-----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, GLdmKQvbTMEnGx5Zr9FTaLtC6OoLtSlwjGNGLGGhS/FhLxlCSWwT5zXf9C0e8KUv aGFQpHK9vf36WpqFpiXSww== 0000950110-98-000124.txt : 19980217 0000950110-98-000124.hdr.sgml : 19980217 ACCESSION NUMBER: 0000950110-98-000124 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19971231 FILED AS OF DATE: 19980212 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: ZYGO CORP CENTRAL INDEX KEY: 0000730716 STANDARD INDUSTRIAL CLASSIFICATION: OPTICAL INSTRUMENTS & LENSES [3827] IRS NUMBER: 060864500 STATE OF INCORPORATION: DE FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 000-12944 FILM NUMBER: 98534210 BUSINESS ADDRESS: STREET 1: LAUREL BROOK RD CITY: MIDDLEFIELD STATE: CT ZIP: 06455 BUSINESS PHONE: 8603478506 MAIL ADDRESS: STREET 1: LAUREL BROOK ROAD CITY: MIDDLEFIELD STATE: CT ZIP: 06455 10-Q 1 FORM 10-Q FORM 10-Q. QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 (Mark One) X Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended December 31, 1997 or Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from ____________ to ____________ (Amended by Exch Act Rel No. 312905. Eff 4/26/93) Commission File Number 0-12944 Zygo Corporation - -------------------------------------------------------------------------------- (Exact name of registrant as specified in its charter) Delaware 06-0864500 - -------------------------------------------------------------------------------- (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) Laurel Brook Road, Middlefield, Connecticut 06455 - -------------------------------------------------------------------------------- (Address of principal executive offices) (Zip Code) (860) 347-8506 - -------------------------------------------------------------------------------- Registrant's telephone number, including area code N/A - -------------------------------------------------------------------------------- (Former name, former address, and former fiscal year, if changed from 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 ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PRECEDING FIVE YEARS: Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13, or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. YES 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. 10,928,547 Common Stock, $.10 Par Value at February 2, 1998 PART I -- FINANCIAL INFORMATION Item 1. Financial Statements CONSOLIDATED STATEMENTS OF EARNINGS (Thousands, except per share amounts)
For the Three Months For the Six Months Ended December 31, (1) Ended December 31, (1) ---------------------- ---------------------- 1997 1996 1997 1996 ---- ---- ---- ---- Net sales $27,277 $20,810 $51,593 $39,253 Cost of good sold 15,701 10,747 28,552 20,957 ------- ------- ------- ------- Gross profit 11,576 10,063 23,041 18,296 Selling, general and administrative expenses 3,620 3,292 7,548 6,074 Research, development and engineering expenses 2,465 1,859 4,910 3,239 Nonrecurring acquisition-related charges 0 0 1,585 11,083 Failed merger costs 0 0 335 0 Amortization of goodwill and other intangibles 196 145 338 231 ------- ------- ------- ------- Operating profit (loss) 5,295 4,767 8,325 (2,331) ------- ------- ------- ------- Other income (expense): Interest income 240 156 525 543 Miscellaneous (expense), net (135) (50) (156) (77) ------- ------- ------- ------- 105 106 369 466 ------- ------- ------- ------- Earnings (loss) before income taxes 5,400 4,873 8,694 (1,865) Income tax expense 1,711 1,774 3,307 2,980 ------- ------- ------- ------- Net earnings (loss) 3,689 3,099 5,387 (4,845) ======= ======= ======= ======= Earnings per common share (4): Basic $ .34 $ .30 $ .50 $ (.47)(3) ======= ======= ======= ======= Diluted $ .30 $ .26 $ .44 $ (.47)(3) ======= ======= ======= ======= Weighted average number of shares: Basic (2) 10,921 10,405 10,816 10,333 ======= ======= ======= ======= Diluted (2) 12,338 11,976 12,275 10,333(3) ======= ======= ======= =======
- -------------- (1) The results of Sight Systems, Inc. which is being accounted for as an immaterial pooling-of-interests, are included from July 1, 1997; the results of Syncotec Neue Technologien und Instrumente GmbH are included from September 1, 1997 when the acquisition of the remaining 50% of Syncotec was completed; and the results of Technical Instrument Co. are included in the consolidated results of the Company from August 8, 1996 when that acquisition was effective, since both of Syncotec and TIC were accounted for as purchases. (2) The difference between basic shares outstanding and diluted shares outstanding is the assumed conversion of common stock equivalents (stock options) in the amounts of 1,417,000 and 1,571,000 in the three months ended December 31, 1997 and 1996, respectively, and 1,459,000 in the six months ended December 31, 1997. (3) As per generally accepted accounting principles, the computation of the net loss per share is based on the weighted average basic shares outstanding. (4) The net earnings per common share have been restated as a result of the adoption of Statement of Financial Accounting Standards No 128, Earnings per Share. -2- CONSOLIDATED BALANCE SHEETS As of December 31, 1997 and June 30, 1997 (Thousands, except share amounts) ASSETS December 31, June 30, - ------ 1997 1997 ------------ -------- Current Assets: Cash and cash equivalents $16,815 $10,981 Marketable securities 8,466 12,766 Receivables 20,571 20,730 Inventories: Raw materials and manufactured parts 9,079 7,435 Work in process 4,126 3,248 Finished goods 789 973 ------- ------- Total inventories 13,994 11,656 ------- ------- Costs in excess of billings 2,472 2,082 Prepaid expenses and taxes 280 590 Deferred income taxes 2,311 2,205 ------- ------- Total current assets 64,909 61,010 ------- ------- Property, plant and equipment, at cost 26,622 21,865 Less accumulated depreciation 14,062 12,691 ------- ------- Net property, plant and equipment 12,560 9,174 ------- ------- Goodwill and other intangible assets, net 8,814 7,818 Other assets 366 797 ------- ------- Total assets $86,649 $78,799 ======= ======= LIABILITIES AND STOCKHOLDERS' EQUITY - ------------------------------------ Current Liabilities: Accounts payable $ 6,663 $ 4,659 Accrued expenses and customer progress payments 6,577 8,246 Federal and state income taxes 3 472 ------- ------- Total current liabilities 13,243 13,377 ------- ------- Deferred income taxes 3,448 3,014 Stockholders' Equity: Common stock, $.10 par value per share: 15,000,000 shares authorized; 11,136,147 shares issued (10,765,940 at June 30, 1997) 1,114 1,077 Additional paid-in capital 41,785 40,210 Retained earnings 27,335 21,405 Currency translation effects 7 0 Net unrealized gain on marketable securities 18 17 ------- ------- 70,259 62,709 Less treasury stock, at cost; 207,600 shares 301 301 ------- ------- Total stockholders' equity 69,958 62,408 ------- ------- Total liabilities and stockholders' equity $86,649 $78,799 ======= ======= -3- CONSOLIDATED STATEMENTS OF CASH FLOWS Six Months Ended December 31, 1997 and 1996 (Thousands of dollars) 1997 1996 ---- ---- Cash provided by (used for) operating activities: Net earnings (loss) $ 5,387 $(4,845) Adjustments to reconcile net earnings (loss) to cash provided by (used for) operating activities: Depreciation and amortization 1,652 1,152 Deferred income taxes 0 726 Loss on disposal of assets 232 141 Nonrecurring in-process R&D 879 10,084 Gain on sale of marketable securities (70) (50) Intangible and other assets 0 386 Changes in operating accounts: Receivables 984 (2,628) Costs in excess of billings (390) (625) Inventories (1,859) (2,594) Prepaid expenses 315 (56) Accounts payable and accrued expenses (1,847) (4,677) ------- ------- Net cash provided by (used for) operating activities 5,283 (2,986) ------- ------- Cash provided by (used for) investing activities: Additions to property, plant and equipment (4,684) (2,062) Investment in marketable securities (2,704) (1,605) Investment in other assets (345) (188) Acquisition of business (1,268) (11,786) Proceeds from sale of marketable securities 2,208 4,848 Proceeds from maturity of marketable securities 4,805 2,845 Proceeds from sale of assets 0 17 Cash acquired from acquisitions 2,059 0 ------- ------- Net cash provided by (used for) investing activities 71 (7,931) ------- ------- Cash provided by (used for) financing activities: Repayment of long-term debt 0 (2,662) Exercise of employee stock options 480 211 ------- ------- Net cash provided by (used for) financing activities 480 (2,451) ------- ------- Net increase (decrease) in cash and cash equivalents 5,834 (13,368) Cash and cash equivalents, beginning of year 10,981 18,449 ------- ------- Cash and cash equivalents, end of quarter $16,815 $ 5,081 ======= ======= The interim financial statements furnished herein reflect all adjustments which are, in the opinion of management, necessary for a fair statement of the results for the interim periods presented. All such adjustments are of a normal and recurring nature. The results for the quarter ended December 31, 1997 are not necessarily indicative of the results to be expected for the entire fiscal year. These interim financial statements should be read in conjunction with the financial statements and notes included in the Company's June 30, 1997 Annual Report on Form 10-K including items incorporated by reference herein. -4- Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations. Zygo Corporation, through its divisions and wholly owned subsidiaries, Middlefield, Technical Instrument Company ("TIC"), and NexStar Automation, Inc. ("NexStar"), designs, develops, manufactures, and markets high performance noncontact electro-optical measuring instruments and systems, automation systems, and components. The Middlefield division also manufactures optical components to precise tolerances both for sale and for use as key elements in its own products. Utilizing proprietary laser and white light optical technology combined with advanced software and electronics, Zygo's precision noncontact measuring instruments and systems enable manufacturers in a variety of high technology industries, including data storage, semiconductor, and precision optics, to increase operating efficiencies and production yields by identifying and collecting quantitative data on product defects, both during and after the manufacturing process. Zygo's interferometric and confocal components are sold directly to OEMs for incorporation into their products. Zygo's optical components are used in many applications, including laser fusion research, semiconductor manufacturing equipment, and aerospace optical systems, as well as being an integral part of precision optical components. Predominantly all of Zygo's instruments and systems employ either a laser or white light source to make noncontact measurements. Zygo is a leader in interferometric and confocal metrology. Interferometric metrology, utilizing a process called interferometry, whereby a pattern of bright and dark lines (called fringes) results from an optical path difference between a reference and a measurement beam. Zygo's products then analyze these patterns through a series of steps and generate quantitative three-dimensional surface profiles, which are used to determine conformity to dimensional specification and, increasingly, to analyze and enhance manufacturing processes. Interferometric measurement instruments and systems are used by a variety of industries, including by the data storage industry to inspect and analyze the surface of computer hard disks and read/write heads, and by the semiconductor industry for high precision distance measurement and motion control. Confocal Scanning Optical Microscopy ("CSOM") is a key base technology employed in TIC's products. The majority of TIC's microscope systems and subsystems employ white light CSOM technology. In a microscope utilizing white light CSOM imaging, a high-intensity white light illuminates a section of a spinning disk containing pinholes arranged in multiple spiral patterns. Acting as point illumination sources, the pinholes direct light to points on the sample. The reflected light from the sample returns through the same section of the disk. Only light from points on the sample near the focal plane will pass through the pinholes for imaging. Zygo's NexStar Automation unit designs, develops, manufactures, and markets comprehensive automated system solutions to enable manufacturers in a variety of high technology industries, including the data storage, semiconductor, and electronics industries, to enhance operational efficiencies and product yields. NexStar's high speed production solutions reduce downtimes, especially in manufacturing processes adaptable to the manufacture of multiple products differing in size, features, and functionality. The Company completed its acquisition of Sight Systems, Inc. ("SSI"), effective August 19, 1997, a privately held business located in Newbury Park, California. SSI is engaged in the business of designing, developing, manufacturing, and marketing application-specific machine vision systems. SSI serves the data storage industry and the semiconductor industry with application-specific vision systems which are primarily used in production by its customers. These vision systems are unique in that they are configured from a vast collection of software and hardware components into a system which meets specific customer requirements. Examples of such applications in the data storage industry where SSI has sold the majority of its systems to date include: pole geometry measurements and gap width on various types of read/write heads, straightness, and measurements of read/write heads mounted on row bars in the manufacturing process. -5- The Company, via its wholly owned subsidiary, Technical Instrument Company, completed the acquisition of Syncotec Neue Technologien und Instrumente GmbH ("Syncotec"), a German-based company, effective September 1, 1997. Zygo, prior to this acquisition, completed all necessary legal requirements allowing for appropriate transfer and registration of its original 50 percent ownership on June 30, 1997. Syncotec, located in Asslar, Germany, designs, develops, manufactures, and markets high precision metrology systems and components which incorporate TIC's confocal scanning optical microscopy technology for European customers to improve their production efficiency and manufacturing yields. The acquisitions of both SSI and Syncotec will enhance the Company's ability to provide yield improvement to the high technology market. The Company continues to integrate the activities of all of its operations and is focused on providing both standalone systems and components as well as fully integrated systems to its customers in the data storage, semiconductor, and other high technology industries. Results of Operations - --------------------- Net sales of $27,277,000 for the three months and $51,593,000 for the six months ended December 31, 1997, increased by $6,467,000 or 31% and $12,340,000 or 31%, respectively, from the net sales in the comparable prior year periods. Net sales of the Company's instruments and systems increased by 8.5% to $17,093,000 and net sales of modules and components, which includes revenues recorded on the NIF optics facility contract with Lawrence Livermore National Laboratory, increased by 101.5% to $10,184,000 in the second quarter of fiscal 1998, each from the comparable quarter in fiscal 1997. Net sales of the Company's instruments and systems and net sales of modules and components increased by $6,347,000 or 23% and $5,993,000 or 53%, respectively, for the six months ended December 31, 1997 as compared to the six-month period ended December 31, 1996. On a pro forma basis, including the net sales of all acquired businesses in both the second quarter and half-year periods of fiscal 1998 and fiscal 1997, the increase in net sales in the second quarter of fiscal 1998 amounted to $4,769,000 or 21% compared to the second quarter of fiscal 1997 and the increase in the first half of fiscal 1998 amounted to $7,232,000 or 16% compared to the first half of fiscal 1997. Gross profit for the three months and six months ended December 31, 1997, amounted to $11,576,000 and $23,041,000, respectively, an increase of $1,513,000 and $4,745,000 from the comparable prior year periods. Gross profit as a percentage of sales for the quarter and six months ended December 31, 1997, amounted to 42.4% and 44.7%, respectively, a decrease of 6.0 and 1.9 percentage points, respectively, from gross profit as a percentage of sales of 48.4% and 46.6%, respectively, for the three months and six months ended December 31, 1996. While gross profit dollars increased due to sales volume increases, gross profit as a percentage of sales decreased principally due to the impact of the NIF facility project with its generally lower margins, the effects of product mix, and the underutilization of certain fixed manufacturing costs, primarily in the Company's Longmont, Colorado, facility. Selling, general and administrative expenses of $3,620,000 and $7,548,000, respectively, in the three months and six months ended December 31, 1997, increased by $328,000 or 10%, and $1,474,000 or 24%, respectively, from the same periods the year earlier. The increases in the three-month and six-month periods ended December 31, 1997, were primarily due to the impact of increased spending on selling and service infrastructure, and volume-related expenses, such as commissions paid to the Company's direct sales personnel and external sales agents, partially offset by lower administrative expenses of certain variable expense items. As a percentage of sales, selling, general and administrative expenses declined in the three months and six months ended December 31, 1997, to 13.3% and 14.6%, respectively, as compared to 15.8% and 15.5%, respectively, in the comparable prior year period. -6- Research, development and engineering expenses ("R&D") amounted to $2,465,000 or 9.0% of sales and $4,910,000 or 9.5% of sales, respectively, for the three months and six months ended December 31, 1997. In the comparable three- and six-month periods in the prior year, R&D expenses totaled $1,859,000 or 8.9% of sales and $3,239,000 or 8.3% of sales, respectively. The Company's increase in R&D expenses primarily resulted from increased spending on new product development, particularly engineering resources, and the inclusion of Syncotec from September 1997 and SSI from July 1997. Results of operations for the six-month period ended December 31, 1997 includes $1,920,000 of nonrecurring acquisition-related charges recorded in the three months ended September 30, 1997. These nonrecurring charges consisted of $707,000 of expenses incurred to complete the Company's acquisition of SSI, the write-off of $878,000 of in-process research and development costs in conjunction with the Company's acquisition of Syncotec, and $335,000 of expenses relating to the Company's failed merger discussions with Digital Instruments, Inc. which were terminated in October 1997. In the three months ended September 30, 1996 the Company recorded acquisition-related charges amounting to $11,083,000 relating to its acquisitions of TIC and NexStar. Operating profit in the three months ended December 31, 1997 amounted to $5,295,000, an increase of $528,000 or 11% from the $4,767,000 of operating profit in the comparable prior year period. Excluding the nonrecurring charges for both periods, the Company's operating profit in the six months ended December 31, 1997 was $10,245,000, an increase of $1,493,000 or 17% from the $8,752,000 of operating profit in the six months ended December 31, 1996. Including the nonrecurring charges for both periods, the Company reported an operating profit of $8,325,000 for the six months ended December 31, 1997 as compared with an operating loss of $2,331,000 in the comparable prior year period. Net earnings totaled $3,689,000 in the three-month period ended December 31, 1997, an increase of $590,000 or 19% from the $3,099,000 reported in the three-month period ended December 31, 1996. The Company reported diluted per share earnings of $.30 in the quarter ended December 31, 1997, an increase of 15% over diluted per share earnings of $.26 in the comparable quarter in the prior year. Excluding nonrecurring charges, net income for the first half of fiscal 1998 totaled $7,307,000, an increase of $1,069,000 or 17% from the first half of fiscal 1997. Diluted earnings per share for the first half of fiscal 1998, excluding the nonrecurring charges, were $.60, up 15% from $.52 in the first half of fiscal 1997. Including the nonrecurring charges, the Company reported net earnings of $5,387,000 or $.44 per share for the first half of fiscal 1998, as compared to a net loss in the comparable prior period of $(4,845,000) or $(.47) per share. The Company has adopted the requirements of Statement of Financial Accounting Standards 128 (SFAS 128) "Earnings per Share." The statement replaces the presentation of primary earnings per share with basic earnings per common share and fully diluted earnings per share, with diluted earnings per common share. The difference between basic shares outstanding and diluted shares outstanding is the assumed conversion of common stock equivalents (stock options) in the amounts of 1,417,000 and 1,571,000 in the three months ended December 31, 1997 and 1996, respectively, and 1,459,000 in the six months ended December 31, 1997. As per generally accepted accounting principles, the computation of the net loss per common share for the six months ended December 31, 1996 is based on the weighted average basic shares outstanding. Financial Condition - ------------------- At December 31, 1997, working capital was $51,666,000, an increase of $4,033,000 from the amount at June 30, 1997 and $2,067,000 from September 30, 1997 levels. The Company at December 31, 1997 -7- had cash and cash equivalents of $16,815,000 and marketable securities of $8,466,000 for a total of $25,281,000, an increase of $1,195,000 from September 30, 1997. The increase in working capital in the quarter was principally due to increases in the levels of accounts receivable due to higher sales levels and of cash, while reductions in tax liabilities were largely offset by increased payable levels. When compared to June 30, 1997, the increase in working capital was principally a result of an increase in cash and cash equivalents and, to a lesser extent, in inventories, due to growth in sales. During the year, the Company has primarily utilized cash flow from operations to fund its capital plan [and the cash portion of the purchase price of acquiring Syncotec.] Capital expenditures increased 127% to $4,684,000 for the six months ended December 31, 1997, as compared to the same period in the prior year, primarily due to the building addition under construction at the Company's Middlefield, Connecticut, location. As of December 31, 1997, there were no borrowings outstanding under the Company's $3,000,000 bank line of credit. Unused amounts under the line of credit are available for short-term working capital needs. The Company's backlog at December 31, 1997 totaled $36,006,000, an increase of 24% from the backlog at December 31, 1996. While the Company had anticipated a decline in its backlog from the record $43,765,000 at September 30, 1997 due to revenue recognized on the NIF optics facility program, the softness in two major market sectors, semiconductor and data storage, resulted in a more significant decline than planned. Management is particularly concerned with the Asian currency crisis and the resultant uncertainty in demand for data storage and semiconductor components which has led customers in those sectors to hold back their capital spending plans affecting orders for Zygo equipment. This Form 10-Q may contain 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, which reflect the Company's current judgment on certain issues. Because such statements apply to future events, they are subject to risks and uncertainties that could cause the actual results to differ materially. Important factors which could cause actual results to differ materially are described in the Company's reports on Form 10-K and 10-Q and other materials on file with the Securities and Exchange Commission. PART II Item 4. Submission of Matters to a Vote of Security Holders The Annual Meeting of Stockholders was held on November 13, 1997. The following matters were submitted to a vote of the Company's stockholders: Proposal No. 1 -- Election of Board of Directors To elect nine directors for the ensuing year. The following individuals, all of whom were Company directors immediately prior to the vote, were elected as a result of the following vote: For Against --- ------- Michael R. Corboy 9,003,530 245,655 Paul F. Forman 9,003,364 245,821 Seymour E. Liebman 9,003,868 245,317 Robert G. McKelvey 9,003,779 245,406 Paul W. Murrill 9,003,773 245,412 John R. Rockwell 9,003,730 245,455 Robert B. Taylor 9,003,853 245,332 Gary K. Willis 9,003,868 245,317 Carl A. Zanoni 9,003,779 245,406 -8- Proposal No. 2 -- Adoption of an amendment to the Company's Amended and Restated Non-Qualified Stock Option Plan To adopt an amendment to the Company's Amended and Restated Non-Qualified Stock Option Plan to increase the number of shares of common stock authorized for issuance under the plan from 2,850,000 to 3,350,000. The amendment to the Company's Amended and Restated Non-Qualified Stock Option Plan was adopted, as written in the proxy statement dated October 8, 1997, as a result of the following vote: Votes For 7,047,715 Votes Against 2,173,503 Abstentions 27,967 There were no other matters submitted to a vote of the Company's stockholders. Item 6. Exhibits and Reports on Form 8-K (a) Exhibit 27. Financial Data Schedule. (b) 1. On October 20, 1997, the Company filed a Current Report on Form 8-K, dated October 8, 1997 reporting the termination of merger discussion with Digital Instruments, Inc. -9- SIGNATURE 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. Zygo Corporation ------------------------------ (Registrant) /s/ GARY K. WILLIS ------------------------------------------- Gary K. Willis President and Chief Executive Officer /s/ MARK J. BONNEY ------------------------------------------- Mark J. Bonney Vice President, Finance and Administration, Treasurer, and Chief Financial Officer Date: February 12, 1998 EXHIBIT INDEX Exhibit Description Page - ------- ----------- ---- 27 Financial Data Schedule for the quarterly report on Form 10-Q for the period ended December 31, 1997. EX-27 2 FINANCIAL DATA SCHEDULE
5 This schedule contains summary financial information extracted from the consolidated balance sheet and the consolidated statement of earnings and is qualified in its entirety by reference to such financial statements. 1,000 6-MOS JUN-30-1998 DEC-31-1997 $16,815 8,466 20,935 694 13,994 64,909 26,622 14,062 86,649 13,243 0 0 0 1,114 69,145 86,649 51,593 51,593 28,552 14,716 452 0 0 8,694 3,307 5,387 0 0 0 5,387 .50 .44
-----END PRIVACY-ENHANCED MESSAGE-----