-----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, S14J+sYRkPSpL6gIn6+q0YpSd3gcvPHb+gMpdYcxlxKij7Go2nWMl43jDcnUltEP mbQmeUwSgv3jIY57DdxmBg== 0000720672-96-000008.txt : 19960325 0000720672-96-000008.hdr.sgml : 19960325 ACCESSION NUMBER: 0000720672-96-000008 CONFORMED SUBMISSION TYPE: 10-Q/A PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19950331 FILED AS OF DATE: 19960322 SROS: CSX SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: STIFEL FINANCIAL CORP CENTRAL INDEX KEY: 0000720672 STANDARD INDUSTRIAL CLASSIFICATION: SECURITY BROKERS, DEALERS & FLOTATION COMPANIES [6211] IRS NUMBER: 431273600 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q/A SEC ACT: 1934 Act SEC FILE NUMBER: 001-09305 FILM NUMBER: 96537347 BUSINESS ADDRESS: STREET 1: 500 N. BROADWAY STREET 2: 14TH FLOOR CITY: ST LOUIS STATE: MO ZIP: 63102-2188 BUSINESS PHONE: 3143422000 MAIL ADDRESS: STREET 1: 500 N BROADWAY CITY: ST LOUIS STATE: MO ZIP: 63102-2188 10-Q/A 1 FORM 10-Q/A NO. 1; DATED MARCH 31, 1995 1 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q/A No. 1 (Mark One) |X| QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 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 1-9305 STIFEL FINANCIAL CORP. (Exact name of registrant as specified in its charter) DELAWARE 43-1273600 (State or other jurisdiction of (I.R.S. Employer Identification No.) incorporation or organization) 500 N. Broadway, St. Louis, Missouri 63102-2188 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code 314-342-2000 (Former name, former address, and former fiscal year, if changed since last report) 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 | | Shares of common stock outstanding at March 31, 1995: 4,210,681 par value $.15. Exhibit Index is on page 15. 2 STIFEL FINANCIAL CORP. AND SUBSIDIARIES INDEX PAGE ------ PART I. FINANCIAL CONDITION Item 1. Financial Statements (Unaudited) Consolidated Statements of Financial Condition -- March 31, 1995 and December 31, 1994 3-4 Consolidated Statements of Operations -- Three Months Ended March 31, 1995 and March 25, 1994 5 Consolidated Statements of Cash Flows-- Three Months Ended March 31, 1995 and March 25, 1994 6-7 Notes to Consolidated Financial Statements 8-9 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 10-12 PART II. OTHER INFORMATION Item 1. Legal Proceedings 13 Item 6. Exhibits and Reports on Form 8-K 13 Signatures 14 3 PART I. FINANCIAL CONDITION Item 1. Financial Statements (Unaudited) The financial statements are amended in entirety as set forth below. STIFEL FINANCIAL CORP. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
March 31, December 31, 1995 1994 (Unaudited) (Note) ------------- ------------- ASSETS Cash and cash equivalents $ 6,204,140 $ 6,925,192 Cash segregated for the exclusive benefit of customers 1,318,830 1,316,419 Receivable from brokers and dealers 13,863,587 21,832,542 Receivable from customers, less allowance for doubtful accounts of $950,985 and $1,070,984, respectively 134,624,085 139,898,597 Securities owned, at market value 23,316,122 23,318,907 Membership in exchanges, at cost (approximate market value: $1,747,100 and $1,655,000, respectively) 513,015 513,015 Office equipment, leasehold improvements, and building, at cost, less allowances for depreciation and amortization of $13,938,634 and $13,518,137, respectively 5,115,680 4,778,649 Goodwill, net of accumulated amortization of $638,982 and $573,600, respectively 4,225,097 4,290,479 Notes and non-securities receivable from employees, net of allowance for doubtful receivables of $2,547,208 and $2,560,617, respectively 5,543,082 5,620,239 Current income tax receivable 1,781,262 1,514,734 Deferred tax asset 4,638,900 4,638,900 Miscellaneous other assets 6,024,222 7,560,116 ------------ ------------ $207,168,022 $222,207,789 ============ ============
NOTE: The Consolidated Statement of Financial Condition at December 31, 1994 has been derived from the audited financial statements at that date. See Notes to Consolidated Financial Statements. 4 STIFEL FINANCIAL CORP. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (CONTINUED)
March 31, December 31, 1995 1994 (Unaudited) (Note) ------------- ------------- LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities Short-term borrowings from banks $ 54,307,000 $ 65,650,000 Payable to brokers and dealers 46,963,516 46,395,629 Payable to customers, including free credit balances of $19,780,863 and $15,600,835, respectively 27,336,053 24,368,715 Market value of securities sold, but not yet purchased 5,975,673 4,252,110 Drafts payable 11,561,469 14,576,317 Accrued employee compensation 6,512,733 9,109,502 Obligation under capital lease 966,083 1,029,282 Accounts payable and accrued expenses 8,094,822 11,029,823 Long-term debt 10,760,000 11,520,000 ------------ ------------ Total Liabilities 172,477,349 187,931,378 Subordinated note 50,000 50,000 Stockholders' equity Common stock 648,743 648,743 Additional paid-in capital 18,266,990 18,491,086 Retained earnings 16,706,763 17,016,335 ------------ ------------ 35,622,496 36,156,164 Less cost of stock in treasury 806,676 1,731,974 Less unamortized expense of restricted stock awards 175,147 197,779 ------------ ------------ Total Stockholders' Equity 34,640,673 34,226,411 ------------ ------------ $207,168,022 $222,207,789 ============ ============
NOTE: The Consolidated Statement of Financial Condition at December 31, 1994 has been derived from the audited financial statements at that date. See Notes to Consolidated Financial Statements. 5 STIFEL FINANCIAL CORP. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
Three Months Ended March 31, 1995 March 25, 1994 -------------- -------------- REVENUES Commissions $ 6,852,654 $ 7,020,230 Principal transactions 5,331,299 4,492,938 Investment banking 744,840 4,938,723 Interest 3,197,690 2,434,551 Sale of investment company shares 2,062,669 3,276,705 Sale of insurance products 545,717 617,666 Sale of unit investment trusts 426,399 984,631 Other 2,733,268 2,061,521 ----------- ----------- 21,894,536 25,826,965 EXPENSES Employee compensation & benefits 13,573,152 16,683,984 Commissions & floor brokerage 574,037 484,873 Communication & office supplies 2,155,239 1,980,308 Occupancy & equipment rental 1,970,568 2,154,543 Promotional 523,537 812,999 Interest 2,087,295 1,289,147 Other operating expenses 1,329,582 2,131,728 ----------- ----------- 22,213,410 25,537,582 ----------- ----------- (LOSS) INCOME BEFORE INCOME TAXES (318,874) 289,383 (Benefit) provision for income taxes (134,913) 110,000 ----------- ----------- NET (LOSS) INCOME $ (183,961) $ 179,383 =========== =========== Net (loss) income per share: Primary $ (0.04) $ 0.04 Fully diluted $ (0.04) $ 0.04 Dividends declared per share $ 0.03 $ --- Average common equivalent shares outstanding: Primary 4,228,348 4,327,175 Fully Diluted 5,514,406 5,613,233
See Notes to Consolidated Financial Statements. 6 STIFEL FINANCIAL CORP. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
Three Months Ended March 31, 1995 March 25, 1994 -------------- -------------- CASH FLOWS FROM OPERATING ACTIVITIES Net (loss) income $ (183,961) $ 179,383 Non-cash items included in earnings: Depreciation and amortization 485,879 563,619 Bonus notes amortization 223,048 171,375 Deferred compensation 245,803 100,639 Provision for litigation and bad debt - - 97,093 Unrealized gains on investments ( 522,408) - - Amortization of restricted stock awards 22,632 51,543 ------------ ------------ 270,993 1,163,652 Decrease in operating receivables: Customers 5,274,512 19,866,746 Brokers and dealers 7,968,955 9,392,301 Increase (decrease) in operating payables: Customers 2,967,338 (11,685,665) Brokers and dealers 567,887 11,734,533 (Increase) decrease in assets: Cash segregated for the exclusive benefit of customers ( 2,411) ( 968) Securities owned 2,785 25,038,976 Notes receivable from officers and employees ( 440,108) ( 481,060) Miscellaneous other assets 2,214,948 603,726 Increase (decrease) in liabilities: Securities sold, not yet purchased 1,723,563 1,092,402 Drafts payable, accounts payable and accrued expenses, and accrued employee compensation ( 8,792,421) ( 5,737,635) ------------ ------------ Cash Provided By Operating Activities $ 11,756,041 $ 50,987,008 ------------ ------------
See Notes to Consolidated Financial Statements. 7 STIFEL FINANCIAL CORP. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED) (UNAUDITED)
Three Months Ended March 31, 1995 March 25, 1994 -------------- -------------- Cash Provided By Operating Activities - from previous page $ 11,756,041 $ 50,987,008 ------------ ------------ CASH FLOWS FROM FINANCING ACTIVITIES Net payments for short-term borrowings from banks (11,343,000) (51,075,000) Proceeds from: Employee stock purchase plan 755,274 611,688 Exercised stock options 102,723 45,406 Dividend reinvestment plan 3,122 - - Payments for: Settlement of long-term debt ( 760,000) - - Purchases of stock for treasury ( 159,917) ( 342,886) Principal payments under capital leases ( 63,199) ( 165,824) Cash dividends ( 125,611) - - ------------ ------------ Cash Used For Financing Activities (11,590,608) (50,926,616) ------------ ------------ CASH FLOWS FROM INVESTING ACTIVITIES Proceeds from: Sale of office equipment and leasehold improvements 6,100 281 Sale of investments - - 7,048 Payments for: Acquisition of office equipment and leasehold improvements ( 757,528) ( 639,242) Acquisition of investments ( 135,057) ( 2,657) ------------ ------------ Cash Used For Investing Activities ( 886,485) ( 634,570) ------------ ------------ Decrease in cash and cash equivalents ( 721,052) ( 574,178) Cash and cash equivalents - beginning of period 6,925,192 6,542,052 ------------ ------------ Cash and Cash Equivalents - end of period $ 6,204,140 $ 5,967,874 ============ ============ Supplemental disclosure of cash flow information: Income tax payments $ 11,257 $ 116,000 Interest payments $ 2,335,526 $ 1,629,941
See Notes to Consolidated Financial Statements. 8 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) NOTE A - BASIS OF PRESENTATION The consolidated financial statements include the accounts of Stifel Financial Corp. and its subsidiaries (collectively referred to as the Company). The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three months ended March 31, 1995 are not necessarily indicative of the results that may be expected for the year ending December 31, 1995. For further information, refer to the financial statements and notes thereto included in the Company's annual report on Form 10-K for the year ended December 31, 1994. NOTE B - NET CAPITAL REQUIREMENT As a registered broker-dealer and member of the New York Stock Exchange, the Company's principal subsidiary, Stifel, Nicolaus & Company, Incorporated (SN & Co.), is subject to the Securities and Exchange Commission's (SEC) uniform net capital rules. SN & Co. has elected to operate under the alternative method of the rule, which prohibits a broker- dealer from engaging in any securities transactions when its net capital is less than 2% of its aggregate debit balances, as defined, arising from customer transactions. The SEC may also require a member firm to reduce its business and restrict withdrawal of subordinated capital if its net capital is less than 4% of aggregate debit balances, and may prohibit a member firm from expanding its business and declaring cash dividends if its net capital is less than 5% of aggregate debit balances. At March 31, 1995, SN & Co. had net capital of $10,915,136 which was 7% of its aggregate debit balances and $7,667,491 in excess of the 2% net capital requirement. NOTE C - PLAN OF RESTRUCTURING During the fourth quarter of 1994, the Board of Directors of the Company approved a restructuring and downsizing plan for the Company which was implemented beginning in December 1994, and involved the closing or downsizing of 31 office locations and termination of approximately 70 officers and employees. Detail of the activity during the first quarter related to the accruals follows: 9 NOTE C - PLAN OF RESTRUCTURING (continued) Balance at Charged Balance at December During First March 31, 1994 Quarter 31, 1995 Net Lease commitments for closed offices $ 1,400,000 $ 115,558 $ 1,284,442 Severance pay, extended benefits and receivables written off for terminated employees 875,000 205,254 669,746 Abandonment of leasehold improvements 206,000 166,000 40,000 Contractual commitments 191,000 141,000 50,000 ----------- --------- ----------- Total $ 2,672,000 $ 627,812 $ 2,044,188 =========== ========= =========== Such amounts are included in the consolidated statement of financial condition under the caption of Accounts payable and accrued expenses at March 31, 1995 and December 31, 1994. NOTE D - SALE OF OKLAHOMA-BASED OPERATIONS On February 7, 1995, the Company announced an agreement to sell the assets of its Oklahoma City-based operations to Capital West Financial Corporation subject to certain conditions. Included in the agreement are the assets related to the Company's retail offices in Oklahoma, several retail offices in Texas, and the Oklahoma-based public finance, institutional trading, and sales departments. If the transaction is consummated the Company will receive cash, secured and subordinated notes, and warrants to purchase a minority interest in Capital West Financial Corporation. In addition, the agreement calls for Capital West Financial Corporation to assume or sublease certain office and equipment lease obligations of the Company. The sale would result in the reduction of approximately 70 investment executives and approximately 50 support staff located in 26 branch offices. This sale is planned to be consummated in May 1995. Pro forma financial information assuming the transaction had taken place at the beginning of the year is presented below: Pro Forma Combined Results of Operations Revenue $ 21,144,383 Net Loss $ 102,783 Loss per primary share $ 0.02 The above pro forma financial information do not purport to be indicative of results which actually would have occurred had the sale been made on January 1, 1995. NOTE E - SUBSEQUENT EVENT On April 27, 1995, the board of directors declared a regular quarterly dividend of $0.03 per share, payable on May 23, 1995 to stockholders of record May 9, 1995. 10 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations Results of Operations Three months ended March 1995 and March 1994 The Company recorded a net loss of $184,000 for the quarter ended March 31, 1995, compared to net income of $179,000 in the year earlier first quarter, a decrease of $363,000 (202.8%). The primary loss per share was $.04, a decrease of $.08 per share compared to the previous years $.04 earnings per primary share. The decrease is primarily attributable to the decreased commission and investment banking revenues. Total revenues decreased $3,932,000 (15.2%) to $21,895,000 from $25,827,000 resulting from decreased investment banking revenues and commission revenues which declined $4,194,000 (84.9%) and $2,012,000 (16.9%), respectively, offset somewhat by increased trading profits and other income. Investment banking revenues decreased mostly because of the decrease in municipal bond refundings. In addition, the negative publicity surrounding the SEC investigation into certain municipal bond offerings managed by the Company's Oklahoma City based municipal finance operations has impaired the Company's ability to generate investment banking revenues from its Oklahoma operations. Historically, the Company has been a major underwriter of Oklahoma municipal issues. Commission revenues declined $2,012,000 (16.9%), principally because of retail investor's uncertainty of the current market conditions. In addition, the number of investment executives decreased by 45 to 335 from 380. The reduction in investment executives was caused by the involuntary termination of low producing investment executives and voluntary resignations. Agency commissions, sale of investment company shares, sale of insurance products and sale of unit investment trusts decreased $167,000 (2.4%), $1,214,000 (37.0%), $72,000 (11.7%) and $559,000 (56.8%), respectively. Principal transactions increased $838,000 or 18.7% as a result of increased trading profits over the first quarter of 1994 which were negatively impacted by increased interest rates. Other revenues increased $672,000 (32.6%) as a result of an increase in unrealized gains on non-marketable investments, (which were realized early in the second quarter) and increases in managed account fees. Interest revenue increased $763,000 (31.3%) due to increased margin interest resulting from higher margin rates charged to customers; however, net interest retention decreased due to an increase in average borrowing rates coupled with a reduction of municipal interest income due to lower inventory levels. Total expenses decreased $3,325,000 (13.0%) to $22,213,000 from $25,538,000 primarily due to decrease variable compensation and other variable expenses. 11 Employee compensation and benefits decreased $3,110,000 (18.7%) due to decreased variable compensation which decreased $2,463,000 (24.3%) correlating to the decreased revenue production. During the fourth quarter of 1994 the Company implemented a plan of restructuring and downsizing. As a result, certain expense categories reflected decreases from the previous year's level including salaries and benefits which decreased $647,000 (9.9%), occupancy and equipment which decreased $184,000 (8.5%), and promotional expense which decreased $289,000 (35.6%). Other expenses decreased $802,000 (37.6%) to $1,330,000 from $2,132,000 as a result of a decrease in professional fees (mostly legal), settlements and bad debts, charitable contributions and customer statement processing which decreased $178,000, $274,000, $260,000 and $72,000, respectively. Liquidity and Capital Resources The Company's assets are highly liquid, consisting mainly of cash or assets readily convertible into cash. These assets are financed primarily by the Company's equity capital, customer credit balances, short-term bank loans, proceeds from securities lending, long-term senior convertible notes, and other payables. Changes in securities market volumes, related customer borrowing demands, and levels of securities inventory affect the amount of the Company's financing requirements. Because of the nature of the Company's business, the changes in operating assets and liability account balances relative to net income for any particular accounting period can be quite large and somewhat arbitrary and therefore are not very useful indicators of long-term trends in the Company's cash flow from operations. For the three months ended March 31, 1995, cash and cash equivalents decreased $721,000 (10.4%) to $6,204,000 from $6,925,000 at December 31, 1994. Cash provided by operating activities was primarily used for payment of short-term borrowings from banks. The cash provided by operating activities were principally attributed to decreases in operating receivables and miscellaneous assets of $13,243,000 and $2,215,000, respectively, in conjunction with increases in operating payables and market value of securities sold, not yet purchased of $3,535,000 and $1,724,000, respectively. The cash provided was partially offset by cash used for a decrease of drafts payable, accounts payable and accrued expenses, and accrued employee compensation of $8,792,000. SN & Co. is subject to requirements of the Securities and Exchange Commission with regard to liquidity and capital requirements (see Note B of the Notes to unaudited Consolidated Financial Statements). At March 31, 1995, SN & Co. had net capital of approximately $10,915,000 which exceeded the minimum net capital requirements by approximately $7,667,000. During 1994, SN & Co. obtained a revolving subordinated note in the amount of $5,500,000. The subordinated note is intended to be used to finance underwritings should the need arise. At March 31, 1995, SN & Co. had an advance of $50,000 against this revolving subordinated note. 12 Management believes that funds from operations and available unused informal and formal short-term credit arrangements of $151,693,000 at March 31, 1995, and the available but unused subordinated note of $5,450,000 at March 31, 1995, will provide sufficient resources to meet the present and anticipated financial needs. The proposed sale of assets of the Oklahoma City-based operations along with the plan of restructuring should not have a negative impact on the Company's liquidity or capital resources (see Notes C & D of the Notes to Consolidated Financial Statements). Recent market conditions and the low level of activity for corporate and municipal underwritings have caused commissions, investment banking revenues and related principal transaction revenues to vary significantly downward from prior periods. Correspondingly, variable compensation expense related to the production of these revenues also varied downward. Management has taken steps to eliminate fixed costs by its plan of restructure. 13 PART II. OTHER INFORMATION Item 1. Legal Proceedings There were no material changes, during the three months ended March 31, 1995, in the legal proceedings previously reported in the Company's Annual Report on Form 10-K for the year ended December 31, 1994. Such information is hereby incorporated by reference. Item 6. Exhibits and Reports on Form 8-K (a) Exhibit No. Sequential (Reference to Item 601(b) Page of Regulation S-K) Description Number ----------------- --------------------- ---------- 11 Computation of 16 Earnings Per Share 27 Financial Data Schedule 17 (furnished to the Securities and Exchange Commission for Electronic Data Gathering, Analysis, and Retrieval [EDGAR] purposes only) (b) Reports on Form 8-K The Company filed a report on Form 8-K dated February 22, 1995. This Form 8-K contained information under Item 7. Financial Statements, Pro Forma Financial Information and Exhibits. The exhibit filed was a Press Release dated February 7, 1995 announcing an agreement to sell the assets of the Oklahoma City based securities operations of Stifel, Nicolaus & Company, Incorporated (a wholly-owned subsidiary of Stifel Financial Corp.) to Capital West Financial Corporation, an Oklahoma corporation. 14 SIGNATURES Pursuant to the requirement of Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. STIFEL FINANCIAL CORP. (Registrant) Date: March 15, 1996 By /s/ Gregory F. Taylor Gregory F. Taylor (Chief Executive Officer) Date: March 15, 1996 By /s/ Stephen J. Bushmann Stephen J. Bushmann (Principal Financial Officer) 15 EXHIBIT INDEX Exhibit Sequential Number Description Page Number ------- ----------------------------------- ----------- 11 Computation of Earnings Per Share 16 27 Financial Data Schedule 17 (furnished to the Securities and Exchange Commission for Electronic Data Gathering, Analysis, and Retrieval [EDGAR] purposes only) EX-11 2 EXHIBIT 11 STIFEL FINANCIAL CORP. AND SUBSIDIARIES COMPUTATION OF EARNINGS PER SHARE (In Thousands, Except Per Share Amounts) (UNAUDITED)
Three Months Ended March 31, 1995 March 25, 1994 Fully Fully Primary Diluted Primary Diluted ------- ------- ------- ------- Net (loss) income $(184) $(184) $ 179 $ 179 After-tax interest savings assuming conversion of Senior Convertible Notes(1) - - 163 - - 175 ----- ----- ----- ----- Net (loss) income adjusted for after-tax interest savings $(184) $ (21) $ 179 $ 354 ===== ===== ===== ===== Average number of common shares outstanding during the period 4,179 4,179 4,198 4,198 Additional shares assuming exercise of stock options (2) 49 49 129 129 Additional Shares assuming conversion of Senior Convertible Notes (3) - - 1,286 - - 1,286 ----- ----- ----- ----- Average number of common shares used to calculate earnings per share 4,228 5,514 4,327 5,613 ===== ===== ===== ===== Net (loss) earnings per share $(0.04) $(0.04)(4) $0.04 $0.04(4) ====== ====== ===== =====
(1)Represents the after-tax interest savings resulting from assumed conversion of $10,000,000 aggregate principal 11.25% Senior Convertible Notes. (2)Represents the number of shares of common stock issuable on the exercise of dilutive employee stock options less the number of shares of common stock which could have been purchased with the proceeds from the exercise of such options and assumed purchases of stock from the Employee Stock Purchase Plan (ESPP). For primary earnings per share computations, these purchases were assumed to have been made at the average market price of the common stock during the period or that part of the period for which the option was outstanding or shares assumed purchased through the ESPP. For fully diluted earnings per share computations, these purchases were assumed to have been made at the greater of the market price of the common stock at the end of the period or average market price of the common stock during the period or that part of the period for which the option was outstanding or shares assumed purchased through the ESPP. (3)Represents the number of shares of common stock issuable upon conversion of $10,000,000 aggregate principal 11.25% Senior Convertible Notes at a conversion price of $7.7757 per share. (4)Net fully diluted (loss) earnings per share computes to $0.00 and $0.06 for three months ended March 31, 1995 and March 25, 1994, respectively. Since this is anti-dilutive, fully diluted earnings per share is equivalent to primary earnings per share. EX-27 3
BD THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE CONSOLIDATED STATEMENT OF FINANCIAL CONDITION DATED MARCH 31, 1995 AND THE STATEMENT OF OPERATIONS FOR THE THREE MONTHS ENDED MARCH 31, 1995 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 3-MOS DEC-31-1995 JAN-01-1995 MAR-31-1995 7,522,970 147,482,066 0 8,329,950 23,316,122 5,115,680 207,168,022 54,307,000 56,663,463 0 44,771,213 5,975,673 10,760,000 648,743 0 0 33,991,930 207,168,022 5,356,089 3,197,690 9,935,105 747,753 604,131 2,087,295 13,573,152 (318,874) (318,874) 0 0 (183,961) (0.04) (0.04)
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