-----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, FO7r2SK0YpOAHCfIPyoiUqxEkdByW5Lq/sSTsxPDzQMtc+tJesdeBAML5fYhOVES S5W9EJNoYrUp8XJ4KjkMmA== 0000950116-98-001671.txt : 19980814 0000950116-98-001671.hdr.sgml : 19980814 ACCESSION NUMBER: 0000950116-98-001671 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 8 CONFORMED PERIOD OF REPORT: 19980630 FILED AS OF DATE: 19980813 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: HEALTHCARE SERVICES GROUP INC CENTRAL INDEX KEY: 0000731012 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-TO DWELLINGS & OTHER BUILDINGS [7340] IRS NUMBER: 232018365 STATE OF INCORPORATION: PA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 000-12015 FILM NUMBER: 98684953 BUSINESS ADDRESS: STREET 1: 2643 HUNTINGDON PIKE CITY: HUNTINGDON VALLEY STATE: PA ZIP: 19006 BUSINESS PHONE: 2159381661 MAIL ADDRESS: STREET 1: 2643 HUNTINGDON PIKEE CITY: HUNTINGDON VALLEY STATE: PA ZIP: 19006 10-Q 1 SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 10-Q QUARTERLY REPORT UNDER SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For Quarter Ended June 30, 1998 Commission File Number 0-12015 HEALTHCARE SERVICES GROUP, INC. ( Exact name of registrant as specified in its charter) Pennsylvania 23-2018365 - -------------------------------- ----------------------------------- (State or other jurisdiction of (IRS Employer Identification number) incorporation or organization) 2643 Huntingdon Pike, Huntingdon Valley, Pennsylvania 19006 (Address of principal executive office) (Zip code) Registrant's telephone number, including area code: 215-938-1661 Indicate 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 past 90 days. YES X NO --------- --------- Number of shares of common stock, issued and outstanding as of August 12, 1998 is 7,531,538 Total of 15 Pages INDEX PART I. FINANCIAL INFORMATION PAGE NO. -------- Consolidated Balance Sheets as of 2 June 30, 1998 and December 31, 1997 Consolidated Statements of Income for the Three Months 3 Ended June 30, 1998 and 1997 Consolidated Statements of Income for the Six Months Ended June 30, 1998 and 1997 4 Consolidated Statements of Cash Flows for the Six Months 5 ended June 30, 1998 and 1997 Notes To Consolidated Financial Statements 6 - 8 Management's Discussion and Analysis of Financial 9 - 12 Condition and Results Of Operations Part II. OTHER INFORMATION 13 SIGNATURES 14 HEALTHCARE SERVICES GROUP, INC. Consolidated Balance Sheets
June 30, December 31, 1998 1997 (Unaudited) (Audited) ------------ ------------ ASSETS CURRENT ASSETS: Cash and cash equivalents $ 18,001,738 $ 17,774,219 Accounts and notes receivable, less allowance for doubtful accounts of $3,257,000 in 1998 and $3,663,000 in 1997 42,711,202 36,560,661 Prepaid income taxes - 366,712 Inventories and supplies 7,645,122 7,339,928 Deferred income taxes 364,457 567,119 Prepaid expenses and other 2,312,882 2,859,133 ------------ ------------ Total current assets 71,035,401 65,467,772 ------------ ------------ PROPERTY AND EQUIPMENT: Laundry and linen equipment installations 11,142,448 10,993,558 Housekeeping equipment and office furniture 8,833,878 8,731,042 Autos and trucks 51,110 157,611 ------------ ------------ 20,027,436 19,882,211 Less accumulated depreciation 14,330,578 14,245,071 ------------ ------------ 5,696,858 5,637,140 COST IN EXCESS OF FAIR VALUE OF NET ASSETS ACQUIRED less accumulated amortization of $1,366,472 in 1998 and $1,312,660 in 1997 1,989,005 2,042,817 DEFERRED INCOME TAXES 2,104,720 1,067,670 OTHER NONCURRENT ASSETS 9,933,890 10,674,340 ============ ============ $ 90,759,874 $ 84,889,739 ============ ============ LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Accounts payable $ 2,366,831 $ 4,275,902 Accrued payroll, accrued and withheld payroll taxes 3,755,828 3,770,310 Other accrued expenses 453,011 944,501 Income taxes payable 1,941,978 Accrued insurance claims 896,722 771,142 ------------ ------------ Total current liabilities 9,414,370 9,761,855 ACCRUED INSURANCE CLAIMS 3,373,385 2,900,964 COMMITMENTS AND CONTINGENCIES (Note 3) STOCKHOLDERS' EQUITY: (Note 2) Common stock, $.01 par value: 15,000,000 shares authorized, 11,257,595 shares issued and outstanding in 1998 and 7,386,863 in 1997 112,576 73,869 Additional paid in capital 27,418,995 26,005,004 Retained earnings 50,440,548 46,148,047 ------------ ------------ Total stockholders' equity 77,972,119 72,226,920 ============ ============ $ 90,759,874 $ 84,889,739 ============ ============
See accompanying notes. Healthcare Services Group, Inc. Consolidated Income Statements (Unaudited)
For the Three Months Ended June 30, 1998 1997 ------------ -------------- Revenues $ 49,405,821 $ 45,537,260 Operating costs and expenses: Costs of services provided 41,863,483 38,840,378 Selling general and administrative 4,292,401 4,020,676 Other Income: Settlement of civil litigation (Note 4) - (1,800,000) Interest Income 380,318 359,995 Income before income taxes 3,630,255 1,236,201 Income taxes 1,438,000 1,022,000 Net Income $ 2,192,255 $ 214,201 Earnings per share of common stock (Note 2) $ .20 $ .02 Diluted earnings per common share (Note 2) $ .19 $ .02 Basic weighted average number of common shares outstanding (Note 2) 11,213,016 11,110,167 Diluted weighted average number of common shares outstanding (Note 2) 11,405,969 11,306,676
See accompanying notes Healthcare Services Group, Inc. Consolidated Income Statements (Unaudited)
For the Three Months Ended June 30, 1998 1997 ------------ ------------- Revenues $ 97,172,949 $ 86,951,750 Operating costs and expenses: Costs of services provided 82,460,328 74,111,691 Selling general and administrative 8,241,549 7,527,715 Other Income: Settlement of civil litigation (Note 4) - (1,800,000) Interest Income 718,429 841,220 Income before income taxes 7,189,501 4,353,564 Income taxes 2,897,000 2,287,000 Net Income $ 4,292,501 $ 2,066,564 Earnings per share of common stock (Note 2) $ .38 $ .18 Diluted earnings per common share (Note 2) $ .38 $ .18 Basic weighted average number of common shares outstanding (Note 2) 11,174,201 11,626,908 Diluted weighted average number of common shares outstanding (Note 2) 11,430,729 11,808,374
See accompanying notes HEALTHCARE SERVICES GROUP, INC. Statements of Cash Flows (Unaudited)
For the Six Months Ended June 30, 1998 1997 ------------ ------------- Cash flows from operating activities: Net Income $ 4,292,501 $ 2,066,564 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 982,702 1,068,912 Bad debt provision 1,000,000 750,000 Deferred income taxes (benefits) (834,388) (502,869) Tax benefit of stock option transactions 185,929 18,495 Changes in operating assets and liabilities: Accounts and notes receivable (7,150,541) (3,209,758) Prepaid income taxes 366,712 Inventories and supplies (305,194) 26,699 Changes to long term notes receivable 945,309 (1,306,582) Accounts payable and other accrued expenses (2,400,561) 598,209 Accrued payroll, accrued and withheld payroll taxes (14,482) 211,686 Accrued insurance claims 598,001 660,431 Income taxes payable 1,941,978 810,974 Prepaid expenses and other assets 341,392 (42,678) ------------- -------------- Net cash provided by (used in) operating activities (50,642) 1,150,083 ------------- -------------- Cash flows from investing activities: Disposals of fixed assets 20,100 316,154 Additions to property and equipment (1,008,708) (905,443) ------------- -------------- Net cash used in investing activities (988,608) (589,289) ------------- -------------- Cash flows from financing activities: Purchase of treasury stock (9,147,680) Proceeds from the exercise of stock options 1,266,769 550,105 ------------- -------------- Net cash provided by (used in) financing activities 1,266,769 (8,597,575) ------------- -------------- Net increase (decrease) in cash and cash equivalents 227,519 (8,036,781) Cash and cash equivalents at beginning of the year 17,774,219 22,677,290 ------------- -------------- Cash and cash equivalents at end of the period $ 18,001,738 $14,640,509 ============= ==============
See accompanying notes. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) Note 1 - Basis of Reporting The accompanying financial statements are unaudited and do not include certain information and note disclosures required by generally accepted accounting principles for complete financial statements. However, in the opinion of the Company, all adjustments considered necessary for a fair presentation have been included. The balance sheet shown in this report as of December 31, 1997 has been derived from, and does not include, all the disclosures contained in the financial statements for the year ended December 31, 1997. The financial statements should be read in conjunction with the financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 1997. The results of operations for the three and six month periods ended June 30, 1998 and 1997 are not necessarily indicative of the results that may be expected for the full fiscal year. Note 2 - Three-For-Two Stock Split On August 5, 1998, the Board of Directors declared a three-for-two stock split of the Company's Common Stock effected in the form of a 50% stock dividend payable on August 27, 1998 to Common Stock stockholders of record on August 17, 1998. An amount equal to the par value of the shares of Common Stock to be issued (based on June 30, 1998 outstanding shares) was transferred from additional paid in capital to the common stock account retroactively in the June 30, 1998 balance sheet. Note 3 - Other Contingencies The Company has a $13,000,000 bank line of credit on which it may draw to meet short-term liquidity requirements or for other purposes, that expires on September 30, 1998. The Company anticipates that this credit line will be continued. Amounts drawn under the line are payable upon demand. At both June 30, 1998 and December 31, 1997, there were no borrowings under the line. At June 30, 1998 and December 31, 1997, the Company had outstanding approximately $12,600,000 and $11,200,000, respectively of irrevocable standby letters of credit, which primarily relate to payment obligations under the Company's insurance program. As a result of letters of credit issued, the amount available under the line was reduced by approximately $12,600,000 and $11,200,000 at June 30, 1998 and December 31, 1997, respectively. The Company is also involved in miscellaneous claims and litigation arising in the ordinary course of business. The Company believes that these matters, taken individually or in the aggregate, would not have a material adverse impact on the Company's financial position or results of operations. Note 4 - Settlement of Civil Litigation On July 24, 1997, the Company and the U.S. Attorney for the Eastern District of Pennsylvania reached a settlement of the civil litigation commenced by the United States Attorney on or about May 24, 1996. This litigation was a result of and arose from (1) payments made by the Company for supplies which were allegedly furnished to clients of the Company and the actions of the Company after the payments were made and (2) payments made to certain clients of the Company in connection with the purchase of laundry installations from those clients. All claims described in the complaint were settled through the payment in July, 1997 of $1,225,000 to the United States government. The Company and its officers denied all allegations, and all allegations against the Company and its officers were dismissed with prejudice. The monetary impact of this settlement plus estimated related legal costs of $575,000, amounting to approximately $1,800,000 was accrued at June 30, 1997 and reduced the net income for the three month period ended June 30, 1997 by $1,577,000 or $.14 per basic and diluted common share (after the effect of the August 5, 1998 three-for-two stock split). In addition, the six month period ended June 30, 1997 net income was reduced as a result of the settlement payment by $1,577,000 or $.14 per basic and $.13 per diluted common share (after the effect of the August 5, 1998 three-for-two stock split). The Company has not recorded an income tax benefit in the accompanying financial statements for the settlement payment of $1,225,000 and therefore the effective tax rates of 82.7% and 52.5% for the three and six month periods ended June 30, 1997, respectively are in excess of the statutory rate. Note 5 - Earnings Per Common Share In February 1997, the Financial Accounting Standards Board issued Statement of Financial Accounting Standards No. 128 (SFAS No. 128) Earnings per Share, which is effective for financial statements for periods ending after December 15, 1997 and requires that all prior period earnings per share data be restated. The Company's financial statements reflect this adoption. The new standard eliminates primary and fully diluted earnings per common share and requires presentation of basic and, if applicable, diluted earnings per common share. Basic earnings per common share is computed by dividing income available to common shareholders by the weighted-average common shares outstanding for the period. Diluted earnings per common share reflects the weighted-average common shares outstanding and dilutive potential common shares, such as stock options. Earnings per common share retroactively reflect the three-for-two stock split described in Note 2. Note 6 - Effect of Recently Issued Accounting Pronouncements Reporting Comprehensive Income In June 1997, the FASB issued SFAS No. 130, "Reporting Comprehensive Income", which is effective for fiscal years beginning after December 15, 1997. The Statement addresses the reporting and displaying of comprehensive income and its components. Adoption of SFAS No. 130 relates to disclosure within the financial statements and did not impact the Company's financial statements. Disclosures about Segments of an Enterprise and Related Information In June 1997, the FASB issued SFAS No. 131, "Disclosures about Segments of an Enterprise and Related Information" which is effective for fiscal years beginning after December 15, 1997. The Statement changes the way public companies report information about segments of their business in their annual financial statements and requires them to report selected segment information in their quarterly reports. Adoption of SFAS No. 131 is not expected to have a material effect on the Company's financial statements. Employers' Disclosure About Pensions and Postretirement Benefits In February 1998, the FASB issued SFAS No. 132, "Employers' Disclosure About Pensions and Other Postretirement Benefits." SFAS No. 132, effective for the year ending December 31, 1998, requires additional disclosures and eliminates certain existing disclosures, but does not affect recognition or measurement of net pension or postretirement benefit cost. Restatement of financial statement disclosures for prior periods is required. Adoption of SFAS No. 132 is not expected to have a material effect on the Company's financial statements. PART I. ITEM 2 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis should be read in conjunction with the financial statements and notes thereto. RESULTS OF OPERATIONS Revenues for the second quarter of 1998 increased by 8.5% over revenues in the corresponding 1997 quarter. Revenues for the six months ended June 30, 1998 increased by 11.8 % over the corresponding 1997 period. The following factors contributed to the increase in 1998 second quarter and six month period revenues as compared to the corresponding 1997 periods: service agreements with new clients increased revenues by 16.0 % for the second quarter and 17.1 % for the six month period; providing new services to existing clients increased revenues 8.9 % for the second quarter and 8.3% for the six month period; and cancellations and other minor changes decreased revenues 16.4 % for the second quarter and 13.6 % for the six month period. Cost of services provided as a percentage of revenues decreased to 84.7% for the second quarter of 1998 from 85.3 % in the corresponding 1997 quarter. In addition, cost of services as a percentage of revenue decreased to 84.9% for the six month period ending June 30, 1998 from 85.2% in the same 1997 period. The primary factors affecting specific variations in the 1998 second quarter and six month periods' cost of services provided as a percentage of revenue and their effects on the respective .6% and .3 % decreases are as follows: in the second quarter a decrease of .8% in labor costs and payroll related taxes, a decrease of .3% in health insurance and employee benefits' costs and a .3% decrease in service equipment depreciation; and offsetting these decreases was an increase of .7% in the cost of supplies consumed in performing services; in the six month period a decrease of 1.4% in labor costs and payroll related taxes, a decrease of .3% in workers' compensation, general liability and other insurance and a .3% decrease in health insurance and employee benefits; and offsetting these decreases was an increase of 1.4% in the cost of supplies consumed in performing services Selling, general and administrative expenses as a percentage of revenue decreased slightly in the second quarter of 1998 to 8.7% as compared to 8.8% in the corresponding 1997 three month period. Additionally, during the six month period ended June 30, 1998 selling, general and administrative expenses as a percentage of revenue decreased to 8.5% as compared to 8.7% in the corresponding 1997 period. The three and six month decreases are primarily attributable to the Company's ability to control certain selling, general and administrative expenses while also comparing them to a greater revenue base. Interest income decreased in the six month period ending June 30, 1998 compared to the same 1997 period principally due to lower average cash balances. The lower average cash balances in the 1998 six month period as compared to 1997 primarily resulted from the Company's expenditure of approximately $10,900,000 for a common stock buy-back which occurred during 1997. Liquidity and Capital Resources At June 30, 1998 the Company had working capital and cash of $61,621,031 and $18,001,738 respectively as compared to December 31, 1997 working capital and cash of $55,705,917 and $17,774,219, respectively. The Company's current ratio at June 30, 1998 increased to 7.5 to 1 compared to 6.7 to 1 at December 31, 1997. The net cash used by the Company's operating activities was $50,642 for the six month period ended June 30, 1998 as compared to net cash provided of $1,150,083 in the same 1997 period. The principle sources of cash flows from operating activities for the six month periods ended June 30, 1998 and 1997 were net income and the timing of payments for income taxes, depreciation and amortization and charges to operations for bad debt provisions. The operating activity that used the largest amount of cash was a $6,205,232 and $4,516,340 net increase in accounts and current and long term notes receivable at June 30, 1998 and 1997, respectively. The increases in these amounts resulted primarily from the growth in the Company's revenues. Additionally, operating activities' cash flows for the six month periods ended June 30, 1998 were decreased by $2,400,561 which resulted from the timing of payments to vendors. The Company's principle use of cash in investing activities for the six month periods ended June 30, 1998 and 1997 is the purchase of housekeeping equipment and laundry equipment installations. The Company expends considerable effort to collect the amounts due for its services on the terms agreed upon with its clients. Many of the Company's clients participate in programs funded by federal and state governmental agencies which historically have encountered delays in making payments to its program participants. Whenever possible, when a client falls behind in making agreed-upon payments, the Company converts the unpaid accounts receivable to interest bearing promissory notes. The promissory notes receivable provide a means by which to further evidence the amounts owed, provide a definitive repayment plan and therefore may enhance the ultimate collectibility of the amounts due. In some instances the Company obtains a security interest in certain of the debtors' assets. The Company encounters difficulty in collecting amounts due from certain of its clients, including those in bankruptcy, those turned over to collection attorneys, those which have terminated service agreements and slow payers experiencing financial difficulties. In order to provide for these collection problems and the general risk associated with the granting of credit terms, the Company has increased its bad debt provision by approximately $1,000,000 in the six month period ended June 30, 1998. In making its evaluation, in addition to analyzing and anticipating, where possible, the specific cases described above, management considers the general collection risk associated with trends in the long-term care industry. The Company has a $13,000,000 bank line of credit on which it may draw to meet short-term liquidity requirements in excess of internally generated cash flow, that expires on September 30, 1998. The Company anticipates that this credit line will be continued. Amounts drawn under the line are payable on demand. At June 30, 1998, there were no borrowings under the line. However, at such date, the amount available under the line had been reduced by approximately $12,600,000 as a result of contingent liabilities of the Company to the lender relating to letters of credit issued for the Company (See Note 2 of Notes to Financial Statements). At June 30, 1998, the Company had $18,001,738 of cash and cash equivalents, which it views as its principal measure of liquidity. The level of capital expenditures by the Company is generally dependent on the number of new clients obtained. Such capital expenditures primarily consist of housekeeping equipment and laundry and linen equipment installations. Although the Company has no specific material commitments for capital expenditures during calendar year 1998, it estimates that it will incur capital expenditures of approximately $2,000,000 during this year in connection with housekeeping equipment and laundry and linen equipment installations in its clients' facilities, as well as hardware and software expenditures relating to the implementation of a new computerized financial reporting system. The Company believes that its cash from operations, existing balances and available credit line will be adequate for the foreseeable future to satisfy the needs of its operations and to fund its continued growth. However, if the need arose, the Company would seek to obtain capital from such sources as long-term debt or equity financing. In accordance with the Company's previously announced authorizations to purchase its outstanding common stock, the Company expended approximately $10,900,000 to purchase 942,500 shares of its common stock during 1997 at an average price of $11.59 per common share. The Company remains authorized to purchase approximately 559,000 shares pursuant to previous Board of Directors' action. The Company's Board of Directors declared a three-for-two stock split in the form of a 50% stock dividend payable August 27, 1998, in shares of the Company's Common Stock to the owners of its Common Stock of record at the close of business August 17, 1998. The effect of this action will increase shares outstanding by approximately 3,764,231 to approximately 11,292,694. The three- for-two stock split has been retroactively reflected in the June 30, 1998 balance sheet and earnings per common share have been retroactively adjusted to reflect the three-for-two stock split. Other Matters -- Year 2000 Compliance The Company is in the process of implementing new operating and application software which it believes will be fully operational during 1998. The Company has been notified by the software manufacturer, as well as the firm providing installation support, that the new applications have functionality for the year 2000. Therefore, the Company does not believe it will incur any material expense, beyond the new systems installation costs, with respect to year 2000 issues. Additionally, the Company utilizes an independent service bureau for the processing of payroll and payroll tax related operations. Many of the Company's clients participate in programs funded by federal and state governmental agencies which may be affected by year 2000 issue. The Company has been notified by its payroll processing company that all of its systems will be fully compliant with year 2000 requirements. Any failure by the Company, its outside processing company, its clients and the federal and state governmental agencies to effectively monitor, implement or improve the above referenced operational, financial, management and technical support systems could have a material adverse effect on the Company's business and consolidated results of operations. Effects of Inflation All of the Company's service agreements allow it to pass through to its clients increases in the cost of labor resulting from new wage agreements. The Company believes that it will be able to recover increases in costs attributable to inflation by continuing to pass through cost increases to its clients. Cautionary Statements Regarding Forward Looking Statements Certain matters discussed may include forward-looking statements that are subject to risks and uncertainties that could cause actual results or objectives to differ materially from those projected. Such risks and uncertainties include, but are not limited to, risks arising from the Company providing its services exclusively to the healthcare industry and credit and collection risks associated with this industry. Additionally, the Company's operating results would be adversely effected if unexpected increases in the costs of labor, materials, supplies and equipment used in performing its services could not be passed on to clients. In addition, the Company believes that in order to improve its financial performance it must continue to obtain service agreements with new clients, as well as providing new services to existing clients, achieve modest price increases on current service agreements with existing clients and maintain internal cost reduction strategies at the various operational levels of the Company. Furthermore, the Company believes that its ability to sustain the internal development of managerial personnel is an important factor impacting future operating results and successfully executing projected growth strategies. PART II. Other Information Item 1. Legal Proceedings. Not Applicable Item 2. Changes in Securities. Not Applicable Item 3. Defaults under Senior Securities. Not Applicable Item 4. Submission of Matters to a Vote of Security Not Applicable Holders Item 5. Other Information. a) The Company's Board of Directors declared a three-for-two stock split in the form of a 50% stock dividend payable August 27, 1998, in shares of the Company's Common Stock to the owners of its Common Stock of record at the close of business August 17, 1998. The effect of this action will increase shares outstanding by approximately 3,764,231 to approximately 11,292,694 shares. Item 6. Exhibits and Reports on Form 8-K. a) Exhibits - 27 - Financial data schedule b) Reports on Form 8-K - None SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant had duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. HEALTHCARE SERVICES GROUP, INC. August 12, 1998 /s/ Daniel P. McCartney -------------------------- Date DANIEL P. McCARTNEY, Chief Executive Officer August 12, 1998 /s/ Thomas A. Cook -------------------------- Date THOMAS A. COOK, President and Chief Operating Officer August 12, 1998 /s/ James L. DiStefano -------------------------- Date JAMES L. DiSTEFANO, Chief Financial Officer and Treasurer August 12, 1998 /s/ Richard W. Hudson -------------------------- Date RICHARD W. HUDSON, Vice President-Finance, Secretary and Chief Accounting Officer EX-27 2 FINANCIAL DATA SCHEDULE
5 3-MOS DEC-31-1998 JUN-30-1998 18,001,738 0 45,968,202 3,257,000 7,645,122 71,035,401 20,027,436 14,330,578 90,759,874 9,414,370 0 0 0 112,576 77,897,068 90,759,874 0 97,172,949 82,460,328 90,701,877 0 0 0 7,189,501 2,897,000 4,292,501 0 0 0 4,292,501 .38 .38
EX-27 3 FINANCIAL DATA SCHEDULE
5 12-MOS DEC-31-1996 DEC-31-1996 22,677,290 0 37,130,730 3,812,000 7,392,507 66,110,881 19,034,490 12,821,500 86,445,647 8,676,567 0 0 0 80,907 74,857,526 86,445,647 0 162,482,169 139,178,736 152,146,259 0 0 0 11,479,072 4,590,000 6,889,072 0 0 0 6,889,072 .57 .57
EX-27 4 FINANCIAL DATA SCHEDULE
5 12-MOS DEC-31-1997 DEC-31-1997 17,774,219 0 40,223,661 3,663,000 7,339,928 65,467,772 19,882,211 14,245,071 84,889,739 9,761,855 0 0 0 73,869 72,153,051 84,889,739 0 181,359,305 0 170,277,067 0 1,800,000 0 10,694,334 4,800,000 5,894,334 0 0 0 5,894,334 .52 .51
EX-27 5 FINANCIAL DATA SCHEDULE
5 3-MOS DEC-31-1997 SEP-30-1997 19,351,574 0 40,733,154 4,187,000 7,411,189 66,577,055 19,630,535 13,861,346 86,149,454 12,320,393 0 0 0 73,891 70,571,573 86,149,454 0 134,160,823 114,190,260 125,977,943 0 1,800,000 0 7,482,003 3,560,000 3,922,003 0 0 0 3,922,003 .34 .34
EX-27 6 FINANCIAL DATA SCHEDULE
5 3-MOS DEC-31-1997 JUN-30-1997 14,640,509 0 39,590,488 3,812,000 7,365,808 60,759,215 19,166,975 13,379,795 82,214,431 10,436,129 0 0 0 73,505 68,352,410 82,214,431 0 86,951,750 74,111,691 81,639,406 0 1,800,000 0 4,353,564 2,287,000 2,066,564 0 0 0 2,066,564 .18 .18
EX-27 7 FINANCIAL DATA SCHEDULE
5 3-MOS DEC-31-1997 MAR-31-1997 23,208,378 0 39,202,805 3,812,000 7,415,551 69,108,267 18,837,534 12,832,460 89,568,489 9,579,878 0 0 0 80,902 76,677,065 89,568,489 0 41,414,490 35,271,313 38,778,351 0 0 0 3,117,363 1,265,000 1,852,363 0 0 0 1,852,363 .15 .15
EX-27 8 FINANCIAL DATA SCHEDULE
5 3-MOS DEC-31-1998 MAR-31-1998 19,664,072 0 42,935,614 3,822,000 7,516,060 69,711,900 20,115,300 14,707,501 89,022,095 11,074,095 0 0 0 74,578 74,925,296 89,022,095 0 47,767,127 40,596,844 44,545,992 0 0 0 3,559,246 1,459,000 2,100,246 0 0 0 2,100,246 .19 .18
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