-----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, M2eNwrn93hNfV3eAqF+/t6iPBDMCQAYB/nSwSCW8JEtHcYvaRjfHIk6H74mdT1MU 7vIGwGfSwL1sRcw7zB//OQ== 0000950144-96-000106.txt : 19960117 0000950144-96-000106.hdr.sgml : 19960117 ACCESSION NUMBER: 0000950144-96-000106 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19951130 FILED AS OF DATE: 19960116 SROS: AMEX SROS: PSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: UNITED FOODS INC CENTRAL INDEX KEY: 0000728258 STANDARD INDUSTRIAL CLASSIFICATION: CANNED, FROZEN & PRESERVED FRUIT, VEG & FOOD SPECIALTIES [2030] IRS NUMBER: 741264568 STATE OF INCORPORATION: DE FISCAL YEAR END: 0228 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-08574 FILM NUMBER: 96503657 BUSINESS ADDRESS: STREET 1: 10 PICTSWEET DR CITY: BELLS STATE: TN ZIP: 38006 BUSINESS PHONE: 9014227600 MAIL ADDRESS: STREET 1: 10 PICTSWEET DRIVE CITY: BELLS STATE: TN ZIP: 38006 10-Q 1 UNITED FOODS, INC. FORM 10-Q 11-30-95 1 ================================================================================ UNITED STATES 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 NOVEMBER 30, 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 1-8574 UNITED FOODS, INC. (Exact name of registrant as specified in its charter) DELAWARE 74-1264568 (State of Incorporation) (I.R.S. Employer Identification No.) TEN PICTSWEET DRIVE, BELLS, TN 38006 (Address of principal executive offices) (Zip Code) Registrants telephone number, including area code: (901) 422-7600 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 --- --- On January 10, 1996, 5,108,550 shares of Class A Common Stock and 5,701,379 shares of Class B Common Stock of United Foods, Inc. were outstanding. ================================================================================ 2 INDEX
Page Part I: Financial Information: Item 1: Financial Statements: Balance Sheets 2-3 Statements of Operations 4 Statements of Cash Flows 5-6 Notes to Financial Statements 7-8 Item 2: Management's Discussion and Analysis of Financial Condition and Results of Operations 9-10 Part II: Other Information and Signatures 11 Exhibit 11- Computation of Earnings Per Common Share 12 Exhibit 27- Financial Data Schedule (for SEC use only)
1 3 PART I - FINANCIAL INFORMATION ITEM 1 - FINANCIAL STATEMENTS UNITED FOODS, INC. BALANCE SHEETS (DOLLARS IN THOUSANDS)
NOVEMBER 30, FEBRUARY 28, 1995 1995 ----------- ------------ Unaudited ----------- ASSETS Current Assets: Cash $ 993 $ 452 Accounts Receivable 19,296 15,328 Inventories (Note 3) 56,099 40,364 Prepaid Expenses and Miscellaneous 3,122 5,061 Refundable Taxes (Note 4) 224 0 Deferred Income Taxes (Note 4) 972 557 --------- --------- Total Current Assets 80,706 61,762 --------- --------- Property and Equipment: Land and Land Improvements 8,960 8,083 Buildings and Leasehold Improvements 21,073 18,224 Machinery, Equipment and Improvements 91,141 75,163 --------- --------- 121,174 101,470 Less Accumulated Depreciation 58,344 52,241 --------- --------- Net Property and Equipment 62,830 49,229 --------- --------- Other Assets 2,021 3,166 --------- --------- Total Assets $ 145,557 $ 114,157 ========= =========
See accompanying notes to financial statements. 2 4 UNITED FOODS, INC. BALANCE SHEETS (DOLLARS IN THOUSANDS)
NOVEMBER 30, FEBRUARY 28, 1995 1995 ------------ ------------ Unaudited ------------ LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts Payable $ 19,972 $ 8,301 Accruals 10,371 7,404 Income Taxes Payable (Note 4) 21 742 Current Maturities of Long-term Debt 4,561 4,302 --------- --------- Total Current Liabilities 34,925 20,749 Long-term Debt, Less Current Maturities 50,935 30,076 Deferred Income Taxes (Note 4) 5,452 5,892 --------- --------- Total Liabilities 91,312 56,717 --------- --------- Stockholders' Equity: Common Stock, Class A (Notes 5 and 7) 7,648 7,648 Common Stock, Class B, Convertible (Notes 5 and 7) 7,098 7,098 Additional Paid-in Capital 8,643 8,687 Retained Earnings 40,973 41,921 --------- --------- 64,362 65,354 Less Cost of Treasury Stock (Note 7) (10,117) (7,914) --------- --------- Total Stockholders' Equity 54,245 57,440 --------- --------- Total Liabilities and Stockholders' Equity $ 145,557 $ 114,157 ========= =========
See accompanying notes to financial statements. 3 5 UNITED FOODS, INC. STATEMENTS OF OPERATIONS (UNAUDITED) (DOLLARS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
FOR THE THREE MONTHS FOR THE NINE MONTHS ENDED NOVEMBER 30, ENDED NOVEMBER 30, ---------------------- ------------------------ 1995 1994 1995 1994 -------- -------- --------- --------- Gross Sales and Services Less Discounts, Returns and Allowances $ 52,847 $ 49,632 $ 137,551 $ 138,121 Costs of Sales and Services (Note 3) 44,364 39,192 112,496 107,576 -------- -------- --------- --------- Gross Profit 8,483 10,440 25,055 30,545 Selling, Administrative and General Expenses 8,526 8,872 23,934 25,127 -------- -------- --------- --------- Operating Income (Loss) (43) 1,568 1,121 5,418 -------- -------- --------- --------- Interest Income (Expense) - Net (1,107) (724) (2,649) (1,992) Miscellaneous Income (Expense) - Net 3 32 (10) (124) -------- -------- --------- --------- Total Other Income and (Expense) (1,104) (692) (2,659) (2,116) -------- -------- --------- --------- Income (Loss) Before Taxes on Income (Benefit) (1,147) 876 (1,538) 3,302 Taxes on Income ( Benefit) (Note 4) (435) 363 (590) 1,314 -------- -------- --------- --------- Net Income (Loss) $ (712) $ 513 $ (948) $ 1,988 ======== ======== ========= ========= Common Share and Common Share Equivalent (Note 6) 11,472 12,174 11,689 12,575 ======== ======== ========= ========= EARNINGS (LOSS) PER COMMON SHARE AND COMMON SHARE EQUIVALENT: (NOTE 6) $ (.06) $ .04 $ (.08) $ .16 ======== ======== ========= ========= Cash Dividends Per Common Share: Class A $ -0- $ -0- $ -0- $ -0- Class B $ -0- $ -0- $ -0- $ -0-
See accompanying notes to financial statements. 4 6 UNITED FOODS, INC. STATEMENTS OF CASH FLOWS (UNAUDITED) (DOLLARS IN THOUSANDS)
FOR THE NINE MONTHS ENDED NOVEMBER 30, -------------------------- 1995 1994 -------- ------- CASH FLOWS FROM OPERATING ACTIVITIES: Net Income (Loss) $ (948) $ 1,988 Adjustments to reconcile net income to net cash provided by operations: Depreciation and amortization 5,357 5,159 Reduction in carrying value of property held for disposal 0 212 Provision for losses on accounts receivable 105 13 (Gain) Loss on disposal of property and equipment 1 (119) Deferred income taxes (855) 939 Change in assets and liabilities: Accounts and notes receivable (4,073) (2,532) Inventories (15,735) (17,461) Prepaid expenses and miscellaneous 1,939 1,324 Refundable income taxes (224) (196) Other assets 566 (344) Accounts payable and accruals 14,898 12,436 Income taxes payable (721) (27) ------- ------- Net cash provided by operations 310 1,392 ------- ------- CASH FLOWS FROM INVESTING ACTIVITIES: Capital expenditures (10,659) (8,979) Proceeds from sale of other property and equipment 19 431 ------- ------- Net cash used by investing activities (10,640) (8,548) ------- ------- CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from long-term borrowings 16,445 9,139 Reductions of long-term debt (3,327) (3,271) Purchase of Treasury Stock (2,283) (2,588) Exercise of Stock Options 36 4 ------- ------- Net cash provided by financing activities 10,871 3,284 ------- ------- NET INCREASE (DECREASE) IN CASH FOR THE PERIOD 541 (3,872) CASH AND CASH EQUIVALENTS, beginning of period 452 3,996 ------- ------- CASH AND CASH EQUIVALENTS, end of period $ 993 $ 124 ======= =======
See accompanying notes to financial statements. 5 7 UNITED FOODS, INC. STATEMENTS OF CASH FLOWS (UNAUDITED) (CONCLUDED) (DOLLARS IN THOUSANDS)
FOR THE NINE MONTHS ENDED NOVEMBER 30, -------------------------- 1995 1994 ------- ------- SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: Cash paid during the nine months for: Interest $ 2,437 $ 1,853 Income taxes $ 1,396 $570 NON-CASH INVESTING AND FINANCING ACTIVITIES: Capital expenditures of $50, $310, $100 and $1,469 are included in accounts payable at November 30, 1995, February 28, 1995, November 30, 1994 and February 28, 1994, respectively. Mortgage obligations totalling $8,000,000 were incurred when the Company acquired the Santa Maria, California facility (See "Capital Expenditures").
See accompanying notes to financial statements. 6 8 UNITED FOODS, INC. NOTES TO FINANCIAL STATEMENTS 1. The interim financial statements should be read in conjunction with the Company's Annual Report on Form 10-K for the year ended February 28, 1995. Significant accounting policies and other disclosures normally provided have been omitted since such items are disclosed therein. In the opinion of the Company, the accompanying unaudited financial statements contain all adjustments (consisting of only normal recurring accruals) necessary to present fairly its financial position as of November 30, 1995, its results of operations for the three and nine months ended November 30, 1995 and 1994, and cash flows for the nine months ended November 30, 1995 and 1994. 2. The results of operations for the three and nine months ended November 30, 1995 and 1994 are not necessarily indicative of the results to be expected for the fiscal year. 3. Inventories are summarized as follows:
NOVEMBER 30, 1995 FEBRUARY 28, 1995 ----------------- ----------------- Finished products $ 49,772,000 $ 35,358,000 Raw materials 3,520,000 2,296,000 Growing crops 1,851,000 2,008,000 Merchandise and supplies 956,000 702,000 ------------ ------------ $ 56,099,000 $ 40,364,000 ============ ============
Substantially all of the Company's inventories are valued at the lower of cost (first-in, first-out) or market at each fiscal year end. However, due to the seasonality of vegetable processing, the gross profit method, at the estimated annual rate, is used to determine frozen vegetable cost of goods sold in interim financial statements. 4. Taxes on income consist of the current and deferred taxes required to be recognized for the periods. Approximately $2,700,000 in operating loss carryforwards is available to reduce future taxable income through 2008 and, in accordance with the provisions of Statement of Financial Accounting Standards No. 109, "Accounting for Income Taxes", the related future income tax benefits have been recognized by the Company. 5. Each Class B common share is convertible into one share of Class A common stock at the holder's election. Holders of the Class A common stock are entitled to a preference dividend of $.025 per share for any quarter and each preceding quarter of the Company's fiscal year before the holders of the Class B common stock are entitled to any regular cash dividend. Class A shareholders have the right to elect a number of directors that equal at least 25% of the members of the board of directors. In addition, on matters requiring the classes to vote together, the Class A holders are entitled to 1/10 vote per share and holders of Class B common stock are entitled to one vote per share. 6. Earnings per share of common stock and common stock equivalents have been computed based upon the weighted average number of shares outstanding during the three and nine months ended November 30, 1995 and November 30, 1994, respectively. The assumed exercise of common stock options does not materially dilute earnings per share for the three and nine months ended November 30, 1994 and common stock equivalents are not considered in the computation for the three and nine months ended November 30, 1995 as the effect would be anti-dilutive. 7. On November 1, 1995, the Company purchased 831,169 shares (or approximately 14%) of its Class A Common Stock and 181,400 shares (or approximately 3%) of its Class B Common Stock from The Baupost Group, Inc. and The Baupost Fund, for a purchase price of $2.25 per share or total of $2,278,280 in cash. The transaction was funded with borrowings against the Company's revolving line of credit. 7 9 ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following is management's discussion and analysis of certain significant factors which have affected the Company's financial condition and earnings during the periods included in the accompanying balance sheets and statements of income. FINANCIAL CONDITION, LIQUIDITY AND CAPITAL RESOURCES The Company's primary sources of cash are operations and external committed credit facilities. At November 30, 1995, the Company's revolving credit facilities provide a maximum availability of $31,000,000, which is scheduled to be reduced to $29,000,000 at December 31, 1995, to $28,000,000 at January 30, 1996, and to $26,000,000 at February 29, 1996. The Company's sources of liquidity are expected to adequately meet requirements for the fiscal year and the foreseeable future; however, new financing alternatives are constantly evaluated to determine their practicality and availability in order to provide the Company with sufficient and timely funding at the least possible cost. The Company's revolving credit facilities mature in fiscal 1999, however, one-year extensions of the maturity dates of the revolving credit facilities are considered by the lenders annually. If annual extensions are not granted, the Company will then investigate revolving credit facilities with other lenders and believes it can replace any current revolving credit facility within 24 months. Operations provided cash of $310,000 during the nine months ended November 30, 1995, as compared with $1,392,000 provided during the same period of the prior year. A substantial portion of this change is attributable to increases in accounts receivable and timing of income tax payments, partially offset by a less dramatic increase in inventories, primarily due to timing of deliveries under the Supply Agreements. The increase in accounts receivable is largely due to the increase in sales experienced by the Company during the quarter ended November 30, 1995. Investing activities used cash of $10,640,000 for the nine months ended November 30, 1995, compared with cash used of $8,548,000 during the same period of the prior year. Current year capital expenditures include $2,464,000 under the program discussed below in "Capital Expenditures" designed to restore the throughput of the Company's facilities to original capacity and to expand production capacity. Financing activities provided cash of $10,871,000 for the nine months ended November 30, 1995, compared to cash provided of $3,284,000 for the same period of the prior year. During November 1995, the Company also repurchased an aggregate of 1,012,569 shares of its outstanding Class A and Class B common stock for $2,278,000, funded with borrowings against the Company's revolving credit facilities. Working capital at November 30, 1995 was $45,781,000 compared to $41,013,000 at February 28, 1995. The increase is primarily due to the increase in accounts receivables and inventories, offset in part by related increases in accounts payable and accruals. The Company's ratio of debt to equity increased to 1.68 to 1 at November 30, 1995, from .99 to 1 at February 28, 1995. CAPITAL EXPENDITURES Capital expenditures for fiscal 1996, are expected to approximate $20,000,000, which is approximately $13,000,000 more than depreciation expense expected to be recorded in fiscal 1996 and includes the $8,000,000 purchase of the Company's leased facility located in Santa Maria, California on September 29, 1995. The facility was acquired in exchange for $8,000,000 of mortgage notes which bear interest at 9 1/4% and provide for monthly payments of principal and interest of $82,335 through September 2010. Capital expenditures will be for normal replacement of older equipment with more efficient and energy saving equipment, to restore the throughput of the Company's facilities to their approximate original capacity, and to expand production capacity to permit the Company to meet its customer needs and obligations under two multi-year reciprocal supply agreements with other food processors. These expenditures are expected to be funded from operations and the Company's revolving credit facilities. 8 10 RESULTS OF OPERATIONS OVERVIEW AND TRENDS The Company's product line is made up of agricultural products which are subject to the cyclical conditions and risks inherent in the agricultural industry. The Company bears part of the growing risks and all of the processing and marketing risks of these agricultural products. Weather abnormalities and excess inventories sometimes cause substantial reductions in the annual volume of product processed in facilities that are owned or leased by the Company. When this happens, the unit cost of that year's production will increase substantially, resulting in reduced profit margins for one or more years. On the other hand, when bumper crops occur unit costs will decrease but selling prices will, in general, be depressed. The Company has always been faced with very strong competition in the marketplace from large brand name competitors, private regional U. S. vegetable processors, and privately-owned Mexican vegetable processors. These competitive pressures, coupled with low overall industry growth, have led to weak market pricing. We anticipate that this condition will continue. In addition to general inflation and the growing, processing and marketing risks described above, the Company is facing the significant costs associated with increasing governmental regulation, the loss of land and water available for agriculture in California and the increasing competition due to world-wide facilitation of trade. As a result of these factors, the Company's earnings history is cyclical and will continue to be so in the future. The effect on the Company's operations and its ability to withstand the costs of future healthcare, labeling, OSHA, EPA, taxation and other governmental regulations is unknown. SUPPLY AGREEMENTS The Company has entered into two multi-year reciprocal supply agreements ("Supply Agreements") with other food processing companies. Through these agreements the Company procures vegetables grown and processed in the United States. Also, the Company sells frozen vegetables processed at the Company's Tennessee and California facilities to the other food processors. REVENUES Net sales and service revenue increased $3,215,000 (6.5%) and decreased $570,000 (.4%) for the three and nine months periods ended November 30, 1995, respectively, as compared with the same periods of the prior year. Sales volume increased 7.3% and decreased 1.1% for the three and nine month periods, respectively. The decrease in revenues and volume for the nine months is primarily attributable to extremely competitive market conditions. The adverse effect of the competitive market conditions on the Company's sales and operating results is expected to continue. However, the effect of these conditions on year-to-date sales was mitigated by distribution gains for certain of the Company's marketing programs which benefitted the current year's third quarter as well as generally stronger third quarter sales volumes for existing distribution as compared with the third quarter of the prior year. Sales allowances increased $183,000 (2.0%) for the quarter and decreased $323,000 (1.3%) for the nine months, as compared to the prior year sales. However, sales allowances, as a percent of gross product sales, decreased for both periods as compared to the prior year, due primarily to changes in the sales mix of the Company's various marketing programs which promote at differing rates. COST OF SALES AND SERVICES AND GROSS PROFIT Gross profit decreased $1,957,000 (18.7%) and $5,490,000 (18.0%) for the three and nine month periods ended November 30, 1995, respectively, as compared with the same periods of the prior year. The gross margin decreased from 21.03% to 16.05% and from 22.12% to 18.22% for the three and nine months, respectively. Further, the gross profit method, at the estimated annual gross profit rate, is used to determine cost of goods sold in interim financial statements (See Note 3 - Notes to Financial Statements). Cost of sales and services increased $5,172,000 (13.2%) for the three months and $4,920,000 (4.6%) for the nine months, as compared with same periods of the prior year, primarily as a result of the 7.3% sales volume for the most recent quarter combined with increased packaging, raw material and plant operating costs. 9 11 Additionally, during the three and nine months, the Company incurred minor repair and maintenance charges as part of an ongoing program to restore the throughput of the Company's facilities to their approximate original capacity. As discussed in "Financial Condition, Liquidity and Capital Resources", the Company made approximately $2,464,000 of related capital asset additions under this program during the nine month period ended November 30, 1995. Repair and maintenance charges and capital asset additions to restore the throughput of the Company's facilities are expected to be significant for the next 2-3 years. SELLING, ADMINISTRATIVE AND GENERAL EXPENSES Selling, administrative and general expenses decreased $346,000, (3.9%) and $1,193,000 (4.7%), respectively, for the three and nine month periods ended November 30, 1995, as compared to the same periods of the prior year. Administrative and general expenses accounted for $619,000 (13.0%) and $1,541,000 (10.9%) of the decrease for the three and nine months respectively, primarily as the result of decreased incentive compensation and related benefits and decreased production incentive compensation related to the Company's mushroom farms. Storage expenses decreased $44,000 (1.6%) and increased $163,000 (2.4%) for the three and nine months respectively, primarily due to higher average inventories in fiscal 1996. Other expenses increased $317,000 (22.2%) and $185,000 (4.3%) for the three and nine months, respectively, primarily as the result of increased brokerage, advertising and other selling expenses. INTEREST EXPENSE Interest expense - net increased $383,000 (52.9%) for the three months and $657,000 (33.0%) for the nine months as compared to the same periods of the prior year due to higher average borrowings related to higher inventories, acquisition of treasury stock, the Santa Maria, California facility mortgage, and higher average interest rates. MISCELLANEOUS INCOME (EXPENSE) Miscellaneous Income in the amount of $3,000 and Miscellaneous Expense in the amount of $10,000 for the three and nine months ended November 30, 1995 relate to net gains/losses on the sales of plant, property and equipment and miscellaneous expenses for the periods. Miscellaneous Income in the amount of $32,000 and Miscellaneous Expense in the amount of $124,000 for the three and nine months ended November 30, 1994, respectively, reflect a $212,000 charge resulting from a reduction in the carrying value of property held for disposal plus $30,000 in anticipated expenses related thereto, offset by net gains on sales of property, plant and equipment for nine months. TAXES ON INCOME Taxes on income for the three and nine months ended November 30, 1995 and 1994 consist of current and deferred taxes provided at the estimated effective federal and state tax rates expected to be recognized for the respective periods. 10 12 PART II - OTHER INFORMATION Item 6. Exhibits and Reports on Form 8-K (a) Exhibit - Computation of Earnings Per Common Share. 11 - Computation of Earnings Per Common Share 27 - Financial Data Schedule (for SEC use only) (b) Reports on Form 8-K - There was one Form 8-K filed for during the three months ended November 30, 1995, reporting under Item 5, Other Events, dated September 5, 1995. 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 thereunto duly authorized. UNITED FOODS, INC. Date: January 15, 1996 By /s/ C.W. Gruenewald, II -------------------------------------- C.W. Gruenewald, II Senior Vice President, Chief Financial Officer & Treasurer 11 EX-11 2 COMPUTATION OF EARNINGS PER COMMON SHARE 1 PART II - EXHIBIT 11 UNITED FOODS, INC. COMPUTATION OF EARNINGS PER COMMON SHARE
FOR THE THREE MONTHS FOR THE NINE MONTHS ENDED NOVEMBER 30, ENDED NOVEMBER 30, ---------------------------- --------------------------- 1995 1994 1995 1994 ----------- ----------- ----------- ----------- SHARES: Weighted average number of common shares outstanding 11,471,926 11,790,168 11,688,654 12,213,736 Effect of shares issuable under option plan and warrants as determined by the treasury stock method (A) 383,444 (A) 361,621 ----------- ----------- ----------- ----------- Weighted average number of common shares outstanding as adjusted 11,471,926 12,173,612 11,688,654 12,575,357 ----------- ----------- ----------- ----------- PER COMMON SHARE COMPUTATIONS: Net Income (Loss) $ (712,000) $ 513,000 $ (948,000) $ 1,988,000 =========== =========== =========== =========== Net Income (Loss) $ (.06) $ .04 $ (.08) $ .16 =========== =========== =========== ===========
(A) Not considered in computation as the effect would be anti-dilutive. 12 EX-27 3 FINANCIAL DATA SCHEDULE
5 1,000 9-MOS FEB-28-1996 NOV-30-1995 993 0 19,643 347 56,099 80,706 121,174 58,344 145,557 34,925 50,935 0 0 14,746 39,499 145,557 137,551 137,551 112,496 112,496 23,944 105 2,649 (1,538) (590) (948) 0 0 0 (948) (.08) (.08)
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