-----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, LBAOEY/AqOO8lU0ebBezE6fcZOd0coNxNrcqomW/+v+C0gldjc6XyhXHoaNIHpK5 RlBh/p2WehPCmhXgxtVktw== 0000950131-97-003427.txt : 19970515 0000950131-97-003427.hdr.sgml : 19970515 ACCESSION NUMBER: 0000950131-97-003427 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19970331 FILED AS OF DATE: 19970514 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: INLAND STEEL INDUSTRIES INC /DE/ CENTRAL INDEX KEY: 0000790528 STANDARD INDUSTRIAL CLASSIFICATION: STEEL WORKS, BLAST FURNACES ROLLING MILLS (COKE OVENS) [3312] IRS NUMBER: 363425828 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-09117 FILM NUMBER: 97605041 BUSINESS ADDRESS: STREET 1: 30 W MONROE ST CITY: CHICAGO STATE: IL ZIP: 60603 BUSINESS PHONE: 3123460300 MAIL ADDRESS: STREET 1: 30 WEST MONROE STREET STREET 2: 16TH FLOOR CITY: CHICAGO STATE: IL ZIP: 60603 10-Q 1 FORM 10-Q First Quarter - 1997 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ------------------------- [X] Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the period ended March 31, 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 number 1-9117 I.R.S. Employer Identification Number 36-3425828 INLAND STEEL INDUSTRIES, INC. (a Delaware Corporation) 30 West Monroe Street Chicago, Illinois 60603 Telephone: (312) 346-0300 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: 48,911,904 shares of the Company's Common Stock ($1.00 par value) were outstanding as of May 5, 1997. PART I. FINANCIAL INFORMATION ------------------------------ Item 1. Financial Statements INLAND STEEL INDUSTRIES, INC. AND SUBSIDIARY COMPANIES Consolidated Statement of Operations (Unaudited) ===============================================================================
Dollars in Millions (except per share data) ----------------------- Three Months Ended March 31 ----------------------- 1997 1996 ----------- ---------- NET SALES $1,207.3 $1,180.9 -------- -------- OPERATING COSTS AND EXPENSES Cost of goods sold 1,039.7 1,042.1 Selling, general and administrative expenses 55.7 52.8 Depreciation 39.1 36.8 -------- -------- Total 1,134.5 1,131.7 -------- -------- OPERATING PROFIT 72.8 49.2 General corporate expense, net of income items 1.3 1.3 Interest and other expense on debt 16.4 19.9 -------- -------- INCOME BEFORE INCOME TAXES 55.1 28.0 PROVISION FOR INCOME TAXES 21.7 10.8 -------- -------- INCOME BEFORE MINORITY INTEREST 33.4 17.2 MINORITY INTEREST IN RYERSON TULL, INC. 2.2 - -------- -------- NET INCOME $ 31.2 $ 17.2 ======== ======== EARNINGS PER SHARE OF COMMON STOCK Primary $ .59 $ .31 ======== ======== Fully Diluted $ .56 $ .29 ======== ========
See notes to consolidated financial statements -1- INLAND STEEL INDUSTRIES, INC. AND SUBSIDIARY COMPANIES Consolidated Statement of Cash Flows (Unaudited) ================================================================================
Dollars in Millions ----------------------- Three Months Ended March 31 ---------------------- 1997 1996 ---------- -------- OPERATING ACTIVITIES Net income $ 31.2 $ 17.2 ------- ------ Adjustments to reconcile net income to net cash provided from operating activities: Depreciation 39.3 37.0 Deferred employee benefit cost 3.3 6.4 Deferred income taxes 13.5 3.6 Change in: Receivables (36.5) (17.9) Inventories (29.4) (31.2) Accounts payable (17.5) 1.0 Accrued salaries and wages (7.5) (16.6) Other accrued liabilities 12.1 13.6 Other items 11.5 1.9 ------- ------ Net adjustments (11.2) (2.2) ------- ------ Net cash provided from operating activities 20.0 15.0 ------- ------ INVESTING ACTIVITIES Acquisitions (Note 2) (130.2) - Capital expenditures (19.8) (32.0) Investments in and advances to joint ventures, net 2.2 4.3 Proceeds from sales of assets 4.1 1.3 ------- ------ Net cash used for investing activities (143.7) (26.4) ------- ------ FINANCING ACTIVITIES Long-term debt retired (6.2) (5.4) Reduction of debt assumed in acquisitions (22.6) - Short-term borrowing 8.0 - Dividends paid (2.5) (2.6) Acquisition of treasury stock (1.3) (1.1) ------- ------ Net cash used for financing activities (24.6) (9.1) ------- ------ Net decrease in cash and cash equivalents (148.3) (20.5) Cash and cash equivalents - beginning of year 238.0 267.4 ------- ------ Cash and cash equivalents - end of period $ 89.7 $246.9 ======= ====== SUPPLEMENTAL DISCLOSURES Cash paid during the period for: Interest (net of amount capitalized) $ 19.4 $ 8.7 Income tax, net .9 1.2
See notes to consolidated financial statements -2- INLAND STEEL INDUSTRIES, INC. AND SUBSIDIARY COMPANIES Consolidated Balance Sheet ================================================================================
Dollars in Millions -------------------------------------------------- March 31, 1997 December 31, 1996 ---------------------- ---------------------- ASSETS (unaudited) - ------ CURRENT ASSETS Cash and cash equivalents $ 89.7 $ 238.0 Receivables 547.5 464.7 Inventories - principally at LIFO In process and finished products $ 546.2 $ 418.4 Raw materials and supplies 52.4 598.6 76.2 494.6 -------- -------- Deferred income taxes 31.8 30.5 -------- -------- Total current assets 1,267.6 1,227.8 INVESTMENTS AND ADVANCES 247.8 252.1 PROPERTY, PLANT AND EQUIPMENT Valued on basis of cost 4,568.9 4,536.1 Less: Reserve for depreciation, amortization and depletion 2,834.8 2,798.4 Allowance for terminated facilities 100.7 1,633.4 100.7 1,637.0 -------- -------- DEFERRED INCOME TAXES 272.1 287.5 INTANGIBLE PENSION ASSET 76.3 76.3 OTHER ASSETS 100.3 60.9 -------- -------- Total Assets $3,597.5 $3,541.6 ======== ======== LIABILITIES AND STOCKHOLDERS' EQUITY - ------------------------------------ CURRENT LIABILITIES Accounts payable $ 329.0 $ 321.4 Accrued liabilities 208.0 195.8 Notes payable 8.0 - Long-term debt due within one year 24.0 19.6 -------- -------- Total current liabilities 569.0 536.8 LONG-TERM DEBT 762.6 773.2 DEFERRED EMPLOYEE BENEFITS 1,304.9 1,301.6 OTHER CREDITS 59.2 59.9 -------- -------- Total liabilities 2,695.7 2,671.5 MINORITY INTEREST IN RYERSON TULL, INC. 51.2 49.0 COMMON STOCK REPURCHASE COMMITMENT 31.0 32.1 STOCKHOLDERS' EQUITY (Schedule A) 819.6 789.0 -------- -------- Total Liabilities, Temporary Equity, and Stockholders' Equity $3,597.5 $3,541.6 ======== ========
See notes to consolidated financial statements -3- INLAND STEEL INDUSTRIES, INC. AND SUBSIDIARY COMPANIES Notes to Consolidated Financial Statements (Unaudited) ================================================================================ NOTE 1/FINANCIAL STATEMENTS Results of operations for any interim period are not necessarily indicative of results of any other periods or for the year. The financial statements as of March 31, 1997 and for the three-month periods ended March 31, 1997 and 1996 are unaudited, but in the opinion of management include all adjustments necessary for a fair presentation of results for such periods. These financial statements should be read in conjunction with the financial statements and related notes contained in the Annual Report to Stockholders for the year ended December 31, 1996. NOTE 2/ACQUISITIONS During the first quarter of 1997, the Company, through its majority-owned subsidiary Ryerson Tull, Inc., acquired Thypin Steel Co., Inc. and Cardinal Metals, Inc. for an aggregate $130.2 million in cash. The acquisitions were accounted for as purchases. Results of operations since acquisition for each company are included in consolidated results. The pro forma effect for 1997 and 1996 had these acquisitions occurred at the beginning of each such year is not material. NOTE 3/EARNINGS PER SHARE The Company is required to adopt Financial Accounting Standards Board Statement No. 128, "Earnings per Share," at year-end 1997. Basic and Diluted Earning per Share as defined in that Statement are not materially different from the Primary and Fully Diluted Earning per Share amounts presented. NOTE 4/COMMITMENTS The total amount of firm commitments of the Company and its subsidiaries to contractors and suppliers, primarily in connection with additions to property, plant and equipment, decreased to $49 million on March 31, 1997 from $53 million on December 31, 1996. -4- Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations RESULTS OF OPERATIONS - Comparison of First Quarter 1997 to First Quarter 1996 - ------------------------------------------------------------------------------ The Company reported consolidated net income of $31.2 million for the first quarter of 1997 compared with net income of $17.2 million in the comparable year-earlier period. Increased operating profit at the Steel Manufacturing segment was the principal reason for the improvement. Also contributing to the higher net income was lower consolidated interest expense resulting from the recapitalization of the Company in the second and third quarter of 1996, and the $85 million payment in December of 1996 on the Company's Subordinated Voting Note. Consolidated net sales increased 2 percent to $1.21 billion in the 1997 first quarter from $1.18 billion in the year-ago quarter due to the inclusion of net sales related to the Materials Distribution segment acquisitions discussed below. Excluding the acquisitions, net sales decreased less than 1 percent. The Steel Manufacturing segment's net sales of $606.6 million in the first quarter of 1997 represented a 1 percent reduction from a year ago. While the volume of steel mill products shipped decreased 5 percent to 1,260,000 tons, the average selling price increased 4 percent from the 1996 first quarter. As a result of the higher average selling price and a lower operating cost per ton, operating profit increased to $38.3 million from $12.6 million a year earlier. In March, the Company, through its Inland Steel Company subsidiary, announced that it reached an agreement to sell its 15 percent interest in the Wabush Iron Ore mine. The transaction is expected to be completed during the 1997 second quarter. Net sales at the Materials Distribution segment increased 6 percent to $660.7 million due to the inclusion of results of Thypin Steel Co., Inc. and Cardinal Metals, Inc. since the dates of their acquisitions. Increases in volume at Ryerson and Tull, excluding that related to the acquisitions, were offset by lower average selling price. Operating profit in the current quarter declined $1.6 million to $35.0 million due primarily to the lower average selling price. The 1997 first quarter was favorably impacted by a $2.0 million pretax gain on the sale of the segment's Jersey City plant, which was closed in 1995. Liquidity and Financing - ----------------------- The Company's cash and cash equivalents were $89.7 million at March 31, 1997, compared with $238.0 million at year-end 1996. The decrease was primarily due to the acquisitions at the Materials Distribution segment and the repayment of debt assumed in the acquisitions. At March 31, 1997, there was $8 million of short-term borrowing compared with no short-term borrowing at year-end 1996. -5- PART II. OTHER INFORMATION --------------------------- Item 6. Exhibits and Reports on Form 8-K (a) Exhibits. 3.(i) Copy of Certificate of Incorporation, as amended, of the Company. (Filed as Exhibit 3.(i) to the Company's Annual Report on Form 10-K for the year ended December 31, 1995, and incorporated by reference herein.) 3.(ii) Copy of By-laws, as amended, of the Company. (Filed as Exhibit 3.(ii) to the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 1995, and incorporated by reference herein.) 4.A Copy of Certificate of Designations, Preferences and Rights of Series A $2.40 Cumulative Convertible Preferred Stock of the Company. (Filed as part of Exhibit B to the definitive Proxy Statement of Inland Steel Company dated March 21, 1986 that was furnished to stockholders in connection with the annual meeting held April 23, 1986, and incorporated by reference herein.) 4.B Copy of Certificate of Designation, Preferences and Rights of Series D Junior Participating Preferred Stock of the Company. (Filed as Exhibit 4-D to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 1987, and incorporated by reference herein.) 4.C Copy of Rights Agreement, dated as of November 25, 1987, as amended and restated as of May 24, 1989, between the Company and The First National Bank of Chicago, as Rights Agent (Harris Trust and Savings Bank, as successor Rights Agent). (Filed as Exhibit 1 to the Company's Current Report on Form 8-K filed on May 24, 1989, and incorporated by reference herein.) 4.D Copy of Certificate of Designations, Preferences and Rights of Series E ESOP Convertible Preferred Stock of the Company. (Filed as Exhibit 4-F to the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 1989, and incorporated by reference herein.) 4.E Copy of Subordinated Voting Note Due 1999 in the amount of $185,000,000 from the Company to NS Finance III, Inc. (Filed as Exhibit 4.8 to Form S-3 Registration Statement No. 33-62897 and incorporated by reference herein.) 4.F Copy of Indenture dated as of December 15, 1992, between the Company and Harris Trust and Savings Bank, as Trustee, respecting the Company's $150,000,000 12-3/4% Notes due December 15, 2002. (Filed as Exhibit 4-G to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 1992, and incorporated by reference herein.) 4.G Copy of Supplemental Indenture dated as of June 19, 1996 between the Company and Harris Trust & Savings Bank, as Trustee, respecting the Company's $150,000,000 12-3/4% Notes. (Filed as Exhibit 4.G to the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 1996 and incorporated by reference herein.) -6- 4.H Copy of First Mortgage Indenture, dated April 1, 1928, between Inland Steel Company (the "Steel Company") and First Trust and Savings Bank and Melvin A. Traylor, as Trustees, and of supplemental indentures thereto, to and including the Thirty-Fifth Supplemental Indenture, incorporated by reference from the following Exhibits: (i) Exhibits B-1(a), B-1(b), B-1(c), B-1(d) and B-1(e), filed with Steel Company's Registration Statement on Form A-2 (No. 2-1855); (ii) Exhibits D-1(f) and D-1(g), filed with Steel Company's Registration Statement on Form E-1 (No. 2-2182); (iii) Exhibit B-1(h), filed with Steel Company's Current Report on Form 8-K dated January 18, 1937; (iv) Exhibit B- 1(i), filed with Steel Company's Current Report on Form 8-K, dated February 8, 1937; (v) Exhibits B-1(j) and B-1(k), filed with Steel Company's Current Report on Form 8-K for the month of April, 1940; (vi) Exhibit B-2, filed with Steel Company's Registration Statement on Form A-2 (No. 2-4357); (vii) Exhibit B-1(l), filed with Steel Company's Current Report on Form 8-K for the month of January, 1945; (viii) Exhibit 1, filed with Steel Company's Current Report on Form 8-K for the month of November, 1946; (ix) Exhibit 1, filed with Steel Company's Current Report on Form 8-K for the months of July and August, 1948; (x) Exhibits B and C, filed with Steel Company's Current Report on Form 8-K for the month of March, 1952; (xi) Exhibit A, filed with Steel Company's Current Report on Form 8-K for the month of July, 1956; (xii) Exhibit A, filed with Steel Company's Current Report on Form 8-K for the month of July, 1957; (xiii) Exhibit B, filed with Steel Company's Current Report on Form 8-K for the month of January, 1959; (xiv) the Exhibit filed with Steel Company's Current Report on Form 8-K for the month of December, 1967; (xv) the Exhibit filed with Steel Company's Current Report on Form 8-K for the month of April, 1969; (xvi) the Exhibit filed with Steel Company's Current Report on Form 8-K for the month of July, 1970; (xvii) the Exhibit filed with the amendment on Form 8 to Steel Company's Current Report on Form 8-K for the month of April, 1974; (xviii) Exhibit B, filed with Steel Company's Current Report on Form 8-K for the month of September, 1975; (xix) Exhibit B, filed with Steel Company's Current Report on Form 8-K for the month of January, 1977; (xx) Exhibit C, filed with Steel Company's Current Report on Form 8-K for the month of February, 1977; (xxi) Exhibit B, filed with Steel Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 1978; (xxii) Exhibit B, filed with Steel Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 1980; (xxiii) Exhibit 4-D, filed with Steel Company's Annual Report on Form 10-K for the fiscal year ended December 31, 1980; (xxiv) Exhibit 4-D, filed with Steel Company's Annual Report on Form 10-K for the fiscal year ended December 31, 1982; (xxv) Exhibit 4-E, filed with Steel Company's Annual Report on Form 10-K for the fiscal year ended December 31, 1983; (xxvi) Exhibit 4(i) filed with the Steel Company's Registration Statement on Form S-2 (No. 33-43393); (xxvii) Exhibit 4 filed with Steel Company's Current Report on Form 8-K dated June 23, 1993; and (xxviii) Exhibit 4.C filed with the Steel Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 1995; (xxix) Exhibit 4.C filed with the Steel Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 1995; and (xxx) Exhibit 4.C filed with Steel Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 1996. 4.I Copy of consolidated reprint of First Mortgage Indenture, dated April 1, 1928, between Inland Steel Company and First Trust and Savings Bank and Melvin A. Traylor, as Trustees, as amended and supplemented by all supplemental indentures thereto, to and including the Thirteenth Supplemental Indenture. (Filed as Exhibit 4-E to Form S-1 Registration Statement No. 2-9443, and incorporated by reference herein.) 11 Statement of Earnings per Share of Common Stock. 27 Financial Data Schedule. (b) Reports on Form 8-K. The Company did not file any Current Reports on Form 8-K during the quarter ended March 31, 1997. -7- SIGNATURE --------- Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. INLAND STEEL INDUSTRIES, INC. By James M. Hemphill ------------------------------ James M. Hemphill Controller and Principal Accounting Officer Date: May 12, 1997 -8- Part I -- Schedule A -------------------- INLAND STEEL INDUSTRIES, INC. AND SUBSIDIARY COMPANIES SUMMARY OF STOCKHOLDERS' EQUITY ================================================================================
Dollars in Millions --------------------------------------------- March 31, 1997 December 31, 1996 -------------------- -------------------- (unaudited) STOCKHOLDERS' EQUITY - -------------------- Series A preferred stock ($1 par value) - 94,201 shares issued and outstanding as of March 31, 1997 and December 31, 1996 $ .1 $ .1 Series E preferred stock ($1 par value) - 3,052,019 shares and 3,080,790 shares issued and outstanding as of March 31, 1997 and December 31, 1996, respectively 3.1 3.1 Common stock ($1 par value) - 50,556,350 shares issued as of March 31, and December 31, 1996 50.6 50.6 Capital in excess of par value 1,043.7 1,045.8 Accumulated deficit Balance beginning of year $(146.0) $(172.8) Net income 31.2 45.7 Dividends Series A preferred stock - $.60 per share in 1997 and $2.40 per share in 1996 (.1) (.2) Series E preferred stock - $3.523 per share in 1996 - (11.0) Income tax benefit - Series E dividend - 2.1 Common stock - $.05 per share in 1997 and $.20 per share in 1996 (2.4) (117.3) (9.8) (146.0) ------- ------- Unearned compensation related to ESOP (77.2) (79.4) Common stock repurchase commitment (31.0) (32.1) Investment valuation allowance (5.1) (4.8) Unearned restricted stock award compensation (.5) (.8) Treasury stock, at cost - 1,647,299 shares and 1,647,954 shares as of March 31, 1997 and December 31, 1996, respectively (43.5) (44.2) Cumulative translation adjustment (3.3) (3.3) -------- -------- Total Stockholders' Equity $ 819.6 $ 789.0 ======== ========
-9- Part I -- Schedule B -------------------- INLAND STEEL INDUSTRIES, INC. AND SUBSIDIARY COMPANIES Summary Financial Information for Business Segments (Unaudited) ================================================================================
Dollars in Millions --------------------- Three Months Ended March 31 --------------------- 1997 1996 -------- -------- NET SALES - --------- Steel Manufacturing Operations $606.6 $615.7 Materials Distribution Operations 660.7 625.3 Eliminations and adjustments (60.0) (60.1) -------- -------- Total Net Sales $1,207.3 $1,180.9 ======== ======== OPERATING PROFIT - ---------------- Steel Manufacturing Operations $38.3 $12.6 Materials Distribution Operations 35.0 36.6 Eliminations and adjustments (.5) - ----- ----- Total Operating Profit $72.8 $49.2 ===== =====
-10- EX-11 2 STATEMENT OF EARNINGS PER SHARE OF COMMON STOCK Exhibit 11 ---------- INLAND STEEL INDUSTRIES, INC. AND SUBSIDIARY COMPANIES Statement of Earnings Per Share of Common Stock (Unaudited) ================================================================================
Dollars and Shares in Millions (except per share data) ----------------------- Three Months Ended March 31 ----------------------- 1997 1996 ----- ----- PRIMARY EARNINGS PER SHARE OF COMMON STOCK Shares of common stock Average shares outstanding 48.9 48.8 Dilutive effect of stock options - - ----- ----- 48.9 48.8 ===== ===== Net income $31.2 $17.2 Dividends on preferred stock, net of tax benefit on dividends applicable to leveraged Series E Preferred Stock held by the ESOP 2.3 2.2 ----- ----- Net income applicable $28.9 $15.0 ===== ===== Primary earnings per share of common stock $ .59 $ .31 ===== ===== FULLY DILUTED EARNINGS PER SHARE OF COMMON STOCK Shares of common stock Average shares outstanding 48.9 48.8 Assumed conversion of Series A and leveraged Series E Preferred Stock 3.0 3.0 Dilutive effect of stock options - - ----- ----- 51.9 51.8 ===== ===== Net income $31.2 $17.2 Dividends on antidilutive preferred stock .1 .1 Additional ESOP funding required on conversion of leveraged Series E Preferred Stock, net of tax 2.0 1.9 ----- ----- Net income applicable $29.1 $15.2 ===== ===== Fully diluted earnings per share of common stock $ .56 $ .29 ===== =====
NOTE: In the three months ended March 31, 1997 and 1996 the assumed conversions of Series A and non-leveraged Series E Preferred Stock were antidilutive. -11- EX-27 3 FINANCIAL DATA SCHEDULE
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE CONSOLIDATED STATEMENT OF OPERATIONS, THE CONSOLIDATED BALANCE SHEET, AND THE SUMMARY OF STOCKHOLDERS' EQUITY CONTAINED IN THE QUARTERLY REPORT ON FORM 10-Q TO WHICH THIS EXHIBIT IS ATTACHED AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL SCHEDULES. 1,000 3-MOS DEC-31-1997 MAR-31-1997 89,700 0 572,600 25,100 598,600 1,267,600 4,568,900 2,935,500 3,597,500 569,000 762,600 0 3,200 50,600 765,800 3,597,500 1,206,900 1,207,300 1,078,500 1,078,800 0 0 16,400 55,100 21,700 33,400 0 0 0 31,200 .59 .56
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