-----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, Dt9wJF+Cra5WTDyrfLGqZvc3dAdH8BjgETjbnQQIZRn/qYiDoDTy08w2czRdUOZ+ 3gstdxhBc8llykZivRe9VA== 0000916641-00-000267.txt : 20000320 0000916641-00-000267.hdr.sgml : 20000320 ACCESSION NUMBER: 0000916641-00-000267 CONFORMED SUBMISSION TYPE: 10-Q/A PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19990630 FILED AS OF DATE: 20000317 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ESKIMO PIE CORP CENTRAL INDEX KEY: 0000787520 STANDARD INDUSTRIAL CLASSIFICATION: ICE CREAM & FROZEN DESSERTS [2024] IRS NUMBER: 540571720 STATE OF INCORPORATION: VA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q/A SEC ACT: SEC FILE NUMBER: 000-19867 FILM NUMBER: 572834 BUSINESS ADDRESS: STREET 1: 901 MOOREFIELD PARK DR CITY: RICHMOND STATE: VA ZIP: 23236 BUSINESS PHONE: 8045608400 MAIL ADDRESS: STREET 1: 901 MOOREFIELD PARK DR CITY: RICHMOND STATE: VA ZIP: 23236 10-Q/A 1 ESKIMO PIE - 6/30/99 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q/A ____________ (Mark One) [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended June 30, 1999 OR [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number 0-19867 ________________________ ESKIMO PIE CORPORATION (Exact name of registrant as specified in its charter) Virginia 54-0571720 (State or other jurisdiction of (IRS Employer Identification No.) incorporation or organization) 901 Moorefield Park Drive Richmond, VA 23236 (Address of principal executive offices, including zip code) ____________ Registrant's phone number, including area code: (804) 560-8400 ____________ 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 July 31, 1999. Class Outstanding at July 31, 1999 --------- -------------------------------- Common Stock, $1.00 Par Value 3,462,850 ESKIMO PIE CORPORATION Index
Page Number ---------------- Part I. Financial Information (as amended March 16, 2000 to reclassify portions of long term debt outstanding) Item 1. Financial Statements (Unaudited) Condensed Consolidated Statements of Income 1 Three and Six Months Ended June 30, 1999 and 1998 Condensed Consolidated Balance Sheets 2 June 30, 1999; December 31, 1998 and June 30, 1998 Condensed Consolidated Statements of Cash Flows 3 Six Months Ended June 30, 1999 and 1998 Notes to Condensed Consolidated Financial Statements 4 Item 2. Management's Discussion and Analysis of Financial 7 Condition and Results of Operations
ESKIMO PIE CORPORATION Condensed Consolidated Statements of Income (Unaudited)
Three months ended Six months ended June 30, June 30, 1999 1998 1999 1998 - ------------------------------------------------------------------------------------------------------- (In thousands, except share data) Net sales $ 22,146 $ 20,114 $ 38,275 $ 36,145 Cost of products sold 11,715 11,052 20,998 20,553 ---------------------------------------------- Gross profit 10,431 9,062 17,277 15,592 Advertising and sales promotion expenses 5,827 5,215 9,708 8,877 Selling, general and administrative expenses 2,039 2,072 4,182 4,490 Expense from restructuring activities 258 - 572 - ---------------------------------------------- Operating income 2,307 1,775 2,815 2,225 Interest income 31 41 50 102 Interest expense and other - net 117 152 276 344 ---------------------------------------------- Income before income taxes 2,221 1,664 2,589 1,983 Income tax expense 822 615 958 733 ---------------------------------------------- Net income $ 1,399 $ 1,049 $ 1,631 $ 1,250 ============================================== Per Share Data Basic: Weighted average number of common shares outstanding 3,462,824 3,458,370 3,462,810 3,458,187 Net income $ 0.40 $ 0.30 $ 0.47 $ 0.36 ================================================ Assuming dilution: Weighted average number of common shares outstanding 3,462,824 3,637,836 3,464,031 3,629,990 Net income $ 0.40 $ 0.30 $ 0.47 $ 0.36 ================================================ Cash dividends $ 0.05 $ 0.05 $ 0.10 $ 0.10 ================================================
ESKIMO PIE CORPORATION Condensed Consolidated Balance Sheets (Unaudited)
June 30, December 31, June 30, As of 1999 1998 1998 - ----------------------------------------------------------------------------------------------------------- (In thousands, except share data) Assets Current assets: Cash and cash equivalents $ 55 $ 530 $ 2,285 Receivables 12,073 6,817 11,011 Inventories 5,227 4,897 5,895 Prepaid expenses 287 889 819 ---------------------------------- Total current assets 17,642 13,133 20,010 Property, plant and equipment - net 6,839 7,665 7,983 Goodwill and other intangibles 17,142 17,645 17,221 Other assets 1,048 1,645 1,399 ---------------------------------- Total assets $42,671 $40,088 $46,613 ================================== Liabilities and Shareholders' Equity Current liabilities: Accounts payable $ 3,496 $ 2,875 $ 6,144 Accrued advertising and promotion 4,562 1,728 3,381 Accrued compensation and related amounts 386 211 401 Other accrued expenses 1,064 657 784 Income taxes 250 - - Current portion of long term debt 1,202 1,317 1,317 ---------------------------------- Total current liabilities 10,960 6,788 12,027 Long term debt 5,033 3,901 4,559 Convertible subordinated notes - 3,800 3,800 Postretirement benefits and other liabilities 3,108 3,373 3,216 Shareholders' equity: Preferred stock, $1.00 par value; 1,000,000 shares authorized, none issued and outstanding - - - Common stock, $1.00 par value; 10,000,000 shares authorized, 3,462,824 issued and outstanding in 1999, 3,458,597 at December 31, 1998 and 3,458,601 at June 30, 1998 3,463 3,459 3,459 Additional capital 4,448 4,393 4,376 Retained earnings 15,659 14,374 15,176 ---------------------------------- Total shareholders' equity 23,570 22,226 23,011 ---------------------------------- Total liabilities and shareholders' equity $42,671 $40,088 $46,613 ==================================
ESKIMO PIE CORPORATION Condensed Consolidated Statements Of Cash Flows (Unaudited)
For the six months ended June 30, 1999 1998 - ---------------------------------------------------------------------------------------------------------------- (In thousands) Operating activities Net income $ 1,631 $ 1,250 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 1,192 1,257 Change in deferred income taxes and other assets 704 (56) Change in postretirement benefits and other liabilities (292) (9) Change in receivables (5,256) (5,691) Change in inventories and prepaid expenses - (755) Change in accounts payable and accrued expenses 4,334 4,708 ------------------------------------------- Net cash provided by operating activities 2,313 704 Investing activities Capital expenditures (221) (832) Proceeds from disposal of fixed assets 401 - Other 161 63 ------------------------------------------- Net cash provided by (used in) investing activities 341 (769) Financing activities Borrowings 3,800 - Redemption of convertible subordinated notes (3,800) - Principal payments on long term debt (2,783) (659) Cash dividends (346) (344) ------------------------------------------- Net cash used in financing activities (3,129) (1,003) ------------------------------------------- Change in cash and cash equivalents (475) (1,068) Cash and cash equivalents at the beginning of the year 530 3,353 ------------------------------------------- Cash and cash equivalents at the end of the quarter $ 55 $ 2,285 ===========================================
ESKIMO PIE CORPORATION Notes to Condensed Consolidated Financial Statements NOTE A - SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation: In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments (consisting of only normal recurring accruals) necessary for a fair presentation of the Company's financial position as of June 30, 1999 and its results of operations for the three and six months ended June 30, 1999 and 1998. The results of operations for any interim period are not necessarily indicative of results for the full year. These financial statements should be read in conjunction with the financial statements and notes thereto contained in the Company's 1998 Annual Report. NOTE B - INVENTORIES Inventories are classified as follows:
June 30, 1999 December 31, 1998 June 30, 1998 - ------------------------------------------------------------------------------------------------------------------------------ (In thousands) Finished goods $ 3,488 $ 3,294 $3,783 Raw materials and packaging supplies 2,776 2,642 3,043 ------- -------- ------ Total FIFO inventories 6,264 5,936 6,826 LIFO reserves (1,037) ( 1,039) (931) ------- -------- ------ $ 5,227 $ 4,897 $5,895 ======= ======== ====== - ------------------------------------------------------------------------------------------------------------------------------
NOTE C - FINANCING ARRANGEMENTS On May 20, 1999, the Company renewed its $10 million committed line of credit, which is now available for general corporate purposes through April 2001. Borrowings under the line bear interest at the lender's overnight money market rate plus 100 basis points. The Company used the line to refinance the February 1999 redemption of the previously issued $3.8 million in convertible subordinated notes. The remaining $1.7 million outstanding at June 30, 1999 has been classified as long-term based on management's ability and intent to refinance the amount on a long-term basis. NOTE D - EARNINGS PER SHARE The following table sets forth the computation of earnings per share:
- ------------------------------------------------------------------------------------------------------------------------------------ Three months ended June 30, Six months ended June 30, 1999 1998 1999 1998 - ----------------------------------------------------------------------------------------------------------------------------------- Net income $1,399,000 $1,049,000 $1,631,000 $1,250,000 Reversal of interest expense from convertible - 27,000 - 53,000 subordinated notes (after tax) ---------- ---------- ---------- ---------- Net income assuming potential dilution $1,399,000 $1,076,000 $1,631,000 $1,303,000 ========== ========== ========== Weighted average number of common shares outstanding 3,462,824 3,458,370 3,462,810 3,458,187 Effect of dilutive securities: Stock options - 16,899 1,221 9,236 Convertible subordinated notes - 162,567 - 162,567 ---------- ---------- ---------- ---------- Weighted average number of common shares outstanding assuming potential dilution 3,462,824 3,637,836 3,464,031 3,629,990 ========== ========== ========== ========== Basic earnings per share $ 0.40 $ 0.30 $ 0.47 $ 0.36 ========== ========== ========== ========== Earnings per share - assuming dilution $ 0.40 $ 0.30 $ 0.47 $ 0.36 ========== ========== ========== ========== - ------------------------------------------------------------------------------------------------------------------
Certain stock options were excluded from consideration for their dilutive effect because the exercise price of the options exceeded the average market price for the respective periods, and as such, the effect would be anti- dilutive. NOTE E - BUSINESS SEGMENTS
- ------------------------------------------------------------------------------------------------------------------ National Business Segments Brands Flavors Foodservice Other Totals - ------------------------------------------------------------------------------------------------------------------ Three months ended June 30, 1999 - -------------------------------- Sales $15,210 $3,531 $2,823 $582 $22,146 ======= ====== ====== ==== ======= Segment profitability $ 3,110 $ 639 $ 720 $135 $ 4,604 Selling, general and administrative expenses (2,039) Expense from restructuring activities (258) Interest income and expense - net (86) ------- Income before income taxes $ 2,221 ======= Three months ended June 30, 1998 - -------------------------------- Sales $14,472 $3,109 $2,132 $401 $20,114 ======= ====== ====== ==== ======= Segment profitability $ 2,941 $ 454 $ 434 $ 18 $ 3,847 Selling, general and administrative expenses (2,072) Interest income and expense - net (111) ------- Income before income taxes $ 1,664 ======= - ----------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------- National Business Segments Brands Flavors Foodservice Other Totals - ------------------------------------------------------------------------------------------------------------- Six months ended June 30, 1999 - ------------------------------ Sales $25,768 $6,447 $4,936 $1,124 $38,275 ======= ====== ====== ====== ======= Segment profitability $ 5,062 $1,240 $1,167 $ 100 $ 7,569 Selling, general and administrative expenses (4,182) Expense from restructuring activities (572) Interest income and expense - net (226) ------- Income before income taxes $ 2,589 ======= - ------------------------------------------------------------------------------------------------------------- Six months ended June 30, 1998 - ------------------------------ Sales $25,496 $5,905 $3,945 $ 799 $36,145 ======= ====== ====== ====== ======= Segment profitability $ 4,896 $ 963 $ 972 $ (116) $ 6,715 Selling, general and administrative expenses (4,490) Interest income and expense - net (242) ------- Income before income taxes $ 1,983 ======= - -------------------------------------------------------------------------------------------------------------
NOTE F- RESTRUCTURING EXPENSES The Company incurred $572,000 in expenses associated with three separate restructuring activities during the first half of 1999. The Company incurred approximately $381,000 in costs (primarily associated with legal, investment banking and other professional fees) during the previously announced examination of strategic alternatives to enhance shareholder value and the subsequent development of the Company's Growth and Restructuring Plan. In March 1999, the Company discontinued certain non-core manufacturing operations and as a result, terminated the employment of seven production employees at its Bloomfield, New Jersey packaging plant. As a result, the Company incurred related severance costs of approximately $105,000 all of which was paid as of June 30, 1999. During the second quarter of 1999, the Company eliminated two vacant positions and terminated the employment of six employees located at the Company's corporate headquarters. The severance costs associated with the terminations totaled $86,000, the majority of which will be paid by the end of 1999. ESKIMO PIE CORPORATION Management's Discussion and Analysis of Financial Condition and Results of Operations Eskimo Pie Corporation markets a broad range of frozen novelties, ice cream and sorbet products under the Eskimo Pie, RealFruit, Welch's, Weight Watchers Smart Ones, SnackWell's and OREO brand names. These nationally branded products are generally manufactured by a select group of licensed dairies who purchase the necessary flavors, ingredients and packaging directly from the Company. Eskimo Pie Corporation also manufactures soft serve yogurt and premium ice cream products for sale to the commercial foodservice industry. The Company also sells a full line of quality flavors and ingredients for use in private label dairy products in addition to the national brands it licenses. RESULTS OF OPERATIONS - --------------------- Net income for the quarter ended June 30, 1999 was $1,399,000 or $0.40 per share, a 33% improvement over second quarter 1998 net income of $1,049,000 or $0.30 per share. The 1999 results includes expense from restructuring activities of approximately $258,000 which, after related tax effects, reduced net income by $163,000 or $0.05 per share. Exclusive of the second quarter restructuring charges, 1999 net income would have increased by approximately 50% over 1998 second quarter results. The six months ending June 30, 1999 reflect a 30% increase in net income as compared to the comparable period in 1998. Net income was $1,631,000 or $0.47 per share in 1999 as compared to $1,250,000 or $0.36 per share in 1998. Restructuring charges totaling approximately $572,000 are included in the six month results and, after related tax effects, reduced net income by $360,000 or $0.10 per share. Exclusive of the year to date restructuring charges, 1999 net income would have increased by approximately 59% over 1998 results. It is not the Company's intent to imply that alternate measures of performance are more meaningful than net income as determined in accordance with generally accepted accounting principles. Management believes, however, that investors should consider the effects of the restructuring activities as they assess the results of the Company's on-going operations. Net Sales and Gross Profit - -------------------------- Sales for the second quarter of 1999 increased by 10% to $22.1 million as compared to $20.1 million in 1998. For the six month period ending June 30, 1999, sales increased by 6% to $38.3 million as compared with $36.1 million during the comparable period in 1998. Revenues in the National Brands Division increased slightly during 1999 due largely to increased sales of Welch's and Weight Watchers Smart Ones brand products. The Company has received favorable responses to the introduction of two new Welch's Double Dare ice pops which capitalize on the youthful popularity of "sour" treats. The repositioning of the Weight Watchers novelties under the Smart One's banner also continues to attract new consumer attention. Also contributing to the year to date 1999 revenue growth was a $440,000 increase ($220,000 increase during the quarter ended June 30, 1999) in licensing fees earned from the new licensing agreements entered into with the Company's six largest customers effective January 1, 1999. The Foodservice Division contributed to approximately half of the overall Company increase in net sales as a result of new business secured under its innovative "Right Choice" sales and marketing program. Under the Right Choice program, foodservice operators can offer consumers a choice between branded premium ice cream and frozen yogurt and, as a result, capture soft serve sales that would have been lost without alternative choices. The foodservice industry continues to grow as more and more consumers chose to "eat out" and the Company expects to capitalize on this momentum as it continues to build upon its Foodservice division. The Company's gross margins also increased in 1999 and, as a percent of sales, continued the improvement begun in recent years. The improved gross margin reflects the results of increased sales, the benefits associated with the additional licensing fees and, as discussed below, the discontinuance of certain unprofitable packaging operations in the first quarter of 1999. Expenses And Other Income - ------------------------- Advertising and sales promotion for the quarter and six month period ending June 30, 1999 increased in both an absolute amount and as a percent of sales as compared to the comparable periods in 1998. This increase reflects the Company's intent to increase spending in support of the core Eskimo Pie brand in both the licensing and foodservice businesses, as well as the additional costs incurred to introduce the new Welch's brand novelties. Selling, general and administrative expenses continue to decline as a result of management's initiatives to control these costs. The Company incurred $572,000 in expenses associated with three separate restructuring activities completed during the first half of 1999. First, the Company incurred approximately $381,000 in costs relating to the previously announced examination of strategic alternatives to enhance shareholder value and the subsequent development of the Company's Growth and Restructuring Plan. Under the recently announced Growth and Restructuring Plan, the Company will focus on the rejuvenation of its core Eskimo Pie brand within the licensing and foodservice businesses. Key components of the Plan include significantly increased investments in advertising, promotion and product development for the core Eskimo Pie brand, the potential sale of certain non-core manufacturing operations, but only at prices accretive to shareholder value, and additional overhead and staff reductions. Actions taken under the Plan to date include: new product and promotional planning for the 2000 novelty season, the engagement of a new advertising agency to assist in the rejuvenation of the Eskimo Pie brand, the discontinuance of certain unprofitable packaging operations and headquarters staff reductions. In March 1999, the Company discontinued certain non-core manufacturing operations and terminated the employment of seven production employees at its Bloomfield, New Jersey packaging plant who were not involved in the production of products for the Company's licensing businesses. As a result, the Company incurred related severance costs of approximately $105,000, all of which was paid as of June 30, 1999. As a result of this action, year to date profitability in the Packaging Division, exclusive of the severance costs, has improved by approximately $250,000 over 1998 results. During the second quarter of 1999, the Company eliminated two vacant positions and terminated the employment of six employees located at the Company's corporate headquarters. The severance costs associated with these terminations totaled approximately $86,000, however, when combined with the savings from the eliminated positions, these actions are anticipated to provide annualized savings of approximately $300,000 per year. LIQUIDITY, CAPITAL RESOURCES AND OTHER MATTERS - ---------------------------------------------- The Company's liquidity and capital resources have continued to strengthen as improved profitability has led to an increase in cash from operations. Working capital is being managed closely and long term debt has been reduced by $2.8 million during the six-month period. As a result, the Company's working capital at June 30, 1999 exceeded the outstanding debt obligations for the first time in over five years. On May 20, 1999, the Company renewed its $10 million committed line of credit, which is now available for general corporate purposes through April 2001. Borrowings under the line bear interest at the lender's overnight money market rate plus 100 basis points. The Company used the line to refinance the February 1999 redemption of the previously issued $3.8 million in convertible subordinated notes. Through June 30,1999, approximately $2.1 million of cash generated from operations had been applied against the line. The remaining $1.7 million outstanding has been classified as long-term based on management's ability and intent to refinance the amount on a long-term basis. The Company believes that the annual cash generated from operations and funds available under its credit agreements will provide the Company with sufficient funds and the financial flexibility to support its ongoing business, strategic objectives and debt repayment requirements. EARNINGS OUTLOOK - ---------------- The Company expects continued improvement during the second half of 1999 with sales and operating profit exceeding that reported in the second half of 1998. IMPACT OF YEAR 2000 - ------------------- Considerable attention has been given to the Year 2000 (Y2K) Problem which stems from the inability of certain computerized applications and devices (hardware, software and equipment) to process dates after December 31, 1999. The Company's efforts to address the Y2K Problem consist of three main components; the implementation of a new management information system, review of other internal systems and equipment, and inquiries of external trading partners (key licensees, customers, suppliers, service providers). The Company continues with the implementation of a new management information system that will address the Company's Y2K Problems relating to financial and operational management information. The new information system is installed and implementation is complete in over half of the Company's operations. The remaining operations are expected to be implemented prior to the end of the year. Project expenditures relating to the new management information system approximate $1,700,000 through June 30, 1999 and the Company expects to incur an additional $250,000 to complete the project. The costs of the new management information system have been capitalized under the provisions of the AICPA's Statement of Position 98-1 and are being amortized to expense over the expected useful life. The Company has also reviewed other internal systems and equipment to assess their exposure to the Y2K Problem. Most of the Company's plant and office equipment is mechanical in nature and therefore, is not be subject to the Y2K Problem. At this time, all unidentified issues have been resolved without material cost, however, no guarantee can be made that subsequent problems will not be identified which will require material costs to remedy. The Company will develop remedies and contingent plans to address any future problems when, and if, they are identified. Finally, the Company made inquiries with its external trading partners to assess their readiness to the Y2K Problem. Such inquiries have resulted in the collection and appraisal of voluntary statements made by external parties with limited opportunity for independent factual verification. Although the Company has undertaken reasonable efforts to determine the readiness of its trading partners, no assurance can be given to the validity or reliability of information obtained. During the remainder of the year, the Company will develop initial contingency plans to address the potential failure of its key trading partners to be Y2K compliant. Management believes, based on past experience, that it could locate suitable replacements if any partners were lost due to Y2K Problems. However, the Company can not reliably predict the readiness of all of its partners (as well as the readiness of their respective external trading partners) and as such, the Company could be affected by the disruption of other business interests outside of the Company's control. The Company believes its approach to the Y2K Problem is adequate to maintain the continuation of its business operations with limited financial or operational impact. However, the Y2K Problem has many aspects and potential consequences, some of which may not be reasonably anticipated, and there can be no assurance that unforeseen consequences will not arise. FORWARD LOOKING STATEMENTS - -------------------------- Statements contained in this Report on Form 10-Q regarding the Company's future plans and projected performance are forward looking statements within the meaning of federal securities laws and are based upon management's current expectations and beliefs about future events and their effect upon Eskimo Pie Corporation. There can be no assurance that future developments will mirror those currently anticipated by management. These forward looking statements involve risks and uncertainties including but not limited to the highly competitive nature of the frozen dessert market and the level of consumer interest in the Company's products, product costing, the weather, the performance of management including management's ability to implement its plans as contemplated, the Company's relationships with its licensees and licensors, the impact of Year 2000 matters and government regulation. The risks and uncertainties are further discussed in the Company's Annual Report on Form 10-K as filed with the Securities and Exchange Commission for the year ended December 31, 1998. Actual results may vary materially from those included herein and the Company assumes no responsibility for updating these statements. 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. ESKIMO PIE CORPORATION Date: March 17, 2000 By /s/ David B. Kewer ------------------------- David B. Kewer President and Chief Executive Officer Date: March 17, 2000 By /s/ Thomas M. Mishoe, Jr. ------------------------- Thomas M. Mishoe, Jr. Chief Financial Officer, Vice President Treasurer and Corporate Secretary Date: March 17, 2000 By /s/ Kathryn L. Tyler ------------------------- Kathryn L. Tyler Controller EX-27 2 FINANCIAL DATA SCHEDULE
5 1,000 6-MOS DEC-31-1999 JUN-30-1999 55 0 12,073 0 5,227 17,642 19,252 12,413 42,671 10,960 5,033 0 0 3,463 20,107 42,671 38,275 38,275 20,998 35,460 0 0 276 2,589 958 1,631 0 0 0 1,631 .47 .47
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