-----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, Fm3B6/R6y6aJ27aOwm6dGInpkg8WblNBYtJjBnoy1kHBKieghygOYh6U3PDB5Mzd 0ai126rTVNxQ5oWkoubQ2w== 0000864906-98-000002.txt : 19980518 0000864906-98-000002.hdr.sgml : 19980518 ACCESSION NUMBER: 0000864906-98-000002 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 19980331 FILED AS OF DATE: 19980515 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: LUNAR CORP CENTRAL INDEX KEY: 0000864906 STANDARD INDUSTRIAL CLASSIFICATION: ELECTROMEDICAL & ELECTROTHERAPEUTIC APPARATUS [3845] IRS NUMBER: 391200501 STATE OF INCORPORATION: WI FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 000-18643 FILM NUMBER: 98626302 BUSINESS ADDRESS: STREET 1: 313 W BELTLINE HIGHWAY CITY: MADISON STATE: WI ZIP: 53713 BUSINESS PHONE: 6082742663 MAIL ADDRESS: STREET 1: 313 WEST BELTLINE HIGHWAY CITY: MADISON STATE: WI ZIP: 53713 10-Q 1 QUARTERLY REPORT FOR QUARTER ENDING 3/31/98 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark one) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 1998 OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number: 0-18643 LUNAR CORPORATION (Exact name of registrant as specified in its charter) Wisconsin 3845 39-1200501 (State of (Primary Standard Industry (IRS Employer Incorporation) Classification Code Number) Identification No.) 313 West Beltline Highway Madison, Wisconsin 53713 608-274-2663 (Address, including zip code, and telephone number, including area code, of Registrant's principal executive offices) 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 April 30, 1998, 8,827,260 shares of the registrant's Common Stock, $0.01 par value, were outstanding. LUNAR CORPORATION AND SUBSIDIARIES FORM 10-Q For the quarterly period ended March 31, 1998 TABLE OF CONTENTS PART I - FINANCIAL INFORMATION Page Item 1. Financial statements Consolidated Balance Sheets March 31, 1998, and June 30, 1997 . . . . . . . . . . . . . . . . . .3 Consolidated Statements of Income Three and Nine Months Ended March 31, 1998 and 1997. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .5 Consolidated Statements of Cash Flows Nine Months Ended March 31, 1998 and 1997. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .6 Notes to Consolidated Financial Statements. . . . . . . . . . . . . .7 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations. . . . . . . . . . . . . . . . .9 Item 3. Quantitative and Qualitative Disclosures About Market Risk. . . . . 10 PART II - OTHER INFORMATION . . . . . . . . . . . . . . . . . . . . . . . . . 11 Item 1. Legal Proceedings . . . . . . . . . . . . . . . . . . . . . . . . . 11 Item 2. Changes in Securities . . . . . . . . . . . . . . . . . . . . . . . 11 Item 3. Defaults Upon Senior Securities . . . . . . . . . . . . . . . . . . 11 Item 4. Submission of Matters to a Vote of Security Holders . . . . . . . . 11 Item 5. Other Information . . . . . . . . . . . . . . . . . . . . . . . . . 11 Item 6. Exhibits and Reports on Form 8-K. . . . . . . . . . . . . . . . . . 12 SIGNATURES. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 EXHIBIT INDEX . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 PART 1. FINANCIAL INFORMATION ITEM 1. Financial Statements LUNAR CORPORATION AND SUBSIDIARIES Consolidated Balance Sheets - -------------------------------------------------------------------------------- Assets - -------------------------------------------------------------------------------- March 31, June 30, 1998 1997 (Unaudited) (Audited) - -------------------------------------------------------------------------------- Current Assets: Cash and cash equivalents $ 6,716,202 $14,417,155 Marketable securities 7,374,666 5,891,350 Receivable: Trade, less allowance for doubtful accounts of $2,684,000 at March 31, 1998 and $2,602,000 at June 30, 1997 25,528,408 25,468,881 Other 824,736 1,061,558 - -------------------------------------------------------------------------------- 26,353,144 26,530,439 Inventories 13,268,441 9,373,490 Deferred Income Taxes 1,230,000 2,291,000 Other Current Assets 387,752 84,790 - -------------------------------------------------------------------------------- Total Current Assets 55,330,205 58,588,224 Property, Plant and Equipment--At Cost: Buildings and improvements 2,310,666 2,376,763 Furniture and fixtures 811,873 680,413 Machinery and other equipment 6,214,236 5,276,267 - -------------------------------------------------------------------------------- 9,336,775 8,333,443 Less Accumulated Depreciation and Amortization 4,869,676 3,889,838 - -------------------------------------------------------------------------------- 4,467,099 4,443,605 Land 2,088,118 138,858 - -------------------------------------------------------------------------------- 6,555,217 4,582,463 Long-term Trade Accounts Receivable 2,801,961 2,485,022 Long-term Marketable Securities 25,205,198 16,592,053 Patents and Other Intangibles, Net of Accumulated Amortization of $1,477,393 at March 31, 1998 and $1,185,613 at June 30, 1997 697,316 850,867 Other 184,920 183,954 - -------------------------------------------------------------------------------- $90,774,817 $83,282,583 ================================================================================ See accompanying notes to consolidated financial statements LUNAR CORPORATION AND SUBSIDIARIES Consolidated Balance Sheets - -------------------------------------------------------------------------------- Liabilities and Shareholders' Equity - -------------------------------------------------------------------------------- March 31, June 30, 1998 1997 (Unaudited) (Audited) - -------------------------------------------------------------------------------- Current Liabilities: Accounts payable $ 4,634,509 $ 4,209,485 Customer advances and deferred income 952,391 639,707 Income taxes payable 2,912,693 2,375,955 Accrued liabilities: Commissions payable 2,218,474 2,146,189 Compensation payable 558,799 290,913 Property, payroll, and other taxes 176,841 141,906 Accrued warranty and installation expenses 2,802,000 2,984,000 Other 176,047 251,036 - -------------------------------------------------------------------------------- Total Current Liabilities 14,431,754 13,039,191 Shareholders' Equity: Common stock--authorized 25,000,000 shares of $.01 par value; issued and outstanding 8,827,260 shares at March 31, 1998 and 8,721,425 at June 30, 1997 88,267 87,214 Capital in excess of par value 27,074,164 26,500,942 - -------------------------------------------------------------------------------- 27,162,431 26,588,156 Retained Earnings 49,140,218 43,706,139 Unrealized Appreciation in Marketable Securities 174,841 34,220 Cumulative Translation Adjustment (134,427) (85,123) - -------------------------------------------------------------------------------- 76,343,063 70,243,392 - -------------------------------------------------------------------------------- $90,774,817 $83,282,583 ================================================================================ See accompanying notes to consolidated financial statements LUNAR CORPORATION AND SUBSIDIARIES Consolidated Statements of Income (Unaudited) - -------------------------------------------------------------------------------- Three months ended Nine months ended March 31, March 31, March 31, March 31, 1998 1997 1998 1997 - -------------------------------------------------------------------------------- Revenues $18,059,845 $19,857,329 $58,475,907 $59,288,064 - -------------------------------------------------------------------------------- Operating Expenses Cost of sales 9,696,935 8,739,673 28,402,692 26,148,882 Research and development 1,825,661 1,429,756 5,192,178 4,014,633 Selling and marketing 4,497,658 4,118,381 13,721,067 12,492,401 General and administrative 1,169,539 1,236,755 3,368,829 3,462,779 - -------------------------------------------------------------------------------- 17,189,793 15,524,565 50,684,766 46,118,695 - -------------------------------------------------------------------------------- Income from Operations 870,052 4,332,764 7,791,141 13,169,369 - -------------------------------------------------------------------------------- Other Income (Expense): Interest income 400,611 356,366 1,356,513 1,064,213 Settlement of lawsuit - - - 1,828,905 Other (253,310) 198,954 (1,092,575) 152,047 - -------------------------------------------------------------------------------- 147,301 555,320 263,938 3,045,165 - -------------------------------------------------------------------------------- Income Before Income Taxes 1,017,353 4,888,084 8,055,079 16,214,534 Income Tax Expense 325,000 1,611,000 2,621,000 5,491,000 - -------------------------------------------------------------------------------- Net Income $ 692,353 $3,277,084 $5,434,079 $10,723,534 ================================================================================ Basic Earnings per Share $0.08 $0.38 $0.62 $1.25 ================================================================================ Diluted Earnings per Share $0.08 $0.36 $0.60 $1.18 ================================================================================ Weighted Average Number of Common Shares 8,800,035 8,674,318 8,758,201 8,580,534 ================================================================================ Weighted Average Number of Common and Dilutive Potential Common Shares 9,153,009 9,163,529 9,124,730 9,103,341 ================================================================================ See accompanying notes to consolidated financial statements LUNAR CORPORATION AND SUBSIDIARIES Consolidated Statements of Cash Flows (Unaudited) - -------------------------------------------------------------------------------- Nine months ended March 31, March 31, 1998 1997 - -------------------------------------------------------------------------------- Cash Flows from Operating Activities: Net income $5,434,079 $10,723,534 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 1,621,492 1,024,620 Changes in assets and liabilities: Receivables (140,610) 6,225,288 Inventories (3,894,951) (1,947,580) Other current assets (302,962) (58,555) Deferred income taxes 1,061,000 (266,000) Accounts payable 375,720 (966,553) Customer advances and deferred income 312,684 134,702 Accrued liabilities 118,117 459,797 Income taxes payable 536,738 1,122,672 - -------------------------------------------------------------------------------- Net Cash Provided by Operating Activities 5,121,307 16,451,925 - -------------------------------------------------------------------------------- Cash Flows from Investing Activities: Purchases of marketable securities (14,512,714) (20,236,573) Sales and maturities of marketable securities 4,207,000 851,600 Additions to property, plant and equipment (2,952,592) (1,320,354) Patents and other intangibles (138,229) (172,708) - -------------------------------------------------------------------------------- Net Cash Used in Investing Activities (13,396,535) (20,878,035) - -------------------------------------------------------------------------------- Cash Flows from Financing Activities: Proceeds from exercise of stock options 766,952 1,148,818 Income tax benefit from stock option exercises 885,448 2,468,529 Repurchase of common stock (1,078,125) - - -------------------------------------------------------------------------------- Net Cash Provided by Financing Activities 574,275 3,617,347 - -------------------------------------------------------------------------------- Net Decrease in Cash and Cash Equivalents (7,700,953) (808,763) Cash and Cash Equivalents at Beginning of Period 14,417,155 8,001,582 - -------------------------------------------------------------------------------- Cash and Cash Equivalents at End of Period $ 6,716,202 $ 7,192,819 ================================================================================ Supplemental Disclosure of Cash Flow Information: Income taxes paid $ 1,037,000 $ 2,404,859 ================================================================================ See accompanying notes to consolidated financial statements LUNAR CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (1) BASIS OF PRESENTATION The consolidated financial statements of Lunar Corporation (the "Company") presented herein, without audit except for balance sheet information at June 30, 1997, have been prepared pursuant to the rules of the Securities and Exchange Commission for quarterly reports on Form 10-Q and do not include all of the information and note disclosures required by generally accepted accounting principles. These statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended June 30, 1997. The consolidated balance sheet as of March 31, 1998, the consolidated statements of income for the three and nine months ended March 31, 1998 and 1997, and the consolidated statements of cash flows for the nine months ended March 31, 1998 and 1997 are unaudited but, in the opinion of management, include all adjustments (consisting of normal, recurring adjustments) necessary for a fair presentation of results for these interim periods. The Company has reclassified the presentation of certain prior year information to conform with the current presentation format. The results of operations for the three and nine months ended March 31, 1998, are not necessarily indicative of the results to be expected for the entire fiscal year ending June 30, 1998. (2) INVENTORIES Inventories are stated at the lower of cost or market; cost is determined principally by the first-in, first-out method. Inventories are broken down as follows: - -------------------------------------------------------------------------------- March 31, June 30, 1998 1997 (Unaudited) (Audited) - -------------------------------------------------------------------------------- Finished goods and work in process $ 4,622,813 $2,909,854 Materials and purchased parts 8,645,628 6,463,636 ----------- ---------- $13,268,441 $9,373,490 =========== ========== (3) SHAREHOLDERS' EQUITY On April 22, 1997, the Company approved a stock repurchase program pursuant to which it may repurchase up to 1,000,000 shares of its common stock from time to time based upon market conditions and other factors. The Company has repurchased 55,000 shares under this program as of May 13, 1998. (4) EARNINGS PER COMMON SHARE Effective December 31, 1997, the Company adopted the provisions of Statement of Financial Accounting Standards No. 128, Earnings Per Share. Statement No. 128 replaces the previously reported primary and fully diluted earnings per share with basic and diluted earnings per share. Basic earnings per share are computed by dividing net income by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share are computed by dividing net income by the weighted average number of shares of common stock outstanding plus the number of additional common shares that would have been outstanding if common shares had been issued for outstanding stock options, calculated according to the treasury stock method. All earnings per share amounts for all periods presented have been restated to conform to the requirements of Statement No. 128. Item 2. Management Discussion and Analysis of Financial Condition and Results of Operations Results of Operations Equipment sales and other revenue decreased 9% to $18,060,000 in the three months ended March 31, 1998 from $19,857,000 in the three months ended March 31, 1997. For the nine months ended March 31, 1998, equipment sales and other revenue decreased 1% to $58,476,000 from $59,288,000 in the nine months ended March 31, 1997. Sales by product line are summarized as follows: Revenues by Product (in thousands) Three Months Ended Nine Months Ended ---------------------- ---------------------- March 31, March 31, March 31, March 31, 1998 1997 1998 1997 ---------------------- ---------------------- X-ray densitometry $12,563 $14,370 $41,673 $46,557 Ultrasound densitometry 905 1,287 3,613 4,072 Orthopedic Imaging 2,865 2,951 7,739 5,217 Service Revenue 1,382 971 4,150 2,389 Other 345 278 1,301 1,053 ---------------------- ---------------------- $18,060 $19,857 $58,476 $59,288 ====================== ====================== The Company's sales of bone densitometers in the United States have been negatively impacted by a shift away from traditional hospital buyers toward physician clinical practices, which tend to favor the lowest priced densitometers. The Company recently announced two new distributor agreements to better address this market segment. The increase in Orthopedic Imaging sales for the current fiscal year is primarily due to increased unit sales of the Artoscan dedicated MRI system. The increase in service revenue is primarily due to the growing installed base of densitometers in the United States. Cost of sales as a percentage of equipment sales averaged approximately 54% and 49% in the three and nine month periods ended March 31, 1998, respectively, compared to 44% in the three and nine month periods ended March 31, 1997. The increase is primarily the result of lower gross profit margins on sales of densitometry equipment as a result of competitive pricing pressures and a higher mix of orthopedic imaging equipment which have lower gross profit margins. Research and development expenditures increased to $1,826,000 in the three months ended March 31, 1998 from $1,428,000 in the three months ended March 31, 1997 and increased to $5,192,000 in the nine months ended March 31, 1998 from $4,015,000 in the nine months ended March 31, 1997. The Company increased research and development expenditures for ultrasound and peripheral x-ray densitometry products during the three and nine month periods ended March 31, 1998. Sales and marketing expenses were $4,498,000 in the three months ended March 31, 1998, compared to $4,118,000 in the three months ended March 31, 1997, representing an increase to 25% from 21% as a percentage of equipment sales. For the nine months ended March 31, 1998, sales and marketing expenses were $13,721,000 compared to $12,492,000 for the nine months ended March 31, 1997, representing an increase to 23% from 21% as a percentage of equipment sales. These increases are primarily the result of increased sales and marketing efforts to address the expanding primary care market for densitometry. General and administration expenses decreased to $1,170,000 in the three months ended March 31, 1998 from $1,237,000 in the three months ended March 31, 1997, and decreased to $3,369,000 in the nine months ended March 31, 1998 from $3,463,000 in the nine months ended March 31, 1997. Interest income was $401,000 and $1,357,000 in the three and nine months ended March 31, 1998, respectively, compared to $356,000 and $1,064,000 in the three and nine months ended March 31, 1997, respectively. This increase is primarily the result of increased investments in marketable securities partially offset by decreases in the amount of financed receivables. The effective tax rate averaged 32% and 33% in the three and nine month periods ended March 31, 1998, respectively, compared to 33% and 34% in the three and nine month period ended March 31, 1997, respectively. The effective tax rate is lower in the three and nine month periods ended March 31, 1998 versus the comparable prior year period due to increased tax-exempt interest income. The rate for the three and nine month periods ended March 31, 1998 is below the 34% federal statutory rate as a result of tax-exempt interest income and the benefit of the foreign sales corporation offset by the provision for state income taxes. Liquidity and Capital Resources Cash and cash equivalents decreased $7,701,000 to $6,716,000 in the nine months ended March 31, 1998 primarily due to the purchase of municipal bonds. The Company has a $32,580,000 laddered portfolio of high-grade, readily marketable municipal bonds with various maturities not exceeding 48 months. The Company's trade accounts receivable increased $140,000 to $29,155,000 at March 31, 1998 from $29,015,000 at June 30, 1997. The increase in accounts receivable is primarily due to an increase in receivables from Latin American customers which the Company intends to sell prior to June 30, 1998. Inventories increased 42% to $13,268,000 at March 31, 1998 from $9,373,000 at June 30, 1997. The increase in finished goods is primarily attributable to increases in Artoscan MRI units. The increase in materials and purchased parts is primarily attributable to higher service inventories as a result of higher sales in the United States. The Company purchased a 25-acre parcel of land in January 1998 for $1,949,000. The Company plans to begin construction of an assembly, warehouse, and office building in mid-1998. Total construction costs are projected to be approximately $8,000,000. The Company does not have any other pending material commitments for capital expenditures. Management believes the current level of cash and short-term investments is adequate to finance the Company's operations for the foreseeable future. Year 2000 Compliance Many currently installed computer systems and software products are coded to accept only two-digit entries in the date code field. To distinguish 21st century from 20th century dates, these date code fields must be able to accept four-digit entries. The Company has reviewed its existing financial and other business information systems and believes that its computer systems will be able to manage and manipulate all material data involving the transition form 1999 to 2000 without functional or data abnormality and without inaccurate results related to such data. Item 3. Quantitative and Qualitative Disclosure About Market Risk Not applicable. PART II - OTHER INFORMATION LUNAR CORPORATION AND SUBSIDIARIES Item 1. Legal Proceedings Patent Litigation: On March 5, 1996, the Company and University of Alabama - Birmingham Research Foundation (UAB) (collectively the co-plaintiffs) sued EG&G Astrophysics (EG&G) of Long Beach, California, in the United States District Court for the Western District of Wisconsin for infringement of U.S. Patent 4,626,688 (the '688 Patent) by EG&G's dual-energy baggage scanners. A trial of the matter in December of 1996 concluded with a verdict in favor of the co-plaintiffs. The Company and UAB were awarded $4.2 million in damages which was divided between the co-plaintiffs after deducting legal expenses. The co-plaintiffs also entered into a Settlement and License Agreement with EG&G whereby EG&G was licensed under the '688 patent and a related U.S. patent. The license agreement provides for payment of royalties to the co-plaintiffs on EG&G's dual-energy baggage scanners manufactured or sold in the United States. The license agreement ends on December 2, 2003. The Company is presently co-defendant and counterclaim co-plaintiff with the UAB in two declaratory judgment actions filed in the United States District Court for the Central District of California. Both actions seek a determination of non-infringement and invalidity of the '688 Patent. The first declaratory judgment action was filed on January 21, 1997 by RapiScan Security Systems Inc. ("RapiScan"). RapiScan manufactures and sells baggage scanning equipment and is a competitor of EG&G. The second declaratory judgment action was filed on February 26, 1997 by Osteometer Meditech A/S ("Osteometer"), a competitor of the Company. Osteometer manufactures and sells bone densitometry products and is located in Denmark. The Company intends to vigorously defend against these lawsuits. The Company does not believe these lawsuits will have a material effect on the results of operations or financial condition of the Company. Item 2. Changes in Securities None Item 3. Defaults Upon Senior Securities None Item 4. Submission of Matters to a Vote of Security Holders None. Item 5. Other Information Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995: Certain statements in this filing, and elsewhere (such as in other filings by the Company with the Securities and Exchange Commission, press releases, presentations by the Company or its management, and oral statements) constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of the Company to be materially different from any future results, performance, or achievements expressed or implied by such forward-looking statements. Such factors include, among other things, regulation, technical risks associated with the development of new products, regulatory policies in the United States and other countries, reimbursement policies of public and private health care payors, introduction and acceptance of new drug therapies, currency exchange risks, competition from existing products and from new products or technologies, and market and general economic factors. Item 6. Exhibits and Reports on Form 8-K (a) Exhibits furnished: (11) Statement Re: Computation of Earnings Per Share (27.1) Financial Data Schedule-March 31, 1998 (27.2) Financial Data Schedule-March 31, 1997 (b) Reports on Form 8-K No reports on Form 8-K were filed by the Company during the quarter ended March 31, 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. LUNAR CORPORATION (Registrant) Date: May 13, 1998 /s/ Richard B. Mazess Richard B. Mazess President (Principal Executive Officer) Date: May 13, 1998 /s/ Robert A. Beckman Robert A. Beckman Vice President of Finance and Treasurer (Principal Financial and Accounting Officer) LUNAR CORPORATION AND SUBSIDIARIES Exhibit Index For the Quarterly Period Ended March 31, 1998 No. Description Page - -------------------------------------------------------------------------------- 11 Statement Regarding Computation of Earnings Per Share. . . . . . . . . . 15 27.1 Financial Data Schedule-March 31, 1998 . . . . . . . . . . . . . . . . . 16 27.2 Financial Data Schedule-March 31, 1997 . . . . . . . . . . . . . . . . . 17 EX-11 2 COMPUTATION OF PER-SHARE EARNINGS Exhibit 11 LUNAR CORPORATION AND SUBSIDIARIES Statement Regarding Computation of Earnings Per Share (Unaudited) Three months ended Nine months ended March 31, March 31, March 31, March 31, 1998 1997 1998 1997 ---------------------- ---------------------- Net income $ 692,353 $3,277,084 $5,434,076 $10,723,534 ====================== ====================== Weighted average number of common shares 8,800,035 8,674,318 8,758,201 8,580,534 Stock options calculated according to the treasury stock method 352,974 489,211 366,529 522,807 ---------------------- ---------------------- Weighted average number of common and potential common shares 9,153,009 9,163,529 9,124,730 9,103,341 ====================== ====================== Basic earnings per share $0.08 $0.38 $0.62 $1.25 ====================== ====================== Diluted earnings per share $0.08 $0.36 $0.60 $1.18 ====================== ====================== EX-27.1 3 ART. 5 FDS FOR 3RD QUARTER 10-Q
5 This schedule contains summary financial information extracted from Form 10-Q for the three months ended March 31, 1998, and is qualified in its entirety by reference to such financial statements. 1,000 9-MOS JUN-30-1998 MAR-31-1998 6,716 32,580 31,839 2,684 13,268 55,330 11,245 4,870 90,775 14,432 0 88 0 0 76,255 90,775 58,476 58,476 28,403 50,685 1,093 0 0 8,055 2,621 5,434 0 0 0 5,434 .62 .60
EX-27.2 4 ART. 5 FDS FOR 3RD QUARTER 10-Q
5 This schedule contains summary financial information extracted from Form 10-Q for the three months ended March 31, 1997, and is qualified in its entirety by reference to such financial statements. 1,000 9-MOS JUN-30-1997 MAR-31-1997 7,193 22,621 32,442 2,709 10,623 51,179 7,886 3,677 77,885 11,296 0 87 0 0 66,501 77,885 59,288 59,288 26,149 46,119 0 0 0 16,215 5,491 10,724 0 0 0 10,724 1.25 1.18
-----END PRIVACY-ENHANCED MESSAGE-----