-----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, DD9mDviKb6+7Vbe10mD6CDS6v9EbON1zHIPA6bwJ8s5jm7ItXHxhxDfWp4EUeRhp AxsDbB4tKSBl51UUI/Wp2A== 0000913771-97-000018.txt : 19970806 0000913771-97-000018.hdr.sgml : 19970806 ACCESSION NUMBER: 0000913771-97-000018 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19970628 FILED AS OF DATE: 19970805 SROS: AMEX FILER: COMPANY DATA: COMPANY CONFORMED NAME: THERMO TERRATECH INC CENTRAL INDEX KEY: 0000796038 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-TESTING LABORATORIES [8734] IRS NUMBER: 042925807 STATE OF INCORPORATION: DE FISCAL YEAR END: 0329 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-09549 FILM NUMBER: 97651782 BUSINESS ADDRESS: STREET 1: 81 WYMAN ST STREET 2: P O BOX 9046 CITY: WALTHAM STATE: MA ZIP: 02154-9046 BUSINESS PHONE: 6176221000 MAIL ADDRESS: STREET 1: 81 WYMAN STREET STREET 2: P O BOX 9046 CITY: WALTHAM STATE: MA ZIP: 02154-9046 FORMER COMPANY: FORMER CONFORMED NAME: THERMO PROCESS SYSTEMS INC DATE OF NAME CHANGE: 19920703 10-Q 1 SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 ------------------------------------------- FORM 10-Q (mark one) [ X ] Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the Quarter Ended June 28, 1997. [ ] Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. Commission File Number 1-9549 THERMO TERRATECH INC. (Exact name of Registrant as specified in its charter) Delaware 04-2925807 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 81 Wyman Street, P.O. Box 9046 Waltham, Massachusetts 02254-9046 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (617) 622-1000 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. Class Outstanding at July 25, 1997 ---------------------------- ---------------------------- Common Stock, $.10 par value 17,600,635 PAGE PART I - FINANCIAL INFORMATION Item 1 - Financial Statements THERMO TERRATECH INC. Consolidated Balance Sheet (Unaudited) Assets June 28, March 29, (In thousands) 1997 1997 ------------------------------------------------------------------------ Current Assets: Cash and cash equivalents $ 11,309 $ 63,172 Short-term available-for-sale investments, at quoted market value (amortized cost of $8,116 and $18,380) 8,131 18,391 Short-term held-to-maturity investments, at amortized cost (quoted market value of $26,840 and $13,238) 26,533 12,971 Accounts receivable, less allowances of $3,613 and $3,838 53,238 49,191 Unbilled contract costs and fees 40,447 29,053 Inventories: Raw materials and supplies 2,236 2,483 Work in process and finished goods 211 538 Prepaid and refundable income taxes 7,484 7,369 Prepaid expenses 5,457 3,870 -------- -------- 155,046 187,038 -------- -------- Property, Plant, and Equipment, at Cost 135,422 132,332 Less: Accumulated depreciation and amortization 48,903 48,766 -------- -------- 86,519 83,566 -------- -------- Long-term Held-to-maturity Investments, at Amortized Cost (quoted market value of $13,142 in fiscal 1997) - 13,086 -------- -------- Other Assets 20,344 17,308 -------- -------- Cost in Excess of Net Assets of Acquired Companies (Note 2) 95,550 92,786 -------- -------- $357,459 $393,784 ======== ======== 2PAGE THERMO TERRATECH INC. Consolidated Balance Sheet (continued) (Unaudited) Liabilities and Shareholders' Investment June 28, March 29, (In thousands except share amounts) 1997 1997 ----------------------------------------------------------------------- Current Liabilities: Notes payable and current maturities of long-term obligations (includes $38,000 due to parent company in fiscal 1997) $ 44,351 $ 67,495 Accounts payable 13,735 12,292 Accrued payroll and employee benefits 11,363 12,182 Billings in excess of revenues earned 5,306 4,319 Other accrued expenses 9,651 10,509 Due to parent company 2,843 2,926 -------- -------- 87,249 109,723 -------- -------- Deferred Income Taxes 5,297 5,297 -------- -------- Other Deferred Items 1,009 893 -------- -------- Long-term Obligations: Subordinated convertible debentures 149,800 149,800 Other 3,194 15,386 -------- -------- 152,994 165,186 -------- -------- Minority Interest 29,635 29,159 -------- -------- Shareholders' Investment: Common stock, $.10 par value, 75,000,000 shares authorized; 18,304,424 shares issued in fiscal 1998 and 1997 1,830 1,830 Capital in excess of par value 62,426 62,610 Retained earnings 25,378 24,046 Treasury stock at cost, 737,596 and 417,696 shares (6,937) (3,941) Cumulative translation adjustment (1,431) (1,026) Net unrealized gain on available-for-sale investments 9 7 -------- -------- 81,275 83,526 -------- -------- $357,459 $393,784 ======== ======== The accompanying notes are an integral part of these consolidated financial statements. 3PAGE THERMO TERRATECH INC. Consolidated Statement of Income (Unaudited) Three Months Ended ----------------------- June 28, June 29, (In thousands except per share amounts) 1997 1996 ------------------------------------------------------------------------ Revenues: Service revenues $65,110 $61,866 Product revenues 7,409 5,752 ------- ------- 72,519 67,618 ------- ------- Costs and Operating Expenses: Cost of service revenues 51,820 49,133 Cost of product revenues 6,131 4,718 Selling, general, and administrative expenses 9,938 9,222 Product and new business development expenses 222 299 ------- ------- 68,111 63,372 ------- ------- Operating Income 4,408 4,246 Interest Income 1,403 1,630 Interest Expense (includes $1,164 and $829 to parent company) (3,133) (3,108) Equity in Earnings of Unconsolidated Subsidiary 118 279 Gain on Sale of Investments, Net - 147 Other Income 204 - ------- ------- Income Before Provision for Income Taxes and Minority Interest 3,000 3,194 Provision for Income Taxes 1,399 1,514 Minority Interest Expense 269 222 ------- ------- Net Income $ 1,332 $ 1,458 ======= ======= Earnings per Share $ .08 $ .08 ======= ======= Weighted Average Shares 17,646 18,831 ======= ======= The accompanying notes are an integral part of these consolidated financial statements. 4PAGE THERMO TERRATECH INC. Consolidated Statement of Cash Flows (Unaudited) Three Months Ended ----------------------- June 28, June 29, (In thousands) 1997 1996 ------------------------------------------------------------------------ Operating Activities: Net income $ 1,332 $ 1,458 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Depreciation and amortization 3,482 3,222 Equity in earnings of unconsolidated subsidiary (118) (279) Minority interest expense 269 222 Provision for losses on accounts receivable (49) 132 Decrease in deferred income taxes - (10) Gain on sale of property, plant, and equipment (204) - Gain on sale of investments, net - (147) Other noncash expenses 119 97 Changes in current accounts, excluding the effects of acquisitions: Accounts receivable (1,748) (1,137) Inventories and unbilled contract costs and fees (10,892) (2,958) Other current assets (1,524) (607) Current liabilities 346 3,448 -------- -------- Net cash provided by (used in) operating activities (8,987) 3,441 -------- -------- Investing Activities: Acquisitions, net of cash acquired (Note 2) (4,418) - Purchases of available-for-sale investments - (33,977) Proceeds from sale and maturities of available-for-sale investments 10,264 12,897 Purchases of property, plant, and equipment (5,032) (4,452) Proceeds from sale of property, plant, and equipment 391 134 Purchase of other assets (88) (489) -------- -------- Net cash provided by (used in) investing activities $ 1,117 $(25,887) -------- -------- 5PAGE THERMO TERRATECH INC. Consolidated Statement of Cash Flows (continued) (Unaudited) Three Months Ended ----------------------- June 28, June 29, (In thousands) 1997 1996 ------------------------------------------------------------------------ Financing Activities: Net proceeds from issuance of subordinated convertible debentures $ - $112,398 Repayment of notes payable to parent company (38,000) (50,000) Proceeds from issuance of Company and subsidiary common stock 198 242 Repurchase of Company and subsidiaries common stock (5,866) - Metal Treating, Inc. transfer to parent company - (113) Other (316) (42) -------- -------- Net cash provided by (used in) financing activities (43,984) 62,485 -------- -------- Exchange Rate Effect on Cash (9) (8) -------- -------- Increase (Decrease) in Cash and Cash Equivalents (51,863) 40,031 Cash and Cash Equivalents at Beginning of Period 63,172 31,182 -------- -------- Cash and Cash Equivalents at End of Period $ 11,309 $ 71,213 ======== ======== Noncash Activities: Fair value of assets of acquired companies $ 8,765 $ - Cash paid for acquired companies (6,300) - -------- -------- Liabilities assumed of acquired companies $ 2,465 $ - ======== ======== Conversions of subordinated convertible debentures $ - $ 4,800 The accompanying notes are an integral part of these consolidated financial statements. 6PAGE THERMO TERRATECH INC. Notes to Consolidated Financial Statements 1. General The interim consolidated financial statements presented have been prepared by Thermo TerraTech Inc. (the Company) without audit and, in the opinion of management, reflect all adjustments of a normal recurring nature necessary for a fair statement of the financial position at June 28, 1997, and the results of operations and cash flows for the three-month periods ended June 28, 1997, and June 29, 1996. Interim results are not necessarily indicative of results for a full year. The consolidated balance sheet presented as of March 29, 1997, has been derived from the consolidated financial statements that have been audited by the Company's independent public accountants. The consolidated financial statements and notes are presented as permitted by Form 10-Q and do not contain certain information included in the annual financial statements and notes of the Company. The consolidated financial statements and notes included herein should be read in conjunction with the financial statements and notes included in the Company's Annual Report on Form 10-K for the fiscal year ended March 29, 1997, filed with the Securities and Exchange Commission. 2. Acquisitions In May 1997, the Company purchased a controlling interest in The Randers Group Incorporated (Randers), a provider of design engineering, project management, and construction services for industrial clients in the manufacturing, pharmaceutical, and chemical-processing industries. The Company purchased 7,100,000 shares of Randers common stock from certain members of Randers' management, and 420,000 shares from Thermo Power Corporation, an affiliate of the Company, at a price of $0.625 per share, for an aggregate cost of approximately $4.7 million. Following these transactions, the Company owns approximately 53.3% of Randers' outstanding common stock. In addition, Thermo Electron Corporation owns approximately 8.9% of Randers' outstanding common stock. Randers had revenues of $12.4 million in calendar 1996. In addition, during the first quarter of fiscal 1998, the Company's Thermo Remediation Inc. subsidiary made an acquisition for an aggregate purchase price of $1.6 million. These acquisitions have been accounted for using the purchase method of accounting and their results of operations have been included in the accompanying financial statements from their respective dates of acquisition. The aggregate cost of these acquisitions exceeded the estimated fair value of the acquired net assets by $3.1 million, which is being amortized over 40 years. Allocation of the purchase price for these acquisitions was based on estimates of the fair value of the net assets acquired and is subject to adjustment upon finalization of the purchase price allocation. Pro forma data is not presented since these acquisitions were not material to the Company's results of operations. 7PAGE THERMO TERRATECH INC. 2. Acquisitions (continued) The Company has also entered into a letter of intent to transfer its wholly owned engineering and consulting businesses to Randers in exchange for newly issued shares of Randers common stock. The exact price for these businesses is still under negotiation, but in no event would be less than the book value of the transferred businesses as of the closing of the transfer. The number of new shares of Randers common stock to be issued to the Company would equal the agreed price divided by $0.625. The transfer is subject to several conditions, including completion by Randers of its due diligence investigation, receipt of an opinion from an investment bank that the transaction is fair to Randers from a financial point of view, approval of the transaction by Randers' shareholders, and receipt of all required regulatory approvals, including continued listing of Randers' common stock on the American Stock Exchange following the transaction. 3. Presentation Certain amounts in fiscal 1997 have been reclassified to conform to the presentation in the fiscal 1998 financial statements. Item 2 - Management's Discussion and Analysis of Financial Condition and Results of Operations Forward-looking statements, within the meaning of Section 21E of the Securities Exchange Act of 1934, are made throughout this Management's Discussion and Analysis of Financial Condition and Results of Operations. For this purpose, any statements contained herein that are not statements of historical fact may be deemed to be forward-looking statements. Without limiting the foregoing, the words "believes," "anticipates," "plans," "expects," "seeks," "estimates," and similar expressions are intended to identify forward-looking statements. There are a number of important factors that could cause the results of the Company to differ materially from those indicated by such forward-looking statements, including those detailed under the caption "Forward-looking Statements" in Exhibit 13 in the Company's Annual Report on Form 10-K for the fiscal year ended March 29, 1997, filed with the Securities and Exchange Commission. Overview The Company provides industrial services and manufacturing support encompassing a broad range of specializations, including infrastructure engineering, design and construction, environmental compliance, laboratory-testing, and metal-treating. Remediation and Recycling - The Company's majority-owned Thermo Remediation Inc. (Thermo Remediation) subsidiary, through its Remediation Technologies, Inc. (ReTec) subsidiary, provides integrated environmental services such as remediation of industrial sites contaminated with organic wastes and residues. In September 1996, Thermo Remediation acquired IEM Sealand Corporation (IEM Sealand), a provider of 8PAGE THERMO TERRATECH INC. Overview (continued) construction services for the remediation of hazardous wastes under contracts with federal and state governments and other public- and private-sector clients. Through its Thermo Nutech subsidiary, Thermo Remediation provides services to remove radioactive contaminants from sand, gravel, and soil, as well as health physics, radiochemistry laboratory, and radiation dosimetry services. Through its TPS Technologies Inc. subsidiary, Thermo Remediation also designs and operates a network of facilities for the remediation of nonhazardous soil along the East and West coasts. Thermo Remediation's TriTechnics subsidiary, acquired in May 1997, provides comprehensive consulting and remedial services at refinery and chemical-plant sites. In addition, Thermo Remediation's Thermo Fluids subsidiary collects, tests, processes, and recycles used motor oil and other industrial oils. The Company's majority-owned Thermo EuroTech N.V. (Thermo EuroTech) subsidiary, located in the Netherlands, specializes in converting "off-spec" and contaminated petroleum fluids into usable oil products. Consulting and Design - The Company's wholly owned Killam Associates subsidiary provides environmental consulting and engineering services and specializes in wastewater treatment and water resources management. In November 1996, the Company acquired Carlan Consulting Group, Inc. (Carlan), a provider of transportation and environmental consulting and professional engineering and architectural services. In May 1997, the Company purchased a controlling interest in The Randers Group Incorporated (Randers; Note 2), a provider of design engineering, project management, and construction services for industrial clients in the manufacturing, pharmaceutical, and chemical-processing industries. The Company's wholly owned Bettigole Andrews Clark & Killam Inc. and Normandeau Associates Inc. subsidiaries provide both private- and public-sector clients with a range of consulting services that address transportation planning and design, and natural resource management issues, respectively. Laboratory Testing - The Company's wholly owned Thermo Analytical Inc. subsidiary operates analytical laboratories that provide environmental, pharmaceutical- and food-testing services to primarily commercial clients throughout the U.S. Metal Treating - The Company performs metallurgical processing services using thermal-treatment equipment at locations in California, Minnesota, and Wisconsin. The Company also designs, manufactures, and installs advanced custom-engineered, thermal-processing systems through its equipment division located in Michigan. Results of Operations First Quarter Fiscal 1998 Compared With First Quarter Fiscal 1997 Total revenues in the first quarter of fiscal 1998 increased to $72.5 million from $67.6 million in the first quarter of fiscal 1997. Revenues from remediation and recycling services increased to $30.7 million in fiscal 1998 from $27.9 million in fiscal 1997, due to the inclusion of 9PAGE THERMO TERRATECH INC. First Quarter Fiscal 1998 Compared With First Quarter Fiscal 1997 (continued) $6.6 million of revenues from IEM Sealand and TriTechnics, acquired in September 1996 and May 1997, respectively. Revenues from soil-remediation services decreased 31% resulting both from declines in the volume of soil processed due to overcapacity in the industry and from competitive pricing pressures. The Company expects this trend to continue for the foreseeable future. Revenues from Thermo EuroTech decreased 42%, primarily due to the sale of its J. Amerika division in the fourth quarter of fiscal 1997. Revenues from consulting and design services decreased slightly to $20.6 million in fiscal 1998 from $21.5 million in fiscal 1997. The inclusion of $2.9 million of revenues from Carlan and Randers, acquired in November 1996 and May 1997, respectively, was more than offset by a decrease in revenues due to the completion of two major contracts in fiscal 1997. Revenues from laboratory-testing services, excluding radiochemistry laboratory services included in remediation and recycling services, remained relatively unchanged at $9.4 million in fiscal 1998 and $9.3 million in fiscal 1997. Metal-treating revenues increased to $12.1 million in fiscal 1998 from $9.9 million in fiscal 1997, primarily due to an increase in demand for thermal-processing equipment at existing businesses. The gross profit margin remained unchanged at 20% in the first quarter of fiscal 1998 and 1997. The gross profit margin was favorably affected by a change in sales mix to higher-margin contracts in the Company's consulting and design services business. This increase was offset by a decrease in gross profit margin from remediation and recycling services primarily due to lower margins on soil processed resulting from competitive pricing pressures and lower volumes of soil processed at the Company's traditionally higher-margin soil-remediation centers. The gross profit margin from remediation and recycling services also decreased due to the inclusion of lower-margin revenues from IEM Sealand, acquired in September 1996. Selling, general, and administrative expenses as a percentage of revenues remained unchanged at 14% in the first quarter of fiscal 1998 and 1997. Interest income decreased to $1.4 million in the first quarter of fiscal 1998 from $1.6 million in the first quarter of fiscal 1997, as a result of lower average investment balances following the repurchase of Company and subsidiaries common stock, as well as the acquisition of Randers and TriTechnics (Note 2). Interest expense remained unchanged at $3.1 million in the first quarter of fiscal 1998 and 1997. Other income of $0.2 million in the first quarter of fiscal 1998 represents a gain on the sale of certain equipment. The effective tax rate was 47% in the first quarter of fiscal 1998 and 1997. The effective tax rate exceeded the statutory federal income tax rate primarily due to the nondeductible amortization of cost in excess of net assets of acquired companies and the impact of state income taxes. 10PAGE THERMO TERRATECH INC. First Quarter Fiscal 1998 Compared With First Quarter Fiscal 1997 (continued) Minority interest expense increased slightly to $0.3 million in the first quarter of fiscal 1998 from $0.2 million in the first quarter of fiscal 1997, due to net higher earnings from the Company's majority-owned subsidiaries and the addition of minority interest expense related to Randers (Note 2). Liquidity and Capital Resources Consolidated working capital decreased to $67.8 million at June 28, 1997, from $77.3 million at March 29, 1997. Cash, cash equivalents, and short-term available-for-sale investments were $19.4 million at June 28, 1997, compared with $81.6 million at March 29, 1997. Of the $19.4 million balance at June 28, 1997, $12.8 million was held by Thermo Remediation and the remainder by the Company and its wholly owned subsidiaries. In addition, at June 28, 1997, the Company had $26.5 million of short-term held-to-maturity investments, compared with $26.1 million of short- and long-term held-to-maturity investments at March 29, 1997. During the first three months of fiscal 1998, $9.0 million of cash was used in operating activities. The Company funded an $11.2 million increase in unbilled contract costs and fees primarily due to higher revenues at Thermo Remediation's IEM Sealand and ReTec businesses, the timing of billings due to contract milestones at The Killam Group, and an increase in thermal-processing equipment contracts. Excluding available-for-sale investments activity, the Company's investing activities in the first quarter of fiscal 1998 primarily consisted of acquisitions and capital additions. In May 1997, the Company purchased a controlling interest in Randers, a provider of design engineering, project management, and construction services for industrial clients in the manufacturing, pharmaceutical, and chemical-processing industries, for approximately $4.7 million (Note 2). In addition, in May 1997, Thermo Remediation acquired TriTechnics for approximately $1.6 million in cash (Note 2). The Company also expended $5.0 million for purchases of property, plant, and equipment in the first quarter of fiscal 1998. The Company expects to expend approximately $13.6 million on purchases of property, plant, and equipment during the remainder of fiscal 1998. In the first quarter of fiscal 1998, the Company's financing activities used cash of $44.0 million, primarily resulting from the repayment of a $38.0 million promissory note to Thermo Electron Corporation (Thermo Electron) and the repurchase of Company and subsidiaries common stock. The Boards of Directors of the Company and Thermo Remediation each authorized the repurchase, through August 23, 1997, and September 10, 1997, respectively, of up to $10.0 million of their own securities. Through June 28, 1997, the Company and Thermo Remediation had expended $9.9 million and $10.0 million, respectively, under these authorizations, of which $3.2 million and $1.7 million, respectively, was expended in fiscal 1998. In July 1997, Thermo Remediation's Board of Directors authorized the repurchase, through July 24, 1998, of up to an additional $5.0 million of its own securities. Any such purchases would be funded from working capital. 11PAGE THERMO TERRATECH INC. Liquidity and Capital Resources (continued) The Company has no material commitments for the acquisition of businesses or for capital expenditures. Such expenditures will largely be affected by the number and size of the complementary businesses that can be acquired or developed during the year. Thermo Electron has expressed its willingness to lend funds to the Company for major capital expenditures and potential acquisitions that may occur in the foreseeable future. PART II - OTHER INFORMATION Item 6 - Exhibits See Exhibit Index on the page immediately preceding exhibits. 12PAGE THERMO TERRATECH INC. 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 as of the 5th day of August 1997. THERMO TERRATECH INC. Paul F. Kelleher -------------------- Paul F. Kelleher Chief Accounting Officer John N. Hatsopoulos -------------------- John N. Hatsopoulos Chief Financial Officer and Vice President 13PAGE THERMO TERRATECH INC. EXHIBIT INDEX Exhibit Number Description of Exhibit ------------------------------------------------------------------------ 11 Statement re: Computation of Earnings per Share. 27 Financial Data Schedule. EX-11 2 Exhibit 11 THERMO TERRATECH INC. Computation of Earnings per Share Three Months Ended -------------------------- June 28, June 29, 1997 1996 ------------------------------------------------------------------------ Computation of Primary Earnings per Share: Net Income (a) $ 1,332,000 $ 1,458,000 ----------- ----------- Shares: Weighted average shares outstanding 17,645,898 17,892,427 Add: Shares issuable from assumed exercise of options and warrants (as determined by the application of the treasury stock method) - 938,650 ----------- ----------- Weighted average shares outstanding, as adjusted (b) 17,645,898 18,831,077 ----------- ----------- Primary Earnings per Share (a) / (b) $ .08 $ .08 =========== =========== EX-27 3
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THERMO TERRATECH INC.'S QUARTERLY REPORT ON FORM 10-Q FOR THE QUARTER ENDED JUNE 28, 1997 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 1,000 3-MOS APR-04-1998 JUN-28-1997 11,309 34,664 56,851 3,613 2,447 155,046 135,422 48,903 357,459 87,249 152,994 0 0 1,830 79,445 357,459 7,409 72,519 6,131 57,951 222 (49) 3,133 3,000 1,399 1,332 0 0 0 1,332 .08 0
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