-----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, JShDEjQj5Y6Ax5lYQ4VTFQqxtzkVGYNW6Crq+jkzbAhRdjKpeD15vp/7vrr0zWib 0VIntJAExm0M1u2g0pZeeQ== 0000927016-98-001509.txt : 19980415 0000927016-98-001509.hdr.sgml : 19980415 ACCESSION NUMBER: 0000927016-98-001509 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 5 CONFORMED PERIOD OF REPORT: 19980228 FILED AS OF DATE: 19980414 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: CAREY INTERNATIONAL INC CENTRAL INDEX KEY: 0000747201 STANDARD INDUSTRIAL CLASSIFICATION: LOCAL & SUBURBAN TRANSIT & INTERURBAN HWY PASSENGER TRAINS [4100] IRS NUMBER: 521171965 STATE OF INCORPORATION: DE FISCAL YEAR END: 1130 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 000-22551 FILM NUMBER: 98593622 BUSINESS ADDRESS: STREET 1: 4530 WISCONSIN AVE NW CITY: WASHINGTON STATE: DC ZIP: 20016 BUSINESS PHONE: 2028951200 MAIL ADDRESS: STREET 1: 4530 WISCONSIN AVE NW CITY: WASHINGTON STATE: DC ZIP: 20016 10-Q 1 FORM 10-Q SECURITIES AND EXCHANGE COMMISSION Washington, DC 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 February 28, 1998 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 000-22551 CAREY INTERNATIONAL, INC. ------------------------- (Exact name of registrant as specified in its charter) DELAWARE 52-1171965 -------- ---------- (State or other jurisdiction of (IRS Employer Identification No.) incorporation or organization) 4530 WISCONSIN AVENUE, NW, SUITE 500, WASHINGTON, DC 20016 ---------------------------------------------------------- (Address of principal executive offices, including zip code) (202) 895-1200 -------------- (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 ____ --- There were 7,743,399 shares of the registrant's common stock, par value $.01 per share, outstanding at March 31, 1998. CAREY INTERNATIONAL, INC. AND SUBSIDIARIES INDEX ----- PART I: FINANCIAL INFORMATION Item 1: Financial Statements (unaudited) Consolidated balance sheets as of November 30, 1997 and February 28, 1998 Consolidated statements of operations for the three month periods ended February 28, 1997 and 1998 Consolidated statements of cash flows for the three month periods ended February 28, 1997 and 1998 Notes to consolidated financial statements Item 2: Management's Discussion and Analysis of Financial Condition and Results of Operations PART II: OTHER INFORMATION Item 6: Exhibits and Reports on Form 8-K SIGNATURES CAREY INTERNATIONAL, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS
November 30, February 28, 1997 1998 --------------- -------------- (Unaudited) ASSETS Cash and cash equivalents $ 5,333,402 $ 3,786,533 Accounts receivable, net 15,932,426 13,219,513 Notes receivable from contracts, current portion 670,266 729,030 Prepaid expenses and other current assets 1,435,176 1,784,834 Total current assets 23,371,270 19,519,910 --------------- -------------- Fixed assets, net 9,278,319 9,182,979 Notes receivable from contracts, excluding current portion 8,164,337 8,444,485 Franchise rights, net 5,112,348 5,053,367 Trade name, trademark and contract rights, net 6,493,693 6,448,942 Goodwill and other intangible assets, net 30,991,450 31,886,854 Deferred tax assets 501,545 736,301 Deposits and other assets 1,481,252 1,631,915 --------------- -------------- Total assets $85,394,214 $82,904,753 =============== ============== LIABILITIES AND STOCKHOLDERS' EQUITY Current portion of notes payable $ 996,575 $ 782,824 Current portion of capital leases 321,965 435,294 Accounts payable and accrued expenses 17,054,081 14,724,983 --------------- -------------- Total current liabilities 18,372,621 15,943,101 Notes payable, excluding current portion 2,792,022 2,530,971 Capital leases, excluding current portion 1,339,666 1,000,668 Deferred rent and other long- term liabilities 1,193,577 456,132 Deferred revenue 13,396,104 13,638,079 Commitments and contingencies Stockholders' equity: Common stock, $.01 par value; 20,000,000 authorized shares, and 7,630,007 and 7,687,143 issued and outstanding shares in 1997 and 1998, respectively 76,300 76,871 Additional paid-in capital 45,173,336 45,347,752 Retained earnings 3,050,588 3,911,179 --------------- -------------- Total stockholders' equity 48,300,224 49,335,802 --------------- -------------- Total liabilities and stockholders' equity $85,394,214 $82,904,753 =============== ==============
The accompanying notes are an integral part of these consolidated financial statements 1 CAREY INTERNATIONAL, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS
Three months ended February 28, ----------------------------------- 1997 1998 -------------- -------------- (Unaudited) Revenue, net $ 15,594,829 $ 23,650,588 Cost of revenue 10,468,948 16,176,915 --------------- -------------- Gross profit 5,125,881 7,473,673 Selling, general and administrative expense 4,214,347 5,848,261 --------------- -------------- Operating income 911,534 1,625,412 Other income (expense): Interest expense (428,380) (114,420) Interest income 29,819 54,794 Gain on sales of fixed assets 121,479 32,198 --------------- -------------- Income before provision for income taxes 634,452 1,597,984 Provision for income taxes 268,741 680,741 --------------- -------------- Net income $ 365,711 $ 917,243 =============== ============== Net income per common share - basic $ 0.27 $ 0.12 =============== ============== Net income per common share - diluted $ 0.11 $ 0.11 =============== ============== Weighted average common shares used in computing net income per common share - basic 1,377,556 7,651,953 =============== ============== Weighted average common shares used in computing net income per common share - diluted 4,086,211 8,064,323 =============== ============== Pro forma net income per common share - basic $ 0.12 =============== Pro forma net income per common share - diluted $ 0.11 =============== Pro forma weighted average common shares used in computing net income per common share - basic 3,877,351 =============== Pro forma weighted average common shares used in computing net income per common share - diluted 4,172,214 ===============
The accompanying notes are an integral part of these consolidated financial statements 2 CAREY INTERNATIONAL, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS
Three months ended February 28, ------------------------------------- 1997 1998 ---------------- --------------- (Unaudited) Cash flows from operating activities: Net income $ 365,711 $ 917,243 Adjustments to reconcile net income to net cash from operating activities: Depreciation and amortization of fixed assets 426,461 633,310 Amortization of intangible assets 240,222 409,702 Gain on sales of fixed assets (121,479) (32,198) Provision for deferred taxes (133,810) (74,756) Change in deferred revenue 447,417 241,975 Changes in operating assets and liabilities: Accounts receivable 2,701,016 3,230,432 Notes receivable from contracts (519,510) (338,912) Prepaid expenses, deposits and other assets (684,642) (483,683) Accounts payable and accrued expenses (2,864,825) (3,361,407) Deferred rent and other long-term liabilities 130,388 (737,445) ---------------- --------------- Net cash provided by (used in) operating activities (13,051) 404,261 ---------------- --------------- Cash flows from investing activities: Proceeds from sales of fixed assets 402,062 518,584 Purchases of fixed assets (532,150) (749,530) Acquisitions of chauffeured vehicle service companies (35,811) (1,171,636) ---------------- --------------- Net cash used in investing activities (165,899) (1,402,582) ---------------- --------------- Cash flow from financing activities: Principal payments under capital lease obligations (50,016) (248,733) Payments of notes payable (1,280,042) (474,802) Proceeds from notes payable 400,000 - Proceeds from issuance of common stock - 174,987 ---------------- --------------- Net cash used in financing activities (930,058) (548,548) ---------------- --------------- Net decrease in cash and cash equivalents (1,109,008) (1,546,869) Cash and cash equivalents at beginning of period 2,867,711 5,333,402 ---------------- --------------- Cash and cash equivalents at end of period $ 1,758,703 $ 3,786,533 ================ ===============
The accompanying notes are an integral part of these consolidated financial statements 3 CAREY INTERNATIONAL, INC. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 1. BACKGROUND AND ORGANIZATION General Carey International, Inc. (the "Company") provides services through a worldwide network of owned and operated companies, licensees and affiliates serving 420 cities in 65 countries. The Company owns and operates service providers in the form of wholly-owned subsidiaries in the following cities: Indianapolis (Carey Limousine Indiana, Inc.), London, England (Carey UK Limited), Los Angeles (Carey Limousine L.A., Inc.), New York (Carey Limousine N.Y., Inc. and Manhattan International Limousine Network, Ltd.), Philadelphia (Carey Limousine Corporation, Inc.), San Francisco (Carey Limousine SF, Inc.), South Florida (Carey Limousine Florida, Inc.), Washington, D.C. (Carey Limousine D.C., Inc.). In addition, the Company licenses the "Carey" name, and provides central reservations, billing, and sales and marketing services to its licensees. The Company's worldwide network includes affiliates in locations in which the Company has neither owned and operated locations nor licensees. The Company provides central reservations and billing services to such affiliates. Acquisitions The Company is engaged in a program of acquiring chauffeured vehicle service businesses. The chauffeured vehicle service businesses that the Company seeks to acquire may be in cities in which the Company has owned and operated service providers, licensees operating under the Carey name and trademark, and affiliates of the Company. In fiscal 1997 the Company acquired chauffeured vehicle service companies in New York, Los Angeles and Indianapolis. In the first quarter of 1998, the Company acquired a chauffeured vehicle service company in London, England (See Note 3). 2. BASIS OF PRESENTATION The accompanying consolidated financial statements and these notes do not include all of the disclosures included in the Company's audited consolidated financial statements for the years ended November 30, 1996 and 1997, and should be read in conjunction with those financial statements. For further information, such as the significant accounting policies followed by the Company, refer to the notes to the Company's audited consolidated financial statements. The consolidated financial statements included herein have not been audited. However, in the opinion of management, the consolidated financial statements reflect all adjustments (consisting only of normal recurring adjustments) necessary for a fair presentation of the results for the periods reflected. The results for these periods are not necessarily indicative of the results for the full fiscal year. Pro forma net income per common share Consistent with Staff Accounting bulletin IB-2, the Company has recalculated historical weighted average common shares outstanding and net income per common share to give effect to a 4 CAREY INTERNATIONAL, INC. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS--(Continued) recapitalization effected by the Company during fiscal 1997. The recalculated pro forma net income per common share is determined by (i) adjusting net income available to common shareholders to reflect the elimination in interest expense, net of taxes, resulting from the conversion of $4,867,546 of subordinated debt into Common Stock and (ii) increasing the weighted average common shares outstanding by the number of common shares resulting from the conversion of such debt, as well as the partial conversion of the Series A Preferred Stock. 3. ACQUISITIONS In the periods ended February 28, 1997 and 1998, the following acquisition activity was recorded by the Company:
Three months ended February 28, ------------------------------------- 1997 1998 ---------------- ---------------- Fair value of net assets and liabilities acquired: Receivables and other assets $ - $ 551,281 Fixed assets - 815,616 Goodwill and other intangibles 35,811 1,171,787 Deferred taxes - 160,000 Accounts payable and accrued expenses - (975,657) Capital leases - (551,391) ---------------- ---------------- Fair value of assets and liabilities acquired $ 35,811 $ 1,171,636 ================ ================ Cash payments $ 35,811 $ 1,171,636 ================ ================
4. COMMITMENTS AND CONTINGENCIES In the normal course of business, the Company is subject to various legal actions which are not material to the financial condition, results of operations or cash flows of the Company. One of the corporations acquired by the Company has been examined by the Internal Revenue Service ("IRS") for periods prior to the acquisition date. The IRS has notified the acquired corporation of challenges to its methods of accounting and the tax treatment of certain items in those tax returns. The Company believes that any assessments ultimately sustainable by the IRS in this matter would be offset by Net Operating Loss Carryforwards (NOLs) of the acquired corporation and indemnification payments under the acquisition agreements, and would not have a material effect on the financial position, results of operations or cash flows of the Company. 5. NET INCOME PER COMMON SHARE In 1998, the Company adopted SFAS No. 128, Earnings Per Share. Basic net income per common share has been computed by dividing net income by the weighted-average number of common shares outstanding during the period. Diluted net income per common share has been computed by dividing net income by the weighted average number of common shares outstanding plus an assumed increase in common shares outstanding for dilutive securities. Dilutive securities consist of convertible securities which are dilutive, preferred stock, and options and warrants to acquire Common Stock for a specified price and for which the dilutive effect is measured using the treasury method. Net income per common share amounts for all periods presented have been restated to conform to SFAS No. 128. 5 CAREY INTERNATIONAL, INC NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS--(Continued) Net income per common share, on a historical basis, is as follows:
Three months ended February 28, ------------------------ 1997 1998 ---------- ---------- Net income $ 365,711 $ 917,243 Effect of conversion of subordinated debt 88,268 - ---------- ---------- Net income available to common stockholders plus effect of conversion $ 453,979 $ 917,243 ========== ========== Weighted average common shares outstanding - basic 1,377,556 7,651,953 Dilutive effects of: Stock options 231,375 342,171 Warrants 63,488 70,199 Convertible preferred stock: Series B preferred stock 663,761 - Series F preferred stock 135,025 - Series G preferred stock 673,638 - Effect of conversion of subordinated debt 941,368 - ---------- ---------- Weighted average common shares outstanding - diluted 4,086,211 8,064,323 ========== ========== Net income per share - basic $ 0.27 $ 0.12 ========== ========== Net income per share - diluted $ 0.11 $ 0.11 ========== ==========
6. SUBSEQUENT EVENTS In March 1998, the Company acquired a chauffeured vehicle limousine company in Boston and entered into a binding agreement to acquire an additional company in Boston. 6 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS THREE MONTHS ENDED FEBRUARY 28, 1998 (THE "1998 PERIOD") COMPARED TO THREE MONTHS ENDED FEBRUARY 28, 1997 (THE "1997 PERIOD") Revenue, Net. Revenue, net increased $8.1 million or 51.7% from $15.6 million in the 1997 Period to $23.7 million in the 1998 Period. Of the increase, $2.1 million resulted from expanded use of the Carey network, including an increase in business from corporate travel customers and business travel arrangers. A further $6.0 million of the increase was due to the revenues from companies acquired by Carey, including Manhattan International Limousine Network, Ltd. and affiliate ("Manhattan Limousine"), which was acquired on June 2, 1997, Commonwealth Limousine Services, Inc., which was acquired on October 1, 1997, and TWW, which was acquired on December 1, 1997. Cost of Revenue. Cost of revenue increased $5.7 million or 54.5% from $10.5 million in the 1997 Period to $16.2 million in the 1998 Period. The increase was primarily attributable to higher costs due to increased business levels and to increased cost associated with businesses acquired by Carey subsequent to the 1997 Period. Cost of revenue increased as a percentage of revenue, net from 67.1% in the 1997 Period to 68.4% in the 1998 Period, primarily reflecting relatively greater reliance on subcontractors, or "farm- outs," to service higher levels of business during peak periods as well as increases in costs for businesses acquired during the 1998 Period that were not fully integrated into the Company's operations. Selling, General and Administrative Expense. Selling, general and administrative expense increased approximately $1.6 million or 38.8% from $4.2 million in the 1997 Period to $5.8 million in the 1998 Period. The increase largely was due to the costs associated with higher business levels and costs of acquired businesses including personnel costs, administrative expenses and marketing expenses and an increase in amortization of intangibles. Selling, general and administrative expense decreased as a percentage of revenue, net from 27.0% in the 1997 Period to 24.7% in the 1998 Period as a result of an increase in revenue, net without a corresponding increase in administrative costs. Interest Expense. Interest expense decreased from approximately $428,000 in the 1997 Period to approximately $114,000 in the 1998 Period, primarily as a result of both the use of proceeds from the Company's initial public offering ("IPO") to repay outstanding debt and the conversion of subordinated and certain other debt to Common Stock in connection with the IPO. Provision for Income Taxes. The provision for income taxes increased from approximately $268,000 in the 1997 Period to approximately $681,000 in the 1998 Period. The increase primarily was a result of the increase in pre-tax income of the Company from approximately $634,000 in the 1997 Period to $1.6 million in the 1998 Period. Net Income. As a result of the foregoing, the Company's net income increased from approximately $366,000 in the 1997 Period to approximately $917,000 in the 1998 Period. 7 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS--(CONTINUED) LIQUIDITY AND CAPITAL RESOURCES The Company's primary sources of funding have been cash flow from operations, commercial bank credit facilities, notes issued by the Company to sellers of acquired chauffeured vehicle service companies and, to a lesser extent, the sale of vehicles obtained from acquired companies. In June 1997, the Company completed the IPO from which it received net proceeds of $30.8 million. The Company's principal uses of cash have been, and will continue to be , the funding of acquisitions, repayment of debt, and investment in both Carey International Reservation System ("CIRS") and the Company's automated operation and information systems. Net cash used in operating activities was approximately $13,000 in the 1997 Period, compared to net cash provided by operating activities of approximately $404,000 in the 1998 Period. As of February 28, 1998, the Company's working capital and current ratio improved to approximately $3.6 million and 1.22, respectively, as a result of the use of net proceeds of the IPO to repay debt and continued increases in cash flow from operations. Cash used in investing activities was approximately $166,000 in the 1997 Period compared to cash used in investing activities of $1.4 million in the 1998 Period. Cash was used in the 1998 Period primarily to acquire operations in London. In both periods, funds used for acquisitions and capital expenditures were offset in part by proceeds from the sale of fixed assets, primarily vehicles acquired in connection with the purchase of chauffeured vehicle service companies. Cash used in financing activities was approximately $930,000 in the 1997 Period compared to approximately $549,000 in the 1998 Period, primarily as a result of the net payment of notes payable during 1997. On August 15, 1997, the Company entered into a senior credit facility with three banks consisting of a secured revolving line of credit of $25.0 million (the "Facility"). As of February 28, 1998, the Company had borrowed $1.3 million under the Facility. The Facility, which may be used for acquisitions and working capital, is collateralized by the assets of the Company and its domestic subsidiaries and by a pledge of the stock of its international subsidiary. The Facility also provides availability for the issuance of letters of credit. Loans made under the revolving line of credit bear interest at the Company's option at either the bank's prime lending rate or 2.0% above the LIBOR rate. Commitment fees equal to 0.375% per annum are payable on the unused portion of the revolving line of credit. On the second anniversary of the Facility, outstanding balances under the Facility will convert to a five-year term loan, which will bear interest either at a fixed rate (subject to availability) or at a variable LIBOR or prime-based rate with adjustments determined based on the Company's earnings. The terms of the Facility (i) prohibit the payment of dividends by the Company, (ii) with certain exceptions, prevent the Company from incurring or assuming other indebtedness that is not subordinated to borrowings under the Facility and (iii) require the Company to comply with certain financial covenants. 8 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS--(CONTINUED) The Company is in the process of upgrading the CIRS and certain other computer systems. The upgrades are designed to provide enhanced customer service and management information. These upgrades, which will continue throughout 1998 and 1999, also are designed to allow such systems to overcome what commonly is referred to as the "Year 2000 Problem." The Year 2000 Problem, which is common to most corporations, concerns the inability of certain information systems, primarily computer software programs, to properly recognize and process date sensitive information related to the year 2000 and beyond. The Company does not anticipate that the cost of these upgrades will have a material adverse effect on its financial condition and results of operations in any single future year. FACTORS TO BE CONSIDERED The information set forth above contains forward-looking statements, which involve risks and uncertainties. The Company's actual results could differ materially from the results anticipated in these forward-looking statements. Readers should refer to discussion under "Risk Factors" contained in the Company's Registration Statement on Form S-4 (No. 333-34897) filed with the Securities and Exchange Commission concerning certain factors which could cause the Company's actual results to differ materially from the results anticipated in the forward-looking statements contained herein. 9 PART II. OTHER INFORMATION Item 2. Change in Securities and Use of Proceeds: In this Report on Form 10-Q for the quarterly period ended August 31, 1997 and its Report on Form 10-K/A for the year ended November 30, 1997, the Company reported on the use of proceeds from the sale of 3,335,000 shares of its Common Stock pursuant to the Company's Registration Statement on Form S-1 (File No. 333- 22651), which was declared effective on May 27, 1997, in connection with its initial public offering of Common Stock (the "IPO"). In addition to the use of proceeds previously reported, the Company used $2.2 million of the net proceeds from the IPO for acquisitions during the quarter ended February 28, 1998. Item 6. Exhibits and Reports on Form 8-K (a) Exhibit: 27 Financial Data Schedule (for the three months ended February 28, 1998) 27.1 Financial Data Schedule (for the years ended November 30, 1996 and 1997) 27.2 Financial Data Schedule (for the year ended November 30, 1995) 27.3 Financial Data Schedule (for the six months ended May 31, 1997 and the nine months ended August 31, 1997) 10 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 hereunto duly authorized. Carey International, Inc. Date: April 14, 1998 By: /s/ Vincent A. Wolfington ----------------------------- Vincent A. Wolfington Chairman, Chief Executive Officer Date: April 14, 1998 By: /s/ David H. Haedicke ------------------------------ David H. Haedicke Executive Vice President, Chief Financial Officer 11 EXHIBIT INDEX NUMBER DESCRIPTION 27 Financial Data Schedule (for the three months ended February 28, 1998) 27.1 Financial Data Schedule (for the years ended November 30, 1996 and 1997) 27.2 Financial Data Schedule (for the year ended November 30, 1995) 27.3 Financial Data Schedule (for the six months ended May 31, 1997 and the nine months ended August 31, 1997) 12 EX-27 2 FINANCIAL DATA SCHEDULE (FOR THE THREE MONTHS ENDED FEBRUARY 28, 1998)
5 3-MOS NOV-30-1998 DEC-01-1997 FEB-28-1998 3,786,533 0 14,666,605 718,062 0 19,519,910 14,590,903 5,407,924 82,904,753 15,943,101 0 0 0 76,871 45,347,752 82,904,753 0 23,650,588 16,176,915 22,025,176 (32,198) 0 59,626 1,597,984 680,741 917,243 0 0 0 917,243 0.12 0.11
EX-27.1 3 FINANCIAL DATA SCHEDULE (FOR THE YEARS ENDED NOVEMBER 30, 1997 & 1996)
5 YEAR YEAR NOV-30-1997 NOV-30-1996 DEC-01-1996 DEC-01-1995 NOV-30-1997 NOV-30-1996 5,333,402 2,867,711 0 0 17,241,692 11,480,082 639,000 535,000 0 0 23,371,270 15,874,531 14,394,319 10,477,391 5,116,000 4,687,000 85,394,214 43,966,942 18,372,621 18,062,436 0 0 0 0 0 1,115,400 76,300 13,776 45,173,336 7,841,371 85,394,214 43,966,942 0 0 86,378,313 65,544,942 57,890,393 43,649,178 78,001,983 60,375,788 (220,004) (355,754) 0 0 910,562 1,735,520 7,685,772 3,789,388 3,162,282 294,421 4,523,490 3,494,967 0 0 0 0 0 0 4,523,490 3,494,967 1.00 2.57 0.77 1.01 Fiscal year 1996 has been restated for the effects of the pooling-of-interest and to comply with Statement of Financial Accounting Standards (SFAS), No. 128, Earnings per Share. Fiscal year 1997 has been restated for the effects of SFAS No. 128.
EX-27.2 4 FINANCIAL DATA SCHEDULE (FOR THE YEAR ENDED NOVEMBER 30, 1995)
5 YEAR NOV-30-1995 DEC-01-1994 NOV-30-1995 1,615,711 0 10,317,965 294,000 0 12,121,623 7,961,711 3,643,000 38,729,314 14,069,677 0 0 0 13,577 7,821,570 38,729,314 0 48,969,395 33,027,209 47,108,361 (156,005) 0 1,648,319 368,720 270,599 0 0 0 0 98,121 0.07 0.03 Fiscal year 1995 has been restated for the effects of the pooling-of-interest and to comply with Statement of Financial Accounting Standards (SFAS) No. 128, Earnings per Share.
EX-27.3 5 FINANCIAL DATA SCHEDULE (FOR THE SIX MONTHS ENDED MAY 31, 1997 AND THE NINE MONTHS ENDED AUGUST 31, 1997)
5 6-MOS 9-MOS NOV-30-1997 NOV-30-1997 DEC-01-1996 DEC-01-1996 MAY-31-1997 AUG-30-1997 1,615,712 5,603,023 0 0 9,658,356 10,710,719 294,000 410,000 0 0 12,160,326 17,372,956 7,961,711 11,164,135 3,643,000 3,740,000 38,363,871 77,838,075 14,931,360 14,758,197 0 0 0 0 0 0 22,270 75,645 7,826,003 44,228,503 38,363,868 77,838,075 0 0 34,284,901 57,217,364 22,663,808 38,022,538 31,383,765 52,294,082 (140,478) (179,471) 0 0 793,379 852,157 2,248,235 4,250,596 874,237 1,696,876 1,373,998 2,553,720 0 0 0 0 0 0 1,373,998 2,553,720 0.95 0.74 0.37 0.51 The six-month period ending May 31, 1997 and the nine-month period ending August 31, 1997 have been restated for the effect of the pooling-of-interest and to comply with Statement of Financial Accounting Standards (SFAS), No. 128, Earnings per Share.
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