-----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, MqSt3Abwd0mI+Ac3KSKuk4v2iI/bhHVXZZIS5/gAfi6MYB/GhQv5BpG/0vUr6YpC prrGHf7kjAu2QgbZN0z9xg== 0001015402-97-000195.txt : 19971117 0001015402-97-000195.hdr.sgml : 19971117 ACCESSION NUMBER: 0001015402-97-000195 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19970930 FILED AS OF DATE: 19971114 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: CONCURRENT COMPUTER CORP/DE CENTRAL INDEX KEY: 0000749038 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRONIC COMPUTERS [3571] IRS NUMBER: 042735766 STATE OF INCORPORATION: DE FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 000-13150 FILM NUMBER: 97721339 BUSINESS ADDRESS: STREET 1: 2101 WEST CYPRESS CREEK ROAD CITY: FT LAUDERDALE STATE: FL ZIP: 33309 BUSINESS PHONE: 9549741700 MAIL ADDRESS: STREET 1: CONCURRENT COMPUTER CORP STREET 2: 2101 WEST CYPRESS CREEK RD CITY: FT LAUDERDALE STATE: FL ZIP: 33309 FORMER COMPANY: FORMER CONFORMED NAME: MASSACHUSETTS COMPUTER CORP DATE OF NAME CHANGE: 19881018 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 Quarter Ended September 30, 1997 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 No. 0-13150 _____________ CONCURRENT COMPUTER CORPORATION Delaware 04-2735766 (State of Incorporation) (I.R.S. Employer Identification No.) 2101 West Cypress Creek Road, Ft. Lauderdale, FL 33309 Telephone: (954) 974-1700 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___ --- Number of shares of the Registrant's Common Stock, par value $0.01 per share, outstanding as of November 13, 1997 were 47,202,203. PART I FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS
CONCURRENT COMPUTER CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS (DOLLARS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS) THREE MONTHS ENDED SEPTEMBER 30, 1997 1996 -------- -------- Net sales Computer systems $ 8,866 $13,374 Service and other 11,739 14,383 -------- -------- Total 20,605 27,757 Cost of sales Computer systems 4,277 7,109 Service and other 6,445 7,758 Transition - 738 -------- -------- Total 10,722 15,605 -------- -------- Gross margin 9,883 12,152 Operating expenses: Research and development 2,820 3,356 Selling, general and administrative 6,024 7,231 Transition/restructuring (607) 1,234 Post-retirement benefit reversal - (981) -------- -------- Total operating expenses 8,237 10,840 Operating income (loss) 1,646 1,312 Interest expense (262) (659) Interest income 22 52 Other non-recurring charge 420 (4,068) Other income (expense) - net (201) (259) -------- -------- Income (loss) before provision for income taxes 1,625 (3,622) Provision for income taxes 325 440 -------- -------- Net income (loss) $ 1,300 $(4,062) Preferred stock dividends and accretion of mandatory redeemable preferred shares (18) - -------- -------- Net income (loss) available to common shareholders $ 1,282 $(4,062) ======== ======== Net income (loss) per share $ 0.03 $ (0.10) ======== ========
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE CONSOLIDATED FINANCIAL STATEMENTS.
CONCURRENT COMPUTER CORPORATION CONSOLIDATED BALANCE SHEETS (DOLLARS IN THOUSANDS) SEPT. 30, JUNE 30, 1997 1997 ----------- ---------- ASSETS Current assets: Cash and cash equivalents $ 4,809 $ 4,024 Trading securities - 2,718 Accounts receivable - net 22,000 25,720 Inventories 7,983 8,399 Prepaid expenses and other current assets 1,231 2,286 ----------- ---------- Total current assets 36,023 43,147 Property, plant and equipment - net 13,353 14,207 Facilities held for disposal - 4,700 Other long-term assets 1,510 1,474 Total assets $ 50,886 $ 63,528 =========== ========== LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Notes payable $ 4,898 $ 5,399 Current portion of long-term debt 834 1,668 Revolving credit facility - 3,118 Accounts payable and accrued expenses 17,779 23,866 Deferred revenue 4,213 4,402 ----------- ---------- Total current liabilities 27,724 38,453 Long term debt 1,132 4,493 Other long-term liabilities 1,165 1,219 Total liabilities 30,021 44,165 ----------- ---------- Class B 9% cumulative convertible, redeemable, exchangeable preferred stock, mandatory redemption value of $751,560; $.01 par value per share, 1,000,000 authorized; 120,000 issued and outstanding at September 30, 1997 682 1,243 Stockholders' equity: Common stock 465 461 Capital in excess of par value 93,442 92,650 Accumulated deficit after eliminating accumulated deficit of $81,826 at December 31, 1991, date of quasi-reorganization (73,305) (74,587) Treasury stock (58) (58) Cumulative translation adjustment (361) (346) Total stockholders' equity 20,183 18,120 ----------- ---------- Total liabilities and stockholders' equity $ 50,886 $ 63,528 =========== ==========
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE CONSOLIDATED FINANCIAL STATEMENTS.
CONCURRENT COMPUTER CORPORATION CONSOLIDATED STATEMENTS OF CASH FLOWS (DOLLARS IN THOUSANDS) THREE MONTHS ENDED SEPTEMBER 30, 1997 1996 --------- -------- Cash flows provided by operating activities: Net income (loss) $ 1,300 $(4,062) Adjustments to reconcile net income (loss) to net cash provided by operating activities: Unrealized loss on CyberGuard Stock - 3,698 Realized (gain) loss on CyberGuard Stock (420) 376 Gain on sale of facility (706) - Depreciation, amortization and other 1,295 1,160 Other non-cash expenses 671 1,020 Decrease (increase) in current assets: Accounts receivable 3,720 1,655 Inventories 416 (1,043) Prepaid expenses and other current assets 1,055 804 Decrease in current liabilities other than debt obligations (6,292) (3,242) Decrease (increase) in other long-term assets (50) 1,186 Decrease in other long-term liabilities (54) (1,080) --------- Total adjustments to net income (loss) (365) 4,534 --------- -------- Net cash provided by operating activities 935 472 --------- -------- Cash flows provided by investing activities: Net additions to property, plant and equipment (427) (833) Net proceeds from sale of trading securities 2,668 974 Proceeds from sale of facility 5,406 - Net cash provided by investing activities 7,647 141 --------- -------- Cash flow provided by (used by) financing activities: Net proceeds of notes payable (259) 393 Proceeds of revolving credit facility 17,593 - Payments of revolving credit facility (20,711) (353) Proceeds of long-term debt - - Repayment of long-term debt (4,194) (101) Net proceeds from sale and issuance of common stock 32 85 --------- -------- Net cash provided by (used by) financing activities (7,539) 24 --------- -------- Effect of exchange rates on cash and cash equivalents (258) 113 --------- -------- Increase in cash and cash equivalents $ 785 $ 750 ========= ======== Cash paid during the period for: Interest $ 264 $ 500 ========= ======== Income taxes (net of refunds) $ 260 $ 207 ========= ========
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE CONSOLIDATED FINANCIAL STATEMENTS. CONCURRENT COMPUTER CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 1. BASIS OF PRESENTATION The accompanying unaudited consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and therefore do not include all information and footnotes necessary for a fair presentation of financial position, results of operations and cash flows in conformity with generally accepted accounting principles. The foregoing financial information reflects all adjustments which are, in the opinion of management, necessary for a fair presentation of the results for the periods presented. All such adjustments are of a normal recurring nature. While the Company believes that the disclosures presented are adequate to make the information not misleading, it is suggested that these consolidated financial statements be read in conjunction with the audited consolidated financial statements and the notes included in the Annual Report on Form 10-K as filed with the Securities and Exchange Commission. The results of interim periods are not necessarily indicative of the results to be expected for the full fiscal year. 2. CHANGES IN ACCOUNTING POLICY Post-retirement Benefits Other Than Pensions On July 1, 1993, the Company adopted the provisions of Statement of Financial Accounting Standards No. 106 "Employers' Accounting for Post-retirement Benefits Other Than Pensions" ("FAS No. 106"). This standard requires companies to accrue post-retirement benefits throughout the employees' active service periods until they attain full eligibility for those benefits. The transition obligation (the accumulated post-retirement benefit obligation at the date of adoption) may be recognized either immediately or by amortization over the longer of the average remaining service period of active employees or 20 years. In connection with the adoption of this standard in fiscal year 1994, the Company recorded a non-cash charge of $3.0 million representing the immediate recognition of the accumulated post-retirement benefit obligation at the date of the adoption. As a result of the Acquisition as defined in Management's Discussion and Analysis, the Company terminated the retirement benefits of current employees and former employees who are not yet retired. In the quarter ended September 30, 1996, a curtailment gain of $1.0 million was recognized. The total year-to-date curtailment gain during fiscal year 1997 was $2.5 million. The Company believes there will be no material expenses in connection with this Plan. Stock-Based Compensation Prior to July 1, 1996, the Company accounted for its stock option plan in accordance with the provisions of Accounting Principles Board ("APB") Opinion No. 25, "Accounting for Stock Issued to Employees", and related interpretations. As such, compensation expense would be recorded on the date of grant only if the current market price of the underlying stock exceeded the exercise price. During fiscal year 1997, the Company adopted Statement of Financial Accounting Standards No. 123, "Accounting for Stock-Based Compensation" ("FAS No. 123"), which permits entities to recognize as expense over the vesting period the fair value of all stock-based awards on the date of grant. Alternatively, SFAS No. 123 also allows entities to continue to apply the provisions of APB Opinion No. 25 and provide pro forma net income and pro forma earnings per share disclosures (which for the Company would include employee stock option grants made in fiscal year 1996 and future years) as if the fair-value-based method defined in SFAS No. 123 had been applied. The Company has elected to continue to apply the provisions of APB Opinion No. 25 and provide the pro forma disclosure provisions of SFAS No. 123. 3. INCOME (LOSS) PER SHARE Income (loss) per share for the three months ended September 30, 1997 and 1996, respectively, is based on the weighted average number of shares of common stock outstanding. The number of shares used in computing primary and fully diluted earnings per share for the three months ended September 30, 1997 was 46,648,000 and 47,255,000, respectively. For the three months ended September 30, 1996, the weighted average number of shares outstanding was 42,345,000. 4. TRADING SECURITIES As of June 30, 1996, the Company held 683,173 shares of CyberGuard stock with a market value of $14.75 per share. During the quarter ended September 30, 1996 the Company sold 91,500 shares at $10.645 per share, resulting in a realized loss of $376 thousand. In addition, the value of the stock at the end of the quarter ended September 30, 1996 was $8.50 per share, resulting in an unrealized loss of $3.7 million. During the remainder of fiscal year 1997, the company sold 286,495 shares leaving 305,178 shares at June 30, 1997 valued at $2.7 million or $8.91 per share. During the quarter ended September 30, 1997, 259,352 shares of CyberGuard stock were sold resulting in a realized gain for the period of $358 thousand. On September 4, 1997, 45,826 shares valued at $10.25 per share were issued as bonuses to Company employees. This resulted in a realized gain of $62 thousand. 5. INVENTORIES Inventories are valued at the lower of cost or market, with cost being determined by using the first-in, first-out ("FIFO") method. The components of inventories are as follows: (DOLLARS IN THOUSANDS)
SEPT. 30, JUNE 30, 1997 1997 ---------- --------- Raw Materials $ 5,863 $ 5,823 Work-in-process 1,443 2,191 Finished Goods 677 385 ---------- --------- $ 7,983 $ 8,399 ========== =========
6. ACCUMULATED DEPRECIATION Accumulated depreciation for property, plant and equipment at September 30, 1997 and June 30, 1997 was $22,871,000 and $23,062,000 respectively. The decrease primarily reflects exchange rate fluctuations. 7. ACCOUNTS PAYABLE AND ACCRUED EXPENSES (DOLLARS IN THOUSANDS)
SEPT. 30, JUNE 30, 1997 1997 ---------- --------- Accounts payable, trade $ 4,811 $ 7,451 Accrued payroll, vacation and other employee expenses 5,300 5,891 Restructuring reserve 1,474 2,876 Other accrued expenses 6,194 7,648 ---------- --------- $ 17,779 $ 23,866 ========== =========
8. SALE OF FACILITY During fiscal year 1996, in connection with the Acquisition (as hereinafter defined) and the resulted planned disposition of the Company's Oceanport, New Jersey facility, the book value of land and building related to this facility was written down by $6.8 million to its estimated fair value of $4.7 million, based on a valuation by independent appraisers, and classified as a facility held for sale. In the quarter ended September 30, 1997, the sale of this facility was finalized. $5.5 million less closing costs of $0.1 million was received by the Company and applied against the Company's debt. The Company realized a gain of $0.6 million that is reflected in the statement of operations as an operating income and accrued $0.1 million for potential expenses which may occur while transferring the building to the new owners. 9. PROVISION FOR RESTRUCTURING The Company recorded a restructuring provision of $24.5 million during the year ended June 30, 1996. This charge included the estimated costs related to the rationalization of facilities, workforce reductions, asset writedowns and other costs. The balance of the restructuring reserve at June 30, 1996 was $13.0 million. During fiscal year 1997, expenditures related to this restructuring amounted to approximately $10.1 million leaving a balance $2.9 million at June 30, 1997. During the quarter ended September 30, 1997, restructuring expenditures amounted to $1.4 million representing workforce reductions and lease terminations. The balance of the restructuring reserve at September 30, 1997 was $1.5 million. On May 5, 1992, the Company had entered into an agreement with the Industrial Development Authority (the "IDA") to maintain a presence in Ireland through April 30, 1998. In connection with the Acquisition, the Company closed its Ireland operations in December 1996. As a result of the closing, the Company may be required to repay grants to the IDA. Current negotiations with the IDA indicate that the potential liability is approximately $150,000 (100,000 Irish Pounds). MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS OVERVIEW On June 27, 1996, the Company acquired the Real-Time Division of Harris Computer Systems Corporation ("HCSC"), along with 683,178 shares of newly issued shares of HCSC, which was renamed CyberGuard Corporation, in exchange for 10,000,000 shares of Concurrent common stock, 1,000,000 shares of convertible exchangeable preferred stock of Concurrent with a 9% cumulative annual dividend payable quarterly in arrears and a mandatory redemption value of $6,263,000 and the assumption of certain liabilities related to the HCSC Real-Time Division ("Acquisition"). The aggregate purchase price of the Acquisition was approximately $18.7 million. The Acquisition has been accounted for as a purchase effective June 30, 1996. RESULTS OF OPERATIONS THE QUARTER ENDED SEPTEMBER 30, 1997 COMPARED WITH THE QUARTER ENDED SEPTEMBER 30, 1996. Net Sales. Net sales decreased to $20.6 million for the quarter ended September 30, 1997 from $27.8 million in the comparable period a year ago. The Company considers its computer systems and service business to be one class of products. Net product sales were $8.9 million for the quarter ended September 30, 1997 as compared with $13.4 million for the quarter ended September 30, 1996. Sales of proprietary systems continue to decline, and the selling price of open systems is significantly lower than that of proprietary products. Maintenance sales decreased from $14.4 million in the quarter ended September 30, 1996 to $11.7 million in the quarter ended September 30, 1997 continuing the decline experienced over the past years as customers move from proprietary systems to open systems which require less maintenance. Gross Margin. Gross margin decreased $2.3 million during the current quarter to $9.9 million (48.0% as a percentage of sales) compared with $12.2 million (43.8%) for the three months ended September 30, 1996. The decrease reflects the Company's lower sales this quarter. Operating Income. Operating income increased $0.3 million to a profit of $1.6 million in the current quarter compared with an income of $1.3 million in the quarter ended September 30, 1996. Expenses decreased $2.6 million in the current quarter compared with the quarter ended September 30, 1996, which is primarily due to continued cost reduction efforts and the reduction of transition costs as the transition process relating to the Acquisition has been completed. Net Income. Net income increased from a loss of $4.1 million in the quarter ended September 30, 1996 to a profit of $1.3 million in the current quarter. The increase of $5.4 million is due to the expense reductions discussed above, a reduction in interest expense due to decreased borrowings, and a $0.4 million gain on CyberGuard stock in the current quarter as compared to a $4.1 million loss on CyberGuard stock in the quarter ended September 30, 1996. LIQUIDITY AND CAPITAL RESOURCES The Company sold its Oceanport, New Jersey facility in July 1997 for $5.5 million. The net proceeds for the sale ($5.4 million) were used to reduce debt. The company also sold 259,352 shares of CyberGuard stock for $2.7 million during the current quarter which was used in operations. The Company's liquidity is dependent on many factors, including sales volume, operating profit ratio, debt service and the efficiency of asset use and turnover. The future liquidity of the Company depends to a significant extent on (i) the actual versus anticipated decline in sales of proprietary systems and service maintenance revenue; (ii) revenue growth from open systems; (iii) both the related costs and the length of time to realize the anticipated benefits from the combination of the real-time businesses of the Company and HCSC; and (iv) ongoing cost control actions. Liquidity will also be affected by: (i) timing of shipments which predominately occur during the last month of the quarter; (ii) the percentage of sales derived from outside the United States where there are generally longer accounts receivable collection cycles and which receivables are not included in the Company's borrowing base under its revolving credit facility; (iii) the sales level in the United States where related accounts receivable are included in the borrowing base of the Company's revolving credit facility; (iv) the number of countries in which the Company will operate, which may require maintenance of minimum cash levels in each country and, in certain cases, may restrict the repatriation of cash, such as cash held on deposit to secure office leases. The Company believes that it will be able to fund 1998 operations through its operating results and existing financing facilities. There is no assurance that the Company's plans will be achieved. On June 28, 1996, the Company entered into a new agreement providing for a $19.9 million credit facility which matures August 1, 1999. The facility includes a $7.2 million term loan (the "Term Loan") and a $12.7 million revolving credit facility (the "Revolver"). The Revolver represents a $4.7 million increase to the maximum revolver amount, subject to certain restrictions. At September 30, 1997, the outstanding balances under the Term Loan and the Revolver were $1.8 million and $0, respectively. Both the Term Loan and the Revolver bear interest at the prime rate plus 2.0%. The Term Loan is payable in 28 monthly installments of approximately $139,000 each, commencing October 1, 1996 and ending January 1, 1999, with the final balance of approximately $3.3 million payable August 1, 1999. The Revolver may be repaid and reborrowed, subject to certain collateral requirements, at any time during the term ending August 1, 1999. The Company has pledged substantially all of its domestic assets as collateral for the Term Loan and the Revolver. The Company may repay the Term Loan at any time without penalty. Certain early termination fees apply if the Company terminates the facility in its entirety prior to August 1, 1999. The Company's joint venture agreement regarding its Japanese subsidiary has been renewed through June 1998. In the event such agreement is not further extended, the Company could be required to satisfy the then outstanding amount of demand notes which are guaranteed by the Company ($2.7 million at September 30, 1997). There can be no assurance that the agreement will be extended or, in the event the agreement is not extended, that the Company will be able to fully satisfy its demand note requirements. The Company had cash and cash equivalents on hand of $4.8 million representing an increase from $4.0 million as of June 30, 1997 primarily due to the sale of the Oceanport building and the sale of the remaining CyberGuard stock. Accounts receivable decreased by $3.7 million due to improved collections. Accounts payable and accrued expenses decreased by $6.1 million due primarily to an improvement in days outstanding of accounts payable and a reduction of the restructure reserve. CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS: This Form 10-Q contains forward-looking statements that are subject to risks and uncertainties. Statements indicating that the Company "expects," "estimates" or "believes" are forward-looking as are all other statements concerning future financial results, product offerings or other events that have not yet occurred. There are several important factors that could cause actual results or events to differ materially from those anticipated by the forward-looking statements contained herein. Such factors include, but are not limited to: the growth rates of the Company's market segments; the positioning of the Company's products in those segments; the Company's ability to effectively manage its business, and the growth of its business, in a rapidly changing environment; the timing of new product introductions; inventory risks due to changes in market conditions; the competitive environment in the computer industry; the Company's ability to establish successful strategic relationships; and general economic conditions. SELECTED OPERATING DATA AS A PERCENTAGE OF NET SALES
THREE MONTHS ENDED SEPTEMBER 30, 1997 1996 ------ ------- Net sales Computer systems 43.0% 48.2% Service and other 57.0% 51.8% ------ ------- Total 100.0% 100.0% Cost of sales Computer systems 48.2% 53.2% Service and other 54.9% 53.9% Transition 0.0% n/a ------ ------- Total 52.0% 56.2% ------ ------- Gross margin 48.0% 43.8% Operating expenses: Research and development 13.7% 12.1% Selling, general and administrative 29.2% 26.1% Transition/restructuring (2.9%) 4.4% Post-retirement benefit reversal 0.0% (3.5%) ------ ------- Total operating expenses 40.0% 39.1% Operating income (loss) 8.0% 4.7% Interest expense (1.3%) (2.4%) Interest income 0.1% 0.2% Other non-recurring charge 2.0% (14.7%) Other income (expense) - net (1.0%) (0.9%) ------ ------- Income (loss) before provision for income taxes 7.9% (13.0%) Provision for income taxes 1.6% 1.6% ------ ------- Net income (loss) 6.3% (14.6%) ====== =======
PART II OTHER INFORMATION ITEM 6. EXHIBITS AND REPORTS OF FORM 8-K (a) Exhibits: (12) Statement on computation of per share earnings (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 has duly caused this quarterly report for the quarter ended September 30, 1997 to be signed on its behalf by the undersigned thereunto duly authorized. Date: November 14, 1997 CONCURRENT COMPUTER CORPORATION By: /s/ E. Courtney Siegel E. -------------------------- COURTNEY SIEGEL Chairman of the Board, President and Chief Executive Officer By: /s/ Daniel S. Dunleavy ------------------------ DANIEL S.DUNLEAVY Executive Vice President, Chief Operating Officer and Chief Financial Officer (Principal Financial and Accounting Officer) EX-12 2 CONCURRENT COMPUTER CORPORATION EXHIBIT 12 PRIMARY AND FULLY DILUTED EARNINGS PER SHARE COMPUTATION
THREE MONTHS ENDED SEPTEMBER 30, 1997 ------------------ FULLY PRIMARY DILUTED --------- --------- Average outstanding shares: 46,506 46,506 Primary options outstanding 141 - Fully diluted options outstanding - 749 --------- --------- Equivalent Shares 46,648 47,255 ========= ========= Net income $ 1,300 $ 1,300 Preferred stock dividends and accretion of preferred shares (18) (18) --------- --------- Net income available to common stockholders $ 1,282 $ 1,282 ========= ========= Earnings per share $ 0.03 $ 0.03 ========= =========
EX-27 3
5 This schedule contains summary financial information extracted from the Company's consolidated balance sheet at September 30, 1997 and Consolidated Statement of Operations for the three months ended September 30, 1997, and is qualified in its entirety by reference to such financial statements. 1,000 3-MOS JUN-30-1997 JUN-30-1997 SEP-29-1997 4809 0 22816 816 2983 36023 36224 22871 50886 27724 1132 465 682 0 19718 50886 8866 20605 4277 10722 0 0 262 1625 325 1300 0 0 0 1300 .03 .03
-----END PRIVACY-ENHANCED MESSAGE-----