-----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, PT36/hkLxzGzSeUWh4Wqt1TG1wLhDFt+winmtLZTaX7ybCtT40n5V96hsPaQ8w24 5jOrEJgr+jTWNuuDLocddg== 0000730464-00-000002.txt : 20000207 0000730464-00-000002.hdr.sgml : 20000207 ACCESSION NUMBER: 0000730464-00-000002 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19991231 FILED AS OF DATE: 20000204 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DEVRY INC CENTRAL INDEX KEY: 0000730464 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-EDUCATIONAL SERVICES [8200] IRS NUMBER: 363150143 STATE OF INCORPORATION: DE FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 001-13988 FILM NUMBER: 523623 BUSINESS ADDRESS: STREET 1: ONE TOWER LN STREET 2: SUITE 1000 CITY: OAKBROOK TERRACE STATE: IL ZIP: 60181 BUSINESS PHONE: 7085717700 MAIL ADDRESS: STREET 1: ONE TOWER LANE CITY: OAKBROOK STATE: IL ZIP: 60181 10-Q 1 1 FORM 10-Q UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 _______________________ [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended December 31, 1999 Commission file number 0-12751 DeVRY INC. (Exact name of registrant as specified in its charter) DELAWARE 36-3150143 ------------------------------- -------------------- (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) One Tower Lane, Oakbrook Terrace, Illinois 60181 ---------------------------------------------------- (Address of principal executive offices) (Zip Code) (630) 571-7700 ---------------------------------------------------- (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 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 Number of shares of Common Stock, $0.01 par value, outstanding at January 24, 2000: 69,583,348 Total number of pages: 15 2 DeVRY INC. FORM 10-Q INDEX For the Quarter ended December 31, 1999 Page No. -------- PART I. Financial Information Item 1. Financial Statements: Consolidated Balance Sheets at December 31, 1999, June 30, 1999, and December 31, 1998 3-4 Consolidated Statements of Income for the quarter and six months ended December 31, 1999, and 1998 5 Consolidated Statements of Cash Flows for the six months ended December 31, 1999, and 1998 6 Notes to Consolidated Financial Statements 7-8 Item 2. Management's Discussion and Analysis of Results of Operations and Financial Condition 9-12 Part II. Other Information Item 4. Submission of Matters to a vote of of Security Holders 13 Item 5. Other Information 14 Item 6. Exhibits and Reports on Form 8-K 14 SIGNATURES 15 3 PART I - Financial Information Item 1 - Financial Statements DEVRY INC. CONSOLIDATED BALANCE SHEETS (Dollars in Thousands)
December 31, June 30, December 31, 1999 1999 1998 ------------ ----------- ------------ (Unaudited) (Unaudited) ASSETS Current Assets Cash and Cash Equivalents $ 39,806 $ 31,848 $ 29,557 Restricted Cash 36,400 20,766 36,009 Accounts Receivable, Net 53,419 14,217 37,611 Inventories 3,590 6,592 1,924 Deferred Income Taxes 2,656 4,536 1,551 Prepaid Expenses and Other 4,545 982 3,322 -------- -------- -------- Total Current Assets 140,416 78,941 109,974 -------- -------- -------- Land, Buildings and Equipment Land 38,420 37,833 37,809 Buildings 97,096 73,175 71,275 Equipment 104,974 92,304 82,496 Construction In Progress 1,326 12,741 3,347 -------- -------- -------- 241,816 216,053 194,927 Accumulated Depreciation (90,886) (80,842) (71,841) -------- -------- -------- Land, Buildings and Equipment, Net 150,930 135,211 123,086 -------- -------- -------- Other Assets Intangible Assets, Net 76,057 37,841 37,093 Perkins Program Fund, Net 7,375 7,375 6,813 Other Assets 1,455 1,323 1,405 -------- -------- -------- Total Other Assets 84,887 46,539 45,311 -------- -------- -------- TOTAL ASSETS $376,233 $260,691 $278,371 ======== ======== ========
The accompanying notes are an integral part of these consolidated financial statements. 4 DEVRY INC. CONSOLIDATED BALANCE SHEETS (Dollars in Thousands)
December 31, June 30, December 31, 1999 1999 1998 ------------ ----------- ------------ (Unaudited) (Unaudited) LIABILITIES Current Liabilities Accounts Payable $ 35,935 $ 29,080 $ 18,693 Accrued Salaries, Wages & Benefits 20,459 22,339 16,944 Accrued Expenses 9,114 5,500 10,876 Advance Tuition Payments 8,901 11,979 5,290 Deferred Tuition Revenue 71,563 5,145 59,416 -------- -------- -------- Total Current Liabilities 145,972 74,043 111,219 -------- -------- -------- Other Liabilities Revolving Loan 20,000 - - Deferred Income Tax Liability 178 2,137 3,695 Deferred Rent and Other 11,929 9,206 8,812 -------- -------- -------- Total Other Liabilities 32,107 11,343 12,507 -------- -------- -------- TOTAL LIABILITIES 178,079 85,386 123,726 -------- -------- -------- SHAREHOLDERS' EQUITY Common Stock, $0.01 par value, 200,000,000 Shares Authorized, 69,572,363, 69,414,020 and 69,365,741, Shares Issued and Outstanding at December 31, 1999, June 30, 1999 and December 31, 1998, Respectively 695 694 694 Additional Paid-in Capital 61,251 60,948 60,686 Retained Earnings 135,913 113,215 92,500 Accumulated Other Comprehensive Income 295 448 765 -------- -------- -------- TOTAL SHAREHOLDERS' EQUITY 198,154 175,305 154,645 -------- -------- -------- TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $376,233 $260,691 $278,371 ======== ======== ========
The accompanying notes are an integral part of these consolidated financial statements. 5 DEVRY INC. CONSOLIDATED STATEMENTS OF INCOME (Dollars in Thousands Except for Per Share Amounts) (Unaudited)
For The Quarter For The Six Months Ended December 31, Ended December 31, -------------------- -------------------- 1999 1998 1999 1998 -------------------- -------------------- REVENUES: Tuition $118,973 $ 96,479 $225,836 $181,232 Other Educational 13,971 11,074 25,086 19,942 Interest 304 260 608 497 -------- -------- -------- -------- Total Revenues 133,248 107,813 251,530 201,671 -------- -------- -------- -------- COSTS AND EXPENSES: Cost of Educational Services 72,537 58,372 143,764 114,958 Student Services and Administrative Expense 39,347 32,491 69,613 56,798 Interest Expense 435 44 1,009 214 -------- -------- -------- -------- Total Costs and Expenses 112,319 90,907 214,386 171,970 -------- -------- -------- -------- Income Before Income Taxes 20,929 16,906 37,144 29,701 Income Tax Provision 8,138 6,607 14,446 11,584 -------- -------- -------- -------- NET INCOME $ 12,791 $ 10,299 $ 22,698 $ 18,117 ======== ======== ======== ======== EARNINGS PER COMMON SHARE Basic $0.18 $0.15 $0.33 $0.26 ===== ===== ===== ===== Diluted $0.18 $0.15 $0.32 $0.26 ===== ===== ===== =====
The accompanying notes are an integral part of these consolidated financial statements. 6 DEVRY INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (Dollars in Thousands) (Unaudited)
For The Six Months Ended December 31, 1999 1998 --------- --------- CASH FLOWS FROM OPERATING ACTIVITIES: Net Income $22,698 $18,117 Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: Depreciation 9,887 7,176 Amortization 1,849 829 Provision for Refunds and Uncollectible Accounts 11,939 9,460 Deferred Income Taxes (79) 82 Loss on Disposals and Adjustments to Land, Buildings and Equipment (36) 193 Changes in Assets and Liabilities: Restricted Cash (15,489) (19,134) Accounts Receivable (50,716) (35,150) Inventories 3,085 3,294 Prepaid Expenses And Other (400) 967 Perkins Program Fund Contribution and Other (196) Accounts Payable 4,559 (5,423) Accrued Salaries, Wages, Expenses and Benefits (1,495) (230) Advance Tuition Payments (4,527) (3,912) Deferred Tuition Revenue 66,418 53,681 ------ ------ NET CASH PROVIDED BY OPERATING ACTIVITIES 47,693 29,754 ------ ------ CASH FLOWS USED IN INVESTING ACTIVITIES: Capital Expenditures (21,199) (22,350) Payments for Purchases of Businesses, Net of Cash Acquired (38,687) - ------ ------ NET CASH USED IN INVESTING ACTIVITIES (59,886) (22,350) CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds From Exercise of Stock Options 304 77 Proceeds From Revolving Credit Facility 40,000 Repayments Under Revolving Credit Facility (20,000) (10,000) ------ ------ NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES 20,304 (9,923) Effects of Exchange Rate Differences (153) 195 ------ ------ NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 7,958 (2,324) Cash and Cash Equivalents at Beginning of Period 31,848 31,881 ------ ------ Cash and Cash Equivalents at End of Period $39,806 $29,557 ====== ====== SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION Interest Paid During the Period $949 $203 Income Taxes Paid During the Period 17,246 12,460
The accompanying notes are an integral part of these consolidated financial statements. 7 DEVRY INC. Notes to Consolidated Financial Statements For the Quarter and Six Months Ended December 31, 1999 ---------- 1. The interim consolidated financial statements include the accounts of DeVry Inc. (the Company) and its wholly-owned subsidiaries. These financial statements are unaudited but, in the opinion of management, contain all adjustments, consisting only of normal, recurring adjustments, necessary to present fairly the financial condition and results of operations of the Company. The interim consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto contained in the Company's Annual Report on Form 10-K for the fiscal year ended June 30, 1999 and in conjunction with the Company's quarterly report on Form 10-Q for the quarter ended September 30, 1999, each as filed with the Securities and Exchange Commission. The results of operations for the six months ended December 31, 1999, are not necessarily indicative of results to be expected for the entire fiscal year. Certain previously reported amounts have been reclassified to conform to the current presentation format. 2. Statement of Financial Accounting Standards No. 130 "Reporting Comprehensive Income" established standards for reporting and display of comprehensive income and its components in the financial statements. The Company's only item that meets the definition for adjustment to arrive at comprehensive income is the change in cumulative translation adjustment. This amount was immaterial for the quarter and six months ended December 31, 1999. 3. On July 1, 1999, the Company acquired substantially all of the tangible operating assets, trademarks and trade names and assumed certain liabilities of the Denver Technical College ("DTC"). These assets were purchased, for cash, from Educational Development Corporation and its stockholders. On this same date, the Company acquired certain land and buildings used by DTC from Niagara Limited Partnership for cash. DTC is one of the largest technical colleges in Colorado. The college offers undergraduate and post-graduate degree programs in electronics, computer technology, business and medical technology at campuses in Denver and Colorado Springs. On July 2, 1999, Becker CPA acquired certain tangible operating assets, trademarks and trade names of Conviser Duffy CPA Review Course ("Conviser Duffy"). These assets were purchased, for cash, from a unit of Harcourt General, Inc. Conviser Duffy is a nationally known training firm preparing students to pass the CPA exam. 8 Funding for the above acquisitions was obtained through borrowings under the Company's revolving credit facility. The acquisitions are accounted for under the purchase method of accounting. Accordingly, the purchase prices have been allocated to the tangible and identifiable intangible assets acquired and liabilities assumed based on their estimated fair values. The intangible assets, consisting primarily of goodwill, are being amortized using the straight line method primarily over a 25-year period for financial reporting purposes and will be deducted for tax reporting purposes over shorter statutory lives. 4. In July and August 1999, the Company granted options to purchase up to 232,000 shares of the Company's common stock under the Amended and Restated Stock Incentive Plan, the 1991 Stock Incentive Plan and the 1994 Stock Incentive Plan. 5. The Company's revolving line of credit agreement contains a covenant requiring guarantees to the lenders from the Company and its subsidiaries. Several new subsidiaries, formed by the Company to facilitate acquisitions during the first and second quarters of fiscal 2000, did not deliver such guarantees until after the required period, creating an Event of Default as defined by the loan agreement. On December 3, 1999, the lenders waived this default for all prior periods. 9 Item 2 - Management's Discussion and Analysis of Results of Operations and Financial Condition Certain information contained in this quarterly report may constitute forward looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements may involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Potential risks and uncertainties include, but are not limited to, dependence on student financial aid, state and provincial approval and licensing requirements, and the other factors detailed in the Company's SEC filings, including those discussed under the heading entitled "Risk Factors" in the Company's Registration Statement on Form S-3 (No. 333-22457) filed with the Securities and Exchange Commission The following discussion of the Company's results of operations and financial condition should be read in conjunction with the consolidated financial statements of the Company and the notes thereto as included in the Company's annual report on Form 10-K for the fiscal year ended June 30, 1999, and in conjunction with the Company's quarterly report on Form 10-Q for the quarter ended September 30, 1999, both as filed with the Securities and Exchange Commission. All references to per share amounts have been restated to reflect the June 19, 1998, two-for-one stock split. Because of the somewhat seasonal pattern of the Company's enrollments and its term starting dates, which affect the results of operations and the timing of cash inflows, the Company's management believes that comparisons of its results of operations should be made to the corresponding period in the preceding year. Comparisons of financial position should be made to both the end of the previous fiscal year and to the end of the corresponding period in the preceding year. Because of the seasonality of student enrollments, the Company's second and third quarters have historically represented the periods of highest revenues and net income within a fiscal year. Results of Operations - --------------------- Tuition revenues for the second quarter increased by $22.5 million, or 23.3%, compared to the second quarter of last year. For the first six months, the increase in tuition revenues was $44.6 million, or 24.6%. These increases in tuition revenue were produced by several positive factors. Enrollments for the summer term at the Company's undergraduate schools increased by 15.9% from last summer and enrollments for the fall term increased by 13.4% from last year. These were the 26th and 27th consecutive terms that exceed prior year results in total student enrollment. The total undergraduate student enrollments include the DeVry Institutes and Denver Technical College which was acquired in July. Contributing to the record revenues and enrollments were the increased number of students attending the DeVry Institute campuses in San Francisco, California, and Long Island City, New York, both of which were opened last year. At Keller Graduate school, total student enrollments for the June and September terms increased, respectively, by 19.9% and 15.0% from last year. Tuition increases approximating 5-6% were implemented by both DeVry Institutes and Keller during the past year, contributing further to the revenue gains. Also, revenue growth came 10 from increased enrollments at the Becker CPA review course, complemented by the July acquisition of the Conviser Duffy CPA Review course. Other Educational Revenues, composed primarily of sales of books and supplies, increased for the quarter and six months because of sales to the increased number of students attending the Company's educational programs. Sales of the popular Becker CPA review course on CD-ROM, which are included in this category, continued their increase from the prior year. Interest income on the Company's short-term investments increased slightly from the first and second quarters of last year, reflecting generally higher interest rates available this year and somewhat higher cash balances throughout the period as a result of higher cash flow from operations and somewhat less capital spending during the first six months. Cost of Educational Services for the quarter increased by $14.2 million, or 24.3%, from last year. For the first half, the increase was $28.8 million, or 25.1%. These increases reflect the instructional costs associated with the acquisitions of Denver Technical College and Conviser Duffy as well as the cost of additional facilities, faculty, staff, service and supply costs associated with new DeVry Institute and Keller Graduate School sites. Compared to last November, Keller is operating at five new teaching sites and there is one new DeVry Institute campus. Increased enrollments at previously existing sites, particularly the two DeVry Institutes which opened last year and now have substantially higher enrollments after a year of operation, also contributed to the increase in spending. Depreciation expense, included in the cost of Educational Services, increased by $1.3 million for the quarter and by $2.7 million for the first half compared to last year. These increases reflect increased capital spending for the past several years, continuing on into the current year, to expand and improve the Company's operations. The provision for refunds and doubtful accounts, which is a non-cash charge against income, remained a constant percent to revenue for the first half of the year compared to last year. Compared to the percentage of revenue two years ago, this provision has increased at a somewhat lower rate than revenues. The Company believes that this long-term lowering of the rate of increase is a reflection of the benefits from increased new student admission standards at DeVry Institutes and improved educational programs and support throughout all of the Company's educational programs. Student Services and Administrative Expense increased by $6.9 million, or 21.1% from the second quarter of last year. For the first half, these expenses increased by $12.8 million, or 22.6% from last year. These increases reflect the marketing and administrative costs associated with the two acquired operations and the marketing costs associated with student recruitment for the DeVry Institutes' new school in West Hills, California, plus costs associated with marketing for the new Keller Graduate School teaching sites which have opened since last year. Because marketing costs are incurred before the revenue from new student enrollments is realized, these increased rates of spending also reflect efforts and programs aimed at student recruiting for future terms. Amortization expense of intangible assets, which is included in Student Services and Administrative Expense, increased by $0.5 million for the second quarter and by $1.0 million for the first half, reflecting the amortization of goodwill from the two acquisitions which were completed at the start of the fiscal year and recorded under the purchase method of accounting. 11 The Company's earnings from operations, before interest expense and taxes, were a record for any second quarter and first half period. Operating margins, which have been rising steadily over the corresponding year-ago periods, increased again in the second quarter, following a similar increase in the first quarter. These increases were achieved by higher operating leverage on continued enrollment growth at the Company's previously existing locations and cost controls over all areas of spending. Interest expense increased by $0.4 million and $0.8 million for the quarter and first six months, respectively. The increase in expense reflects outstanding borrowings under the Company's revolving term loan agreement which were used to complete the acquisitions for Denver Technical College and Conviser Duffy CPA Review. Net income of $12.8 million, or $0.18 per diluted share, for the quarter and $22.7 million, or $0.32 per diluted share, for the half, continued the pattern of year-over-year earnings increases in excess of 20% in every time period. The start of the new year passed with no disruption to the Company's operations. Testing of communications and information systems' performance was conducted at all of the Company's major facilities on Sunday, January 2nd. This testing verified that the software and hardware, which had been the subject of earlier testing, was functioning as expected and without problems. Business resumed without interruption on January 3rd and only minor software modifications were subsequently required to correct certain reports not regularly nor frequently used. To-date, there has been no measurable adverse effect on the Company from events surrounding the start of the new calendar year. While the Company believes that efforts directed to this event have now been completed, there is no assurance that some future efforts will not be required. Liquidity and Capital Resources - ------------------------------- Cash generated from operations reached $47.7 million in the first half, an increase of $17.9 million from the same period last year. Higher net income, increased non-cash charges for depreciation and amortization, and higher accounts payable were the primary contributors to the increased cash flow. The higher accounts receivable, which are increasing because of higher student enrollments, and by the inclusion of approximately $13 million owed but not yet received from federal financial aid programs, was almost completely offset by higher deferred tuition revenues reflecting the higher level of revenue that creates these receivables. The acquisition of Denver Technical College and Conviser Duffy CPA Review also contributed to the increase in receivables. Capital spending was $21.2 million for the first six months. Included in this total is the completion of construction of the DeVry Institute campus in West Hills, California, and the addition to the urban Chicago campus. Renovation and expansion at the Columbus, Ohio, campus and the start of construction at the new campus in Tinley Park, Illinois, also contributed to the high level of spending. The rate of spending should slow somewhat in the second half of the fiscal year as several of the projects listed above have now been completed. 12 At the start of the fiscal year, the Company borrowed $40.0 million under its revolving term loan to complete two acquisitions. Subsequent to this borrowing, the Company has repaid a total of $20.0 million from cash on hand and cash generated from operations. Future borrowings and repayments will depend upon the levels of cash generated from operations and cash requirements for operation and expansion. The Company believes that current balances of unrestricted cash, cash generated from operations and its revolving term loan agreement will be sufficient to fund its operations for the foreseeable future. 13 PART II - Other information Item 4 - Submission of Matters to a Vote of Security Holders - ------------------------------------------------------------ The Company's regular annual meeting of stockholders was held in Chicago, Illinois, on Tuesday, November 16, 1999, pursuant to notice duly given. Proxies for the meeting were solicited in accordance with the Securities Exchange Act of 1934 and there was no solicitation in opposition to those of management. At the meeting, four Directors of the Company were elected to serve as Class II Directors to hold office until 2002 or until their respective successors are elected and qualified. The results of the voting for Directors, whether in person or by proxy, were as follows: For Against Withheld --- ------- -------- Class II: David S. Brown 55,559,558 - 433,359 Dennis J. Keller 55,576,633 - 416,284 Robert E. King 55,663,422 - 329,495 Frederick A. Krehbiel 55,664,356 - 328,561 The terms of office of the following Directors continued after the meeting: Ewen M. Akin, Charles A. Bowsher, Thurston E. Manning, Robert C. McCormack, Julie A. McGee, Hugo J. Melvoin and Ronald L. Taylor. At this meeting shareholders were asked to approved the adoption of the DeVry Inc. 1999 Stock Incentive Plan. The following Table presents the stockholders' vote on the matter: For Against Withheld --- ------- -------- 52,481,848 3,444,942 66,052 Also submitted to a vote of the stockholders at this meeting was a proposal for the ratification of the appointment of PricewaterhouseCoopers LLP as independent public accountants for the Company for the current fiscal year. The following table presents the results of the stockholders' vote on this matter: For Against Withheld --- ------- -------- 55,957,656 16,711 18,550 14 PART II - Other information Item 5 - Other Information - -------------------------- During the second quarter, the Company's Becker Conviser CPA division completed the acquisition of CPA review programs in Ohio and Minnesota. These programs, which were regionally strong and prominent in their areas of operation, will enhance the current distribution of locations at which the Becker Conviser program is offered. Both acquisitions were for cash and are being accounted for under the purchase method of accounting. The Company's DeVry Institute division of DeVry University has entered into an agreement for the construction of an approximately 70,000 square facility in the Orlando, Florida area for occupancy in the fall of calendar year 2000. The Keller Graduate School of Management currently operates at several locations in the state of Florida. In December, the Company amended its revolving loan agreement to remove certain restrictions regarding acquisitions, to revise one of the financial loan covenant terms to better reflect the Company's current strong financial structure and to waive the untimely notification of newly formed subsidiaries as guarantors of the agreement. Item 6 - Exhibits and Reports on Form 8-K (b) Reports on Form 8-K - ----------------------- There were no reports on Form 8-K filed by the Company during the quarter ended December 31, 1999. 15 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. Date: FEBRUARY 4, 2000 /s/ Ronald L. Taylor -------------------- Ronald L. Taylor President and Chief Operating Officer Date: FEBRUARY 4, 2000 /s/Norman M. Levine -------------------- Norman M. Levine Vice President Finance, Controller, Chief Financial and Accounting Officer EX-27 2
5 1000 6-MOS JUN-30-2000 DEC-31-1999 76206 0 64757 11338 3590 140416 241816 90886 376233 145972 20000 0 0 695 197459 376233 0 251530 0 143764 69613 11939 1009 37144 14446 0 0 0 0 22698 .33 .32
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