-----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, DaB9FWzKbqbjryXC3SbQRdLdgwT1HeXfUf04VxfiffTU3S9gTQr115O0ii+GX/Ow jnjNJI8iX60ryV+VjM9MRQ== 0000905870-99-000035.txt : 19991115 0000905870-99-000035.hdr.sgml : 19991115 ACCESSION NUMBER: 0000905870-99-000035 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19990930 FILED AS OF DATE: 19991112 FILER: COMPANY DATA: COMPANY CONFORMED NAME: INVESTORS TITLE CO CENTRAL INDEX KEY: 0000720858 STANDARD INDUSTRIAL CLASSIFICATION: TITLE INSURANCE [6361] IRS NUMBER: 561110199 STATE OF INCORPORATION: NC FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 000-11774 FILM NUMBER: 99750573 BUSINESS ADDRESS: STREET 1: 121 N COLUMBIA ST STREET 2: P O DRAWER 2687 CITY: CHAPEL HILL STATE: NC ZIP: 27514 BUSINESS PHONE: 9199682200 MAIL ADDRESS: STREET 1: 121 NORTH COLUMBIA STREET CITY: CHAPEL HILL STATE: NC ZIP: 27514 10-Q 1 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q [X]QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended: September 30, 1999 ---------------- OR [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 0-11774 ----------- INVESTORS TITLE COMPANY ------------------------ (Exact name of registrant as specified in its charter) North Carolina 56-1110199 -------------- ---------- (State of Incorporation) (I.R.S. Employer) 121 North Columbia Street, Chapel Hill, North Carolina 27514 - ------------------------------------------------------------- (Address of Principal Executive Offices) (Zip Code) (919) 968-2200 -------------- (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 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 outstanding of each of the issuer's classes of common stock as of September 30, 1999: Common Stock, no par value 2,770,765 -------------------------- --------- Class Shares Outstanding 1 INVESTORS TITLE COMPANY AND SUBSIDIARIES INDEX PART I. FINANCIAL INFORMATION Item 1. Financial Statements: Consolidated Balance Sheets as of September 30, 1999 and December 31, 1998...3 Consolidated Statements of Income: Three and Nine Months Ended September 30, 1999 and September 30, 1998....4 Consolidated Statements of Cash Flows: Nine Months Ended September 30, 1999 and September 30, 1998.............5 Notes to Consolidated Financial Statements...................................6 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations..............................................7 Item 3. Quantitative and Qualitative Disclosures About Market Risk .........11 PART II. OTHER INFORMATION Item 6. Exhibits and Reports on Form 8-K....................................12 SIGNATURES...................................................................13 2 PART I. FINANCIAL INFORMATION Item 1. Financial Statements - ------------------------------ Investors Title Company and Subsidiaries Consolidated Balance Sheets As of September 30, 1999 and December 31, 1998 (Unaudited)
September 30, 1999 December 31, 1998 --------------------- ----------------------- Assets Cash and Cash Equivalents $ 8,560,994 $ 8,141,354 Investments in securities: Fixed maturities: Held-to-maturity, at amortized cost 4,644,209 5,287,458 Available-for-sale, at fair value 26,000,644 23,235,754 Equity securities, at fair value 4,826,765 5,275,912 -------------------- ----------------------- Total investments 35,471,618 33,799,124 Premiums receivable (less allowance for doubtful accounts: 1999 and 1998: $775,000) 3,930,653 5,357,000 Accrued interest and dividends 510,182 481,741 Prepaid expenses and other assets 621,370 410,778 Property acquired in settlement of claims 191,617 108,500 Property, net 5,241,291 3,299,315 Prepaid federal income taxes 221,547 - Deferred income tax asset, net 807,520 - ------------------ ------------------------ Total Assets $ 55,556,792 $ 51,597,812 ===================== =========================== Liabilities and Stockholders' Equity Liabilities: Reserves for claims (Note 2) $ 15,562,665 $ 13,362,665 Accounts payable and accrued liabilities 1,874,237 1,258,802 Commissions and reinsurance payables 235,661 84,598 Premium taxes payable 72,660 277,887 Current income taxes payable - 207,350 Deferred income taxes, net - 77,845 ------------------ ------------------------ Total liabilities 17,745,223 15,269,147 ------------------ ------------------------ Stockholders' Equity: Common stock-no par value (shares authorized 6,000,000; 2,855,744 and 2,855,744 shares issued; and 2,770,765 and 2,809,123 shares outstanding 1999 and 1998, respectively) 1 732,453 Retained earnings 36,488,253 33,050,508 Accumulated other comprehensive income (net unrealized gain on investments) (net of deferred taxes: 1999: $682,280; 1998: $1,311,995) (Note 3) 1,323,315 2,545,704 ------------------- ------------------------ Total stockholders' equity 37,811,569 36,328,665 ------------------- ------------------------ Total Liabilities and Stockholders' Equity $ 55,556,792 $ 51,597,812 ===================== ===========================
See notes to consolidated financial statements. 3 Investors Title Company and Subsidiaries Consolidated Statements of Income September 30, 1999 and 1998 (Unaudited)
For The Three For The Nine Months Ended Months Ended September 30 September 30 ------------------------------------ ------------------------------------ 1999 1998 1999 1998 ---------- ----------- ------------ -------------- Revenues: Underwriting income: Premiums written $ 11,363,766 $ 11,721,247 $ 34,599,158 $ 32,681,945 Less-premiums for reinsurance ceded 105,686 42,729 261,954 255,528 ---------- ----------- ----------- ------------- Net premiums written 11,258,080 11,678,518 34,337,204 32,426,417 Investment income-interest and dividends 544,322 459,947 1,513,099 1,325,724 Net realized gain on sales of investments 138,037 134,938 418,395 256,988 Other 244,525 238,231 629,593 613,791 ----------- ----------- ----------- ------------ Total 12,184,964 12,511,634 36,898,291 34,622,920 ----------- ----------- ----------- ------------ Operating Expenses: Commissions to agents 4,389,572 4,425,467 13,199,680 12,132,478 Provision for claims (Note 2) 1,586,490 2,123,924 4,880,219 5,816,214 Salaries 1,917,355 1,696,148 5,622,950 4,393,726 Employee benefits and payroll taxes 505,475 331,321 1,880,972 1,659,236 Office occupancy and operations 1,072,773 817,000 2,980,141 2,356,063 Business development 346,907 248,517 985,391 882,723 Taxes, other than payroll and income 86,845 123,422 234,786 227,555 Premium and retaliatory taxes 209,290 219,380 687,490 645,952 Professional fees 122,587 137,232 514,093 346,252 Other 49,604 146,113 152,858 390,154 ----------- ----------- ----------- ------------ Total 10,286,898 10,268,524 31,138,580 28,850,353 ----------- ----------- ----------- ------------ Income Before Income Taxes 1,898,066 2,243,110 5,759,711 5,772,567 Provision For Income Taxes 594,550 696,170 1,807,850 1,782,707 ----------- ----------- ----------- ------------ Net Income $ 1,303,516 $ 1,546,940 $ 3,951,861 $ 3,989,860 =========== =========== =========== ============ Basic Earnings per Common Share (Note 4) $ 0.47 $ 0.55 $ 1.42 $ 1.42 =========== =========== =========== ============ Weighted Average Shares Outstanding-Basic (Note 4) 2,771,607 2,805,409 2,786,488 2,805,791 =========== =========== =========== ============ Diluted Earnings per Common Share (Note 4) $ 0.47 $ 0.55 $ 1.41 $ 1.40 =========== =========== =========== ============ Weighted Average Shares Outstanding-Diluted (Note 4) 2,777,351 2,837,389 2,796,847 2,844,266 =========== =========== =========== ============ Dividends Paid $ 85,672 $ 85,672 $ 257,017 $ 257,017 =========== =========== =========== ============ Dividends per Share $ 0.03 $ 0.03 $ 0.09 $ 0.09 =========== =========== =========== ============
See notes to consolidated financial statements. 4 Investors Title Company and Subsidiaries Consolidated Statements of Cash Flows For the Nine Months Ended September 30, 1999 and 1998 (Unaudited)
1999 1998 ------------ ------------ Operating Activities: Net income $ 3,951,861 $ 3,989,860 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 318,900 283,761 Net (accretion) discount amortization 45,161 (3,421) Provision for losses on premiums receivable - 325,000 Net gain on disposals of property (524) (16,884) Net realized gain on sales of investments (418,395) (256,988) Benefit for deferred income taxes (255,650) (671,728) Provision for claims 4,880,219 5,816,214 Payments of claims, net of recoveries (2,680,219) (2,060,689) Changes in assets and liabilities: Decrease (increase) in receivables and other assets (1,104,197) (1,595,639) Increase in accounts payable and accrued liabilities 615,435 96,851 Increase in commissions and reinsurance payables 151,063 7,110 Increase (decrease) in premium taxes payable (205,227) 50,488 Increase (decrease) in current income taxes payable (428,897) 226,542 ----------------- -------------- Net cash provided by operating activities 7,077,924 6,190,477 ----------------- -------------- Investing Activities: Purchases of available-for-sale securities (5,578,381) (3,869,637) Purchases of held-to-maturity securities (100,986) (1,025,057) Proceeds from sales of available-for-sale securities 1,850,917 1,921,332 Proceeds from sales of held-to-maturity securities 677,086 425,974 Purchases of property (2,270,227) (775,567) Proceeds from sales of property 9,875 30,909 ----------------- -------------- Net cash used in investing activities (5,411,716) (3,292,046) ----------------- -------------- Financing Activities: Repurchases of common stock (net of distributions) (989,551) (178,266) Dividends paid (257,017) (257,017) ----------------- -------------- Net cash used in investing activities (1,246,568) (435,283) ----------------- -------------- Net Increase in Cash and Cash Equivalents 419,640 2,463,148 Cash and Cash Equivalents, Beginning of Year 8,141,354 2,823,177 ----------------- --------------- Cash and Cash Equivalents, End of Period $ 8,560,994 $ 5,286,325 ================= =============== Supplemental Disclosures: Cash Paid During the Year for: Interest $ 3,238 $ 6,052 ================= =============== Income Taxes $ 2,482,297 $ 2,229,061 ================= ===============
See notes to consolidated financial statements. 5 INVESTORS TITLE COMPANY AND SUBSIDIARIES Notes to Consolidated Financial Statements September 30, 1999 (Unaudited) Note 1 - Basis of Presentation - ------------------------------ The consolidated financial statements include Investors Title Company and its subsidiaries, and have been prepared in conformity with generally accepted accounting principles. In the opinion of management all necessary adjustments have been reflected for a fair presentation of the financial position, results of operations and cash flows in the accompanying unaudited consolidated financial statements. All such adjustments are of a normal recurring nature. Reference should be made to the "Notes to Consolidated Financial Statements" of the Registrant's Annual Report to Shareholders for the year ended December 31, 1998 for a description of accounting policies. Note 2 - Reserves for Claims - ---------------------------- Transactions in the reserves for claims for the nine months ended September 30, 1999 were as follows: Balance, beginning of year $ 13,362,665 Provision, charged to operations 4,880,219 Recoveries 211,874 Payments of claims (2,892,093) ------------------ Balance, September 30, 1999 $ 15,562,665 ================== In management's opinion, the reserves are adequate to cover claim losses which might result from pending and possible claims. Note 3 - Comprehensive Income - ----------------------------- Total comprehensive income for the three months ended September 30, 1999 and 1998 was $757,070 and $1,299,446, respectively. Total comprehensive income for the nine months ended September 30, 1999 and 1998 was $2,729,472 and $3,888,487, respectively. Other comprehensive income is comprised solely of unrealized gains or losses on the Company's available-for-sale securities. Note 4 - Earnings Per Common Share - ---------------------------------- Employee stock options are considered outstanding for the diluted earnings per common share calculation and are computed using the treasury stock method. The total increase in the weighted average shares outstanding related to these equivalent shares was 5,744 and 31,980 for the three months ended September 30, 1999 and 1998, respectively and 10,359 and 38,475 for the nine months ended September 30, 1999 and 1998, respectively. Options to purchase 59,806 and 48,350 shares of common stock were outstanding for the three months ended September 30, 1999 and 1998, respectively and 58,806 and 47,750 for the nine months ended September 30, 1999 and 1998, respectively but were not included in the computation of 6 diluted EPS because the options' exercise prices were greater than the average market price of the common shares. Subsequent to September 30, 1999, the Company repurchased 10,000 common shares at a price of $14.25 per share and 4,000 common shares at a price of $14.75 per share under a stock repurchase program. Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations --------------------------------------------------------------- The 1998 Form 10-K and the 1998 Annual Report should be read in conjunction with the following discussion since they contain important information for evaluating the Company's operating results and financial condition. Results of Operations: --------------------- For the quarter ended September 30, 1999, net premiums written decreased 4% to $11,258,080, investment income increased 18% to $544,322, revenues decreased 3% to $12,184,964 and net income decreased 16% to $1,303,516 all compared with the same quarter in 1998. Net income per basic and diluted common share both decreased 15% to $.47 as compared with the year ago period. For the nine months ended September 30, 1999, net premiums written increased 6% to $34,337,204, investment income increased 14% to $1,513,099, revenues increased 7% to $36,898,291, net income decreased 1% to $3,951,861 and net income per basic common share remained at $1.42, while net income per diluted common share increased 1% to $1.41, all compared with the same period in 1998. The Company felt the effects of a slowdown in mortgage originations which was exacerbated in some areas by Hurricane Floyd and the lingering effects of extensive flooding. The Company has also seen a reduction in refinancing due to the recent uptick in interest rates. According to the Mortgage Bankers Association of America, the monthly average 30-year fixed mortgage interest rates increased to 7.29% for the nine months ended September 30, 1999 compared with 7% for the nine months ended September 30, 1998. The volume of business decreased in the third quarter of 1999 as the number of policies and commitments issued declined to 63,481, a decrease of 10% compared with 70,700 in the same period in 1998. Policies and commitments issued for the nine months ended September 30, 1999 showed a slight increase with a volume of 203,403 compared with 201,995 in 1998. Branch net premiums written as a percentage of total net premiums written were 45% and 48% for the three months ended September 30, 1999 and 1998, respectively, and 46% and 48% for the nine months ended September 30, 1999 and 1998, respectively. Net premiums written from branch operations decreased 9% and increased 32% for the three months ended September 30, 1999 and 1998, respectively, as compared with the same periods in the prior year. For the nine months ended September 30, 1999 and 1998, net premiums written from branch operations increased 1% and 39%, respectively, as compared with the same prior year periods. 7 Agency net premiums written as a percentage of total net premiums written were 55% and 52% for the three months ended September 30, 1999 and 1998, respectively, and 54% and 52% for the nine months ended September 30, 1999 and 1998, respectively. Due to the Company's efforts to achieve geographic expansion through agents, agency net premiums increased 1% and 57% for the three months ended September 30, 1999 and 1998, respectively, as compared with the same periods in the prior year. For the nine months ended September 30, 1999 and 1998, net premiums written from agency operations increased 10% and 69%, respectively, as compared with the same prior year periods. Shown below is a schedule of title premiums written for the nine months ended September 30, 1999 and 1998 in all states where the Company's two insurance subsidiaries, Investors Title Insurance Company and Northeast Investors Title Insurance Company, currently underwrite insurance: 1999 1998 Arkansas $ - $ 17,711 Florida - 67,022 Georgia 396,232 382,641 Indiana 298,717 109,128 Kentucky 4,321 177 Maryland 480,765 313,734 Michigan 5,239,894 6,474,095 Minnesota 1,431,136 731,368 Mississippi 15,605 28,172 Nebraska 853,037 631,351 New York 429,763 386,854 North Carolina 15,742,671 15,622,885 Pennsylvania 2,902 250 South Carolina 3,682,553 2,494,285 Tennessee 437,351 144,444 Virginia 4,891,812 5,180,644 West Virginia 648,591 35,453 Wisconsin 5,802 - ---------------------- ------------------- Direct Premiums 34,561,152 32,620,214 Reinsurance, net (223,948) (193,797) ---------------------- ------------------- Net Premiums $ 34,337,204 $ 32,426,417 ====================== =================== Total operating expenses increased less than 1% and 8% for the three and nine-month periods ended September 30, 1999, respectively, compared with the same periods in 1998. Salaries and employee benefits, office occupancy and operations, and business development increased due to investments in technology and costs associated with entering and supporting new marketing areas. 8 The provision for claims as a percentage of net premiums written was 14% for the three and nine months ended September 30, 1999, versus 18% for the same periods in 1998. The decrease in the percentage of the provision for claims to net premiums written is the result of management's current assessment of the Company's claims experience. Liquidity and Capital Resources: ------------------------------- Net cash provided by operating activities for the nine months ended September 30, 1999, amounted to $7,077,924 compared with $6,190,477 for the same nine-month period during 1998. This increase is primarily the result of decreases in accounts receivable and the benefit for deferred income taxes and an increase in accounts payable, partially offset by decreases in the provision for losses on premiums receivable, current taxes payable and the provision for claims, net of payments. On December 9, 1996, the Board of Directors approved the repurchase by the Company of shares of the Company's common stock from time to time at prevailing market prices. The purpose of the repurchases is to avoid dilution to existing shareholders as a result of issuances of stock in connection with stock options and stock bonuses. Pursuant to this approval, the Company has repurchased 106,134 shares at an average price of $20.63 per share as of September 30, 1999, including 7,110 shares purchased at an average purchase price of $18.63 during the quarter ended September 30, 1999 and 61,990 purchased at an average price of $20.84 for the nine months ended September 30, 1999. The Board has authorized management to repurchase up to an additional 43,866 shares. On May 11, 1999, the Board of Directors also approved the repurchase of an additional 200,000 shares of the Company's common stock. During the nine months ended September 30, 1999, the Company repurchased common stock valued at $1,291,689 and redistributed previously acquired common stock valued at $302,138 in satisfaction of stock option exercises and stock bonuses under the Company's Long Term Incentive Plans. Although there was a net increase in retained earnings for the nine months ended September 30, 1999, these repurchases and distributions negatively affected retained earnings and common stock by $257,099 and $732,452, respectively. Management believes that funds generated from operations (primarily underwriting and investment income) will enable the Company to adequately meet its operating needs during the next twelve months. In addition to operational liquidity, the Company maintains a high degree of liquidity within the investment portfolio in the form of short-term investments and other readily marketable securities. 9 Other Matters ------------- Year 2000 Issues ---------------- The Company's Year 2000 Project Committee (the "Committee") is comprised of department heads and high-level managers representing each of the Company's departments. Under the leadership of the Vice President of Information Systems, the Committee has continued its efforts to ensure that all aspects of the Company's business and operations are adequately addressed in the Company's Year 2000 readiness efforts. The Committee adopted a three-phase approach with estimated completion dates as follows: awareness (fourth quarter 1998), assessment (first quarter 1999) and implementation (third and fourth quarters 1999). In the awareness phase, the Committee and the Company as a whole became educated about the nature of the Year 2000 problem, particularly as applied to the Company's business circumstances. During the assessment phase, the Committee identified potential points of failure and evaluated Year 2000 compliance status of such functions. The implementation phase has focused on modifying non-compliant systems that serve critical business needs. Less critical systems will be addressed once the primary systems have been remediated. The Company has inventoried all hardware and software for date-sensitive function. As part of a regular technology refresh cycle, the Company has replaced 90% of existing PC workstations and servers and will replace the remaining PC workstations and servers before November 30, 1999. Desktop operating systems, network operating systems and commercial off-the-shelf application suites are also being standardized and upgraded to Year 2000 compliant versions. This replacement strategy will have the added benefit of obtaining vendor representations that all hardware and operating system software being purchased are Year 2000 compliant. The Company previously budgeted for these technology upgrades; therefore, additional costs specifically allocated to Year 2000 compliance efforts are expected to be minimal. The Company currently estimates that costs directly attributable solely to its Year 2000 compliance program will be less than $175,000. The Company has lowered its original cost estimate as stated in the third quarter 1998 as a result of its evaluation of the assessment phase. The Company has incurred $20,000 in costs directly related to its Year 2000 compliance program as of September 30, 1999. 10 The Company is in contact with its third-party business partners and vendors to insure they are addressing, or have addressed, any Year 2000 problems that might affect the Company's systems or business processes. The Company continues assessing all third party vendors, to mitigate risks with respect to the failure of any mission critical third-party business partners and vendors to be Year 2000 ready. The Company's preparation of contingency plans for Year 2000-related occurrences is ongoing and will continue throughout 1999. The elements of the contingency plan are focused to ensure that each operational aspect of the Company is addressed. The Company's current assessment of the most likely Year 2000-related worst case scenario is that it may experience a decline in its volume of business or a delay in its ability to write title insurance as a result of failures in various functions and services in the real estate transaction business. Although the Company believes it will have completed all the remaining phases of its Year 2000 initiative in sufficient time to identify and remedy any non-compliant programs and systems and avoid any material adverse impact on its business, failure of third-party business partners and governmental services to be Year 2000 compliant, as well as a possible downturn in the economy due to Year 2000-related failures, could have a material adverse effect on the Company's operations. Safe Harbor Statement Except for the historical information presented, the matters disclosed in the foregoing discussion and analysis and other parts of this report include forward-looking statements. These statements represent the Company's current judgment on the future and are subject to risks and uncertainties that could cause actual results to differ materially. Such factors include, without limitation: (i) that the demand for title insurance will vary with factors beyond the control of the Company such as changes in mortgage interest rates, availability of mortgage funds, level of real estate activity, cost of real estate, consumer confidence, supply and demand for real estate, inflation and general economic conditions; (ii) that losses from claims may be greater than anticipated such that reserves for possible claims are inadequate; (iii) that unanticipated adverse changes in securities markets could result in material losses on investments made by the Company; and (iv) the dependence of the Company on key management personnel the loss of whom could have a material adverse affect on the Company's business. The Company's discussion of Year 2000 issues under the heading "Other Matters" contains forward-looking statements that are subject to risks and uncertainties that could cause the actual results to differ from those projected. These include the risks associated with unforeseen technological issues associated with the Company's own Year 2000 compliance efforts and the compliance efforts of third parties on whose systems the Company relies. Other risks and uncertainties may be described from time to time in the Company's other reports and filings with the Securities and Exchange Commission. Item. 3. Quantitative and Qualitative Disclosures About Market Risk ---------------------------------------------------------- The Company's market risk exposure has not changed materially from the exposure as disclosed in the Company's 1998 Annual Report on Form 10-K. 11 PART II. OTHER INFORMATION Item 6. Exhibits and Reports on Form 8-K -------------------------------- (a) Exhibits -------- (27) Financial Data Schedule included herewith. (b) Reports on Form 8-K ------------------- There were no reports filed on Form 8-K for this quarter. 12 SIGNATURES Pursuant to the requirements of the Securities and Exchange Act of 1934, the Registrant has duly caused this Report to be signed in its behalf by the undersigned hereunto duly authorized. INVESTORS TITLE COMPANY (Registrant) By: /s/ James A. Fine, Jr. ---------------------- James A. Fine, Jr. President By: /s/ Elizabeth P. Bryan ----------------------- Elizabeth P. Bryan Vice President (Principal Accounting Officer) Dated: November 12, 1999 13 EX-27 2 WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
7 *Not disclosed on a quarterly basis. 3-MOS 6-MOS 9-MOS DEC-31-1999 DEC-31-1999 DEC-31-1999 MAR-31-1999 JUN-30-1999 SEP-30-1999 22,998,439 24,345,874 26,000,644 4,895,576 4,792,704 4,545,227 0* 0* 0* 4,749,709 5,194,177 4,826,765 0 0 0 0 0 0 32,722,706 34,411,737 35,471,618 10,250,583 8,851,471 8,560,994 0 0 0 0 0 0 52,792,928 53,846,585 55,556,792 14,187,665 15,152,665 15,562,665 0 0 0 153,767 179,501 235,661 0 0 0 0 0 0 0 0 0 0 0 0 356,281 1 1 36,519,111 37,254,981 37,811,568 52,792,928 53,846,585 55,556,792 10,694,237 23,079,124 34,337,204 470,127 968,777 1,513,099 191,405 280,358 418,395 160,547 385,068 629,593 1,580,868 3,293,729 4,880,219 0 0 0 8,215,628 17,557,953 26,258,361 1,719,820 3,861,645 5,759,711 543,502 1,213,300 1,807,850 1,176,318 2,648,345 3,951,861 0 0 0 0 0 0 0 0 0 1,176,318 2,648,345 3,951,861 .42 .95 1.42 .42 .94 1.41 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
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