-----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, WAV8PSn0ScPWh00tHTtXmc38JPF14LKD12i7hMLdZ7/YEAmPNfGwmiyWRxLk+r6W rEsXLHY0RZb5rCmb6BLs4w== 0000893877-96-000266.txt : 19960816 0000893877-96-000266.hdr.sgml : 19960816 ACCESSION NUMBER: 0000893877-96-000266 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19960630 FILED AS OF DATE: 19960814 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: RADISYS CORP CENTRAL INDEX KEY: 0000873044 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-COMPUTER INTEGRATED SYSTEMS DESIGN [7373] IRS NUMBER: 930945232 STATE OF INCORPORATION: OR FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-26844 FILM NUMBER: 96615142 BUSINESS ADDRESS: STREET 1: 15025 SW KOLL PARKWAY CITY: BEAVERTON STATE: OR ZIP: 97006 BUSINESS PHONE: 5036461800 10-Q 1 FORM 10-Q 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 June 30, 1996 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: 0-26844 RADISYS CORPORATION (Exact name of registrant as specified in its charter) Oregon 93-0945232 (State or other jurisdiction (I.R.S. Employer of organization or incorporation) Identification Number) 15025 S.W. Koll Parkway Beaverton, Oregon 97006 (Address of principal executive offices, including zip code) (503) 646-1800 (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 (or for such shorter period that the registrant was required to file such report), and (2) has been subject to such filing requirements for the past 90 days. Yes X No --- --- Number of shares of common stock outstanding as of August 9, 1996: 7,393,303 RADISYS CORPORATION PART I. FINANCIAL INFORMATION Page No. -------- Item 1. Consolidated Financial Statements Consolidated Balance Sheet - June 30, 1996 and December 31, 1995 3 Consolidated Statement of Operations - Three months ended 4 June 30, 1996 and 1995, and six months ended June 30, 1996 and 1995 Consolidated Statement of Changes In Shareholders' 5 Equity - December 31, 1993 through June 30, 1996 Consolidated Statement of Cash Flows - Six months ended 7 June 30, 1996 and 1995 Notes to Consolidated Financial Statements 8 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 11 PART II. OTHER INFORMATION Item 4. Submission of Matters to a Vote of Security Holders 15 Item 6. Exhibits and Reports on Form 8-K 15 Signatures 16 2
RadiSys Corporation Consolidated Balance Sheet (in thousands, except share amounts) ASSETS June 30, December 31, 1996 1995 ------------ ----------- (unaudited) Current assets: Cash and cash equivalents $ 18,735 $ 10,236 Short term investments 1,050 10,922 Accounts receivable 16,050 6,869 Other receivables 5,444 139 Inventories 9,497 6,380 Other current assets 538 374 Deferred income taxes 297 297 ------------ ----------- Total current assets 51,611 35,217 Property and equipment, net of accumulated depreciation of $4,598 and $3,832 8,410 3,179 Other assets 627 716 ------------ ----------- $ 60,648 $ 39,112 ============ =========== LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Accounts payable $ 3,553 $ 1,790 Income taxes payable 836 147 Accrued wages and bonuses 1,505 783 Accrued warranty costs 654 334 Other accrued liabilities 2,865 141 Current portion of note payable 600 Current portion of capital lease obligation 214 214 ------------ ----------- Total current liabilities 10,227 3,409 ------------ ----------- Obligations under capital lease 798 884 Note payable 600 ------------ ----------- Total long-term liabilities 1,398 884 ------------ ----------- Total liabilities 11,625 4,293 ------------ ----------- Commitments and contingent liabilities Shareholders' equity: Common stock, 15,000,000 shares authorized, 7,338,208 and 6,014,709 shares issued and outstanding 44,147 33,627 Warrants 1,200 Cumulative translation adjustment (170) (108) Retained earnings 3,846 1,300 ------------ ------------ Total shareholders' equity 49,023 34,819 ------------ ------------ $ 60,648 $ 39,112 ============ ============ See accompanying notes to consolidated financial statements.
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RadiSys Corporation Consolidated Statement of Operations (in thousands, except per share amounts) (unaudited) Three Months Ended Six Months Ended June 30, June 30, June 30, June 30, 1996 1995 1996 1995 ------------- ----------- -------------- ------------ Revenues $ 20,034 $ 8,169 $ 31,099 $ 14,842 Cost of sales 11,968 5,317 19,366 9,536 ------------- ----------- -------------- ------------ Gross Profit 8,066 2,852 11,733 5,306 Research and development 2,506 840 3,636 1,538 Selling, general and administrative 2,765 1,685 4,668 3,189 ------------- ----------- -------------- ------------ Income from operations 2,795 327 3,429 579 Interest income (expense), net 272 (10) 525 28 ------------- ----------- -------------- ------------ Income before income tax provision 3,067 317 3,954 607 Income tax provision 1,071 95 1,408 182 ------------- ----------- -------------- ------------ Net income $ 1,996 $ 222 $ 2,546 $ 425 ============= =========== ============== ============ Net income per share $ .27 $ .06 $ .37 $ .11 ============= =========== ============== ============ Weighted average number of common and common equivalent shares outstanding 7,309 3,930 6,814 3,921 ============= =========== ============== ============ See accompanying notes to consolidated financial statements.
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RadiSys Corporation Consolidated Statement of Changes in Shareholders' Equity (in thousands, except share amounts) (six months ended June 30, 1996 is unaudited) Page 1 of 2 Preferred stock ---------------------------------------------------------------- Series A Series B Series C Common stock ------------------ ---------------------- ---------------------- --------------------- Shares Amount Shares Amount Shares Amount Shares Amount --------- -------- ------------ --------- ------------ --------- ------------ --------- Balances, December 31, 1993 355,556 1,500 1,820,988 4,917 2,159,504 2,973 1,372,752 322 Collection of note receivable Exercise of common stock options 111,328 156 Issuance of common stock for cash 3,030 10 Repurchase of common stock (4,910) (13) Net income for the year Balances, December 31, 1994 355,556 1,500 1,820,988 4,917 2,159,504 2,973 1,482,200 475 --------- -------- ------------ --------- ------------ --------- ------------ --------- Exercise of common stock options 58,524 106 Issuance of common stock 2,175,000 23,656 Conversion of preferred stock (355,556) (1,500) (1,820,988) (4,917) (2,159,504) (2,973) 2,298,985 9,390 Translation adjustment Net income for the year --------- -------- ------------ --------- ------------ --------- ------------ --------- Balances, December 31, 1995 6,014,709 33,627 Exercise of common stock options 23,499 20 Translation adjustment Stock issued for acquisition 1,300,000 10,500 Warrants issued for acquisition Net income for the period --------- -------- ------------ --------- ------------ --------- ------------ --------- Balances, June 30, 1996 - - - - - $ - 7,338,208 $ 44,147 ========= ======== ============ ========= ============ ========= ============ ======== See accompanying notes to consolidated financial statements.
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RadiSys Corporation Consolidated Statement of Changes in Shareholders' Equity (in thousands, except share amounts) (six months ended June 30, 1996 is unaudited) Page 2 of 2 Cumulative Retained Notes translation (deficit) Warrants Receivable adjustment earnings Total ------------ ---------- ---------- ---------- ---------- Balances, December 31, 1993 (5) (1,581) 8,126 Collection of note receivable 5 5 Exercise of common stock options 156 Issuance of common stock for cash 10 Repurchase of common stock (13) Net income for the year 1,365 1,365 ------------ ---------- ---------- ---------- ---------- Balances, December 31, 1994 (216) 9,649 Exercise of common stock options 106 Issuance of common stock 23,656 Conversion of preferred stock Translation adjustment (108) (108) Net income for the year 1,516 1,516 ------------ ---------- ---------- ---------- ---------- Balances, December 31, 1995 (108) 1,300 34,819 Exercise of common stock options 20 Translation adjustment (62) (62) Stock issued for acquisition 10,500 Warrants issued for acquisition 1,200 1,200 Net income for the period 2,546 2,546 ------------ ---------- ---------- ---------- ---------- Balances, June 30, 1996 $ 1,200 $ - $ (170) $ 3,846 $ 49,023 ============ ========== ========== ========== ========== See accompanying notes to consolidated financial statements.
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RadiSys Corporation Consolidated Statement of Cash Flows (in thousands) (unaudited) Six Months Ended June 30, June 30, 1996 1995 ------------ ------------- Cash flows from operating activities: Net Income $ 2,546 $ 425 Adjustments to reconcile net income to net cash provided by (used for) operating activities: Depreciation and amortization 766 561 Deferred income taxes (37) Net changes in current assets and current liabilities: Increase in accounts receivable (9,181) (1,717) Increase in other receivables (505) Decrease (increase) in inventories 2,480 (2,358) Decrease in other current assets 61 18 Increase in accounts payable 1,763 1,615 Increase (decrease) in income tax payable 689 (81) Increase in accrued wages and bonuses 722 38 Increase in accrued warranty costs 320 81 Increase (decrease) in other accrued liabilities 2,724 (8) ---------- ------------- Net cash provided by (used for) operating activities 2,385 (1,463) ---------- ------------- Cash flows from investing activities: Decrease in short term investments 9,872 Capital expenditures (3,411) (868) Capitalized software production costs and decrease in other assets (219) (284) ---------- ------------- Net cash provided by (used for) investing activities 6,242 (1,152) ---------- ------------- Cash flows from financing activities: Cash proceeds from issuance of common stock, net 20 43 Payments on capital lease obligation (86) (55) ---------- ------------- Net cash used for financing activities (66) (12) ---------- ------------- Effect of exchange rate changes on cash (62) 8 ---------- ------------- Net increase (decrease) in cash and cash equivalents 8,499 (2,619) Cash and cash equivalents, beginning of period 10,236 2,965 ---------- ------------- Cash and cash equivalents, end of period $ 18,735 $ 346 ========== ============= See accompanying notes to consolidated financial statements.
7 RADISYS CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (in thousands, except share amounts) (unaudited) 1. BASIS OF PRESENTATION The accompanying consolidated financial statements are unaudited and have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission and in the opinion of management include all adjustments, consisting only of normal recurring adjustments, necessary for the fair statement of results for the interim periods. Certain information and footnote disclosure normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations. These consolidated financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Company's annual report on Form 10-K for the year ended December 31, 1995. The results of operations for interim periods are not necessarily indicative of the results for the entire year. Net income per share is based on the weighted average number of shares of common stock and common stock equivalents (stock options and warrants) outstanding during the periods, computed using the treasury stock method for stock options and warrants. 2. ACCOUNTS RECEIVABLE Trade accounts receivable are net of an allowance for doubtful accounts of $524 and $233 at June 30, 1996 and December 31, 1995, respectively. The Company's customers are concentrated in the technology industry. 3. INVENTORIES Inventories consist of the following: June 30, December 31, 1996 1995 -------- ------------ Raw Materials $ 4,588 $ 3,835 Work in Process 2,940 270 Finished Goods 1,969 2,275 -------- -------- $ 9,497 $ 6,380 ======== ======== 8 4. PROPERTY AND EQUIPMENT Property and equipment consists of the following: June 30, December 31, 1996 1995 --------- ------------ Land $ 1,190 $ 33 Manufacturing Equipment 4,186 3,654 Office Equipment 6,536 3,040 Leasehold Improvements 1,096 284 -------- -------- 13,008 7,011 Less: Accum. Depr. 4,598 3,832 -------- -------- $ 8,410 $ 3,179 ======== ======== 5. MULTIBUS ACQUISITION On April 29, 1996, the Company purchased substantially all of the assets of Intel Corporation ("Intel") that were dedicated to the design, manufacture and sale of all standard and custom Multibus I and Multibus II products ("Multibus") (collectively the "Acquisition"). In addition, pursuant to the terms of the Acquisition, Intel licensed certain Intel software to the Company. The purchase price consisted of 1,300,000 shares of the Company's common stock ("Common Stock") and warrants to purchase an additional 300,000 shares of Common Stock exercisable within 24 months at prices per share ranging from $13.50 to $15.00, plus an aggregate of $1.2 million in cash to be paid in 1997. The Acquisition was accounted for using the purchase method. The results of operations for Multibus have been included in the financial statements since the date of acquisition. The aggregate purchase price of $13.2 million (including direct costs of acquisition) was allocated to purchased inventory, equipment and in-process research and development. The non cash portions have been excluded from the accompanying Consolidated Statement of Cash Flows. Included within other receivables is approximately $5.4 million related to inventory to be delivered by Intel to the Company by March 1997 and inventory purchased by Intel from the Company under the Acquisition agreement. The following unaudited pro forma information represents the results of operations of the Company as if the Acquisition had occurred as of the beginning of the respective six month periods, after giving effect to assumed increases in operating, research and development, and general and administrative costs to operate the business, depreciation of acquired fixed assets, expensing acquired in process research and development, and adjustments to reflect the estimated impact on tax expense of the Acquisition. The unaudited pro forma financial statements are not necessarily indicative of what actual results would have been had the Multibus acquisition 9 occurred at the beginning of the respective periods. The unaudited pro forma information should be read in conjunction with the Current Report of the Company on Form 8-K dated May 3, 1996 and the Current Report of the Company on Form 8-K/A dated July 1, 1996. For the six months ended -------------------------- June 30, December 31, 1996 1995 --------- ------------ Revenues $ 51,443 $ 53,290 Net Income $ 4,215 2,403 --------- --------- Earnings per share $ 0.53 $ 0.44 --------- --------- 10 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS OVERVIEW Total revenue was $20.0 million for the three months ended June 30, 1996 compared to $8.2 million for the three months ended June 30, 1995, and $31.1 million for the six months ended June 30, 1996 compared to $14.8 million for the six months ended June 30, 1995. Net income was $2.0 million for the three months ended June 30, 1996 compared to $0.2 million for the three months ended June 30, 1995, and $2.5 million for the six months ended June 30, 1996 compared to $0.4 million for the six months ended June 30, 1995. From time to time the Company may issue forward looking statements that involve a number of risks and uncertainties. The following are among the factors that could cause actual results to differ materially from the forward looking statements: business conditions and growth in the electronics industry and general economies, both domestic and international; uncertainty of market development; dependence on a limited number of OEM customers; dependence on limited or sole source suppliers; dependence on the relationship with Intel Corporation ("Intel"); dependence on Intel's support of the embedded computer market; lower than expected customer orders; competitive factors, including increased competition, new product offerings by competitors and price pressures; the availability of parts and components at reasonable prices; changes in product mix; dependence on proprietary technology; technological difficulties and resource constraints encountered in developing new products; and product shipment interruptions due to manufacturing difficulties. The forward looking statements contained in this document regarding industry trends, product development and introductions, and liquidity and future business activities should be considered in light of these factors. On April 29, 1996, the Company purchased substantially all of the assets of Intel Corporation ("Intel") that were dedicated to the design, manufacture and sale of all standard and custom Multibus I and Multibus II products ("Multibus") (collectively the "Acquisition"). In addition, pursuant to the terms of the Acquisition, Intel licensed certain Intel software to the Company. The Acquisition was accounted for using the purchase method. The results of operations for Multibus have been included in the financial statements since the date of acquisition.
REVENUES Three Months Ended Six Months Ended ------------------ ---------------- (in thousands except % amounts) (in thousands except % amounts) June 30, % June 30, June 30, % June 30, 1996 Change 1995 1996 Change 1995 ---- ------ ---- ---- ------ ---- Revenues $20,034 145 $ 8,169 $ 31,099 110 $ 14,842
The increases in revenues for the three and six months ended June 30, 1996 compared to the three and six months ended June 30, 1995, respectively, resulted primarily from the acquisition of Multibus from Intel on April 29, 1996 and from volume increases in OEM sales. Additionally, included within revenues is $0.7 million of royalty payments from Intel in connection with backlog retained by Intel related to the Acquisition. 11 COST OF GOODS SOLD
Three Months Ended Six Months Ended ------------------ ---------------- (in thousands except % amounts) (in thousands except % amounts) June 30, % June 30, June 30, % June 30, 1996 Change 1995 1996 Change 1995 ---- ------ ---- ---- ------ ---- Cost of Goods Sold $11,968 125 $5,317 $19,366 103 $9,536 As a % of total revenue 60% 65% 62% 64%
As a percentage of revenue total cost of goods sold decreased for the three and six months ended June 30, 1996 compared to the three and six months ended June 30, 1995, respectively, primarily as a result of a product mix consisting of a larger portion of higher margin products relative to lower margin products shipped during the second quarter of 1996 and the fact that certain key material costs, particularly DRAM prices, declined faster than price changes to the Company's customers. The product mix in future periods is expected to return to targeted levels, which are lower than those achieved in the three months ended June 30, 1996. Additionally, included within cost of goods sold for the three and six months ended June 30, 1996 is $1.3 million of inventory valuation adjustments that resulted from purchase accounting in connection with the Acquisition. RESEARCH AND DEVELOPMENT
Three Months Ended Six Months Ended ------------------ ---------------- (in thousands except % amounts) (in thousands except % amounts) June 30, June 30, June 30, June 30, 1996 1995 1996 1995 ---- ---- ---- ---- Research and Development $ 2,506 $ 840 $ 3,636 $ 1,538 As a % of total revenue 13% 10% 12% 10%
The dollar increases in research and development expenses were primarily the result of increased investment in new product development and costs of enhancements to existing products. The Company continues to invest in new design wins for OEM customers and the dollar increases reflect steady increases in the number of employees working in research and development. Additionally, included within research and development for the three and six months ended June 30, 1996 is $225,000 to expense in-process research and development acquired in connection with the Acquisition. 12 SELLING, GENERAL AND ADMINISTRATIVE
Three Months Ended Six Months Ended ------------------ ---------------- (in thousands except % amounts) (in thousands except % amounts) June 30, June 30, June 30, June 30, 1996 1995 1996 1995 ---- ---- ---- ---- Selling, General & Admin. $ 2,765 $ 1,685 $ 4,668 $ 3,189 As a % of total revenue 14% 21% 15% 21%
Selling, general and administrative expenses have increased in dollar amount in the three and six months ended June 30, 1996 compared to the three and six months ended June 30, 1995, respectively, primarily as a result of increased personnel, facilities and travel cost to support higher levels of sales and to support the acquired Multibus operations. The decreases as a percentage of revenues were primarily the result of operating efficiencies achieved by spreading fixed costs over a larger revenue base, offset partially by increases in costs required to expand international operations. INTEREST INCOME, NET AND INCOME TAX PROVISION
Three Months Ended Six Months Ended ------------------ ---------------- (in thousands except % amounts) (in thousands except % amounts) June 30, % June 30, June 30, % June 30, 1996 Change 1995 1996 Change 1995 ---- ------ ---- ---- ------ ---- Interest Income, net $ 272 280 $(10) $ 525 1775 $ 28 Income Tax Provision 1,071 1,027 95 1,408 674 182
Interest income, net includes interest income, interest expense, bank charges and foreign currency transaction gains or losses. The increases in interest income, net for the three and six months ended June 30, 1996 compared to the three and six months ended June 30, 1995, respectively, were primarily the result of cash invested from the Company's initial public offering in October of 1995. The income tax provision reflects effective income tax rates of 35 percent and 30 percent for 1996 and 1995, respectively. The increase in the income tax provision is primarily attributable to the depletion of tax credits in 1995. LIQUIDITY AND CAPITAL RESOURCES As of June 30, 1996, the Company had $19.8 million in cash and short term investment grade securities, which represents the Company's principal source of liquidity. The Company had working capital of approximately $41.4 million. Net cash provided by operating activities for the six months ended June 30, 1996 was $2.4 million as compared with net cash used by operations of $1.5 million for the six months ended June 30, 1995. Capital expenditures were $3.4 million in the six months ended June 30, 1996 and $868,000 for the six months ended June 30, 1995. Capital expenditures for the six months ended June 30, 1996 were primarily for the purchase of two parcels of land for future expansion and construction in progress for a new headquarters and manufacturing facility under development. 13 On April 29, 1996, the Company purchased substantially all of the assets of Intel Corporation that are dedicated to the design, manufacture and sale of all standard and custom Multibus I and Multibus II products . In addition, pursuant to the terms of the Acquisition, Intel licensed certain Intel software to the Company. The purchase price consisted of 1,300,000 shares of the Company's Common Stock and warrants to purchase an additional 300,000 shares of Common Stock exercisable within 24 months at prices per share ranging from $13.50 to $15.00, plus an aggregate of $1.2 million in cash to be paid in 1997. The Company will fund the acquired operations from existing cash and cash equivalents. The Company believes that existing cash and cash equivalents and cash from operations will be sufficient to fund its operations for at least the next 12 months. 14 PART II OTHER INFORMATION Item 4. Submission of Matters to a Vote of Security Holders On May 28, 1996 at the Company's Annual Meeting, the holders of the Company's outstanding Common Stock took the actions described below. At May 28, 1996, 6,022,729 shares of Common Stock were issued and outstanding and eligible to vote at the Annual Meeting. 1. The shareholders elected each of Dr. Glenford J. Myers, David L. Budde, James F. Dalton, Richard J. Faubert, C. Scott Gibson and Dr. William W. Lattin to the Company's Board of Directors, by the votes indicated below, to serve for the ensuing year. There were no absententions or broker nonvotes.
Shares Shares Against in Favor or Withheld -------- ----------- Dr. Glenford J Myers 4,284,353 42,919 David L. Budde 4,297,054 30,218 James F. Dalton 4,302,962 24,310 Richard J. Faubert 4,304,662 22,610 C. Scott Gibson 4,281,036 46,236 Dr. William W. Lattin 4,285,566 41,706
2. The Shareholders adopted, by vote indicated below, the Company's Employee Stock Purchase Plan.
Shares Shares Against Broker in Favor or Withheld Abstentions Nonvotes -------- ----------- ----------- -------- 4,015,887 193,756 7,294 110,335
Item 6. Exhibits and Reports on Form 8-K (a) Exhibits 27 Financial Data Schedule (b) Reports on Form 8-K On May 3, 1996, the Company filed a Form 8-K dated April 29, 1996 reporting Item 2. On July 1, 1996, the Company filed a Form 8-K/A. 15 SIGNATURES Pursuant to the requirements of the Securities and Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. RADISYS CORPORATION BRIAN V. TURNER ----------------------------------- Date: August 14, 1996 Brian V. Turner Vice President of Finance and Administration and Chief Financial Officer (Principal Financial Officer) 16 EXHIBIT INDEX Sequential Exhibit No. Description Page No. - ----------- ----------- -------- 27 Financial Data Schedule EX-27 2 FINANCIAL DATA SCHEDULE
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE COMPANY'S CONSOLIDATED FINANCIAL STATEMENTS AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 1,000 6-MOS DEC-31-1996 JAN-01-1996 JUN-30-1996 18,735 1,050 16,050 (517) 9,497 51,611 8,410 4,598 60,648 10,227 0 0 0 44,147 4,876 60,648 31,099 31,099 19,366 8,304 0 0 525 3,954 1,408 2,546 0 0 0 2,546 .37 .37
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