-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, YdGvUJD/SxAv/rtJrykkrZ7v+SZviujCVDEhcKnkr5YwGHiHL/4U4wI36inyQBnj 5vqkIlD5K1r8RXJcaXBFRQ== 0000950168-95-000356.txt : 19950505 0000950168-95-000356.hdr.sgml : 19950505 ACCESSION NUMBER: 0000950168-95-000356 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19950331 FILED AS OF DATE: 19950504 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: GLENAYRE TECHNOLOGIES INC CENTRAL INDEX KEY: 0000808918 STANDARD INDUSTRIAL CLASSIFICATION: WATER, SEWER, PIPELINE, COMM AND POWER LINE CONSTRUCTION [1623] IRS NUMBER: 980085742 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-15761 FILM NUMBER: 95534592 BUSINESS ADDRESS: STREET 1: 4201 CONGRESS ST STE 455 CITY: CHARLOTTE STATE: NC ZIP: 28209 BUSINESS PHONE: 7045530038 FORMER COMPANY: FORMER CONFORMED NAME: N W GROUP INC DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: NU WEST GROUP INC DATE OF NAME CHANGE: 19880221 FORMER COMPANY: FORMER CONFORMED NAME: NU WEST GROUP LTD DATE OF NAME CHANGE: 19871126 10-Q 1 GLENAYRE 10Q 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 31, 1995 [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____________ to ___________ Commission File Number 0-15761 GLENAYRE TECHNOLOGIES, INC. (Exact name of Registrant as specified in its charter) DELAWARE 98-0085742 (State or other jurisdiction of ( I.R.S. Employer Identification No.) incorporation or organization) 4201 CONGRESS STREET, SUITE 455, CHARLOTTE, NORTH CAROLINA 28209 (Address of principal executive offices) Zip Code (704) 553-0038 (Registrant's telephone number, including area code) NOT APPLICABLE (Former name, fromer 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 The number of shares outstanding of the Registrant's common stock, par value $.02 per share, at May 2, 1995 was 25,796,402 shares. GLENAYRE TECHNOLOGIES, INC. Index Part I - Financial Information:
Item 1. Financial Statements Page Consolidated Balance Sheets as of March 31, 1995 (Unaudited) and December 31, 1994 3 Consolidated Statements of Operations for the three months ended March 31, 1995 and 1994 (Unaudited) 4 Consolidated Statement of Stockholders' Equity for the three months ended March 31, 1995 (Unaudited) 5 Consolidated Statement of Cash Flows for the three months ended March 31, 1995 and 1994 (Unaudited) 6 Notes to Consolidated Financial Statements (Unaudited) 7 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 10
Part II - Other Information: Item 6. Exhibits and Reports on Form 8-K 13 2 GLENAYRE TECHNOLOGIES, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (dollars in thousands)
March 31, 1995 December 31, 1994 (Unaudited) ASSETS Current Assets: Cash and cash equivalents $ 60,347 $ 52,043 Short-term investments 39,291 39,462 Accounts receivable, net 42,810 33,707 Trade notes receivable, current 4,967 8,816 Inventories (Note 2) 32,632 24,261 Deferred income taxes 5,666 6,518 Prepaid expenses and other current assets 2,524 5,526 Total current assets 188,237 170,333 Trade notes receivable 14,827 12,480 Property, plant and equipment, net 20,503 17,707 Goodwill (Note 3) 60,764 61,436 Deferred income taxes 24,953 22,510 Other assets 331 495 TOTAL ASSETS $309,615 $284,961 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable $ 10,491 $ 9,871 Accrued liabilities 29,332 25,035 Other current liabilities 257 218 Total current liabilities 40,080 35,124 Other liabilities 4,525 4,402 Stockholders' Equity (Note 5): Preferred stock, $.01 par value; 5,000,000 shares authorized, no shares issued and outstanding -- -- Common stock, $.02 par value; authorized 50,000,000 shares; outstanding: March 31, 1995 - 25,196,347 shares; December 31, 1994 - 24,885,129 shares 504 497 Contributed capital 225,466 216,485 Retained earnings from February 1, 1988 39,040 28,453 Total stockholders' equity 265,010 245,435 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $309,615 $284,961
See notes to consolidated financial statements. 3 GLENAYRE TECHNOL0GIES, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (dollars in thousands, except per share amounts) (unaudited)
Three Months Ended March 31, 1995 1994 NET SALES (Note 1) $ 59,862 $38,446 COSTS AND EXPENSES: Cost of sales 25,859 16,434 Selling, general and administrative expense 11,951 8,998 Research and development expense 4,699 3,265 Depreciation and amortization expense 1,592 1,405 Total costs and expenses 44,101 30,102 INCOME FROM OPERATIONS 15,761 8,344 OTHER INCOME (EXPENSES): Interest income 1,981 824 Interest expense (45) (112) Foreign exchange gain (loss) 32 (85) Other, net (59) (57) Total other income (expenses), net 1,909 570 INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES 17,670 8,914 PROVISION FOR INCOME TAXES (Note 4) 3,888 1,573 INCOME FROM CONTINUING OPERATIONS 13,782 7,341 DISCONTINUED OPERATIONS (Note 1) -- 163 NET INCOME $ 13,782 $ 7,504 PRIMARY INCOME PER COMMON SHARE (Note 5): Continuing operations $ .52 $ .28 Discontinued operations -- .01 NET INCOME PER COMMON SHARE - PRIMARY $ .52 $ .29 FULLY DILUTED INCOME PER COMMON SHARE (Note 5): Continuing operations $ .52 $ .28 Discontinued operations -- .01 NET INCOME PER COMMON SHARE - FULLY DILUTED $ .52 $ .29
See notes to consolidated financial statements. 4 GLENAYRE TECHNOLOGIES, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (dollars and shares in thousands) (unaudited)
Total Common Stock Contributed Retained Stockholders' Shares Amount Capital Earnings Equity Balances, December 31, 1994 24,885 $497 $216,485 $28,453 $245,435 Net income 13,782 13,782 Stock options exercised 311 7 1,826 1,833 Utilization of net operating loss carryforwards (Note 4) 3,195 (3,195) Tax benefit of stock options exercised 3,960 3,960 Balances, March 31, 1995 25,196 $504 $225,466 $39,040 $265,010
See notes to consolidated financial statements. 5 GLENAYRE TECHNOLOGIES, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (dollars in thousands) (unaudited)
Three Months Ended March 31, 1995 1994 NET CASH PROVIDED BY OPERATING ACTIVITIES $10,156 $ 907 CASH FLOWS FROM INVESTING ACTIVITIES: Purchases of equipment (3,848) (999) Proceeds from sale of equipment 14 1 Maturities of short-term investments 29,465 -- Purchases of short-term investments (29,294) -- NET CASH USED IN INVESTING ACTIVITIES (3,663) (998) CASH FLOWS FROM FINANCING ACTIVITIES: Principal payments on long-term borrowings (15) (1,235) Issuance of common stock 1,826 1,707 NET CASH PROVIDED BY FINANCING ACTIVITIES 1,811 472 NET INCREASE IN CASH AND CASH EQUIVALENTS 8,304 381 CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 52,043 66,099 CASH AND CASH EQUIVALENTS AT END OF PERIOD $60,347 $66,480 SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: Cash paid during the period for: Interest $39 $80 Income taxes 412 787
See notes to consolidated financial statements. 6 GLENAYRE TECHNOLOGIES, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (tabular amounts in thousands of dollars) (unaudited) The consolidated financial statements should be read in conjunction with the audited financial statements and the notes thereto included in the Glenayre Technologies, Inc. Annual Report on Form 10-K for the year ended December 31, 1994. Certain of the accompanying financial information is unaudited; however, in the opinion of the Company, this information includes all adjustments (consisting only of normal recurring adjustments) necessary for a fair presentation of the financial information therein. The results of operations for the three months ended March 31, 1995 are not necessarily indicative of the results that may be expected for the entire year. The Company's financial results in any quarter are highly dependent upon various factors, including the timing and size of customer orders and the shipment of products for large orders. Large orders from customers can account for a significant portion of products shipped in any quarter. Accordingly, the shipment of products in fulfillment of such large orders can dramatically affect the results of operations of any single quarter. 1. DISCONTINUED OPERATIONS Real Estate Operations Following the November 1992 acquisition (the "Acquisition") of the telecommunications equipment manufacturing and related software business of Glentel Inc. of Vancouver, British Columbia, Canada (the "GEMS Business") the Company restructured its real estate operations. On July 6, 1993, the Company adopted a formal plan of disposal which called for the disposal of its remaining real estate assets (principally four parcels of undeveloped land in the western United States). The sales of substantially all of one of the parcels and portions of two other parcels were completed as of March 31, 1994, with an aggregate recognized gain in the three months ended March 31, 1994 of approximately $163,000, net of income taxes of $87,000. The sales of the remaining parcels were completed as of June 30, 1994. Net cash proceeds from the sales of real estate properties amounted to approximately $2.0 million for the three months ended March 31, 1994. Oil and Gas Pipeline Construction Operations In October 1993, the Company sold its interest in an oil and gas pipeline construction business receiving approximately $3.3 million in cash and a $3.6 million promissory note (included in other current assets at December 31, 1994.) The $3.6 million note was paid in full in March 1995. 2. INVENTORIES
March 31, December 31, Inventories consist of: 1995 1994 Raw materials $17,964 $10,999 Work-in-process: Uncompleted contracts 669 762 Other 8,235 6,425 Finished goods 5,764 6,075 $32,632 $24,261
7 3. GOODWILL Goodwill is shown net of accumulated amortization of $6.4 million and $5.8 million at March 31, 1995 and December 31, 1994, respectively. 4. INCOME TAXES The Company's consolidated income tax provision was different from the amount computed using the U.S. statutory income tax rate for the following reasons:
Three Months Ended March 31, 1995 1994 Income tax provision at U.S. statutory rate $6,184 $3,120 Reduction in valuation allowance (3,195) (2,675) Foreign taxes at rates other than U.S. statutory rate 132 545 State taxes (net of federal benefit) 574 348 Non-deductible goodwill amortization 193 235 Income tax provision $3,888 $1,573
Subsequent to the quasi-reorganization completed on February 1, 1988, as described in Note 5, the benefits derived from the utilization of tax net operating loss carryforwards are reported in the statement of operations in the year such tax benefits are realized and then reclassified from retained earnings to contributed capital. The Company adopted the accounting method for utilization of these tax net operating loss carryforwards outlined above on February 1, 1988. On September 28, 1989, the Securities and Exchange Commission ("SEC") released Staff Accounting Bulletin No. 86 ("SAB 86") which set forth the SEC staff's position with respect to this accounting treatment. According to the SEC staff's interpretation of Statement of Financial Accounting Standards No. 96, "Accounting for Income Taxes," contained in SAB 86, realized tax benefits should be reported as a direct addition to contributed capital. Subsequently, the Company consulted with the SEC staff and determined that the SEC staff would not object to the accounting method outlined above for companies which had adopted such accounting methods prior to the issuance of SAB 86. If the original guidance in SAB 86 had been applied, the Company's net income for the three months ended March 31, 1995 and 1994 would have been reduced by the amount of the benefit from utilization of tax net operating loss carryforwards. Such reduction in net income would have been $3.2 million ($.12 per share) and $2.7 million ($.10 per share) for the three months ended March 31, 1995 and 1994, respectively. The Company believes that it is more likely than not that the net deferred tax asset recorded at March 31, 1995 will be fully realized. 5. STOCKHOLDERS' EQUITY (a) Quasi-Reorganization On February 1, 1988, the Company completed a quasi-reorganization. After determining that the Company's balance sheet reflected approximate fair value on that date and that revaluation was not necessary, the accumulated deficit and the cumulative translation adjustment were adjusted to zero by reclassifying them to contributed capital. A new retained earnings account was established as of February 1, 1988. (b) Stock Split On December 8, 1994, the Board of Directors of the Company adopted a resolution authorizing a three- for-two split of the Company's common stock, effected in the form of a 50% stock dividend distributed on January 5, 1995 to stockholders of record on December 22, 1994. All share and per share amounts have been restated to reflect this stock dividend. 8 (c) Income per Common Share Primary income per common share was computed by dividing net income by the weighted average number of shares of common stock outstanding plus the shares that would be outstanding assuming exercise of dilutive stock options which are considered to be common stock equivalents. The number of common shares that would be issued from the exercise of stock options has been reduced by the number of common shares that could be purchased from the proceeds at the average market price of the Company's stock during the periods such options were outstanding. The number of shares used to compute primary per share data for the three-month periods ended March 31, 1995 and 1994 was 26,631,973 and 25,885,148, respectively. For purposes of the fully diluted income per share computations, the number of shares that could be issued from the exercise of stock options outstanding at the end of the period has been reduced by the number of shares which could have been purchased from the proceeds at the higher of the market price of the Company's stock on March 31, 1995 and 1994 or the average market prices during the periods such options were outstanding. For those options exercised during the period, the computation for the period prior to exercise is based on the market price when the option was exercised. The number of shares used to compute fully diluted per share data for the three-month periods ended March 31, 1995 and 1994 was 26,667,907 and 25,882,119, respectively. 6. SUBSEQUENT EVENT - BUSINESS ACQUISITION On April 25, 1995, the Company completed the acquisition of Western Multiplex Corporation ("MUX"), located in Belmont, California. MUX designs, manufactures and markets products for use in point-to- point microwave communication systems. The purchase price of approximately $28.6 million consists of 749,970 shares of the Company's common stock (including 223,203 shares issuable upon exercise of stock options) valued at approximately $27.3 million and approximately $1.3 million in acquisition costs. The acquisition will be accounted for as a purchase. 9 Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Background On November 10, 1992, Glenayre Technologies, Inc. acquired the GEMS Business. The GEMS Business designs, manufactures, markets and services switches, transmitters, controls and related software used in personal communications systems (including paging, voice messaging, and message management and mobile data systems), transit communications systems and radio telephone systems. On July 6, 1993, the Company adopted formal plans to dispose of its real estate operation. This operation is accounted for as a discontinued operation and accordingly, its operating results are reported in this manner and excluded from continuing operations in the accompanying consolidated statement of operations for the three months ended March 31, 1994. In October 1993, the Company sold its interest in an oil and gas pipeline construction business. (See Note 1 to the Company's Consolidated Financial Statements). On April 25, 1995, the Company completed the acquisition of Western Multiplex Corporation ("MUX"), located in Belmont, California. MUX designs, manufactures and markets products for use in point-to-point microwave communication systems. The purchase price of approximately $28.6 million consists of 749,970 shares of the Company's common stock (including 223,203 shares issuable upon exercise of stock options) valued at approximately $27.3 million and approximately $1.3 million in acquisition costs. The acquisition will be accounted for as a purchase. The Company does not expect the MUX operations will require material financing commitments by the Company. Set forth below are: (i) a comparison of the results of operations of the Company for the three months ended March 31, 1995 to the results of operations for the three months ended March 31, 1994; (ii) a discussion of the Company's discontinued operations; and (iii) a discussion of the Company's financial condition and liquidity. Three Months Ended March 31, 1995 Compared with Three Months Ended March 31, 1994 NET SALES Net sales for the three months ended March 31, 1995 increased to approximately $59.9 million from net sales for the three months ended March 31, 1994 of approximately $38.4 million, an increase of approximately $21.4 million, or 55.7%. Net sales of paging systems and voice messaging systems for the three months ended March 31, 1995 increased to approximately $45.5 million and $8.7 million, respectively, from approximately $29.3 million and $6.7 million, respectively, for the prior period. The increase in sales was primarily a result of the sales of new systems and the continued expansion and upgrading of existing systems within the installed customer base. One customer, Paging Network, Inc. (PageNet), the nation's largest paging company, accounted for approximately 28% and 13% of net sales for the three months ended March 31, 1995 and 1994, respectively. GROSS PROFIT Gross profit increased to approximately $34.0 million, or 56.8% of net sales, for the three months ended March 31, 1995, from approximately $22.0 million, or 57.3% of net sales, for the three months ended March 31, 1994. SELLING, GENERAL AND ADMINISTRATIVE EXPENSE Selling, general and administrative expense increased to approximately $12.0 million, or 20.0% of net sales, for the three months ended March 31, 1995, from approximately $9.0 million, or 23.4% of net sales, for the three months ended March 31, 1994. The $3.0 million increase primarily resulted from increased selling and marketing expenses for additional sales personnel, increased commissions and travel, and new international office expenses. 10 RESEARCH AND DEVELOPMENT EXPENSE Research and development costs increased to approximately $4.7 million, or 7.8% of net sales, for the three months ended March 31, 1995, from approximately $3.3 million, or 8.5% of net sales, for the three months ended March 31, 1994, an increase of $1.4 million, or 43.9%. The increase of $1.4 million was primarily a result of increased research and development personnel and research material purchased. The research and development costs were primarily for new product development and enhancements to existing products. Both hardware and software development costs are included in research and development costs. All research and development costs are expensed as incurred. INTEREST INCOME, NET The Company realized net interest income of approximately $1.9 million for the three months ended March 31, 1995 compared to net interest income realized of approximately $712 thousand for the three months ended March 31, 1994. The increase is primarily attributable to increased amounts of cash and cash equivalents and short-term investments and higher average interest rates earned during the 1995 period as compared to 1994. INCOME TAXES The difference between the combined U.S. federal and state statutory tax rate of approximately 40% and the effective tax rate of 22.0% for the three months ended March 31, 1995 and 17.6% for the three months ended March 31, 1994 is primarily the result of the utilization of the Company's net operating losses and the application of Statement of Financial Accounting Standards No. 109 "Accounting for Income Taxes," ("SFAS 109"), in computing the Company's tax provision. The difference between the effective tax rate of 22.0% in 1995 and 17.6% in 1994 is primarily the result of a variance between the 1995 and 1994 adjustments for realization of tax benefits for financial statement purposes in accordance with SFAS 109 primarily due to revisions during each period to the estimated future taxable income during the Company's loss carryforward period. See Note 4 to the Company Consolidated Financial Statements. Discontinued Operations Real Estate Operations Following the Acquisition of the GEMS Business the Company restructured its real estate operations. On July 6, 1993, the Company adopted a formal plan of disposal which called for the disposal of its remaining real estate assets (principally four parcels of undeveloped land in the western United States). The sales of substantially all of one of the parcels and portions of two other parcels were completed as of March 31, 1994, with an aggregate recognized gain in the three months ended March 31, 1994 of approximately $163,000, net of income taxes of $87,000. The sales of the remaining parcels were completed as of June 30, 1994. Net cash proceeds from the sales of real estate properties amounted to approximately $2.0 million for the three months ended March 31, 1994. Oil and Gas Pipeline Construction Operations In October 1993, the Company sold its interest in an oil and gas pipeline construction business receiving approximately $3.3 million in cash and a $3.6 million promissory note (included in other current assets at December 31, 1994.) The $3.6 million note was paid in full in March 1995. Financial Condition and Liquidity The Company's working capital at March 31, 1995 was approximately $148.2 million, including cash and cash equivalents and short-term investments of approximately $99.6 million. Accounts receivable, inventories, and accrued liabilities at March 31, 1995 increased from December 31, 1994 primarily as a result of the continued increase in levels of operating activities during the three months ended March 31, 1995. During the three months ended March 31, 1995, the Company received cash of approximately $1.8 million from the exercise of stock options and $3.6 million from the payment in full of the note discussed above. During the three months ended March 31, 1995, the Company spent approximately $3.8 million for capital expenditures. These expenditures were necessary in order to provide the equipment and capacity to meet the growth of the business. 11 The Company's cash and cash equivalents consist of high-grade commercial paper, bank certificates of deposit, U.S. Treasury bills and notes, and repurchase agreements backed by U.S. Government securities with original maturities of three months or less. The Company's short-term investments are comprised of identical types of investments with the exception that their original maturities are greater than three months, but do not exceed one year. The Company expects to use its cash, cash equivalents and short-term investments for working capital and other general corporate purposes, including the expansion and development of its existing products and markets and the expansion into complementary businesses. The Company believes that funds generated from continuing operations, together with its current cash reserves and short- term investments, will be sufficient to support the short-term and long-term liquidity requirements for current operations (including capital expenditures). Company management believes that, if needed, it can establish appropriate borrowing arrangements with lending institutions. 12 PART II - OTHER INFORMATION Items 1 through 5 are inapplicable and have been omitted. Item 6. Exhibits and Reports on Form 8-K (a) Exhibits Exhibit 11 Computation of earnings per common share for the three-month periods ended March 31, 1995 and 1994 Exhibit 27 Financial Data Schedule. (Filed in electronic format only. Pursuant to Rule 402 of Regulation S-T, this schedule shall not be deemed filed for purposes of Section 11 of the Securities Act of 1933 or Section 18 of the Securities Exchange Act of 1934.) (b) Reports on Form 8-K During the three months ended March 31, 1995, the Company filed a Current Report on Form 8-K dated February 7, 1995. Under Item 5, the Company reported that it had issued a press release on its unaudited financial results for the year ended December 31, 1994. Unaudited statements of operations for the three month periods and twelve month periods ended December 31, 1994 and 1993 and certain balance sheet data at December 31, 1994 and 1993 were included. 13 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. Glenayre Technologies, Inc. --------------------------- (Registrant) /s/ Stanley Ciepcielinski --------------------------- Stanley Ciepcielinski Executive Vice President and Chief Financial Officer /s/ Billy C. Layton ----------------------------- Billy C. Layton Controller and Chief Accounting Officer Date: May 4, 1995 14 EX-11 2 EXHIBIT 11 Exhibit 11 GLENAYRE TECHNOLOGIES, INC. COMPUTATION OF EARNINGS PER COMMON SHARE In Thousands Except Per Share Amounts (Unaudited)
Three Months Ended March 31, 1995 1994 Income from continuing operations $13,782 $ 7,341 Income from discontinued operations -- 163 Net Income $13,782 $ 7,504 Primary Earnings Per Share: Weighted average shares outstanding during the period 25,044 23,994 Add incremental shares from: - 1987 Stock Option Plan 265 358 - Long-Term Incentive Plan 1,320 1,532 - Employee Stock Purchase Plan 3 1 Total 26,632 25,885 Continuing operations $ .52 $ .28 Discontinued operations -- .01 Net income per share $ .52 $ .29 Fully Diluted Earnings Per Share: Weighted average shares outstanding during the period 25,044 23,994 Add incremental shares from: - 1987 Stock Option Plan 267 357 - Long-Term Incentive Plan 1,353 1,530 - Employee Stock Purchase Plan 4 1 Total 26,668 25,882 Continuing operations $ .52 $ .28 Discontinued operations -- .01 Net income per share $ .52 $ .29
15 EX-27 3 EXHIBIT 27
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE CONSOLIDATED FINANIAL STATEMENTS AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 1000 3-MOS DEC-31-1995 MAR-31-1995 99,638 0 55,003 0 32,632 188,237 20,503 0 309,615 40,080 0 225,970 0 0 39,040 309,615 59,862 59,862 25,859 25,859 18,242 0 0 17,670 3,888 13,782 0 0 0 13,782 .52 .52
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