-----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, SYP2rMFaeixZhLc6aVlJmHQLY0E1PolYu6R8+pRjFEh8ARnD6aaZfKsKV5M1uNSk erKvQbABRQssIcktEjR7zQ== 0000950123-96-004477.txt : 19960816 0000950123-96-004477.hdr.sgml : 19960816 ACCESSION NUMBER: 0000950123-96-004477 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19960630 FILED AS OF DATE: 19960814 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: NAVIGATORS GROUP INC CENTRAL INDEX KEY: 0000793547 STANDARD INDUSTRIAL CLASSIFICATION: FIRE, MARINE & CASUALTY INSURANCE [6331] IRS NUMBER: 133138397 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-15886 FILM NUMBER: 96613892 BUSINESS ADDRESS: STREET 1: 123 WILLIAM ST CITY: NEW YORK STATE: NY ZIP: 10038 BUSINESS PHONE: 2124062900 MAIL ADDRESS: STREET 2: 123 WILLIAM ST CITY: NEW YORK STATE: NY ZIP: 10038 10-Q 1 FORM 10-Q 1 FORM 10-Q SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 Quarterly Report Under Section 13 or 15(d) of the Securities Exchange Act of 1934 For Quarter Ended June 30, 1996 Commission file number 0-15886 The Navigators Group, Inc. (Exact name of registrant as specified in its charter) Delaware 13-3138397 (State or other jurisdiction of (IRS Employer incorporation or organization) Identification No.) 123 William Street, New York, New York 10038 (Address of principal executive offices) (Zip Code) (212) 406-2900 (Registrant's telephone number, including area code) (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. On August 12, 1996 there were 8,216,651 shares of common stock, $0.10 par value issued and outstanding. 2 THE NAVIGATORS GROUP, INC. AND SUBSIDIARIES INDEX Page No. Part I. FINANCIAL INFORMATION: Balance Sheets June 30, 1996 and December 31, 1995................................ 1 Statements of Income Three Months Ended June 30, 1996 and Three Months Ended June 30, 1995................................... 2 Six Months Ended June 30, 1996 and Six Months Ended June 30, 1995..................................... 3 Statements of Cash Flows Six Months Ended June 30, 1996 and Six Months Ended June 30, 1995..................................... 4 Notes to Financial Statements........................................... 5 Management's Discussion and Analysis of Financial Condition and Results of Operations................................ 6 Part II. OTHER INFORMATION.................................................. 11 3
THE NAVIGATORS GROUP, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS June 30, 1996 Dec. 31, 1995 ------------- ------------- Unaudited) ASSETS Investments: Fixed maturities, available for sale, at fair value (amortized cost: 1996, $204,560,204; 1995, $203,468,088) $206,784,157 $210,697,423 Equity securities, available for sale, at fair value (cost: 1996 $6,218,565;, 1995, $5,587,344) 8,832,575 7,861,813 Short-term investments, at cost which approximates market 6,359,939 7,290,638 ------------ ------------ Sub-total investments 221,976,671 225,849,874 Investment in affiliated company 2,258,348 2,277,048 ------------ ------------ Total investments 224,235,019 228,126,922 Cash 675,484 7,332,698 Premiums in course of collection 29,737,402 17,971,529 Commissions receivable 5,434,181 6,048,440 Accrued investment income 3,220,790 3,349,030 Prepaid reinsurance premiums 8,545,642 9,814,146 Reinsurance receivable on paid and unpaid losses and loss adjustment expenses 126,294,419 147,356,684 Deferred federal income tax benefit 10,226,834 8,873,030 Deferred policy acquisition costs 2,944,655 2,523,180 Other assets 3,347,659 4,156,755 ------------ ------------ Total assets $414,662,085 $435,552,414 ============ ============ LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities: Reserves for loss and loss adjustment expenses $251,231,252 $273,854,054 Unearned premiums 28,644,929 26,753,920 Reinsurance balances payable 6,857,821 6,411,746 Loans payable to banks 17,000,000 19,500,000 Federal income tax payable 492,566 1,243,364 Deferred state & local income taxes 945,778 1,382,881 Notes payable to shareholders 942,034 1,007,976 Accounts payable and other liabilities 4,334,609 6,322,266 ------------ ------------ Total liabilities 310,448,989 336,476,207 ------------ ------------ Commitments and contingencies -- -- Stockholders' equity: Preferred Stock, $.10 par value, authorized 1,000,000 shares, no shares issued -- -- Common Stock, $.10 par value Authorized 10,000,000 shares Issued and outstanding 8,184,401 in 1996 and 8,172,401 in 1995 818,440 817,240 Additional paid-in capital 35,529,179 35,321,339 Net unrealized gains (losses) on securities available for sale (net of income taxes of $1,644,908 in 1996 and $3,231,293 in 1995) 3,193,055 6,272,511 Foreign currency translation adjustment 108,450 110,185 Retained earnings 64,563,972 56,554,932 ------------ ------------ Total stockholders' equity 104,213,096 99,076,207 ------------ ------------ Total liabilities and stockholders' equity $414,662,085 $435,552,414 ============ ============
See accompanying notes to interim consolidated financial statements. 4 THE NAVIGATORS GROUP, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME
Three Months Ended June 30 1996 1995 (Unaudited) Revenues: Net premiums earned $ 18,214,764 $ 20,933,858 Commission income 2,322,093 2,879,776 Net investment income 3,554,411 3,441,732 Net realized capital gains 170,960 376,517 Other income 124,000 272,641 ------------ ------------ Total revenues 24,386,228 27,904,524 ------------ ------------ Operating expenses: Losses and loss adjustment expenses incurred 11,737,763 14,484,860 Commissions 2,702,857 3,405,961 Other operating expenses 4,466,367 5,618,018 Interest expense 358,296 533,662 ------------ ------------ Total operating expenses 19,265,283 24,042,501 ------------ ------------ Operating income before income taxes 5,120,945 3,862,023 Income tax expense: Current 1,035,121 895,746 Deferred 288,728 (39,347) ------------ ------------ Total income tax expense 1,323,849 856,399 Net income $ 3,797,096 $ 3,005,624 ============ ============ Per share data: Average common and common equivalent shares outstanding 8,299,301 8,176,309 Net income $ 0.46 $ 0.37 ============ ============
See accompanying notes to interim consolidated financial statements. -2- 5 THE NAVIGATORS GROUP, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME
Six Months Ended June 30 1996 1995 (Unaudited) Revenues: Net premiums earned $ 37,403,593 $ 38,651,948 Commission income 4,388,919 5,473,946 Net investment income 7,117,708 6,854,102 Net realized capital gains 345,798 314,370 Other income 327,234 489,764 ------------ ------------ Total revenues 49,583,252 51,784,130 ------------ ------------ Operating expenses: Losses and loss adjustment expenses incurred 23,573,513 27,597,166 Commissions 5,314,390 5,866,116 Other operating expenses 9,006,278 11,132,653 Interest expense 1,132,530 1,073,585 ------------ ------------ Total operating expenses 39,026,711 45,669,520 ------------ ------------ Operating income before income taxes 10,556,541 6,114,610 Income tax expense: Current 2,589,326 1,204,075 Deferred (41,828) (120,817) ------------ ------------ Total income tax expense 2,547,498 1,083,258 Net income $ 8,009,043 $ 5,031,352 ============ ============ Per share data: Average common and common equivalent shares outstanding 8,297,959 8,191,127 Net income $ 0.97 $ 0.61 ============ ============
See accompanying notes to interim consolidated financial statements. -3- 6 THE NAVIGATORS GROUP, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS
Six Months Ended June 30 1996 1995 (Unaudited) Operating activities: Net income $ 8,009,043 $ 5,031,352 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation & amortization 292,899 345,763 Reinsurance receivable on paid and unpaid losses and loss adjustment expenses 21,062,265 21,517,749 Reserve for losses and loss adjustment expenses (22,622,802) (13,839,754) Prepaid reinsurance premiums 1,268,504 6,592,105 Unearned premiums 1,891,009 (9,283,849) Premiums in course of collection (11,765,873) 7,821,203 Commissions receivable 614,259 (673,415) Deferred policy acquisition costs (421,475) 163,523 Accrued investment income 128,240 (132,965) Reinsurance balances payable 446,075 (4,940,780) Federal income taxes payable (750,798) 581,391 Deferred federal income taxes 232,582 38,560 Net realized losses (gains) on investments (345,798) (314,370) Other (792,819) (1,837,061) ------------ ------------ Net cash provided by (used in) operating activities $ (2,754,689) $ 11,069,452 ------------ ------------ Investing activities: Fixed maturities available for sale at fair value: Redemptions and maturities $ 7,348,039 $ 4,653,409 Sales 23,097,227 40,416,123 Purchases (31,740,791) (57,195,991) Equity securities: Sales 1,627,903 978,664 Purchases (1,989,686) (1,415,835) Payable for securities purchased (749,682) 52,526 Net sale (purchases) of short-term investments 930,699 8,482,697 Purchase of property and equipment (135,274) (126,697) ------------ ------------ Net cash used in investing activities $ (1,611,565) $ (4,155,104) ------------ ------------ Financing activities: Proceeds from bank loans $ -- $ 1,000,000 Repayment of bank loans (2,500,000) (5,500,000) Notes payable to shareholders -- (1,666,038) Proceeds from exercise of stock options 209,040 -- ------------ ------------ Net cash used in financing activities (2,290,960) (6,166,038) ------------ ------------ Increase (decrease) in cash (6,657,214) 748,310 Cash at beginning of period $ 7,332,698 730,047 ------------ ------------ Cash at end of period $ 675,484 $ 1,478,357 ============ ============
See accompanying notes to interim consolidated financial statements. -4- 7 THE NAVIGATORS GROUP, INC. AND SUBSIDIARIES Notes to Interim Consolidated Financial Statements (1) Accounting Policies The interim financial statements are unaudited but reflect all adjustments which, in the opinion of management, are necessary to provide a fair statement of the results of The Navigators Group, Inc. and its subsidiaries (the "Company") for the interim periods presented. All such adjustments are of a normal recurring nature. 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 Form 10-K for the year ended December 31, 1995. (2) Reinsurance Ceded The Company's ceded earned premiums were $15,335,792 and $18,803,311 for the three months ended June 30, 1996 and 1995, respectively, and were $27,318,592 and $39,843,239 for the six months ended June 30, 1996 and 1995, respectively. The Company's ceded losses were $10,574,028 and $17,350,153 for the three months ended June 30, 1996 and 1995, respectively, and were $18,071,939 and $36,704,896 for the six months ended June 30, 1996 and 1995, respectively. -5- 8 THE NAVIGATORS GROUP, INC. Management's Discussion and Analysis of Financial Condition and Results of Operations General The Company is a holding company with 12 wholly owned subsidiaries. Two of the Company's subsidiaries, Navigators Insurance Company and NIC Insurance Company ("NIC"), specialize principally in underwriting marine, aviation and property (including inland marine) insurance, and certain lines of specialty reinsurance and non-marine insurance. Navigators Insurance Company has been active since 1983. NIC is a wholly owned subsidiary of Navigators Insurance Company, was licensed in 1989 and began operations during 1990. Navigators Insurance Company and NIC are collectively referred to herein as "Navigators." Eight of the Company's subsidiaries, Somerset Marine, Inc., Somerset of Georgia, Inc., Somerset Insurance Services of Texas, Inc., Somerset Insurance Services of California, Inc., Somerset Insurance Services of Washington, Inc., Somerset Property, Inc., Somerset Re Management, Inc. and Navigators Management Corporation (collectively, the "Somerset Companies"), are a group of underwriting management companies which produce, manage and underwrite insurance and reinsurance for Navigators and nine other unrelated insurance companies. The other subsidiaries of the Company are Somerset Casualty Agency, Inc. and Somerset Marine Aviation Property Managers Inc., which are both inactive. The Company's revenue is primarily comprised of premiums, commissions and investment income. Navigators derives substantially all of its business from insurance underwritten by the Somerset Companies. The insurance business and operations of Navigators are managed by one of the Somerset Companies, Navigators Management Corporation. The Somerset Companies specialize principally in four lines of business: marine, aviation and property (including inland marine) insurance, and certain lines of specialty reinsurance and non-marine insurance. They underwrite marine business through a syndicate of insurance companies, Navigators having the largest participation in the syndicate. The remaining lines of business are underwritten exclusively for the account of Navigators. The Somerset Companies derive their revenue from commissions, investment income and service fees from Navigators and other insurers. Commissions are earned both on a fixed percentage of premiums and on underwriting profits on business placed with the participating insurance companies within the marine syndicate. Property and casualty insurance premiums are cyclical in nature and, accordingly, during a "hard market" demand for property and casualty insurance exceeds supply, or capacity, and as a result, -6- 9 premiums and commissions increase. On the downturn of the property and casualty cycle, supply exceeds demand, and as a result, premiums and commissions decrease. Navigators and the Somerset Companies earn investment income on cash balances and invested assets. The Somerset Companies also earn investment income on fiduciary funds. Such fiduciary funds are invested, subject to applicable insurance regulations, primarily in short-term instruments. Results of Operations General. The results of operations of the Company during the second quarter of 1996 reflect management's emphasis on the Company's core ocean marine business, its inland marine business and its non-marine program book of business. Revenues. Gross written premium for the first six months of 1996 decreased by 4% to $66,612,000 from $69,212,000 for the first six months of 1995. The following table sets forth Navigators' gross written premium by line of business and net written premium in the aggregate:
Six Months Ended June 30, ----------------------------------------------------------- 1996 1995 ---- ---- (Dollars in thousands) Marine $ 27,420 41% $ 28,568 41% Aviation 18,257 27% 24,227 35% Property and Inland Marine 7,220 11% 5,566 8% Reinsurance and Non-Marine Program Insurance 13,715 21% 10,851 16% -------- --- -------- --- Total Gross Premium Written $ 66,612 100% $ 69,212 100% ======== === ======== === Ceded Premium Written (26,049) (33,336) -------- -------- Total Net Premium Written 40,563 35,876 ======== ========
Marine Premium. Marine gross premium decreased 4% when comparing the first six months of 1996 to the first six months of 1995. Although the marine market is competitive at this time, management anticipates that the total amount of marine business written in 1996 will be comparable to the amount written in 1995. Aviation Premium. Aviation gross premium decreased 25% from the first six months of 1995 to the first six months of 1996. -7- 10 This decrease reflects management's decision to reduce Navigators' gross aviation business. Property Premium. Property and Inland Marine gross premium increased 30% from the first six months of 1995 to the first six months of 1996 reflecting the continuing development of the Company's inland marine book of business. The Company decided in late 1994 to cease writing large commercial and industrial property risks, which is essentially a property catastrophe book of business, and to concentrate on the inland marine risks. Specialty Reinsurance and Non-Marine Insurance Premium. Gross specialty reinsurance and non-marine insurance premium increased 26% from the first six months of 1995 to the first six months of 1996. The increase was due primarily to the emergence of new non-marine program business, which management began developing in the last half of 1995 to augment its reinsurance book. Ceded Premium. The decrease in ceded premium results from a decrease in gross aviation writings which are heavily reinsured and more favorable reinsurance rates on this business. Total Premium. Net earned premium for the first six months of 1996 was $37,404,000 as compared to $38,652,000 for the first six months of 1995. Net earned premium generally follows the pattern of written premium; however, the run-off of the property book in 1995 resulted in net earned premiums which exceeded net written premiums. Commission income, based on gross premiums earned and net underwriting profits during the first six months of 1996 was approximately $4,389,000 compared to approximately $5,474,000 during the corresponding period in 1995, and $2,322,000 for the three months ended June 30, 1996 as compared to $2,880,000 for the corresponding period in 1995. The decrease is primarily a result of Navigators' decision to increase its participation in the aviation business managed by the Somerset Companies to 100%, which eliminated commission income paid by the former participants in the aviation insurance pool. Investment income increased 4% to approximately $7,118,000 during the first six months of 1996 from approximately $6,854,000 during the corresponding period in 1995, and increased 3% for the three months ended June 30, 1996 over the corresponding period in 1995. This increase is due primarily to increased interest rates. Included in pre-tax net income were $346,000 in realized capital gains for the first six months of 1996 and $314,000 in realized capital gains for the same period last year. On an after tax basis these represent realized gains of $0.03 per share for the respective periods. Included in pre-tax net income for the three months ended June 30, 1996 was $171,000 of realized capital gains. -8- 11 Realized capital gains for the corresponding period in 1995 totalled $377,000. The Company holds an equity interest in Navigators Corporate Underwriters plc, which through its wholly-owned subsidiary, Navigators Underwriters Limited, has been admitted to underwrite at Lloyd's of London as a corporate name with limited liability. The Company will report its share of the earnings of Navigators Corporate Underwriters plc during the last half of 1996 when such information is expected to be available. Expenses. The ratio of loss and loss adjustment expenses incurred to net premiums earned was 63.0% and 71.4% during the first six months of 1996 and 1995, respectively, and 64.4% and 69.2% for the three months ended June 30, 1996 and 1995. The loss ratio for the first six months of 1995 includes additional net loss development of $6,221,000 from the Northridge, California earthquake, which occurred on January 17, 1994 (the "Northridge Earthquake"). The decrease is due primarily to a return to more normal experience in comparison to the adverse development on losses from the Northridge Earthquake in 1995. Commission expense as a percentage of net premiums earned were 14.2% and 15.2% during the first six months of 1996 and 1995, respectively, and 14.8% and 16.3% for the three months ended June 30, 1996 and 1995. Other operating expenses decreased 19.1% to approximately $9,006,000 during the first six months of 1996 from approximately $11,133,000 during the corresponding period in 1995, and decreased 20.7% to approximately $2,703,000 for the three months ended June 30, 1996 from approximately $3,406,000 for the same period in 1995. This decrease is primarily due to the severance charges incurred in the first quarter of 1995 and savings on operational expenses resulting from the Company's restructuring and headcount reduction that began in early 1995. Interest expense increased 5.5% to approximately $1,132,000 during the first six months of 1996 from approximately $1,074,000 during the corresponding period of 1995. This increase is primarily due to the interest expense on the Company's rollback liability under Proposition 103 settled with the State of California Insurance Department on March 19, 1996. The effective tax rate was a 24.1% expense and a 17.7% expense for the six months ended June 30, 1996 and 1995, respectively. This increase results from a greater portion of total income being attributable to underwriting income and, therefore, a lesser portion being attributable to tax exempt income. For the first six months of 1996, the Company had after tax income of $8,009,000 compared to after tax income of $5,031,000 for the same period last year, and for the three months ended June -9- 12 30, 1996, the Company had after tax income of $3,797,000 compared to after tax income of $3,006,000 for the same period in 1995, primarily due to a return to normal experience in comparison to the losses from the Northridge Earthquake. On a per share basis, this represents net income of $0.97 and $0.61 for the first six months of 1996 and 1995, respectively, and $0.46 and $0.37 for the three months ended June 30, 1996 and 1995, respectively. Liquidity and Capital Resources Cash flow from operations was $(2,755,000) and $11,069,000 for the first six months of 1996 and 1995, respectively. Cash decreased from $7,333,000 at December 31, 1995 to $675,000 at June 30, 1996 as a result of cash used in operations, $1,610,000 in cash used in investing and $2,500,000 in cash used for the repayment of bank loans. Cash used in operations during 1996 included payments on previously established reserves for the Northridge Earthquake. The Company believes that the cash flow generated by the operating activities of the Company's subsidiaries, including the Somerset Companies, will provide sufficient funds for the Company to meet its liquidity needs. Investment assets decreased 2% during the first six months of 1996 to $224,235,000 at June 30, 1996. Investment income during the six months was $3,554,000, an increase of 4%, reflecting increased interest rates. The Company has entered into a credit agreement dated as of August 5, 1994. The Company expects to amend during the third quarter of 1996 the credit agreement to extend the period within which to make principal payments under the term loan of such credit agreement and to make certain other changes to such credit agreement. Pursuant to the existing credit agreement, the Company may borrow, subject to certain conditions, up to an aggregate of $5,000,000 in revolving credit loans. As of June 30, 1996, the Company had outstanding $15,000,000 in term loans and $2,000,000 in revolving credit loans under the credit agreement. As of June 30, 1996, the Company's consolidated stockholders' equity was $104,213,000, an increase from $99,076,000 as of December 31, 1995. -10- 13 THE NAVIGATORS GROUP, INC. & SUBSIDIARIES Part II - Other Information Item 1. Legal Proceedings: Neither the Company nor any of its subsidiaries is a party to, nor is the property thereof the subject of, any pending legal proceedings which depart from the ordinary routine litigation incident to the kinds of business conducted by the Company and its subsidiaries or, if such proceedings constitute other than routine litigation, in which there is a reasonable possibility of an adverse decision which could have any material adverse effect upon the financial condition of the Company. In November 1988, the voters of the State of California approved Proposition 103, which required most property and casualty insurance companies, among other things, to reduce rates charged to California insureds to a level 20% below November 8, 1987 levels. On March 19, 1996, the Company agreed with the Insurance Commissioner of the State of California to settle its rollback liability under Proposition 103, a settlement which has been fully reflected in the Company's financial statements. The settlement is not affected by the preliminary injunction issued in Proposition 103 Enforcement Project v. Quakenbush, LASC Case No. BS037146. Item 2. Changes in Securities: None. Item 3. Defaults Upon Senior Securities: None. Item 4. Submissions of Matters to a Vote of Securities Holders: On May 30, 1996, the stockholders voted for the following matters at the annual stockholder meeting. (a) The election of seven (7) directors to serve until the 1997 Annual Meeting of Stockholders or until their respective successors have been duly elected and qualified. The results of the voting were as follows (there were no broker non-votes):
Name For Withheld ---- --- -------- Terence N. Deeks 6,148,198 100 Robert M. DeMichele 6,148,198 100 Leandro S. Galban, Jr. 6,148,198 100 John F. Knight 6,148,198 100
-11- 14 Marc M. Tract 6,148,198 100 William D. Warren 6,148,098 200 Robert F. Wright 6,148,198 100
(b) The ratification of the appointment of KPMG Peat Marwick LLP as the independent auditors of the Company. The stockholders cast 6,131,259 votes for and 1,250 votes against ratification. There were 15,789 abstentions and no broker non-votes. Item 5. Other Information: None. Item 6. Exhibits and Reports on Form 8-K: (a) Exhibits: Exhibit No. Description of Exhibit 27.1 Financial Data Schedule (b) Reports on Form 8-K: There were no reports on Form 8-K filed for the six months ended June 30, 1996. -12- 15 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. The Navigators Group, Inc. (Registrant) August 14, 1996 /s/ W. Allen Barnett ----------------------------------- (Date) W. Allen Barnett, Senior Vice President, Chief Financial Officer 16 INDEX TO EXHIBITS Sequentially Numbered Exhibit No. Description of Exhibit Page - ----------- ---------------------- ---- 27.1 Financial Data Schedule EX-27 2 FINANCIAL DATA SCHEDULE
7 1 U.S. DOLLARS 6-MOS DEC-31-1996 JAN-01-1996 JUN-30-1996 1 206,784,157 0 0 8,832,575 0 0 224,235,019 675,484 8,773,033 2,944,655 414,662,085 251,231,252 28,644,929 0 0 17,942,034 0 0 818,440 103,394,656 414,662,085 37,403,593 7,117,708 345,798 4,716,153 23,573,513 5,314,390 9,006,278 10,556,541 2,547,498 8,009,043 0 0 0 8,009,043 0.97 0.97 0 0 0 0 0 0 0
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