-----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, AIgyaQ6bQeO0OMSkHnwI5UwKA3RvXm/LTl1X1WPgrxznhrhn8mwWTbFroBrzN8fK 0s9FJ9+7aTauaFz/Ilvd4A== 0000950137-97-001881.txt : 19970514 0000950137-97-001881.hdr.sgml : 19970514 ACCESSION NUMBER: 0000950137-97-001881 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 19970331 FILED AS OF DATE: 19970513 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: HEALTHCARE COMPARE CORP/DE/ CENTRAL INDEX KEY: 0000812910 STANDARD INDUSTRIAL CLASSIFICATION: INSURANCE AGENTS BROKERS & SERVICES [6411] IRS NUMBER: 363307583 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-15846 FILM NUMBER: 97602013 BUSINESS ADDRESS: STREET 1: 3200 HIGHLAND AVE CITY: DOWNERS GROVE STATE: IL ZIP: 60515 BUSINESS PHONE: 7082417900 MAIL ADDRESS: STREET 2: 3200 HIGHLAND AVENUE CITY: DOWNERS GROVE STATE: IL ZIP: 60515 10-Q 1 FORM 10-Q 1 FORM 10-Q SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 {X} QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 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 0-15846 HealthCare COMPARE Corp. ------------------------ (Exact name of registrant as specified in its charter) Delaware 36-3307583 ------------------------------- --------------------------------------- (State or other jurisdiction of (I.R.S. Employer Identification Number) incorporation or organization) 3200 Highland Avenue, Downers Grove, Illinois 60515 --------------------------------------------------- (Address of principal executive offices, Zip Code) (630) 241-7900 -------------- (Registrant's phone number, including area code) --------------------------------------------------- (Former name, former address and former fiscal year, if changed since last report) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X No --- --- Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date. The number of shares of Common Stock, par value $.01 per share, outstanding on May 9, 1997 was 32,956,370. 2 HealthCare COMPARE Corp. and Subsidiaries INDEX
Part I. Financial Information Page Number ----------- Item 1. Financial Statements Consolidated Balance Sheets - Assets at March 31, 1997 and December 31, 1996 ........................................................ 3 Consolidated Balance Sheets - Liabilities and Stockholders' Equity at March 31, 1997 and December 31, 1996................................ 4 Consolidated Statements of Operations for the three months ended March 31, 1997 and 1996 ................................................ 5 Consolidated Statements of Cash Flows for the three months ended March 31, 1997 and 1996 ................................................ 6-7 Notes to Consolidated Financial Statements .................................... 8-9 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations .................................. 10-12 Part II. Other Information Item 6. Exhibits and Reports on Form 8-K ................................ 13 Signatures .................................................................... 14 Exhibit 11 .................................................................... 15-16
2 3 PART 1. FINANCIAL INFORMATION HEALTHCARE COMPARE CORP. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (UNAUDITED) - -------------------------------------------------------------------------------
ASSETS March 31, 1997 December 31, 1996 --------------- ----------------- Current Assets: Cash and cash equivalents ................ $ 71,373,000 $ 77,439,000 Short-term investments ................... 66,642,000 74,823,000 Accounts receivable, less allowances for doubtful accounts of $2,567,000 and $2,573,000, respectively .......... 26,738,000 24,515,000 Other current assets ..................... 9,837,000 11,694,000 --------------- ----------------- Total current assets ..................... 174,590,000 188,471,000 Long-Term Investments: Marketable securities .................... 104,987,000 92,766,000 Other .................................... 21,225,000 20,869,000 --------------- ----------------- 126,212,000 113,635,000 Property and Equipment: Buildings and improvements ............... 50,399,000 36,450,000 Computer equipment and software .......... 42,369,000 39,642,000 Office furniture and equipment ........... 19,344,000 19,036,000 --------------- ----------------- 112,112,000 95,128,000 Less accumulated depreciation and amortization .......................... (51,415,000) (48,472,000) --------------- ----------------- Net property and equipment ............... 60,697,000 46,656,000 Other Assets ................................ 4,985,000 4,576,000 --------------- ----------------- $ 366,484,000 $ 353,338,000 =============== =================
3 4 HEALTHCARE COMPARE CORP. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (UNAUDITED) - ------------------------------------------------------------------------------- LIABILITIES AND STOCKHOLDERS' EQUITY
March 31, 1997 December 31, 1996 -------------- ----------------- Current Liabilities: Accounts payable .................... $ 7,781,000 $ 8,574,000 Accrued expenses .................... 10,513,000 10,811,000 Treasury stock purchase payable ..... 10,055,000 -- Claims reserves ..................... 8,483,000 8,750,000 Income taxes payable ................ 12,311,000 -- -------------- ----------------- Total current liabilities ........... 49,143,000 28,135,000 Non-Current Liabilities ............... 1,904,000 1,997,000 -------------- ----------------- Total liabilities ................... 51,047,000 30,132,000 Commitments and Contingencies ......... -- -- Stockholders' Equity: Common stock ........................ 372,000 372,000 Additional paid-in capital .......... 134,361,000 129,147,000 Retained earnings ................... 309,899,000 289,065,000 Unrealized holding gain on marketable securities ....................... 416,000 1,125,000 Treasury stock, at cost ............. (129,611,000) (96,503,000) -------------- ----------------- Total stockholders' equity .......... 315,437,000 323,206,000 -------------- ----------------- $ 366,484,000 $ 353,338,000 ============== =================
4 5 HEALTHCARE COMPARE CORP. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - -----------------------------------------------------------
Three Months Ended March 31, --------------------------- 1997 1996 ------------ ------------ Revenues ......................... $64,921,000 $59,985,000 ------------ ------------ Operating expenses: Cost of services ............... 18,543,000 17,842,000 Selling and marketing .......... 7,209,000 7,240,000 General and administrative ..... 3,658,000 3,393,000 Healthcare benefits ............ 2,092,000 830,000 Depreciation and amortization .. 3,088,000 2,760,000 Interest income, net ........... (3,491,000) (2,852,000) ------------ ------------ 31,099,000 29,213,000 ------------ ------------ Income before income taxes ....... 33,822,000 30,772,000 Income taxes ..................... (12,988,000) (11,822,000) ------------ ------------ Net income ....................... $20,834,000 $18,950,000 ============ ============ Weighted average common and common share equivalents ......... 34,157,000 35,645,000 ============ ============ Net income per common share ...... $.61 $.53 ============ ============
5 6 HEALTHCARE COMPARE CORP. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
Three Months Ended March 31, ---------------------------- 1997 1996 ------------ -------------- CASH FLOWS FROM OPERATING ACTIVITIES: Cash received from customers .......................... $61,921,000 $57,692,000 Cash paid to suppliers and employees .................. (28,783,000) (28,299,000) Healthcare benefits paid .............................. (973,000) (572,000) Interest received, net ................................ 3,325,000 2,553,000 Income taxes paid, net ................................ (465,000) (1,380,000) ------------ -------------- Net cash provided by operating activities ............. 35,025,000 29,994,000 ------------ -------------- CASH FLOWS FROM INVESTING ACTIVITIES: Purchases of investments .............................. (38,246,000) (60,313,000) Sales of investments .................................. 32,346,000 50,863,000 Acquisition of businesses, net of cash acquired ....... -- (7,073,000) Purchase of property and equipment .................... (17,075,000) (2,220,000) ------------ -------------- Net cash used in investing activities ................. (22,975,000) (18,743,000) ------------ -------------- CASH FLOWS FROM FINANCING ACTIVITIES: Purchase of treasury stock ............................ (23,053,000) (5,038,000) Proceeds from issuance of common stock ................ 1,585,000 8,923,000 Proceeds from sale of put options on common stock ..... 3,352,000 -- ------------ -------------- Net cash provided by (used in) financing activities ... (18,116,000) 3,885,000 ------------ -------------- NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS ..... (6,066,000) 15,136,000 CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD ........... 77,439,000 74,599,000 ------------ -------------- CASH AND CASH EQUIVALENTS, END OF PERIOD ................. $71,373,000 $89,735,000 ============ ============== SUPPLEMENTAL CASH FLOW DATA: Acquisition of businesses: Fair value of assets acquired ......................... $19,246,000 Cost in excess of net assets acquired ................. 3,123,000 Fair value of liabilities assumed ..................... (11,204,000) Future payments on acquisition ........................ (4,092,000) -------------- Net cash paid ......................................... $7,073,000 ============== NON-CASH FINANCING ACTIVITY: Treasury stock purchase payable ....................... $10,055,000 ============
6 7 HEALTHCARE COMPARE CORP. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - ------------------------------------------------------------------------------
Three Months Ended March 31, --------------------------- 1997 1996 ----------- -------------- RECONCILIATION OF NET INCOME TO NET CASH PROVIDED BY OPERATING ACTIVITIES: NET INCOME ............................................... $20,834,000 $18,950,000 ----------- -------------- ADJUSTMENTS TO RECONCILE NET INCOME TO NET CASH PROVIDED BY OPERATING ACTIVITIES: Depreciation and amortization ...................... 3,088,000 2,760,000 Change in provision for uncollectible receivables .. (6,000) 114,000 Amortization of bond premiums ...................... 442,000 425,000 Tax benefit from stock options exercised ........... 277,000 3,468,000 Unrealized holding loss on marketable securities ............................ 446,000 239,000 Other, net ......................................... (109,000) (288,000) Changes in Assets and Liabilities: Accounts receivable ................................ (2,217,000) (2,479,000) Other current assets ............................... 1,857,000 315,000 Accounts payable and accrued expenses .............. (1,091,000) (201,000) Claims reserves .................................... (267,000) (82,000) Income taxes payable ............................... 12,311,000 7,142,000 Non-current assets and liabilities ................. (540,000) (369,000) ----------- -------------- TOTAL ADJUSTMENTS ..................................... 14,191,000 11,044,000 ----------- -------------- NET CASH PROVIDED BY OPERATING ACTIVITIES ............. $35,025,000 $29,994,000 =========== ==============
7 8 HEALTHCARE COMPARE CORP. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) 1. The unaudited financial statements herein have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission. The accompanying interim financial statements have been prepared under the presumption that users of the interim financial information have either read or have access to the audited financial statements for the latest fiscal year ended December 31, 1996. Accordingly, footnote disclosures which would substantially duplicate the disclosures contained in the December 31, 1996 audited financial statements have been omitted from these interim financial statements. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations. Although the Company believes that the disclosures are adequate to make the information presented not misleading, it is suggested that these interim financial statements be read in conjunction with the financial statements and the notes thereto included in the Company's latest Annual Report on Form 10-K. 2. On February 1, 1996, the Company acquired American Life and Health Insurance Company and its subsidiary Cambridge Life Insurance Company for approximately $11.2 million in cash of which $7.1 million was paid at closing, $3.1 million was paid in the second quarter of 1996 and $1.0 million will be paid when certain contingencies are resolved. The acquisition was accounted for by the purchase method and, accordingly, the results of operations of the acquired businesses have been included in the accompanying consolidated financial statements from the date of acquisition. The estimated fair market value of net assets acquired was $8,042,000, net of cash acquired. The excess of purchase price over estimated fair market value has been allocated to goodwill which is being amortized over 20 years. The pro forma effect of the acquisition on the consolidated results of the Company is not material. 3. The Company's investments in marketable securities which are classified as available for sale had a net unrealized loss in market value of $709,000, net of deferred income taxes, for the three months ended March 31, 1997. The net unrealized gain at March 31, 1997, included as a component of stockholders' equity, was $416,000, net of deferred income taxes. The Company's $12,561,000 investment in a limited partnership is carried at cost. The current value of the Company's interest in the limited partnership at March 31, 1997, as reported by the partnership, was $14,108,000. In the third quarter of 1995, the Company invested in another limited partnership which invests in equipment which is leased to third parties. This investment is accounted for on the equity method since the Company owns 20% of the limited partnership's assets. The Company's proportionate share of the partnership's income was $115,000 for the three months ended March 31, 1997 and is included in interest income. 4. On August 8, 1996, the Company announced that the Board of Directors had approved the repurchase of up to 5,000,000 shares, or approximately 15% of the Company's then outstanding Common Stock. Purchases may be made from time to time, depending on market conditions and other relevant factors. During the first quarter of 1997, the Company 8 9 repurchased 806,000 shares for a total cost of approximately $33.1 million ($10.1 million of which was paid subsequent to March 31, 1997) or an average of $41.07 per share. During 1996, the Company repurchased approximately 1,412,000 shares for a total cost of approximately $56.1 million or an average of $39.74 per share. Approximately 567,000 of these shares were purchased under the 1996 repurchase plan and 845,000 shares were repurchased under a prior plan. Such shares are recorded as treasury shares, at cost, and can be used for general corporate purposes. In connection with this stock repurchase program, the Company sold put options in 1996 which obligate the Company, at the election of the option holders, to repurchase up to 2,000,000 shares of Common Stock at prices ranging from $40.25 to $42.875 per share. The proceeds from the sale of these options in the amount of $6,728,000 was recorded as additional paid-in-capital. During the first quarter of 1997, the Company sold 2,500,000 put options which obligate the Company to repurchase shares at prices ranging from $40.00 to $41.00 per share. The proceeds from sale of these options in the amount of $3,352,000 was recorded as paid-in-capital. As of March 31, 1997, 2,750,000 of the 4,500,000 put options have expired. Subsequent to March 31, 1997, the Company sold an additional 2,595,000 put options for $5,547,000 with option prices ranging from $38.45 to $40.50. The outstanding put options expire at various dates from May 16, 1997 through March 2, 1998. 5. On May 8, 1997 the Company announced it had signed a definitive agreement under which COMPARE will acquire Loyalty Life Insurance Company (Loyalty). Loyalty is an insurer with licenses to conduct health insurance business in 49 states, which will have no net insurance liabilities at the time of its acquisition by COMPARE. Under the terms of the acquisition, which will be accounted for as a purchase, COMPARE will pay a maximum of approximately $13.5 million subject to the satisfaction of certain contingencies. Loyalty will have net assets of approximately $8 million which results in a net acquisition cost of approximately $5.5 million. 6. The Company has not yet adopted Statement of Financial Accounting Standards No. 128 (SFAS No. 128), "Earnings Per Share". SFAS No. 128 is effective for fiscal periods ending after December 15, 1997, but early adoption is prohibited. If the Company had adopted SFAS No. 128, Basic Earnings Per Share would have been $.62 and $.54 for the three months ended March 31, 1997 and 1996, respectively. Diluted Earnings Per Share would have been $.61 and $.53 for the three months ended March 31, 1997 and 1996, respectively. 9 10 HEALTHCARE COMPARE CORP. AND SUBSIDIARIES MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (UNAUDITED) - ------------------------------------------------------------------------------ RESULTS OF OPERATIONS Revenues for the three months ended March 31, 1997 increased 8% or $4,936,000 from the comparable period of 1996. The Company's revenues consist of fees for cost management services provided under contracts which typically require clients to pay based upon a percentage of savings or on a predetermined contractual basis (fee-based revenue). The Company also derives revenues based on a fixed monthly fee for each participant, excluding covered dependents, in a client-sponsored health care plan (capitated revenue) or on a per-transaction basis. As a result of the Company's acquisition of a life and health insurance company, the Company also derives an immaterial amount of premium revenue on life and health insurance contracts. The following table sets forth information with respect to the sources of the Company's revenues for the three months ended March 31, 1997 and 1996:
SOURCES OF REVENUE ($ in thousands) Three Months Ended March 31, ---------------------------------- 1997 % 1996 % ------- ------- ------- ------- PPO $50,896 78% $46,101 77% Fee Schedule Services 6,299 10 6,260 11 Clinical Cost Management Services 4,780 7 5,473 9 Premiums, Net 2,946 5 1,381 2 Government Contract Services -- -- 770 1 ------- ------- ------- ------- Total $64,921 100% $59,985 100% ======= ======= ======= =======
The growth in revenue during the three months ended March 31, 1997 from the comparable period of 1996 is primarily attributable to the expansion and development of the Company's PPO services. PPO revenue increased $4,795,000 (10%) from the same period of 1996. This growth is the result of new client additions and increased utilization of the PPO network by existing clients. Revenue from fee schedule services increased slightly ($39,000) from the comparable period in 1996. Premium revenue increased $1,565,000 (113%) for the three months ended March 31, 1997 from the comparable period in 1996 due primarily to new client activity. 10 11 Revenue from clinical cost management services decreased $693,000 (13%) for the three months ended March 31, 1997 from the comparable period in 1996. Government contract revenue decreased $770,000 from the same period in 1996 due to the completion of the Company's CHAMPUS contract with the Department of Defense. Cost of services increased $701,000 (4%) for the three months ended March 31, 1997 from the comparable period of 1996. Cost of services consists primarily of salaries for personnel involved in PPO administration, development and expansion, utilization management programs, fee schedule and other cost management services offered by the Company. To a lesser extent, cost of services includes telephone expenses, facility expenses and information processing costs. The increase in these costs is primarily attributable to expenses associated with the development of the Company's risk based products and, to a lesser extent, expenses incurred in the expansion and development of the Company's PPO network. Selling and marketing costs for the three months ended March 31, 1997 were essentially unchanged from the comparable period of 1996. General and administrative costs for the three months ended March 31, 1997 increased $265,000 (8%) from the comparable period of 1996. This increase is primarily attributable to the general insurance expenses incurred by the Company's insurance subsidiary. To a lesser extent, the increase relates to salaries and benefits incurred in the executive and administrative areas of the Company. Healthcare benefits represent losses incurred by insureds of the Company's insurance entity. The loss ratio (losses as a percent of premiums) was 71% for the three months ended March 31, 1997 compared to 60% for the comparable period of 1996. Due to the small size of the insurance business, this expense is expected to be volatile until the Company is able to institute all of its managed care services and cost controls and increase the size of its insurance business. Depreciation and amortization expenses increased $328,000 (12%) for the three months ended March 31, 1997 from the comparable period of 1996 due primarily to purchases of computer hardware and software as well as the purchase of the Company's Phoenix facility. Depreciation expense as a percent of revenue remained constant at 5%. Interest income for the three months ended March 31, 1997 increased $639,000 (22%) from the same period in 1996 although the amount of cash equivalents and investments has only increased 3% since March 31, 1996. This increase is due primarily to the Company investing in longer term investments with higher yields. Net income for the three months ended March 31, 1997, increased $1,884,000 (10%) from the comparable period of 1996. This increase is due primarily to the revenue growth as well as efficiencies achieved in the Company's operations. Net income per share for the three months ended March 31, 1997 increased 15% from the comparable period of 1996. The increase in net income per share was favorably impacted by the repurchase of approximately 2,218,000 shares of Company common stock between March 31, 1996 and March 31, 1997. 11 12 LIQUIDITY AND CAPITAL RESOURCES The Company had $125,447,000 in working capital at March 31, 1997 compared with working capital of $158,339,000 at December 31, 1996. The decrease is primarily attributable to the purchase of the building which houses the Company's Phoenix operations for $14,000,000 as well as the repurchase of 806,000 shares of Company Common Stock for a total cost of $33,108,000 ($10.1 million of which is payable at March 31, 1997) in the first quarter of 1997. Investment activities used $22,975,000 of cash representing net purchases of investments of $5,900,000 and purchases of fixed assets of $17,075,000 (including $14,000,000 for the Phoenix building). Financing activities used $18,116,000 of cash representing $23,053,000 in purchases of treasury stock during the three months ended March 31, 1997 partially offset by $1,585,000 in proceeds from issuance of common stock and $3,352,000 in proceeds from sale of put options. Through the first three months of the year, operating activities provided $35,025,000 of cash. The Company believes that its working capital, long-term investments, and cash generated from future operations will be sufficient to fund the Company's anticipated operations and expansion plans. 12 13 PART II Item 6. Exhibits and Reports on Form 8-K Exhibits: (a) Exhibit 11.1 - Computation of Primary Earnings Per Common Share (b) Exhibit 11.2 - Computation of Fully Diluted Earnings Per Common Share Reports on Form 8-K: None 13 14 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. HealthCare COMPARE Corp. Dated: May 12, 1997 /s/James C. Smith ------------------------------------- James C. Smith President and Chief Executive Officer Dated: May 12, 1997 /s/Joseph E. Whitters ------------------------------------- Joseph E. Whitters Chief Financial Officer (Principal Financial and Accounting Officer) 14 EX-11.1 2 COMPUTATION OF PRIMARY EARNINGS PER SHARE 1 HEALTHCARE COMPARE CORP. AND SUBSIDIARIES EXHIBIT 11.1 COMPUTATION OF PRIMARY EARNINGS PER COMMON SHARE (UNAUDITED) - --------------------------------------------------------------------------------
Three Months Ended March 31, ---------------------------- 1997 1996 ----------- ----------- Net income ...................................... $20,834,000 $18,950,000 =========== =========== Weighted average number of common shares outstanding: Shares outstanding from beginning of period .. 33,697,000 34,635,000 Other issuances of common stock .............. 31,000 258,000 Purchases of treasury stock (202,000) (73,000) Common Stock Equivalents: Additional equivalent shares issuable from assumed exercise of common stock options .... 631,000 825,000 ----------- ----------- Weighted average common and common share equivalents .................................... 34,157,000 35,645,000 =========== =========== Net income per common share ..................... $ .61 $ .53 =========== ===========
EX-11.2 3 COMPUTATION OF FULLY DILUTED EARNINGS PER SHARE 1 HEALTHCARE COMPARE CORP. AND SUBSIDIARIES EXHIBIT 11.2 COMPUTATION OF FULLY DILUTED EARNINGS PER COMMON SHARE (UNAUDITED) - --------------------------------------------------------------------------------
Three Months Ended March 31, ---------------------------- 1997 1996 ----------- ----------- Net income ..................................... $20,834,000 $18,950,000 =========== =========== Weighted average number of common shares outstanding: Shares outstanding from beginning of period .. 33,697,000 34,635,000 Other issuances of common stock .............. 31,000 258,000 Purchases of treasury stock .................. (202,000) (73,000) Common Stock Equivalents: Additional equivalent shares issuable from assumed exercise of common stock options .... 631,000 888,000 ----------- ----------- Weighted average common and common share equivalents .................................... 34,157,000 35,708,000 =========== =========== Net income per common share .................... $.61 $.53 =========== ===========
EX-27 4 FDS
5 1,000 3-MOS DEC-31-1997 JAN-01-1997 MAR-31-1997 71,373 171,629 29,305 (2,567) 0 174,590 112,112 (51,415) 366,484 49,143 0 0 0 372 315,065 366,484 0 68,412 0 31,502 3,088 0 0 33,822 12,988 20,834 0 0 0 20,834 .61 .61
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