-----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, MclPI4SutUhKHUKcCq+m5s8JY0Lmqti2zYUsuSEd/6/j2BB1kuhnpYcjC+CpoE8z TSaIisW7P9+unOASsRmCUA== 0000853022-99-000003.txt : 19990512 0000853022-99-000003.hdr.sgml : 19990512 ACCESSION NUMBER: 0000853022-99-000003 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19990331 FILED AS OF DATE: 19990511 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ROBERTS PHARMACEUTICAL CORP CENTRAL INDEX KEY: 0000853022 STANDARD INDUSTRIAL CLASSIFICATION: PHARMACEUTICAL PREPARATIONS [2834] IRS NUMBER: 222429994 STATE OF INCORPORATION: NJ FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 001-10432 FILM NUMBER: 99617108 BUSINESS ADDRESS: STREET 1: MERIDIAN CENTER II STREET 2: 4 INDUSTRIAL WAY W CITY: EATONTOWN STATE: NJ ZIP: 07724 BUSINESS PHONE: 7326761200 MAIL ADDRESS: STREET 1: 4 INDUSTRIAL WAY WEST STREET 2: 4 INDUSTRIAL WAY WEST CITY: EATONTOWN STATE: NJ ZIP: 07755 10-Q 1 FORM 10-Q SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarter Ended March 31, 1999 Commission File Number: 1-10432 ROBERTS PHARMACEUTICAL CORPORATION (Exact name of registrant as specified in its charter) NEW JERSEY 22-2429994 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) MERIDIAN CENTER II 4 INDUSTRIAL WAY WEST EATONTOWN, NEW JERSEY 07724 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (732) 676-1200 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 Class Outstanding Shares at May 7, 1999 Common Stock 31,620,098 ROBERTS PHARMACEUTICAL CORPORATION INDEX Page Part I Item 1 - Financial Statements 2 Item 2 - Management's Discussion and Analysis 9 Part II Item 6 - Exhibits and Reports on Form 8-K 14 Signatures 15 FORWARD LOOKING STATEMENTS Certain statements included in the notes to the Registrant's consolidated financial statements and Items 2 and 6 of this form 10-Q are intended to be, and are hereby identified as, forward looking statements for purposes of the safe harbor provided by Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended. The Registrant cautions readers that forward looking statements, including, without limitation, those relating to the Registrant's research and development, income taxes, liquidity and capital resources, Euro conversion, and year 2000 readiness are subject to certain risks and uncertainties, including, without limitation, the ability of the Registrant to secure regulatory approval in the United States and in foreign jurisdictions for the Registrant's developmental pipeline drugs, the efforts of the Registrant's competitors and the introduction of rival pharmaceutical products which may prove to be more effective than the Registrant's products, general market conditions, the availability of capital, and the uncertainty over the future direction of the healthcare industry, that could cause actual results to differ materially from those indicated in the forward looking statements. ROBERTS PHARMACEUTICAL CORPORATION CONSOLIDATED BALANCE SHEETS (In thousands, except share data) March 31, 1999 December 31, 1998 (Unaudited) -------------- ----------------- ASSETS Current assets: Cash and cash equivalents $ 20,196 $ 39,280 Marketable securities 52,571 36,062 Accounts receivable, net 31,422 40,412 Inventory 22,927 23,573 Notes receivable, current 7,552 9,426 Deferred tax assets 5,222 5,222 Other current assets 3,244 3,259 ---------- ---------- Total current assets 143,134 157,234 Fixed assets, net 35,184 34,911 Intangible assets 318,912 315,865 Notes receivable 1,753 2,369 Deferred non-current tax asset 3,392 3,392 Other assets 12,222 12,465 ---------- ---------- Total assets $514,597 $526,236 ========== ==========
The accompanying notes are an integral part of these financial statements. - 2 - ROBERTS PHARMACEUTICAL CORPORATION CONSOLIDATED BALANCE SHEETS (in thousands, except share data) (Unaudited) March 31, 1999 December 31, 1998 -------------- ----------------- LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Current installments of long-term debt $ 7,802 $ 11,178 Accounts payable 10,186 21,897 Other current liabilities 25,708 24,612 ---------- ---------- Total current liabilities 43,696 57,687 Long-term debt, excluding current installments 122,813 126,739 Shareholders' equity: Common stock, $.01 par, 100,000,000 shares authorized, 31,541,292 and 31,507,442 outstanding 321 320 Additional paid-in capital 382,861 381,631 Accumulated other comprehensive income (2,684) (2,716) Deficit (32,173) (37,188) Treasury stock, 387,594 shares of common stock, at cost (237) (237) ---------- ---------- Total shareholders' equity 348,088 341,810 ---------- ---------- Total liabilities and shareholders' equity $514,597 $526,236 ========== ==========
The accompanying notes are an integral part of these financial statements. - 3 - ROBERTS PHARMACEUTICAL CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands except share and per share data) (Unaudited) For the three months ended March 31, 1999 1998 ---------- ---------- Sales and Revenue: Sales $ 44,083 $ 32,588 Other revenue 456 259 ---------- ---------- Total sales and revenue 44,539 32,847 ---------- ---------- Operating costs and expenses: Cost of sales 15,365 12,603 Research & development 2,740 2,660 Marketing 9,798 7,863 Administration 7,385 7,187 ---------- ---------- Total operating costs & expenses 35,288 30,313 ---------- ---------- Operating income 9,251 2,534 ---------- ---------- Other income (expense): Interest income 1,037 1,273 Interest expense (2,547) (269) Foreign currency gain (loss) (18) (26) Other, net (23) (43) ---------- ---------- Total other income (expense) (1,551) 935 ---------- ---------- Income before taxes 7,700 3,469 Provision for income taxes 2,685 1,324 ---------- ---------- Net income $ 5,015 $ 2,145 ========== ========== Net income per share of common stock: Basic $ .16 $ .07 ========== ========== Diluted $ .16 $ .07 ========== ========== Weighted average number of common shares outstanding: Basic 31,541,292 30,185,163 Diluted 32,142,743 30,205,280
The accompanying notes are an integral part of these financial statements. - 4 - ROBERTS PHARMACEUTICAL CORPORATION CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) (Unaudited) For the three months ended March 31, 1999 1998 ---------- ---------- Cash flows from operating activities: $ 7,155 $ 2,972 ---------- ---------- Cash flows from investing activities: Purchase of marketable securities (16,509) (5,120) Purchases of intangible assets (5,474) (45) Purchases of fixed assets (529) (3,221) Collection on notes receivable 2,490 100 ---------- ---------- Net cash by used in investing activities (20,022) (8,286) ---------- ---------- Cash flows from financing activities: Payments on notes payable and long term debt (7,411) (4,200) 5% Preferred stock dividends paid 0 (150) Net proceeds from issuance of common stock 1,231 76 Net proceeds from issuance of 5% preferred stock 0 3,957 Net cash used in financing activities (6,180) (317) ---------- ---------- Exchange rate changes on cash and cash equivalents (37) 62 ---------- ---------- Change in cash and cash equivalents (19,084) (5,569) Beginning cash and cash equivalents 32,280 42,950 ---------- ---------- Ending cash and cash equivalents $20,196 $37,381 ========== ========== Supplemental cash flow information: Interest paid $ 5,361 $ 638 Income taxes paid $ 306 $ 15
The accompanying notes are an integral part of these financial statements. - 5 - ROBERTS PHARMACEUTICAL CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) March 31, 1999 1. Summary of Significant Accounting Policies ------------------------------------------ Interim Reporting - ----------------- The accompanying unaudited financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnote disclosures normally included in complete financial statements prepared in accordance with generally accepted accounting principles. For further information, such as significant accounting policies followed by the Company, refer to the notes to the Company's audited consolidated financial statements. In the opinion of management, the unaudited financial statements include all necessary adjustments (consisting of normal, recurring accruals) for a fair presentation of the financial position, results of operations and cash flows for the interim periods presented. The results of operations for the three-month periods ended March 31, 1999 and 1998, are not necessarily indicative of the operating results to be expected for a full year. Basis of Presentation - --------------------- Roberts Pharmaceutical Corporation is an international pharmaceutical company which licenses, acquires, develops and commercializes post-discovery drugs in selected therapeutic categories. The Company currently markets approved pharmaceutical products in the United States, Canada, the United Kingdom and several other European countries. The consolidated financial statements include the accounts of Roberts Pharmaceutical Corporation and its wholly-owned subsidiaries. All significant intercompany transactions are eliminated. All dollar amounts are presented in thousands, except for earnings per share. New Accounting Pronouncements - ----------------------------- In June 1998, the FASB issued SFAS No. 133, "Accounting for Derivative Instruments and Hedging Activities". This Statement requires that all derivatives be recorded in the balance sheet as either an asset or liability measured at its fair value and that changes in the derivative's fair value be recognized currently in earnings unless specific hedge accounting criteria are met. This statement is effective for fiscal years beginning after June 15, 1999. The provisions of this statement shall not be applied retroactively to financial statements of prior periods. The Company is in the process of evaluating this statement and has not yet determined the future impact on its consolidated financial statements. - 6 - ROBERTS PHARMACEUTICAL CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) March 31, 1999 2. Inventory --------- Inventory at March 31, 1999 consists of: Raw Materials $ 6,497 Work in Process 1,406 Finished Goods 15,024 -------- Total $22,927 ======== 3. Earnings per Share ------------------ Net income per share used in the calculation of earnings per share was calculated as follows: March 31, March 31, 1999 1998 --------- --------- Net income $ 5,015 $ 2,145 Preferred dividends --- 34 --------- --------- Net income for computation of earnings per share $ 5,105 $ 2,111 ========= =========
Total common stock and potentially dilutive common stock for the calculation of diluted earnings per share were calculated as follows: March 31, March 31, 1999 1998 ---------- ---------- Weighted average common shares outstanding 31,541,292 30,185,163 Dilutive effect of: Stock options 601,417 11,045 Common stock warrants 34 --- Preferred stock warrants --- 9,072 ---------- ---------- Total shares for computation of EPS 32,142,743 30,205,280 ========== ==========
- 7 - ROBERTS PHARMACEUTICAL CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) March 31, 1999 4. Segment Reporting ----------------- The Company has three segments, determined geographically which are made up of the operations of the U.S., Canada, and the U.K. Each segment sells pharmaceutical products; the Canadian operations also include a manufacturing plant. Manufacturing revenues were not material to the Canadian operations or to the consolidated operations. Each segment has its own management team, markets to different countries and the results of each segment are evaluated independently. The Company evaluates performance based on profit or loss from operations before income taxes, with intercompany revenues, shown below, eliminated. The accounting policies of the reportable segments are consistent with the corporate accounting policies except that the results of the foreign operations are translated at the budgeted rate rather than the actual rate with the differences accumulated and shown separately as an adjustment to operating income. The changes in total assets by segment between December 31, 1998, and March 31, 1999, were not material. Selected operating results of the reportable segments for the three month periods ended March 31, 1999 and 1998 are as follows: 1999 U.S. Canada U.K. Total --------------------- ------- ------- ------- ------- Revenues 35,506 3,808 5,397 44,711 Segment profit 6,701 5 994 7,700 Intersegment revenues 2,870 1,369 --- 4,239 1998 U.S. Canada U.K. Total --------------------- ------- ------- ------- ------- Revenues 24,029 3,312 5,452 32,793 Segment profit 2,231 96 1,142 3,469 Intersegment revenues 4,067 805 --- 4,872
5. Comprehensive Income -------------------- Presented below is a reconciliation of net income to comprehensive income: For the three months ended March 31, 1999 1998 -------- -------- Net income $ 5,015 $ 2,145 Foreign currency translation adjustment 32 203 -------- -------- Comprehensive income $ 5,047 $ 2,348 ======== ======== - 8 - Item 2. Management's Discussion and Analysis of Financial Conditions and Results of Operations Results of Operations Three months ended March 31, 1999 and 1998 Corporate Revenues - ------------------ Total revenue for the three months ended March 31, 1999 increased $11.7 million as compared with the first three months of 1998. This increase was principally due to an increase in revenues from product sales. Product Sales - ------------- For the three months ended March 31, 1999, product sales increased $11.5 million from $32.6 million to $44.1 million. U.S. product sales increased $11.3 million from $24.0 million to $35.3 million. PENTASA, which was not added to the mix until second quarter 1998, provided $15.0 million of this increase, and PROAMATINE and AGRYLIN added $2.9 million and $1.5 million, respectively. NOROXIN and SALUTENSIN sales decreases of $5.0 million and $0.9 million, respectively, partially offset the sales increases. The Company's United Kingdom subsidiary, Monmouth Pharmaceuticals, Ltd. remained consistent with prior year. Sales of the Company's Canadian subsidiary increased slightly by $0.03 million from $3.2 million to $3.5 million. Cost of Sales - ------------- For the three months ended March 31, 1999, cost of sales amounted to 34.9% of product sales, a 3.8% decrease as compared to the prior year's comparable period. This decrease in cost of sales and corresponding increase in gross profit percentage is principally due to the addition to the product mix of PENTASA and the growth of AGRYLIN and PROAMATINE and their higher gross profit margins and the decrease in NOROXIN sales, which is a lower margin product. Research and Development - ------------------------ Research and Development expenses remained constant at $2.7 million during the three months ended March 31, 1999 as compared to the comparable prior year period as the Company continues to fund the development of the product pipeline, particularly DIRAME. Research and development expenses are expected to be at higher levels in the remaining three quarters of 1999 primarily due to the DIRAME studies and preparation for the NDA compilation. - 9 - Marketing - --------- For the three months ended March 31, 1999, Marketing expenses increased $1.9 million from $7.9 to $9.8 as a result of many factors, including $0.5 million for the outside sales force program in the UK, implemented this year, $0.4 million in increased journal, radio and television advertising and $0.3 million for new marketing programs. Administrative Expenses - ----------------------- For the three months ended March 31, 1999, Administrative expense increased $0.2 million from $7.2 million to $7.4 million. The largest components of the increase are a $0.9 million increase in amortization expense and a $0.6 million of Supplemental Executive Retirement Plan (SERP) expense, offset by a $1.4 million decrease in stock appreciation rights (SAR) expense. First quarter 1998 SERP expense was accrued in second quarter 1998 when the plan was finalized, the amortization of PENTASA did not begin until second quarter 1998, subsequent to the Company's purchase of the product in April 1998, and there was no SAR expense in first quarter 1999 due to the exercise of all SARs in second quarter 1998. Interest Income and Expense - --------------------------- Interest income decreased $0.2 million due to lower cash and marketable securities balances. Interest expense increased by $2.3 million as a result of the debt incurred in connection with the acquisition of PENTASA. Income Taxes - ------------ For the three months ended March 31, 1999 and 1998, income tax expense was calculated using the expected effective statutory rate except for certain taxes related to foreign operations. The Company has recorded net deferred tax assets of approximately $8.6 million. Realization is dependent upon generating sufficient taxable income to utilize such items. Although realization is not assured, management believes it is more likely than not that the deferred tax assets for which a valuation allowance has not been provided, will be realized. The amount of the deferred tax assets considered realizable, however, could be reduced at any time if estimates of future taxable income are reduced. Liquidity and Capital Resources - ------------------------------- Operating activities provided $7.2 million in cash flow to the Company. The primary components of cash provided by operating activities were net income of $5.0 million, which includes $3.1 million of non-cash charges, including depreciation and amortization and decreases in accounts receivable and inventory of $9.0 million and $0.7 million, respectively, offset by a decrease in accounts payable of $11.7 million. As of March 31, 1999, the Company had cash, cash equivalents and marketable securities of $72.8 million. - 10 - Investing activities used $20.0 million, comprised primarily of $16.5 million in marketable securities purchases and $6.0 million in purchases of intangible and fixed assets primarily the LODINE rights. The purchases of marketable securities are primarily due to changes in investment mix. Total cash and marketable securities balances decreased only $2.6 million from December 31, 1998. Financing activities used $6.2 million, including $7.4 million of payments on notes payable offset by proceeds from the issuance of Common Stock of $1.2 million, primarily stock options exercises. The Company's funding requirements depend on a number of factors, including the Company's product development programs, product acquisitions, the level of resources required for the expansion of marketing capabilities as the product base expands, increased investment in accounts receivable and inventory which may arise from increased sales levels, competitive and technological developments, the timing and cost of obtaining required regulatory approvals for new products, relationships with parties to collaborative agreements, the success of acquisition activities and the continuing revenues generated from sales of PROAMATINE, AGRYLIN and PENTASA. Existing cash and securities balances and cash generated from operations are expected to be sufficient to fund operating activities for the foreseeable future, as well as support near and long term debt obligations, completion of the capital improvements to the manufacturing facility, development of the existing pipeline compounds and to fund future acquisitions of products. Cash equivalents and marketable securities currently consist of immediately available money market fund balances and investment grade securities. Foreign Currency Fluctuations - ----------------------------- Roberts has subsidiary operations outside the United States. As a result, Roberts is subject to fluctuations in revenues and costs reported in United States dollars as a consequence of changing currency exchange rates, especially rates for the British pound and Canadian dollar. Fluctuations in foreign currency exchange rates were not material for the quarter ended March 31, 1999. Euro Conversion - --------------- On January 1, 1999, a majority of the European Union member countries converted to a common currency, the "Euro". The existing national currencies of the participating countries will continue to be acceptable until January 1, 2002 after which the Euro will be the sole legal tender for the participating countries. The Company is currently evaluating the economic and operational impact, including competition, pricing, contracts, taxation and foreign currency exchange rate risk, of the Euro conversion but does not expect it to have a material effect on its financial condition or results of operations. - 11 - Year 2000 Conversion - -------------------- The year 2000 conversion problem arises from the inability of some information systems and other date-sensitive equipment with embedded chips or processors to properly recognize and process information after January 1, 2000. The Company's project to identify and remediate year 2000 issues is proceeding on schedule. The four main areas that have been or are being addressed are financial systems, non-financial systems, customers and suppliers readiness and other date-sensitive equipment. Over the past year, the Company has replaced or upgraded much of its software and systems in the normal course of business. The financial system was replaced with an Enterprise Resource Planning System which the developer states is 2000 compliant. The Company intends to obtain and review the developer's certification documentation. The system was implemented in the U.S. in April, 1998, due to the need for an integrated, more advanced system to link the Finance and Sales departments located at headquarters with the new distribution facility. The Canadian and U.K. subsidiary implementations were completed as of January 4, 1999. These upgrades are also due to the new integrated reporting system and not year 2000 compliance. Due to the completion of the implementation, the three financial locations are electronically linked, enabling more timely completion of financial requirements. Non-financial software and hardware were also replaced in the normal course of business as the previous systems were outdated. The manufacturing plant, located in Canada, which was purchased by the Company in 1997, required various upgrades to its operating systems. New hardware and upgraded software were installed. The hardware was installed to replace outdated processing equipment. The software was installed to ensure year 2000 compliance. The Company's investment in this software was approximately $225,000 U.S. dollars. One of the Company's customers requires the Company to meet certain electronic data interface (EDI) requirements related to year 2000 compliance in order for the customer to continue its relationship with the Company. The Company completed the testing and implementation of the compliant version in 1998 and is now listed on a national database of Y2K compliant trading partners in the healthcare pharmaceutical industry. The cost of meeting these EDI requirements was approximately $1,000. Approximately 50 to 60 percent of the Company's sales are currently made through EDI, through primarily one clearinghouse. This clearinghouse is year 2000 compliant and upgrades non-year 2000 compliant incoming transmissions to compliant transmissions. In the event that a non- compliant customer could not interface electronically, orders can be transmitted via phone, fax or mail, and therefore no disruption of sales would be expected. - 12 - The Company is attempting to ascertain the compliance of other customers and suppliers, including the Company's toll manufacturers, through the means of a survey. This program is ongoing and assessments regarding additional work necessary will be made as responses are received. To assist in the effort, the Company is developing a tracking database to help monitor which business partners have taken part in the Company's survey, surveyed the Company or received a compliance letter from the Company. In the event that any of the Company's significant customers or suppliers do not achieve compliance on a timely basis, the Company's business or operations could be adversely impacted if new customers or alternate suppliers can not be found. Other date-sensitive equipment includes primarily telephones and building systems such as heating and lighting systems. The telephone system at the U.S. headquarters was replaced in 1998 in the normal course of business as the lease on the former system expired. The new system is year 2000 compliant. The phone systems at the Canadian and U.K. locations have been replaced in order to be year 2000 compliant. The phone system at the distribution facility will be replaced by the second quarter of 1999 as it is not currently year 2000 compliant. The total cost of these new systems is approximately $70,000 U.S. dollars. The Company has received assurances that the building systems are compliant and will be obtaining documentation to that effect over the next several months. In accordance with the Company's fixed asset capitalization policy, the hardware, software and phone systems purchased are added to fixed assets and amortized over the appropriate useful life. The Company has not retained any consultants nor hired additional employees to assist in achieving compliance. Other IT projects have not been delayed by the Company's year 2000 readiness project. Based on the Company's progress to date and timeline to complete the work on the Year 2000 compliance issue, the Company does not foresee significant financial or operational risks associated with its compliance at this time. However, these expectations are subject to uncertainties. These include, but are not limited to the ability to assess suppliers and customers readiness, failure to identify all susceptible systems and the availability and cost of personnel necessary to remediate any unforeseen problems. - 13 - Item 6 EXHIBITS AND REPORTS ON FORM 8-K (a) Exhibits (b) Reports on Form 8-K During the first quarter ended March 31, 1999, the following reports on Form 8-K were filed by the Company with the Securities and Exchange Commission: Form 8-K (Item 5. Other Events), date of earliest event reported January 15, 1999, with respect to the Company's presentation at the 17th annual Hambrecht & Quist Healthcare Conference. Form 8-K (Item 5. Other Events), date of earliest event reported February 1, 1999, with respect to an agreement with Yuhan Corporation to distribute AGRYLIN in Korea and to obtain the necessary regulatory approval to do so. Form 8-K (Item 5. Other Events), date of earliest event reported February 8, 1999, with respect to the market for the Company's late stage development product RL0903. Form 8-K (Item 5. Other Events), date of earliest event reported March 9, 1999, with respect to the acquisition of the rights to LODINE in the UK and ROI. Form 8-K (Item 5. Other Events), date of earliest event reported March 16, 1999, with respect to the preliminary review of data from Phase III post-operative dental pain study and its indication of strong analgesic potential. - 14 - 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. Roberts Pharmaceutical Corporation ---------------------------------- (Registrant) /s/ Peter M. Rogalin Date: -------------------- ---------------------------------- Peter M. Rogalin Vice President and Treasurer (Principal Financial and Accounting Officer) - 15 -
EX-27 2
5 Form 10-Q for the Quarter ended March 31, 1999. 1,000 3-MOS DEC-31-1999 JAN-01-1999 MAR-31-1999 20,196 52,571 31,422 0 22,927 143,134 35,184 0 514,597 43,696 122,813 0 0 321 347,767 514,597 44,083 44,539 15,365 15,365 2,740 0 2,547 7,700 2,685 5,015 0 0 0 5,015 0.16 0.16
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