-----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, GRuW7l0N5NWkFhdFRQH4oD4LCzRfEEfXhqb7JWXhEMbZJ6zcahU/jkTud5G0D1CV T2TIW5+pyZtCjEuCkFUmjA== 0000073864-98-000009.txt : 19981030 0000073864-98-000009.hdr.sgml : 19981030 ACCESSION NUMBER: 0000073864-98-000009 CONFORMED SUBMISSION TYPE: 10-Q/A PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19980130 FILED AS OF DATE: 19981029 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: OEA INC /DE/ CENTRAL INDEX KEY: 0000073864 STANDARD INDUSTRIAL CLASSIFICATION: MOTOR VEHICLE PARTS & ACCESSORIES [3714] IRS NUMBER: 362362379 STATE OF INCORPORATION: DE FISCAL YEAR END: 0731 FILING VALUES: FORM TYPE: 10-Q/A SEC ACT: SEC FILE NUMBER: 001-06711 FILM NUMBER: 98732939 BUSINESS ADDRESS: STREET 1: 34501 E QUINCY AVE CITY: DENVER STATE: CO ZIP: 80250 BUSINESS PHONE: 3036931248 MAIL ADDRESS: STREET 1: P O BOX 100488 CITY: DENVER STATE: CO ZIP: 80250 10-Q/A 1 QUARTER ENDED JANUARY 30, 1998 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q/A [X] Quarterly Report Pursuant to Section 13 or 15 (d) of the Securities Exchange Act of 1934 For the Quarterly period ended January 30, 1998 OR [ ] Transition Report Pursuant to Section 13 or 15(d) of the Securities Act of 1934 For the transition period from to Commission file number 1-6711 OEA, INC. - --------------------------------------------------------------------- (Exact name of registrant as specified in its charter) Delaware 36-2362379 (State or other jurisdiction of (I.R.S. Employer Identification incorporation or organization) Number) P. O. Box 100488, Denver, Colorado 80250 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (303) 693-1248 (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 Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date. 20,594,757 Shares of Common Stock at March 5, 1998. PART I - FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS Index to Financial Statements Page No. Consolidated Condensed Balance Sheets January 30, 1998 (unaudited) and July 31, 1997.............................. 3 Consolidated Condensed Statements of Earnings (unaudited) Three Months and Six Months Ended January 30, 1998 and January 31, 1997............................... 4 Consolidated Condensed Statements of Cash Flows (unaudited) Six Months Ended January 30, 1998 and January 31, 1997............................... 5 Notes to Consolidated Condensed Financial Statements (Unaudited)......................... 6 OEA, INC. CONSOLIDATED CONDENSED BALANCE SHEETS (in thousands) ASSETS January July 30, 31, 1998 1997 --------- ------- Current Assets: (Unaudited) Cash and Cash Equivalents $ 2,747 $ 4,138 Accounts Receivable, Net 48,926 45,099 Unbilled Costs and Accrued Earnings 4,189 4,062 Income Taxes Receivable 365 2,568 Inventories Raw Material and Component Parts 41,470 39,786 Work-in-Process 23,637 21,107 Finished Goods 13,189 9,513 -------- --------- 78,296 70,406 Prepaid Expenses and Other 1,646 1,046 -------- --------- Total Current Assets 136,169 127,319 -------- --------- Property, Plant and Equipment 264,984 238,545 Less: Accumulated Depreciation 63,922 54,651 -------- --------- Property, Plant and Equipment, 201,062 183,894 Net Cash Value of Life Insurance 317 317 Long-Term Receivable 3,000 3,000 Investment in Foreign Joint Venture 2,323 2,323 Deferred Charges --- 13,527 Other Assets 1,218 1,176 -------- --------- Total Assets $ 344,089 $ 331,556 ======== ======== LIABILITIES AND STOCKHOLDERS EQUITY Current Liabilities: Accounts Payable $ 19,821 $ 27,043 Interest Payable 2,034 1,431 Accrued Expenses 5,541 6,251 Federal and State Income Taxes 1,306 1,306 -------- --------- Total Current Liabilities 28,702 36,031 Long-term Bank Borrowings 128,000 93,200 Deferred Income Taxes 9,388 14,562 Other 985 985 -------- --------- Total Liabilities 167,075 144,778 -------- --------- Stockholders' Equity: Common Stock - $.10 par value, Authorized 50,000,000 shares: Issued - 22,019,700 shares 2,202 2,202 Additional Paid-In Capital 13,144 12,956 Retained Earnings 166,727 176,547 Less: Cost of Treasury Shares, (2,169) (2,164) 1,442,943 and 1,467,531 Equity Adjustment from Translation (2,890) (2,763) -------- --------- Total Stockholders' Equity 177,014 186,778 -------- --------- Total Liabilities and $ 344,089 $ 331,556 Stockholders' Equity ======== =========
OEA, INC. CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS (Unaudited) (in thousands, except share data) Three Six Months Months Ended Ended January January January January 30, 31, 30, 31, 1998 1997 1998 1997 --------- -------- --------- -------- Net Sales $ 59,414 $ 51,486 $ 116,749 $ 96,826 Cost of Sales 51,305 37,029 98,476 67,853 --------- -------- --------- -------- Gross Profit 8,109 14,457 18,273 28,973 General and Administrative Expenses 2,118 1,950 4,003 3,524 Research and Development Expenses 376 83 677 1,267 --------- -------- --------- -------- Operating Profit 5,615 12,424 13,593 24,182 Other Income (Expense): Interest Income 69 63 200 108 Interest Expense (1,401) (3) (2,376) (16) Other, Net (291) 174 (137) 60 --------- -------- --------- -------- (1,623) 234 (2,313) 152 --------- -------- --------- -------- Earnings Before Income Taxes 3,992 12,658 11,280 24,334 Federal and State Income Tax Expense 1,614 4,854 4,270 9,424 --------- -------- --------- -------- Net Earnings Before Cumulative Effect of a Change in Accounting $ 2,378 $ 7,804 $ 7,010 $ 14,910 Principle Cumulative Effect of a Change in --- --- (10,040) --- Accounting Principle --------- -------- --------- -------- Net Earnings (Loss) $ 2,378 $ 7,804 $ (3,030) $ 14,910 ======== ======== ======== ======== Earnings per Share Before Cumulative Effect of a Change in Accounting Principle: Earnings per Share - Basic $ 0.12 $ 0.38 $ 0.34 $ 0.73 Earnings per Share - Diluted $ 0.12 $ 0.38 $ 0.34 $ 0.72 Cumulative Effect of Change in Accounting Principle: Earnings (Loss) per Share - --- --- (0.49) --- Basic Earnings (Loss) per Share - --- --- (0.49) --- Diluted --------- -------- --------- -------- Net Earnings (Loss) per Share: Earnings (Loss) per Share - $ 0.12 $ 0.38 $ (0.15) $ 0.73 Basic Earnings (Loss) per Share - $ 0.12 $ 0.38 $ (0.15) $ 0.72 Diluted ======== ======== ======== ======== Weighted Average Number of Shares 20,576,208 20,541,348 20,566,693 20,531,781 Outstanding - Basic ======== ======== ======== ======== Weighted Average Number of Share 20,610,612 20,617,819 20,596,784 20,605,581 Outstanding - Diluted ======== ======== ======== ========
OEA, INC. CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (Unaudited) (in thousands) Six Months Ended January January 30, 31, 1998 1997 -------- --------- Operating Activities: Net Earnings $ (3,030) $ 14,910 Adjustments to reconcile net earnings to net cash provided by operating activities: Undistributed earnings of foreign joint 10,040 --- venture Cumulative effect of a change in --- (301) accounting principal Depreciation and amortization 10,867 7,388 Increase in deferred compensation payable --- 61 Loss on disposal of property, plant and 3 --- equipment Changes in operating assets and liabilities: Accounts receivable (3,758) (3,012) Unbilled costs and accrued earnings (127) (617) Inventories (7,883) (7,769) Prepaid expenses and other (598) 19 Accounts payable and accrued (7,339) (6,378) expenses Income taxes payable 2,985 930 -------- --------- Net cash provided by/(used in) 1,160 5,231 operating activities Investing activities: Capital expenditures (30,757) (38,931) Proceeds from sale of property, plant, and 255 --- equipment Increase in deferred charges --- (3,920) Increase in other assets, net (80) (23) -------- --------- Net cash used in investing (30,582) (42,874) activities Financing activities: Purchases of common stock for treasury (43) (117) Proceeds from issuance of treasury stock 226 359 Increase in borrowings, net (6,791) (6,162) 34,800 44,000 -------- --------- Net cash provided by financing 28,192 38,080 activities Effect of exchange rate (161) (179) changes on cash -------- --------- Net increase/(decrease) in (1,391) 258 cash and cash equivalents Cash and cash equivalents at beginning of 4,138 2,560 period -------- --------- Cash and cash equivalents at end of period $ 2,747 $ 2,818 ======== =========
Notes to Consolidated Condensed Financial Statements (Unaudited) Note 1 - Basis of Presentation The unaudited financial statements furnished above have been restated to reflect the early adoption of the AICPA's Statement of Position 98-5 "Reporting on the Costs of Start-up Activities" (see Note 3 below). Additionally, the unaudited financial statements reflect all other adjustments (consisting primarily of normal recurring accruals) which are, in the opinion of OEA's management, necessary for a fair statement of the results for the three-month and six-month periods ended January 30, 1998. Refer to the Company's annual financial statements for the year ended July 31, 1997, for a description of the accounting policies, which have been continued without change, except for the Company's policy with respect to deferred start-up costs, as discussed at Note 3 below. Also, refer to the footnotes with those financial statements for additional details of the Company's financial condition, results of operations, and changes in financial position. The details in those notes have not changed, except as a result of normal transactions in the interim. Note 2 - Earnings per Share In February 1997, the FASB issued Statement No. 128, Earnings per Share. The statement simplifies the standards for computing earnings per share ("EPS"), and requires the presentation of both basic and diluted EPS on the face of the statement of earnings with supplementary disclosures. Statement No. 128 became effective for financial statements issued for periods ending after December 15, 1997, including interim periods. The Company has adopted Statement No. 128 for the second quarter of fiscal 1998. Earnings per share of common stock is computed on the basis of the weighted average number of shares outstanding during the year. The dilutive effect on reported basic earnings per share from the assumed exercise of stock options outstanding was 34,404 shares for the three months ended January 30, 1998 and 30,091 shares for the six months ended January 30, 1998. The dilutive effects on reported basic earnings per share were 76,471 and 73,800, respectively, for the prior-year periods. Note 3 - Start-up Costs In April 1998, the American Institute of Certified Public Accountants (AICPA) issued Statement of Position 98-5, "Reporting on the Costs of Start-up Activities." This Statement requires entities to expense costs of start-up activities as they are incurred and to report the initial adoption as a cumulative effect of a change in accounting principle as described in Accounting Principles Board Opinion No. 20, "Accounting Changes." Statement of Position No. 98-5 is effective for fiscal years beginning after December 15, 1998. However, in July 1998 the Company elected to adopt Statement of Position 98-5 retroactively to the first quarter of fiscal 1998. This election required the restatement of fiscal 1998 quarterly financial statements to reflect a $10 million cumulative effect of a change in accounting principle in the first quarter and to expense start-up costs previously capitalized during the year. Note 4 - Recently Issued Pronouncements In June 1997, the FASB issued Statement No. 130, Reporting Comprehensive Income. The Statement establishes standards for reporting and display of comprehensive income and its components in a full set of general-purpose financial statements. Statement No. 130 will be effective for fiscal years beginning after December 15, 1997. The Company will adopt Statement No. 130 during the first quarter of fiscal year 1999, and does not expect the impact to be material. In June 1997, the FASB issued Statement No. 131, Disclosures about Segments of an Enterprise and Related Information. The Statement requires public business enterprises to report certain information about operating segments in complete sets of financial statements of the enterprise and in condensed financial statements of interim periods issued to shareholders. It also requires that public business enterprises report certain information about their products and services, the geographic areas in which they operate, and their major customers. Statement No. 131 will be effective for fiscal years beginning after December 15, 1997. The Company will adopt Statement No. 131 in its fiscal year 1999. Note 5 - Bank Borrowings On December 18, 1996, the Company entered into an unsecured, four-year, $100 million Revolving Credit Agreement with a group of four banks. This agreement was amended on September 10, 1997 to increase the revolving credit facility to $130 million. The interest rate is .625% above the federal funds rate when total indebtedness is equal to or less than 30% of total capitalization and increases to .7% above the federal funds rate when total indebtedness exceeds 30% of total capitalization. Additionally, the Company pays an annual fee equal to .125% of the banks' total commitment. At the Company's discretion, it may convert all or part of the total debt to Eurodollar or Alternate Base Rate loan(s). The credit facility expires on December 18, 2000, and provides for annual twelve-month extensions to the termination date. In addition to this facility, the Company recently secured a $10 million line of credit with an interest rate of .8% above the federal funds rate from two of the banks participating in the $130 million revolving credit facility. At January 30, 1998, the total debt outstanding related to these credit facilities was $128 million. All outstanding debt at January 30, 1998 is classified as long-term since no portion is either due or expected to be permanently repaid within the next twelve-month period. ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS This report contains certain forward-looking statements within the meaning of Section 27E of the Securities Exchange Act of 1934, as amended, with respect to the Company's sales, earnings, market penetration, plans, products, projections and other matters. These statements are based on assumptions as to future events and are therefore inherently uncertain. A number of factors, including those discussed below and elsewhere herein, may cause the Company's actual results to differ materially from those contemplated by these forward-looking statements. The Company's future sales in the automotive segment are expected to consist increasingly of passenger, driver and side-impact inflators that are being produced by the Company in new manufacturing facilities. These facilities are currently in operation and are expected to have the ability to run at full capacity by the end of fiscal year 1998. The Company's future inflator sales and market penetration will depend on its success in achieving planned automation and production efficiencies in its new inflator facilities and on its continued success in manufacturing inflators that meet the expectations of its customers in 1998 and beyond. The Company's expectations as to future sales are based upon annual blanket purchase orders received by customers in the automotive segment and governmental orders received in the nonautomotive segment. Annual blanket purchase orders are not binding on the Company's customers and actual quantities will depend upon weekly releases received from these customers. However, because the customers have designed the Company's products into their air bag modules and inflators, the Company believes the actual quantity sold will vary based on its customers sales. Governmental orders in the nonautomotive segment can be canceled or terminated for the convenience of the government. In addition, future technological developments could adversely impact sales of the Company's products. A summary of the period to period changes in the principal items included in the consolidated statements of earnings is shown below: Comparison of --------------------------------------- Three Months Ended Six Months Ended January 30, 1998 January 30, 1998 and January 31, 1997 and January 31, 1997 Increase (Decrease) Increase (Decrease) (in thousands) (in thousands) ---------------- ----------------- Net Sales 7,928 15.4% 19,923 20.6% Cost Of Sales 14,276 38.6% 30,623 45.1% General and Administrative Expenses 168 8.6% 479 13.6% Research and Development Expenses 293 353.0% (590) (46.6%) Net Earnings Before Cumulative Effect of a Change in Accounting Principle (5,426) (69.5%) (7,900) (53.0%) Net Earnings (5,426) (69.5%) (17,940) (120.3%)
NET SALES Net sales increased 15.4% for the three months ended January 30, 1998, and 20.6% for the six months ended January 30, 1998, as compared to the prior-year periods, primarily due to increased sales in both the automotive and nonautomotive segments. The automotive segment sales increased 15.4% ($6.4 million) to $47.8 million in the second quarter and 19.3% ($15.0 million) to $92.8 million for the first half of the fiscal year. These increases are due primarily to increased inflator sales, partially offset by lower initiator sales. The increased inflator sales reflect continued strong customer acceptance of the Company's inflator program and increased demand for air bags from both domestic and foreign automobile manufacturers. The nonautomotive segment sales increased by 15.4% ($1.5 million) to $11.6 million for the second quarter, and by 25.8% ($4.9 million) to $23.9 million for the first half of the fiscal year. This is primarily due to increases in engineering development contracts, the Delta satellite launcher program and the V-22 Osprey (tiltrotor aircraft) program. COST OF SALES Cost of sales increased by 38.6% for the three months ended January 30, 1998, and by 45.1% for the six months ended January 30, 1998, as compared to the prior-year periods. Gross margins were $8.1 million, or 13.6% of sales, for the second quarter and $18.3 million, or 15.7% of sales, for the first half of fiscal year 1998, as compared to the prior-year margins of $14.5 million, or 28.1% of sales, for the second quarter and $29.0 million, or 29.9% for the first half. Both initiator and inflator gross margins for the first half of fiscal 1998 were below prior-year levels in the automotive segment. Initiator margins in the second quarter were consistent with the prior-year period; however, margins for the first half were lower than the prior-year period due to scheduled price reductions and lower leverage of fixed costs. These factors, plus lower volume, resulted in a $5.1 million decrease in initiator gross margins for the first half of fiscal 1998, as compared to the prior-year period. Inflator costs for both the second quarter and the first half were higher than in the prior-year periods due to 1) costs for the continued ramp-up of the Company's four new inflator production lines, including delays in reaching target efficiencies; 2) a parts shortage resulting in periodic production shut-downs on the Company's passenger inflator lines; and 3) reduced driver and second-generation passenger volume due to customer program delays. During the second quarter, the Company produced in excess of 1.4 million inflators. When the new inflator production lines are fully implemented, the Company's annual production capacity is expected to increase from 3 million to 15 million units. Initial production on these new inflator lines began late in the fourth quarter of fiscal 1997 and the production ramp-up is expected to continue through the fourth quarter of fiscal 1998. Automotive margins were further reduced 2.1 percentage points by the continuing shift in product mix from initiators to inflators. Initiators represent a more mature, higher margin product line, whereas inflators are in the early production and start-up stages of the products' life cycle. Additionally, inflator costs were higher than in the prior-year periods due to the adoption of the AICPA's Statement of Position 98-5, "Reporting the Costs of Start-up Activities." This resulted in expensing previously capitalized start-up costs in the amounts of $3.5 million and $6.1 million, respectively, for the three months and six months ended January 30, 1998. These were offset by the reversal of capitalized start-up amortization in the amounts of $.9 million and $1.3 million, respectively, for the three months and six months ended January 30, 1998. GENERAL AND ADMINISTRATIVE EXPENSES General and administrative expenses increased $0.2 million for the three months ended January 30, 1998, and $0.5 million for the first half of fiscal 1998, as compared to the prior-year periods. These increases were primarily attributed to increases in general and administrative support necessary for the new inflator production lines. As a percentage of sales, general and administrative expenses decreased to 3.6% in the second quarter of fiscal 1998 and 3.4% for the first half of fiscal 1998 from 3.8% and 3.6%, respectively, in the prior-year periods. RESEARCH AND DEVELOPMENT EXPENSES Research and development costs increased $0.3 million for the three months ended January 30, 1998 and decreased $0.6 million for the six months ended January 30, 1998, as compared to the prior-year periods. Because the Company has completed the product development phase for its driver, side-impact, and second-generation passenger inflators, development costs are not expected to increase significantly for the remainder of fiscal year 1998. NET EARNINGS BEFORE CUMULATIVE EFFECT OF A CHANGE IN ACCOUNTING PRINCIPLE For the reasons described above, net earnings before cumulative effect of a change in accounting principle decreased $5.4 million, or 69.5%, for the three months ended January 30, 1998 and decreased $7.9 million, or 53.0%, for the six months ended January 30, 1998, as compared to the prior-year periods. This resulted in a decrease in basic earnings per share to $.12 for the second quarter and $.34 for the first half of fiscal 1998 from $.38 and $.73, respectively, for the prior-year periods. CUMULATIVE EFFECT OF A CHANGE IN ACCOUNTING PRINCIPLE In April 1998, the American Institute of Certified Public Accountants (AICPA) issued Statement of Position 98-5, "Reporting on the Costs of Start-up Activities" (SOP 98-5). This Statement requires entities to expense costs of start-up activities as they are incurred and to report the initial adoption as a cumulative effect of a change in accounting principle as described in Accounting Principles Board Opinion No. 20, "Accounting Changes." Start-up activities are defined broadly as those one-time activities related to opening a new facility, introducing a new product or service, conducting business in a new territory, conducting business with a new class of customer or beneficiary, initiating a new process in an existing facility, or commencing some new operation. SOP 98-5 is effective for fiscal years beginning after December 15, 1998. However, in July 1998 the Company elected to adopt it retroactively to the first quarter of fiscal 1998. Accordingly, the fiscal 1998 quarterly financial statements have been restated to expense start-up costs in the net amounts of $2.6 million and $4.8 million, respectively, for the three months and six months ended January 30, 1998 (see "Cost of Sales" above). Additionally, the Company wrote off in the first quarter the net book value ($10.0 million) of its start-up and related costs included in the scope of SOP 98-5 as a one-time adjustment referred to as a Cumulative Effect of a Change in Accounting Principle. The total after-tax amount of these adjustments was $13.2 million for the six months ended January 30, 1998. NET EARNINGS Net earnings decreased $5.4 million, or 69.5%, for the three months ended January 30, 1998 and decreased $17.9 million, or 120.3%, for the six months ended January 30, 1998, as compared to the prior-year periods. This resulted in a decrease in basic earnings per share to $.12 for the second quarter and ($.15) for the first half of fiscal 1998 from $.38 and $.73, respectively, for the prior-year periods. The Company has taken and is planning to take a number of steps that it believes will improve earnings in future periods. To further improve margins in initiator production, the Company's domestic initiator operations will be consolidated in the Utah facility in the second half of fiscal 1998. Additionally, several steps are being taken to improve inflator margins, including certain equipment design modifications to improve efficiencies in the Company's three new product lines, and material cost reductions resulting from design improvements and new supplier partnering arrangements. LIQUIDITY AND CAPITAL RESOURCES The Company's working capital increased during the quarter to $107.5 million. During the six months ended January 30, 1998, the Company made capital expenditures totaling approximately $30.8 million, which were funded from bank borrowings. On December 18, 1996, the Company entered into a four-year, $100 million Revolving Credit Agreement with a group of four banks. The Company's principal bank is acting as agent for this agreement. On September 10, 1997, the agreement was amended to increase the revolving credit facility to $130 million. In addition to this facility, the Company recently secured a $10 million line of credit with two of the banks participating in the $130 million revolving credit facility. The Company had $128 million of long-term debt against these credit facilities at January 30, 1998. Anticipated working capital requirements, capital expenditures, and facility expansions are expected to be met through bank borrowings and from internally generated funds. 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. OEA, INC. (Registrant) October 27, 1998 /s/ J Thomas McConathy Date J. Thompson McConathy Vice President Finance (Principal Financial and Accounting Officer) October 27, 1998 /s/ Charles B Kafadar Date Charles B. Kafadar Chief Executive Officer (Principal Executive Officer) EX-27 2 FDS --
5 (Replace this text with the legend) 0000073864 OEA, INC./DE/ U.S. DOLLAR 6-MOS JUL-31-1998 AUG-01-1997 JAN-30-1998 1.00 2,747,000 0 48,926,000 0 78,296,000 136,169,000 264,984,000 63,922,000 344,089,000 28,702,000 0 0 0 2,202,000 174,812,000 344,089,000 116,749,000 116,749,000 98,476,000 103,156,000 2,313,000 0 2,376,000 11,280,000 4,270,000 7,010,000 0 0 (10,040,000) (3,030,000) (.15) (.15)
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