-----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, UnAHQQTg9MeXPMa9n0tktYyY2SIEQMLyhRTdbexFNLJfdCEFch+YotACFqHslWEp ww6hE5f9RCzj6hdSHthGIQ== 0000890566-96-001176.txt : 19960816 0000890566-96-001176.hdr.sgml : 19960816 ACCESSION NUMBER: 0000890566-96-001176 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: ASSOCIATED MATERIALS INC CENTRAL INDEX KEY: 0000802967 STANDARD INDUSTRIAL CLASSIFICATION: PLASTICS PRODUCTS, NEC [3089] IRS NUMBER: 751872487 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-24956 FILM NUMBER: 96615419 BUSINESS ADDRESS: STREET 1: 2200 ROSS AVE STE 4100 E CITY: DALLAS STATE: TX ZIP: 75201 BUSINESS PHONE: 2147547188 MAIL ADDRESS: STREET 1: 2200 ROSS AVENUE STREET 2: SUITE 4100 EAST CITY: DALLAS STATE: TX ZIP: 75201 10-Q 1 QUARTERLY REPORT FOR THE PERIOD ENDED 06/30/96 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 F0RM 10-Q (Mark One) [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended JUNE 30, 1996 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: 33-64788 ASSOCIATED MATERIALS INCORPORATED (Exact Name of Registrant as Specified in Its Charter) Delaware 75-1872487 (State or Other Jurisdiction of (I.R.S. Employer Incorporation of Organization) Identification No.) 2200 Ross Avenue, Suite 4100 East, Dallas, Texas 75201 (Address of Principal Executive Offices) (Zip Code) Registrant's Telephone Number, Including Area Code (214)220-4600 Not Applicable Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report Indicate by check whether the registrant (1) has filed all reports required to be filed by Section 13 of 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 [ ] Shares of Common Stock, $.0025 par value outstanding at August 14, 1996: 4,893,504 Shares of Class B Common Stock, $.0025 par value outstanding at August 14, 1996: 2,700,000 ASSOCIATED MATERIALS INCORPORATED FORM 10-Q FOR THE QUARTER AND SIX MONTHS ENDED JUNE 30, 1996 PAGE No. PART I. FINANCIAL INFORMATION Item 1. Financial Statements Balance Sheets............................................................ 1 June 30, 1996 (Unaudited) and December 31, 1995 Statements of Operations (Unaudited)...................................... 2 Quarter and six months ended June 30, 1996 and 1995 Statements of Cash Flows (Unaudited)...................................... 3 Six Months ended June 30, 1996 and 1995 Notes to Financial Statements............................................. 4 Item 2. Management's Discussion and Analysis of Results of Operations and Financial Condition........................................... 6 PART II. OTHER INFORMATION Item 4. Submission of Matters to a Vote of Security-Holders................10 Item 6. Exhibits and Reports on Form 8-K...................................10 SIGNATURES ..................................................................11 Part I. Financial Information Item 1. Financial Statements ASSOCIATED MATERIALS INCORPORATED BALANCE SHEETS (In Thousands, Except Share Data)
June 30, December 31, 1996 1995 (Unaudited) ASSETS Current assets: Cash............................................................... $ 3,384 $ 2,279 Accounts receivable, net .......................................... 54,173 48,755 Inventories........................................................ 58,838 55,922 Income taxes receivable............................................ 761 427 Other current assets............................................... 2,450 1,967 --------- --------- Total current assets.................................................. 119,606 109,350 Property, plant and equipment, net.................................... 52,223 49,566 Investment in Amercord Inc............................................ 10,631 9,596 Deferred tax asset.................................................... - 118 Other assets.......................................................... 3,239 3,423 --------- --------- Total assets.......................................................... $185,699 $172,053 ======== ======== LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Bank overdrafts ................................................. $ 7,338 $ 6,047 Accounts payable................................................... 24,727 14,489 Accrued liabilities................................................ 23,205 22,342 Revolving line of credit........................................... 19,209 18,171 Current portion of long-term debt.................................. 1,750 1,750 --------- --------- Total current liabilities............................................. 76,229 62,799 Deferred income taxes................................................. 31 - Other liabilities..................................................... 3,666 3,848 Long-term debt........................................................ 81,250 82,100 Stockholders' equity: Preferred stock, $.01 par value; Authorized shares, 100,000 at June 30, 1996 and December 31, 1995 Issued and outstanding shares - 0 at June 30, 1996 and December 31, 1995...................... - - Common stock, $.0025 par value: Authorized shares - 15,000,000 Issued and outstanding shares - 4,893,504 at June 30, 1996 and 4,832,000 at December 31, 1995................................. 12 12 Common stock, Class B, $.0025 par value: Authorized, issued and outstanding shares - 2,700,000 at June 30, 1996 and December 31, 1995............... 7 7 Capital in excess of par........................................... 185 67 Retained earnings..................................................... 24,319 23,220 -------- -------- Total stockholders' equity......................................... 24,523 23,306 Total liabilities and stockholders' equity............................ $185,699 $172,053 ======== ========
See accompanying notes. 1 ASSOCIATED MATERIALS INCORPORATED STATEMENTS OF OPERATIONS (Unaudited) (In Thousands, Except Per Share Data)
Quarter Ended Six Months Ended JUNE 30, JUNE 30, ----------------------- --------------------------- 1996 1995 1996 1995 ------- ------ -------- -------- Net sales ................................................... $95,933 $93,676 $161,359 $164,998 Cost of sales ............................................... 67,253 69,813 118,124 125,162 ------- ------ -------- -------- 28,680 23,863 43,235 39,836 Selling, general and administrative expense ................. 19,670 18,354 37,447 35,867 ------- ------ -------- -------- Income from operations ...................................... 9,010 5,509 5,788 3,969 Interest expense ............................................ 2,768 2,965 5,546 5,781 ------- ------ -------- -------- 6,242 2,544 242 (1,812) Equity in earnings of Amercord Inc. ......................... 881 278 1,035 428 ------- ------ -------- -------- Income (loss) before income tax expense ..................... 7,123 2,822 1,277 (1,384) Income tax expense (benefit) ................................ 2,552 1,033 179 (687) ------- ------ -------- -------- Net Income (loss) ........................................... 4,571 1,789 1,098 (697) Earnings (loss) per common share ............................ $ 0.59 $ 0.23 $ 0.14 $ (0.09) Weighted average common and common equivalent shares outstanding ............................. 7,716 7,726 7,716 7,726
See accompanying notes. 2 ASSOCIATED MATERIALS INCORPORATED STATEMENTS OF CASH FLOWS (Unaudited) (In Thousands)
Six -Months Ended JUNE 30, --------------------- 1996 1995 --------- ------- OPERATING ACTIVITIES Net income (loss).......................................................... $1,098 $ (697) Adjustments to reconcile net income to net cash used by operating activities: Depreciation and amortization............................................ 2,895 2,609 Deferred income taxes.................................................... 149 (41) Equity in earnings of Amercord Inc....................................... (1,035) (428) Changes in operating assets and liabilities: Accounts receivable, net............................................... (5,418) (5,049) Inventories............................................................ (2,916) (8,265) Income taxes receivable................................................ (334) (903) Bank overdrafts........................................................ 1,291 1,301 Accounts payable and accrued liabilities............................... 11,101 6,740 Other assets and liabilities........................................... (736) (1,135) --------- ------- Net cash provided by (used in) by operating activities..................... 6,095 (5,868) INVESTING ACTIVITIES Additions to property, plant and equipment, net............................ (5,296) (4,229) FINANCING ACTIVITIES Net increase in revolving line of credit................................... 1,038 11,610 Principal payments of long-term debt....................................... (850) (850) Exercise of common stock options and related tax benefits.................. 118 - --------- ----------- Net cash provided by financing activities.................................. 306 10,760 Net increase (decrease) in cash............................................ 1,105 663 Cash at beginning of period................................................ 2,279 1,702 --------- -------- Cash at end of period...................................................... $ 3,384 $ 2,365 ======== ======== Supplemental information: Cash paid for interest..................................................... $ 5,545 $ 5,765 ======== ======== Net cash paid for income taxes.............................................$ 243 $ 494 ========= =========
See accompanying notes. 3 ASSOCIATED MATERIALS INCORPORATED NOTES TO FINANCIAL STATEMENTS FOR THE QUARTER AND SIX MONTHS ENDED JUNE, 1996 (Unaudited) NOTE 1 - BASIS OF PRESENTATION The unaudited financial statements of Associated Materials Incorporated (the "Company") as of and for the quarter and six months ended June 30, 1996 have been prepared in accordance with generally accepted accounting principles for interim financial reporting, the instructions to Form 10-Q, and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. These financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 1995 filed with the Securities and Exchange Commission. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation of the interim financial information have been included. The results of operations for any interim period are not necessarily indicative of the results of operations for a full year. NOTE 2 - INVENTORIES Inventories are valued at the lower of cost (first in, first out) or market. Inventories consist of the following (in thousands): June 30, December 31, 1996 1995 ------- ------- Raw materials .................................... $12,678 $12,962 Work in process .................................. 6,303 6,175 Finished goods and purchased stock ............... 39,857 36,785 ------- ------- $58,838 $55,922 NOTE 3- INVESTMENT IN AMERCORD INC. ("AMERCORD") The Company's investment in Amercord, a 50% owned affiliate, is accounted for using the equity method. Condensed statements of operations for Amercord are presented below (in thousands): Quarter Ended Six Months Ended JUNE 30, JUNE 30, ---------------- ------------------ 1996 1995 1996 1995 ------- ------- ------- ------- Net sales ............................. $21,956 $20,293 $43,941 $40,696 Costs and expenses .................... 20,616 18,937 41,638 38,374 Income from operations ................ 1,340 1,356 2,303 2,322 Interest expense ...................... 441 474 915 963 Income tax expense .................... 333 326 514 503 ------- ------- ------- ------- Net income before cumulative effect of a change in accounting principle .. 566 556 874 856 Cumulative effect of a change in accounting principle (net of tax) . 1,196 -- 1,196 -- ------- ------- ------- ------- Net income ............................ $ 1,762 $ 556 $ 2,070 $ 856 ======= ======= ======= ======= Company's share of net income ......... $ 881 $ 278 $ 1,035 $ 428 ======= ======= ======= ======= 4 In June of 1996, Amercord changed its accounting policy with respect to certain maintenance parts. Previously, these items were expensed immediately upon purchase. Amercord now capitalizes these parts when purchased and expenses them when used in production. The new method of accounting for such items was adopted to better match new production expenses with their related consumption in the production cycle. NOTE 4 - EARNINGS PER COMMON SHARE Earnings per common share computations are based on weighted average common and common equivalent shares outstanding during the periods presented, determined using the treasury stock method. Fully diluted earnings per common share are not significantly different than primary earnings per common share. NOTE 5 - AMENDMENT OF REVOLVING CREDIT AGREEMENT In April 1996, the Company amended and restated its bank credit agreement to increase the total credit facility to $50 million through May 31, 1999. The amended and restated agreement otherwise contains substantially the same terms and conditions as the previous agreement. 5 Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS RESULTS OF OPERATIONS QUARTER ENDED JUNE 30, 1996 COMPARED TO QUARTER ENDED JUNE 30, 1995 The table below sets forth for the periods indicated certain items of the Company's financial statements by segment: QUARTER ENDED JUNE 30, -------------------------------------------- 1996 1995 --------------------- ------------------- PERCENTAGE PERCENTAGE OF TOTAL OF TOTAL AMOUNT NET SALES AMOUNT NET SALES -------- ----- ------- ----- Total Company: Net sales - Alside ............. $ 85,403 89.0% $80,247 85.7% Net sales - AmerCable .......... 10,530 11.0 13.429 14.3 -------- ----- ------- ----- Total net sales .............. 95,933 100.0% 93,676 100.0% Cost of sales .................. 67,253 70.1 69,813 74.5 Selling, general and administrative expense (1) ..... 19,670 20.5 18,354 19.6 -------- ----- ------- ----- Income from operations ......... $ 9,010 9.4% $ 5,509 5.9% ======== ===== ======= ===== Alside: Net sales ...................... $ 85,403 100.0% $80,247 100.0% Cost of sales .................. 56,900 66.6 56,874 70.9 Selling, general and administrative expense ......... 18,021 21.1 17,346 21.6 -------- ----- ------- ----- Income from operations ......... $ 10,482 12.3% $ 6,027 7.5% ======== ===== ======= ===== AmerCable: Net sales ...................... $ 10,530 100.0% $13,429 100.0% Cost of sales .................. 10,353 98.3 12,939 96.4 Selling, general and administrative expense ......... 1,047 9.9 456 3.4 -------- ----- ------- ----- Income (loss) from operations ..................... $ (870) (8.2)% $ 34 0.2% ======== ===== ======= ===== (1) Consolidated selling, general and administrative expenses include corporate expenses of $602,000 and $552,000 for the six-month periods ended June 30, 1996 and 1995, respectively. OVERVIEW The Company's net income and income from operations income increased 155.5% and 63.6% to $4.6 million and $9.0 million respectively, in the quarter ended June 30, 1996 compared with the second quarter of 1995. The improvement in the Company's operations was due primarily to its Alside division. ALSIDE. Alside's income from operations for the quarter ended June 30,1996 increased 73.9% from $6.0 million to $10.5 million primarily due to higher gross profit percentages and higher sales volume across most of its product lines particularly vinyl siding. Alside's gross profit percentage increased from 29.1% in the second quarter of 1995 to 33.4% in the second quarter of 1996 due primarily to lower vinyl resin costs and improved manufacturing efficiency. Alside's unit sales of vinyl siding and vinyl windows increased 10.2% and 7.6% in the quarter ended June 30,1996 as compared to the same period in 1995. Selling, general and administrative expense increased by $.7 million to $18.0 million in the quarter ended June 30, 1996 but decreased as a percentage of sales as compared to the 1995 period. 6 AMERCABLE. AmerCable's loss from operations was $.9 million in the quarter ended June 30,1996 as compared to operating income of $34,000 for the same period in 1995. AmerCable loss for the quarter was caused primarily by a $500,000 charge to reduce AmerCable's copper inventory to net realizable value as well as a $275,000 charge relating to the severance of approximately 28 employees. AmerCable recorded the charge to write down the value of copper in inventory as a result of the recent drop in copper prices. During the second quarter of 1996 AmerCable reduced its workforce by approximately 15% in an effort to eliminate certain non value added processes and reduce its cost structure. The severance charges associated with this reduction were included in selling, general and administrative expense. Exclusive of the charges related to copper and severance, AmerCable incurred an operating loss of $95,000 for the quarter ended June 30, 1996. AmerCable's sales for the quarter ended June 30, 1996 decreased $2.9 million or 21.6% as compared to the same period in 1995. The decrease in sales was primarily due to lower volume in most product lines. OTHER. In June of 1996, Amercord changed its accounting policy with respect to certain maintenance parts. As a result, Amercord recorded a $1.2 million cumulative effect of a change in accounting policy which increased the Company's equity in the earnings of Amercord by approximately $600,000. Exclusive of the effect of the change in accounting policy, Amercord's net income was $566,000 for the quarter ended June 30, 1996, unchanged as compared to the same period in 1995. Amercord's sales and gross profits increased during the quarter ended June 30, 1996 as compared to the same period in 1995. The higher gross profits in the 1996 period were offset by higher research and administrative costs. Net interest expense decreased $197,000 or 6.6% in the quarter ended June 30, 1996 compared with the same period in 1995 primarily due to lower borrowing requirements experienced on the Company's line of credit in the 1996 period. SIX MONTHS ENDED JUNE 30, 1996 COMPARED TO SIX MONTHS ENDED JUNE 30, 1995. The table below sets forth for the periods indicated certain items of the Company's financial statements by segment: QUARTER ENDED JUNE 30, -------------------------------------------- 1996 1995 --------------------- ------------------- PERCENTAGE PERCENTAGE OF TOTAL OF TOTAL AMOUNT NET SALES AMOUNT NET SALES -------- ----- ------- ----- Total Company: Net sales - Alside ............ $ 140,516 87.1% $ 138,682 84.1% Net sales - AmerCable ......... 20,843 12.9 26,316 15.9 --------- ----- --------- ----- Total net sales ............. 161,359 100.0% 164,998 100.0% Cost of sales ................. 118,124 73.2 125,162 75.9 Selling, general and administrative expense (1) .... 37,447 23.2 35,867 21.7 --------- ----- --------- ----- Income from operations ........ $ 5,788 3.6% $ 3,969 2.4% ========= ===== ========= ===== Alside: Net sales ..................... $ 140,516 100.0% $ 138,682 100.0% Cost of sales ................. 97,241 69.2 99,233 71.6 Selling, general and administrative expense ........ 34,469 24.5 33,880 24.4 --------- ----- --------- ----- Income from operations ........ $ 8,806 6.3% $ 5,569 4.0% ========= ===== ========= ===== AmerCable: Net sales ..................... $ 20,843 100.0% $ 26,316 100.0% Cost of sales ................. 20,883 100.2 25,929 98.5 Selling, general and administrative expense ........ 1,858 8.9 878 3.3 --------- ----- --------- ----- Loss from operations .......... $ (1,898) (9.1)% $ (491) (1.9)% ========= ===== ========= ===== (1) Consolidated selling, general and administrative expenses include corporate expenses of $1,120,000 and $1,109,000 for the six-month periods ended June 30, 1996 and 1995, respectively. 7 OVERVIEW For the six months ended June 30, 1996, the Company recorded net income of $1.1 million as compared to a net loss of $697,000 for the same period in 1995 due to higher operating income at its Alside division. Income from operations in the first six months of 1996 was $5.9 million or 45.8% higher than the first six months of 1995 as Alside's improvement offset AmerCable's loss from operations. ALSIDE. Alside's income from operations increased 58% from $5.6 million to $8.8 million for the six month period ended June 30, 1996 as compared to the same period in 1995 due primarily to higher gross profits from its vinyl siding products. Alside's sales increased 1.3% for the six-month period ended June 30, 1996 as compared to the same period in 1995 as lower sales in the first quarter were offset by higher sales in the second quarter. The gross profit percentage increased to 30.8% for the six months ended June 30, 1996 as compared to 28.4% for the same period in 1995 due primarily to lower raw material costs (primarily vinyl resin) and improved manufacturing efficiency. Gross profits were favorably impacted by lower vinyl resin costs in the 1996 period. Alside's selling, general and administrative costs increased by $589,000 for the 1996 period due to higher lease expenses for Alside's supply centers as well as increased spending on research and development. AMERCABLE. AmerCable's loss from operations increased from $491,000 to $1.9 million for the six months ended June 30, 1996 as compared to the same period in 1995. The increased loss from operations was due primarily to the charges to write down copper inventory discussed above as well as higher selling, general and administrative costs. The higher selling, general and administrative costs were caused by the severance charge, higher wage and benefit costs and expenses associated with AmerCable's new distribution operation in Houston Texas. AmerCable's sales decreased $5.5 million or 20.8% for the six months ended June 30,1996 as compared to the same period in 1995 due primarily to lower shipboard and transportation cable sales. OTHER. The Company recorded $1.0 million in equity in the after tax earnings of Amercord in the six-month period ended June 30, 1996 as compared to $428,000 for the same period in 1995. The Company's equity in Amercord's income was favorably impacted by the accounting adjustment discussed above. For the six months ended June 30, 1996, Amercord's sales increased by 8.0% to $43.9 million from $40.7 million in 1995. Gross profit increased by $284,000 due to higher volume in the 1996 period. Net interest expense decreased $235,000 or 4.1% in the six months ended June 30, 1996 compared with the same period in 1995 primarily due to lower borrowing requirements experienced on the Company's line of credit during the second quarter of 1996 compared to the 1995 period. LIQUIDITY AND CAPITAL RESOURCES As previously reported, on April 2, 1996, the Company amended and restated its credit agreement with Society National Bank to increase the facility to $50 million and extend the terms of the agreement to May 31, 1999. Borrowings under the Company's existing facility were $19.2 million at June 30, 1996, excluding outstanding letters of credit, totaling $9.8 million securing $8.2 million taxable notes and certain other obligations. Because of the seasonal nature of Alside's business, the Company's borrowing requirements are traditionally highest during the second quarter. At June 30, 1996 the Company had an additional borrowing capacity of approximately $21.0 million. The increase in cash provided by operations in the 1996 period was due primarily to higher payables, improved inventory management and higher net income. Capital expenditures totaled $5.3 million in the six months ended June 30, 1996, compared with $4.2 million during the same period in 1995. Expenditures in the 1996 period were primarily used to increase capacity at its window manufacturing plants and increase inventory storage capacity at the Ennis, Texas vinyl siding plant. 8 The Company believes that future cash flows from operations and its borrowing capacity under its existing credit agreement will be sufficient to satisfy its obligations to pay principal and interest on its outstanding debt, maintain current operations and provide sufficient capital for presently anticipated capital expenditures. However, there can be no assurances that the cash so generated by the Company will be sufficient for such purposes. EFFECTS OF INFLATION The Company believes that the effects of inflation on its operations have not been material during the past two years. Inflation could adversely affect the Company if inflation results in significantly higher interest rates or substantial weakness in economic conditions. 9 Part II Other Information Item 4. Submission of Matters to a Vote of Security-Holders On May 21, 1996, stockholders of the Company took action by written consent in lieu of an annual meeting of stockholders to re-elect James F. Leary and A. A. Meitz as directors of the Company to serve for three-year terms expiring at the Company's 1999 annual meeting of stockholders. The Company's other directors are William W. Winspear and Donald L. Kaufman (whose current terms will expire at the Company's 1997 annual meeting of stockholders) and Richard I. Galland and Gary D. Trabka (whose current terms will expire at the Company's 1998 meeting of stockholders). Item 6. Exhibits and Reports on Form 8-K. (a) Exhibits None (b) During the quarter ended June 30, 1996, Associated Materials Incorporated filed no Current Reports on Form 8-K. 10 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. ASSOCIATED MATERIALS INCORPORATED (Registrant) Date: AUGUST 14, 1996 By: \S\ ROBERT L. WINSPEAR Robert L. Winspear, Vice President, Treasurer and Secretary (Principal Financial and Accounting Officer) EX-27 2
5 THE FINANCIAL DATA SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM QUARTERLY REPORT ON FORM 10-Q AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 1000 6-MOS DEC-31-1996 JUN-30-1996 3,384 0 58,588 4,415 58,838 119,606 94,176 41,953 185,699 76,229 81,250 0 0 19 24,504 185,699 95,933 95,933 67,253 86,923 0 0 2,768 7,123 2,552 4,571 0 0 0 4,571 .59 .59
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