-----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, OIecYeFzs1poLJVS/mBN5VzwAvjEbE0EslnDGzEbbkDvAhHFg/YimwN0X9/w4mEl x2BjvFRqHMZrOgLK8equmA== 0000950152-98-006691.txt : 19980814 0000950152-98-006691.hdr.sgml : 19980814 ACCESSION NUMBER: 0000950152-98-006691 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19980703 FILED AS OF DATE: 19980813 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: RUBBERMAID INC CENTRAL INDEX KEY: 0000085627 STANDARD INDUSTRIAL CLASSIFICATION: PLASTICS PRODUCTS, NEC [3089] IRS NUMBER: 340628700 STATE OF INCORPORATION: OH FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 001-04188 FILM NUMBER: 98685075 BUSINESS ADDRESS: STREET 1: 1147 AKRON RD CITY: WOOSTER STATE: OH ZIP: 44691-6000 BUSINESS PHONE: 2162646464 MAIL ADDRESS: STREET 1: 1147 AKRON RD CITY: WOOSTER STATE: OH ZIP: 44691-6000 10-Q 1 RUBBERMAID 10-Q 1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 10-Q [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. For the quarterly period ended July 3, 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 1-4188 ------- RUBBERMAID INCORPORATED ----------------------- (Exact name of registrant as specified in its charter) OHIO 34-0628700 ---- ---------- (State or other jurisdiction of (I.R.S. Employer Identification No.) incorporation or organization) 1147 AKRON ROAD, WOOSTER, OHIO 44691 ------------------------------------ (Address of principal executive offices and zip code) 330-264-6464 ------------ (Registrant's telephone number, including area code) 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, and (2) has been subject to such filing requirements for the past 90 days. Yes X No ------- ------- Common Shares, Par Value $1.00, Outstanding at July 3, 1998 -- 149,949,675 2 PART I. FINANCIAL INFORMATION Item 1. Financial Statements RUBBERMAID INCORPORATED AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENT OF EARNINGS (Unaudited) (Dollars in thousands except per share amounts)
Three Months Ended ---------------------------------- July 3, 1998 June 30, 1997 -------------- -------------- Net sales $ 658,529 $ 640,379 Cost of sales 466,990 466,364 Selling, general, and administrative expenses 117,443 107,198 Restructuring costs 8,546 16,000 Other charges (credits), net: Interest expense 9,867 10,521 Interest income (688) (182) Miscellaneous, net (24,436) (52,826) --------- --------- (15,257) (42,487) --------- --------- Earnings before income taxes 80,807 93,304 Income taxes 28,283 46,709 --------- --------- Net earnings $ 52,524 $ 46,595 ========= ========= Basic and diluted net earnings per Common Share $ .35 $ .31 ========= ========= Dividends paid per Common Share $ .16 $ .15 ========= =========
See accompanying notes to condensed consolidated financial statements. 3 RUBBERMAID INCORPORATED AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENT OF EARNINGS (Unaudited) (Dollars in thousands except per share amounts)
Six Months Ended ---------------------------------- July 3, 1998 June 30, 1997 -------------- -------------- Net sales $ 1,308,247 $ 1,242,067 Cost of sales 933,575 898,877 Selling, general, and administrative expenses 232,241 210,561 Restructuring costs 51,928 16,000 Other charges (credits), net: Interest expense 19,693 21,379 Interest income (1,323) (470) Miscellaneous, net (22,590) (52,286) ----------- ----------- (4,220) (31,377) ----------- ----------- Earnings before income taxes 94,723 148,006 Income taxes 33,153 67,386 ----------- ----------- Net earnings $ 61,570 $ 80,620 =========== =========== Basic and diluted net earnings per Common Share $ .41 $ .54 =========== =========== Dividends paid per Common Share $ .32 $ .30 =========== ===========
See accompanying notes to condensed consolidated financial statements. 4 RUBBERMAID INCORPORATED AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEET (Dollars in thousands except per share amounts)
July 3, 1998 Dec. 31, 1997 --------------- --------------- (Unaudited) Assets ------ Current assets: Cash and cash equivalents $ 46,677 $ 114,024 Receivables, less allowance for doubtful accounts of $8,572 in 1998 and $8,882 in 1997 534,740 421,911 Inventories 311,946 250,597 Other current assets 40,242 29,672 ---------- ---------- Total current assets 933,605 816,204 Property, plant, and equipment, net 784,405 707,974 Intangible and other assets, net 462,968 399,716 ---------- ---------- Total Assets $2,180,978 $1,923,894 ========== ==========
(Continued) 5 RUBBERMAID INCORPORATED AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEET (Continued) (Dollars in thousands except per share amounts)
July 3, 1998 Dec. 31, 1997 -------------- --------------- (Unaudited) Liabilities and Shareholders' Equity ------------------------------------ Current liabilities: Notes payable $ 394,600 $ 223,744 Long-term debt, current 2,305 281 Payables 204,018 160,820 Accrued liabilities 216,325 182,239 ----------- ----------- Total current liabilities 817,248 567,084 Other deferred liabilities 166,556 153,385 Long-term debt, non-current 152,690 153,163 Shareholders' equity: Preferred stock, without par value Authorized 20,000,000 shares; none issued - - Common Shares of $1 par value Authorized 400,000,000 shares; issued 162,677,082 shares in 1998 and 1997 162,677 162,677 Paid-in capital 65,510 68,819 Retained earnings 1,205,810 1,216,166 Accumulated other comprehensive income (36,501) (36,682) Treasury shares, at cost (12,727,407 shares in 1998 and 12,975,131 shares in 1997) (353,012) (360,718) ----------- ----------- Total shareholders' equity 1,044,484 1,050,262 ----------- ----------- Total Liabilities and Shareholders' Equity $ 2,180,978 $ 1,923,894 =========== ===========
See accompanying notes to condensed consolidated financial statements. 6 RUBBERMAID INCORPORATED AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited) (Dollars in thousands) ( ) Denotes decrease in cash and cash equivalents
Six Months Ended --------------------------------- July 3, 1998 June 30, 1997 ---------------- -------------- Operating activities: Net earnings $ 61,570 $ 80,620 Adjustments to reconcile net earnings to net cash provided by operating activities: Non-cash restructuring costs 32,197 16,000 Gain on sale of business (24,141) (134,447) Asset impairment charges - 81,000 Depreciation and amortization 66,160 63,839 Other 3,005 4,759 Changes in: Receivables (50,518) (3,304) Inventories (8,783) 11,647 Other assets (12,740) (7,877) Payables (5,198) (7,269) Accrued liabilities (10,461) (11,399) --------- --------- Net cash provided by operating activities 51,091 93,569 Investing activities: Capital expenditures (72,345) (80,735) Acquisition of businesses, net of cash (211,894) - Net proceeds from sale of business 51,262 246,500 Other, net 3,599 9,974 --------- --------- Net cash provided by (used in) investing activities (229,378) 175,739 Financing activities: Net change in notes payable 159,590 (213,837) Proceeds from long-term debt 8,643 - Repayment of long-term debt (9,481) (1,912) Cash dividends paid (47,899) (44,985) Other, net 87 320 --------- --------- Net cash provided by (used in) financing activities 110,940 (260,414) --------- --------- Net change in cash and cash equivalents (67,347) 8,894 Cash and cash equivalents at beginning of year 114,024 27,599 --------- --------- Cash and cash equivalents at end of period $ 46,677 $ 36,493 ========= ========= Supplemental cash flow information: Income taxes paid $ 35,155 $ 25,837 Interest paid $ 18,355 $ 20,869 ========= =========
See accompanying notes to condensed consolidated financial statements. 7 RUBBERMAID INCORPORATED AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (Dollars in thousands except per share amounts) (1) In the opinion of management, the information furnished herein includes all the adjustments necessary for a fair presentation of the results for the interim periods, and all such adjustments, other than those described under footnote (7) below, are of a normal recurring nature. (2) Effective January 1, 1998, the Company changed its fiscal year-end to the Friday nearest to December 31. Correspondingly, fiscal quarters will typically be comprised of 13 weeks each, and for 1998 will end on April 3, 1998; July 3, 1998; October 2, 1998; and January 1, 1999. This change has resulted in three additional days during both the first quarter of fiscal 1998 and the six months ended July 3, 1998, compared to the same periods in the prior year. (3) Basic and diluted net earnings per Common Share are based on the weighted average number of Common Shares outstanding during each period. Average shares used in the calculations were 149,867,822 and 149,918,851 for the respective 1998 and 1997 three-month periods and 149,824,739 and 149,906,300 for the respective six-month periods. For the periods presented, the dilutive effect of stock options is not significant. (4) The actual number of shares outstanding on the respective record dates is as follows:
1998 1997 ---- ---- Record Date No. Shares Record Date No. Shares ----------- ---------- ----------- ---------- February 6 149,800,456 February 7 149,975,560 May 15 149,849,381 May 16 149,916,146
(5) A summary of inventories follows:
July 3, 1998 Dec. 31, 1997 ------------ ------------- FIFO Cost: Raw materials $ 72,947 $ 65,411 Work-in-process 14,168 8,571 Finished goods 245,413 201,900 ------- ------- 322,528 275,882 Excess of FIFO over LIFO cost (20,582) (25,285) -------- -------- $311,946 $250,597 ======= =======
(6) At July 3, 1998 and December 31, 1997, intangible and other assets, net include the excess of cost over net assets of businesses acquired of $365,737 and $303,618, respectively, net of accumulated amortization of $15,583 and $13,589, respectively. (7) In January 1998, the Company announced that the Board of Directors authorized the completion of a major restructuring plan, designed to expand the Company's global market leadership and accelerate quality growth. Major initiatives include the centralization of procurement on a global basis and the consolidation of manufacturing and distribution worldwide. During the second quarter, the Company recorded a pretax charge of $8,546, or $.04 per Common Share, in conjunction with the restructuring plan. 8 RUBBERMAID INCORPORATED AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (Dollars in thousands except per share amounts) For the six months ended July 3, 1998 the pretax restructuring charge is $51,928, or $.23 per Common Share. This charge relates primarily to the closure of three facilities, including $32,197 for the write-down of assets to their fair market value. Other restructuring costs cover severance benefits relating to the elimination of approximately 575 positions, expenditures incurred for the consolidation review of operations and distribution facilities in North America and Europe, and other restructuring activities. (8) In June 1997, the Financial Accounting Standards Board issued Statement of Financial Accounting Standards No. 130, "Reporting Comprehensive Income", which is effective for fiscal years beginning after December 15, 1997. Comprehensive income includes net income and other revenues, expenses, gains, and losses that are excluded from net income but included as a component of total shareholders' equity. Comprehensive income for the quarters ended July 3, 1998 and June 30, 1997 was $49,341 and $47,205, respectively, while, for the six-month periods then ended, comprehensive income was $61,751 and $78,007, respectively. The difference between comprehensive income and net income is comprised of the effect of foreign currency translation adjustments and hedging activity in accordance with Financial Accounting Standards Board Statement No. 52, "Foreign Currency Translation." The accumulated balance of foreign currency translation adjustments and hedging activity, excluded from net income, is presented in the Condensed Consolidated Balance Sheet as "Accumulated other comprehensive income." (9) During January 1998, the Company completed its acquisition of Curver Consumer Products, the European market leader in plastic consumer goods, from DSM N.V. The acquisition includes all Curver facilities, brands, and other assets and liabilities, in a total transaction valued at $128,344, net of cash. The Curver acquisition was accounted for as a purchase and was funded with a combination of debt and cash. (10) In April 1998, the Company sold the assets representing the operations of the decorative coverings product line to Decora Industries, Inc., a global manufacturer and supplier of consumer decorative self-adhesive products and surface coverings. The net proceeds from this sale of $51,262 resulted in a pretax gain of $24,141, or $.10 per Common Share for the quarter ended July 3, 1998. (11) The Company acquired certain assets of Century Products Company (Century) in June 1998 from Wingate Partners, a Dallas-based private equity investment partnership. Century is a producer and marketer of infant products, including car seats and car seat strollers. The transaction, valued at $77,550, includes the purchase of operations in Canton, Macedonia, and Twinsburg, Ohio and in Mexico, as well as associated working capital and brand names. The Century acquisition was accounted for as a purchase and was funded with debt. 9 RUBBERMAID INCORPORATED AND SUBSIDIARIES Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations Results of Operations - --------------------- Net sales for the quarter ended July 3, 1998, increased 3% over the second quarter of 1997. Core unit volume grew 1%. Acquisitions, net of divestitures, contributed 5% to net sales. Mitigating these gains were negative price realization and currency translation which in total, had a negative impact of 3%. The core volume at both the Juvenile Products and Graco Children's Products businesses was unfavorably impacted by a major customer's change in buying practices. Overall, this customer's inventory control strategy negatively impacted core growth by approximately 2%. For the six-month period ended July 3, 1998, net sales increased by 5%. Acquisitions, net of divestitures, contributed 4% and core unit volume 4%, offset by negative price realization and currency translation of 3%. Net earnings for the quarter ended July 3, 1998, increased 13% over the quarter ended June 30, 1997. Included in the 1998 quarterly results was a non-operating pretax gain of $24.1 million offset by a $8.5 million pretax restructuring charge. The prior year results include a non-operating, pretax gain of $134.4 million offset by a $16 million pretax restructuring charge and an $81 million pretax asset impairment charge. Excluding both the current year and prior year restructuring and the non-operating items, net earnings per share were 16% above the comparable 1997 quarter. For the six-month period ended July 3, 1998, the pretax restructuring charge aggregates to $51.9 million. Excluding restructuring and the non-operating items, net earnings per share were 13% above the six-month 1997 period. This was primarily attributable to the increase in net sales volume and resin deflation, partially offset by higher selling, general, and administrative expenses which were impacted by acquisitions and increased consumer advertising spending. Cost of sales as a percentage of net sales for three-month and six-month periods ended July 3, 1998, was 70.9% and 71.4%, respectively, compared to 72.8% and 72.4% for the comparable 1997 periods. The decrease was due primarily to productivity cost improvements across the business and a decline in the price of resin, offset by lower price realization and to a lesser extent, unfavorable product sales mix and the impact of acquisitions, net of divestitures. Selling, general, and administrative expenses, as a percentage of net sales, was 17.8% for both the three-month and six-month periods ended July 3, 1998, compared with 16.7% and 17.0% for the comparable 1997 periods. The increase primarily reflects the addition of Curver Consumer Products (Curver), acquired during January 1998 (see the Notes to the Condensed Consolidated Financial Statements for further information), and its above average level of selling, general, and administrative costs. Additionally, the Company increased its overall spending on marketing and brand building programs. Restructuring charges incurred during the second quarter of 1998 aggregated to a pretax charge of $8.5 million, or $.04 per Common Share. Year-to-date, the pretax charges totaled $51.9 million, or $.23 per Common Share. The restructuring plan, approved by the Board of Directors in January 1998, seeks to achieve $200 million in savings by the end of the year 2000. The goal is to realize $30 million of savings in 1998, another $100 million in 1999 and the remainder by the end of 2000. The strategic focus of the restructuring is threefold: (1) Centralize the procurement function on a global basis so as to capture the scale advantages of the Company's size; (2) Centralize the strategic management of operations so as to reduce divisional redundancy of assets and more quickly drive best practices on efficiencies, automation, and cost controls throughout the entire business; (3) Allow divisional management to fully focus on the 10 consumer and customer areas of product development, marketing, customer service, business planning, and category management. The costs incurred in the second quarter primarily reflect the expenses associated with projects that commenced in the first quarter. The centralization of the procurement organization was completed near the end of the first quarter. In the area of strategic management of operations, no significant new projects began in the second quarter. Rather, the focus has been on completing those projects that were started in the first quarter as well as to further analyze the manufacturing and distribution strategies that will best accomplish the Company's vision. The review of the operations and distribution facilities in Europe has been completed and specific actions will commence in the second half of this year. Restructuring charges of $16 million incurred in the second quarter of 1997 related to the completion of the 1995 realignment program. Other charges (credits), net, was a credit of $15.3 million for the three-month period ended July 3, 1998 versus a credit of $42.5 for the comparable period in 1997. For the six-month period ended July 3, 1998, other charges (credits), net, was a credit of $4.2 million versus a credit of $31.4 million for the first half of 1997. For the quarter, interest expense was $9.9 million, down from $10.5 million in 1997. Year-to-date, interest was $19.7 million versus $21.4 million for the first six months of 1997. Lower interest rates and the proceeds on the sale of the decorative coverings product line offset the incremental increase due to the financing of the Curver and Century transactions. Other items totaled $24.4 million of income versus $52.8 million in 1997. The current year credit reflects a $24.1 million pretax gain on the sale of the decorative coverings product line. The 1997 amount includes a $134.4 million pretax gain on the divestiture of the Office Products business offset by a charge of $81 million relating to asset impairments. The effective tax rate for the second quarter and the year-to-date of 1998 was 35.0%, compared with 50.1% in the prior year second quarter and 45.5% for the 1997 year-to-date. The 1997 second quarter, and year-to-date rate was impacted by the non-operating activities in the second quarter. The current year rate has increased from the overall 1997 effective tax rate on operations of 32.4%. In 1997, the Company was able to take advantage of global expansion initiatives that allowed it to enter into rate reducing strategies that continue, but to a lesser extent, in 1998. Changes in Financial Condition - ------------------------------ During the first six months of 1998, cash and cash equivalents decreased by $67.3 million as cash used in investing activities, $229.3 million, exceeded cash provided by operations, $51.1 million, and from financing activities, $110.9 million. Cash used for investing activities was primarily the result of the Company's acquisition of Curver and Century as well as investments in capital expenditures. Cash provided by operations was primarily the result of net earnings, excluding the gain on the sale of the decorative coverings product line, non-cash charges relating to restructuring costs, and depreciation and amortization exceeding the increase in working capital. Cash provided from financing activities primarily consisted of increases in notes payable less cash dividends paid to shareholders. Other Matters - ------------- Business Development During the second quarter of 1998, the Company acquired Century Products. Headquartered in Macedonia, Ohio, Century is a leading producer of infant products such as car seats and car seat strollers. This acquisition had no material effect on the Company's second quarter results of operations. Also during the second quarter, the sale of the decorative coverings product line to Decora Industries, Inc. was closed. For further information on both of these transactions, see the Notes to the Condensed Consolidated Financial Statements. 11 Year 2000 During 1996, the Company conducted a comprehensive review of its information systems to identify potential Year 2000 issues. Several of the Company's business units will be transitioned to a new Year 2000 compliant system prior to 2000. The Company has developed contingency plans in each of the business units to correct and upgrade those existing systems where potential failures could occur should the targeted implementation dates of the new system not be met or if the implementation dates are after the end of the century. A Corporate Oversight Committee (COC) has been formed to deal with both non-information technology (non-IT) and information technology (IT) issues. Its members represent all major functional areas within the Company. The COC has developed an initial Year 2000 concerns list, conducted strategic planning sessions, launched a Corporate Year 2000 Awareness program and corresponded with suppliers requesting Year 2000 certification. Visits with major customers are planned for the near future to discuss, identify, test and remediate, if required, potential issues. The COC has appointed a facilitator within each business who is responsible for identifying potential impacts on both IT and non-IT systems at their specific business, prioritizing each risk, and developing and implementing remediation plans where necessary. The COC is currently focusing on identification of any significant non-IT system issues and remediation or contingency requirements associated with identified issues. The Company presently believes that, with converting to a new global information system, modifications to existing software for business units with implementation dates close to or after the end of the century, and the current focus on non-IT issues, the Year 2000 issue will not pose significant operational problems for the Company. To date the funds which have been spent on specific Year 2000 issues have not been material to the Company and based upon issues which have been identified to date, future costs associated with the matter are not expected to have a material impact on the business. While the Company is confident that the Year 2000 issues are manageable and will be dealt with in a timely fashion, this conclusion is forward looking and involves uncertainty and risks. The ultimate result may be impacted by a variety of factors such as, but not limited to, timely implementation of the new information system and remediation of those systems which will not be converted by 2000, the failure to identify problems associated with non-IT systems which could materially impact the Company's ability to transact its business and problems associated with supplier or customer information systems which could have a similar impact. Accounting Pronouncements In June 1998, the Financial Accounting Standards Board issued Statement No. 133, "Accounting for Derivative Instruments and Hedging Activities" (FAS 133), which is effective in 2000. FAS 133 requires companies to record derivatives on the balance sheet as assets or liabilities, measured at fair value. Gains or losses resulting from changes in the values of those derivatives would be accounted for depending on the use of the derivative and whether it qualifies under the standard for hedge accounting. The Company is currently assessing the effect of this standard, but does not anticipate a material impact on the results of operations. 12 PART II. OTHER INFORMATION Item 4. Submission of Matters to a Vote of Security Holders: At the Annual Meeting of Shareholders held on April 28, 1998, the Shareholders of Registrant elected four Directors to the Class of Directors whose terms expire in 2001 with voting results as indicated:
Directors No. of Votes For No. of Votes Withheld --------- ---------------- --------------------- Tom H. Barrett 130,859,077 1,723,715 Charles A. Carroll 130,860,064 1,722,728 Thomas J. Falk 130,866,078 1,716,714 Steven A. Minter 130,846,844 1,735,948
Item 5. Other Information Pursuant to rules of the Securities and Exchange Commission, if a shareholder fails to notify Registrant prior to January 27, 1999, of the shareholder's intention to submit a proposal at the 1999 Annual Meeting of Shareholders, management proxies will use their discretionary voting authority with regard to such proposal if it is raised at the Annual Meeting. Item 6. Exhibit and Reports on Form 8-K (a) Exhibit 27. Financial Data schedule. (b) There were no reports on Form 8-K filed for the quarter ended July 3, 1998. 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. RUBBERMAID INCORPORATED DATE: August 11, 1998 (s) James A. Morgan -------------------------- ------------------------------ James A. Morgan Senior Vice President, General Counsel and Secretary DATE: August 11, 1998 (s) George C. Weigand -------------------------- ------------------------------ George C. Weigand Senior Vice President and Chief Financial Officer EX-27 2 EXHIBIT 27
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE CONDENSED CONSOLIDATED BALANCE SHEET AS OF JULY 3, 1998, AND RELATED CONDENSED CONSOLIDATED STATEMENT OF EARNINGS OF THE SIX MONTH PERIOD ENDED JULY 3, 1998 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 1,000 6-MOS JAN-01-1999 JAN-01-1998 JUL-03-1998 46,677 0 543,312 8,572 311,946 933,605 1,610,933 826,528 2,180,978 817,248 152,690 0 0 162,677 881,807 2,180,978 1,308,247 1,308,247 933,575 1,165,816 51,928 0 19,693 94,723 33,153 61,570 0 0 0 61,570 .41 .41
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