-----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, NB49Tp4vjAsVhPh4NyinmrKFl0hZ2/qhL2jzX8fDeKtPhVAUjjEC4wBWawEgbsih x0fjDFsoqeacJA3vRnbuQw== 0000892569-96-002293.txt : 19961113 0000892569-96-002293.hdr.sgml : 19961113 ACCESSION NUMBER: 0000892569-96-002293 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19960930 FILED AS OF DATE: 19961112 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: CORVEL CORP CENTRAL INDEX KEY: 0000874866 STANDARD INDUSTRIAL CLASSIFICATION: INSURANCE AGENTS BROKERS & SERVICES [6411] IRS NUMBER: 330282651 STATE OF INCORPORATION: DE FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-19291 FILM NUMBER: 96658257 BUSINESS ADDRESS: STREET 1: 1920 MAIN ST STE 1090 CITY: IRVINE STATE: CA ZIP: 92714 BUSINESS PHONE: 7148511473 FORMER COMPANY: FORMER CONFORMED NAME: FORTIS CORP DATE OF NAME CHANGE: 19600201 10-Q 1 QUARTERLY REPORT FOR THE QUARTER ENDED 9/30/96 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 quarter ended September 30, 1996 or / / TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For this transition period from ______ to ______ Commission file number O-19291 CORVEL CORPORATION (Exact name of registrant as specified in its charter) Delaware 33-0282651 - --------------------------------- --------------------------------- (State or other jurisdiction (IRS Employer Identification No.) of incorporation or organization) 1920 Main Street, Suite 1090 Irvine, CA 92614 - ----------------------------------- ---------- (Address of principal executive office) (zip code) Registrant's telephone number, including code: (714) 851-1473 -------------- 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 --- --- The number of shares outstanding of the registrant's Common Stock, $0.0001 Par Value, as of September 30, 1996 was 4,688,076 shares. 2 CORVEL CORPORATION TABLE OF CONTENTS PART I - FINANCIAL INFORMATION Item 1 Financial Statements Consolidated Balance Sheets - March 31, 1996 (audited) and September 30, 1996 (unaudited)- Page 3 of 14 Consolidated Statements of Income -- Three months ended September 30, 1995 and 1996 (both unaudited) - Page 4 of 14 Consolidated Statements of Income -- Six months ended September 30, 1995 and 1996 (both unaudited) - Page 5 of 14 Consolidated Statements of Cash Flows -- Six months ended September 30, 1995 and 1996 (both unaudited) - Page 6 of 14 Notes to Consolidated Financial Statements (unaudited) -- September 30, 1996 - Page 7 of 14 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations - Pages 8 through 11 of 14 PART II. OTHER INFORMATION Item 1. Legal Proceedings - Page 12 of 14 Item 2. Changes in Securities - Page 12 of 14 Item 3. Defaults upon Senior Securities - Page 12 of 14 Item 4. Submission of Matters to a Vote of Security Holders - Pages 12 of 14 Item 5. Other Information - Page 12 of 14 Item 6. Exhibits and Reports on Form 8-K - page 12 of 14 Page 2 of 14 3 Part I - Financial Information Item 1. Financial Statements CORVEL CORPORATION CONSOLIDATED BALANCE SHEETS AS OF MARCH 31, 1996 AND SEPTEMBER 30, 1996
March 31, 1996 September 30, 1996 -------------- ------------------ (audited) (unaudited) ASSETS Current Assets Cash and cash equivalents $17,113,000 $22,122,000 Accounts receivable, net 18,394,000 20,264,000 Prepaid taxes and expenses 545,000 162,000 Deferred income taxes 2,032,000 1,750,000 ----------- ----------- Total current assets 38,084,000 44,298,000 ----------- ----------- Property and Equipment, Net 11,468,000 12,015,000 Other Assets 4,432,000 5,696,000 ----------- ----------- TOTAL ASSETS $53,984,000 $62,009,000 =========== =========== LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities Accounts payable $ 3,057,000 $ 3,596,000 Accrued liabilities 4,246,000 4,899,000 ----------- ----------- Total current liabilities 7,303,000 8,495,000 ----------- ----------- Deferred income taxes 1,370,000 2,880,000 Stockholders' Equity Common stock -- -- Paid-in-capital 26,401,000 27,590,000 Retained earnings 18,910,000 23,044,000 ----------- ----------- Total stockholders' equity 45,311,000 50,634,000 ----------- ----------- TOTAL LIABILITIES AND EQUITY $53,984,000 $62,009,000 =========== ===========
See accompanying notes to consolidated financial statements. Page 3 of 14 4 CORVEL CORPORATION INCOME STATEMENT FISCAL YEAR ENDING FISCAL MARCH 31, 1997 SECOND QUARTER ENDING SEPTEMBER 30, 1996
Three months ending September 30, --------------------------------- 1995 1996 ---- ---- REVENUES $26,863,000 $29,719,000 Cost of revenues 21,874,000 24,231,000 ----------- ----------- Gross profit 4,989,000 5,488,000 General and administrative expenses 2,008,000 2,114,000 ----------- ----------- Income before income taxes 2,981,000 3,374,000 Income tax provision 1,163,000 1,282,000 ----------- ----------- NET INCOME $ 1,818,000 $ 2,092,000 =========== =========== Net income per common and common equivalent share $ .39 $ .44 =========== =========== Weighted average common and common equivalent shares 4,661,000 4,760,000
See accompanying notes to consolidated financial statements. Page 4 of 14 5 CORVEL CORPORATION INCOME STATEMENT FISCAL YEAR ENDING FISCAL MARCH 31, 1997 SIX MONTHS ENDING SEPTEMBER 30, 1996
Six months ending September 30, ------------------------------- 1995 1996 ---- ---- REVENUES $53,642,000 $59,570,000 Cost of revenues 43,797,000 48,692,000 ----------- ----------- Gross profit 9,845,000 10,878,000 General and administrative expenses 4,075,000 4,210,000 ----------- ----------- Income before income taxes 5,770,000 6,668,000 Income tax provision 2,251,000 2,534,000 ----------- ----------- NET INCOME $ 3,519,000 $ 4.134,000 =========== =========== Net income per common and common equivalent share $ .76 $ .87 =========== =========== Weighted average common and common equivalent shares 4,627,000 4,760,000
See accompanying notes to consolidated financial statements. Page 5 of 14 6 CORVEL CORPORATION CONSOLIDATED STATEMENTS OF CASH FLOWS SIX MONTHS ENDED SEPTEMBER 30, 1995, AND 1996
Six months ended September 30, ------------------------------ 1995 1996 ---- ---- CASH FLOWS FROM OPERATING ACTIVITIES NET INCOME $ 3,519,000 $ 4,134,000 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Depreciation and amortization 1,362,000 1,987,000 Changes in operating assets and liabilities Accounts receivable (3,188,000) (1,870,000) Prepaid taxes and expenses 30,000 383,000 Accounts payable 375,000 539,000 Accrued liabilities 677,000 653,000 Income taxes payable (131,000) 1,792,000 Other assets 437,000 46,000 ------------ ------------ Net cash provided by operating activities 3,081,000 7,664,000 ------------ ------------ CASH FLOWS FROM INVESTING ACTIVITIES (1,375,000) Net assets purchased in acquisition (2,241,000) (2,469,000) ------------ ------------ Additions to property and equipment (2,241,000) (3,844,000) ------------ ------------ Net cash used in investing activities CASH FLOWS FROM FINANCING ACTIVITIES Sale of common and exercise of stock options and related tax benefits 1,146,000 1,189,000 ------------ ------------ Net cash provided by financing activities 1,146,000 1,189,000 ------------ ------------ INCREASE (DECREASE) IN CASH: Cash and cash equivalents at beginning 1,986,000 5,009,000 13,211,000 17,113,000 ------------ ------------ Cash and cash equivalents at end $ 15,197,000 22,122,000 ============ ============
See accompanying notes to consolidated financial statements. Page 6 of 14 7 CORVEL CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 1996 (UNAUDITED) A. Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three months ended September 30, 1996 are not necessarily indicative of the results that may be expected for the year ended March 31, 1997. For further information, refer to the consolidated financial statements and footnotes thereto for the year ended March 31, 1996 included in the Company's registration statement on Form 10-K. B. Earnings per Share Earnings per common and common equivalent shares were computed by dividing net income by the weighted average number of shares of common stock and common stock equivalents outstanding during the quarter. For calculation of the common and common equivalent shares, see Exhibit 11 included herein. Page 7 of 14 8 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations RESULTS OF OPERATIONS The following table contains certain financial data as a percentage of revenues:
Three months ended September 30 1995 1996 - ------------------------------- ------ ------ Revenues 100.0% 100.0% Cost of services 81.4 81.6 ----- ----- Gross profit 18.6 18.4 ----- ----- General and administrative 7.5 7.1 ----- ----- Income from operations 11.1 11.3 ----- ----- Income tax provision 4.3 4.3 ----- ----- NET INCOME 6.8% 7.0% ===== ===== Six months ended September 30 1995 1996 - ------------------------------- ------ ------ Revenues 100.0% 100.0% Cost of services 81.6 81.7 ----- ----- Gross profit 18.4 18.3 ----- ----- General and administrative 7.6 7.1 ----- ----- Income from operations 10.8 11.2 ----- ----- Income tax provision 4.2 4.3 ----- ----- NET INCOME 6.6% 6.9% ===== =====
Revenues for the three months ended September increased by $2.8 million to $29.7 million, an increase of 11% over the $26.9 million revenue for the comparable period in the prior fiscal year. The increase in revenues is primarily attributable to a 14% increase in provider program revenue (primarily fee schedule auditing and PPO revenue) along with a 8% increase in patient management revenues (primarily medical case management and vocational rehabilitation). Revenues for the six months ended September increased by $6.0 million to $59.6 million, an increase of 11% over the $53.6 million revenue for the comparable period in the prior fiscal year. The increase in revenues is primarily attributable to a 14% increase in provider program revenue along with a 9% increase in patient management revenues. The growth in the Company's revenue was lower than experienced by the Company in previous years. This slower growth rate in the current quarter was partially attributable to the reduction in the growth rate of healthcare expenditures on a national level which helped contribute to a reduction in the growth of the amount of claims processed and cases managed by the Company. Cost of revenues remained relatively unchanged at 81.4% and 81.6% for the three months ended September 30, 1995 and 1996, respectively. Cost of revenues also remained relatively unchanged at 81.6% and 81.7% for the six months ended June 30, 1995 and 1996, respectively. Additional growth in PPO revenues (which generally carries a higher gross profit margin) offset pricing pressure in the patient management portion of the business. Page 8 of 14 9 General and administrative expenses as a percentage of revenues declined from 7.5% for the quarter ending September 30, 1995, to 7.1% for the quarter ending September 30, 1996. This decrease is primarily due to a nominal increase in actual general and administrative expenses (3%) as compared to an 11% increase in revenue for the same period. General and administrative expenses as a percentage of revenues declined from 7.6% for the six months ending September 30, 1995, to 7.1% for the six months ending September 30, 1996 for the reasons noted above. LIQUIDITY AND CAPITAL RESOURCES The Company has funded its operations and capital expenditures primarily from the proceeds of its initial public offering in June, 1991, and cash flow from operations. During the six months ending September 30, 1996, net working capital increased by $5.0 million, from $30.8 million at March 31, 1996 to $35.8 million at September 30, 1996. As of September 30, 1996, the Company had $22.1 million in cash, primarily in short-term highly-liquid investments with maturities of 90 days or less. In August 1996, the Company's Board of Directors authorized the repurchase of up to 100,000 shares of the Company's common stock. The Company has historically required substantial capital to fund the growth of its operations, particularly working capital to fund the growth in accounts receivable. The Company believes, however, that the cash balance at September 30, 1996 along with anticipated internally generated funds will be sufficient to meet the Company's expected cash requirements for at least the next twelve months. CAUTIONARY STATEMENT REGARDING RISK FACTORS Certain statements contained in the Company's Annual Report on Form 10-K for the year ended March 31, 1996, Quarterly Report on Form 10-Q for the quarter ending September 30, 1996, as well as the Company's Annual Report for the year ending March 31, 1996, such as statements concerning the development of new services, possible legislative changes, and other statements contained herein regarding matters that are not historical facts, are forward-looking statements (as such term is defined in the Securities Act of 1933, as amended). Because such statements involve risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Past financial performance is not necessarily a reliable indicator of future performance, and investors should not use historical performance to anticipate results or future period trends. Factors that could cause actual results to differ materially include, but are not limited to, those discussed below. In addition, reference is made to the Company's most recent annual report for the fiscal year ending March 31, 1996. POTENTIAL ADVERSE IMPACT OF GOVERNMENT REGULATION. Many states, including a number of those in which the Company transacts business, have licensing and other regulatory requirements applicable to the Company's business. Approximately half of the states have enacted laws that require licensing of businesses which provide medical review services. Some of these laws apply to medical review of care covered by workers' compensation. These laws typically establish minimum standards for qualifications of personnel, confidentiality, internal quality control, and dispute resolution procedures. These regulatory programs may result in increased costs of operation for the Company, which may have an adverse impact upon the Company's ability to compete with other available alternatives for health care cost control. In addition, new laws regulating the operation of managed care provider networks have been adopted by a number of states. These laws may apply to managed care provider networks having contracts with the Company or to provider networks which the Company may organize. To the extent the Company is governed by these regulations, it may be subject to additional licensing requirements, financial oversight and procedural standards for beneficiaries and providers. Page 9 of 14 10 Regulation in the health care and workers' compensation fields is constantly evolving. The Company is unable to predict what additional government regulations, if any, affecting its business may be promulgated in the future. The Company's business may be adversely affected by failure to comply with existing laws and regulations, failure to obtain necessary licenses and government approvals or failure to adapt to new or modified regulatory requirements. Proposals for health care legislative reforms are regularly considered at the federal and state levels. To the extent that such proposals affect workers' compensation, such proposals may adversely affect the Company's business and results of operations. In addition, changes in workers' compensation laws or regulations may impact demand for the Company's services, require the Company to develop new or modified services to meet the demands of the marketplace or modify the fees that the Company may charge for its services. One of the proposals which has been considered is 24-hour health coverage, in which the coverage of traditional employer-sponsored health plans is combined with workers' compensation coverage to provide a single insurance plan for work-related and non-work-related health problems. Incorporating workers' compensation coverage into conventional health plans may adversely affect the market for the Company's services. POSSIBLE LITIGATION AND LEGAL LIABILITY. The Company, through its utilization management services, makes recommendations concerning the appropriateness of providers' medical treatment plans of patients throughout the country, and it could share in potential liabilities for adverse medical consequences. The Company does not grant or deny claims for payment of benefits and the Company does not believe that it engages in the practice of medicine or the delivery of medical services. There can be no assurance, however, that the Company will not be subject to claims or litigation related to the grant or denial of claims for payment of benefits or allegations that the Company engages in the practice of medicine or the delivery of medical services. In addition, there can be no assurance that the Company will not be subject to other litigation that may adversely affect the Company's business or results of operations. The Company maintains professional liability insurance and such other coverages as the Company believes are reasonable in light of the Company's experience to date. There can be no assurance, however, that such insurance will be sufficient or available in the future at reasonable cost to protect the Company from liability which might adversely affect the Company's business or results of operations. COMPETITION. The Company faces competition from large insurers, health maintenance organizations ("HMOs"), preferred provider organizations ("PPOs"), third party administrators and other managed health care companies. The Company believes that, as managed care techniques continue to gain acceptance in the workers' compensation marketplace, CorVel's competitors will increasingly consist of nationally focused workers' compensation managed care service companies, insurance companies, HMOs and other significant providers of managed care products. Legislative reforms in some states permit employers to designate health plans such as HMOs and PPOs to cover workers' compensation claimants. Because many health plans have the ability to manage medical costs for workers' compensation claimants, such legislation may intensify competition in the market served by the Company. Many of the Company's current and potential competitors are significantly larger and have greater financial and marketing resources than those of the Company, and there can be no assurance that the Company will continue to maintain its existing performance or be successful with any new products or in any new geographical markets it may enter. CHANGES IN MARKET DYNAMICS. Legislative reforms in some states permit employers to designate health plans such as HMOs and PPOs to cover workers' compensation claimants. Because many health plans have the capacity to manage health care for workers' compensation claimants, such legislation may intensify competition in the market served by the Company. Within the past few years, several states have experienced decreases in the number of workers' compensation claims and the average cost per claim which have been reflected in workers' compensation insurance premium rate reductions in those states. The Company believes that declines in workers' compensation costs in these states are due principally to intensified efforts by payors to manage and control claim costs, to improved risk management by employers and to legislative reforms. If declines in workers' compensation costs occur in many states and persist over the long-term, they may have an adverse impact on the Company's business and results of operations. Page 10 of 14 11 DEPENDENCE UPON KEY PERSONNEL. The Company is dependent to a substantial extent upon the continuing efforts and abilities of certain key management personnel. In addition, the Company faces competition for experienced employees with professional expertise in the workers' compensation managed care area. The loss of, or the inability to attract, qualified employees could have a material adverse effect on the Company's business and results of operations. RISKS RELATED TO GROWTH STRATEGY. The Company's strategy is to continue its internal growth and, as strategic opportunities arise in the workers' compensation managed care industry, to consider acquisitions of, or relationships with, other companies in related lines of business. As a result, the Company is subject to certain growth-related risks, including the risk that it will be unable to retain personnel or acquire other resources necessary to service such growth adequately. Expenses arising from the Company's efforts to increase its market penetration may have a negative impact on operating results. In addition, there can be no assurance that any suitable opportunities for strategic acquisitions or relationships will arise or, if they do arise, that the transactions contemplated thereby could be completed. If such a transaction does occur, there can no assurance that the Company will be able to integrate effectively any acquired business into the Company. In addition, any such transaction would be subject to various risks associated with the acquisition of businesses, including the financial impact of expenses associated with the integration of businesses. There can be no assurance that any future acquisition or other strategic relationship will not have an adverse impact on the Company's business or results of operations. If suitable opportunities arise, the Company anticipates that it would finance such transactions, as well as its internal growth, through working capital or, in certain instances, through debt or equity financing. There can be no assurance, however, that such debt or equity financing would be available to the Company on acceptable terms when, and if, suitable strategic opportunities arise. During the past fiscal year, the Company has made efforts to increase its presence and revenue in the group health market with moderate success. Managed care in this market is more mature than managed care in workers' compensation and has numerous large competitors, primarily health maintenance organizations. The Company has limited experience in the group health market. There is no assurance that the Company will be successful in this market. The Company expects that a considerable amount of its future growth will depend on its ability to process and manage claims data more efficiently and to provide more meaningful healthcare information to customers and payors of healthcare. There is no assurance that the Company will be able to develop, license or otherwise acquire software to address these market demands as well or as timely as its competitors POSSIBLE VOLATILITY OF STOCK PRICE. The market price of the Company's Common Stock following this offering may be highly volatile. Factors such as variations in the Company's revenues, earnings and cash flow, general market trends in the workers' compensation managed care market, and announcements of innovations by the Company or its competitors could cause the market price of the Common Stock to fluctuate substantially. Specifically, the quarter to quarter percentage growth in operating results for the Company's five most recently completed fiscal quarters was lower than the growth rates historically experienced by the Company. The Company's slower growth rate in those quarters was partially attributable to a reduction in the growth rate of health care expenditures nationally, contributing to a reduction in the growth of claims processed by the Company. There can be no assurance that the Company's growth rate in the future, if any, will be at or near historical levels. In addition, the stock market has in the past experienced price and volume fluctuations that have particularly affected companies in the health care and managed care markets resulting in changes in the market price of the stock of many companies which may not have been directly related to the operating performance of those companies Page 11 of 14 12 PART II - OTHER INFORMATION ITEM 1 - LEGAL PROCEEDINGS - The Company is involved in litigation arising in the normal course of business. The Company believes that resolution of these matters will not result in any payment that, in the aggregate, would be material to the financial position or financial operations 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 - At the Company's regularly scheduled annual meeting, held on July 30, 1996, the shareholders approved the elections of Thomas R. Brown, V. Gordon Clemons, Peter E. Flynn, Steven J. Hamerslag, and Jeffrey J. Michael as directors of the Company with the holders of 4,281,157 shares, 4,281,082 shares, 4,280,957 shares, 4,281,157 shares, and 4,280,857 shares, respectively. At this meeting the shareholders also approved amendments to the 1988 Executive Stock Option Plan: 3,592,603 shares voted for, and 671,545 shares voted against. ITEM 5 - OTHER INFORMATION - None. ITEM 6 - EXHIBITS AND REPORTS ON FORM 8-K (a) Exhibits 11 Computation of per share earnings 27 Financial data schedule (b) Form 8-K - None. Page 12 of 14 13 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 hereunto duly authorized. CORVEL CORPORATION By: V. Gordon Clemons ------------------------- V. Gordon Clemons, Chairman of the Board, Chief Executive Officer, and President By: Richard J. Schweppe ------------------------- Richard J. Schweppe, Chief Financial Officer October 29, 1996 Page 13 of 14 EX-11 2 COMPUTATION OF PER SHARE EARNINGS 1 Exhibit 11 CORVEL CORPORATION COMPUTATION OF PER SHARE EARNINGS Shares used in per share calculations were determined as follows:
Three months ------------ ended ----- September 30, -------------- 1995 1996 ---------- ---------- Weighted average common shares outstanding 4,409,000 4,668,000 Net effect of dilutive common stock options 252,000 92,000 ---------- ---------- Total common and common equivalent shares 4,661,000 4,760,000 ========== ========== Net Income $1,818,000 $2,092,000 ========== ========== Earnings per common and common equivalent share $ .39 $ .44 ========== ========== Six months ended September 30, --------------------------- 1995 1996 ---------- ---------- Weighted average common shares outstanding 4,354,000 4,659,000 Net effect of dilutive common stock options 273,000 101,000 ---------- ---------- Total common and common equivalent shares 4,627,000 4,760,000 ========== ========== Net Income $3,519,000 $4,134,000 ========== ========== Earnings per common and common equivalent share $ .76 $ .87 ========== ==========
Page 14 of 14 EX-27 3 FINANCIAL DATA SCHEDULE
5 6-MOS MAR-31-1997 APR-01-1996 SEP-30-1996 22,122,000 0 21,425,000 1,162,000 0 44,898,000 22,756,000 10,741,000 62,009,000 8,495,000 0 0 0 27,590,000 23,044,000 50,634,000 0 59,570,000 0 52,902,000 0 0 0 6,668,000 2,534,000 4,134,000 0 0 0 4,134,000 0.87 0.87
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