-----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, BHTY0YEaiFa4MrwGWWa5aZJaIvKM+0sEFGXcPlQs0ZV3nCLDZ/Gxk0V5P/QWoPXk wDlsBADt9bMJaJBXrjA3Ag== 0000936392-95-000144.txt : 19951119 0000936392-95-000144.hdr.sgml : 19951119 ACCESSION NUMBER: 0000936392-95-000144 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19950930 FILED AS OF DATE: 19951114 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: MEDICAL IMAGING CENTERS OF AMERICA INC CENTRAL INDEX KEY: 0000746712 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-SPECIALTY OUTPATIENT FACILITIES, NEC [8093] IRS NUMBER: 953643045 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-12787 FILM NUMBER: 95592311 BUSINESS ADDRESS: STREET 1: 9444 FARNHAM ST STE 100 CITY: SAN DIEGO STATE: CA ZIP: 92123 BUSINESS PHONE: 6195600110 MAIL ADDRESS: STREET 2: 9444 FARNHAM STREET SUITE 100 CITY: SAN DIEGO STATE: CA ZIP: 92123 10-Q 1 MEDICAL IMAGING CENTERS OF AMERICA,INC.- FORM 10-Q 1 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) [X] Quarterly Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended September 30, 1995, or [ ] Transition Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from to ------------ ---------------- Commission File Number 0-12787 Medical Imaging Centers of America, Inc. (Exact name of registrant as specified in its charter) California 95-3643045 ------------------------------- ---------------------- (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification Number) 9444 Farnham St., Suite 100 San Diego, California 92123 ---------------------------------------- ---------- (Address of principal executive offices) (Zip Code) (619) 560-0110 ---------------------------------------------------- (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 No -------- -------- Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date: 2,478,644 shares of Common Stock as of November 8, 1995 2 PART I. FINANCIAL INFORMATION Item 1. Financial Statements MEDICAL IMAGING CENTERS OF AMERICA, INC. CONSOLIDATED BALANCE SHEETS
September 30, December 31, (in thousands except share information) 1995 1994 - --------------------------------------- ------------- ------------ ASSETS: Current assets: Cash and cash equivalents (includes restricted cash of $459 in 1995 and $832 in 1994) $10,520 $8,524 Trade and notes receivable, net of allowance for doubtful accounts of $4,956 in 1995 and $5,554 in 1994 7,539 9,524 Prepaid expenses and other current assets 934 1,611 ------- ------- Total current assets 18,993 19,659 Equipment and leasehold improvements, net of accumulated depreciation and amortization of $27,402 in 1995 and $33,674 in 1994 18,287 28,813 Equipment held for sale, net of accumulated depreciation of $3,290 in 1995 and $1,137 in 1994 600 400 Investment in and advances to unconsolidated entities, net of allowance for doubtful accounts of $1,788 in 1995 and 1994 1,710 2,069 Intangible assets, net of accumulated amortization of $1,845 in 1995 and $1,606 in 1994 978 1,269 Other assets 1,216 1,259 ------- ------- $41,784 $53,469 ======= ======= LIABILITIES AND SHAREHOLDERS' EQUITY (NET CAPITAL DEFICIENCY): Current liabilities: Current portion long-term debt and capital lease obligations $ 8,618 $11,541 Current portion convertible subordinated debt 2,800 2,800 Accounts payable 2,542 2,062 Accrued payroll and related taxes 529 1,493 Other accrued liabilities 2,559 3,230 ------- ------- Total current liabilities 17,048 21,126 Long-term debt and capital lease obligations 15,721 25,406 Minority interest in consolidated partnerships 1,191 1,598 Convertible subordinated debt 5,400 8,200 Commitments Shareholders' equity (net capital deficiency): Preferred stock, no par value, 5,000,000 shares authorized; Series B preferred shares, no par value, 300,000 shares authorized, no shares issued or outstanding --- --- Common stock, no par value, 30,000,000 shares authorized; 2,472,179 and 2,426,645 shares issued and outstanding at September 30, 1995 and December 31, 1994, respectively 54,662 54,473 Accumulated deficit (52,238) (57,334) ------- ------- Total shareholders' equity (net capital deficiency) 2,424 (2,861) ------- ------- $41,784 $53,469 ======= =======
See accompanying notes. PAGE 2 OF 10 3 MEDICAL IMAGING CENTERS OF AMERICA, INC. CONSOLIDATED STATEMENTS OF INCOME
Three Months Ended September 30, Nine Months Ended September 30, -------------------------------- ------------------------------- (in thousands except per share information) 1995 1994 1995 1994 - ------------------------------------------- ---------- ---------- ---------- ---------- REVENUES: Medical services $10,031 $13,910 $33,804 $42,391 Equipment and medical suite sales 1,006 532 3,278 1,318 ---------- ---------- ---------- ---------- Total revenues 11,037 14,442 37,082 43,709 COSTS AND EXPENSES: Costs of medical services 5,814 8,238 20,306 25,982 Costs of equipment and medical suite sales 1,006 484 2,779 1,248 Marketing, general and administrative 790 1,072 2,259 3,437 Provision for doubtful accounts 200 368 688 1,001 Depreciation and amortization of equipment and leasehold improvements 2,185 3,075 7,316 9,221 Amortization of intangibles and deferred costs 119 123 364 241 Equity in net income of unconsolidated entities (223) (162) (578) (439) Interest expense 1,145 1,307 2,939 4,018 Interest income (121) (120) (381) (299) Gain on sale of assets (3,460) --- (3,460) --- ---------- ---------- ---------- ---------- Total costs and expenses 7,455 14,385 32,232 44,410 ---------- ---------- ---------- ---------- Income (loss) before minority interest 3,582 57 4,850 (701) Minority interest in net (income) loss of consolidated partnerships 39 (26) 246 (160) ---------- ---------- ---------- ---------- Income (loss) before extraordinary gain 3,621 31 5,096 (861) Extraordinary gain --- 1,316 --- 1,316 ---------- ---------- ---------- ---------- Net income $3,621 $1,347 $5,096 $455 ========== ========== ========== ========== PRIMARY EARNINGS PER SHARE: Income (loss) before extraordinary gain $1.37 $0.01 $1.94 ($0.35) ========== ========== ========== ========== Extraordinary gain --- $0.54 --- $0.54 ========== ========== ========== ========== Net income $1.37 $0.55 $1.94 $0.19 ========== ========== ========== ========== FULLY DILUTED EARNINGS PER SHARE: Net income $1.18 $0.48 $1.72 $0.19 ========== ========== ========== ========== SHARES USED IN PER SHARE AMOUNTS: Primary 2,646 2,430 2,625 2,430 ========== ========== ========== ========== Fully diluted 3,193 3,222 3,254 2,430 ========== ========== ========== ==========
See accompanying notes. PAGE 3 OF 10 4 MEDICAL IMAGING CENTERS OF AMERICA, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS
Nine Months Ended September 30, ------------------------------- (in thousands) 1995 1994 - -------------- --------- --------- OPERATING ACTIVITIES: Net income $5,096 $455 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 7,680 9,462 Deferred debt interest 79 95 Provision for doubtful accounts 688 1,001 Equity in net income of unconsolidated entities --- (161) Minority interest in net income (loss) of consolidated partnerships (246) 160 Net value of equipment dispositions 4,093 1,543 Extraordinary gain --- (1,316) Change in assets and liabilities: Decrease in trade receivables 1,222 826 Decrease in prepaid expenses and other current assets 769 553 Decrease in accounts payable and other accrued liabilities (132) (68) Decrease in accrued payroll and related taxes (964) (874) --------- --------- Net cash provided in operating activities 18,285 11,676 INVESTING ACTIVITIES: Capital expenditures (640) (2,728) Cost of acquisitions (60) (552) Investment in and advances to unconsolidated entities, net 255 286 Other, net (97) 347 --------- --------- Net cash used in investing activities (542) (2,647) FINANCING ACTIVITIES: Principal payments on long-term debt and capital lease obligations (15,785) (8,795) Proceeds from issuance of long-term debt --- 200 Distribution to minority interests (151) (590) Other, net 189 (115) --------- --------- Net cash used in financing activities (15,747) (9,300) --------- --------- Net increase (decrease) in cash and cash equivalents 1,996 (271) Cash and cash equivalents at beginning of period 8,524 8,182 --------- --------- Cash and cash equivalents at end of period $10,520 $7,911 ========= ========= SUPPLEMENTAL CASH FLOW DATA: Interest paid $2,764 $3,758 ========= ========= Income taxes paid $161 $42 ========= ========= SUPPLEMENTAL NON-CASH INVESTING AND FINANCING ACTIVITIES: Additions to capital lease and long-term debt obligations $1,112 $8,257 ========= ========= Retirement of debt and termination of capital lease obligations $771 $3,324 ========= =========
See accompanying notes. PAGE 4 OF 10 5 MEDICAL IMAGING CENTERS OF AMERICA, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 1. The financial statements included herein have been prepared by the Company, without audit, according to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations, although the Company believes the disclosures that are made are adequate to make the information presented not misleading. Further, in the opinion of the Company, all adjustments, consisting only of normal recurring adjustments, necessary to present fairly the financial position and results of operations of the Company as of and for the periods indicated, have been included. It is suggested that these financial statements be read in conjunction with the audited financial statements and the notes thereto for the year ended December 31, 1994, which are included in the Company's Form 10-K. The results of operations for the nine months ended September 30, 1995 are not necessarily indicative of results to be expected for the full fiscal year ending December 31, 1995. 2. Primary and fully diluted net income per share is computed on the basis of weighted average number of common shares outstanding and includes common stock equivalents when their effect is dilutive. For the nine months ended September 30, 1994, common stock equivalents and additional shares from the conversion of debentures were excluded from the net income per share computation as their effect was antidilutive. 3. On July 31, 1995, the Company sold the assets (exclusive of accounts receivable) of its Ultrasound and Nuclear Medicine Division based in Chicago, Illinois (the "Division") to Diagnostic Health Services, Inc. for cash of $3.7 million and the assumption of certain liabilities totaling $5 million. The sale of assets consisted primarily of equipment and resulted in a net gain of $3.5 million to the Company. The following table summarizes the results of operations of the Division sold for the three and nine months ended September 30, 1995:
Three Months Ended Sept. 30, Nine Months Ended Sept. 30, ---------------------------- --------------------------- 1995 1994 1995 1994 ---- ---- ---- ---- Medical services revenues $413 $1,384 $3,131 $4,247 Costs of medical services 331 963 2,144 2,859 Depreciation and amortization of equipment and leasehold improvements 67 245 522 791 Interest expense 10 52 77 158 ---- ------ ------ ------ Operating results $ 5 $ 124 $ 388 $ 439 ==== ====== ====== ======
4. The Company effected a one-for-five reverse stock split for shareholders of record on October 16, 1995. The Company's common stock trades on the OTC Bulletin Board under the new symbol "MIGA". All per share data has been restated for all periods presented to give effect to the reverse stock split. 5. No income tax provisions have been recorded for the nine months ended September 30, 1995 and 1994 due to net operating loss carryforwards available for income tax purposes. 6. Certain 1994 amounts have been reclassified to conform with the September 30, 1995 presentation. PAGE 5 OF 10 6 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations: BUSINESS Medical Imaging Centers of America, Inc. ("MICA" or the "Company") is a California corporation organized in July 1981 which provides outpatient services and medical equipment rentals to physicians, managed care providers and hospitals. These services include magnetic resonance imaging ("MRI"), computed tomography ("CT"), nuclear medicine and ultrasound. The Company's operations include diagnostic medical centers ("DMCs"), diagnostic equipment rentals, fee-for-service agreements (fixed and mobile), and management, marketing and related support services. RESULTS OF OPERATIONS REVENUES FROM MEDICAL SERVICES Revenues for the third quarter declined $3.2 million from $6.7 million in 1994 to $3.5 million in 1995 primarily due to the Company's sale of underperforming assets and termination of certain unprofitable leases and contracts used in its fee-for-service business. The Company's sale of its Division in July of 1995 accounted for $1 million of the decline. Revenues for the third quarter also declined $.7 million from $7.2 million in 1994 to $6.5 million in 1995 primarily due to declining trends in both reimbursement and utilization experienced at its DMCs. Revenues for the nine months ended September 30 declined $7 million from $21 million in 1994 to $14 million in 1995 primarily due to the Company's sale of underperforming assets and termination of certain unprofitable leases and contracts used in its fee-for-service business. The Company's sale of its Division in July of 1995 accounted for $1.1 million of the decline. Revenues for the nine months ended September 30 also declined $1.6 million from $21.4 million in 1994 to $19.8 million in 1995 primarily due to declining trends in both reimbursement and utilization experienced at its DMCs. A number of factors exist that could have an adverse impact on the Company's future revenues, including declining prices and an oversupply in the diagnostic equipment market, declining trends in reimbursement and competition in the healthcare industry. REVENUES FROM EQUIPMENT AND MEDICAL SUITE SALES Revenues from equipment and medical suite sales for the third quarter increased from $.5 million in 1994 to $1 million in 1995. Revenues for the nine months ended September 30 increased from $1.3 million in 1994 to $3.3 million in 1995. The increase in sales is due to the quantity and type of equipment and medical suites sold and will vary accordingly. The Company intends to sell equipment and its remaining inventory of medical suites in the future, but such sales are subject to market conditions and there can be no assurances that such sales will or will not occur. COSTS OF MEDICAL SERVICES Costs for the third quarter declined $2.4 million from $8.2 million in 1994 to $5.8 million in 1995. For the nine months ended September 30, costs of medical services declined $5.7 million from $26 million in 1994 to $20.3 million in 1995. The decline was primarily due to the Company's sale of underperforming assets and termination of certain unprofitable leases and contracts used in its fee-for-service business. The Company's sale of its Division in July of 1995 accounted for $.6 million of the decrease in costs for the three months and nine months ended September 30, 1995. COSTS OF EQUIPMENT AND MEDICAL SUITE SALES Costs of equipment and medical suite sales for the third quarter increased from $.5 million in 1994 to $1 million in 1995. For the nine months ended September 30, costs of equipment and medical suite sales increased from $1.2 million in 1994 to $2.8 million in 1995. The difference in costs is directly related to the quantity and type of equipment and medical suites sold and will vary accordingly. MARKETING, GENERAL AND ADMINISTRATIVE EXPENSES Marketing, general and administrative expenses for the third quarter decreased from $1.1 million in 1994 to $.8 million in 1995. Expenses for the nine months ended September 30 decreased from $3.4 million in 1994 to $2.3 million in 1995. The decrease in costs resulted from spending reductions which took place throughout 1994 and continued administrative cost reductions during 1995. PROVISION FOR DOUBTFUL ACCOUNTS Provision for doubtful accounts for the third quarter decreased from $.4 million (3% of medical services revenues) in 1994 to $.2 million (2% of medical services revenues) in 1995. For the nine months ended September 30, provision for doubtful accounts decreased from $1 million (2% of medical services revenues) in 1994 to $.7 million (2% of medical services revenues) in 1995. The provision for doubtful accounts is based upon management's evaluation of the collectability of accounts receivable. PAGE 6 OF 10 7 DEPRECIATION AND AMORTIZATION Depreciation and amortization of equipment and leasehold improvements for the third quarter decreased from $3.2 million in 1994 to $2.3 million in 1995. For the nine months ended September 30, depreciation and amortization decreased from $9.5 million in 1994 to $7.7 million in 1995. This decrease is primarily due to the sale of underperforming assets and termination of certain unprofitable leases used in the fee-for-service business. The Company's sale of its Division in July of 1995 accounted for $.2 million of the decrease in expense for the three months and nine months ended September 30, 1995. INTEREST EXPENSE Interest expense for the third quarter decreased from $1.3 million in 1994 to $1.1 million in 1995. Interest expense for the nine months ended September 30 decreased from $4 million in 1994 to $2.9 million in 1995. This decrease is primarily due to the sale of underperforming assets and termination of certain unprofitable leases used in the fee-for-service business, offset by a $.5 million charge to interest expense for the buyback in the third quarter of 1995 of a warrant to purchase .3 million shares of the Company's common stock. GAIN ON SALE OF ASSETS On July 31, 1995, the Company sold the assets (exclusive of accounts receivable) of its Ultrasound and Nuclear Medicine Division based in Chicago, Illinois (the "Division") to Diagnostic Health Services, Inc. for cash of $3.7 million and the assumption of certain liabilities totaling $5 million. The sale of assets consisted primarily of equipment and resulted in a net gain of $3.5 million to the Company. EXTRAORDINARY GAIN The Company financed an equipment acquisition for one of its managed DMCs. The operations of the DMC were unsuccessful and foreclosure proceedings were initiated by the lender. In mitigation of damages, the underlying lender arranged for the sale of the unit which resulted in the forgiveness of MICA's indebtedness. In the third quarter of 1994, the Company recorded a non-cash gain of $1.3 million resulting from the forgiveness of debt related to certain MRI equipment. LIQUIDITY AND CAPITAL RESOURCES At September 30, 1995, the Company's cash and cash equivalents totaled $10.5 million as compared to $8.5 million at December 31, 1994. The increase of $2 million primarily reflects the $3.7 million cash received from the sale of the Division and cash generated from operating activities offset by the $2.8 million mandatory redemption payment made in April of 1995 toward the Company's convertible subordinated debentures. During the first nine months of 1995, cash flows from operating activities of $18.3 million were offset by payments against long-term debt of $15.8 million (which includes the $2.8 million paid in April 1995 toward the convertible subordinated debentures and $3.9 million paid for the early retirement of debt associated with equipment sales) and capital expenditures of $.6 million. Working capital at September 30, 1995 totaled $1.9 million which reflects cash received from the sale of the Division discussed above. The Company's ability to meet its current obligations is dependent on its ability to maintain revenues from existing contracts while reducing related costs. In addition, a number of factors exist that could have an impact on the Company's future revenues: (i) declining prices and an oversupply in the diagnostic equipment market; (ii) changes in healthcare legislation which has limited reimbursement and prohibited referrals from physician investors; (iii) healthcare initiatives which could reduce reimbursement to the Company; and (iv) competition in the healthcare industry. OPERATING TRENDS Declining reimbursement continues to adversely impact revenues earned by the Company, and MICA does not expect improvements in reimbursement trends in the future. The Company's strategy is to offset the declining trends in reimbursement by securing managed care contracts and developing strategic alliances with hospitals or other healthcare providers to increase the extent of its imaging services. By positioning itself to take advantage of managed care contracts, management believes that it can maintain its DMC revenues. The Company will continue to pursue opportunities in its fee-for-service business; however, in view of the historical unprofitability and uncertainty regarding fee-for-service arrangements, the Company expects to sell equipment used in its fee-for-service business as the related hospital contracts expire. The Company will continue to evaluate its operating costs and reduce spending as appropriate; however, there can be no assurances that such actions will be sufficient to provide adequate cash to sustain the operations of the Company. PAGE 7 OF 10 8 PART II. OTHER INFORMATION Item 4. Submission of Matters to a Vote of Security Holders. (a) The Annual Meeting of Shareholders was held on August 23, 1995. (b) The matters voted on were the election of directors, the appointment of Ernst & Young LLP as independent auditors for the Company for the year 1995, and authorization of the Board of Directors to effect a one-for-five reverse stock split. All of the current and nominated directors of the Company were reelected. The results of the vote were as follows:
Withheld Votes Votes Votes Authority Name For Against Abstained Votes ---- -------- ------- --------- --------- Robert S. Muehlberg 9,305,979 -- -- 43,706 Denise L. Sunseri 9,305,780 -- -- 43,905 E. Keene Wolcott 9,305,980 -- -- 43,705 Keith R. Burnett, M.D. 9,305,978 -- -- 43,707 Robert G. Ricci, D.O. 9,305,980 -- -- 43,705
The appointment of Ernst & Young LLP as independent auditors for the Company for the year 1995 was approved by more than 50% of the vote cast. The results of the vote were as follows:
Votes Votes Votes Name For Against Abstained Non-votes ---- -------- ------- --------- --------- Appointment of Auditors 9,183,622 53,016 12,025 101,022
The proposal with respect to authorization of the Board of Directors to effect the one-for-five reverse stock split was approved by more than 50% of the vote cast. The results of the vote were as follows:
Votes Votes Votes Name For Against Abstained Non-votes ---- -------- ------- --------- --------- One-for Five Reverse Stock Split 8,891,842 226,484 96,359 135,000
Item 6. Exhibits and Reports on Form 8-K: (a) Exhibits: Exhibit 11 - Computation of Earnings per Share (b) Reports: A Form 8-K was filed under Item 2 and proforma financial statements were submitted on August 11, 1995 regarding the sale of the assets of the Company's Ultrasound and Nuclear Medicine Division. PAGE 8 OF 10 9 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. MEDICAL IMAGING CENTERS OF AMERICA, INC. Date: November 13, 1995 /s/ Robert S. Muehlberg ------------------------------------- Robert S. Muehlberg Chairman of the Board of Directors, President and Chief Executive Officer Date: November 13, 1995 /s/ Denise L. Sunseri ------------------------------------- Denise L. Sunseri Vice President and Chief Financial Officer PAGE 9 OF 10 EX-11 2 COMPUTATION OF EARNINGS PER SHARE 1 MEDICAL IMAGING CENTERS OF AMERICA, INC. Exhibit 11 COMPUTATION OF EARNINGS PER SHARE
Three Months Ended September 30, Nine Months Ended September 30, -------------------------------- ------------------------------- (in thousands except per share information) 1995 1994 1995 1994 - ------------------------------------------ ------------ ------------ ------------ ------------ (B) Net income for computation of primary earnings per share $3,621 $1,347 $5,096 $455 Fully diluted: Adjustment for interest and amortization for the conversion of debentures 141 202 505 --- ------------ ------------ ------------ ------------ Net income for computation of fully diluted earnings per share $3,762 $1,549 $5,601 $455 ============ ============ ============ ============ Average shares: Common shares 2,463 2,426 2,442 2,426 Stock option and warrant equivalent shares 183 4 183 4 ------------ ------------ ------------ ------------ Average shares for computation of primary earnings per share 2,646 2,430 2,625 2,430 Fully diluted: Stock option and warrant equivalent shares - difference from primary(A) --- 59 --- --- Conversion of debentures 547 733 629 --- ------------ ------------ ------------ ------------ Average shares for computation of fully diluted earnings per share 3,193 3,222 3,254 2,430 ============ ============ ============ ============ Net income per share: Primary $1.37 $0.55 $1.94 $0.19 ============ ============ ============ ============ Fully diluted $1.18 $0.48 $1.72 $0.19 ============ ============ ============ ============
(A) In 1995 and 1994, the treasury stock method was used to calculate the common stock equivalent number of shares from options and warrants. (B) Adjustment for interest and amortization and additional shares from the conversion of debentures issued in 1989 are not included in the calculation for the nine months ended September 1994 as their effect would be antidilutive. EX-27 3 FINANCIAL DATA SCHEDULE
5 1,000 U.S.DOLLARS 9-MOS DEC-31-1995 JAN-01-1995 SEP-30-1995 1 10,520 0 12,495 4,956 0 18,993 49,579 30,692 41,784 17,048 21,121 54,662 0 0 (52,238) 41,784 3,278 37,082 2,779 23,085 7,680 688 2,939 4,850 0 5,096 0 0 0 5,096 1.94 1.72
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