-----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, F4TVD6QYIuz0KR5MwAiRDmJnMdQ7KZaQaa1rKAoFXfXvY9u5j1eCMeFKXfzA3BIt 4FdFDFznHa3a6eFVj2BXTg== 0000912057-96-017677.txt : 19960816 0000912057-96-017677.hdr.sgml : 19960816 ACCESSION NUMBER: 0000912057-96-017677 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19960630 FILED AS OF DATE: 19960814 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: FISHER SCIENTIFIC INTERNATIONAL INC CENTRAL INDEX KEY: 0000880430 STANDARD INDUSTRIAL CLASSIFICATION: WHOLESALE-PROFESSIONAL & COMMERCIAL EQUIPMENT & SUPPLIES [5040] IRS NUMBER: 020451017 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-10920 FILM NUMBER: 96612066 BUSINESS ADDRESS: STREET 1: LIBERTY LANE CITY: HAMPTON STATE: NH ZIP: 03842 BUSINESS PHONE: 6039265911 MAIL ADDRESS: STREET 1: LIBERTY LANE CITY: LIBEHAMPTON STATE: NH ZIP: 03842 10-Q 1 FORM 10-Q This Form 10-Q consists of 18 sequentially numbered pages. The exhibit index appears on sequentially numbered page 16. FORM 10-Q SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ---------------------- QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended JUNE 30, 1996 Commission file number: 01-10920 FISHER SCIENTIFIC INTERNATIONAL INC. ------------------------------------------------------ (Exact name of registrant as specified in its charter) Delaware 02-0451017 - ------------------------------- ------------------- (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) Liberty Lane Hampton, New Hampshire 03842 - --------------------------------------- ---------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (603) 926-5911 ----------------- 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 of Common Stock outstanding at July 31, 1996 was 19,893,246. - ---------- 1 FISHER SCIENTIFIC INTERNATIONAL INC. FORM 10-Q FOR THE QUARTER ENDED JUNE 30, 1996 INDEX PAGE NO. Part I - Financial Information: Item 1 - Financial Statements: Introduction to the Financial Statements. . . . . . . . 3 Income Statements - Three and Six Months Ended June 30, 1996 and 1995. . . . 4 Balance Sheets - June 30, 1996 and December 31, 1995. . . . . . . . . . . 5 Statements of Cash Flows - Six Months Ended June 30, 1996 and 1995. . . . . . . . . 6 Notes to Financial Statements. . . . . . . . . . . . . . 7 Item 2 - Management's Discussion and Analysis of Results of Operations and Financial Condition . . . . . . . . . . . 9 Part II - Other Information: Item 4 - Submission of Matters to a Vote of Security Holders. . . 13 Item 6 - Exhibits and Reports on Form 8-K. . . . . . . . . . . . 13 SIGNATURE. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 EXHIBIT INDEX. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 2 FISHER SCIENTIFIC INTERNATIONAL INC. PART I - FINANCIAL INFORMATION ITEM 1 - FINANCIAL STATEMENTS INTRODUCTION TO THE FINANCIAL STATEMENTS The condensed financial statements included herein have been prepared by Fisher Scientific International Inc. ("Fisher" or the "Company"), without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. The December 31, 1995 balance sheet was derived from the audited balance sheet included in the Company's 1995 Annual Report on Form 10-K. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations. The Company believes that the disclosures are adequate to make the information presented not misleading when read in conjunction with the financial statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 1995. The financial information presented herein reflects all adjustments (consisting only of normal recurring adjustments) that are, in the opinion of management, necessary for a fair presentation of the results for the interim periods presented. The results for interim periods are not necessarily indicative of the results to be expected for the full year. 3 FISHER SCIENTIFIC INTERNATIONAL INC. INCOME STATEMENTS (in millions, except per share amounts) (unaudited) Three Months Ended Six Months Ended June 30, June 30, 1996 1995 1996 1995 ------- ------- --------- ------- Sales $532.2 $314.9 $1,048.2 $618.0 Cost of sales 389.3 223.5 769.7 442.7 Selling, general and administrative expense 119.0 74.4 237.4 144.8 ------- ------- --------- ------- Income from operations 23.9 17.0 41.1 30.5 Interest expense 7.8 2.5 16.4 4.8 Other (income) expense, net 0.6 (1.8) 1.1 (1.9) ------- ------- --------- ------- Income before income taxes 15.5 16.3 23.6 27.6 Income tax provision 7.1 6.1 10.7 10.6 ------- ------- --------- ------- Net income $ 8.4 $ 10.2 $ 12.9 $ 17.0 ------- ------- --------- ------- ------- ------- --------- ------- Earnings per common share: Primary $ 0.49 $ 0.62 $ 0.76 $ 1.04 ------- ------- --------- ------- ------- ------- --------- ------- Fully Diluted $ 0.46 $ 0.56 $ 0.74 $ 0.95 ------- ------- --------- ------- ------- ------- --------- ------- See the accompanying notes to financial statements. 4 FISHER SCIENTIFIC INTERNATIONAL INC. BALANCE SHEETS (in millions) June 30, December 31, 1996 1995 ----------- --------- ASSETS (UNAUDITED) Current Assets: Cash and cash equivalents $ 16.7 $ 63.7 Receivables, net 295.4 297.3 Inventories 240.8 242.7 Other current assets 61.5 69.9 -------- -------- Total current assets 614.4 673.6 Property, plant and equipment, net 203.5 207.6 Goodwill 275.0 270.4 Other assets 110.7 118.9 -------- -------- $1,203.6 $1,270.5 -------- -------- -------- -------- LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Short-term debt 9.4 11.7 Accounts payable 213.6 231.2 Accrued and other current liabilities 126.3 146.7 -------- -------- Total current liabilities 349.3 389.6 Long-term debt 286.6 446.3 Other liabilities 202.0 208.6 -------- -------- Total liabilities 837.9 1,044.5 -------- -------- Stockholders' Equity: Common Stock 0.2 0.2 Capital in excess of par value 265.6 135.5 Preferred stock -- -- Foreign currency translation adjustment (5.3) (2.8) Unrealized losses on marketable securities available for sale, net (0.1) -- Retained earnings 105.3 93.1 -------- -------- Total stockholders' equity 365.7 226.0 -------- -------- $1,203.6 $1,270.5 -------- -------- -------- -------- See the accompanying notes to financial statements. 5 FISHER SCIENTIFIC INTERNATIONAL INC. STATEMENTS OF CASH FLOWS (in millions) (unaudited) Six Months Ended June 30, 1996 1995 ------ ------ Cash flows from operating activities: Net income $ 12.9 $ 17.0 Adjustments to reconcile net income to cash provided by operating activities: Depreciation and amortization 21.9 11.9 Deferred income taxes 3.3 1.2 Changes in working capital: Receivables, net 2.1 (9.0) Inventories 1.9 (22.0) Payables, accrued and other current liabilities (43.8) 3.2 Other working capital changes 4.9 0.2 Other assets and liabilities 0.8 (6.0) ------ ------ Cash provided (used) by operating activities 4.0 (3.5) ------ ------ Cash flows from investing activities: Acquisitions, net of cash acquired (4.7) (23.3) Marketable securities proceeds -- 21.2 Capital expenditures (11.6) (9.6) Other investing activities (0.4) (2.0) ------ ------ Cash used in investing activities (16.7) (13.7) ------ ------ Cash flows from financing activities: Proceeds from stock options exercised 4.8 2.2 Dividends paid (0.7) (0.6) Proceeds from long-term debt 2.1 -- Payments on long-term debt (40.5) (0.4) ------ ------ Cash provided (used) by financing activities (34.3) 1.2 ------ ------ Net change in cash and cash equivalents (47.0) (16.0) Cash and cash equivalents - beginning of period 63.7 36.9 ------ ------ Cash and cash equivalents - end of period $ 16.7 $ 20.9 ------ ------ ------ ------ See the accompanying notes to financial statements. 6 FISHER SCIENTIFIC INTERNATIONAL INC. NOTES TO FINANCIAL STATEMENTS NOTE 1 - BASIS OF PRESENTATION Fisher Scientific International Inc.'s ("Fisher" or the "Company") operations are conducted by wholly owned and majority-owned subsidiaries, joint ventures, equity interests and agents, located in North and South America, Europe, the Far East, the Middle East and Africa. The Company's activities relate principally to one business segment -- scientific and clinical products. This includes operations engaged in the supply, marketing, service and manufacture of scientific, clinical, educational, occupational health and safety products. Certain prior period amounts have been reclassified to conform to their current presentation. NOTE 2 - ACCOUNTING PRONOUNCEMENTS Effective January 1,1996, the Company adopted Statement of Financial Accounting Standards Number 121, "Accounting for the Impairment of Long-Lived Assets and for Long-Lived Assets to be Disposed Of." The new standard did not have any effect on the Company's financial statements. NOTE 3 - INVENTORIES On January 1, 1996, the Company changed its method of accounting for substantially all inventories of its newly acquired subsidiary Curtin Matheson Scientific Inc. (approximately $84 million) from the first-in, first-out (FIFO) method to the last-in, first-out (LIFO) method to conform CMS's accounting policies with that of Fisher Scientific Company, the Company's principal United States operating subsidiary. The Company believes the LIFO method better matches current costs with current selling prices. The change did not have a significant effect on the results of operations in the first quarter. NOTE 4 - DEBT JUNE 30, DECEMBER 31, 1996 1995 ------ ------ Bank Credit Facility $123.5 $161.5 7 1/8% notes (net of a discount of $1.2 million at June 30, 1996 and December 31, 1996) 148.8 148.8 Convertible subordinated notes 3.5 125.0 Capital lease obligations 5.8 7.8 Other 14.4 14.9 Less current portion of long-term debt (9.4) (11.7) ------ ------ $286.6 $446.3 ------ ------ ------ ------ 7 On June 12, 1996, the Company called for redemption of its $125 million step-up convertible subordinated notes due 2003, at a price of 103.65% of principal, plus accrued interest. As of June 30, 1996, $121.6 million of the convertible notes (97%) were converted into 3,463,154 shares of the Company's common stock. In July the Company redeemed the remaining notes for $3.5 million plus accrued interest. The conversion resulted in an increase in stockholders' equity and a reduction in long-term debt of approximately $125.0 million for the six months ended June 30, 1996. NOTE 5 - STOCKHOLDERS' EQUITY
Unrealized Gain (Loss) on Capital Marketable in Excess Foreign Securities Common of Par Currency Available Retained Stock Value Translation for Sale Earnings Total ------ -------- ----------- ---------- -------- ------- Balance, December 31, 1995 $ 0.2 $135.5 $ (2.8) -- $ 93.1 $226.0 Net Income -- -- -- -- 12.9 12.9 Proceeds from stock options -- 3.8 -- -- -- 3.8 Tax benefit from exercise of stock options -- 1.0 -- -- -- 1.0 Dividends ($0.04 per share) -- -- -- -- (0.7) (0.7) Foreign currency translation -- -- (2.5) -- -- (2.5) Change in unrealized gain (loss) on marketable securities available for sale, net -- -- -- (0.1) -- (0.1) Conversion of Convertible Subordinated Notes -- 125.3 -- -- -- 125.3 ------ -------- ----------- ---------- -------- ------- Balance, June 30, 1996 $ 0.2 $265.6 $ (5.3) $ (0.1) $105.3 $365.7 ------ -------- ----------- ---------- -------- ------- ------ -------- ----------- ---------- -------- -------
On June 12, 1996, Fisher's Board of Directors declared a quarterly cash dividend of $.02 per share, payable July 12, 1996 to shareholders of record June 27, 1996. 8 ITEM 2 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS AND FINANCIAL CONDITION This Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. The Company's actual results could differ materially from those set forth in the forward-looking statements. Certain factors that might cause such a difference include those factors discussed in the section entitled "Management's Discussion and Analysis of Results of Operations and Financial Condition - Overview" contained in the Company's Form 10-K for the year ended December 31, 1995. RESULTS OF OPERATIONS SALES Sales for the three and six months ended June 30, 1996 increased 69% and 70% to $532.2 million and $1,048.2, respectively, from $314.9 million and $618.0 million for the comparable periods in 1995. The sales increases in both periods primarily reflect sales of the laboratory supplies division of Fisons plc acquired in October 1995, which consisted of Curtin Matheson Scientific Inc. ("CMS") and Fisons Scientific Equipment Ltd. (now named Fisher Scientific U.K. Ltd.), as well as growth in Fisher's historical North American operations. GROSS PROFIT Fisher's gross profit for the three and six month periods ended June 30, 1996 increased 56% and 59% to $142.9 million and $278.5 million, respectively, from $91.4 million and $175.3 million for the comparable periods in 1995, primarily resulting from the aforementioned sales growth. Gross profit as a percent of sales decreased to 26.6% for the six months ended June 30, 1996 from 28.4% for the same period in 1995. The decrease in gross profit as a percent of sales reflects lower gross margins associated with the recent acquisition, partially offset by improvements in gross margins of Fisher's historical North American operations. SELLING, GENERAL AND ADMINISTRATIVE EXPENSE Selling, general and administrative expense for the three and six months ended June 30, 1996 increased 60% and 64% to $119.0 million and $237.4 million, respectively, from $74.4 million and $144.8 million for the comparable periods in 1995. These costs increased primarily as a result of the inclusion of selling, general and administrative expenses of recently acquired businesses, nonrecurring costs to integrate CMS into Fisher and nonrecurring costs associated with the implementation of the restructuring plan that began in the third quarter of 1995. Certain costs resulting from the temporary duplication of operations, relocation of inventories and employees, hiring and training new employees, and other one-time and redundant costs, which should be eliminated as the restructuring plan is fully implemented, are recognized as incurred. For the 9 three and six month periods ended June 30, 1996, approximately $5.3 million and $10.8 million, respectively, of such costs have been recorded, of which $5.3 million and $10.2 million, respectively, are included in selling, general and administrative expense. Operations outside of the United States continue to have significantly higher selling, general and administrative expense as a percentage of sales as compared with that of Fisher's domestic operations. These higher costs primarily reflect investments in the development of an integrated worldwide supply capability and the fact that international operations have not yet achieved the benefits associated with such integrated worldwide supply capability. INCOME FROM OPERATIONS Income from operations for the three and six month periods ended June 30, 1996 increased by 41% and 35% to $23.9 million and $41.1 million, respectively, as compared with $17.0 million and $30.5 million for the corresponding periods in 1995. These increases reflect the factors described above. Income from operations as a percent of sales decreased to 3.9% for the six months ended June 30, 1996, compared with 4.9% for the same period in 1995. This decrease in percentage primarily reflects the decrease in gross profit as a percent of sales as well as the inclusion of nonrecurring costs in selling, general and administrative expense, both described above. INTEREST EXPENSE Interest expense for the three and six month periods ended June 30, 1996 increased to $7.8 million and $16.4 million, respectively from $2.5 million and $4.8 million for the comparable periods in 1995. The increases principally reflect interest related to borrowings used to finance the acquisition of the laboratory supplies division of Fisons plc in the fourth quarter of 1995. INCOME TAX PROVISION The income tax provision for the three and six month periods ended June 30, 1996 increased to $7.1 million and $10.7 million, respectively, as compared with $6.1 million and $10.6 million for the corresponding periods in 1995. The effective tax rate for the six months ended June 30, 1996 increased to 45% compared with 38% for the same period in 1995 as the prior period's rate reflected the benefit of certain domestic net operating loss carryforwards. NET INCOME Net income for the three and six months ended June 30, 1996 decreased to $8.4 million and $12.9 million, respectively, from $10.2 million and $17.0 million for the comparable periods in 1995 due to the factors discussed above. 10 LIQUIDITY AND CAPITAL RESOURCES During the six months ended June 30, 1996, the Company's operations provided $4.0 million of cash compared with using $3.5 million for the same period in 1995. This $7.5 million increase in cash flow from operations primarily resulted from an increase in net income adjusted for depreciation and amortization. The Company's operating working capital (defined as trade receivables plus inventories less accounts payable and accrued liabilities) increased to $196.3 million at June 30, 1996 from $162.1 million at December 31, 1995. The increase in operating working capital is primarily due to decreases in accounts payable and accrued liabilities. Changes in account payables and accruals are principally attributable to payments of previously accrued restructuring and integration amounts, payments of accrued compensation and benefit amounts, and timing of payments of other previously accrued amounts. The Company's current ratio, the ratio of current assets to current liabilities, was 1.8 at June 30, 1996, compared with 1.7 at December 31, 1995. Excluding the effect, if any, of future acquisitions, the Company's operating working capital requirements are not anticipated to increase substantially throughout the remainder of 1996. During the six months ended June 30, 1996, the Company used $16.7 million of cash for investing activities compared with $13.7 million for the same period in 1995. The increase in cash used for investing activities is primarily due to a decrease in cash provided by proceeds from sales of marketable securities, partially offset by a reduction in cash used for acquisitions. For the six months ended June 30, 1996 and 1995, the Company had capital expenditures of $11.6 million and $9.6 million, respectively, reflecting capital expenditures associated with the consolidation and relocation of logistical and administrative functions. During the six months ended June 30, 1996, the Company's financing activities used $34.3 million compared with providing $1.2 million for the same period in 1995. This change is primarily due to $38.0 million in prepayments of the Company's bank term debt. The Company may continue to prepay this debt to the extent of its surplus cash. On June 12, 1996, the Company called for redemption of its $125 million step-up convertible subordinated notes due 2003, at a price of 103.65% of principal, plus accrued interest. As of June 30, 1996, $121.6 million of the convertible notes (97%) were converted into 3,463,154 shares of the Company's common stock. In July the Company redeemed the remaining notes for $3.5 million plus accrued interest. The conversion resulted in an increase in stockholders' equity and a reduction in long-term debt of approximately $125.0 million for the six months ended June 30, 1996. Fisher expects that cash flows from operations, together with cash and cash equivalents on hand and funds available under existing credit facilities, will be sufficient to meet ongoing operating and capital expenditure requirements. 11 On June 12, 1996, Fisher's Board of Directors declared a quarterly cash dividend of $.02 per share, payable July 12, 1996 to shareholders of record June 27, 1996. The Company plans to continue paying regular quarterly dividends, which will be funded by cash generated from operations. No dividend will be payable unless declared by the Fisher Board of Directors and funds are legally available for payment of a dividend. 12 PART II - OTHER INFORMATION ITEM 4 - SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS (a) The annual meeting of stockholders of the Company was held on May 14, 1996. (c) The results of the voting on the proposals considered at the annual meeting of stockholders are as follows: 1. ELECTION OF DIRECTORS Robert A. Day, Gerald J. Lewis and Edward A. Montgomery, Jr. were each elected for a three-year term expiring in 1999, and voting results were as follows: VOTES FOR VOTES WITHHELD ---------- -------------- Mr. Day 12,856,239 35,995 Mr. Lewis 12,857,689 34,545 Mr. Montgomery 12,856,219 36,015 2. APPOINTMENT OF INDEPENDENT AUDITORS The appointment of Deloitte & Touche LLP as independent auditors for the current fiscal year was ratified, and voting results were as follows: 12,874,202 FOR, 8,484 AGAINST, 9,448 ABSTAINED and no Broker Non-Votes. ITEM 6 - EXHIBITS AND REPORTS ON FORM 8-K (a) Exhibits: Exhibit 11 - Computation of Earnings Per Common Share for the Three and Six Months Ended June 30, 1996 and 1995. Exhibit 27 - Financial Data Schedule (b) Reports on Form 8-K: None 13 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. FISHER SCIENTIFIC INTERNATIONAL INC. Date: AUGUST 13, 1996 /s/ PAUL F. PATEK ----------------------------------- PAUL F. PATEK Vice President - Controller 14 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ---------------------- FISHER SCIENTIFIC INTERNATIONAL INC. EXHIBITS TO FORM 10-Q for the quarter ended June 30, 1996 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- 15 EXHIBIT INDEX EXHIBIT NO. DESCRIPTION PAGE 11 Computation of Earnings 17 Per Common Share for the Three and Six Months Ended June 30, 1996 and 1995 27 Financial Data Schedule 18 16 EX-11 2 EXHIBIT 11 EXHIBIT 11 FISHER SCIENTIFIC INTERNATIONAL INC. COMPUTATION OF EARNINGS PER COMMON SHARE (IN MILLIONS, EXCEPT PER SHARE AMOUNTS) (unaudited) PRIMARY EARNINGS PER SHARE WERE CALCULATED AS FOLLOWS: Three Months Ended Six Months Ended June 30, June 30, 1996 1995 1996 1995 ------ ------ ------ ------ Total income used for primary earnings per share $ 8.4 $ 10.2 $ 12.9 $ 17.0 ------ ------ ------ ------ ------ ------ ------ ------ Average common shares outstanding 16.6 16.0 16.5 16.0 Other 0.5 0.4 0.4 0.3 ------ ------ ------ ------ Average shares and equivalents 17.1 16.4 16.9 16.3 ------ ------ ------ ------ ------ ------ ------ ------ Primary earnings per share $0.49 $ 0.62 $0.76 $ 1.04 ------ ------ ------ ------ ------ ------ ------ ------ FULLY DILUTED EARNINGS PER SHARE WERE CALCULATED AS FOLLOWS: Three Months Ended Six Months Ended June 30, June 30, 1996 1995 1996 1995 ------ ------ ------ ------ Net income $ 8.4 $ 10.2 $ 12.9 $ 17.0 Interest expense of Convertible Subordinated Notes, net of taxes 1.1 1.1 2.1 2.1 ------ ------ ------ ------ Total income used for fully diluted earnings per share $ 9.5 $ 11.3 $ 15.0 $ 19.1 ------ ------ ------ ------ ------ ------ ------ ------ Average common shares outstanding 16.6 16.0 16.5 16.0 Common equivalent shares for Convertible Subordinated Notes 3.4 3.6 3.5 3.6 Other 0.5 0.4 0.4 0.4 ------ ------ ------ ------ Average shares and equivalents 20.5 20.0 20.4 20.0 ------ ------ ------ ------ ------ ------ ------ ------ Fully diluted earnings per share $ 0.46 $ 0.56 $ 0.74 $ 0.95 ------ ------ ------ ------ ------ ------ ------ ------ Note: Amounts may not calculate due to rounding. 17 EX-27 3 EXHIBIT 27
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE BALANCE SHEET AS OF JUNE 30, 1996 AND THE INCOME STATEMENT FOR THE SIX MONTHS ENDED JUNE 30, 1996, AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 1,000,000 6-MOS DEC-31-1995 JAN-01-1996 JUN-30-1996 17 0 295 0 241 614 204 0 1,204 349 287 0 0 0 366 1,204 1,048 1,048 770 770 1 0 16 24 11 13 0 0 0 13 0.76 0.74
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