-----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, UQxlLfAsQl8lPsT/6Z8HQKE75YZ+/ItFdFKuE0jCf/EwFHgN7YC0b6BatRIB5yuT ygk3MQJ2oAIPnDt9Aw/D8w== 0000950134-98-006146.txt : 19980727 0000950134-98-006146.hdr.sgml : 19980727 ACCESSION NUMBER: 0000950134-98-006146 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19980723 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 19980724 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: WORLDCOM INC /GA/ CENTRAL INDEX KEY: 0000723527 STANDARD INDUSTRIAL CLASSIFICATION: TELEPHONE COMMUNICATIONS (NO RADIO TELEPHONE) [4813] IRS NUMBER: 581521612 STATE OF INCORPORATION: GA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 000-11258 FILM NUMBER: 98671360 BUSINESS ADDRESS: STREET 1: 515 EAST AMITE ST CITY: JACKSON STATE: MS ZIP: 39201-2702 BUSINESS PHONE: 6013608600 FORMER COMPANY: FORMER CONFORMED NAME: LDDS COMMUNICATIONS INC /GA/ DATE OF NAME CHANGE: 19930916 FORMER COMPANY: FORMER CONFORMED NAME: RESURGENS COMMUNICATIONS GROUP INC DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: CENTRAL CORP /GA/ DATE OF NAME CHANGE: 19890523 8-K 1 FORM 8-K 1 ================================================================================ SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): July 23, 1998 WORLDCOM, INC. (Exact Name of Registrant as Specified in its Charter) Georgia 0-11258 58-1521612 (State or Other (Commission File (IRS Employer Jurisdiction of Number) (Identification Number) Incorporation) 515 East Amite Street Jackson, Mississippi 39201-2702 (Address of Principal Executive Office) Registrant's telephone number, including area code: (601) 360-8600 ================================================================================ 2 ITEM 5. OTHER EVENTS. On July 23, 1998, WorldCom, Inc. issued its second quarter 1998 earnings release, certain portions of which are attached hereto as Exhibit 99.1 and is incorporated herein by reference. ITEM 7(C) EXHIBITS. The following exhibits are filed herewith in accordance with Item 601 of Regulation S-K: Exhibit No. Description ---------- ----------- 99.1 Certain portions of the Press release dated July 23, 1998. 2 3 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. WORLDCOM, INC. By: /s/ Scott D. Sullivan -------------------------- Scott D. Sullivan Chief Financial Officer July 24, 1998 3 4 EXHIBIT INDEX
Exhibit No. Description of Exhibit ---------- ---------------------- 99.1 Certain portions of the Press release dated July 23, 1998.
4 EX-99.1 2 CERTAIN PORTIONS OF PRESS RELEASE DATED 7/23/98 1 EXHIBIT 99.1 [WORLDCOM LOGO] PRESS RELEASE FOR IMMEDIATE RELEASE Contacts: News Media: Terri Howell Investors: Gary Brandt (601) 360-8750 (601) 360-8544 WORLDCOM REPORTS SECOND QUARTER 1998 RESULTS EARNINGS PER SHARE OF $0.21 CORE REVENUE GROWTH ACCELERATES TO 38 PERCENT YEAR-OVER-YEAR MERGER WITH MCI PASSES KEY REGULATORY HURDLES JACKSON, MS (July 23, 1998) - WorldCom, Inc. (NASDAQ:WCOM) today reported second quarter revenues of $2.61 billion, a 45 percent increase over second quarter 1997 revenues of $1.80 billion. Prior year results include the Brooks Fiber merger, which was completed on January 29, 1998, and accounted for as a pooling-of-interests transaction. Traffic for the second quarter increased 39 percent over the previous year. Internal growth was particularly strong across all sectors of communications services. Accelerating internal growth, combined with the benefits of the CNS/ANS transactions for the full quarter, contributed to the impressive year-over-year reported core revenue gains of 52 percent. On a pro forma basis, assuming the acquisitions of CNS and ANS occurred as of the beginning of the year for both periods -- which is indicative of internal growth - -- core communications services revenues increased 38 percent on industry leading volume growth of 39 percent. Reported net income for the second quarter 1998 was $228 million or $0.21 per common share compared with net income before extraordinary items of $44 million or $0.04 per common share in the second quarter of 1997. Operating income for the second quarter 1998 was $494.8 million -- an increase of 127 percent compared with $218.3 million on a reported basis for the second quarter of 1997. The improvement in operating income margins over the past year is due to a significant improvement in year-over-year operating cash flow and the fixed level of annual amortization. A more profitable mix of non-access bearing revenues combined with the achievement of cost savings has driven the increase in EBITDA margins. 2 WORLDCOM SECOND QUARTER RESULTS/PAGE 2 YEAR-TO-DATE HIGHLIGHTS For the six months ended June 30, 1998, WorldCom reported revenues of $4.96 billion, up 42 percent as compared with $3.49 billion for the first six months of 1997. On a pro forma basis, assuming the acquisitions of CNS and ANS occurred at the beginning of the year for both periods, year-to-date total revenue was $5.04 billion, up 32 percent as compared with $3.83 billion. For core revenues alone, the pro forma results increased 37 percent to $4.96 billion. Reported year-to-date net income before non-recurring charges and extraordinary items was $420 million, or $0.39 per common share compared with $69 million or $0.06 per common share for the comparable six month period in 1997. Operating income before non-recurring charges for the six months year-to-date was $921 million -- an increase of 146 percent compared with $374 million on a reported basis for the comparable period in 1997. COMMUNICATIONS SERVICES - PRO FORMA COMPARISON For internal growth comparison purposes, the following pro forma illustration includes Brooks Fiber, CNS and ANS from the beginning of the earliest period presented.
SECOND QUARTER YEAR-TO-DATE ($ MILLIONS) PRO FORMA REVENUES ACTUAL PRO FORMA ------------------ 1998 1997 CHANGE 1998 1997 CHANGE ----- ---- ------ ---- ---- ------ Domestic switched $1,207.8 $ 981.0 23% $2,369.7 $1,943.8 22% Domestic private line 536.3 381.5 41% 1,032.7 741.0 39% International 299.1 197.0 52% 558.8 360.8 55% Internet 525.5 303.4 73% 999.2 574.7 74% -------- -------- --- -------- -------- --- CORE REVENUES $2,568.7 $1,862.9 38% $4,960.4 $3,620.3 37% -------- -------- --- -------- -------- --- Other 41.8 111.6 (63%) 81.6 211.1 (61%) -------- -------- --- -------- -------- --- TOTAL REVENUES $2,610.5 $1,974.5 32% $5,042.0 $3,831.4 32% -------- -------- --- -------- -------- --- Businesses sold: Operator Services -- (25.9) -- -- (52.1) -- Broadcast Operations -- (13.8) -- -- (28.7) -- -------- -------- --- -------- -------- --- RECASTED REVENUES $2,610.5 $1,934.8 35% $5,042.0 $3,750.6 34% -------- -------- --- -------- -------- ---
3 WORLDCOM SECOND QUARTER RESULTS/PAGE 3 For the second quarter and year-to-date, all categories of core communications services showed above 20 percent year-over-year growth, with total core revenue growth of 38 percent and 37 percent for the quarter and year-to-date, respectively. Domestic private line and data services, international and Internet services now comprise more than half of total revenues and are the key drivers of the company's industry leading revenue growth. Capital investment for advanced transmission technologies and fiber optics in support of customer demand for high speed data and Internet connections is focused on driving both revenue and margin expansion. CORE REVENUES - PRO FORMA ANALYSIS Domestic switched services, or voice revenues, increased 23 percent for the quarter and 22 percent for the year-to-date. Strong long distance volume gains in all domestic sales channels, combined with an increasing mix of local services, were the primary contributors to this increase. The strong volume growth was offset partially by competitive international pricing and access charge reform pass throughs. Domestic private line, or data revenues, increased 41 percent for the quarter and 39 percent for the year-to-date. The particularly strong revenue growth for private line and frame relay services continues to be driven by tremendous commercial end-user demand for high-speed data and by Internet-related growth on both a local and long-haul basis. This growth is not only being fueled by connectivity demands, but applications are becoming increasingly complex, and bandwidth consumption is driving an acceleration in growth for higher capacity circuits. International revenues -- those revenues originating outside of the U.S. -- accelerated sequentially from the first quarter and were up 52 percent as compared with a particularly strong second quarter in 1997. On a year-to-date basis, International revenues were up 55 percent to $559 million. Earlier this week, the pan-European network was commissioned for service and now provides WorldCom the unprecedented capability to connect from end-to-end over 5,000 buildings in Europe with over 30,000 buildings in the U.S. -- all over its own high-capacity circuits. Internet revenues increased 73 percent for the quarter and 74 percent for the year-to-date, all on a pro forma basis as if CNS and ANS had been combined since the beginning of both years. Growth is being driven by both dial up and dedicated connectivity to the Internet as more and more business customers migrate their data networks and applications to Internet-based technologies. OTHER REVENUES Other revenues for the second quarter of 1998 were $42 million, down 63 percent compared with the second quarter of 1997. Other revenues include MFS Network Technologies of $32 million and systems and consulting sales of $10 million. 4 WORLDCOM SECOND QUARTER RESULTS/PAGE 4 Operator services and broadcast operations were sold in the third quarter of 1997. On a recast basis, excluding the results of the operator services and broadcast operations divisions in both periods, other revenues were down 42 percent for the second quarter due to the timing of transportation construction contracts within the MFS Network Technologies group. MFS Network Technologies was sold on July 2, 1998. PRO FORMA COMPARATIVES The following table reflects pro forma amounts as if the CNS/ANS transactions occurred as of the beginning of the earliest period presented -- before merger and extraordinary charges.
SECOND QUARTER YEAR-TO-DATE ($ IN MILLIONS, PRO FORMA(1) EXCEPT EPS AND % ACTUAL PRO FORMA(1) --------- OF REVENUE) 1998 1997 CHANGE 1998 1997 CHANGE ----- ---- ------ ---- ---- ------ Revenues $ 2,610.5 $ 1,974.5 32% $ 5,042.0 $ 3,831.4 32% EBITDA $ 826.7 $ 487.0 70% $ 1,560.8 $ 893.4 75% % of Revenue 31.7% 24.7% 31.0% 23.3% Operating Income $ 494.8 $ 203.3 143% $ 914.8 $ 338.5 170% % of Revenue 19.0% 10.3% 18.1% 8.8 % EPS $ 0.21 $ 0.02 -- $ 0.38 $ 0.02 --
(1) 1997 results restated to reflect Brooks Fiber merger, which was accounted for on a pooling-of-interests basis, and CNS/ANS results included from the beginning of the year for both 1997 and 1998. Year-to-date figures have been restated to include 3 months of CNS/ANS results for first quarter in both years. As a percent of revenues, EBITDA margin for the second quarter of 1998 was 32 percent and operating income 19 percent compared with 25 percent and 10 percent, respectively, for the prior year period. The improvement in operating income is due to the realization of merger synergies, an improving mix of higher margin revenues, and the operating leverage related to the fixed quarterly level of amortization expense. MCI TRANSACTION On November 10, 1997, WorldCom announced a definitive merger agreement with MCI Communications Corporation (MCI). Under the terms of the agreement, stockholders of MCI will receive 1.2439 shares of WorldCom common stock for each share of MCI common stock held, based on WorldCom's 20-day average price being greater than $41 per share. British Telecom (BT) will receive $51 in cash for each share of MCI Class A common stock. Shareholders of WorldCom and stockholders of MCI approved the merger at separate meetings held on March 11, 1998. 5 WORLDCOM SECOND QUARTER RESULTS/PAGE 5 The European Commission (EC) and Department of Justice (DOJ) approved the merger of WorldCom and MCI on July 8th and July 15th, respectively, based on MCI's agreement to sell its Internet business to Cable and Wireless for $1.75 billion. The FCC and remaining state approvals and closing are expected to occur in the third quarter. In preparation for the MCI closing and to accommodate the $7 billion payment to BT, the company expects to complete a new bank facility in early August. In addition, the company expects to access the bond market in the first week of August. Except for the historical information contained herein, this news release may be deemed to include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that involve risk and uncertainty, including financial, regulatory environment and trend projections. Although the company believes that its expectations are based on reasonable assumptions, it can give no assurance that its expectations will be achieved. The important factors that could cause actual results to differ materially from those in the forward-looking statements herein (the "Cautionary Statements") include, without limitation, the company's degree of financial leverage, risks associated with debt service requirements and interest rate fluctuations, risks associated with acquisitions and the integration thereof, risks of international business, dependence on availability of transmission facilities, regulation risks including the impact of the Telecom Act, contingent liabilities, and the impact of competitive services and pricing, as well as other risks referenced from time to time in the company's filings with the SEC, including the 6 WORLDCOM SECOND QUARTER RESULTS/PAGE 6 company's Form 10-K for the year ended December 31, 1997. All subsequent written and oral forward-looking statements attributable to the company or persons acting on its behalf are expressly qualified in their entirety by the Cautionary Statements. The company does not undertake any obligation to release publicly any revisions to such forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. Any offering of WorldCom securities will only be made by means of a prospectus. This news release shall not constitute an offer to sell or the solicitation of any offer to buy nor shall there be any sale of such securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state. WorldCom, Inc. is a global telecommunications company with established operations in over 50 countries encompassing the Americas, Europe and the Asia-Pacific regions. WorldCom is a premier provider of facilities-based and fully integrated local, long distance, international and Internet services. WorldCom's global networks, including its state-of-the-art pan-European network and transoceanic cable systems, provide end-to-end connectivity to over 35,000 buildings worldwide. WorldCom's World Wide Web address is: http://www.wcom.com. On November 10, 1997, WorldCom announced a definitive merger agreement with MCI Communications Corporation. The merger is expected to be completed this summer. # # # 7 WORLDCOM, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited. In Thousands, Except Per Share Data)
For the Three Months Ended ---------------------------------------------------------------------------- June 30, 1997 --------------------------------------------------- June 30, 1998 % Actual % Proforma % ------------- ------ ------------ ----- ------------- ----- Minutes 12,556,888 9,002,874 9,002,874 Revenues $ 2,610,477 100.0% $ 1,796,862 100.0% $ 1,974,460 100.0% ------------ ------ ------------ ----- ------------ ----- Operating expenses: Line costs 1,260,020 48.3% 937,237 52.2% 1,031,594 52.2% Selling, general and administrative 523,769 20.0% 401,290 22.3% 455,821 23.1% Depreciation and amortization 331,848 12.7% 240,060 13.4% 283,715 14.4% ------------ ------ ------------ ----- ------------ ----- Total 2,115,637 81.0% 1,578,587 87.9% 1,771,130 89.7% ------------ ------ ------------ ----- ------------ ----- Operating income 494,840 19.0% 218,275 12.1% 203,330 10.3% Other income (expense): Interest expense (107,746) -4.1% (95,949) -5.3% (95,951) -4.8% Miscellaneous 9,945 0.3% 7,313 0.4% 8,149 0.4% ------------ ------ ------------ ----- ------------ ----- Income before income taxes and extraordinary items 397,039 15.2% 129,639 7.2% 115,528 5.9% Provision for income taxes 169,535 6.5% 85,158 4.7% 85,584 4.4% ------------ ------ ------------ ----- ------------ ----- Net income before extraordinary items 227,504 8.7% 44,481 2.5% 29,944 1.5% Extraordinary item -- -- (2,857) -0.2% (2,857) -0.2% Preferred dividend requirement 6,598 0.2% 6,611 0.4% 6,611 0.3% ------------ ------ ------------ ----- ------------ ----- Net income applicable to common shareholder $ 220,906 8.5% $ 35,013 1.9% $ 20,476 1.0% ============ ====== ============ ===== ============ ===== Earnings per common share: Net income applicable to common shareholders before extraordinary items: Basic $ 0.21 $ 0.04 $ 0.02 ============ ============ ============ Diluted $ 0.21 $ 0.04 $ 0.02 ============ ============ ============ Extraordinary items $ -- $ (0.00) $ (0.00) ============ ============ ============ Net income applicable to common shareholders: Basic $ 0.21 $ 0.04 $ 0.02 ============ ============ ============ Diluted $ 0.21 $ 0.04 $ 0.02 ============ ============ ============
8 WORLDCOM, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited. In Thousands, Except Per Share Data)
For the Six Months Ended ---------------------------------------------------------------------------------------- June 30, 1998 June 30, 1997 -------------------------------------------- ------------------------------------------ Before After Non-Recurring Non-Recurring Charges % Charges % Actual % Proforma % ----------- ----- ---------- ----- ---------- ----- ---------- ----- Minutes 24,361,472 24,361,472 17,588,354 17,588,354 Revenues $ 4,960,444 100.0% $4,960,444 100.0% $3,493,656 100.0% $3,831,361 100.0% ----------- ----- ---------- ----- ---------- ----- ---------- ----- Operating expenses: Line costs 2,406,969 48.5% 2,406,969 48.5% 1,858,714 53.2% 2,045,890 53.4% Selling, general and administrative 1,001,900 20.2% 1,001,900 20.2% 789,489 22.6% 892,111 23.3% Depreciation and amortization 630,428 12.7% 630,428 12.7% 471,699 13.5% 554,851 14.5% Brooks Fiber merger costs - - 69,490 1.4% - - - - Charge for in-process research and development - - 429,000 8.7% - - - - ----------- ----- ---------- ----- ---------- ----- ---------- ----- Total 4,039,297 81.4% 4,537,787 91.5% 3,119,902 89.3% 3,492,852 91.2% ----------- ----- ---------- ----- ---------- ----- ---------- ----- Operating income 921,147 18.6% 422,657 8.5% 373,754 10.7% 338,509 8.8% Other income (expense): Interest expense (209,994) -4.2% (209,994) -4.2% (186,109) -5.3% (186,113) -4.8% Miscellaneous 22,192 0.4% 22,192 0.4% 20,794 0.6% 22,443 0.6% ----------- ----- ---------- ----- ---------- ----- ---------- ----- Income before income taxes and extraordinary items 733,345 14.8% 234,855 4.7% 208,439 6.0% 174,839 4.6% Provision for income taxes 313,137 6.3% 287,735 5.8% 138,960 4.0% 138,117 3.6% ----------- ----- ---------- ----- ---------- ----- ---------- ----- Net income (loss) before extraordinary items 420,208 8.5% (52,880) -1.1% 69,479 2.0% 36,722 1.0% Extraordinary item (net of income taxes of $77,568) - - (128,731) -2.5% (2,857) -0.1% (2,857) -0.1% Preferred dividend requirement 13,200 0.3% 13,200 0.3% 13,221 0.4% 13,221 0.4% ----------- ----- ---------- ----- ---------- ----- ---------- ----- Net income (loss) applicable to common shareholders $ 407,008 8.2% $ (194,811) -3.9% $ 53,401 1.5% $ 20,644 0.5% =========== ===== ========== ===== ========== ===== ========== ===== Earnings (loss) per common share: Net income (loss) applicable to common shareholders before extraordinary items: Basic $ 0.40 $ (0.06) $ 0.06 $ 0.02 =========== ========== ========== ========== Diluted $ 0.39 $ (0.06) $ 0.06 $ 0.02 =========== ========== ========== ========== Extraordinary items $ - $ (0.13) $ (0.00) $ (0.00) =========== ========== ========== ========== Net income (loss) applicable to common shareholders: Basic $ 0.40 $ (0.19) $ 0.06 $ 0.02 =========== ========== ========== ========== Diluted $ 0.39 $ (0.19) $ 0.06 $ 0.02 =========== =========== ========== ==========
9 WORLDCOM, INC. AND SUBSIDIARIES COMPUTATION OF PER SHARE EARNINGS (In thousands, except per share data)
For the Three Months Ended ----------------------------- June 30, 1998 June 30, 1997 ------------- ------------- Basic: Net income applicable to common shareholders before extraordinary items $ 220,906 $ 37,870 Extraordinary item -- (2,857) ----------- ----------- Net income applicable to common shareholders $ 220,906 $ 35,013 =========== =========== Weighted average shares outstanding 1,044,838 962,448 =========== =========== Basic earnings per share: Applicable to common shareholders before extraordinary items $ 0.21 $ 0.04 =========== =========== Extraordinary item $ -- $ 0.00 =========== =========== Applicable to common shareholders $ 0.21 $ 0.04 =========== =========== Diluted: Net income (loss) applicable to common shareholders before extraordinary items $ 220,906 $ 37,870 Extraordinary item -- (2,857) Add back: Series A preferred dividend 6,364 6,364 Series B preferred dividend 234 247 ----------- ----------- Net income (loss) applicable to common shareholders $ 227,504 $ 41,624 =========== =========== Weighted average shares outstanding 1,044,838 962,448 Common stock equivalents 34,279 26,560 Common stock issuable upon conversion of: Series A preferred stock 20,617 32,703 Series B preferred stock 1,183 1,246 ----------- ----------- Diluted shares outstanding 1,100,917 1,022,957 =========== =========== Diluted earnings (loss) per share: Applicable to common shareholders before extraordinary items $ 0.21 $ 0.04 =========== =========== Extraordinary item $ -- $ -- =========== =========== Applicable to common shareholders $ 0.21 $ 0.04 =========== ===========
10 WORLDCOM, INC. AND SUBSIDIARIES COMPUTATION OF PER SHARE EARNINGS (In thousands, except per share data)
For the Six Months Ended --------------------------------------------- June 30, 1998 ----------------------------- Before After Non-Recurring Non-Recurring Charges Charges June 30, 1997 ------------- ------------- ------------- Basic: Net income (loss) applicable to common shareholders before extraordinary items $ 407,008 $ (66,080) $ 56,258 Extraordinary item -- (128,731) (2,857) ---------- ---------- ---------- Net income (loss) applicable to common shareholders $ 407,008 $ (194,811) $ 53,401 ========== ========== ========== Weighted average shares outstanding 1,028,250 1,028,250 955,105 ========== ========== ========== Basic earnings (loss) per share: Applicable to common shareholders before extraordinary items $ 0.40 $ (0.06) $ 0.06 ========== ========== ========== Extraordinary item $ -- $ (0.13) $ (0.00) ========== ========== ========== Applicable to common shareholders $ 0.40 $ (0.19) $ 0.06 ========== ========== ========== Diluted: Net income (loss) applicable to common shareholders before extraordinary items $ 407,008 $ (66,080) $ 56,258 Extraordinary item -- (128,731) (2,857) Add back: Series A preferred dividend 12,729 -- -- Series B preferred dividend 471 -- 493 ---------- ---------- ---------- Net income (loss) applicable to common shareholders $ 420,208 $ (194,811) $ 53,894 ========== ========== ========== Weighted average shares outstanding 1,028,250 1,028,250 955,105 Common stock equivalents 31,605 -- 28,364 Common stock issuable upon conversion of: Series A preferred stock 26,660 -- -- Series B preferred stock 1,192 -- 1,242 ---------- ---------- ---------- Diluted shares outstanding 1,087,707 1,028,250 984,711 ========== ========== ========== Diluted earnings (loss) per share: Applicable to common shareholders before extraordinary items $ 0.39 $ (0.06) $ 0.06 ========== ========== ========== Extraordinary item $ -- $ (0.13) $ (0.00) ========== ========== ========== Applicable to common shareholders $ 0.39 $ (0.19) $ 0.05 ========== ========== ==========
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