-----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, QzUXUuI2LE2XByOr3Qij+NSBf6lEKVMjUTnoToEAhzHL3+URxG0tIUlY5axNCEfx emTjytq5QMPpkpQ0hYzYdA== 0000899243-00-000243.txt : 20000215 0000899243-00-000243.hdr.sgml : 20000215 ACCESSION NUMBER: 0000899243-00-000243 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20000101 FILED AS OF DATE: 20000214 FILER: COMPANY DATA: COMPANY CONFORMED NAME: KENT ELECTRONICS CORP CENTRAL INDEX KEY: 0000793024 STANDARD INDUSTRIAL CLASSIFICATION: WHOLESALE-ELECTRONIC PARTS & EQUIPMENT, NEC [5065] IRS NUMBER: 741763541 STATE OF INCORPORATION: TX FISCAL YEAR END: 0328 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 001-09520 FILM NUMBER: 541273 BUSINESS ADDRESS: STREET 1: 1111 GILLINGHAM LN CITY: SUGAR LAND STATE: TX ZIP: 77478 BUSINESS PHONE: 2812434000 MAIL ADDRESS: STREET 1: 1111 GILLINGHAM LN CITY: SUGAR LAND STATE: TX ZIP: 77478 10-Q 1 FORM 10-Q FOR JANUARY 1, 2000 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 quarterly period ended January 1, 2000 ------------------------------------------------- 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 0-14643 --------------------------------------------------------- KENT ELECTRONICS CORPORATION - -------------------------------------------------------------------------------- (Exact name of registrant as specified in its charter) Texas 74-1763541 - -------------------------------------------------------------------------------- (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 1111 Gillingham Lane, Sugar Land, Texas 77478 - -------------------------------------------------------------------------------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (281) 243-4000 ---------------------------- Not applicable - -------------------------------------------------------------------------------- Former name, former address and former fiscal year, if changed since last report. 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. At February 9, 2000, 28,153,088 shares of common stock, no par value, were outstanding. KENT ELECTRONICS CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (In thousands) January 1, April 3, 2000 1999 ---------- -------- (Unaudited) ASSETS CURRENT ASSETS Cash and cash equivalents (including temporary investments of $91,165 at January 1 and $206,919 at April 3)............................ $ 90,131 $207,942 Accounts receivable, less allowance of $873 at January 1 and $991 at April 3................ 165,132 103,364 Inventories Materials and purchased products................ 183,951 118,535 Work in process................................. 4,280 6,349 -------- -------- 188,231 124,884 Other............................................. 13,527 17,549 -------- -------- Total current assets.......................... 457,021 453,739 PROPERTY AND EQUIPMENT Land.............................................. 8,168 8,168 Buildings......................................... 44,226 43,817 Equipment, furniture and fixtures................. 132,548 124,194 Leasehold improvements............................ 2,943 2,681 -------- -------- 187,885 178,860 Less accumulated depreciation and amortization.... (63,168) (50,496) -------- -------- 124,717 128,364 OTHER ASSETS........................................... 6,508 7,095 COST IN EXCESS OF NET ASSETS ACQUIRED, less accumulated amortization of $4,687 at January 1 and $3,320 at April 3................... 107,284 15,443 -------- -------- $695,530 $604,641 ======== ======== The accompanying notes are an integral part of these statements. Page 2 of 14 KENT ELECTRONICS CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (In thousands, except share data) January 1, April 3, 2000 1999 ---------- -------- (Unaudited) LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES Accounts payable................................ $ 97,435 $ 47,149 Accrued compensation............................ 18,074 13,862 Other accrued liabilities....................... 22,272 6,950 -------- -------- Total current liabilities................... 137,781 67,961 LONG-TERM DEBT, less current maturities.............. 216,000 207,000 DEFERRED INCOME TAXES................................ 8,048 8,511 STOCKHOLDERS' EQUITY Preferred stock, $1 par value per share; authorized 2,000,000 shares; none issued...... --- --- Common stock, no par value; authorized 60,000,000 shares; 28,133,230 shares issued and 28,083,230 shares outstanding at January 1 and 28,013,375 shares issued and 27,963,375 shares outstanding at April 3...... 65,049 63,553 Additional paid-in capital...................... 117,726 117,511 Retained earnings............................... 151,903 141,082 -------- -------- 334,678 322,146 Less common stock in treasury - at cost, 50,000 shares................................. (977) (977) -------- -------- 333,701 321,169 -------- -------- $695,530 $604,641 ======== ======== The accompanying notes are an integral part of these statements. Page 3 of 14 KENT ELECTRONICS CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited - In thousands, except per share data)
Thirteen Weeks Ended Thirty-Nine Weeks Ended ----------------------------- ------------------------------- January 1, December 26, January 1, December 26, 2000 1998 2000 1998 ---------- ----------- ---------- ----------- Net sales....................................... $259,035 $155,424 $700,284 $459,981 Cost of sales................................... 214,077 131,715 583,586 385,833 --------- -------- -------- -------- Gross profit............................... 44,958 23,709 116,698 74,148 Selling, general and administrative expenses.... 35,029 25,434 95,543 75,439 --------- -------- -------- -------- Operating profit (loss).................... 9,929 (1,725) 21,155 (1,291) Other income (expense) Interest expense........................... (2,574) (2,575) (7,727) (7,723) Other - net................................ 1,250 2,754 4,386 8,432 --------- -------- -------- -------- Earnings (loss) before income taxes...... 8,605 (1,546) 17,814 (582) Income taxes.................................... 3,377 (607) 6,993 (230) --------- -------- -------- -------- NET EARNINGS (LOSS)...................... $ 5,228 $ (939) $ 10,821 $ (352) ========= ========= ======== ======== Earnings (loss) per common share: Basic...................................... $.19 $(.03) $.39 $(.01) ======== ======== ======== ======== Diluted.................................... $.18 $(.03) $.38 $(.01) ======== ======== ======== ======== Weighted average shares: Basic...................................... 28,057 27,916 28,008 27,577 ========= ========= ======== ======== Diluted.................................... 28,971 27,916 28,680 27,577 ========= ========= ======== ========
The accompanying notes are an integral part of these statements. Page 4 of 14 KENT ELECTRONICS CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) Thirty-Nine Weeks Ended ------------------------ January 1, December 26, 2000 1998 ---------- ----------- (Unaudited) CASH FLOWS FROM OPERATING ACTIVITIES Net earnings (loss)............................... $ 10,821 $ (352) Adjustments to reconcile net earnings (loss) to net cash (used) provided by operating activities Depreciation and amortization................... 14,058 10,995 Provision for losses on accounts receivable. (118) 89 Loss (gain) on disposal of property and equipment.................................. 18 (340) Stock option expense............................ 215 242 Loss on sale of trading securities.............. --- 327 Net sales of trading securities................. --- 29,619 Change in assets and liabilities, net of effects from business acquisitions Accounts receivable............................ (36,175) (1,915) Inventories.................................... (38,902) (4,076) Other current assets........................... 3,313 (8,247) Other assets................................... 662 (772) Accounts payable............................... 22,891 (4,260) Accrued compensation........................... 2,085 130 Other accrued liabilities...................... 6,337 5,920 Income taxes................................... --- (2,946) Deferred income taxes.......................... 75 75 Long-term liabilities......................... --- 602 --------- --------- Total adjustments............................ (25,541) 25,443 --------- --------- Net cash (used) provided by operating activities........................ (14,720) 25,091 (Continued) Page 5 of 14 KENT ELECTRONICS CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) Thirty-Nine Weeks Ended ------------------------- January 1, December 26, 2000 1998 ---------- ------------ (Unaudited) CASH FLOWS FROM INVESTING ACTIVITIES Capital expenditures............................... $ (8,090) $(14,948) Business acquisitions, net of cash acquired........ (71,906) --- Proceeds from sale of property and equipment....... 14 2,487 --------- -------- Net cash used by investing activities............ (79,982) (12,461) CASH FLOWS FROM FINANCING ACTIVITIES Payment on long-term debt of acquired businesses (24,605) --- Issuance of common stock........................... 1,134 4,148 Tax effect of common stock issued upon exercise of employee stock options......................... 362 5,526 --------- -------- Net cash (used) provided by financing activities...................................... (23,109) 9,674 --------- -------- NET (DECREASE) INCREASE IN CASH...................... (117,811) 22,304 CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD..... 207,942 179,907 --------- -------- CASH AND CASH EQUIVALENTS AT END OF PERIOD........... $ 90,131 $202,211 ========= ======== SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: Cash paid during the period for: Interest.......................................... $ 4,658 $ 4,658 Income taxes...................................... 1,694 5,308 The accompanying notes are an integral part of these statements. Page 6 of 14 KENT ELECTRONICS CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Accounting Policies The consolidated balance sheet as of January 1, 2000, and the consolidated statements of earnings and cash flows for the thirteen and thirty-nine week periods ended January 1, 2000 and December 26, 1998, have been prepared by the Company without audit. In the opinion of management, the financial statements include all adjustments necessary for a fair presentation. All adjustments made were of a normal recurring nature. Interim results are not necessarily indications of results for a full year. For further financial information, refer to the audited financial statements of the Company and notes thereto for the fiscal year ended April 3, 1999, included in the Company's Form 10-K for that period. Business Acquisitions On April 5, 1999, the Company acquired all the outstanding common stock of SabreData, Inc. ("SabreData") for a cash purchase price of $31.0 million plus the assumption of approximately $2.2 million of interest bearing obligations which were subsequently retired. SabreData is a Texas based network integrator with sales of approximately $37.0 million for the year ended December 31, 1998. On June 3, 1999, the Company acquired certain assets and assumed certain liabilities of Advacom, Inc. ("Advacom") for a cash purchase price of $33.0 million plus the assumption of approximately $21.8 million of interest bearing obligations which were retired on the day of closing. Advacom is a Pennsylvania based distributor of electronic connectors, passive and electromechanical components which generated approximately $112.0 million in revenue for the year ended December 31, 1998. On November 1, 1999, the Company acquired all the outstanding common stock of Orange Coast Datacomm, Inc., Orange Coast Cabling, Inc. and Go Telecomm, Inc., collectively known as the Orange Coast Companies ("Orange Coast") for an aggregate purchase price of approximately $17.7 million, which includes the issuance of an unsecured promissory note in the amount of $9.0 million. Orange Coast, which reported sales of approximately $19.0 million for Page 7 of 14 the year ended December 31, 1998, provides comprehensive end-to-end voice and data network solutions to major corporations from offices in Irvine and Santa Clara, California. Earnings Per Share Basic earnings per common share is computed using the weighted average number of shares outstanding. Diluted earnings per common share is computed using the weighted average number of shares outstanding adjusted for the incremental shares attributed to outstanding options to purchase common stock. Incremental shares of 0.9 million and 0.7 million were used in the calculation of diluted earnings per common share for the thirteen and thirty-nine week periods ended January 1, 2000, respectively. Incremental shares were not used in the calculation of diluted earnings per common share for the thirteen and thirty- nine weeks ended December 26, 1998 since the effect of their inclusion would be antidilutive. The calculation of earnings per share does not include approximately 4.2 million shares issuable upon conversion of the 4 1/2% Convertible Subordinated Notes due 2004 because inclusion of such shares would be antidilutive. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Results of Operations Net sales for the thirteen and thirty-nine week periods ended January 1, 2000 increased $103.6 million, or 66.7%, and $240.3 million, or 52.2%, compared to the same periods a year ago. Distribution and network integration sales increased 82.8% and 57.2% from the prior year thirteen and thirty-nine week periods, respectively, primarily as a result the SabreData, Advacom and Orange Coast acquisitions, an improved demand for networking products and services, and a strengthening market for certain distribution components. Contract manufacturing revenues increased 29.4% and 39.4% from the prior year thirteen and thirty-nine week periods, respectively, primarily as a result of sales of the division's expanded manufacturing services to customers in the network systems industry and as a result of increased sales to the semiconductor capital equipment industry. Gross profit increased $21.2 million, or 89.6%, for the thirteen weeks and $42.6 million, or 57.4%, for the thirty-nine weeks compared to the corresponding periods a year ago primarily due to increased sales. For the thirteen week period, gross Page 8 of 14 profit as a percentage of sales increased to 17.4% and 16.7% in the thirteen and thirty-nine week periods, respectively, from 15.3% and 16.1% in the comparable periods of the previous year. The increase in the gross profit percentage for both periods resulted from improved plant utilization in the Company's contract manufacturing business, an improved pricing environment for certain products and services, and the growth in distribution and network integration business primarily due to the acquisitions of SabreData, Advacom and Orange Coast. Selling, general and administrative ("SG&A") expenses increased $9.6 million, or 37.7%, and $20.1 million, or 26.6% for the thirteen and thirty-nine week periods, respectively. The increase in SG&A expenses was primarily due to the acquisitions of SabreData, Advacom and Orange Coast and the expenses necessary to support the growth in the Company's operations. As a percentage of sales, SG&A expenses decreased to 13.5% and 13.6% in the thirteen and thirty-nine week periods, respectively, from 16.4% in both the thirteen and thirty-nine week periods of fiscal 1999. The reduction of SG&A expenses as a percentage of sales is a result of the continued focus on cost containment and leveraging operating expense on larger sales. Interest expense consists of interest on the 4 1/2% Convertible Subordinated Notes due 2004. Other-net consists principally of interest and dividend income generated by cash and cash equivalents. The decrease in interest and dividend income for the thirteen and thirty-nine week periods compared to the corresponding periods a year ago was primarily due to lower cash balances resulting from the acquisitions of SabreData, Advacom and Orange Coast in fiscal 2000. The Company reported net earnings of $5.2 million for the thirteen week period compared to a net loss of $0.9 million in the corresponding period a year ago. For the thirty-nine week period, net earnings were $10.8 million compared to a net loss of $0.4 million last year. The increase in net earnings for both periods was primarily the result of increased gross profit partially offset by an increase in SG&A expenses. Liquidity and Capital Resources Working capital at January 1, 2000 was $319.2 million, a decrease of $66.5 million, or 17.2%, since April 3, 1999. The decrease was primarily the result of Page 9 of 14 the cash expended for the acquisition of SabreData, Advacom and Orange Coast, and for the retirement of the acquired companies' debt during fiscal 2000. Included in the Company's working capital at January 1, 2000 are investments of $91.2 million, a decrease of $115.8 million since April 3, 1999. The Company's investment strategy is low-risk and short-term, keeping the funds readily available to meet capital requirements as they arise in the normal course of business. At January 1, 2000, funds were invested in institutional money market funds, which are compatible with the Company's stated investment strategy. The Company intends to apply its capital resources to expand its business by establishing or acquiring similar distribution and manufacturing operations in geographic areas that are attractive to the Company. In addition to the capital required to purchase existing businesses or to fund start-up operations, the expansion of the Company's operations at both new and existing locations will require greater levels of capital to finance the purchase of additional equipment, increased levels of inventory and greater accounts receivable. The Company believes that current resources including funds generated from operations should be sufficient to meet its current capital requirements. Year 2000 Statement The Year 2000 Issue results from computer hardware and software systems that were not designed to distinguish between centuries and may not accommodate some or all dates beyond the year 1999. Therefore, some computer hardware and software systems were modified prior to the year 2000 in order to remain functional. With the exceptions noted below, by the end of the third calendar quarter of 1999, the Company had completed its Year 2000 program. That program consisted of a comprehensive inventory of its critical systems, prioritization of such systems based upon a risk analysis of the Company's business processes, communication from vendors regarding the Year 2000 readiness of computer hardware, software and equipment with embedded chips, testing of the most critical systems regardless of vendor representations, and the monitoring of third-party readiness for the Company's critical business partners. The only exceptions to the readiness of the Company's systems by September 30, 1999 were the systems of Orange Coast which were tested and determined to be compliant or were replaced by the end of calendar 1999. As of the date of this report, the Company has experienced no known Page 10 of 14 disruptions to its systems or business operations as a result of Year 2000 events nor have any such disruptions been reported to us by our critical business partners. The Company estimates that the costs to be incurred in calendar 1999 and 2000 associated with assessing, remediating and testing its IT and non-IT systems will not exceed $0.5 million. This estimate assumes that the Company will not incur significant Year 2000 related costs on behalf of its suppliers, customers or third parties. Throughout the early part of the year 2000, the Company will continue to assess its Year 2000 Issues related to its physical plant and equipment, products, suppliers, and customers. As a part of its Year 2000 program, the Company engaged in a contingency planning process integral to its Year 2000 program. The contingency planning phase consisted of developing a risk profile of the Company's critical business processes, and then establishing a plan of action that the Company may pursue to keep such processes operational in the event that either the Company or critical third parties suffer Year 2000 disruptions. While the Company experienced no known disruptions with respect to systems under its control, the Company will continue to monitor the reporting of third parties and public infrastructure with respect to the Year 2000, and may modify and adjust its contingency plan throughout the year as additional information becomes available. The above disclosure is a "Year 2000 Readiness Disclosure" made with the intention to comply fully with the Year 2000 Information and Readiness Disclosure Act of 1998, Pub. L. No. 105-271, 112 Stat. 2386, signed into law October 19, 1998. All statements made herein shall be construed within the confines of that Act. To the extent that any reader of the above Year 2000 Readiness Disclosure is other than an investor or potential investor in the Company's -- or any affiliate's -- equity or debt securities, this disclosure is made for the sole purpose of communicating or disclosing information aimed at correcting, helping to correct and/or avoid Year 2000 failures. Risks Relating to Forward-Looking Statements The Company is including the following cautionary statements to secure the protection of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 for all forward-looking statements made by the Company in this Quarterly Report on Form 10-Q. Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate or imply future results, performance or trends, and may contain the words "expect," "should," "will" or words or phrases of similar meaning. In addition, the forward-looking Page 11 of 14 statements speak only of the Company's view as of the date the statement was made, and the Company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof. Forward-looking statements involve risks and uncertainties which could cause actual results, performance or trends to differ materially from those expressed in the forward-looking statements. The Company believes that all forward- looking statements made by it have a reasonable basis, but there can be no assurance that management's expectations, beliefs or projections as expressed in the forward-looking statements will actually occur or prove to be correct. Factors that could cause actual results to differ materially from those discussed in the forward-looking statements include, but are not limited to, the factors discussed in the Company's Annual Report on Form 10-K for the fiscal year ended April 3, 1999. Quantitative and Qualitative Disclosures About Market Risk In the normal course of business, the Company could be exposed to market risk from changes in interest rates. The Company continually monitors exposure to market risk and, when appropriate, develops strategies to manage this risk. Management does not use derivative financial instruments for trading or to speculate on changes in interest rates. Currently, the Company's interest rate risk, if any, relates to its 4 1/2% Convertible Subordinated Notes Due 2004. PART II - OTHER INFORMATION Items 1, 2, 3, 4 and 5 are not applicable and have been omitted. Item 6. Exhibits and Reports on Form 8-K. (a) Exhibits: 11 - Computation of Earnings Per Share. 27 - Financial Data Schedule. (b) Reports on Form 8-K: Not applicable Page 12 of 14 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. KENT ELECTRONICS CORPORATION -------------------------------------- (Registrant) Date: February 14, 2000 By: /s/ Morrie K. Abramson -------------------------------- ---------------------------- Morrie K. Abramson Chairman of the Board, Chief Executive Officer and Director (Principal Executive Officer) Date: February 14, 2000 By: /s/ Stephen J. Chapko -------------------------------- ---------------------------- Stephen J. Chapko Executive Vice President, Chief Financial Officer, Treasurer and Secretary (Principal Financial Officer) Date: February 14, 2000 By: /s/ David D. Johnson -------------------------------- ---------------------------- David D. Johnson Vice President, Corporate Controller (Principal Accounting Officer) Page 13 of 14 EX-11 2 COMPUTATION OF EARNINGS PER SHARE KENT ELECTRONICS CORPORATION AND SUBSIDIARIES COMPUTATION OF EARNINGS (LOSS) PER SHARE EXHIBIT 11 (In thousands, except per share data)
For the Thirteen Weeks Ended For the Thirteen Weeks Ended January 1, 2000 December 26, 1998 ---------------------------------------- ------------------------------------- Per-Share Earnings Per-Share Earnings Shares Amount (Loss) Shares Amount -------- -------- ---------- -------- -------- --------- BASIC EARNINGS (LOSS) PER SHARE Net earnings (loss) $ 5,228 28,057 $ 0.19 $ (939) 27,916 $ (0.03) ========== ========= EFFECT OF DILUTIVE SECURITIES Excess of shares issuable upon exercise of stock options over shares deemed retired utilizing the treasury stock method - 914 - - -------- -------- -------- -------- DILUTED EARNINGS (LOSS) PER SHARE Net earnings (loss) plus assumed conversions $ 5,228 28,971 $ 0.18 $ (939) 27,916 $ (0.03) ======== ======== ========== ======== ======== =========
For the Thirty-Nine Weeks Ended For the Thirty-Nine Weeks Ended January 1, 2000 December 26, 1998 ---------------------------------------- ------------------------------------- Per-Share Earnings Per-Share Earnings Shares Amount (Loss) Shares Amount -------- -------- ---------- -------- -------- --------- BASIC EARNINGS (LOSS) PER SHARE Net earnings (loss) $ 10,821 28,008 $ 0.39 $ (352) 27,577 $ (0.01) ========= ========= EFFECT OF DILUTIVE SECURITIES Excess of shares issuable upon exercise of stock options over shares deemed retired utilizing the treasury stock method - 672 - - -------- -------- -------- -------- DILUTED EARNINGS (LOSS) PER SHARE Net earnings (loss) plus assumed conversions $ 10,821 28,680 $ 0.38 $ (352) 27,577 $ (0.01) ======== ======== ========== ======== ======== =========
EX-27 3 FINANCIAL DATA SCHEDULE
5 0000793024 KENT ELECTRONICS CORPORATION 1,000 9-MOS APR-01-2000 JAN-01-2000 90,131 0 166,005 873 188,231 457,021 187,885 63,168 695,530 137,781 216,000 0 0 64,072 269,629 695,530 700,284 700,284 583,586 583,586 0 (118) 7,727 17,814 6,993 10,821 0 0 0 10,821 0.39 0.38
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