-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, aoq6bbDUrGjTWU8iR5iElwBiqPC6y4bwnF9XMARFJS8eh5v73XM5Qh3erEbsdhMv fGjQ4JkhYfzypDUGMOtMLA== 0000859119-95-000030.txt : 19950511 0000859119-95-000030.hdr.sgml : 19950511 ACCESSION NUMBER: 0000859119-95-000030 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19950331 FILED AS OF DATE: 19950509 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: ILLINOIS CENTRAL CORP CENTRAL INDEX KEY: 0000859119 STANDARD INDUSTRIAL CLASSIFICATION: RAILROADS, LINE-HAUL OPERATING [4011] IRS NUMBER: 133545405 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-10720 FILM NUMBER: 95535651 BUSINESS ADDRESS: STREET 1: 455 N CITYFRONT PLZ DR STREET 2: 20TH FLOOR CITY: CHICAGO STATE: IL ZIP: 60611-5504 BUSINESS PHONE: 3127557500 MAIL ADDRESS: STREET 1: 455 NORTH CITYFRONT PLAZA DR STREET 2: 455 NORTH CITYFRONT PLAZA DR CITY: CHICAGO STATE: IL ZIP: 60611 10-Q 1 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 period ended March 31, 1995 [ ] 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 1-10720 ILLINOIS CENTRAL CORPORATION (Exact name of registrant as specified in its charter) Delaware 13-3545405 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 455 North Cityfront Plaza Drive, Chicago, Illinois 60611-5504 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (312) 755-7500 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 As of March 31, 1995, 42,127,241 common shares were outstanding. ILLINOIS CENTRAL CORPORATION AND SUBSIDIARIES FORM 10-Q Three Months Ended March 31, 1995 CONTENTS Part I - Financial Information: Item 1. Financial Statements: Consolidated Statements of Income 3 Consolidated Balance Sheets 4 Consolidated Statements of Cash Flows 5 Notes to Consolidated Financial Statements 6 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 8 Part II - Other Information: Item 4. Submission of Matters to a Vote of Security Holders 12 Item 6. Exhibits and Reports on Form 8-K 12 Signatures 13 Exhibit 11 E-1 ILLINOIS CENTRAL CORPORATION AND SUBSIDIARIES Consolidated Statements of Income ($ in millions, except share data) (Unaudited) Three Months Ended March 31, 1995 1994 Revenues $167.5 $147.5 Operating expenses: Labor and fringe benefits 46.8 46.9 Leases and car hire 13.4 12.7 Diesel fuel 8.8 7.8 Materials and supplies 10.1 10.3 Depreciation and amortization 7.5 6.5 Casualty and insurance, net 4.4 3.7 Other taxes 5.1 4.6 Other 8.9 4.4 Operating expenses 105.0 96.9 Operating income 62.5 50.6 Other income, net (0.2) 0.6 Interest expense, net (7.4) (7.3) Income before income taxes 54.9 43.9 Provision for income taxes 20.6 16.2 Net income $ 34.3 $ 27.7 Income per share $ 0.81 $ 0.65 Weighted average number of shares of common stock and common stock equivalents outstanding 42,547,042 42,794,150 The following notes are an integral part of the consolidated financial statements. ILLINOIS CENTRAL CORPORATION AND SUBSIDIARIES Consolidated Balance Sheets ($ in millions) (Unaudited) ASSETS March 31, 1995 December 31,1994 Current assets: Cash and temporary cash investments $35.1 $24.2 Receivables, net of allowance for doubtful accounts of $1.9 in 1995 and $2.1 in 1994 34.4 33.9 Materials and supplies, at average cost 17.4 15.7 Assets held for disposition 8.2 9.1 Deferred income taxes - current 21.3 21.8 Other current assets 4.3 3.3 Total current assets 120.7 108.0 Investments 13.4 13.5 Properties: Transportation: Road and structures, including land 1,006.4 994.9 Equipment 173.0 165.6 Other, principally land 40.8 40.8 Total properties 1,220.2 1,201.3 Accumulated depreciation (33.0) (30.0) Net properties 1,187.2 1,171.3 Other assets 16.3 15.9 Total assets $1,337.6 $1,308.7 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Current maturities of long-term debt $ 14.8 $ 11.1 Accounts payable 57.9 54.5 Dividends payable 10.6 10.7 Income taxes payable 15.5 0.9 Casualty and freight claims 24.9 24.9 Employee compensation and vacations 12.9 16.5 Taxes other than income taxes 13.8 16.2 Accrued redundancy reserves 6.5 6.8 Other accrued expenses 28.6 31.8 Total current liabilities 185.5 173.4 Long-term debt 331.5 328.6 Deferred income taxes 222.9 218.2 Other liabilities and reserves 135.8 134.4 Contingencies and commitments Stockholders' equity: Common stock, par value $.001, authorized 100,000,000 shares, 42,853,564 shares issued and 42,127,241 shares outstanding - - Additional paid-in capital 165.4 165.1 Retained income 316.7 293.0 Treasury stock (726,323 shares) (20.2) (4.0) Total stockholders' equity 461.9 454.1 Total liabilities and stockholders' equity $1,337.6 $1,308.7 The following notes are an integral part of the consolidated financial statements. ILLINOIS CENTRAL CORPORATION AND SUBSIDIARIES Consolidated Statements of Cash Flows ($ in millions) (Unaudited) Three Months Ended March 31, 1995 1994 Cash flows from operating activities : Net income $34.3 $27.7 Reconciliation of net income to net cash provided by (used for) operating activities : Depreciation and amortization 7.5 6.5 Deferred income taxes 5.2 6.5 Equity in undistributed earnings of affiliates,net of dividends received (0.2) (0.2) Net gains on sales of real estate 0.1 0.1 Cash changes in working capital 4.8 29.9 Changes in other assets (0.4) (0.3) Changes in other liabilities and reserves 2.4 (4.7) Net cash provided by (used for) operating activities 53.7 65.5 Cash flows from investing activities : Additions to properties (24.0) (12.4) Proceeds from real estate sales 1.3 0.2 Proceeds from equipment sales 0.6 0.3 Proceeds from sales of investments 0.2 0.2 Other (0.4) 0.2 Net cash provided by (used for) investing activities (22.3) (11.5) Cash flows from financing activities : Proceeds from issuance of debt - 48.6 Principal payments on debt (3.5) (60.1) Net proceeds (payments) in commercial paper 10.0 (25.1) Dividends paid (10.6) (8.9) Stock repurchase program (16.3) - Purchase of subsidiary's common stock (0.1) (0.1) Net cash provided by (used for) financing activities (20.5) (45.6) Changes in cash and temporary cash investments 10.9 8.4 Cash and temporary cash investments at beginning of period 24.2 10.7 Cash and temporary cash investments at end of period $35.1 $19.1 Supplemental disclosure of cash flow information : Cash paid during the year for: Interest (net of amount capitalized) $ 9.6 $ 9.7 Income taxes $ 0.7 $ 3.1 The following notes are an integral part of the consolidated financial statements. ILLINOIS CENTRAL CORPORATION AND SUBSIDIARIES Notes to Consolidated Financial Statements (Unaudited) 1. Basis of Presentation Except as described below, the accompanying unaudited consolidated financial statements have been prepared in accordance with accounting policies described in the 1994 Annual Report on Form 10-K and should be read in conjunction with the disclosures therein. In the opinion of management, these interim financial statements reflect all adjustments, consisting of normal recurring accruals, necessary to present fairly the financial position, results of operations and cash flows for the periods presented. Interim results are not necessarily indicative of results for the full year. Certain 1994 amounts have been reclassified to conform with the presentation used in the 1995 financial statements. Income Per Share Income per common share of the Company is based on the weighted average number of shares of common stock and common stock equivalents outstanding during the period. 2. Sale of Accounts Receivable In 1994, the Railroad entered into a revolving agreement to sell undivided percentage interests in certain of its accounts receivable, with recourse, to a financial institution. The agreement, which expires March 1997, allows for sales of accounts receivable up to a maximum of $50 million at any one time. The Railroad services the accounts receivable sold under the agreement. At March 31, 1995, $50 million in accounts receivable had been sold pursuant to the agreement. The Railroad retains the same exposure to credit loss as existed prior to the sale. Costs related to the agreement vary in correlation with changes in prevailing interest rates. These costs, which are included in Other Income, Net, were $.8 million and $.4 million for the quarters ended March 31, 1995 and 1994, respectively. 3. Common Stock and Dividends On March 2, 1995, the Board of Directors approved a quarterly dividend of $.25 per share which was paid April 6, 1995. The Board intends to continue its policy of quarterly dividends. Future dividends may be dependent on the Railroad's ability to pay cash dividends to the Company. Covenants specifically restricting dividend payments by the Railroad were eliminated when the Senior Notes were prepaid. Covenants of the Railroad's New Revolver require specified levels of tangible net worth. See Notes 4 and 5. 4. Stock Repurchase Program For the three months ended March 31, 1995, the Company paid $16.3 million to acquire 482,100 shares of Common Stock under its ongoing stock repurchase program. Such purchases were funded in part by a $9 million payment by the Railroad to the Company under the special $60 million dividend which was declared in 1994 and will be paid as requested by the Company. From inception of the stock repurchase program in 1994 to April 30, 1995, the Company has paid an aggregate $22.8 million to acquire 676,100 shares of Common Stock, and the Railroad has paid the Company an aggregate $9 million of the special dividend. Further purchases are dependent on market conditions, the economy, cash needs and alternative investment opportunities. 5. Prepayment of Senior Notes On May 4, 1995, the Railroad prepaid the holders of its $160 million Senior Notes at face value plus accrued interest and a prepayment penalty. The monies used to fund the prepayment were provided by commercial paper, the net proceeds of the recently issued $100 million 7.75% 10 year-notes due May 2005 and $40 million from existing lines of credit. The prepayment resulted in an extraordinary charge of $18.4 million, $11.5 million after- tax, which will be recorded in the second quarter of 1995. In connection with the prepayment, the Railroad amended and restated its revolver with its bank lending group (the "New Revolver"). The New Revolver was increased to $250 million and expires in the year 2000. Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The discussion below takes into account the financial condition and results of operations of the Company for the periods presented in the consolidated financial statements. Results of Operations Three Months Ended March 31, 1995 Compared to Three Months Ended March 31, 1994 Revenues for 1995 increased from the prior year quarter by $20.0 million or 13.6% to $167.5 million. The increase was a result of a 12.8% increase in the number of carloads coupled with an increase of 2.0% in gross freight revenue per carload. For the quarter, the Company experienced carloading increases in intermodal (68.9%), grain and grain mill and food products (35.4%), paper (6.9%) and chemicals (13.8%), offset by decreased coal loads (9.4%). Operating expenses for 1995 increased $8.1 million, or 8.4% as compared to 1994. Increases in fuel and depreciation were offset by decreased lease and car hire expense. Lease and car hire expense on a combined basis reflects a $3.9 million decline in lease expense primarily as a result of the Company's shift from leasing to ownership of its fleet and a $4.3 million increase in car hire costs as increased export grain and grain mill traffic resulted in higher costs. Marketing and other costs associated with the rise in business levels ($1.2 million) and environmental charges ($1.1 million) were primarily responsible for the shift in other operating expense between quarters. Operating income for 1995 increased 23.5% ($11.9 million) to $62.5 million from $50.6 million in 1994, primarily as a result of increased revenues cited above. Liquidity and Capital Resources Operating Data: Three Months Ended March 31, 1995 1994 ($ in millions) Cash flows provided by (used for): Operating activities $ 53.7 $ 65.5 Investing activities (22.3) (11.5) Financing activities (20.5) (45.6) Net change in cash and temporary cash investments $ 10.9 $ 8.4 Operating activities in 1995 provided $53.7 million in cash, primarily from net income before depreciation and deferred taxes. During 1995, additions to property of $24.0 million included approximately $11.8 million for track and bridge rehabilitation and approximately $10.0 million for equipment upgrades. In February 1995, the Railroad placed a $25.8 million order for 20 new SD70 locomotives to be delivered in the fourth quarter of 1995, to update the locomotive fleet. For the full year 1995, the Company continues to expect base capital spending (expenses for track and track structures) to be approximately $65 million, with the locomotive purchases and lease conversions the total capital spending could be approximately $100 million to $110 million. These expenditures are expected to be met from current operations and other available sources. In the first quarter of 1994, the Railroad entered into a receivables purchase agreement to sell undivided percentage interests in certain of its accounts receivable, with recourse, to a financial institution. The agreement, which expires March 1997, allows for sales of accounts receivable up to a maximum of $50 million at any one time. The Railroad services the accounts receivable sold under the agreement. At March 31, 1995, $50 million in accounts receivable had been sold pursuant to the agreement. The Railroad retains the same exposure to credit loss as existed prior to the sale. Costs related to the agreement vary in correlation with changes in prevailing interest rates. These costs, which are included in Other Income, Net, were $.8 million, and $.4 million for the three month periods ended March 31, 1995 and 1994, respectively. Under the Railroad's commercial paper program a total of $100 million can be issued and outstanding. The program is supported by the revolver with the Railroad's bank lending group (see below). At March 31, 1995, $25.0 million was outstanding. For the three months then ended the rates ranged from 3.365% to 6.25%. The Railroad views this program as a significant long-term funding source and intends to issue replacement notes as each existing issue matures. Therefore, commercial paper borrowings are classified as long-term. In connection with the Railroad's prepayment of its $160 million Senior Notes (see below), the Railroad and its bank lending group renegotiated the Railroad's $150 million revolver which had been amended and restated in November 1994. The new Revolver is for $250 million and expires in 2000. Fees and interest rates are predicated on the Railroad's long-term credit ratings. Currently, the annual fee is 17 basis points and borrowings under this agreement are at LIBOR plus 32.5 basis points. The new Revolver will be used primarily for backup for the Railroad's commercial paper program but can be used for general corporate purposes. The available amount is reduced by the outstanding amount of commercial paper borrowings and any letters of credit issued on behalf of the Railroad under the facility. At March 31, 1995, $25.0 million in commercial paper was outstanding and $2.4 million in letters of credit had been issued thereby reducing the amount available under the New Revolver. No amounts had been drawn under the New Revolver or any prior revolving agreements with its bank lending group. On May 4, 1995, the Railroad prepaid its then outstanding $160 million Senior Notes at fair market value plus accrued interest and a prepayment penalty of $16.4 million. The prepayment resulted in an extraordinary charge of $18.4 million, $11.5 million after-tax, to be recorded in the second quarter of 1995. The monies used to fund the prepayment were provided by Commercial Paper, the net proceeds of the recently issued $100 million 7.75% 10-year notes due 2005 (the "New Notes") and $40 million borrowed from various institutions under uncommitted lines of credit at interest ranging from 6.36% to 6.4% which may be refinanced by the Railroad's new Medium Term Note Program ("MTN"). The New Notes and any MTN's to be issued are covered by under a $200 million shelf registration filed with the Securities and Exchange Commission on April 12, 1995. The New Notes pay interest semi-annually in May and November and were issued pursuant to an indenture. At March 31, 1995, the Railroad's public debt was rated Baa2 by Moody's and BBB by S&P and the Railroad's commercial paper program was rated A2 by S&P, P2 by Moody's and F2 by Fitch. In 1994, in order to facilitate the stock repurchase program, the Company entered into a $50 million 364-day floating-rate revolving loan agreement which charges a 20 basis point annual fee, interest between LIBOR plus 62.5 basis points to LIBOR plus 100 basis points, expires in August 1995 and was not drawn upon through March 31, 1995. The Company's financing/leasing subsidiaries have approximately $31.0 million in long-term borrowing agreements which were used to acquire a total of 61 locomotives during 1993 and 1991 and 1,522 freight cars in 1993. The Company believes that its available cash, cash generated by its operations and cash available from the facilities described above will be sufficient to meet foreseeable liquidity requirements. Various borrowings of the Company's subsidiaries are governed by agreements which contain financial and operating covenants. All entities were in compliance with these covenant requirements at March 31, 1995, and management does not anticipate any difficulty in maintaining such compliance. The Railroad has entered into various hedge agreements designed to mitigate significant changes in fuel prices. As a result, approximately 46% of the Railroad's short-term diesel fuel requirements through June 1995 are protected against significant price changes. The Company declared its thirteenth consecutive quarterly cash dividend which was paid on April 6, 1995. The Board intends to continue a policy of quarterly dividends with a target of 33% of expected earnings, subject to existing conditions. Future dividends may be dependent on the Railroad's ability to pay cash dividends to the Company. Covenants specifically restricting dividend payments by the Railroad were eliminated when the Senior Notes were prepaid. Covenants contained in the Railroad's new Revolver require specified levels of tangible net worth. The Company anticipates that in addition to the $1.4 million paid through March 31, 1995, an additional $5 million will be required in 1995 related to all previously signed labor agreements. These requirements are expected to be met from current operating activities or other available sources. As the Company continues to negotiate with its operating unions on a local level, agreements may be reached that could require significant lump sum payments. The Company can not determine whether separate agreements will be reached but management believes available funding sources will be sufficient to meet any required payments. Stock Repurchase Program For the three months ended March 31, 1995, the Company paid $16.3 million to acquire 482,100 shares of Common stock under its announced $60 million 1995 stock repurchase program. Such purchases were funded in part by a $9 million payment by the Railroad to the Company under the special $60 million dividend which was declared in 1994 and will be paid as requested by the Company. From inception of the stock repurchase program in 1994 to April 30, 1995, the Company has paid an aggregate $22.8 million to acquire 676,100 shares of Common Stock, and the Railroad has paid the Company an aggregate $9 million of the special dividend. Further purchases are dependent on market conditions, the economy, cash needs and alternative investment opportunities. The Board intends to review this program annually. Environmental Liabilities The Company's operations are subject to comprehensive environmental regulation by federal, state and local authorities. Compliance with such regulation requires the Company to modify its operations and expend substantial manpower and financial resources. Under the federal Comprehensive Environmental Response, Compensation and Liability Act of 1980 ("Superfund"), and similar state and federal laws, the Company is potentially liable for the cost of clean-up of various contaminated sites. The Company has been notified that it is a potentially responsible party at sites ranging from those with hundreds of potentially responsible parties to sites at which the Company is primarily responsible. The Company generally participates in the clean-up at sites where other substantial parties share responsibility through cost-sharing arrangements, but under Superfund and other similar laws the Company can be held jointly and severally liable for all environmental costs associated with such sites. The Company is aware of approximately 20 contaminated sites and various fueling facilities at which it is probably liable for some portion of the clean-up. The Company has paid approximately $.2 million in 1995 toward the investigation and remediation of those sites, and anticipates annual expenditures of $3.0 million. During the quarter, the Company spent an additional $1.4 million remediating environmental spills resulting from derailments and other operating activities. Furthermore, recent amendments to the Clean Air Act require the Environmental Protection Agency to promulgate regulations restricting the level of pollutants in locomotive emissions which could impose significant retrofitting requirements, operational inefficiencies or capital expenditures in the future. For all known sites of environmental contamination where Company loss or liability is probable, the Company has recorded an estimated liability at the time when a reasonable estimate of remediation cost and Company liability can first be determined. Adjustments to initial estimates are recorded as necessary based upon additional information developed in subsequent periods. Estimates of the Company`s potential financial exposure for environmental claims or incidents are necessarily imprecise because of the difficulty of determining in advance the nature and extent of contamination, the varying costs of alternative methods of remediation, the regulatory clean-up standards which will be applied, and the appropriate allocation of liability among multiple responsible parties. At March 31, 1995, the Company estimated the probable range of its estimated liability to be $13 million to $48 million and in accordance with SFAS No. 5 had a reserve of $13 million for environmental contingencies. This amount has not been reduced for potential insurance recoveries or third-party contribution where the Company is primarily liable. The risk of incurring environmental liability in connection with both past and current activities is inherent in railroad operations. Decades-old railroad housekeeping practices were not always consistent with contemporary standards, historically the Company leased substantial amounts of property to industrial tenants, and the Railroad continues to haul hazardous materials which are subject to occasional accidental release. Because the ultimate cost of known contaminated sites cannot be definitively established and because additional contaminated sites yet unknown may be discovered or future operations may result in accidental releases, no assurance can be given that the Company will not incur material environmental liabilities in the future. However, based on its assessments of the facts and circumstances now known, management believes that it has recorded adequate reserves for known liabilities and does not expect future environmental charges or expenditures to have a material adverse effect on the Company`s financial position, results of operations, cash flow or liquidity. Recent Accounting Pronouncements In March 1995, the Financial Accounting Standards Board issued "Statement of Financial Accounting Standards No. 121 - Accounting for the Impairment of Long-Lived Assets and for Long-Lived Assets to Be Disposed Of" (SFAS 121). SFAS 121 requires that long-lived assets and certain identifiable intangibles to be held or used by an entity be reviewed for impairment whenever events or changes in circumstances indicate the carrying amount may not be recoverable. The statement is effective for fiscal year beginning after December 15, 1995. The Company is reviewing this statement to determine its impact, if any. Early adoption is not anticipated. PART II - OTHER INFORMATION Item 4. Submission of Matters to a Vote of Security Holders On April 19, 1995, the Registrant held its Annual Meeting of Stockholders. At the meeting, the stockholders' were asked to vote on one (1) proposal -- the election of Class I Directors until 1998. Description Vote Recap Proposal No. 1 The election of E. Hunter Harrison, For 34,082,299 Samuel F. Pryor, IV, and Alan H. Against 33,694 Washkowitz as Class I directors until 1998 Item 6. Exhibits and Reports on Form 8-K (a) Exhibits: Exhibit 11 (b) Reports on Form 8-K: An 8-K was filed March 9, 1995 to update the consent of Arthur Andersen LLP included in the Annual Report on Form 10-K for the year ended December 31, 1994. ILLINOIS CENTRAL CORPORATION Signatures Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned hereto duly authorized. ILLINOIS CENTRAL CORPORATION /s/ DALE W. PHILLIPS Dale W. Phillips Vice President & Chief Financial Officer /s/ JOHN V. MULVANEY John V. Mulvaney Controller Date: May 9, 1995 EXHIBIT 11 ILLINOIS CENTRAL CORPORATION AND SUBSIDIARIES COMPUTATION OF INCOME PER COMMON SHARE ($ in millions, except share data) Three Months Ended March 31, 1995 1994 Net income $34.3 $27.7 Calculation of average number of shares outstanding: Primary: Weighted average number of common shares outstanding 42,415,662 42,615,456 Effect of shares issuable under stock options 131,380 178,694 42,547,042 42,794,150 Fully diluted: Weighted average number of common shares outstanding 42,415,662 42,615,456 Effect of shares issuable under stock options (1) 137,895 178,694 42,553,557 42,794,150 Income per common share: Primary: Net income $ 0.81 $ 0.65 Fully diluted: Net income $ 0.81 $ 0.65 (1) Such items are included in primary calculation. Additional shares represent difference between average price of common stock for the period and the end of period price. EX-27 2
5 3-MOS DEC-31-1995 MAR-31-1995 35100 0 34400 1900 17400 120700 1220200 33000 1337600 185500 331500 0 0 0 461900 1337600 167500 167500 105000 105000 (200) 0 7400 54900 20600 34300 0 0 0 34300 .81 .81
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