-----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, Vvd7AGHZQhsc/hnkNZhNRImNK5hekLyNZlhqcfHzy1Gk2sgijjrYdwI9dJ/zfWs8 3ZMyWrRQsSXJ/qv9ziaaww== 0000912057-00-024801.txt : 20000516 0000912057-00-024801.hdr.sgml : 20000516 ACCESSION NUMBER: 0000912057-00-024801 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20000331 FILED AS OF DATE: 20000515 FILER: COMPANY DATA: COMPANY CONFORMED NAME: HOME SHOPPING NETWORK INC CENTRAL INDEX KEY: 0000791024 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-CATALOG & MAIL-ORDER HOUSES [5961] IRS NUMBER: 592649518 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 000-22069 FILM NUMBER: 635114 BUSINESS ADDRESS: STREET 1: 1 HSN DRIVE CITY: ST PETERSBURG STATE: FL ZIP: 33729 BUSINESS PHONE: 8135728585 10-Q 1 FORM 10-Q AS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON MAY 15, 2000 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ------------------------ FORM 10-Q ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE THREE MONTHS ENDED MARCH 31, 2000 ------------------------ HOME SHOPPING NETWORK, INC. (Exact name of registrant as specified in its charter) COMMISSION FILE NO. 333-71305-01 DELAWARE 52-2649518 (State or other jurisdiction (I.R.S. Employer Identification No.) of incorporation or organization)
152 WEST 57TH STREET, NEW YORK, NEW YORK, 10019 (Address of Registrant's principal executive offices) (212) 314-7300 (Registrant's telephone number, including area code): Securities registered pursuant to Section 12(b) of the Act: None Securities registered pursuant to Section 12(g) of the Act: None 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 / / - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS HOME SHOPPING NETWORK, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
THREE MONTHS ENDED MARCH 31, --------------------------------- 2000 1999 --------------- --------------- (IN THOUSANDS) NET REVENUES Networks and television production........................ $378,953 $331,544 Electronic retailing...................................... 379,058 275,510 Interactive............................................... 6,088 6,516 Electronic commerce and services.......................... 898 273 Other..................................................... -- 4,046 -------- -------- Total net revenues........................................ 764,997 617,889 OPERATING COSTS AND EXPENSES: Cost of sales and services................................ 238,411 176,086 Program costs............................................. 165,864 170,067 Selling and marketing..................................... 88,894 62,631 General and administrative................................ 72,159 56,036 Other operating costs..................................... 25,724 22,129 Amortization of cable distribution fees................... 8,223 6,090 Depreciation and amortization............................. 47,738 43,007 -------- -------- Total operating costs and expenses.................... 647,013 536,046 -------- -------- Operating profit.......................................... 117,984 81,843 Other income (expense): Interest income........................................... 13,829 10,615 Interest expense.......................................... (16,907) (20,378) Gain on sale of securities................................ -- 47,300 Miscellaneous............................................. (2,479) 9,616 -------- -------- (5,557) 47,153 -------- -------- Earnings before income taxes.............................. 112,427 128,996 Minority interest benefit................................. (66,010) (77,306) Income tax expense........................................ (24,627) (20,192) -------- -------- NET EARNINGS.............................................. $ 21,790 $ 31,498 ======== ========
The accompanying notes are an integral part of these statements. 2 HOME SHOPPING NETWORK, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (UNAUDITED)
MARCH 31, DECEMBER 31, 2000 1999 ---------- ------------- (IN THOUSANDS) ASSETS CURRENT ASSETS Cash and cash equivalents................................... $ 241,778 $ 247,474 Accounts and notes receivable, net of allowance of $41,200 and $33,317, respectively................................. 389,562 381,175 Inventories, net............................................ 440,116 432,520 Investments held for sale................................... 12,000 -- Deferred income taxes....................................... 5,443 12,077 Other current assets, net................................... 20,551 8,542 ---------- ---------- Total current assets........................................ 1,109,450 1,081,788 PROPERTY, PLANT AND EQUIPMENT Computer and broadcast equipment............................ 152,077 123,606 Buildings and leasehold improvements........................ 60,725 59,074 Furniture and other equipment............................... 66,669 67,246 Land........................................................ 10,246 10,246 Projects in progress........................................ 28,377 31,736 ---------- ---------- 318,094 291,908 Less accumulated depreciation and amortization.............. (92,620) (79,350) ---------- ---------- 225,474 212,558 OTHER ASSETS Intangible assets, net...................................... 5,028,458 5,029,769 Cable distribution fees, net ($33,532 and $35,181, respectively, to related parties)......................... 149,442 130,988 Long-term investments....................................... 53,597 93,742 Notes and accounts receivable, net.......................... 19,370 19,506 Inventories, net............................................ 142,891 154,497 Advances to USAI and Subsidiaries........................... 420,971 410,107 Deferred income taxes....................................... 57,006 61,755 Deferred charges and other, net............................. 39,558 36,934 ---------- ---------- $7,246,217 $7,231,644 ========== ========== LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES Current maturities of long-term obligations................. $ 16,335 $ 3,758 Accounts payable, trade..................................... 148,915 147,864 Obligations for program rights and film costs............... 280,920 265,235 Cable distribution fees payable ($18,559 and $18,733, respectively, to related parties)......................... 51,355 43,993 Deferred revenue............................................ 48,643 47,536 Other accrued liabilities................................... 306,449 271,846 ---------- ---------- Total current liabilities................................... 852,617 780,232 LONG-TERM OBLIGATIONS (net of current maturities)........... 528,203 527,339 OBLIGATIONS FOR PROGRAM RIGHTS AND FILM COSTS, net of current................................................... 237,429 256,260 OTHER LONG-TERM LIABILITIES................................. 74,772 81,156 MINORITY INTEREST........................................... 4,305,373 4,244,114 COMMITMENTS AND CONTINGENCIES............................... -- -- STOCKHOLDERS' EQUITY Common Stock................................................ 1,221,408 1,221,408 Additional paid-in capital.................................. 70,312 70,312 Retained (deficit) earnings................................. (45,556) 50,823 Accumulated other comprehensive income...................... 1,659 -- ---------- ---------- Total stockholders' equity.................................. 1,247,823 1,342,543 ---------- ---------- $7,246,217 $7,231,644 ========== ==========
The accompanying notes are an integral part of these statements. 3 HOME SHOPPING NETWORK, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (UNAUDITED)
ACCUMULATED ADDITIONAL RETAINED OTHER COMMON PAID-IN EARNINGS COMPREHENSIVE TOTAL STOCK CAPITAL (DEFICIT) INCOME ---------- ---------- ----------- --------- --------------- (IN THOUSANDS) Balance at December 31, 1999....................... $1,342,543 $1,221,408 $70,312 $ 50,823 $ -- Comprehensive Income: Net earnings for the year ended December 31, 1999.. 21,790 -- -- 21,790 -- Foreign currency translation.............. (299) (299) Increase in unrealized gains in available for sale securities.......... 1,958 -- -- -- 1,958 ---------- Comprehensive income..... 23,449 Mandatory tax distribution to LLC partners............... (118,169) -- -- (118,169) -- ---------- ---------- ------- --------- ------ Balance at March 31, 2000.... $1,247,823 $1,221,408 $70,312 $(45,556) $1,659 ========== ========== ======= ========= ======
The accompanying notes are an integral part of these statements. 4 HOME SHOPPING NETWORK, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
THREE MONTHS ENDED MARCH 31, --------------------------------------- 2000 1999 ------------------ ------------------ (IN THOUSANDS) CASH FLOWS FROM OPERATING ACTIVITIES: Net earnings............................................ $ 21,790 $ 31,498 ADJUSTMENTS TO RECONCILE NET EARNINGS (LOSS) TO NET CASH PROVIDED BY OPERATING ACTIVITIES: Depreciation and amortization........................... 47,738 43,007 Amortization of cable distribution fees................. 8,223 6,090 Amortization of program rights and film costs........... 143,468 159,261 Gain on sale of securities.............................. -- (47,300) Amortization of deferred financing costs................ 935 -- Equity in (earnings) losses of unconsolidated affiliates............................................ 2,788 443 Minority interest....................................... 66,010 77,306 CHANGES IN CURRENT ASSETS AND LIABILITIES: Accounts receivable..................................... (767) 11,477 Inventories............................................. 21,921 5,332 Accounts payable........................................ (9,225) (44,110) Accrued liabilities and deferred revenue................ 33,999 10,137 Payment for program rights and film costs............... (166,028) (161,939) Increase in cable distribution fees..................... (18,591) (6,981) Other, net.............................................. 19,634 (1,185) --------- --------- NET CASH PROVIDED BY OPERATING ACTIVITIES............. 171,895 83,036 CASH FLOWS FROM INVESTING ACTIVITIES: Acquisitions, net of cash acquired.......................... (3,997) (7,500) Capital expenditures........................................ (17,010) (10,011) Increase in long-term investments and notes receivable...... (1,853) (11,385) Advance to Styleclick....................................... (5,000) -- Proceeds from sale of securities............................ -- 58,110 Proceeds from long-term notes receivable.................... -- 3,691 Other, net.................................................. (4,458) -- --------- --------- NET CASH (USED) IN PROVIDED BY INVESTING ACTIVITIES... (32,318) 32,905 CASH FLOWS FROM FINANCING ACTIVITIES: Borrowings.................................................. 19,514 -- Intercompany................................................ (2,673) 4,311 Payment of mandatory tax distribution to LLC partners....... (118,169) (52,755) Principal payments on long-term obligations................. (16,162) (6,965) Repurchase of LLC shares.................................... (34,419) -- Proceeds from issuance of LLC shares........................ 14,485 -- Other....................................................... (7,550) -- --------- --------- NET CASH USED IN FINANCING ACTIVITIES................. (144,974) (55,409) --------- --------- Effect of exchange rate changes on cash and cash equivalents............................................... (299) -- NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS........ (5,696) 60,532 Cash and cash equivalents at beginning of period............ 247,474 234,903 --------- --------- CASH AND CASH EQUIVALENTS AT END OF PERIOD.................. $ 241,778 $ 295,435 ========= =========
The accompanying notes are an integral part of these statements. 5 HOME SHOPPING NETWORK, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) NOTE 1--ORGANIZATION AND BASIS OF PRESENTATION ORGANIZATION Home Shopping Network, Inc. (the "Company" or "Home Shopping"), is a holding company, whose subsidiary USANi LLC is engaged in diversified media and electronic commerce businesses. In December 1996, the Company consummated a merger with USA Networks, Inc. ("USAi"), formerly known as HSN, Inc., and became a subsidiary of USAi (the "Home Shopping Merger"). On February 12, 1998, USAi acquired USA Networks, a New York general partnership, consisting of cable television networks, USA Network and Sci-Fi Channel ("Networks"), as well as the domestic television production and distribution businesses of Universal Studios ("Studios USA") from Universal Studios, Inc. ("Universal"), an entity controlled by The Seagram Company Ltd. ("Seagram") (the "Universal Transaction"). In connection with the Universal Transaction, the Company formed a new subsidiary, USANi LLC, and contributed the operating assets of the Home Shopping Network services ("HSN") to USANi LLC. Furthermore, USAi contributed Networks and Studios USA to USANi LLC on February 12, 1998. As of March 31, 2000, the Company engages in four principal areas of business: - Networks and television production, which includes Networks and Studios USA. Networks operates the USA Network and Sci-Fi Channel cable networks and Studios USA produces and distributes television programming. - Electronic retailing, consisting primarily of the Home Shopping Network and America's Store, which are engaged in the electronic retailing business. - Internet services, which represents Internet Shopping Network, the Company's on-line retailing networks business. - Electronic commerce and services which primarily represent the Company's customer and e-care business. BASIS OF PRESENTATION The interim Condensed Consolidated Financial Statements and Notes thereto of the Company are unaudited and should be read in conjunction with the audited Consolidated Financial Statements and Notes thereto for the three months ended March 31, 2000. Certain amounts in the Condensed Consolidated Financial Statements for the quarter ended March 31, 1999 have been reclassified to conform to the 2000 presentation. In the opinion of the Company, all adjustments necessary for a fair presentation of such Condensed Consolidated Financial Statements have been included. Such adjustments consist of normal recurring items. Interim results are not necessarily indicative of results for a full year. The interim Condensed Consolidated Financial Statements and Notes thereto are presented as permitted by the Securities and Exchange Commission and do not contain certain information included in the Company's audited Consolidated Financial Statements and Notes thereto. NOTE 2--SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES See the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 1999 (the "1999 Form 10-K") for a summary of all significant accounting policies. 6 HOME SHOPPING NETWORK, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) (UNAUDITED) NOTE 3--INVESTMENTS During the quarter ended March 31, 1999, the Company recognized a pre-tax gain of $47.3 million on the sale of securities in a publicly traded entity. NOTE 4--STATEMENTS OF CASH FLOWS SUPPLEMENTAL DISCLOSURE OF NON-CASH TRANSACTIONS FOR THE THREE MONTHS ENDED MARCH 31, 2000: As of January 1, 2000 the Company began to consolidate the accounts of HOT Germany, an electronic retailer operating principally in Germany, whereas its investment in HOT Germany was previously accounted for under the equity method of accounting. On January 20, 2000, the Company completed its acquisition of Ingenious Designs, Inc. ("IDI"), by issuing approximately 190,000 shares of USAi common stock for all the outstanding stock of IDI, for a total value of approximately $5.0 million. SUPPLEMENTAL DISCLOSURE OF NON-CASH TRANSACTIONS FOR THE THREE MONTHS ENDED MARCH 31, 1999: During the quarter ended March 31, 1999, the Company acquired post-production and other equipment through capital leases totaling $2.0 million. NOTE 5--INDUSTRY SEGMENTS For the three months ended ended March 31, 2000 and 1999, the Company operated principally in four industry segments: Networks and television production, Electronic retailing, Interactive and Electronic commerce and services. The Networks and television production segment consists of the cable networks USA Network and Sci-Fi Channel and Studios USA, which produces and distributes television programming. The Electronic retailing segment consists of Home Shopping Network and America's Store, which are engaged in the sale of merchandise through electronic retailing. The Interactive segment represents the Company's on-line retailing networks business. The Electronic commerce and services segment primarily represents the Company's customer and e-care businesses.
THREE MONTHS ENDED MARCH 31, ------------------- 2000 1999 -------- -------- (IN THOUSANDS) REVENUE Networks and television production...................... $378,953 $331,544 Electronic retailing.................................... 379,058 275,510 Interactive............................................. 6,088 6,516 Electronic commerce and services........................ 898 273 Other................................................... -- 4,046 -------- -------- $764,997 $617,889 ======== ======== OPERATING PROFIT (LOSS) Networks and television production...................... $110,787 $ 81,270 Electronic retailing.................................... 30,012 14,686 Electronic commerce and services........................ (3,923) (426) Interactive............................................. (10,057) (7,801) Corporate and other..................................... (8,835) (5,886) -------- -------- $117,984 $ 81,843 ======== ========
7 HOME SHOPPING NETWORK, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) (UNAUDITED) NOTE 6--GUARANTEE OF NOTES USAi issued $500.0 million 6 3/4% Senior Notes due 2005 (the "Notes"). USANi LLC is a co-issuer and co-obligor of the Notes. The Notes are jointly, severally, fully and unconditionally guaranteed by certain subsidiaries of USAi, including the Company and all of the subsidiaries of USANi LLC (other than subsidiaries that are, individually and in the aggregate, inconsequential to USANi LLC on a consolidated basis) (collectively, the "Subsidiary Guarantors"). All of the Subsidiary Guarantors (other than the Company) (the "Wholly Owned Subsidiary Guarantors") are wholly owned, directly or indirectly, by the Company or USANi LLC, as the case may be. Separate financial statements for each of the Wholly Owned Subsidiary Guarantors are not presented and such Wholly Owned Subsidiary Guarantors are not filing separate reports under the Securities Exchange Act of 1934 because the Company's management has determined that the information contained in such documents would not be material to investors. NOTE 7--SUBSEQUENT EVENTS ACQUISITION OF PRECISION RESPONSE CORPORATION On April 5, 2000, USAi acquired Precision Response Corp. ("PRC") in a stock-for-stock transaction, issuing 24.3 million shares of USAi common stock valued at approximately $705 million in exchange for all outstanding equity of PRC. MERGER OF INTERNET SHOPPING NETWORK AND STYLECLICK.COM On January 25, 2000, USAi and Styleclick.com Inc., a leading enabler of e-commerce for manufacturers and retailers, announced an agreement to form a new company by merging Internet Shopping Network ("ISN") and Styleclick.com. The new company, which will be named Styleclick, Inc., will own and operate the combined properties of Styleclick.com Inc. and ISN. Under the terms of the agreement, USAi will also invest $40 million in cash, contribute $10 million in dedicated media, and will receive warrants to purchase additional shares of the new company. Upon both the closing of the transaction and on a fully diluted basis, USAi will own approximately 75% of the new company and Styleclick.com stockholders will own approximately 25%. In the interim, USAi has agreed to extend a $10 million bridge loan to Styleclick.com. As of March 31, 2000, the amount outstanding under the loan is $5.0 million. The transaction is expected to close in the second quarter of 2000. 8 ITEM 2. MANAGEMENT'S DISCUSSIONS AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS GENERAL Home Shopping Network, Inc., a Delaware limited liability company (the "Company" or "Holdco"), is a subsidiary of Home Shopping Network, Inc. ("Holdco"), which is a subsidiary of USA Networks, Inc. ("USAi"). The Company is a holding company, the subsidiaries of which are engaged in diversified media and electronic commerce businesses. CONSOLIDATED RESULTS OF OPERATIONS THREE MONTHS ENDED MARCH 31, 2000 VS. THREE MONTHS ENDED MARCH 31, 1999 NET REVENUES For the three months ended March 31, 2000, net revenues increased $147.1 million, or 23.8%, to $765.0 million from $617.9 million compared to 1999 primarily due to increases of $103.5 million and $47.4 million from the Electronic retailing and Networks and television production businesses, respectively. As of January 1, 2000, the Company presents the operations of HOT Germany on a consolidated basis. Previously, the investment was accounted for under the equity method of accounting. Revenues for the German operations were $54.1 million in the three months ended March 31, 2000 as compared to $36.4 million in 1999. The increase in electronic retailing primarily resulted from Home Shopping Network's core domestic business, which generated increased sales of $47.9 million, and the consolidation of the German operations, which resulted in increased sales of $54.1 million. Total units shipped increased by 6.5% to 8.2 million units compared to 7.7 million units in 1999. The increase in net revenues also reflected a decrease in the return rate to 21.4% from 22.8% in 1999. The increase in Networks and television production primarily resulted from an increase in advertising revenues at USA Network and a significant increase in advertising revenues and affiliate revenues at Sci-Fi Channel due to an increase in subscribers and higher ratings. Revenue of Studios USA also increased due to increased revenues from one-hour dramas and talk shows offset by fewer network-pick-ups for comedy productions. OPERATING COSTS AND EXPENSES For the three months ended March 31, 2000, total operating costs and expenses increased $104.1 million, or 21.4%, to $591.1 million from $487.0 million compared to 1999, primarily due to increased costs of $82.9 million, $18.1 million and $4.1 million from the Electronic retailing, Networks and television production and Electronic commerce and services businesses, respectively. The increased costs are related to the higher revenue of all of the businesses, the consolidation of the German electronic retailing operations as of January 1, 2000, and start-up costs of the Electronic commerce and services business. Amortization of cable distribution fees increased by $2.1 million due to higher cost distribution arrangements. OTHER INCOME (EXPENSE), NET For the three months ended March 31, 2000, net interest expense decreased by $6.7 million, compared to 1999 primarily due to lower borrowing levels as a result of the repayment of bank debt in prior years from the proceeds of equity transactions involving Universal and Liberty Media Corporation, a subsidiary of AT&T Corporation ("Liberty"). In the three months ended March 31, 1999, the Company realized gains of $47.3 million related to the sale of securities and $10.4 million from the reversal of equity losses which were recorded in 1998 as a result of the Universal transaction. 9 INCOME TAXES The Company's effective tax rate, calculated after deducting the effects of USANi LLC minority interest, of 50.6% is higher than the statutory rate due to the effects of state taxes and non-deductible goodwill. SEASONALITY The Company's businesses are subject to the effects of seasonality. Networks and Television Production revenues are influenced by advertiser demand and the seasonal nature of programming, and generally peak in the spring and fall. The Company believes seasonality impacts its Electronic Retailing segment but not to the same extent it impacts the retail industry in general. ITEM 2(A). QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK INTEREST RATE RISK The Company's exposure to market rate risk for changes in interest rates relates primarily to the Company's short-term investment portfolio and issuance of debt. The Company does not use derivative financial instruments in its investment portfolio. The Company has a prescribed methodology whereby it invests its excess cash in debt instruments of government agencies and high quality corporate issuers. To further mitigate risk, the vast majority of the securities have a maturity date within 60 days. The portfolio is reviewed on a periodic basis and adjusted in the event that the credit rating of a security held in the portfolio has deteriorated. At March 31, 2000, the Company's outstanding debt approximated $544.5 million, substantially all of which is fixed rate obligations. If market rates decline, the Company runs the risk that the related required payments on the fixed rate debt will exceed those based on the current market rate. FOREIGN CURRENCY EXCHANGE RISK The Company conducts business in certain foreign markets. However, the level of operations in foreign markets is insignificant to the consolidated results. EQUITY PRICE RISK The Company has no investments in equity securities of a publicly-traded companies. It is not customary for the Company to make investments in equity securities as part of its investment strategy. 10 SIGNATURES Pursuant to the requirements of Section 13 or 15(d) 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. HOME SHOPPING NETWORK, INC.
SIGNATURE TITLE DATE --------- ----- ---- /s/ BARRY DILLER ------------------------------------------- Chairman of the Board, Chief May 15, 2000 Barry Diller Executive Officer and Director /s/ MICHAEL SILECK Senior Vice President and Chief ------------------------------------------- Financial Officer (Principal May 15, 2000 Michael Sileck Financial Officer) /s/ WILLIAM J. SEVERANCE ------------------------------------------- Vice President and Controller May 15, 2000 William J. Severance (Chief Accounting Officer)
11 EX-27.1 2 EXHIBIT 27.1
5 3-MOS DEC-31-2000 JAN-01-2000 MAR-31-2000 241,778 0 389,562 41,200 440,116 1,109,450 225,474 92,620 7,246,217 852,617 528,203 0 0 1,221,408 26,415 7,246,217 764,997 764,997 404,275 404,275 242,738 0 16,907 112,427 24,627 21,790 0 0 0 21,790 0 0
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