-----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, A0tO6DvLRLrb8vrBCF7lIIpg5xRSMEqu5pQsYYg2STKNGomj/WGF5nD4T4GIeRd6 cEFNGIeYT6QNpTe1paS75g== 0000897069-97-000221.txt : 19970515 0000897069-97-000221.hdr.sgml : 19970515 ACCESSION NUMBER: 0000897069-97-000221 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19970330 FILED AS OF DATE: 19970514 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: HARLEY DAVIDSON INC CENTRAL INDEX KEY: 0000793952 STANDARD INDUSTRIAL CLASSIFICATION: MOTORCYCLES, BICYCLES & PARTS [3751] IRS NUMBER: 391382325 STATE OF INCORPORATION: WI FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-09183 FILM NUMBER: 97603506 BUSINESS ADDRESS: STREET 1: 3700 W JUNEAU AVE CITY: MILWAUKEE STATE: WI ZIP: 53208 BUSINESS PHONE: 4143424680 10-Q 1 HARLEY-DAVIDSON, INC. FORM 10-Q 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 March 30, 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 1-9183 Harley-Davidson, Inc. (Exact name of registrant as specified in its Charter) Wisconsin 39-1382325 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 3700 West Juneau Avenue, Milwaukee, Wisconsin 53208 (Address of principal executive offices) (Zip Code) (414) 342-4680 (Registrant's telephone number, including area code) None (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. Common Stock Outstanding as of May 9, 1997: 75,755,206 Shares HARLEY-DAVIDSON, INC. Form 10-Q Index For the Quarter Ended March 30, 1997 Page Part I. Financial Information Item 1. Financial Statements Condensed Consolidated Statements of Operations 3 Condensed Consolidated Balance Sheets 4 Condensed Consolidated Statements of Cash Flows 5 Notes to Condensed Consolidated Financial Statements 6-7 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 8-12 Part II. Other Information Item 1. Legal Proceedings 13 Item 6. Exhibits and Reports on Form 8-K 13 Signatures 14 Exhibit Index 15 PART I - FINANCIAL INFORMATION Item 1. Consolidated Financial Statements Harley-Davidson, Inc. Condensed Consolidated Statements of Operations (Unaudited) (In thousands, except per share amounts) Three months ended March 30, March 31, 1997 1996 Sales $427,095 $371,051 Cost of goods sold 288,881 255,274 ------- ------- Gross profit 138,214 115,777 Operating income from financial services 2,219 1,732 Selling, administrative and engineering expenses (77,785) (63,484) ------- ------- Income from operations 62,648 54,025 Interest income (expense) - net 1,574 (405) Other - net (185) (1,249) ------- ------- Income before provision for income taxes 64,037 52,371 Provision for income taxes 23,695 19,377 ------- ------- Net income $ 40,342 $ 32,994 ======= ======= Weighted average common shares outstanding 75,699 75,113 ======= ======= Net income per common share $0.53 $0.44 ======= ======= Cash dividends per share $0.06 $0.05 ======= ======= See accompanying notes. Harley-Davidson, Inc. Condensed Consolidated Balance Sheets (In thousands) ASSETS March 30, Dec. 31, March 31, 1997 1996 1996 (Unaudited) (Unaudited) Current assets: Cash and cash equivalents $ 113,548 $ 142,479 $ 39,577 Accounts receivable, net 215,032 141,315 157,786 Inventories (Note 2) 93,440 101,386 85,758 Notes receivable - - 12,000 Other current assets 40,631 44,141 29,128 Net assets from discontinued operations - - 22,833 --------- --------- ---------- Total current assets 462,651 429,321 347,082 Finance receivables, net 418,119 338,072 270,762 Property, plant and equipment, net 418,175 409,434 293,270 Goodwill 40,349 40,900 42,643 Other assets 100,676 102,258 82,177 Net assets from discontinued operations - - 26,981 --------- --------- --------- $1,439,970 $1,319,985 $1,062,915 ========= ========= ========= LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Notes payable $ - $ 2,580 $ 1,298 Accounts payable 110,874 100,699 97,790 Accrued expenses and other 163,707 160,315 118,877 ---------- ---------- --------- Total current liabilities 274,581 263,594 217,965 Finance debt 335,740 258,065 196,657 Postretirement health care benefits 66,635 65,801 63,980 Other long-term liabilities 67,327 69,805 50,746 Contingencies (Note 4) Total shareholders' equity 695,687 662,720 533,567 ---------- ---------- ---------- $1,439,970 $1,319,985 $1,062,915 ========== ========== ========== See accompanying notes. Harley-Davidson, Inc. Condensed Consolidated Statements of Cash Flows (Unaudited) (In thousands) Three months ended March 30, March 31, 1997 1996 Cash flows from operating activities: Net income $ 40,342 $ 32,994 Depreciation and amortization 16,631 12,122 Long-term employee benefits 1,073 1,258 Other-net 1,931 1,490 Net change in discontinued operations - 4,953 Net change in other current assets and current liabilities (48,694) (42,551) ------- -------- Net cash provided by operating activities 11,283 10,266 Cash flows from investing activities: Purchase of property and equipment (24,625) (19,884) Finance receivables acquired or originated (279,700) (274,435) Finance receivables collected/sold 198,495 216,507 Proceeds from disposition of discontinued segment - 23,350 Net change in discontinued operations - (3,338) Other - net (6,089) (4,297) -------- -------- Net cash used in investing activities (111,919) (62,097) Cash flows from financing activities: Net decrease in notes payable (2,580) (1,393) Net increase in finance debt 77,675 32,327 Dividends paid (4,671) (3,899) Issuance of stock under employee stock and option plans 1,281 11,134 Net change in discontinued operations - 21,777 -------- --------- Net cash provided by financing activities 71,705 59,946 -------- --------- Net increase (decrease) in cash and cash equivalents (28,931) 8,115 Cash and cash equivalents: At beginning of period 142,479 31,462 -------- -------- At end of period $113,548 $ 39,577 ======== ======== See accompanying notes. HARLEY-DAVIDSON, INC. Notes to Condensed Consolidated Financial Statements (Unaudited) Note 1 - Basis of Presentation and Use of Estimates The condensed interim consolidated financial statements included herein have been prepared by Harley-Davidson, Inc. (the "Company") without audit. Certain information and footnote disclosures normally included in complete financial statements have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission and generally accepted accounting principles for interim financial information. However, the foregoing statements contain all adjustments (consisting only of normal recurring adjustments) which are, in the opinion of Company management, necessary to present fairly the consolidated financial position as of March 30, 1997 and March 31, 1996, and the results of operations for the three-month periods then ended. Certain prior-year balances have been reclassified in order to conform to current-year presentation. For further information, refer to the consolidated financial statements and footnotes thereto included in the Company's annual report on Form 10-K for the year ended December 31, 1996. The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Note 2 - Inventories The Company values its inventories at the lower of cost, principally using the last-in, first-out (LIFO) method, or market. Inventories consist of the following (in thousands): March 30, Dec. 31, March 31, Components at the lower of cost, 1997 1996 1996 first-in, first-out (FIFO), or market: Raw material & work-in- process $ 32,674 $ 33,275 $ 30,328 Finished goods 19,496 26,331 19,236 Parts & accessories 62,619 62,502 56,023 -------- -------- -------- 114,789 122,108 105,587 Excess of FIFO over LIFO 21,349 20,722 19,829 -------- -------- -------- Inventories as reflected in the accompanying condensed consolidated balance sheets $ 93,440 $101,386 $ 85,758 ======== ======== ======== Note 3 - Supplemental noncash investing activities During 1996, the Company completed the sale of the Transportation Vehicles segment resulting in a $22.6 million gain, net of applicable income taxes, or $.30 per share, which was recorded in the fourth quarter. During the first quarter of 1996, a division of the Transportation Vehicles segment was sold for approximately $23 million in cash, $3 million in preferred stock of the buyer, Monaco Coach Corporation ("Monaco"), a $12 million note from a Monaco subsidiary guaranteed by Monaco and assumption by Monaco of certain liabilities of the acquired operations in the approximate amount of $47 million. The note was paid in full during the third quarter of 1996. Note 4 - Contingencies The Company is involved with government agencies in various environmental matters, including a matter involving soil and groundwater contamination at its York, Pennsylvania facility (the "Facility"). The Facility was formerly used by the U.S. Navy and AMF (the predecessor corporation of Minstar). The Company purchased the Facility from AMF in 1981. Although the Company is not certain as to the extent of the environmental contamination at the Facility, it is working with the Pennsylvania Department of Environmental Resources in undertaking certain investigation and remediation activities. In March 1995, the Company entered into a settlement agreement (the Agreement) with the Navy. The Agreement calls for the Navy and the Company to contribute amounts into a trust equal to 53% and 47%, respectively, of future costs associated with investigation and remediation activities at the Facility (response costs). The trust will administer the payment of the future response costs at the Facility as covered by the Agreement. In addition, in March 1991 the Company entered into a settlement agreement with Minstar related to certain indemnification obligations assumed by Minstar in connection with the Company's purchase of the Facility. Pursuant to this settlement, Minstar is obligated to reimburse the Company for a portion of its response costs at the Facility. Although substantial uncertainty exists concerning the nature and scope of the environmental remediation that will ultimately be required at the Facility, based on preliminary information currently available to the Company and taking into account the Company's settlement agreement with the Navy and the settlement agreement with Minstar, the Company estimates that it will incur approximately $6 million of net additional response costs at the Facility. The Company has established reserves for this amount. The Company's estimate of additional response costs is based on reports of environmental consultants retained by the Company, the actual costs incurred to date and the estimated costs to complete the necessary investigation and remediation activities. Response costs are expected to be incurred over a period of approximately 10 years. Note 5 - Pending Accounting Change - Earnings per share In February 1997, the Financial Accounting Standards Board issued Statement No. 128, Earnings Per Share, which is required to be adopted on December 31, 1997. At that time, the Company will be required to change the method currently used to compute earnings per share and to restate all prior periods. Under the new requirements for calculating basic earnings per share, the dilutive effect of stock options will be excluded. The impact of Statement 128 on the calculation of basic and diluted earnings per share for the quarters ended March 30, 1997 and March 31, 1996 is not expected to be material. Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations Certain matters discussed in this Quarterly Report on Form 10-Q are "forward-looking statements" intended to qualify for the safe harbors from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements can generally be identified as such because the context of the statement will include words such as the Company "believes", "anticipates", "expects", or "estimates" or words of similar import. Similarly, statements that describe the Company's future plans, objectives or goals are also forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties which are described in close proximity to such statements and which could cause actual results to differ materially from those anticipated as of the date of this report. Shareholders, potential investors and other readers are urged to consider these factors in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward- looking statements. The forward-looking statements included herein are only made as of the date of this report and the Company undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances. Results of Operations for the Three Months Ended March 30, 1997 Compared to the Three Months Ended March 31, 1996 For the quarter ended March 30, 1997, consolidated net sales totaled $427.1 million, a $56.0 million or 15.1% increase over the same period last year. Net income and earnings per share for 1997 were $40.3 million and $.53 on 75.7 million shares outstanding versus $33.0 million and $.44 on 75.1 million shares outstanding in 1996, increases of 22.3% and 21.3%, respectively. All Harley-Davidson, Inc. sales are generated by the Motorcycles and Related Products ("Motorcycles") segment. Motorcycle Unit Shipments and Net Sales For the Three Month Periods Ended March 30, 1997 and March 31, 1996 Incr 1997 1996 (Decr) % Motorcycle units (excluding Buell) 32,860 30,071 2,789 9.3% Net sales (in millions): Motorcycles (excluding Buell) $337.5 $297.0 $40.5 13.6% Motorcycle Parts and Accessories 54.4 47.3 7.1 15.1 General Merchandise 24.5 20.9 3.6 16.9 Other 10.7 5.9 4.8 83.4 Total Motorcycles and Related Products $427.1 $371.1 $56.0 15.1% The Motorcycles segment reported record first quarter net sales. Net sales increases were primarily driven by a 9.3% increase in motorcycle unit shipments. The increase in motorcycle unit shipments over the first quarter of 1996 was due to higher average daily production rates, improved productivity from the ongoing implementation of the Company's manufacturing strategy, and reduction of inventory at the Company's wholly owned French and German distributors that had built up during the fourth quarter of 1996. During the first quarter of 1997, motorcycle production averaged 527 units per day. The Company announced that it expects daily motorcycle production to average approximately 535 units per day in the second quarter. Parts and Accessories (P & A) revenue of $54.4 million was up $7.2 million or 15.1% compared to the first quarter of 1996. The Company had a successful dealer show in January which contributed to the increase. The transition to the new P & A distribution center is virtually complete. The Company anticipates that the P & A revenue growth for 1997 will approximate the growth rate in motorcycle revenue. General Merchandise sales, which includes clothing and collectibles, totaled $24.5 million, up $3.6 million, or 16.9%, compared to the first quarter of 1997. The increase was primarily due to filling backorders from the fourth quarter of 1996. The Company does not anticipate any General Merchandise growth in 1997. Buell Distribution Corporation, a wholly-owned subsidiary of the Company, and the exclusive distributor of Buell Motorcycle Company (a 49% owned subsidiary), increased sales (included in "Other" in the above table) to approximately $10 million (1,087 units) in the first quarter of 1997 as compared to approximately $5 million (522 units) during the same period in 1996. Buell motorcycles were introduced in Japan during the second quarter of 1996 and were introduced in Europe during the first quarter of 1997. Gross Profit Gross profit increased $22.4 million, or 19.4%, compared to the first quarter of 1996 primarily due to an increase in motorcycle volume. The gross profit margin was 32.4% in 1997 as compared with 31.2% in 1996. The increase in the gross profit percentage was due to a shift in mix from the lower margin Sportster model, a decrease in overtime and an unusual shift in international mix to our wholly-owned subsidiaries from our independent distributors which generate a lower margin. Offsetting the increase was a $2 million one-time expense associated with a signing bonus paid during the first quarter of 1997 to the union-represented employees at the Company's York, PA operations as part of a new five-year labor agreement. Operating Expenses For the Three Month Periods Ended March 30, 1997 and March 31, 1996 (Dollars in Millions) Incr 1997 1996 (Decr) % Motorcycles and Related Products $75.2 $61.0 $14.2 23.3% Corporate 2.6 2.5 .1 4.4 Total operating expenses $77.8 $63.5 $14.3 22.5% Total operating expenses increased $14.3 million, or 22.5%, compared to the first quarter of 1996. The increase was largely related to increased motorcycle volumes as well as a $3 million increase in product liability expenses primarily due to an out-of-court settlement made during the first quarter of 1997. Other principal areas of increased spending were engineering, information services and international operations. Operating income from financial services The operating income of the Financial Services segment was $2.2 million and $1.7 million in 1997 and 1996, respectively. This increase was due to increased wholesale and retail origination volume and corresponding increases in outstanding wholesale and retail receivables. Capitalized interest The Company capitalized approximately $1.0 million of interest during the first quarter of 1997 in connection with its manufacturing expansion initiatives. The Company anticipates that it will capitalize approximately $2.7 million of additional interest during 1997. Consolidated income taxes The Company's effective income tax rate was 37% for the first quarter of 1997 and 1996. Environmental The Company's policy is to comply with all applicable environmental laws and regulations, and the Company has a compliance program in place to monitor, and report on, environmental issues. The Company has reached settlement agreements with its former parent (Minstar, successor to AMF Incorporated) and the U.S. Navy regarding groundwater remediation at the Company's manufacturing facility in York, Pennsylvania and currently estimates that it will incur approximately $6 million of net additional costs related to the remediation effort. The Company has established reserves for this amount. The Company's estimate of additional response costs is based on reports of environmental consultants retained by the Company, the actual costs incurred to date and the estimated costs to complete the necessary investigation and remediation activities. Response costs are expected to be incurred over a period of approximately 10 years. See Note 4 of the notes to condensed consolidated financial statements. Recurring costs associated with managing hazardous substances and pollution in on-going operations are not material. The Company regularly invests in equipment to support and improve its various manufacturing processes. While the Company considers environmental matters in capital expenditure decisions, and while some capital expenditures also act to improve environmental compliance, only a small portion of the Company's annual capital expenditures relate to equipment which has the sole purpose of meeting environmental compliance obligations. The Company anticipates that capital expenditures for equipment used to limit hazardous substances/pollutants during 1997 will approximate $1 million. The Company does not expect that these expenditures related to environmental matters will have a material effect on future operating results or cash flows. Liquidity and Capital Resources During the first quarter, the Company recorded cash flows from operating activities of $11.3 million compared to $10.3 million in the same period in 1996. Net income adjusted for depreciation contributed $57.0 million. This was offset by an increase in the Motorcycles segment accounts receivable of $73.7 million compared to December 31, 1996. The Motorcycles segment generally experiences increases in receivable balances during the first quarter over prior year-end balances due to the annual December shut-down. The Motorcycles segment's receivable balances also increased as a result of motorcycle volume increases, in particular, volume increases in the last month of the quarter. In addition, international receivables typically have longer terms. International sales during the first quarter of 1997 were approximately 29% of total revenue compared to 26% during the fourth quarter of 1996. Inventory decreased during the first quarter when compared to December 31, 1996 due to the reduction of inventory at the Company's wholly owned French and German distributors that had built up during the fourth quarter of 1996. Capital expenditures amounted to $24.6 million and $19.9 million during the first quarter of 1997 and 1996, respectively. The Company is pursuing a long-term manufacturing strategy to increase its motorcycle production capacity with a goal of having the capacity to manufacture in excess of 200,000 units per year by 2003. The strategy includes expansion in and near the Company's existing facilities and construction of a new manufacturing facility in Kansas City, Missouri. The following are forward looking statements: Due in part to this long- term manufacturing strategy, the Company anticipates 1997 capital expenditures will be in the range of $190-$210 million. Although the Company does not know the exact range of capital it will spend, it estimates the capital required in 1998 and 1999 will be in the range of $160-$180 million and $120-$140 million per year, respectively. The Company currently estimates it will have the capacity to produce at least 130,000 motorcycles in 1997, more than 145,000 motorcycles in 1998 and more than 160,000 motorcycles in 1999. The Company anticipates it will have the ability to fund all capital expenditures with internally generated funds and short-term financing. The Company's ability to reach these production capacity levels will depend upon, among other factors, the Company's ability to (i) continue to realize efficiencies in the utilization of existing facilities through implementation of innovative manufacturing techniques and other means, (ii) implement additions and changes to existing facilities and (iii) construct the new manufacturing facility such that it will be operational in 1998. However, there is no assurance that the Company will continue to find means to realize additional efficiencies. In addition, the Company could experience delays in making additions and changes to existing facilities and/or constructing the new manufacturing facility as a result of risks normally associated with the construction and operation of new manufacturing facilities, including unanticipated problems in construction, delays in the delivery of machinery and equipment or difficulties in making such machinery and equipment operational, work stoppages, difficulties with suppliers, natural causes or other factors. These risks, potential delays and uncertainties regarding the actual costs of the measures the Company intends to take to implement its strategy could also impact adversely the capital expenditure estimates referred to above. Moreover, there is no assurance that the Company will have the ability to sell all of the motorcycles it has the capacity to produce. The Company (excluding Eaglemark Financial Services, Inc.) currently has nominal levels of long-term debt and has lines of credit of approximately $49 million, of which approximately $37 million remained available at March 30, 1997. Eaglemark finances its business through a secured commercial paper program, a revolving credit facility, a commercial paper conduit facility and asset-backed securitizations. Eaglemark issues short-term commercial paper secured by either wholesale or retail motorcycle finance receivables with maximum issuance available of $175 million of which approximately $145 million was outstanding at March 30, 1997. Maturities of commercial paper issued range from 1 to 60 days. Eaglemark has in place a $150 million revolving credit facility, of which approximately $116 million was outstanding at March 30, 1997, to fund primarily United States and Canadian retail loan originations. Borrowings under the facility are limited to 110% of the outstanding loan balance of eligible receivables. The amount of net eligible receivables at March 30, 1997 was approximately $147 million. Eaglemark also has a $75 million commercial paper conduit facility, of which approximately $75 million was outstanding at March 30, 1997, secured by the outstanding loan balance of eligible retail motorcycle receivables. The amount of net eligible receivables at March 30, 1997 was approximately $79 million. The Company expects that the future growth of Eaglemark will be financed from internally generated funds, additional capital contributions from the Company, bank lines of credit, and continuation of its commercial paper and securitization programs. The Company has continuing authorization from its Board of Directors to repurchase up to 2,350,000 shares of the Company's outstanding common stock. On February 19, 1997, the Company's Board of Directors declared a cash dividend of $.06 per share payable March 27, 1997 to shareholders of record March 17. Part II - OTHER INFORMATION HARLEY-DAVIDSON, INC. FORM 10-Q March 30, 1997 Item 1. Legal Proceedings The Company is involved with government agencies in various environmental matters, including a matter involving soil and groundwater contamination at its York, Pennsylvania facility. See footnote 4 to the accompanying condensed consolidated financial statements. Item 6. Exhibits and Reports on Form 8-K (a) Exhibits 27 Financial Data Schedule for March 30, 1997 (b) Reports on Form 8-K None Part II - Other Information HARLEY-DAVIDSON, INC. Form 10-Q March 30, 1997 Signatures Pursuant to the requirements of the Securities and Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. HARLEY-DAVIDSON, INC. Date: May 13, 1997 /s/ James L. Ziemer James L. Ziemer Vice President and Chief Financial Officer (Principal Financial Officer) May 13, 1997 /s/ James M. Brostowitz James M. Brostowitz Vice President, Controller (Principal Accounting Officer) and Treasurer Exhibit Index Exhibit No. Description 27 Financial Data Schedule for March 30, 1997 EX-27 2 EXHIBIT 27 - FINANCIAL DATA SCHEDULE FOR 1997
5 THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS OF HARLEY-DAVIDSON, INC. AS OF AND FOR THE THREE MONTHS ENDED MARCH 30,1997 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 1,000 3-MOS DEC-31-1997 JAN-01-1997 MAR-30-1997 113,548 0 216,940 1,908 93,440 462,651 731,841 313,666 1,439,970 274,581 0 0 0 782 694,905 1,439,970 427,095 427,095 288,881 288,881 185 0 (1,574) 64,037 23,695 40,342 0 0 0 40,342 .53 .53
-----END PRIVACY-ENHANCED MESSAGE-----