-----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, ILJ0VuNaO3MeV5mOQ9EvXyp8YO/amSNfm5qKBXQ5PWwDM3t6YYHBjX6SVESXzuwy eMVjkErahcs79fGWhG+C0w== 0000950130-96-003177.txt : 19960816 0000950130-96-003177.hdr.sgml : 19960816 ACCESSION NUMBER: 0000950130-96-003177 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19960630 FILED AS OF DATE: 19960814 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: SCHLUMBERGER LTD /NY/ CENTRAL INDEX KEY: 0000087347 STANDARD INDUSTRIAL CLASSIFICATION: OIL, GAS FIELD SERVICES, NBC [1389] IRS NUMBER: 520684746 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-04601 FILM NUMBER: 96611548 BUSINESS ADDRESS: STREET 1: 42 RUE ST DOMINIQUE CITY: PARIS FRANCE 75007 STATE: I0 BUSINESS PHONE: 2123509400 MAIL ADDRESS: STREET 1: 277 PARK AVE STREET 2: C/O CAROLE H FINAMORE CITY: NEW YORK STATE: NY ZIP: 10172 10-Q 1 FORM 10-Q FOR SECOND QUARTER SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 --------------------------------------------------- FORM 10-Q --------- QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 --------------------------------------------------- For the Quarter ended: Commission file No.: June 30, 1996 1-4601 - --------------------- ------------------------ SCHLUMBERGER N.V. (SCHLUMBERGER LIMITED) --------------------------------------------------- (Exact name of registrant as specified in its charter) NETHERLANDS ANTILLES 52-0684746 -------------------- ---------- (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 277 PARK AVENUE NEW YORK, NEW YORK, U.S.A. 10172 42 RUE SAINT-DOMINIQUE PARIS, FRANCE 75007 LAAN VAN MEERDERVOORT 55 THE HAGUE, THE NETHERLANDS 2517 AG - ------------------------------- --------------- (Addresses of principal executive (Zip Codes) offices) Registrant's telephone number: (212) 350-9400 Indicate by check mark whether 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 ------ ------ Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date. Class Outstanding at July 31, 1996 - ----------------- ---------------------------- COMMON STOCK, $0.01 PAR VALUE 244,966,036 PART I. FINANCIAL INFORMATION ----------------------------- Item 1 : Financial Statements - ----------------------------- SCHLUMBERGER LIMITED -------------------- (Schlumberger N.V., Incorporated in the Netherlands Antilles) and Subsidiary Companies CONSOLIDATED STATEMENT OF INCOME -------------------------------- (Unaudited)
Periods Ended June 30, -------------------------------------------------- Second Quarter Six Months -------------------------- ---------------------- 1996 1995 1996 1995 ---------- ---------- ---------- ---------- (Dollars in thousands) REVENUE: Operating $2,150,790 $1,877,081 $4,178,618 $3,639,378 Interest and other income 16,067 22,181 33,437 46,059 ---------- ---------- ---------- ---------- 2,166,857 1,899,262 4,212,055 3,685,437 ---------- ---------- ---------- ---------- EXPENSES: Cost of goods sold and services 1,631,997 1,417,745 3,181,600 2,754,207 Research & engineering 114,740 104,947 225,539 208,232 Marketing 75,334 69,428 148,524 135,351 General 88,683 88,487 173,942 174,089 Interest 18,120 21,472 35,463 41,998 Taxes on income 41,265 30,329 79,402 57,897 ---------- ---------- ---------- ---------- 1,970,139 1,732,408 3,844,470 3,371,774 ---------- ---------- ---------- ---------- Net Income $ 196,718 $ 166,854 $ 367,585 $ 313,663 ========== ========== ========== =========== Net Income Per Share $ 0.80 $ 0.69 $ 1.50 $ 1.30 ========== =========== ========== ========== Avg. shares outstanding (thousands) 244,670 241,887 244,014 241,970 ========== =========== ========== ========== Dividends declared per share $ 0.375 $ 0.375 $ 0.750 $ 0.675 ========== ========== ========== ==========
See notes to consolidated financial statements -2- SCHLUMBERGER LIMITED -------------------- (Schlumberger N.V., Incorporated in the Netherlands Antilles) and Subsidiary Companies CONSOLIDATED BALANCE SHEET -------------------------- (Unaudited)
Jun. 30, Dec. 31, 1996 1995 ----------- ----------- ASSETS (Dollars in thousands) - ------ CURRENT ASSETS: Cash and short-term investments $ 1,157,535 $ 1,120,533 Receivables less allowance for doubtful accounts (1996 - $46,586; 1995 - $58,246) 2,100,669 1,939,873 Inventories 914,117 782,168 Other current assets 207,139 181,129 ----------- ----------- 4,379,460 4,023,703 LONG-TERM INVESTMENTS, HELD TO MATURITY 207,885 279,950 FIXED ASSETS: Property, plant and equipment 9,315,445 9,108,107 Less accumulated depreciation (6,157,159) (5,989,649) ----------- ----------- 3,158,286 3,118,458 EXCESS OF INVESTMENT OVER NET ASSETS OF COMPANIES PURCHASED, less amortization 1,294,555 1,330,490 OTHER ASSETS 166,950 157,499 ----------- ----------- $ 9,207,136 $ 8,910,100 =========== =========== LIABILITIES & STOCKHOLDERS' EQUITY - ---------------------------------- CURRENT LIABILITIES: Accounts payable and accrued liabilities $ 1,790,105 $ 1,773,605 Estimated liability for taxes on income 273,384 299,841 Bank loans 595,043 515,703 Dividend payable 92,238 91,706 Long-term debt due within one year 88,829 83,417 ----------- ----------- 2,839,599 2,764,272 LONG-TERM DEBT 577,051 613,404 POSTRETIREMENT BENEFITS 370,740 354,830 OTHER LIABILITIES 187,822 213,577 ----------- ----------- 3,975,212 3,946,083 ----------- ----------- STOCKHOLDERS' EQUITY: Common stock 763,120 737,328 Income retained for use in the business 6,838,462 6,654,072 Treasury stock at cost (2,348,706) (2,414,577) Translation adjustment (20,952) (12,806) ----------- ----------- 5,231,924 4,964,017 ----------- ----------- $ 9,207,136 $ 8,910,100 =========== ===========
See notes to consolidated financial statements -3- SCHLUMBERGER LIMITED -------------------- (Schlumberger N.V., Incorporated in the Netherlands Antilles) and Subsidiary Companies CONSOLIDATED STATEMENT OF CASH FLOWS ------------------------------------ (Unaudited)
(Dollars in thousands) Six Months Ended June 30, 1996 1995 --------- --------- Cash flows from operating activities: Net income $ 367,585 $ 313,663 Adjustments to reconcile net income to cash provided by operating activities: Depreciation and amortization 436,682 402,643 Earnings of companies carried at equity, less dividends received (Dividends: 1996 - $133 ; 1995 - $0) 2,743 (5,240) Provision for losses on accounts receivable 7,922 3,859 Other adjustments (1,298) (1,622) Change in operating assets and liabilities: (Increase) decrease in receivables (185,987) 18,396 Increase in inventories (145,519) (73,060) Increase (decrease) in accounts payable and accrued liabilities 13,411 (64,696) (Decrease) increase in estimated liability for taxes on income (25,208) 5,882 Other - net (47,353) (40,863) --------- --------- Net cash provided by operating activities 422,978 558,962 --------- --------- Cash flows from investing activities: Purchases of fixed assets (499,484) (447,158) Sales/retirements of fixed assets 39,629 30,708 Decrease in investments 45,903 8,207 Payment for purchase of businesses (6,050) (55,749) (Increase) decrease in other assets (207) 11,648 --------- --------- Net cash used in investing activities (420,209) (452,344) --------- --------- Cash flows from financing activities: Dividends paid (182,519) (145,437) Proceeds from exercise of stock options 92,122 10,493 Proceeds from employee stock purchase plan 25,193 23,500 Purchase of treasury shares - (37,400) Proceeds from issuance of long-term debt 40,978 122,580 Payments of principal on long-term debt (52,152) (113,642) Net increase in short-term debt 85,738 32,116 --------- --------- Net cash provided by (used in) financing activities 9,360 (107,790) --------- --------- Net increase (decrease) in cash 12,129 (1,172) Cash, beginning of period 72,515 57,671 --------- --------- Cash, end of period $ 84,644 $ 56,499 ========= =========
See notes to consolidated financial statements -4- SCHLUMBERGER LIMITED -------------------- (Schlumberger N.V., Incorporated In The Netherlands Antilles) and Subsidiary Companies NOTES TO CONSOLIDATED FINANCIAL STATEMENTS ------------------------------------------ (Unaudited) In the opinion of management, all adjustments necessary to present fairly the financial position and the results of operations have been made in the accompanying interim financial statements. The Company's significant accounting policies are summarized in its 1995 Annual Report. These policies have been consistently applied during the interim period presented in this report. The results of operations for the three and six month periods ended June 30, 1996 are not necessarily indicative of the results of operations that may be expected for the entire year. INCOME TAX EXPENSE - ------------------ The Company and its subsidiaries operate in over 100 taxing jurisdictions. The Company's US consolidated group has a net operating loss carryforward of $470 million and net deductible temporary differences of $650 million at June 30, 1996. Significant temporary differences pertain to postretirement medical benefits, fixed assets and environmental remediation projects. Most of the carryforward will expire in the years 2002-2003. No deferred tax asset related to the carryforwards has been recorded as of June 30, 1996. The Company believed that a full valuation allowance remained appropriate. The effect of the US operating loss carryforward is a significant reconciling item between the US statutory federal tax rate (35%) and the Company's effective tax rate. The operating loss carryforward had the effect of reducing income tax expense by $20 million ($0.08 per share) and $13 million ($0.06 per share), respectively, in the three month periods ended June 30, 1996 and 1995. Excluding the effect of the loss carryforward, the Company's effective tax rates would have been about 26% and 22% in the three month periods ended June 30, 1996 and 1995, respectively. -5- CONTINGENCIES - ------------- The Company and its subsidiaries comply with government laws and regulations and responsible management practices for the protection of the environment. The Consolidated Balance Sheet includes accruals for the estimated future costs associated with certain environmental remediation activities related to the past use or disposal of hazardous materials. Substantially all such costs relate to divested operations and to facilities or locations that are no longer in operation. Due to a number of uncertainties, including uncertainty of timing, the scope of remediation, future technology, regulatory changes and other factors, it is possible that the ultimate remediation costs may exceed the amounts accrued. However, in the opinion of management, such additional costs are not expected to be material relative to consolidated liquidity, financial position or future results of operations. In a case in Texas involving the validity of a 1988 settlement and release in connection with an incidental business venture, the trial court, in 1993, rendered a judgment notwithstanding the verdict of the jury, exonerating Schlumberger from any liability. In late 1994, a Texas Court of Appeals reversed the trial court judgment and reinstated the jury award of about $75 million against Schlumberger. The Texas Supreme Court granted the Schlumberger motion to hear the case. Oral argument was held before the Texas Supreme Court on October 11, 1995. Schlumberger and outside counsel believe the decision of the trial court was correct. Consequently, no provision has been made in the consolidated financial statements for this matter. In May 1996, in a case involving a $3 million contract dispute, the trial court in Johnson County, Texas, entered judgment on jury findings adverse to Schlumberger for $23 million in damages, which has been doubled, plus attorney's fees and interest. The Company and its outside counsel believe the findings and the judgment are not supported by the evidence and law, and will appeal. Accordingly, no provision has been made in the accompanying financial statement for this matter. In addition, the Company and its subsidiaries are party to various other legal proceedings. Although the ultimate disposition of these proceedings is not presently determinable, in the opinion of the Company any liability that might ensue would not be material in relation to the consolidated financial statements. -6- Item 2: Management's Discussion and Analysis of Financial Condition and Results - -------------------------------------------------------------------------------- of Operations. - -------------- Second Quarter 1996 Compared to Second Quarter 1995 --------------------------------------------------- Second quarter net income of $197 million and earnings per share of $0.80 were 18% and 16% higher, respectively, than the same period last year. Operating revenue of $2.15 billion was 15% above second quarter 1995. Oilfield Services posted a 22% increase in revenue as rig count worldwide rose 7%. All product lines contributed significantly to this quarter's results, including a profitable contribution from Geco-Prakla. Measurement & Systems revenue increased 2% compared to the same period last year, with strong growth from Electronic Transactions largely being offset by lower metering revenue. BUSINESS REVIEW (stated in millions) Oilfield Services Measurement & Systems -------------------------- ---------------------- Second Quarter 1996 1995 % change 1996 1995 % change - -------------- -------- ------- -------- ----- ----- -------- Operating Revenue $ 1,444 $ 1,183 22% $ 708 $ 697 2 % Operating Income(1) $ 215 $ 164 31% $ 32 $ 40 (21)% (1) Operating income represents income before income taxes, excluding interest expense and interest and other income. OILFIELD SERVICES Operating revenue for Oilfield Services was 22% above last year. North America and outside North America revenues were up 21% and 23%, respectively, and represented 18% and 50% of consolidated revenue, respectively. In North America, the most notable revenue increases were from Dowell, Wireline & Testing and Geco-Prakla, which were 16%, 14% and 41%, respectively. Outside North America, revenue grew 15% at Wireline & Testing and 18% at Dowell. Also significant, revenue at Geco-Prakla and Sedco Forex rose 34% and 28%, respectively. Operating income increased $13 million in North America and $43 million outside North America. The quarter included a profitable contribution from Geco-Prakla. North America Rig count increased 9% for the quarter. Activity increased significantly in the Gulf of Mexico, positively impacting all product lines. -7- The new DeepSEA EXPRES* cementing technology was successfully introduced. This unique system improves the cementing of casing strings for subsea completions. The resulting reduction of downtime on floating drilling structures yields substantial savings for the client. The Laffit Pincay, a semisubmersible rig, completed its first full quarter of activity under Sedco Forex management following the completion of drilling-make-ready modifications. Information Technology and Data Management Services grew 39% compared to last year. In the latter, a significant three-year service contract with a major US oil company was secured to provide integrated information technology and data management for their exploration and production activities. Outside North America Key contributions to growth came from West Africa, the North Sea and Latin America. Rig count for the quarter rose 4%. The successful deployment of PLATFORM EXPRESS* technology continued. Also being aggressively introduced is the Modular Configuration MAXIS* surface acquisition system. By combining this surface system with downhole wireline logging suites, including PLATFORM EXPRESS technology, we offer a complete and customized wireline logging system, setting a new standard for wellsite efficiency, reliability and data quality. During the quarter, a significant contract was secured in Norway, which includes measurements while drilling (MWD), logging while drilling (LWD), directional drilling, cementing, drilling and completion fluids services, coiled tubing and wireline logging services. In our seismic activities, we launched the new Quantified Quality Assurance (QQA) system, the first system to provide seismic quality control based on geophysical criteria. Additionally, major Land seismic contracts were successfully completed in Kazakhstan, France and Kuwait, and backlog in crew months increased 40%. Compared to the second quarter of 1995, our average offshore rig utilization rate increased from 88% to 94%, driven by a 100% utilization of jack-up rigs. The improvement in results was due to the increase in rig utilization, continued strengthening of offshore dayrates and fleet expansion. At June 30, 1996, our fleet consisted of 79 rigs: 33 land and 46 offshore, including three chartered semisubmersibles and two lake barges under management contract. RAPID* Reentry and Production Improvement Drilling services were formally introduced during the quarter. These services range from economic analysis for identifying wells that are suitable candidates for production improvement to providing the people, technology, tools and systems needed for well preparation, sidetracking, short- and medium-radius drilling, coiled tubing drilling and completion. During the quarter, a significant five-year agreement was signed for a customer's operations in London, Aberdeen and Copenhagen, for software and services, including installation of the Finder* data management system and the GeoFrame* integrated reservoir characterization system. -8- MEASUREMENT & SYSTEMS Revenue increased 2% from last year as continued strong growth at Electronic Transactions, particularly reflecting high demand for smart cards, was largely offset by a decline in the metering business. Orders were down 1% due to lower orders at Automatic Test Equipment and the weakening of most European currencies against the US dollar. Measurement & Systems operating income declined from last year principally due to changing market conditions which have severely impacted margins in the metering business, higher research and engineering expenses at ATE and costs associated with expansion into new areas. Electronic Transactions revenue was up 18% from the same period last year, reflecting 54% growth in smart cards, including shipments of electronic payment systems to the Atlanta Olympics. In addition, strong demand for subscriber identity module (SIM) cards in China continued. Orders increased 19%, reflecting large requests for payphone equipment in Europe and South America along with expanded card demand. ATE revenue increased 4%, driven by stronger sales at Diagnostic Systems, particularly of the IDS 5000HX*, and at Automated Systems. Orders deteriorated 35% from the same period last year on a slowdown in semiconductor capital equipment spending. Revenue in the Electricity Management, Water Management and Gas Management business decreased 2%. The decline was due to softening of market conditions in Germany, lower demand in the UK for prepayment meters and strong pricing pressures. Orders were flat. The deregulation of electricity and gas utilities in Europe has greatly affected the metering business. Changes in metering technology, uncertainty in the market place and pricing pressures have significantly offset the growth experienced by Electronic Transactions. Interest and other income decreased $6 million from the second quarter of 1995 primarily due to lower investment balances as well as lower investment returns. Gross margin of 24% remained flat compared with the same quarter last year. Research and engineering expense increased 9% from last year but decreased to 5.3% of operating revenue from 5.6% in 1995. Marketing expense was up 9% but decreased to 3.5% of operating revenue from 3.7% in 1995. General expense, expressed as a percentage of operating revenue, decreased from 4.7% to 4.1%. Interest expense decreased $3 million from the second quarter last year due to sharply lower average borrowing rates. -9- First Half 1996 Compared to First Half 1995 ------------------------------------------- Income for the first six months of $368 million and earnings per share of $1.50 were 17% and 15% higher, respectively, than the same period last year. Operating revenue for the first six months was $4.18 billion, up 15% from 1995. Oilfield Services posted a 22% increase in revenue as rig count worldwide rose 5%. Measurement & Systems revenue increased 3% compared to the same period last year mainly due to strong growth from Electronic Transactions. BUSINESS REVIEW (Stated in millions) Oilfield Services Measurement & Systems -------------------- ------------------------ Six Months 1996 1995 % change 1996 1995 % change - ---------- ------- ------- -------- ------- ------- -------- Operating Revenue $ 2,797 $ 2,301 22% $ 1,383 $ 1,343 3 % Operating Income(1) $ 392 $ 301 30% $ 64 $ 72 (12)% (1) Operating income represents income before income taxes, excluding interest expense and interest and other income. OILFIELD SERVICES Operating revenue for Oilfield Services was 22% above last year. North America and outside North America revenues were up 13% and 25%, respectively, and represented 18% and 50% of consolidated revenue, respectively. In North America, the most notable revenue increases were from Dowell, Wireline & Testing and Geco-Prakla, which were 9%, 11% and 16%, respectively. Outside North America, revenue grew 15% at Wireline & Testing and 24% at Dowell. Also significant, revenue at Geco-Prakla and Sedco Forex rose 29% and 34%, respectively. Operating income increased $8 million in North America and $91 million outside North America. North America Rig count increased 5% over 1995. Activity increased in the Gulf of Mexico, positively impacting all product lines. Rapid deployment of PLATFORM EXPRESS* wireline logging technology continued, and the GeoSteering* tool was introduced in Canada with great success. The new DeepSEA EXPRES* cementing technology, a unique system improving the cementing of casing strings for subsea completions, was successfully introduced. The resulting reduction of downtime on floating drilling structures yields substantial savings -10- for the client. Data Management Services secured a significant three-year service contract with a major US oil company to provide integrated information technology and data management for their exploration and production activities. Outside North America Key contributions to growth came from Africa, particularly West Africa, the North Sea, Europe and Latin America. Rig count for the first six months rose 4%. The successful deployment of PLATFORM EXPRESS* technology continued. The Modular Configuration MAXIS* surface acquisition system was aggressively introduced. By combining this surface system with downhole wireline logging suites, including PLATFORM EXPRESS technology, we offer a complete and customized wireline logging system, setting a new standard for wellsite efficiency, reliability and data quality. Logging while drilling (LWD) and Measurements-while-drilling (MWD) technologies continued their strong growth. Drilling fluids continued to generate superior results while gaining wide client acceptance with VISPLEX* and ULTIDRILL* fluids. A significant contract was secured in Norway, which includes MWD, LWD, directional drilling, cementing, drilling and completion fluids services, coiled tubing and wireline logging services. In our seismic activities, we launched the new Quantified Quality Assurance (QQA) system, the first system to provide seismic quality control based on geophysical criteria. RAPID* Reentry and Production Improvement Drilling services were formally introduced. These services range from economic analysis for identifying wells that are suitable candidates for production improvement to providing the people, technology, tools and systems needed for well preparation, sidetracking, short- and medium-radius drilling, coiled tubing drilling and completion. MEASUREMENT & SYSTEMS Revenue increased 3% from last year due to continued strong growth at Electronic Transactions, particularly reflecting high demand for smart cards. Orders were down 1% due to lower orders at Automatic Test Equipment and the metering business and the weakening of most European currencies against the US dollar. Measurement & Systems operating income declined from last year principally due to changing market conditions which have severely impacted margins in the metering business, higher research and engineering expenses especially at ATE, and costs associated with the expansion into new markets. Electronic Transactions revenue was up 17% from the same period last year reflecting strong growth in smart cards. Strong demand for subscriber identity module (SIM) cards in China continued. Orders increased 16%, reflecting expanded card demand and large requests for payphone equipment in Europe and South America. -11- Ate revenue increased 4%, driven by stronger sales at Diagnostic Systems, particularly of the IDS 5000HX* and IDS 10000*, and at Automated Systems. Orders deteriorated 12% from the same period last year on a slowdown in semiconductor capital equipment spending. Revenue in the Electricity Management, Water Management and Gas Management business was flat, due to softening of market conditions in Germany, lower demand in the UK for prepayment meters and strong pricing pressures. Orders decreased 2% from the same period last year. The deregulation of electricity and gas utilities in Europe has greatly affected the metering business. Changes in metering technology, uncertainty in the market place and pricing pressures have significantly offset the growth experienced by Electronic Transactions and ATE. Interest and other income decreased $13 million from the same period last year primarily due to lower investment balances as well as lower investment returns. Gross margin of 24% remained flat compared with last year. Research and engineering expense increased 8% from last year but decreased to 5.4% of operating revenue from 5.7% in 1995. Marketing expense was up 10% but decreased to 3.6% of operating revenue from 3.7% last year. General expense, expressed as a percentage of operating revenue, decreased from 4.8% to 4.2%. Interest expense decreased $7 million from the same period last year due to sharply lower average borrowing rates. *Mark of Schlumberger -12- PART II. OTHER INFORMATION --------------------------- Item 6 : Exhibits and Reports on Form 8-K ----------------------------------------- (a) Exhibits : None (b) Reports on Form 8-K : None SIGNATURE --------- 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 and in his capacity as principal financial officer. Schlumberger Limited (Registrant) Date: August 14, 1996 /s/ Arthur Lindenauer --------------- -------------------- Arthur Lindenauer Executive Vice President - Finance and Chief Financial Officer -13- EX-27 2 ARTICLE 5 FINANCIAL DATA SCHEDULE
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM FORM 10-Q 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 1157535 0 2147255 (46586) 914117 4379460 9315445 (6157159) 9207136 2839599 0 763120 0 0 4468804 9207136 1189322 4212055 817640 2363960 548005 7922 35463 446987 79402 367585 0 0 0 367585 1.50 1.50
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