-----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, PC35xotphjYyDWV3nb4L3Gq19njihB2+SKjklB10MHedhw59NFdKW9/GrWlbOjH9 UnL7QvRGPATfJ5N5jqk8ng== 0000892569-99-001373.txt : 19990517 0000892569-99-001373.hdr.sgml : 19990517 ACCESSION NUMBER: 0000892569-99-001373 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19990331 FILED AS OF DATE: 19990514 FILER: COMPANY DATA: COMPANY CONFORMED NAME: COAST DISTRIBUTION SYSTEM INC CENTRAL INDEX KEY: 0000728303 STANDARD INDUSTRIAL CLASSIFICATION: WHOLESALE-MOTOR VEHICLE SUPPLIES & NEW PARTS [5013] IRS NUMBER: 942490990 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 001-09511 FILM NUMBER: 99621318 BUSINESS ADDRESS: STREET 1: 1982 ZANKER RD CITY: SAN JOSE STATE: CA ZIP: 95112 BUSINESS PHONE: 4084368611 MAIL ADDRESS: STREET 1: 1982 ZANKER RD CITY: SAN JOSE STATE: CA ZIP: 95112 FORMER COMPANY: FORMER CONFORMED NAME: COAST RV INC DATE OF NAME CHANGE: 19880619 10-Q 1 QUARTERLY REPORT FOR THE PERIOD ENDED 03/31/1999 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 31, 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 1-9511 THE COAST DISTRIBUTION SYSTEM, INC. --------------------------------------------------------- (Exact name of Registrant as specified in its charter) DELAWARE 94-2490990 -------- ---------- (State or other jurisdiction (I.R.S. Employer Identification of incorporation or organization) Number) 350 Woodview Avenue, Morgan Hill, California 95037 -------------------------------------------- ----- (Address of principal executive offices) (Zip Code) (408) 782-6686 ------------------------------------------------------ (Registrant's telephone number, including area code) N/A -------------------------------------------------- (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 [ ] APPLICABLE ONLY TO CORPORATE ISSUERS: Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date. 4,709,341 shares of Common Stock as of May 11, 1999 2 THE COAST DISTRIBUTION SYSTEM, INC. AND SUBSIDIARIES INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS (Dollars in thousands) March 31, 1999 and December 31, 1998
MARCH 31, DECEMBER 31, 1999 1998 --------- ------------ (UNAUDITED) (AUDITED) ASSETS CURRENT ASSETS Cash $ 258 $ 435 Accounts receivable - net 34,096 12,412 Inventories 39,400 37,246 Other current assets 2,497 2,258 -------- -------- Total current assets 76,251 52,351 PROPERTY, PLANT, AND EQUIPMENT - NET 3,991 3,904 OTHER ASSETS 9,460 10,558 -------- -------- $ 89,702 $ 66,813 ======== ======== LIABILITIES CURRENT LIABILITIES Current maturities of long-term obligations $ 2,676 $ 2,696 Accounts payable - trade 15,999 4,647 Other current liabilities 2,383 2,071 -------- -------- Total current liabilities 21,058 9,414 LONG-TERM OBLIGATIONS Secured note payable to bank 33,504 21,245 Other long-term liabilities 2,081 2,086 -------- -------- 35,585 23,331 REDEEMABLE PREFERRED STOCK OF SUBSIDIARY 190 237 SHAREHOLDERS' EQUITY Preferred stock, $.001 par value; authorized: 5,000,000 shares; none issued or outstanding -- -- Common stock, $.001 par value; authorized: 20,000,000 shares; issued and outstanding: 4,864,936 at March 31, 1999 and 5,279,854 at December 31, 1998 5 5 Additional paid-in capital 18,280 19,635 Cumulative translation adjustment (611) (665) Retained earnings 15,195 14,856 -------- -------- 32,869 33,831 -------- -------- $ 89,702 $ 66,813 ======== ========
The accompanying notes are an integral part of these statements. 2 3 THE COAST DISTRIBUTION SYSTEM, INC. AND SUBSIDIARIES INTERIM CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (Dollars in thousands) Three months ended March 31, (Unaudited)
1999 1998 -------- -------- Net sales $ 41,129 $ 38,364 Cost of sales, including distribution costs 33,999 31,874 -------- -------- Gross Profit 7,130 6,490 Selling, general and administrative expenses 5,717 4,696 -------- -------- Operating income 1,413 1,794 Other income (expense) Interest expense (623) (724) Other (13) -- -------- -------- (636) (724) -------- -------- Earnings before income taxes 777 1,070 Income tax expense 437 462 -------- -------- NET EARNINGS $ 340 $ 608 ======== ======== Earnings per common share: Basic $ .07 $ .12 ======== ======== Diluted $ .07 $ .12 ======== ========
The accompanying notes are an integral part of these statements. 3 4 THE COAST DISTRIBUTION SYSTEM, INC. AND SUBSIDIARIES INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Dollars in thousands) Three months ended March 31, (Unaudited)
1999 1998 -------- -------- Cash flows from operating activities: Net income $ 340 $ 608 Adjustments to reconcile net earnings to net cash provided by operating activities: Depreciation and amortization 359 376 Changes in assets and liabilities: Increase in accounts receivable (21,684) (19,830) Increase in inventories (2,154) (1,371) Increase in prepaids and other current assets (239) (488) Increase in accounts payable 11,352 11,520 (Decrease) Increase in note, accrueds, and other current liabilities 312 (914) -------- -------- Total adjustments (12,054) (10,707) -------- -------- Net cash used in operating activities (11,714) (10,099) Cash flows from investing activities: Capital expenditures (300) (47) Decrease in other assets 953 39 Proceeds from sale of investment -- 5,338 -------- -------- Net cash provided by investing activities 653 5,330 Cash flows from financing activities: Net borrowings under line-of-credit agreement 12,259 5,368 Net borrowings (repayments) of other long-term debt (25) (68) Issuance of Common Stock pursuant to Employee Stock Option Plans 86 81 Redemption of redeemable preferred stock of subsidiary (47) (51) Dividends on preferred stock of subsidiary (2) (3) Repurchase of Common Stock (1,441) -- -------- -------- Net cash provided by financing activities 10,830 5,327 Effect of exchange rate changes on cash 54 29 -------- -------- NET INCREASE (DECREASE) IN CASH (177) 587 Cash beginning of period 435 308 -------- -------- Cash end of period $ 258 $ 895 ======== ========
The accompanying notes are an integral part of these statements. 4 5 THE COAST DISTRIBUTION SYSTEM, INC. AND SUBSIDIARIES NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 1. In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments necessary to present the Company's financial position as of March 31, 1999 and the results of its operations and cash flows for the three months ended March 31, 1999 and 1998. The accounting policies followed by the Company are set forth in Note A to the Company's financial statements in its Annual Report on Form 10-K for its fiscal year ended December 31, 1998. 2. The results of operations for the three-month periods ended March 31, 1999 and 1998 are not necessarily indicative of the results to be expected for the full year. See "Management's Discussion and Analysis of Financial Condition and Results of Operations" included elsewhere in this report. 3. Earnings per share. Basic earnings per share is computed using the weighted average number of common shares outstanding during the period. Diluted earnings per share is computed using the weighted average number of common and common equivalent shares outstanding during the period. Common equivalent shares consist of the incremental common shares issuable upon the exercise of stock options (using the treasury stock method). Common equivalent shares are excluded from the computation if their effect is anti-dilutive. 4. The Company leases its corporate offices, warehouse facilities and data processing equipment. Those leases are classified as operating leases as they do not meet the capitalization criteria of FASB Statement No. 13. The office and warehouse leases expire over the next eight years and the equipment leases expire over the next five years. The minimum future rental commitments under noncancellable operating leases having an initial or remaining term in excess of one year as of December 31, 1998 are as follows:
YEAR ENDING DECEMBER 31, EQUIPMENT FACILITIES TOTAL ------------ --------- ---------- ------- (DOLLARS IN THOUSANDS) 1999 $ 57 $ 2,521 $ 2,578 2000 15 1,734 1,749 2001 8 1,632 1,640 2002 1 1,368 1,369 2003 -- 1,313 1,313 Thereafter -- 4,250 4,250 ----- ------- ------- $ 81 $12,818 $12,899 ===== ======= =======
5 6 ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS General Factors Generally Affecting Sales of RV and Boating Products The Company is the largest wholesale distributor of replacement parts, accessories and supplies for recreational vehicles, and one of the largest distributors of replacement parts, accessories and supplies for boats, in North America. Sales are made by the Company to retail parts and supplies stores, service and repair establishments, and new and used recreational vehicle and boat dealers ("After-Market Customers"). The Company's sales are affected primarily by (i) usage of recreational vehicles and boats which affects the consumers' needs for and purchases of replacement parts, repair services and supplies, and (ii) sales of new recreational vehicles and boats, because consumers often "accessorize" their recreational vehicles and boats at the time of purchase. The usage and the purchase, by consumers, of recreational vehicles and boats depend, in large measure, upon the extent of discretionary income available to consumers and their confidence about economic conditions. Weather conditions also affect the usage of recreational vehicles and boats. As a result, the Company's sales and operating results can be, and in the past have been, adversely affected by recessionary economic conditions, increases in interest rates, which affect the availability and affordability of financing for purchases of recreational vehicles and boats, increases in gasoline prices which adversely affect the costs of using recreational vehicles and boats, and unusually adverse weather conditions. Over the past three years, the recreational products After Market in North America has become increasingly competitive, as participants in the After Market have sought to reduce their costs of goods and their prices and to increase market share. The Company, itself, was one of the first After-Market participants to change its business by designing and arranging for the manufacture, by third party contract manufacturers, in North America, Europe and Asia, of a growing line of proprietary products that it is able to obtain at lower costs than functionally equivalent products from traditional sources. Over this same period, some product manufacturers have chosen to integrate their operations vertically to include distribution as well as manufacturing, thereby becoming competitors of the Company and other distributors. Additionally, recreational vehicle and boat manufacturers are increasingly installing, as original equipment on the recreational vehicles and boats which they manufacture, products, such as air conditioners and awnings and other accessories, that had previously been sold almost exclusively in the After Market. These developments resulted in significant changes in supply relationships within the recreational products After Market and adversely affected the Company's operating results in 1997 and 1996. During 1997 the Company began to implement strategies to respond to the changed conditions in the After Market. Those strategies enabled the Company to improve its operating results in 1998. However, there is no assurance that other changes in supply relationships, adverse to the Company, will not occur in the future. Results of Operations Net Sales. Net sales increased by approximately $2,765,000 or 7% in the quarter ended March 31, 1999, as compared to the corresponding quarter of 1998. This sales increase was due to the 6 7 continued strength in the RV industry both at the OEM and the after-market level, and, to the acquisition, in May 1998, of the aftermarket wholesale distribution business of Marine Distributors, Inc. Gross Margin. The Company's gross margin increased to 17.3% of net sales in the three months ended March 31, 1999 from 16.9% for the same period of 1998. This increase was due primarily to: (i) price increases on selected products that the Company sells, and (ii) a slight change in the mix of products sold to include more lower-ticket, higher-margin items. Selling, General and Administrative Expenses. Selling, general and administrative expenses increased by $1,021,000 in the first quarter of 1999 as compared to the same quarter of 1998. As a percentage of sales, selling, general and administrative expenses increased to 13.9% for the first three months of 1999 from 12.2% in the comparable period of 1998. These increases were due to costs associated with the transfer of the Company's corporate headquarters from San Jose, California to Morgan Hill, California and the implementation of the Company's new computer system, which will become effective in the third quarter of 1999. Operating Income. The increase in the Company's selling, general and administrative expenses more than offset the benefits resulting from the increased sales and gross margin. As a result, operating income declined in the first three months of 1999 to $1,413,000 from $1,794,000 in the same period of 1998. Interest Expense. In the quarter ended March 31, 1999, interest expense declined by $101,000 or 14%, as compared to the same quarter of 1998. This decrease was the result of reductions in average long-term borrowings outstanding during the first three months of 1999, as compared to the same quarter of 1998, and a reduction in the rate of interest the Company pays on its long-term borrowings. The Company will continue to rely on borrowings to fund a substantial portion of its working capital requirements and future growth and, as a result, it anticipates that interest will continue to be a significant expense for the Company. Liquidity and Capital Resources The Company finances its working capital requirements for its operations primarily with borrowings under a long-term revolving bank credit facility and internally generated funds. Under that credit facility, the Company is entitled to borrow up to the lesser of (i) $35,000,000 with a seasonal reduction to $30,000,000 between October 1 and January 1 of each year, or (ii) an amount equal to 80% of its eligible accounts receivable and 50% of its eligible inventory (the "borrowing base"). Borrowings under this credit facility bear interest at a per annum rate of interest equal to the bank's prime rate or, at the Company's option but subject to certain limitations, at the bank's available LIBOR rate, plus 2.50% per annum. At May 5, 1999, outstanding borrowings under the revolving credit facility were approximately $33,000,000. The Company also increased its borrowings in its revolving line of credit by $12,259,000 in the first quarter of 1999 as compared to $5,368,000 in the first quarter of 1998. Borrowings under the credit facility are secured by substantially all of the Company's assets and rank senior in priority to other indebtedness of the Company. The Company believes that available credit under its revolving credit facility, together with internally generated funds, will be sufficient to enable the Company to meet its working capital requirements over the next 12 months. 7 8 The Company generally uses cash for, rather than generating cash from, operations during the first half of the year, because the Company builds inventories, and accounts receivables increase, as its customers begin increasing their product purchases for the spring and summer selling months (see "Seasonality and Inflation"). Net cash provided by investing activities was $653,000 in the first quarter of 1999, as compared to $5,330,000 in the same quarter of 1998. During the first quarter of 1998, the Company received cash proceeds of $5,338,000 from the sale of an investment. Capital expenditures were $300,000 in the first quarter of 1999 as compared to $47,000 in the same quarter of 1998. The Company implemented a stock repurchase program in the first quarter of 1999 and used $1,441,000 in cash to repurchase and redeem shares of its common stock. The Company leases the majority of its facilities and certain of its equipment under non-cancelable operating leases. The Company's future lease commitments are described in Note 4 of Notes to the Company's Interim Condensed Consolidated Financial Statements included elsewhere in this report. Seasonality and Inflation Sales of recreational vehicle and boating parts, supplies and accessories are seasonal. The Company has significantly higher sales during the six-month period from April through September than it does during the remainder of the year. Because a substantial portion of the Company's expenses are fixed, operating income declines and the Company sometimes incurs losses and must rely more heavily on borrowings to fund operating requirements in the months when sales are lower. Generally, the Company has been able to pass inflationary price increases on to its customers. However, inflation also may cause or may be accompanied by increases in gasoline prices and interest rates. Such increases, or event the prospect of increases in the price or shortages in the supply of gasoline, can adversely affect the purchase and usage of recreational vehicles, which can result in a decline in the demand for the Company's products. Year 2000 The Year 2000 ("Y2K") issue is the result of computer programs using a two-digit format, as opposed to four digits, to indicate the year. Such computer systems will be unable to interpret dates beyond the year 1999, which could cause a system failure or other computer errors, leading to disruptions in operations. In 1998, the Company developed a three-phase program for Y2K information systems compliance. Phase I, which has been completed, involved the identification of those areas in which the Company has exposure to Y2K issues. Phase II, which has also been completed, involved the development and implementation of action plans designed to achieve Y2K compliance. Phase III, to be completed during the third quarter of 1999, involves the final testing of each major area of exposure to ensure compliance. The Company recently replaced its existing computer systems with new or upgraded systems, as part of a capital equipment improvement program, to take advantage of improvements in computer technology and functionality that have occurred since the last major upgrading of its computer systems. 8 9 Although the primary purpose of this program was not to address the Y2K issue, the Company has been assured by its computer vendors and consultants that the new and upgraded systems are Y2K compliant. Most of the costs of the new and upgraded systems, which total approximately $2,000,000 and are being financed with bank borrowings or equipment lease financing, would have been incurred without regard to the Y2K issue. As a result, the Company believes that the costs of achieving Y2K compliance will represent only a fraction of the costs of obtaining the new and upgraded systems and such costs will not have a material effect on the Company's financial condition or operating results. Based on currently available information, the Company believes that the impact of the Year 2000 issue, as it relates to its internal computer systems, will not be material to the Company. However, notwithstanding the Company's Y2K compliance and testing programs, it will not be possible, until the beginning of 2000, to determine, with certainty, whether or not some processing problems or disruptions will occur that could cause delays in the processing, shipping and invoicing of customer orders, the processing and transmission of product purchase orders to and the receipt of products from vendors, and the gathering and analysis of financial data used by the Company in its operations. The impact of any such delays on the Company's operating results and financial condition cannot be accurately predicted,; however, as this would depend on which computer systems are affected by, and the time it takes and the expense that must be incurred to correct those problems. The Company currently expects that most of its vendors and customers that rely heavily on computer systems in transacting business with the Company, including public utilities that provide telephone and other utility services to the Company and the financial institutions with which the Company has banking and borrowing relationships, will be Y2K compliant prior to the beginning of 2000. However, that expectation is based on information furnished to the Company by those vendors and customers, and the Company has no costs-effective means of independently confirming that these third parties will, in fact, achieve Y2K compliance in sufficient time to avoid disruptions in their businesses that could affect the Company. As a result, the Company's business operations and its results of operations could be adversely affected, if any of its major vendors or customers fail to remedy their Y2K issues on a timely basis. ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK The Company's exposure to market risk with respect to financial instruments is primarily related to changes in interest rates with respect to borrowings activities, which may adversely affect its financial position, results of operations and cash flows. To a lesser degree, the Company is exposed to market risk from foreign currency fluctuations associated with the Company's Canadian operations and, to a lesser degree, Canadian currency denominated debt. The Company does not use financial instruments for trading or other speculative purposes and is not party to any derivative financial instruments. In seeking to minimize the risks from interest rate fluctuations, the Company manages exposures through its regular operating and financing activities. As of March 31, 1999, the Company had outstanding $33.0 million under its revolving credit facility. At March 31, 1999, a hypothetical 100 basis point increase in interest rates would result in a reduction of approximately $200,000 in annual pretax earnings. The fair value of borrowings under the Company's revolving credit facility approximate the carrying value of such obligations. The Company sometimes enters into forward exchange agreements to reduce the effect of foreign currency fluctuations on a portion of its inventory purchases in Canada for its Canadian 9 10 operations. The gains and losses on these contracts are reflected in earnings in the period during which the transactions being hedged are recognized. The Company believes that these agreements do not subject the Company to significant market risk from exchange rate movements because the agreements offset gains and losses on the balances and transactions being hedged. As of March 31, 1999, there were no such agreements outstanding. Approximately 20% of our debt is denominated in Canadian currency, which also exposes us to market risk associated with exchange rate movements. Historically, the Company has not used derivative financial instruments to manage its exposure to foreign currency rate fluctuations since the market risk associated with our foreign currency denominated debt has not been considered significant. -------------- This Report contains forward-looking information which reflects Management's current view of future financial performance. The forward-looking information is subject to certain risks and uncertainties, including, but not limited to, the effect on future performance of the changing product supply relationships in the industry and the uncertainties created by those changes; the potential for increased price competition; and possible changes in economic conditions, prevailing interest rates or gasoline prices, or the occurrence of unusually severe weather conditions, that can affect both the purchase and usage of recreational vehicles and boats and which, in turn, affects purchases by consumers of the products that the Company sells. For information concerning such factors and risks, see the foregoing discussion in this section of this report titled "Management's Discussion and Analysis of Financial Condition and Results of Operation." Due to such uncertainties and risks, readers are cautioned not to place undue reliance on such forward-looking statements, which speak only as of the date of this Report. 10 11 PART II ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K AND EXHIBITS (a) Exhibits. Exhibit 11.1 Computation of Earnings (Loss) Per Share for the Quarter Ended March 31, 1999. Exhibit 27. Financial Data Schedule (b) Reports on Form 8-K. No Reports on Form 8-K were filed during the quarter ended March 31, 1999. 11 12 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. Dated: May 13, 1999 THE COAST DISTRIBUTION SYSTEM, INC. By: /s/ SANDRA A. KNELL ------------------------------------ Sandra A. Knell Executive Vice President and Chief Financial Officer S-1 13 INDEX TO EXHIBITS
SEQUENTIALLY EXHIBIT NUMBERED PAGE - ------------ ------------- Exhibit 11.1 Computation of Earnings (Loss) Per Share for the Quarter Ended March 31, 1999. Exhibit 27. Financial Data Schedule
E-1 EX-11.1 2 COMPUTATION OF EARNINGS (LOSS) PER SHARE, 3/31/99 1 EXHIBIT 11.1 THE COAST DISTRIBUTION SYSTEM, INC. Computation of Earnings (Loss) Per Share Quarter Ended March 31,
INCOME (LOSS) SHARES PER-SHARE 1999 (NUMERATOR) (DENOMINATOR) AMOUNT ---- ------------- ------------- --------- Net earnings $ 340,000 Dividends paid on preferred stock of subsidiary 2,000 --------- Net earnings available to common shareholders $ 338,000 ========= Basic and diluted earnings per share $ 338,000 5,143,526 $ 0.07 ========= ========= ======
INCOME (LOSS) SHARES PER-SHARE 1998 (NUMERATOR) (DENOMINATOR) AMOUNT ---- ------------- ------------- --------- Net earnings $ 608,000 Dividends paid on preferred stock of subsidiary (3,000) --------- Net earnings available to common shareholders $ 605,000 ========= Basic and diluted earnings per share $ 605,000 5,246,879 $ 0.12 ========= ========= ======
EX-27 3 FINANCIAL DATA SCHEDULE
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE BALANCE SHEET AS OF, AND THE STATEMENT OF EARNINGS FOR THE PERIOD ENDED, MARCH 31, 1999 INCLUDED IN REGISTRANT'S QUARTERLY REPORT ON FORM 10-Q FOR THE QUARTER ENDED MARCH 31, 1999, AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH BALANCE SHEET AND STATEMENT OF EARNINGS AND THE NOTES THERETO. 1,000 3-MOS DEC-31-1999 JAN-01-1999 MAR-31-1999 258 0 34,096 0 39,400 76,251 3,991 0 89,702 21,058 33,504 190 0 18,285 14,584 89,702 41,129 41,129 33,999 5,717 0 0 623 777 437 340 0 0 0 340 .07 .07
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