-----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, AamqtiF+SfviVqjC34x4DIH2w3z8jVDcoM8ffSMeRPLqq4CAYECCRGQNCJbztVAm RyOBnGW2MXa5Du90snGd2A== 0000832815-97-000009.txt : 19971117 0000832815-97-000009.hdr.sgml : 19971117 ACCESSION NUMBER: 0000832815-97-000009 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19970930 FILED AS OF DATE: 19971114 SROS: AMEX FILER: COMPANY DATA: COMPANY CONFORMED NAME: SYBRON CHEMICALS INC CENTRAL INDEX KEY: 0000832815 STANDARD INDUSTRIAL CLASSIFICATION: MISCELLANEOUS CHEMICAL PRODUCTS [2890] IRS NUMBER: 510301280 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 001-12263 FILM NUMBER: 97718775 BUSINESS ADDRESS: STREET 1: BIRMINGHAM RD STREET 2: PO BOX 66 CITY: BIRMINGHAM STATE: NJ ZIP: 08011 BUSINESS PHONE: 6098931100 MAIL ADDRESS: STREET 1: P O BOX 66 BIRMINGHAM ROAD CITY: BIRMINGHAM STATE: NJ ZIP: 08011 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 September 30, 1997 ------------------ OR ( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____________ to ____________ Commission file number 0-19983 SYBRON CHEMICALS INC. --------------------- (Exact name of registrant as specified in its charter) DELAWARE 51-0301280 -------- ---------- (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) Birmingham Rd., P.O. Box 66, Birmingham New Jersey 08011 -------------------------------------------------- ----- (Address of principal executive offices) (zip code) Registrant's telephone number, including area code (609) 893-1100 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 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 September 30, 1997 ----- --------------------------------- Common stock, $.01 par value 5,672,061 SYBRON CHEMICALS INC. INDEX Page No. Part I Financial information Item 1 - Financial Statements Consolidated Balance Sheet - September 30, 1997 and December 31, 1996 1 Consolidated Statement of Operations - nine months ended September 30, 1997 and 1996 2 Consolidated Statement of Operations - three months ended September 30, 1997 and 1996 3 Consolidated Statement of Cash Flows - nine months ended September 30, 1997 and 1996 4 Notes to Consolidated Financial Statements 5 - 6 Item 2 - Management's Discussion and Analysis of Financial Condition and Results of Operations 7 - 12 Part II Other information Item 1 Legal Proceedings 12 Item 6 Exhibits and Reports on Form 8-K 12 PART I - FINANCIAL INFORMATION SYBRON CHEMICALS INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEET (Unaudited in thousands except share and per share data) ASSETS
Sept. 30, Dec. 31, 1997 1996 ---- ---- Current assets: Cash and cash equivalents $ 21,031 $ 14,909 Accounts receivable, net 38,560 32,863 Inventories, net 25,349 22,125 Prepaid and other current assets 2,810 2,522 Deferred income taxes 42 43 -------- -------- Total current assets 87,792 72,462 Property, plant and equipment, net 31,940 31,533 Intangible assets, net 20,053 12,383 Other assets 742 686 -------- -------- $140,527 $117,064 ======== ======== LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Notes payable $ 515 $ 778 Accounts payable 18,771 16,603 Accrued liabilities 15,299 13,184 Current portion of long-term debt 2,429 2,433 Income taxes payable 3,010 609 Deferred income taxes 50 188 ------- -------- Total current liabilities 40,074 33,795 Long-term debt 29,850 17,787 Deferred income taxes 2,936 2,926 Postretirement benefits 3,939 3,999 Other liabilities 2,298 2,469 -------- -------- Total liabilities 79,097 60,976 -------- -------- Commitments and contingencies Shareholders' equity: Preferred stock, $.01 par value - 500,000 shares authorized; none issued Common stock - $.01 par value - 20,000,000 shares authorized; issued 5,907,035 shares 59 59 Additional paid-in capital 23,548 23,530 Retained earnings 50,199 41,349 Cumulative translation adjustment (7,425) (3,509) --------- --------- 66,381 61,429 Less treasury stock, at cost - 234,974 shares of common stock at Sept. 30, 1997, 254,440 at December 31, 1996 (4,699) (5,089) Less minimum pension liability, net of tax (252) (252) Total shareholders' equity 61,430 56,088 --------- -------- $140,527 $117,064 ======== ========
The accompanying notes are an integral part of the financial statements -1- SYBRON CHEMICALS INC. AND SUBSIDIARIES CONSOLIDATED STATEMENT OF OPERATIONS (Unaudited in thousands except per share amounts)
Nine months ended Sept. 30, 1997 1996 ---- ---- Net sales $138,429 $130,311 -------- -------- Cost of sales 84,513 83,009 Selling 25,153 22,676 General and administrative 8,474 8,028 Research and development 2,764 3,033 -------- -------- 120,904 116,746 ------- ------- Operating income 17,525 13,565 -------- -------- Other income(expense): Interest income 335 275 Interest expense (1,391) (1,546) Amortization of intangible assets (1,060) (980) Other - Net (408) (401) --------- --------- (2,524) (2,652) ------ ------ Income before income taxes 15,001 10,913 Provision for income taxes 6,151 4,440 --------- -------- Net income $ 8,850 $ 6,473 ========= ======== Net income per common share $ 1.56 $ 1.15 ========= ======== Weighted average number of shares outstanding 5,664,346 5,650,560
The accompanying notes are an integral part of the financial statements -2- SYBRON CHEMICALS INC. AND SUBSIDIARIES CONSOLIDATED STATEMENT OF OPERATIONS (Unaudited in thousands except per share amounts)
Three months ended September 30, 1997 1996 ---- ---- Net sales $ 46,297 $ 42,036 -------- -------- Cost of sales 28,655 27,361 Selling 8,815 7,689 General and administrative 3,229 2,569 Research and development 928 1,007 -------- -------- 41,627 38,626 ------ ------ Operating income 4,670 3,410 -------- -------- Other income(expense): Interest income 134 90 Interest expense (538) (491) Amortization of intangible assets (391) (334) Other - net (284) (227) --------- --------- (1,079) (962) ------ ---- Income before income taxes 3,591 2,448 Provision for income taxes 1,472 978 --------- -------- Net income $ 2,119 $ 1,470 ========= ======== Net income per common share $ .37 $ .26 ========= ======== Weighted average number of shares outstanding 5,670,257 5,650,560
The accompanying notes are an integral part of the financial statements -3- SYBRON CHEMICALS INC. AND SUBSIDIARIES CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited in thousands)
Nine months ended Sept. 30, 1997 1996 ---- ---- Cash flows from operating activities: Net income $ 8,850 $ 6,473 -------- ------- Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 4,931 4,824 Provision for losses on accounts receivable 653 187 Changes in assets and liabilities: Accounts receivable (5,470) (3,054) Inventory (1,996) 2,342 Other current assets (329) (1,383) Accounts payable and accrued expenses 5,800 3,783 Income taxes payable 2,503 (361) Other assets and liabilities - net 394 (950) -------- -------- Net cash provided by operating activities 15,336 11,861 -------- ------- Cash flows from investing activities: Capital expenditures (5,726) (4,212) Purchase of business assets (13,774) (1,275) Other, net -- 45 -------- ------- Net cash used by investing activities (19,500) (5,442) -------- -------- Cash flows from financing activities: Net (repayments) borrowings under revolving credit facilities 14,320 (1,348) Repayment of debt (2,429) (2,429) Proceeds from exercise of stock options 29 -- -------- ------- Net cash provided (used) by financing activities 11,920 (3,777) -------- -------- Effect of exchange rate changes on cash (1,634) (884) -------- -------- Net increase in cash and cash equivalents 6,122 1,758 Cash and cash equivalents at beginning of period 14,909 11,284 -------- ------- Cash and cash equivalents at end of period $21,031 $13,042 ======== =======
The accompanying notes are an integral part of the financial statements -4- SYBRON CHEMICALS INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited in thousands) NOTE 1 - ACCOUNTING POLICIES: - ----------------------------- The accompanying consolidated financial statements are unaudited and have been prepared by management pursuant to the rules and regulations of the Securities and Exchange Commission. In the opinion of management, these consolidated financial statements contain all of the adjustments, consisting only of normal recurring adjustments, necessary to present fairly, in summarized form, the financial position of the Company at September 30, 1997 and the results of its operations and changes in its cash flows for the nine months ended September 30, 1997 and 1996. The Company presumes that users of this Quarterly Report on Form 10-Q have read or have access to the audited financial statements for the year ended December 31, 1996 contained in the Company's Form 10-K which was filed with the Securities and Exchange Commission on March 27, 1997. Accordingly, footnote disclosures which would substantially duplicate the disclosures contained therein have been omitted. NOTE 2 - INVENTORIES: - --------------------- Inventories are stated at the lower of cost or market. For U.S. operations, cost is determined using the last-in, first-out (LIFO) method. For foreign operations, cost is determined using the first-in, first-out (FIFO) method. The components of inventories are: Sept. 30, Dec. 31, 1997 1996 ---- ---- Finished goods $19,199 $16,247 Work-in-progress 49 109 Raw materials 7,097 6,642 ------- ------- 26,345 22,998 Less reserves 996 873 ------- ------- $25,349 $22,125 ======= ======= NOTE 3 - ACQUISITION - -------------------- On July 29, 1997, the Company acquired certain operating assets, not including manufacturing facilities, of the Textile and Garment Processing businesses (the "Business") of IVAX Industries, Inc. -5- ("IVAX"), IVAX Industries Canada, Inc. and IVAX Industries U.K. Ltd. The purchase price for such assets was $13,770,000, subject to certain post-closing adjustments. The purchase price was financed primarily from the Company's existing revolving credit facility. The Company intends to use the acquired assets to continue the product lines of the Business, which the Company will operate out of its existing facilities in Wellford, South Carolina and other locations around the world. For a transitional period not to exceed 270 days, IVAX agreed to continue manufacturing products on behalf of the Company in IVAX's existing facilities. Results of operations after the acquisition date are included in the 1997 Consolidated Statement of Operations. The following pro forma information has been prepared assuming that this acquisition had taken place at the beginning of the respective periods. The pro forma information includes adjustments for interest expense that would have been incurred to finance the purchase and the amortization of intangibles arising from the transaction, including patents (estimated life 10 years), customer list (estimated life 10 years) and goodwill (estimated life 30 years). The pro forma information is presented for informational purposes only and may not be indicative of the results of operations as they would have been if the Company and the IVAX business had been a single entity during 1996 and 1997, nor is it necessarily indicative of the results of operations which may occur in the future. At September 30, 1996 management of IVAX Industries reevaluated the carrying value of certain long-lived assets and goodwill related to those assets to be held and used in the division's operations. Consequently, management reduced the carrying value of certain long-lived assets and goodwill of the division by approximately $4,782 and $18,614, respectively. The Company considers this a one-time charge that will not be a factor in ongoing costs. This charge has not been tax effected in arriving at net income in the table below. (Unaudited in thousands except per share amounts) Nine Months Ended September 30, 1997 1996 ---- ---- Net sales $149,913 $144,249 Operating income 17,525 (10,670) -------- --------- Net income $ 8,850 $(17,953) ======== ========= Net income per share $ 1.56 $ (3.18) ======== ========= -6- MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Nine Months Ended September 30, 1997 compared to Nine Months Ended September 30, 1996 and Three Months Ended September 30, 1997 compared to Three Months Ended September 30, 1996. The following tables set forth certain information about the Company's two business segments, Environmental Products and Services and Textile Chemical Specialties.
Nine Months Ended September 30, 1997 1996 ---- ---- % of % of Amount Sales Amount Sales ------ ----- ------ ----- (in thousands except percentages) Sales Environmental Products and Services $ 41,967 30.3% $ 40,852 31.3% Textile Chemical Specialties 96,462 69.7 89,459 68.7 --------- ------ --------- ----- Total 138,429 100.0 130,311 100.0 Cost of Sales Environmental Products and Services 28,630 68.2 29,160 71.4 Textile Chemical Specialties 55,883 57.9 53,849 60.2 --------- ----- --------- ---- Total 84,513 61.1 83,009 63.7 Gross Margin Environmental Products and Services 13,337 31.8 11,692 28.6 Textile Chemical Specialties 40,579 42.1 35,610 39.8 --------- ----- --------- ---- Total 53,916 38.9 47,302 36.3 Operating Expense Environmental Products and Services 9,307 22.2 8,476 20.7 Textile Chemical Specialties 27,084 28.1 25,261 28.2 --------- ----- --------- ---- Total 36,391 26.3 33,737 25.9 Operating Income Environmental Products and Services 4,030 9.6 3,216 7.9 Textile Chemical Specialties 13,495 14.0 10,349 11.6 --------- ----- --------- ---- Total 17,525 12.6 13,565 10.4 Other Income (Expense), Net (2,524) (1.8) (2,652) (2.0) --------- ----- --------- ----- Income Before Income Taxes 15,001 10.8 10,913 8.4 Provision for Income Taxes 6,151 4.4 4,440 3.4 --------- ----- --------- ---- Net Income $ 8,850 6.4% $ 6,473 5.0% ========= ===== ========= =====
-7-
Three Months Ended September 30, 1997 1996 ---- ---- % of % of Amount Sales Amount Sales ------ ----- ------ ----- (in thousands except percentages) Sales Environmental Products and Services $ 13,524 29.2% $ 13,546 32.2% Textile Chemical Specialties 32,773 70.8 28,490 67.8 -------- ------ -------- ----- Total 46,297 100.0 42,036 100.0 Cost of Sales Environmental Products and Services 9,167 67.8 9,704 71.6 Textile Chemical Specialties 19,488 59.5 17,657 62.0 -------- ----- -------- ---- Total 28,655 61.9 27,361 65.1 Gross Margin Environmental Products and Services 4,357 32.2 3,842 28.4 Textile Chemical Specialties 13,285 40.5 10,833 38.0 -------- ----- -------- ---- Total 17,642 38.1 14,675 34.9 Operating Expense Environmental Products and Services 3,395 25.1 2,976 22.0 Textile Chemical Specialties 9,577 29.2 8,289 29.1 -------- ----- -------- ---- Total 12,972 28.0 11,265 26.8 Operating Income Environmental Products and Services 962 7.1 866 6.4 Textile Chemical Specialties 3,708 11.3 2,544 8.9 -------- ----- -------- ---- Total 4,670 10.1 3,410 8.1 Other Income (Expense), Net (1,079) (2.3) (962) (2.3) -------- ----- -------- ----- Income Before Income Taxes 3,591 7.8 2,448 5.8 Provision for Income Taxes 1,472 3.2 978 2.3 -------- ----- -------- ----- Net Income $ 2,119 4.6% $1,470 3.5% ======= ===== ======== ======
-8- Operations Led by the Textile Chemical Specialties segment, total company sales for both the nine months and quarter ending September 30, 1997 increased 6.2% and 10.1%, respectively, compared with the same periods in 1996. The Textile Chemical Specialties segment grew by 7.8% on a nine months basis and 15.0% for the quarter. Sales in the Environmental Products and Services segment improved 2.7% for the nine months but were essentially flat compared to the same period in 1996 on a quarterly basis. In the Textile Chemical Specialties segment, combined North America/Latin America/Asia textile chemical sales for the nine months and third quarter increased 12.5% and 30.7%, respectively. Both periods reflected strong growth in the Mexican and Asian businesses. In addition, the third quarter 1997 results include the initial two months of sales from the acquisition in late July of the garment processing and textile chemical business from IVAX Industries. Continued increases in toll manufacturing in both periods resulted in a 28.1% and 51.2% respective improvement in sales in the related organic chemical business. Sales in Europe improved 2.2% for the first nine months, in terms of U.S. dollars, as a result of substantial physical volume growth of 13.9%. This growth offset the net negative currency impact which primarily related to the stronger U.S. dollar versus the Dutch guilder. However, for the quarter, sales in dollars were 4.8% below the similar 1996 period as this same unfavorable currency impact overshadowed a physical volume growth of 11.1%. Sales improved in both periods in Turkey, Spain, Italy and Portugal. Sales in all businesses in the Environmental Products and Services segment improved on a nine month basis. This was primarily a result of new and recaptured customers and an overall volume increase in the household ion exchange resin market, the impact of new business in specialty polymers, and significant new toner polymer business. Volumes also increased marginally in both the biochemical and membrane product lines for the first nine months of the year. On a quarterly basis, sales in this segment were essentially flat versus the same period in 1996 with small downturns in ion exchange resins, membranes and biochemicals offset by the continued growth in the specialty polymer area. The overall gross margin for the nine months and third quarter ending September 30, 1997 was 38.9% and 38.1%, respectively, a substantial improvement over the 36.3% and 34.9% experienced during the similar 1996 periods. The gross margin in the Textile Chemical Specialties segment increased to 42.1% on a nine month basis and 40.5% for the quarter, an improvement from last year's comparable rates of 39.8% and 38.0%. Margins in both periods in the North America/Latin America/Asia markets were better in 1997 as compared with similar 1996 periods due to new product sales which carry a -9- higher margin, the reduction of several very low margin products in the U.S., a small decrease in raw material costs, and customer mix. The quarter was also favorably impacted by lower outbound freight costs. In the related organics chemical business, margins improved in both periods due to the increase in higher margin toll manufacturing and production efficiencies. The continued favorable impact of a weaker guilder as compared with certain European currencies coupled with a favorable product mix resulted in an improvement in Europe in both periods. The gross margin in the Environmental Products and Services segment increased to 31.8% for the nine month period and 32.2% for the third quarter, improving over the respective prior year margins of 28.6% and 28.4%. Margins in the ion exchange and specialty polymer product lines were impacted in both periods by lower raw material costs, manufacturing efficiencies and fixed cost controls. Production efficiencies, average selling price increases and a favorable product/customer mix resulted in improved margins for both periods in the biochemical product line. Margins in the membrane product line dropped as compared with both periods in 1996 resulting from customer mix and overall average selling price decreases. Operating expenses as a percent of sales increased to 26.3% for the nine month period and 28.0% for the third quarter. These results were higher than the similar period in 1996 of 25.9% and 26.8%. The Textile Chemical Specialties segment expenses as a percent of sales in 1997 were essentially equal to the same periods in 1996. The unfavorable impact of increased legal and environmental accruals and the traditional lower sales volume in Europe in the third quarter were offset by the continued favorable currency impact in Europe on fixed costs due to the stronger dollar versus the Dutch guilder. The Environmental Products and Services segment operating expenses as a percent of sales increased in both periods as compared with similar 1996 results primarily due to increased marketing efforts and staffing in several of the segment's product lines, an increase in provisions for doubtful accounts in the specialty polymer product line and increased legal and environmental accruals. Income Taxes and Other Items The Company's provision for income taxes was computed using applicable prevailing income tax rates. The Company's effective tax rate of 41.0% for the nine months of 1997 was essentially equal to last year's rate of 40.7%. Other income (expense) was ($2.5) million for the first nine months of 1997 versus ($2.7) million in last year's comparable period. The decrease was primarily due to a drop in interest expense related to lower rates. -10- Liquidity and Capital Resources Cash and cash equivalents of $21.0 million as of September 30, 1997 were $6.1 million over the December 31, 1996 balance of $14.9 million, an increase of 40.9%. Net cash flow generated by operating activities totalled $15.3 million for the first nine months of 1997 versus $11.9 million for the same period in 1996. This increase was principally due to increased net income and higher payable balances. Net cash used by investing activities totalled $19.5 million for the nine month period of 1997 as compared with $5.4 million for the comparable 1996 period. This increase was the result of the acquisition in late July 1997 of the garment processing and textile chemical business from IVAX Industries coupled with higher capital expenditures in 1997 due to manufacturing plant upgrades in the U.S. and Mexico. Net cash provided by financing activities for the first nine months of this year was a net $11.9 million due to $14.3 million in revolving credit borrowings primarily for funding the IVAX acquisition, partially offset by a $2.4 million repayment of existing debt. The 1996 similar period had a $3.7 million net cash usage, the result of debt repayments. The Company has a $40 million unsecured multi-currency revolving line of credit with CoreStates Bank that expires in February 2002. The amount owed under this credit facility was $20.1 million as of September 30, 1997. During 1997, the Company believes its capital expenditures for existing operations can be funded from operating cash flow and are expected to be somewhat ahead of 1996 levels. The Company further believes that, except as set forth below, between its anticipated operating cash flow and present credit facilities, it will be able to meet both short-term and long-term financial obligations in the foreseeable future. On October 20, 1997, the Company announced that it had received a proposal from an investor group comprised of its principal stockholder and members of the Company's management (collectively, the "Investor Group") to purchase for cash all outstanding shares of the Company's common stock not already owned by the Investor Group for $32.00 to $33.00 per share. Consummation of the proposed transaction is contingent on satisfaction of a number of conditions. The Investor Group has informed the Company that if the proposed transaction is consummated, the Investor Group anticipates that the Company will incur considerable amounts of new debt, including amounts used to refinance the Company's existing debt. The incurrence of these amounts would increase significantly the interest expense incurred by the Company. Management believes that if the transaction is consummated, cash flow from operations and amounts available under an anticipated new senior credit facility will provide the Company with adequate funds for debt service, planned capital expenditures and other working capital needs. -11- Foreign Exchange The Company has subsidiaries in Europe, Asia, South Africa and the Americas and, for all subsidiaries, the Company has determined the functional currencies are the subsidiaries' local currency. The Company has a large manufacturing facility in Ede, Holland where chemicals are manufactured and sold either directly to customers or to various subsidiaries which are principally in Europe. Intercompany balances arise between the Dutch operation and various subsidiaries. Overall, the Company recognized exchange loss of less than $0.1 million in the first nine months of 1997 versus no currency exchange impact in the similar period in 1996. PART II - OTHER INFORMATION Item 1. Legal Proceedings - ------- ----------------- There have been no material developments in connection with any pending legal proceedings as reported in the Registrant's Form 10-K Annual Report which was filed with the Securities and Exchange Commission on March 27, 1997. Item 6. Exhibits and Reports on Form 8-K - ------- -------------------------------- On October 13, 1997, the Company filed a Form 8-K report containing financial information relating to the July 29, 1997 acquisition of the Textile and Garment Processing businesses of IVAX Industries, Inc. -12- SIGNATURE 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. SYBRON CHEMICALS INC. /s/ Dennis J. Fiore ------------------- Dennis J. Fiore Vice President, Finance and Chief Financial Officer Date: November 14, 1997 EX-27 2
5 0000832815 DENNIS J. FIORE 9-MOS DEC-31-1997 JAN-01-1997 SEP-30-1997 21,031,000 0 38,560,000 0 25,349,000 87,792,000 31,940,000 0 140,527,000 40,074,000 0 0 0 59,000 61,371,000 140,527,000 138,429,000 138,429,000 84,513,000 120,904,000 1,133,000 0 1,391,000 15,001,000 6,151,000 8,850,000 0 0 0 8,850,000 1.56 1.56
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