372) (146,351) Repayment of mortgage notes receivable 10,388 1,179 -------- -------- NET CASH USED IN INVESTING ACTIVITIES (91,042) (142,483) --------- --------- FINANCING ACTIVITIES - -------------------- Distributions to shareholders (69,421) (62,535) Proceeds from the dividend reinvestment plan 13,401 7,978 Proceeds from the exercise of stock options 3,335 6,585 Repayment of short-term debt -- (288) Proceeds from the sale of notes 50,000 153,000 Principal payments on mortgages (500) (19,500) Repayment of mortgages (1,982) -- Repayment of loans receivable for the purchase of shares of beneficial interest 470 236 -------- -------- NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES (4,697) 85,476 --------- -------- (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS (8,845) 17,090 Cash and cash equivalents at beginning of year 42,781 4,300 -------- -------- CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 33,936 $ 21,390 ======== ======== See accompanying notes to condensed consolidated financial statements.
-4- NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS Note A: The accompanying unaudited condensed consolidated financial statements have been prepared by the Trust pursuant to the rules of the Securities and Exchange Commission as they relate to interim financial statements and, in the opinion of the Trust, include all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of financial position, results of operations and cash flows in accordance with generally accepted accounting principles. 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 such SEC rules. The Trust believes that the disclosures made are adequate to make the information presented not misleading. The condensed consolidated statements of income for the three month and nine month periods ended April 30, 1998 and 1997 are not necessarily indicative of the results expected for the full year. These condensed consolidated financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Trust's latest annual report on Form 10-K. Note B: Supplemental Cash Flow Information State and local income taxes paid for the nine months ended April 30, 1998 and 1997 were $93,000 and $820,000 respectively. Interest paid for the nine months ended April 30, 1998 and 1997 was $26,175,000 and $17,925,000, respectively. Interest costs capitalized for the nine months ended April 30, 1998 and 1997 were $0 and $868,000, respectively. The Trust entered into the following non-cash investing and financing activities (in thousands) for the nine months ended April 30,: 1998 1997 ---- ---- Mortgage obligations assumed upon the purchase of a property $29,591,000 $10,100,000 Note C: Provision for Doubtful Accounts The provision for doubtful accounts is net of recoveries. For the nine months ended April 30, 1998 and 1997, recoveries were $103,000 and $173,000, respectively. For the three months ended April 30, 1998 and 1997, recoveries were $61,000 in both periods. Note D: Internal Software Costs Any costs associated with modifying computer software for the year 2000 are expensed as incurred. Management does not believe these costs will be material. -5- Note E: On January 31, 1998 the Trust adopted Financial Accounting Standard No. 128 "Earnings Per Share". The following table sets forth the computation of average shares outstanding and basic earnings and diluted earnings per share. (Amounts in thousands except per share amounts.)
Three Months Ended Nine Months Ended April 30, April 30, 1998 1997 1998 1997 ---- ---- ---- ---- Numerators - ---------- Net income $22,899 $19,087 $66,961 $57,255 Less preferred stock dividends (1,463) -- (4,388) -- -------- -------- -------- ------ Net income available to shares of beneficial interest $21,436 $19,087 $62,573 $57,255 ======= ======= ======= ======= Denominators - ------------ Weighted average shares outstanding for Basic EPS 59,522 58,596 59,248 58,353 Effects of Dilutive Securities - Options 517 291 443 264 ------ Adjusted Weighted Average Shares Outstanding - For Diluted EPS 60,039 58,887 59,691 58,617 ====== Basic EPS $ .36 $ .33 $ 1.06 $ .98 Diluted EPS $ .36 $ .32 $ 1.05 $ .98
-6- Note F: New Accounting Standards During 1997 and 1998, the Financial Accounting Standards Board issued Statements of Financial Accounting Standards: (i) No. 129 "Disclosure of Information About Capital Structure" ("SFAS 129"), which is effective for fiscal years ending after December 15, 1997, (ii) No. 130 "Reporting Comprehensive Income" ("SFAS 130"), which is for fiscal years beginning after December 15, 1997, (iii) No. 131 "Disclosures About Segments of an Enterprise and Related Information" ("SFAS 131"), which is for fiscal years beginning after December 15, 1997 and (iv) No. 132 "Employers' Disclosures about Pensions and Other Postretirement Benefits" ("SFAS 132), which is effective for fiscal years beginning after December 15, 1997. Management believes that the implementation of SFAS 129, 130, 131 and 132 will not have a material impact on the Trust's financial statements. Note G: Subsequent Events On May 14, 1998, New Plan Realty Trust, a Massachusetts business trust (the "Trust"), Excel Realty Trust, Inc., a Maryland corporation ("Excel"), and ERT Merger Sub, Inc., a Maryland corporation and a wholly-owned subsidiary of Excel ("Sub"), entered into an Agreement and Plan of Merger dated as of May 14, 1998 providing for the merger of the Sub with and into the Trust and the Trust surviving as a wholly-owned subsidiary of Excel. The Merger Agreement calls for Excel to declare a 20% stock dividend and then issue one share of Excel for each of the Trust's outstanding shares of beneficial interest. After the merger, the combined company, which will be renamed New Plan Excel Realty Trust, Inc. ("New Plan Excel"), will have approximately 93 million common shares outstanding. Holders of the Trust's shares upon consummation of the merger will then hold approximately 65% of the outstanding common stock of New Plan Excel. The Board of Directors of New Plan Excel is to consist of the nine (9) current members of the Trust's Board and six (6) members currently on Excel's Board. The dividend policy of New Plan Excel for the first year following the merger will be $1.60 per share with anticipated minimum increases of $0.0025 per share per quarter until the current quarterly dividend (expressed as an annual rate) is $1.67 per share. Holders of the Trust's Series A Cumulative Step Up Premium Rate Preferred Shares are to receive an equal amount of Excel's Series D Cumulative Voting Step Up Premium Rate Preferred Stock ("Excel Series D Preferred Stock") with substantially identical terms, except that holders of the Excel Series D Preferred Stock will have the right to vote with the holders of the common stock of New Plan Excel on all matters and for two additional directors of New Plan Excel if the distributions on the Excel Series D Preferred Stock are in arrears for six or more quarterly periods. In addition, an application will be made to list the Excel Series D Preferred Stock on the New York Stock Exchange. Excel is a San Diego based REIT that was formed in 1985 and reincorporated in 1993 as a Maryland Corporation. The company owns and manages 142 properties comprising 14.1 million square feet of gross rentable area in 27 states. The combined company, New Plan Excel, will own a total of 332 properties located in 32 states comprising over 34.7 million square feet of space in 276 retail properties and over 12,000 apartment units in 52 apartment properties. The merger is intended, for financial accounting purposes, to be accounted for using the purchase method of accounting. The merger is subject to shareholder approval and customary closing conditions. It is estimated that this transaction will be completed in September, 1998. -7- MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS I. Liquidity and Capital Resources On April 30, 1998 the Trust had approximately $35.9 million in available cash, cash equivalents and marketable securities. During the nine month period ended April 30, 1998, the Trust paid approximately $87.4 million in cash and assumed mortgage debt of approximately $29.6 million to acquire ten shopping centers (1.3 million gross leasable square feet) and four apartment properties (1,276 units). In addition, $14.0 million was paid for improvements to properties. Debt at April 30, 1998 consisted of $92.7 million of mortgages payable and $462.7 million of notes payable, net of unamortized discount. During the nine months ended April 30, 1998, the Trust sold an issue of unsecured notes totaling $50.0 million. The issue matures in 31 years and has an annual interest rate of 6.9%. The Trust's dividend reinvestment program generated approximately $13.4 million during the nine month period ended April 30, 1998. In addition during such period the Trust made dividend distributions of $65.3 million to holders of shares of beneficial interest and $4.1 million to preferred stock shareholders. Funds from operations applicable to shares of beneficial interest, defined as net income plus depreciation and amortization of real estate less gains from asset sales less preferred stock dividends, increased $10.1 million to $85.7 million ($1.44 per share-diluted) from $75.6 million ($1.29 per share-diluted) in the prior year's comparable nine month period. On May 14, 1998, New Plan Realty Trust, a Massachusetts business trust (the "Trust"), Excel Realty Trust, Inc., a Maryland corporation ("Excel"), and ERT Merger Sub, Inc., a Maryland corporation and a wholly-owned subsidiary of Excel ("Sub"), entered into an Agreement and Plan of Merger dated as of May 14, 1998 providing for the merger of the Sub with and into the Trust and the Trust surviving as a wholly-owned subsidiary of Excel. The Merger Agreement calls for Excel to declare a 20% stock dividend and then issue one share of Excel for each of the Trust's outstanding shares of beneficial interest. After the merger, the combined company, which will be renamed New Plan Excel Realty Trust, Inc. ("New Plan Excel"), will have approximately 93 million common shares outstanding. Holders of the Trust's shares upon consummation of the merger will then hold approximately 65% of the outstanding common stock of New Plan Excel. The Board of Directors of New Plan Excel is to consist of the nine (9) current members of the Trust's Board and six (6) members currently on Excel's Board. The dividend policy of New Plan Excel for the first year following the merger will be $1.60 per share with anticipated minimum increases of $0.0025 per share per quarter until the current quarterly dividend (expressed as an annual rate) is $1.67 per share. Excel is a San Diego based REIT that was formed in 1985 and reincorporated in 1993 as a Maryland Corporation. The company owns and manages 142 properties comprising 14.1 million square feet of gross rentable area in 27 states. The combined company, New Plan Excel, will own a total of 332 properties located in 32 states comprising over 34.7 million square feet of space in 276 retail properties and over 12,000 apartment units in 52 apartment properties. The merger is intended, for financial accounting purposes, to be accounted for using the purchase method of accounting. The merger is subject to shareholder approval and customary closing conditions. It is estimated that this transaction will be completed in September, 1998. -8- II. Results of operations for the nine months ended April 30, 1998 and 1997 A. Revenues Total revenues increased approximately $33.8 million to $184.8 million. The increase came primarily as a result of the acquisition of 43 properties since July 31, 1996 and the opening of the Six Flags Factory Outlet Center in March 1997. B. Operating Expenses Operating costs and leasehold rents increased approximately $7.7 million to $45.9 million, reflecting the acquisition of properties. Real estate and other taxes increased approximately $3.3 million to $16.8 million. The principal reason for this increase was the larger portfolio of properties. Interest expense increased approximately $7.2 million to $27.0 million. This increase was due to an increase, since April 1997, of $120 million of notes which were used to fund the Trust's property acquisition program. In addition, interest expense applicable to mortgage debt increased as a result of the assumption of mortgages in connection with property acquisitions. Depreciation and amortization of properties increased approximately $4.8 million to $23.1 million. This increase was the result of the acquisition of properties. Provision for doubtful accounts, net of recoveries, increased $0.6 million to $3.0 million. As a percentage of rental revenue, this expense was 1.6% in the current and prior year periods. C. Administrative Expenses Administrative expenses as a percent of revenue was 1.1% in the current period compared to 1.0% in the prior comparable period. Costs increased in personnel and professional categories. D. Gain (Loss) on Sale of Properties and Securities During the current period, the Trust incurred additional costs that related to a property sale which took place in the fourth quarter of fiscal 1997. In the prior period, all or a portion of three shopping centers were sold at a net loss of $75,000. -9- III. Results of operations for the three months ended April 30, 1998 and 1997 A. Revenues Total revenues increased approximately $11.4 million to $63.5 million. The increase was a result of the acquisition of 28 properties since January 31, 1997 and the opening of the Six Flags Factory Outlet Center in March 1997. B. Operating Expenses Operating costs and leasehold rents increased approximately $1.6 million to $15.3 million, reflecting the acquisition of properties. Real estate and other taxes increased approximately $1.4 million to $5.9 million. The principal reason for this increase was the larger portfolio of properties. Interest expense increased approximately $2.9 million to $9.8 million. This increase was due primarily to the issuance, since January 1997, of $120 million of notes which were used to fund the Trust's property acquisition program. In addition, interest expense applicable to mortgage debt increased as a result of the assumption of mortgages in connection with property acquisitions. Depreciation and amortization of properties increased approximately $1.5 million to $7.9 million. This increase was the result of the acquisition of properties. Provision for doubtful accounts, net of recoveries, increased $122,000 to $968,000. As a percentage of rental revenue, the expense declined to 1.6% from 1.7% in the prior year's comparable period. C. Administrative Expenses Administrative expenses as a percent of revenue was 1.1% in the current period compared to 1.0% in the comparable prior year's period. Costs increased in the personnel category. D. Gain/(Loss) on the Sale of Properties and Securities In the prior year's comparable period, the sale of a property in Lumberton, NC and a portion of a shopping center in Parkersburg, WV were sold resulting in a net loss of $144,000. In the current period, there were no property sales. IV. New Accounting Standards During 1997 and 1998, the Financial Accounting Standards Board issued Statements of Financial Accounting Standards: (i) No. 129 "Disclosure of Information About Capital Structure" ("SFAS 129"), which is effective for fiscal years ending after December 15, 1997, (ii) No. 130 "Reporting Comprehensive Income" ("SFAS 130"), which is for fiscal years beginning after December 15, 1997, (iii) No. 131 "Disclosures About Segments of an Enterprise and Related Information" ("SFAS 131"), which is for fiscal years beginning after December 15, 1997 and (iv) No. 132 "Employers' Disclosures about Pensions and Other Postretirement Benefits" ("SFAS 132), which is effective for fiscal years beginning after December 15, 1997. Management believes that the implementation of SFAS 129, 130, 131 and 132 will not have a material impact on the Trust's financial statements. -10- Item 6. Exhibits and Reports on Form 8-K --------------------------------- (a) Exhibits: Exhibit 12.1 - Ratio of Earnings to Fixed Charges Exhibit 27 - Financial Data Schedule. This exhibit is filed for EDGAR filing purposes only. (b) During the period covered by this report the Trust filed the following: 1. Form 8-K dated and filed April 24, 1998. This report contains item 5. 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 thereunto duly authorized. Dated: June 9, 1998 NEW PLAN REALTY TRUST By:/s/ Michael I. Brown -------------------- MICHAEL I. BROWN Chief Financial Officer, Controller -11- EXHIBIT INDEX Number Description Page - ------ ----------- ---- 12.1 Ratio of Earnings to Fixed Charges 13 27 Financial Data Schedule -12- EX-12 2 RATIO OF EARNINGS EXHIBIT 12.1 RATIO OF EARNINGS TO FIXED CHARGES ---------------------------------- The ratio of earnings to fixed charges for the nine months ended April 30, 1998 is: 3.0 For purposes of computing these ratios, earnings have been calculated by adding fixed charges (excluding capitalized interest and preferred stock dividends) to income before extraordinary items. Fixed charges consist of interest costs, whether expensed or capitalized, preferred stock dividend requirements, the interest component of rental expense, if any, and amortization of debt discounts and issue costs, whether expensed or capitalized. CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES ------------------------------------------------- NINE MONTHS ENDED APRIL 30, 1998 -------------------------------- (DOLLAR AMOUNTS IN THOUSANDS) ----------------------------- EARNINGS: Net income $66,961 Interest expense (including amortization of debt discount and issuing costs) 26,967 Capitalized interest --- Other adjustments 456 ------- $94,384 ======= FIXED CHARGES: Interest expense (including amortization of debt discount and issuing costs) $26,967 Capitalized interest --- Preferred stock dividends 4,388 Other adjustments 277 ------- $31,632 ======= RATIO OF EARNINGS TO FIXED CHARGES 3.0 -13- EX-27 3 FINANCIAL DATA SCHEDULE
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE APRIL 30, 1988 FINANCIAL STATEMENTS AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 9-MOS JUL-31-1997 APR-30-1998 33,936 2006 13,789 7,229 0 0 1,408,740 128,548 1,355,175 0 555,431 0 72,775 752,403 (65,502) 1,355,175 0 184,833 0 85,766 2,093 2,986 26,967 66,961 0 66,961 0 0 0 66,961 1.06 1.05
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