-----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, A4E4WGjkzaCqdyB25hSZsJP+uKRqhNY08xWVb2sEEGyoER3KrS4bMHjipsDzR/H3 ynqmPVO0bAdr7nE4K6pEUA== 0000720672-97-000009.txt : 19970512 0000720672-97-000009.hdr.sgml : 19970512 ACCESSION NUMBER: 0000720672-97-000009 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19970327 FILED AS OF DATE: 19970509 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 SEC ACT: 1934 Act SEC FILE NUMBER: 001-09305 FILM NUMBER: 97599771 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 1 FORM 10-Q; DATED MARCH 27, 1997 1 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 March 27, 1997 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 27, 1997: 4,722,491 par value $.15. Exhibit Index is on page 15. 2 Stifel Financial Corp. And Subsidiaries Form 10-Q Index March 27, 1997 PAGE PART I. FINANCIAL CONDITION ---- Item 1. Financial Statements (Unaudited) Consolidated Statements of Financial Condition -- March 27, 1997 and December 31, 1996 3-4 Consolidated Statements of Operations -- Three Months Ended March 27, 1997 and March 29, 1996 5 Consolidated Statements of Cash Flows-- Three Months Ended March 27, 1997 and March 29, 1996 6-7 Notes to Consolidated Financial Statements 8-10 Item 2. Management's Discussion and Analysis of Results of Operations and Financial Condition 11-12 PART II. OTHER INFORMATION Item 1. Legal Proceedings 13 Item 4. Submission of Matters to a Vote of Security Holders 13 Item 6. Exhibits and Reports on Form 8-K 13 Signatures 14 3 PART I. FINANCIAL CONDITION Item 1. Financial Statements (Unaudited) STIFEL FINANCIAL CORP. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (UNAUDITED) (In thousands) March 27, December 31, 1997 1996 --------- ------------ ASSETS Cash and cash equivalents $ 6,126 $ 7,960 Cash segregated for the exclusive benefit of customers 309 483 Receivable from brokers and dealers 18,991 14,836 Receivable from customers, net of allowance for doubtful accounts of $578 and $582, respectively 267,874 235,216 Securities owned, at fair value 27,464 18,913 Membership in exchanges, at cost 513 513 Office equipment and leasehold improvements, at cost, net of allowances for depreciation and amortization of $10,081 and $10,125, respectively 2,312 2,233 Goodwill, net of accumulated amortization of $1,184 and $1,107, respectively 4,411 4,488 Notes receivable from and advances to officers and employees, net of allowance for doubtful receivables of $2,201 and $2,552, respectively 3,343 3,373 Refundable income taxes 354 358 Deferred tax asset 3,552 3,671 Other assets 7,947 9,005 -------- -------- $343,196 $301,049 ======== ======== See Notes to Consolidated Financial Statements. 4 STIFEL FINANCIAL CORP. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (CONTINUED) (UNAUDITED) (In thousands, except share amounts) March 27, December 31, 1997 1996 --------- ------------ LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities Short-term borrowings from banks $166,375 $132,400 Payable to brokers and dealers 62,089 47,148 Payable to customers 28,534 32,095 Securities sold, but not yet purchased, at fair value 3,536 3,229 Drafts payable 11,897 15,287 Accrued employee compensation 10,378 14,756 Obligations under capital leases 703 581 Accounts payable and accrued expenses 10,168 7,801 Convertible debt 10,000 10,000 -------- -------- Total Liabilities 303,680 263,297 Stockholders' equity Preferred stock -- $1 par value; authorized 3,000,000 shares; none issued Common stock -- $.15 par value; authorized 10,000,000 shares; issued 4,767,715 shares; outstanding 4,722,491 and 4,632,260 shares, respectively 715 715 Additional paid-in capital 21,119 21,403 Retained earnings 18,238 16,733 -------- -------- 40,072 38,851 Less treasury stock, at cost 45,224 and 135,455 shares, respectively 374 892 Less unamortized expense of restricted stock awards 182 207 -------- -------- Total Stockholders' Equity 39,516 37,752 -------- -------- $343,196 $301,049 ======== ======== See Notes to Consolidated Financial Statements. 5 STIFEL FINANCIAL CORP. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) (In thousands, except per share amounts) Three Months Ended March 27, 1997 March 29, 1996 -------------- -------------- REVENUES Commissions $ 11,420 $ 11,042 Principal transactions 5,266 4,788 Investment banking 7,696 1,214 Interest 4,045 3,190 Other 3,418 3,204 -------- -------- 31,845 23,438 EXPENSES Employee compensation and benefits 20,215 14,526 Commissions and floor brokerage 695 665 Communications and office supplies 1,658 1,696 Occupancy and equipment rental 1,443 1,821 Interest 2,351 1,942 Other operating expenses 2,731 2,530 -------- -------- 29,093 23,180 -------- -------- INCOME BEFORE INCOME TAXES 2,752 258 Provision for income taxes 1,105 108 -------- -------- NET INCOME $ 1,647 $ 150 ======== ======== Net income per share: Primary $ 0.34 $0.03 Fully diluted $ 0.28 $0.03 Dividends declared per share $ 0.03 $0.03 Average common equivalent shares outstanding: Primary 4,852 4,724 Fully Diluted 6,270 6,145 See Notes to Consolidated Financial Statements. 6 STIFEL FINANCIAL CORP. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)(In thousands) Three Months Ended March 27, 1997 March 29, 1996 -------------- -------------- CASH FLOWS FROM OPERATING ACTIVITIES Net income $ 1,647 $ 150 Noncash items included in earnings: Depreciation and amortization 383 423 Provision for litigation and bad debts 450 133 Net Realized and unrealized gains on investments (25) (18) Bonus notes amortization 330 236 Deferred compensation 175 111 Deferred tax provision 119 300 Amortization of restricted stock awards 25 15 -------- -------- 3,104 1,350 (Increase) decrease in operating receivables: Customers (32,658) 16,838 Brokers and dealers (4,155) 1,620 (Decrease) increase in operating payables: Customers (3,561) (11,865) Brokers and dealers 14,941 17,696 Decrease (increase) in assets: Cash and U.S. Government securities segregated for the exclusive benefit of customers 174 198 Securities owned (8,551) (3,597) Notes receivable from officers and employees (263) (579) Other assets 1,519 3,651 Increase (decrease) in liabilities: Securities sold, not yet purchased 307 (1,471) Drafts payable, accounts payable and accrued expenses, and accrued employee compensation (5,584) (12,818) -------- -------- Cash (Used For) Provided By Operating Activities $(34,727) $ 11,023 -------- -------- See Notes to Consolidated Financial Statements. 7 STIFEL FINANCIAL CORP. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED) (UNAUDITED)(In thousands) Three Months Ended March 27, 1997 March 29, 1996 Cash (Used For) Provided By Operating Activities - from previous page $(34,727) $ 11,023 -------- -------- CASH FLOWS FROM FINANCING ACTIVITIES Net proceeds (payments) for short-term borrowings from banks 33,975 (11,700) Proceeds from: Temporary subordinated debt 8,000 - - Employee stock purchase plan 727 617 Exercised stock options 15 - - Dividend reinvestment plan 2 5 Payments for: Temporary subordinated debt (8,000) - - Settlement of long-term debt - - (760) Purchases of stock for treasury (796) (6) Principal payments under capital lease obligation (103) (66) Cash dividends (143) (134) -------- -------- Cash Provided By (Used For) Financing Activities 33,677 (12,044) -------- -------- CASH FLOWS FROM INVESTING ACTIVITIES Proceeds from: Sale of office equipment and leasehold improvements 3 5 Sale of investments - - 190 Payments for: Acquisition of office equipment and leasehold improvements (161) (90) Acquisition of investments (626) (37) -------- -------- Cash (Used For) Provided By Investing Activities (784) 68 -------- -------- Decrease in cash and cash equivalents (1,834) (953) Cash and cash equivalents - beginning of period 7,960 6,344 -------- -------- Cash and Cash Equivalents - end of period $ 6,126 $ 5,391 ======== ======== Supplemental disclosure of cash flow information: Income tax payments $ 49 $ 20 Interest payments $ 2,449 $ 2,317 Schedule of noncash investing and financing activities: Fixed assets acquired under capital lease $ 292 - - Employee stock ownership plan shares issued $ 287 - - See Notes to Consolidated Financial Statements. 8 STIFEL FINANCIAL CORP. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (in thousands, except share and per share amounts) 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 27, 1997 are not necessarily indicative of the results that may be expected for the year ending December 31, 1997. 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, 1996. Where appropriate, prior years' financial information has been reclassified to conform with the current year presentation. NOTE B - NET CAPITAL REQUIREMENT The Company's principal subsidiary, Stifel, Nicolaus & Company, Incorporated ("SN & Co."), is subject to the Uniform Net Capital Rule 15c3-1 under the Securities Exchange Act of 1934 (the "rule"), which requires the maintenance of minimum net capital, as defined. SN & Co. has elected to use the alternative method permitted by the rule which requires maintenance of minimum net capital equal to the greater of $250 or 2 percent of aggregate debit items arising from customer transactions, as defined. The rule also provides that equity capital may not be withdrawn or cash dividends paid if resulting net capital would be less than 5 percent of aggregate debit items. At March 27, 1997, SN & Co. had net capital of $25,883 which was 9% of its aggregate debit items and $20,311 in excess of minimum net capital. 9 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 three months related to the restructuring accruals are as follows: Balance Adjustments Balance at Payments Recorded at December / Through March 27, 31, 1996 Charges Operations 1997 --------------------------------------------- Net lease commitments for closed offices $657 $ 77 $318 $262 Such amounts are included in the consolidated statement of financial condition under the caption of "Accounts payable and accrued expenses" at March 27, 1997 and December 31, 1996. During the period, the Company renegotiated a long-term lease commitment resulting in a credit to operations which had previously been included in the restructuring charge taken in 1994. NOTE D - SALE OF OKLAHOMA-BASED ASSETS On May 25, 1995, the Company sold the majority of the assets of its Oklahoma-based operations to Capital West Financial Corporation ("Capital West"). The Company received secured and senior notes with a face amount of $1,850 bearing interest at a 10% annual rate with the final payments due May 24, 2000, in connection with the sale of its Oklahoma-based assets. The notes were recorded at a discounted rate of 17%. The Company had deferred recognition of the gain on the sale in the amount of $570 and had deferred recognition of any interest income related to the notes until such time that Capital West had demonstrated the ability to generate earnings and cash flow to fund interest and principal payments when scheduled. The Company received payments of $79 toward the notes. The notes receivable net of the discount of $336 and deferred gain of $570 are included in the statement of financial condition under the caption "Other assets" at December 31, 1996. 10 On January 2, 1997, Capital West was reorganized and a new company, Affinity Holdings Corporation ("Affinity"), was formed. Affinity assumed the outstanding debt of Capital West. As part of the reorganization, Affinity exchanged the remaining balance of the $1,850 secured and senior notes issued by Capital West for a secured note due December 31, 2001, with a face amount of $305 bearing interest at a 10% annual rate; two hundred thousand shares of 10% cumulative non-voting preferred stock, par value $1.00; warrants to purchase a minority interest in Affinity; and substantially all of the fixed assets of Affinity with a fair value of approximately $300, which are being leased back to Affinity. Principal and interest payments to date total $138 and are being made monthly based upon the level of activity of Affinity's broker-dealer subsidiary. The note receivable, preferred stock, and lease receivable are included in the statement of financial condition under the caption "Other assets" at March 27, 1997. The transaction had no material impact on the results of operations for the Company for the quarter ended March 27, 1997. NOTE E- RECENT ACCOUNTING PRONOUNCEMENTS The Financial Accounting Standards Board has issued SFAS 128, "Earnings per Share," which is to be implemented by companies whose fiscal year ends after December 15, 1997. The adoption of this accounting standard will not have a material impact on the Company's reported earnings per share. NOTE F - SUBSEQUENT EVENT On April 22, 1997, the Company's Board of Directors declared a regular quarterly dividend of $0.03 per share, payable on May 20, 1997 to stockholders of record May 6, 1997. ****** 11 Item 2. Management's Discussion and Analysis of Results of Operations and Financial Condition (in thousands, except per share amounts) Results of Operations Three months ended March 1997 and March 1996 The Company recorded net earnings of $1,647, or $0.34 per primary share on total revenues of $31,845 for the first quarter ended March 27, 1997, compared to net earnings of $150 or $0.03 per primary share on total revenues of $23,438 for the same period one year earlier. The increase in 1997 first quarter results over 1996 first quarter results can be attributed primarily to the increase in revenues. Total revenues increased $8,407 (35.9%) from $23,438 to $31,845 as retail investor activity remained strong coupled with a solid investment banking performance. Investment banking increased $6,482 (533.9%) from $1,214 to $7,696 as a result of underwriting a number of secondary offerings of trust preferred stocks for financial institutions and REITs for mortgage banking companies. These underwritings generated $6,400 in revenue. Interest revenue increased $855 (26.8%) primarily as a result of increased secured borrowings by individual investors. Total customer receivables increased $127,816 (91.3%) from $140,058 at March 29, 1996 to $267,874 at March 27, 1997, due largely to increases in borrowings by certain customers. Commissions and principal transactions increased $378 (3.4%) from $11,042 to $11,420 and $478 (10.0%) from $4,788 to $5,266, respectively due to continued strong markets for individual investor activity. Other revenue increased $214 (6.7%) from $3,204 to $3,418 principally due to continued growth of the managed account program. Total expenses increased $5,913 (25.5%) from $23,180 to $29,093, primarily as a result of increased compensation and benefits which increased $5,689 (39.2%) from $14,526 to $20,215. The variable component of compensation and benefits increased $5,458 (53.7%) from $10,161 to $15,619 correspondingly to increased revenue production and increased profitability. The fixed portion of compensation and benefits increased $231 (5.3%) from $4,364 to $4,595 due principally to normal year to year salary adjustments. Occupancy and equipment rental decreased $378 (20.8%) from $1,821 to $1,443, primarily as a result of a one time credit related to a renegotiation of a long term office space lease which had been previously accrued (see Note C of Notes to Consolidated Financial Statements). 12 Interest expense increased $409 (21.1%) from $1,942 to $2,351 as a result of increased borrowings for customer trading activity and increased borrowings by the firm for underwriting activity and increased level of securities owned. Average borrowings for the firm increased $27,734 (41.0%) from $67,681 for the first quarter of 1996 to $95,415 for the first quarter of 1997. 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, underwriting activity, 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. In the three months ended March 27, 1997, cash and cash equivalents decreased $1,834 (23.0%) to $6,126 from $7,960 at December 31, 1996. The decrease in cash was substantially a result of cash used by operating activities of $34,727 and offset by cash provided by financing activities of $33,677. The cash used for operating activities was principally attributed to increases in operating receivables and securities inventory owned of $36,813 and $8,551, respectively, and decreases of drafts payable, accounts payable and accrued expenses, and accrued employee compensation of $5,584. The cash used for operating activities was partly offset by cash provided by net income adjusted for noncash charges of $3,104 and an increase in operating payables of $11,380. The cash provided from financing activity primarily consisted of proceeds for the short-term borrowings from banks of $33,975. 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 Consolidated Financial Statements). At March 27, 1997, SN & Co. had net capital of $25,883 which was 9% of its aggregate debit items and $20,311 in excess of the 2% net capital requirement. During the first quarter ended March 27, 1997, SN & Co. obtained and repaid a temporary subordinated note in the amount of $8,000. The subordinated note was used to finance underwritings. The first installment of the company's convertible debt is due September 1, 1997, in the amount of $2,500. Management believes that funds from operations and available informal short-term credit arrangements of $93,625 at March 27, 1997, will provide sufficient resources to meet the present and anticipated financing needs. 13 PART II. OTHER INFORMATION Item 1. Legal Proceedings There were no material changes, during the three months ended March 27, 1997, in the legal proceedings previously reported in the Company's Annual Report on Form 10-K for the year ended December 31, 1996. Such information is hereby incorporated by reference. Item 4. Submission of Matters to a Vote of Security Holders (a) The Annual meeting of Stockholders was held on April 22, 1997, for the election of four directors, the adoption of the 1997 Incentive Stock Plan, the adoption of the 1998 Employee Stock Purchase Plan and for the appointment of Deloitte & Touche LLP as the Company's independent auditors for the year ending December 31, 1997. (b) Proxies for the meeting were solicited pursuant to Regulation 14 under the Act. There was no solicitation in opposition to the Board of Directors' proposals as listed in the Proxy Statement and all of the proposals were passed. 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 17 Earnings Per Share 27 Financial Data Schedule 18 (furnished to the Securities and Exchange Commission for Electronic Data Gathering, Analysis, and Retrieval [EDGAR] purposes only) (b) Reports on Form 8-K There were no reports on Form 8-K filed during the quarter ended March 27, 1997. 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: May 8, 1997 By /s/ Gregory F. Taylor Gregory F. Taylor (Chief Executive Officer) Date: May 8, 1997 By /s/ Stephen J. Bushmann Stephen J. Bushmann (Principal Financial and Accounting Officer) 15 STIFEL FINANCIAL CORP. AND SUBSIDIARIES EXHIBIT INDEX March 27, 1997 Exhibit Number Description ------- ----------- 11 Computation of Earnings Per Share 27 Financial Data Schedule (furnished to the Securities and Exchange Commission for Electronic Data Gathering, Analysis, and Retrieval [EDGAR] purposes only) EX-11 2 EXHIBIT 11 - COMPUTATION OF EARNINGS PER SHARE EXHIBIT 11 STIFEL FINANCIAL CORP. AND SUBSIDIARIES COMPUTATION OF EARNINGS PER SHARE (In Thousands, Except Per Share Amounts) (UNAUDITED) Three Months Ended March 27, 1997 March 29, 1996 Fully Fully Primary Diluted Primary Diluted ------- ------- ------- ------- Net income $ 1,647 $ 1,647 $ 150 $ 150 After-tax interest savings assuming conversion of Senior Convertible Notes (1) - - 129 - - 172 ------- ------- ------- ------- Net income adjusted for after- tax interest savings $ 1,647 $ 1,776 $ 150 $ 322 ======= ======= ======= ======= Average number of common shares outstanding during the period 4,709 4,709 4,669 4,669 Additional shares assuming exercise of stock options (2) 143 143 55 58 Additional Shares assuming conversion of Senior Convertible Notes (3) - - 1,418 - - 1,418 ------- ------- ------- ------- Average number of common shares used to calculate earnings per share 4,852 6,270 4,724 6,145 ======= ======= ======= ======= Net earnings per share $ 0.34 $ 0.28 $ 0.03 $ 0.03(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 $7.0536 per share. (4)Net fully diluted earnings per share computes to $0.05 for the three months ended March 29, 1996. Since this is anti- dilutive, fully diluted earnings per share is equivalent to primary earnings per share. EX-27 3 EXHIBIT 27 - FINANCIAL DATA SCHEDULE - ARTICLE BD
BD THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE CONSOLIDATED STATEMENT OF FINANCIAL CONDITION DATED MARCH 27, 1997 AND THE STATEMENT OF OPERATIONS FOR THE NINE MONTHS ENDED MARCH 27, 1997 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 1,000 3-MOS DEC-31-1997 JAN-01-1997 MAR-27-1997 6,435 270,639 0 19,569 27,464 2,312 343,196 166,375 63,876 0 60,893 3,536 10,000 715 0 0 38,801 343,196 5,266 4,045 11,419 7,696 633 2,351 20,215 2,752 2,752 0 0 1,647 0.34 0.28
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