-----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, ViAZBP7TaYSj7Qpe1TNa/yK/yVETVmz6SBxxOfl+eR/vB2Eig3jFRlwn7ljKaCnc og+C28bjwWymWHashU5JVw== 0000950144-98-009524.txt : 19980813 0000950144-98-009524.hdr.sgml : 19980813 ACCESSION NUMBER: 0000950144-98-009524 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 12 CONFORMED PERIOD OF REPORT: 19980630 FILED AS OF DATE: 19980812 SROS: AMEX FILER: COMPANY DATA: COMPANY CONFORMED NAME: KOGER EQUITY INC CENTRAL INDEX KEY: 0000835664 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 592898045 STATE OF INCORPORATION: FL FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 333-20975 FILM NUMBER: 98683878 BUSINESS ADDRESS: STREET 1: 3986 BLVD CTR DR STE 101 CITY: JACKSONVILLE STATE: FL ZIP: 32207 BUSINESS PHONE: 9043983403 MAIL ADDRESS: STREET 1: 3986 BLVD CTR DR STREET 2: SUITE 101 CITY: JACKSONVILLE STATE: FL ZIP: 32207 10-Q 1 KOGER EQUITY, INC. 1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) X QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES - ----- EXCHANGE ACT OF 1934 For the quarterly period ended JUNE 30, 1998 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 1-9997 KOGER EQUITY, INC. (Exact name of registrant as specified in its charter) FLORIDA 59-2898045 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 8880 FREEDOM CROSSING TRAIL JACKSONVILLE, FLORIDA 32256 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (904) 732-1000 3986 BOULEVARD CENTER DRIVE JACKSONVILLE, FLORIDA 32207 (Former address, 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. Class Outstanding at July 31, 1998 Common Stock, $.01 par value 26,571,979 shares 2 KOGER EQUITY, INC. AND SUBSIDIARIES INDEX
PAGE NO. PART I. FINANCIAL INFORMATION Independent Accountants' Report............................................................. 3 Item 1. Financial Statements: Condensed Consolidated Balance Sheets June 30, 1998 and December 31, 1997...................................................... 4 Condensed Consolidated Statements of Operations for the Three and Six Month Periods Ended June 30, 1998 and 1997................................................................... 5 Condensed Consolidated Statement of Changes in Shareholders' Equity for the Six Month Period Ended June 30, 1998...................................................................... 6 Condensed Consolidated Statements of Cash Flows for the Six Month Periods Ended June 30, 1998 and 1997................................................................................. 7 Notes to Condensed Consolidated Financial Statements for the Three and Six Month Periods Ended June 30, 1998 and 1997............................................................. 8 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations........................................ 9 PART II. OTHER INFORMATION Item 1. Legal Proceedings.................................................................... 12 Item 4. Submission of Matters to a Vote of Security Holders.................................. 12 Item 5. Other Information.................................................................... 13 Item 6. Exhibits and Reports on Form 8-K..................................................... 16 Signatures.................................................................................... 17
2 3 INDEPENDENT ACCOUNTANTS' REPORT To the Board of Directors and Shareholders of Koger Equity, Inc. Jacksonville, Florida We have reviewed the accompanying condensed consolidated balance sheet of Koger Equity, Inc. and subsidiaries (the "Company") as of June 30, 1998, and the related condensed consolidated statements of operations for the three and six month periods ended June 30, 1998 and 1997, the condensed consolidated statement of changes in shareholders' equity for the six month period ended June 30, 1998 and the condensed consolidated statements of cash flows for the six month periods ended June 30, 1998 and 1997. These financial statements are the responsibility of the Company's management. We conducted our review in accordance with standards established by the American Institute of Certified Public Accountants. A review of interim financial information consists principally of applying analytical procedures to financial data and of making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with generally accepted auditing standards, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion. Based on our review, we are not aware of any material modifications that should be made to such condensed consolidated financial statements for them to be in conformity with generally accepted accounting principles. We have previously audited, in accordance with generally accepted auditing standards, the consolidated balance sheet of the Company as of December 31, 1997, and the related consolidated statements of operations, changes in shareholders' equity, and cash flows for the year then ended (not presented herein); and in our report dated February 23, 1998, we expressed an unqualified opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanying condensed consolidated balance sheet as of December 31, 1997 is fairly stated, in all material respects, in relation to the consolidated balance sheet from which it has been derived. DELOITTE & TOUCHE LLP Jacksonville, Florida July 30, 1998 3 4 PART I. FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS KOGER EQUITY, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED - SEE INDEPENDENT ACCOUNTANTS' REPORT) (IN THOUSANDS)
JUNE 30, DECEMBER 31, 1998 1997 ------------- ------------ ASSETS Real Estate Investments: Operating properties: Land $ 128,740 $ 111,697 Buildings 652,989 567,332 Furniture and equipment 2,451 2,220 Accumulated depreciation (117,110) (104,700) ---------- ---------- Operating properties - net 667,070 576,549 Properties under construction: Land 6,999 8,978 Buildings 24,454 18,608 Undeveloped land held for investment 23,728 13,249 Undeveloped land held for sale 1,263 1,512 Cash and temporary investments 1,640 16,955 Accounts receivable, net of allowance for uncollectible accounts of $263 and $250 5,469 5,646 Investment in Koger Realty Services, Inc. 1,099 472 Cost in excess of fair value of net assets acquired, net of accumulated amortization of $770 and $685 1,785 1,870 Other assets 12,966 12,258 ----------- ---------- TOTAL ASSETS $ 746,473 $ 656,097 =========== ========== LIABILITIES AND SHAREHOLDERS' EQUITY Liabilities: Mortgages and loans payable $ 248,901 $ 181,963 Accounts payable 6,571 8,802 Accrued real estate taxes payable 6,105 3,294 Accrued liabilities - other 5,710 6,623 Dividends payable 7,958 6,352 Advance rents and security deposits 5,620 4,801 ------------ ---------- Total Liabilities 280,865 211,835 ------------ ---------- Commitments and Contingencies Shareholders' Equity: Common stock 285 284 Capital in excess of par value 454,369 441,451 Retained earnings 30,988 30,947 Treasury stock, at cost (20,034) (28,420) ------------ ---------- Total Shareholders' Equity 465,608 444,262 ------------ ---------- TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 746,473 $ 656,097 ============ ==========
See Notes to Condensed Consolidated Financial Statements. 4 5 KOGER EQUITY, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED - SEE INDEPENDENT ACCOUNTANTS' REPORT) (IN THOUSANDS, EXCEPT PER SHARE DATA)
THREE MONTH PERIOD SIX MONTH PERIOD ENDED JUNE 30, ENDED JUNE 30, ----------------------- --------------------- 1998 1997 1998 1997 -------- ------- ------- ------- REVENUES Rental and other rental services $32,384 $26,508 $62,719 $52,020 Management fees 706 929 1,191 1,570 Interest 124 372 307 906 Income from Koger Realty Services, Inc. 441 183 855 393 Gain on sale of assets 3 3 Gain on TKPL Note to Southeast (55) (9) --------- --------- --------- -------- Total revenues 33,658 27,937 65,075 54,880 --------- --------- --------- -------- EXPENSES Property operations 13,213 10,819 24,827 20,787 Depreciation and amortization 6,970 5,621 13,650 11,114 Mortgage and loan interest 3,985 4,068 7,267 8,227 General and administrative 1,756 1,526 3,257 2,889 Direct cost of management fees 347 567 646 1,084 Undeveloped land costs 99 120 193 234 Provision for (recovery of) loss on land held for sale 2 (379) Loss on early retirement of debt 42 42 --------- -------- --------- -------- Total expenses 26,370 22,765 49,840 43,998 --------- -------- --------- -------- INCOME BEFORE INCOME TAXES 7,288 5,172 15,235 10,882 Income taxes 327 164 610 181 --------- -------- --------- -------- NET INCOME $ 6,961 $ 5,008 $14,625 $10,701 ========= ======== ========= ======== EARNINGS PER COMMON SHARE AND COMMON EQUIVALENT SHARE: Basic $ 0.26 $ 0.24 $ 0.56 $ 0.51 ========= ======== ========= ======== Diluted $ 0.26 $ 0.23 $ 0.55 $ 0.48 ========= ======== ========= ======== WEIGHTED AVERAGE COMMON SHARES AND COMMON EQUIVALENT SHARES OUTSTANDING: Basic 26,515 20,831 26,012 20,896 ======== ======== ======= ======== Diluted 27,203 22,053 26,744 22,205 ======== ======== ======= ========
See Notes to Condensed Consolidated Financial Statements. 5 6 KOGER EQUITY, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY (UNAUDITED - SEE INDEPENDENT ACCOUNTANTS' REPORT) (IN THOUSANDS)
COMMON STOCK TOTAL --------------------- CAPITAL IN TREASURY STOCK SHARE- PAR EXCESS OF RETAINED ------------------- HOLDERS' SHARES VALUE PAR VALUE EARNINGS SHARES COST EQUITY --------- ------ ---------- --------- ------- --------- --------- Balance, December 31, 1997 28,389 $ 284 $441,451 $ 30,947 2,982 $(28,420) $444,262 Common stock sold 11,989 (1,010) 8,329 20,318 401(k) Plan contribution 126 (9) 76 202 Stock options exercised 102 1 803 1 (19) 785 Dividends declared (14,584) (14,584) Net income 14,625 14,625 -------- ---- -------- -------- ------- -------- -------- Balance, June 30, 1998 28,491 $285 $454,369 $ 30,988 1,964 $(20,034) $465,608 ======== ==== ======== ======== ======= ======== ========
See Notes to Condensed Consolidated Financial Statements. 6 7 KOGER EQUITY, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED - SEE INDEPENDENT ACCOUNTANTS' REPORT) (IN THOUSANDS)
SIX MONTH PERIOD ENDED JUNE 30, ---------------------------- 1998 1997 ---------- ---------- OPERATING ACTIVITIES Net income $ 14,625 $ 10,701 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 13,650 11,114 Recovery of loss on land held for sale (379) Income from Koger Realty Services, Inc. (855) (393) Provision for uncollectible accounts 38 119 Gain on sale or disposition of assets (3) Loss on early debt repayment 42 Amortization of mortgage discounts 48 Increase in accounts payable, accrued liabilities and other liabilities 785 732 (Increase) decrease in receivables and other assets (645) 1,133 ---------- ---------- Net cash provided by operating activities 27,595 23,117 ---------- ---------- INVESTING ACTIVITIES Property acquisitions (73,783) (32,896) Building construction expenditures (26,676) (5,566) Tenant improvements to first generation space (1,833) Tenant improvements to existing properties (4,643) (4,206) Building improvements to existing properties (1,361) (1,400) Energy management improvements (538) Deferred tenant costs (957) (395) Additions to furniture and equipment (231) (224) Proceeds from sales of assets 3 2,908 Dividends received from Koger Realty Services, Inc. 228 151 ---------- ---------- Net cash used in investing activities (109,253) (42,166) ---------- ---------- FINANCING ACTIVITIES Proceeds from sale of common stock 20,318 163 Proceeds from exercise of warrants and stock options 688 1,039 Proceeds from mortgages and loans 81,800 Dividends paid (12,978) (2,096) Principal payments on mortgages and loans (23,363) (3,496) Treasury stock purchase (5,750) Financing costs (122) (700) ---------- ---------- Net cash provided by (used in) financing activities 66,343 (10,840) ---------- ---------- Net decrease in cash and cash equivalents (15,315) (29,889) Cash and cash equivalents - beginning of period 16,955 35,715 ---------- ---------- Cash and cash equivalents - end of period $ 1,640 $ 5,826 ========== ========== SUPPLEMENTAL CASH FLOW INFORMATION Cash paid during the period for interest, net of capitalized interest $ 7,187 $ 8,179 ========== ========== Cash paid during the period for income taxes $ 887 $ 181 ========== ==========
See Notes to Condensed Consolidated Financial Statements. 7 8 KOGER EQUITY, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE THREE AND SIX MONTH PERIODS ENDED JUNE 30, 1998 AND 1997 (UNAUDITED - SEE INDEPENDENT ACCOUNTANTS' REPORT) 1. BASIS OF PRESENTATION. The condensed consolidated financial statements include the accounts of Koger Equity, Inc. and its wholly-owned subsidiaries (the "Company"). All material intercompany transactions have been eliminated. The financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission related to interim financial statements. The financial statements should be read in conjunction with the consolidated financial statements and notes thereto for the year ended December 31, 1997, included in the Company's Form 10-K Annual Report for the year ended December 31, 1997. The balance sheet at December 31, 1997, has been derived from the audited financial statements at that date and is condensed. All adjustments of a normal recurring nature which, in the opinion of management, are necessary to present a fair statement of the results for the interim periods have been made. Results of operations for the six month period ended June 30, 1998, are not necessarily indicative of the results to be expected for the full year. Certain 1997 amounts have been reclassified to conform with 1998 presentations. 2. ORGANIZATION. Koger Equity, Inc. ("KE"), a Florida corporation, was incorporated in 1988 for the purpose of investing in the ownership of income producing properties, primarily commercial office buildings. KE is totally self-administered and self-managed. In addition to managing its own properties, KE, through certain related entities, provides property management services to third parties. In conjunction with Koger Real Estate Services, Inc. ("KRES"), a Florida corporation and a wholly-owned subsidiary of KE, KE manages 21 office buildings owned by Centoff Realty Company, Inc. ("Centoff"), a subsidiary of Morgan Guaranty Trust Company of New York. 3. FEDERAL INCOME TAXES. The Company is operated in a manner so as to qualify, and has elected tax treatment, as a real estate investment trust under the Internal Revenue Code (a "REIT"). As a REIT, the Company is required to distribute annually at least 95 percent of its REIT taxable income to its shareholders. Since the Company had no REIT taxable income during 1997 and does not expect to have REIT taxable income during 1998, no provision has been made for Federal income taxes. However, the Company has recorded a provision of $230,000 for alternative minimum tax for the six month period ended June 30, 1998. To the extent that the Company pays dividends equal to 100 percent of REIT taxable income, the earnings of the Company are not taxed at the corporate level. However, the use of net operating loss carryforwards, which may reduce REIT taxable income to zero, are limited for alternative minimum tax purposes. 4. STATEMENTS OF CASH FLOWS. Cash in excess of daily requirements is invested in short-term monetary securities. Such temporary cash investments have an original maturity date of less than three months and are deemed to be cash equivalents for purposes of the statements of cash flows. During the six month period ended June 30, 1998, the Company contributed 9,197 shares of common stock to the Company's 401(k) Plan. These shares had a value of approximately $202,000 based on the closing price of the Company's common stock on the American Stock Exchange on December 31, 1997. During January 1998, the Company assumed a mortgage loan with an outstanding balance of approximately $8,501,000 in conjunction with the acquisition of an office building. During the six month period ended June 30, 1997, the Company contributed 23,657 shares of common stock to the Company's 401(k) Plan. These shares had a value of approximately $444,000 based on the closing price of the Company's stock on the American Stock Exchange on December 31, 1996. In addition, the Company issued 15,455 shares of common stock as payment for certain 1996 bonuses for senior management. These shares had a value of approximately $278,000 based on the closing price of the Company's common stock on the American Stock Exchange on January 6, 1997. 5. EARNINGS PER COMMON SHARE. Earnings per common share have been computed based on the weighted average number of shares of common stock and common stock equivalents outstanding during the applicable periods. 8 9 6. MORTGAGES AND LOANS PAYABLE. At June 30, 1998, the Company had $248,901,000 of loans outstanding, which are collateralized by mortgages on certain operating properties. Annual maturities for mortgages and loans payable are as follows (in thousands):
YEAR ENDING DECEMBER 31, 1998 $ 1,326 1999 56,957 2000 3,208 2001 3,485 2002 11,486 Subsequent Years 172,439 --------- Total $ 248,901 =========
7. DIVIDENDS. The Company paid a quarterly dividend of $0.25 per share on February 14, 1998, to shareholders of record on December 31, 1997. The Company paid a quarterly dividend of $0.25 per share on May 6, 1998, to shareholders of record on March 31, 1998. During the quarter ended June 30, 1998, the Company's Board of Directors declared a quarterly dividend of $0.30 per share payable on August 6, 1998, to shareholders of record on June 30, 1998. The Company currently expects that all dividends paid during 1998 will be treated as ordinary income for income tax purposes. 8. SUBSEQUENT EVENTS. On July 20, 1998, the Company signed an agreement for the acquisition of a property which will be made by a newly formed so called "down-REIT" limited partnership with the Company as general partner. This property consists of an approximately 35 acre office park with buildings containing in excess of 570,000 gross square feet. The purchase price of $52.3 million is payable by assumption of approximately $22.2 million of debt and the issuance of down-REIT limited partnership units having a value of approximately $22.9 million with the balance in cash. The partnership units will be convertible into approximately one million shares of the Company's Common Stock (or at the option of the Company such units may be redeemed for cash). In addition, the Company has agreed to purchase 16 acres of land contiguous to this office park. ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion should be read in conjunction with the condensed consolidated financial statements and related notes appearing elsewhere in this Form 10-Q, and the Management's Discussion and Analysis of Financial Condition and Results of Operations included in the Company's Annual Report on Form 10-K for the period ended December 31, 1997. RESULTS OF OPERATIONS. Rental and other rental services revenues totaled $32,384,000 for the quarter ended June 30, 1998, compared to $26,508,000 for the quarter ended June 30, 1997. This increase in rental revenues resulted primarily from (i) increases in the Company's average rental rate and (ii) rental revenues from the properties acquired and construction completed during 1997 and 1998 ($4,990,000). At June 30, 1998, the Company's buildings were on average 91 percent leased with an average rental rate of $15.40. Rental and other rental services revenues increased to $62,719,000 during the six month period ended June 30, 1998, compared to $52,020,000 during the same period last year. This increase resulted primarily from (i) increases in the Company's average rental rate and (ii) rental revenues from the properties acquired and construction completed during 1997 and 1998 ($8,011,000). Management fee revenues totaled $706,000 for the quarter ended June 30, 1998, compared to $929,000 for the quarter ended June 30, 1997. This decrease was due primarily to the reduction in leasing fees earned under the management contract with Centoff. Management fee revenues decreased to $1,191,000 during the six month period ended June 30, 1998, compared to $1,570,000 during the same period last year, primarily for the same reason mentioned above. 9 10 Interest revenues decreased $248,000 for the three month period ended June 30, 1998, compared to the same period last year, due to the lower average balance of cash to invest. Compared to the same period last year, interest revenues decreased $599,000 during the six month period ended June 30, 1998, due to the lower average balance of cash to invest. Property operations expense includes such charges as utilities, real estate taxes, janitorial, maintenance, property insurance, provision for uncollectible rents and management costs. The amount of property operations expense and its percentage of total rental revenues for the applicable periods are as follows:
PERCENT OF TOTAL RENTAL PERIOD AMOUNT REVENUES -------------------------- -------------- ------------ June 30, 1998 - Quarter $13,213,000 40.8% June 30, 1997 - Quarter 10,819,000 40.8% June 30, 1998 - Six Months 24,827,000 39.6% June 30, 1997 - Six Months 20,787,000 40.0%
Property operations expense increased primarily due to (i) increased accruals for real estate taxes, (ii) increased utilities costs, (iii) increased property management costs and (iv) operating expenses for the properties acquired and construction completed during 1997 and 1998 ($1,961,000 and $3,423,000, respectively, for the three month and six month periods ended June 30,1998) . Depreciation expense has been calculated on the straight line method based upon the useful lives of the Company's depreciable assets, generally 3 to 40 years. Depreciation expense increased $1,174,000 and $2,126,000, respectively, for the three and six month periods ended June 30, 1998, compared to the same periods last year, due to (i) improvements made to the Company's existing properties during 1997 and (ii) the properties acquired and construction completed during 1997 and 1998 ($825,000 and $1,452,000, respectively, for the three and six month periods ended June 30, 1998). Amortization expense increased $175,000 and $410,000, respectively, for the three and six month periods ended June 30, 1998, compared to the same periods last year, due to (i) financing costs which were incurred during 1997 for the secured revolving credit facility and (ii) deferred tenant costs incurred after June 30, 1997. Interest expense decreased by $83,000 and $960,000, respectively, during the three and six month periods ended June 30, 1998, compared to the same periods last year, primarily due to the increase in interest capitalized due to the Company's construction of office buildings. At June 30, 1998, the weighted average interest rate on the Company's outstanding debt was approximately 8.0 percent. General and administrative expenses for the three month periods ended June 30, 1998 and 1997, totaled $1,756,000 and $1,526,000, respectively, which is 0.9 percent and 1.0 percent (annualized) of average invested assets. This increase in general and administrative expenses was primarily due to (i) increases in group insurance costs and (ii) increased accruals related to a bonus plan. General and administrative expenses for the six month periods ended June 30, 1998 and 1997, totaled $3,257,000 and $2,889,000, respectively, which is 0.8 percent and 0.9 percent (annualized) of average invested assets. Direct costs of management contracts decreased $220,000 and $438,000, respectively, for the three and six month periods ended June 30, 1998, compared to the same periods last year, due to decreased costs associated with providing property management services for all management contracts. Based on the proceeds received from the sale of the Miami land parcel and the Company's analysis of the fair value of the remaining land parcels held for sale, the Company reversed $379,000 of the provision for loss on land held for sale, which had been previously recorded. Net income totaled $6,961,000 for the quarter ended June 30, 1998, compared to net income of $5,008,000 for the corresponding period of 1997. This improvement is due primarily to the increase in rental revenues and the reduction in interest expense. These items were partially offset by the increases in (i) property operations expense, (ii) depreciation and amortization expense, and (iii) general and administrative expense and by the reduction in interest revenue. Net income increased $3,924,000 during the six month period ended June 30, 1998, compared to the same period last year, due to the same items detailed above. 10 11 LIQUIDITY AND CAPITAL RESOURCES. OPERATING ACTIVITIES - During the six months ended June 30, 1998, the Company generated approximately $27.6 million in net cash from operating activities. The Company's primary internal sources of cash are (i) the collection of rents from buildings owned by the Company and (ii) the receipt of management fees paid to the Company in respect of properties managed on behalf of Centoff and others. As a REIT for Federal income tax purposes, the Company is required to pay out annually, as dividends, 95 percent of its REIT taxable income (which, due to non-cash charges, including depreciation and net operating loss carryforwards, may be substantially less than cash flow). In the past, the Company has paid out dividends in amounts at least equal to its REIT taxable income. The Company believes that its cash provided by operating activities will be sufficient to cover debt service payments and to pay the dividends required to maintain REIT status through 1998. The level of cash flow generated by rents depends primarily on the occupancy rates of the Company's buildings and changes in rental rates on new and renewed leases and under escalation provisions in existing leases. At June 30, 1998, leases representing approximately 13.2 percent of the gross annualized rent from the Company's properties, without regard to the exercise of options to renew, were due to expire during the remainder of 1998. This represents 596 leases for space in buildings located in 20 of the 23 centers or locations in which the Company owns buildings. Certain of these tenants may not renew their leases or may reduce their demand for space. During the six months ended June 30, 1998, leases were renewed on approximately 60 percent of the Company's net rentable square feet which were scheduled to expire during the six month period. For those leases which renewed during the six months ended June 30, 1998, the average rental rate increased from $15.12 to $16.16. Based upon the significant number of leases which will expire during 1998 and the competition for tenants in the markets in which the Company operates, the Company has and expects to continue to offer incentives to certain new and renewal tenants. These incentives may include the payment of tenant improvements costs and in certain markets reduced rents during initial lease periods. The Company continues to benefit from improving economic conditions and reduced vacancy levels for office buildings in many of the metropolitan areas in which the Company owns buildings. The Company believes that the southeastern and southwestern regions of the United States provide significant economic growth potential due to their diverse regional economies, expanding metropolitan areas, skilled work force and moderate labor costs. However, the Company cannot predict whether such economic growth will continue. Cash flow from operations could be reduced if economic growth were not to continue in the Company's markets and if this resulted in lower occupancy rates for the Company's buildings. Governmental tenants (including the State of Florida and the United States Government) which account for approximately 21.6 percent of the Company's leased space at June 30, 1998, may be subject to budget reductions in times of recession and governmental austerity measures. Consequently, there can be no assurance that governmental appropriations for rents may not be reduced. Additionally, certain of the private sector tenants which have contributed to the Company's rent stream may reduce their current demands, or curtail their future need, for additional office space. INVESTING ACTIVITIES - At June 30, 1998, substantially all of the Company's invested assets were in real properties. Improvements to the Company's existing properties have been financed through internal operations. During the six month period ended June 30, 1998, the Company's expenditures for improvements to existing properties decreased $140,000 from the corresponding period of the prior year primarily due to the reduction in expenditures for energy management improvements. During the quarter ended March 31, 1997, the Company sold 8.1 acres of unimproved land located in Miami, Florida for approximately $2,908,000, net of selling costs. On January 30, 1998, the Company acquired a building, containing 127,700 net rentable square feet, located in Richmond, Virginia for a purchase price of $16.5 million. On February 1, 1998, the Company acquired a building, containing 19,000 net rentable square feet, located in Jacksonville, Florida for a purchase price of $2.0 million. On March 6, 1998, the Company acquired 14.41 acres of land located in Jacksonville, Florida for a purchase price of $2.3 11 12 million. On April 22, 1998, the Company acquired an office and retail complex consisting of (i) four office buildings containing 279,300 net rentable square feet, (ii) a retail development containing 112,600 net rentable square feet and (iii) approximately 22 acres of developable land. These properties were acquired for a purchase price of approximately $58.2 million and are located in Birmingham, Alabama. On May 18, 1998, the Company acquired 15.3 acres of land located in Jacksonville, Florida for a purchase price of $2.68 million. The Company has six buildings under construction which will contain approximately 478,000 net rentable square feet. Expenditures for construction of these six buildings are expected to total approximately $39.3 million, excluding land and tenant improvement costs. FINANCING ACTIVITIES - The Company has a $100 million secured revolving credit facility ($54 million of which was outstanding on June 30, 1998) provided by First Union National Bank of Florida, Morgan Guaranty Trust Company of New York, AmSouth Bank, N.A. and Guaranty Federal Bank. At June 30, 1998, the Company had 71 office buildings, containing 2,770,300 net rentable square feet, which were unencumbered. On March 27, 1998, the Company issued 1,000,000 shares of its common stock to Wheat First Securities, Inc. at a price per share of $20.246875. Loan maturities and normal amortization of mortgages and loans payable are expected to total approximately $56.8 million over the next 12 months. This assumes that the secured revolving credit facility will be repaid at its original maturity date of April 7, 1999. However, this credit facility may be extended annually by the lender for one year periods. Significant maturities of the Company's remaining mortgages and loans payable do not begin to occur until 2006. The Company has filed shelf registration statements with respect to the possible issuance of up to $300 million of its common and/or preferred stock. The Company has issued $91.6 million of its common stock under such registration statements. The foregoing discussion contains forward-looking statements concerning 1998. The actual results of operations for 1998 could differ materially from those projected because of factors affecting the financial markets, reactions of the Company's existing and prospective investors, the ability of the Company to identify and execute development projects and acquisition opportunities, the ability of the Company to renew and enter into new leases on favorable terms, and other risk factors. See Item 7. "Management's Discussion and Analysis of Financial Condition and Results of Operations - - Cautionary Statement Relevant to Forward-Looking Information for Purpose of the 'Safe Harbor' Provisions of the Private Securities Litigation Reform Act of 1995" in the Company's Annual Report on Form 10-K for the Fiscal Year Ended December 31, 1997. PART II. OTHER INFORMATION ITEM 1. LEGAL PROCEEDINGS None. ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS (a) The Company held its 1998 Annual Meeting of Shareholders on May 19, 1998. (b) Not Applicable. (c) At the Company's 1998 Annual Meeting of Shareholders in addition to the election of directors, the following matter was considered, voted upon and approved: To approve the Koger Equity, Inc. 1998 Equity and Cash Incentive Plan: SHARES VOTED FOR: 19,096,990 SHARES VOTED AGAINST: 3,692,215 SHARES ABSTAINED: 42,774
12 13 ITEM 5. OTHER INFORMATION (a) The following table sets forth, with respect to the Company's centers at June 30, 1998, gross square feet, net rentable square feet, percentage leased, and the average annual rent per net rentable square foot leased.
AVERAGE NET ANNUAL GROSS RENTABLE RENT PER SQUARE SQUARE PERCENT SQUARE KOGER CENTER/LOCATION FEET FEET LEASED (1) FOOT (2) - ---------------------- ------------ ------------- ---------- ----------- Atlanta Chamblee 1,158,200 948,100 96% $15.93 Atlanta Gwinnett 97,300 79,800 100% 16.62 Atlanta Perimeter 181,100 154,100 97% 17.18 Austin 458,400 370,900 99% 18.79 Birmingham Colonnade 326,300 279,300 99% 15.79 Birmingham Colonnade-Retail 112,600 112,600 90% 11.50 Charlotte Carmel (3) 339,200 283,300 64% 17.58 Charlotte East 574,800 468,900 83% 13.62 El Paso 364,100 298,300 93% 15.43 Greensboro South 749,200 610,700 94% 14.74 Greenville Park Central 161,700 134,000 92% 16.81 Greenville Roper Mt. 357,400 290,500 91% 15.89 Jacksonville Baymeadows 793,400 664,200 92% 15.90 Jacksonville Central 828,200 666,000 89% 12.39 Jacksonville JTB 29,600 23,000 100% 16.48 Memphis Germantown 366,400 299,100 99% 18.03 Orlando Central 713,800 565,400 87% 15.11 Orlando University 194,600 159,600 98% 17.85 Richmond Paragon 154,300 127,700 96% 18.08 San Antonio Airport 258,800 200,100 95% 16.52 San Antonio West 960,700 788,900 85% 13.93 St. Petersburg 640,100 519,400 93% 14.27 Tallahassee 960,300 789,600 94% 17.37 Tulsa 581,100 476,400 83% 11.81 ------------ ---------- TOTAL 11,361,600 9,309,900 91% $15.40 ============ ========== ===== ======
(1) The percent leased rates have been calculated by dividing total net rentable square feet leased in an office building by net rentable square feet in such building, which excludes public or common areas. (2) Rental rates are computed by dividing (a) total annualized rents for a center as of June 30, 1998 by (b) the net rentable square feet applicable to such total annualized rents. (3) Includes two buildings, containing 173,700 net rentable square feet, for which construction has been completed. These buildings are currently in the lease-up period. 13 14 (b) The following schedule sets forth for all of the Company's office buildings (i) the number of leases which will expire during the remainder of calender year 1998 and calendar years 1999 through 2006, (ii) the total net rentable area in square feet covered by such leases, (iii) the percentage of total net rentable square feet represented by such leases, (iv) the average annual rent per square foot for such leases, (v) the current annualized rents represented by such leases, and (vi) the percentage of gross annualized rents contributed by such leases. This information is based on the buildings owned by the Company on June 30, 1998 and on the terms of leases in effect as of June 30, 1998, on the basis of then existing base rentals, and without regard to the exercise of options to renew. Furthermore, the information below does not reflect that some leases have provisions for early termination for various reasons, including, in the case of government entities, lack of budget appropriations. Leases were renewed on approximately 60 percent of the Company's net rentable square feet which were scheduled to expire during the six month period ended June 30, 1998.
PERCENTAGE OF AVERAGE PERCENTAGE TOTAL SQUARE ANNUAL RENT TOTAL OF TOTAL NUMBER OF NUMBER OF FEET LEASED PER SQUARE ANNUALIZED ANNUAL. RENTS LEASES SQUARE FEET REPRESENTED BY FOOT UNDER RENTS UNDER REPRESENTED BY PERIOD EXPIRING EXPIRING EXPIRING LEASES EXPIRING LEASES EXPIRING LEASES EXPIRING LEASES - ------ ------------ -------------- --------------- --------------- --------------- --------------- 1998 596 1,168,452 13.8% $14.70 $ 17,170,886 13.2% 1999 820 1,543,260 18.2% 15.02 23,179,583 17.8% 2000 485 1,435,694 17.0% 15.84 22,744,269 17.4% 2001 323 1,391,894 16.5% 15.62 21,740,442 16.7% 2002 141 789,491 9.3% 15.79 12,462,977 9.6% 2003 118 864,483 10.2% 15.83 13,688,103 10.5% 2004 79 434,233 5.1% 11.38 4,942,689 3.8% 2005 13 63,410 0.8% 13.85 878,325 0.7% 2006 11 220,035 2.6% 18.68 4,110,000 3.1% OTHER 20 552,274 6.5% 17.09 9,441,007 7.2% ----- --------- ------ ------------ ------ TOTAL 2,606 8,463,226 100.0% $15.40 $130,358,281 100.0% ===== ========= ====== ====== ============ ======
14 15 (c) The Company believes that Funds from Operations is one measure of the performance of an equity real estate investment trust. Funds from Operations should not be considered as an alternative to net income as an indication of the Company's financial performance or to cash flow from operating activities (determined in accordance with generally accepted accounting principles) as a measure of the Company's liquidity, nor is it necessarily indicative of sufficient cash flow to fund all of the Company's needs. Funds from Operations is calculated as follows (in thousands):
THREE MONTH PERIOD SIX MONTH PERIOD ENDED JUNE 30, ENDED JUNE 30, ------------------------- ------------------------ 1998 1997 1998 1997 -------- --------- ---------- --------- Net Income $ 6,961 $ 5,008 $14,625 $10,701 Depreciation - real estate 6,254 5,081 12,260 10,132 Amortization - deferred tenant costs 363 252 695 487 Amortization - goodwill 43 43 85 85 Gain on sale or disposition of assets (3) (3) Loss on early retirement of debt 42 42 Recovery of loss on land held for sale 2 (379) Gain on TKPL note to Southeast 55 9 ------- ------- ---------- ------- Funds from Operations $13,618 $10,483 $27,662 $21,077 ======= ======= ========== =======
(d) The Company by-laws provide that at a meeting of the shareholders, business must be properly brought before the meeting. For business to be properly brought before a meeting of shareholders by a shareholder, the shareholder must have given timely notice in writing to the Secretary of the Company and the shareholder must be a shareholder of record at the time such notice is given. To be timely, a shareholder's notice must be delivered to or mailed and received at the principal executive offices of the Company not less than 70 days nor more than 90 days prior to the meeting. However, if the date of the meeting is not publicly announced by the Company by mail, press release or otherwise more than 70 days prior to the meeting, notice by the shareholder to be timely must be delivered to the Secretary of the Company not later than the close of business on the 10th day following the day on which such announcement of the date of the meeting was made. A shareholder's notice to the Secretary shall set forth as to each matter the shareholder proposes to bring before the annual meeting (a) a brief description of the business desired to be brought before the meeting and the reasons for conducting such business at the meeting, (b) the name and address, as it appears on the Company's books, of the shareholder proposing such business, (c) the number of shares of the Company's common stock which are beneficially owned by the shareholder, and (d) any material financial interest of the shareholder in such business. A shareholder shall also comply with all applicable requirements of the Security Exchange Act of 1934, as amended, and the rules and regulations thereunder with respect to the matters set forth above. The Company's by-laws also provide that any shareholder entitled to vote for the election of Directors at a meeting may nominate persons for election as Directors by giving timely notice thereof in proper written form to the Secretary of the Company accompanied by a petition signed by at least 100 record holders of the Company's common stock which shows the number of shares held by each person and which represent in the aggregate one percent of the outstanding shares entitled to vote in the election of Directors. To be timely, notice shall be delivered to or mailed and received at the principal executive offices not less than 70 days nor more than 90 days prior to the meeting. However, if less than 70 days notice or prior public disclosure of the date of the meeting is given or made to the shareholders, to be timely, notice by the shareholder must be received at the Company's principal executive offices not later than the close of business on the 10th day following the day on which such notice of the date of the meeting was mailed or such public disclosure was made. To be in proper written form, a shareholder's notice shall set forth in writing (i) as to each person whom the shareholder proposes to nominate for election as a Director, all information relating to such person that is required to be disclosed in solicitations of proxies for election of Directors, or is otherwise required, in each case pursuant to Regulation 14A under the Securities Exchange Act of 1934, as amended, including, such person's written consent to being named in the proxy statement as a nominee and to serving as a Director if elected and (ii) as to the shareholder giving the notice (x) the name and address, as they appear on the Company's books, of such shareholder and (y) the number of shares of the Company which are beneficially owned by such shareholder. 15 16 Although the Company's 1999 Annual Meeting of Shareholders has not been set by its Board of Directors, it is contemplated that it will be held on May 18, 1999. Assuming May 18, 1999, is to be the date of the Company's 1999 Annual Meeting of Shareholders and notice of that date is made by the Company more than 70 days prior thereto, in order for a notice by a shareholder to the Company's Secretary to be timely in regard to (i) a matter which a shareholder desires to be considered at the meeting or (ii) the nomination at the meeting of a person to the Company's Board of Directors by a shareholder, the notice must be received not later than March 9, 1999 nor prior to February 17, 1999. ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K (a) Exhibits
EXHIBIT NUMBER DESCRIPTION ------- ----------- 11 Earnings Per Share Computations. 15 Letter re: Unaudited interim financial information. 27 Financial Data Schedule. (for SEC use only) 27.1 Restated Financial Data Schedule. (for SEC use only) 27.2 Restated Financial Data Schedule. (for SEC use only) 27.3 Restated Financial Data Schedule. (for SEC use only) 27.4 Restated Financial Data Schedule. (for SEC use only) 27.5 Restated Financial Data Schedule. (for SEC use only) 27.6 Restated Financial Data Schedule. (for SEC use only) 27.7 Restated Financial Data Schedule. (for SEC use only) 27.8 Restated Financial Data Schedule. (for SEC use only)
(b) Reports on Form 8-K On April 22, 1998, the Company filed a Form 8-K reporting under Item 5, Other Events, that the Company had purchased an office and retail complex located in Birmingham, Alabama. 16 17 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. KOGER EQUITY, INC. Registrant /s/ DAVID B. HILEY ---------------------------- DAVID B. HILEY EXECUTIVE VICE PRESIDENT AND CHIEF FINANCIAL OFFICER Dated: August 10, 1998 /s/ JAMES L. STEPHENS ---------------------------- JAMES L. STEPHENS VICE PRESIDENT AND CHIEF ACCOUNTING OFFICER 17 EX-11 2 EARNINGS PER SHARE COMPUTATIONS 1 EXHIBIT 11 EARNINGS PER SHARE COMPUTATIONS (IN THOUSANDS EXCEPT PER SHARE DATA)
Three Month Period Six Month Period Ended June 30, Ended June 30, ------------------ ----------------- 1998 1997 1998 1997 -------- -------- ------- ------- EARNINGS PER COMMON AND DILUTIVE COMMON EQUIVALENT SHARE: Net Income $ 6,961 $ 5,008 $ 14,625 $ 10,701 ======= ======== ======== ======== Shares: Weighted average number of common shares outstanding 26,515 20,831 26,012 20,896 Weighted average number of additional shares issuable for common stock equivalents (a) 688 1,222 732 1,309 ------- -------- -------- -------- Adjusted common shares 27,203 22,053 26,744 22,205 ======= ======== ======== ======== EARNINGS PER SHARE -DILUTED $ 0.26 $ 0.23 $ 0.55 $ 0.48 ======= ======== ======== ========
(a) Shares issuable were derived using the "Treasury Stock Method" for all dilutive common stock equivalents. EX-15 3 LETTER RE:UNAUDITED INTERIM FINANCIAL INFORMATION 1 EXHIBIT 15 August 10, 1998 Koger Equity, Inc. 3986 Boulevard Center Drive Jacksonville, Florida 32207 We have made a review, in accordance with standards established by the American Institute of Certified Public Accountants, of the unaudited interim financial information of Koger Equity, Inc. and subsidiaries for the periods ended June 30, 1998 and 1997, as indicated in our report dated July 30, 1998; because we did not perform an audit, we expressed no opinion on such financial information. We are aware that our report referred to above, which is included in your Quarterly Report on Form 10-Q for the quarter ended June 30, 1998, is incorporated by reference in Registration Statement No. 33-55179 of Koger Equity, Inc. on Form S-3, Registration Statement No. 33-54617 of Koger Equity, Inc. on Form S-8, Registration Statement No. 333-20975 of Koger Equity, Inc. on Form S-3, Registration Statement No. 333-23429 of Koger Equity, Inc. on Form S-8 and Registration Statement No. 333-37919 of Koger Equity, Inc. on Form S-3. We also are aware that the aforementioned report, pursuant to Rule 436(c) under the Securities Act of 1933, is not considered a part of the Registration Statements prepared or certified by an accountant or a report prepared or certified by an accountant within the meaning of Sections 7 and 11 of that Act. DELOITTE & TOUCHE LLP Jacksonville, Florida EX-27 4 FINANCIAL DATA SCHEDULE DATED JUNE 30, 1998
5 The Company does not file a classified balance sheet, therefore these not provided. 5-02(9), 5-02(21) 1,000 U.S. DOLLARS 6-MOS DEC-31-1998 JAN-01-1998 JUN-30-1998 1 1,640 0 5,732 263 0 0 840,624 117,110 746,473 0 248,901 0 0 285 465,323 746,473 0 65,075 0 25,435 17,100 38 7,267 15,235 610 14,625 0 0 0 14,625 0.56 0.55
EX-27.1 5 FINANCIAL DATA SCHEDULE DATED MARCH 31, 1997
5 KOGER EQUITY DOES NOT FILE A CLASSIFIED BALANCE SHEET, THEREFORE THESE NOT PROVIDED. 5-02 (9), 5-02 (21) 1,000 DOLLARS 3-MOS DEC-31-1997 JAN-01-1997 MAR-31-1997 1 41,849 0 4,929 247 0 0 615,324 87,605 586,812 0 202,250 0 0 236 369,774 586,812 0 26,943 0 10,448 6,589 37 4,159 5,710 17 5,693 0 0 0 5,693 0.27 0.25
EX-27.2 6 FINANCIAL DATA SCHEDULE DATED JUNE 30, 1997
5 KOGER EQUITY DOES NOT FILE A CLASSIFIED BALANCE SHEET, THEREFORE THESE NOT PROVIDED. 5-02 (9) 5-02 (21) 1,000 DOLLARS 6-MOS DEC-31-1997 JAN-01-1997 JUN-30-1997 1 5,826 0 4,966 280 0 0 655,394 92,762 586,049 0 199,598 0 0 237 367,756 586,049 0 54,880 0 21,752 13,900 119 8,227 10,882 181 10,701 0 0 0 10,701 0.51 0.48
EX-27.3 7 FINANCIAL DATA SCHEDULE DATED SEPTEMBER 30, 1997
5 KOGER EQUITY DOES NOT FILE A CLASSIFIED BALANCE SHEET, THEREFORE THESE NOT PROVIDED. 5-02 (9), 5-02 (21) 1,000 DOLLARS 9-MOS DEC-31-1997 JAN-01-1997 SEP-30-1997 1 9,293 0 5,192 231 0 0 675,676 98,395 605,319 0 202,091 0 0 249 380,275 605,319 0 84,023 0 34,221 21,600 156 12,264 17,839 189 17,650 0 0 0 17,650 0.84 0.79
EX-27.4 8 FINANCIAL DATA SCHEDULE DATED MARCH 31, 1996
5 KOGER EQUITY DOES NOT FILE A CLASSIFIED BALANCE SHEET, THEREFORE THESE NOT PROVIDED. 5-02 (9), 5-02 (21) 1,000 DOLLARS 3-MOS DEC-31-1996 JAN-01-1996 MAR-31-1996 1 29,701 0 4,885 361 0 0 604,062 67,623 580,812 0 253,993 0 0 205 314,298 580,812 0 26,175 0 11,215 6,905 0 4,962 3,093 77 3,016 0 0 0 3,016 0.17 0.16
EX-27.5 9 FINANCIAL DATA SCHEDULE DATED JUNE 30, 1996
5 KOGER EQUITY DOES NOT FILE A CLASSIFIED BALANCE SHEET, THEREFORE THESE NOT PROVIDED. 5-02 (9), 5-02 (21) 1,000 DOLLARS 6-MOS DEC-31-1996 JAN-01-1996 JUN-30-1996 1 35,563 0 4,463 286 0 0 606,708 72,220 585,053 0 253,053 0 0 205 316,738 585,053 0 52,835 0 23,040 14,261 0 9,897 5,637 407 5,230 0 0 0 0 0.29 0.28
EX-27.6 10 FINANCIAL DATA SCHEDULE DATED SEPTEMBER 30, 1996
5 KOGER EQUITY DOES NOT FILE A CLASSIFIED BALANCE SHEET, THEREFORE THESE NOT PROVIDED. 5-02 (9), 5-02 (21) 1,000 DOLLARS 9-MOS DEC-31-1996 JAN-01-1996 SEP-30-1996 1 34,102 0 4,306 245 0 0 608,375 77,446 587,766 0 249,925 0 0 206 319,265 587,766 0 80,150 0 35,620 21,035 0 14,865 8,630 1,139 7,491 0 0 0 7,491 0.42 0.40
EX-27.7 11 FINANCIAL DATA SCHEDULE DATED DECEMBER 31, 1996
5 KOGER EQUITY DOES NOT FILE A CLASSIFIED BALANCE SHEET, THEREFORE THESE NOT PROVIDED. 5-02 (9), 5-02 (21) 1,000 DOLLARS YEAR DEC-31-1996 JAN-01-1996 DEC-31-1996 1 35,715 0 5,831 231 0 0 613,093 82,478 584,666 0 203,044 0 0 236 363,899 584,666 0 104,072 0 43,431 29,188 50 18,701 12,702 815 11,887 0 1,386 0 10,501 0.57 0.54
EX-27.8 12 FINANCIAL DATA SCHEDULE DATED DECEMBER 31, 1995
5 KOGER EQUITY DOES NOT FILE A CLASSIFIED BALANCE SHEET, THEREFORE THESE NOT PROVIDED. 5-02 (9), 5-02 (21) 1,000 DOLLARS YEAR DEC-31-1995 JAN-01-1995 DEC-31-1995 1 25,650 0 5,651 391 0 0 601,719 62,885 579,382 0 254,909 0 0 205 310,492 579,382 0 127,698 0 45,181 29,327 172 23,708 29,310 320 28,990 0 0 0 28,990 1.64 1.61
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