-----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, DgPCrGoFTPuygQUznR/mCMIcm6v3M+r6oGvHrNbgNiV48Cu3VpphwJZlJgoWe+9e 5bPkqRGb7/R6RlPv5S0cQA== 0000950144-96-006241.txt : 19960913 0000950144-96-006241.hdr.sgml : 19960913 ACCESSION NUMBER: 0000950144-96-006241 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19960803 FILED AS OF DATE: 19960912 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: PERFUMANIA INC CENTRAL INDEX KEY: 0000880460 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-DRUG STORES AND PROPRIETARY STORES [5912] IRS NUMBER: 650026340 STATE OF INCORPORATION: FL FISCAL YEAR END: 0131 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-19714 FILM NUMBER: 96629010 BUSINESS ADDRESS: STREET 1: 11701 N W 101 RD CITY: MIAMI STATE: FL ZIP: 33178 BUSINESS PHONE: 3058891600 MAIL ADDRESS: STREET 1: 11701 N W 101 RD CITY: MIAMI STATE: FL ZIP: 33178 10-Q 1 PERFUMANIA, INC. 10-Q 8-3-96 1 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 QUARTERLY PERIOD ENDED AUGUST 3, 1996 COMMISSION FILE NUMBER 0-19714 PERFUMANIA, INC. STATE OF FLORIDA I.R.S. NO. 65-0026340 11701 N.W. 101ST ROAD MIAMI, FLORIDA 33178 TELEPHONE NUMBER: (305) 889-1600 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 TWELVE (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 NINETY (90) DAYS. YES X NO ------- ------- COMMON STOCK $.01 PAR VALUE OUTSTANDING SHARES AT AUGUST 3, 1996 - 7,807,791 2 TABLE OF CONTENTS PERFUMANIA, INC. PART I FINANCIAL INFORMATION ITEM 1 FINANCIAL STATEMENTS Consolidated Balance Sheets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 Consolidated Statements of Operations . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Consolidated Statements of Cash Flows . . . . . . . . . . . . . . . . . . . . . . . . . . 5 Notes to Condensed Consolidated Financial Statements . . . . . . . . . . . . . . . . . . . 6 ITEM 2 MANAGEMENT'S DISCUSSION AND ANALYSIS OF CONSOLIDATED FINANCIAL CONDITION AND RESULTS OF OPERATIONS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 PART II OTHER INFORMATION ITEM 4 SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. . . . . . . . . . . . . . . . . . . . . 12
2 3 PART I. FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS PERFUMANIA, INC. CONSOLIDATED BALANCE SHEETS
August 3, 1996 February 3, 1996 -------------- ---------------- ASSETS Current assets: Cash and cash equivalents $ 1,154,905 $ 331,028 Trade receivables, net 11,540,192 13,492,118 Advances to suppliers 8,078,867 4,311,660 Inventories, net of reserve of $750,000 64,873,255 56,014,501 Prepaid expenses 1,483,879 1,152,095 Net deferred tax asset 1,884,923 1,254,000 Due from related parties 122,538 122,538 ------------ ----------- Total current assets 89,138,559 76,677,940 Property and equipment, net 14,090,921 13,453,780 Leased equipment under capital leases, net 1,433,220 1,606,497 Other assets 1,801,200 1,411,579 Due from related parties 417,763 415,527 ------------ ----------- $106,881,663 $93,565,323 ============ =========== LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Bank line of credit and current portion of notes payable $ 27,386,683 $23,553,897 Accounts payable 24,804,711 18,814,302 Accrued expenses and other liabilities 3,776,318 2,903,959 Current portion of obligations under capital leases 338,898 498,348 Due to related parties 740,000 680,000 ------------ ----------- Total current liabilities 57,046,610 46,450,506 Other long-term liabilities 1,814,569 1,814,569 ------------ ----------- Total liabilities 58,861,179 48,265,075 ------------ ----------- Stockholders' equity: Preferred stock, $.01 par value, 1,000,000 shares authorized, none issued - - Common stock, $.01 par value, 25,000,000 shares authorized, 7,807,791 and 6,707,700 shares issued and outstanding 78,078 67,077 Capital in excess of par 51,900,229 47,959,464 Treasury stock (365,198) (123,323) Accumulated deficit (3,592,625) (2,602,970) ------------ ----------- Total stockholders' equity 48,020,484 45,300,248 ------------ ----------- $106,881,663 $93,565,323 ============ ===========
See accompanying notes to consolidated financial statements. 3 4 PERFUMANIA, INC. CONSOLIDATED STATEMENTS OF OPERATIONS
Thirteen Thirteen Twenty-six Twenty-six Weeks Ended Weeks Ended Weeks Ended Weeks Ended August 3, 1996 July 29, 1995 August 3, 1996 July 29, 1995 -------------- ------------- -------------- ------------- Net sales $28,870,964 $27,381,538 $52,091,437 $50,917,580 Cost of goods sold 16,045,773 15,818,044 29,358,299 30,307,063 ----------- ----------- ----------- ----------- Gross profit 12,825,191 11,563,494 22,733,138 20,610,517 ----------- ----------- ----------- ----------- Operating Expenses: Selling, general and administrative 10,919,296 10,036,184 21,189,279 20,043,174 Depreciation and amortization 856,237 793,743 1,710,427 1,586,799 ----------- ----------- ----------- ----------- Total operating expenses 11,775,533 10,829,927 22,899,706 21,629,973 ----------- ----------- ----------- ----------- Income (loss) from operations before other expense 1,049,658 733,567 (166,568) (1,019,456) Other expense (720,085) (723,488) (1,454,010) (1,309,715) ----------- ----------- ----------- ----------- Income (loss) before income taxes 329,573 10,079 (1,620,578) (2,329,171) Provision (benefit) for income taxes 129,636 - (630,923) - ----------- ----------- ----------- ----------- Net income (loss) $ 199,937 $ 10,079 ($ 989,655) ($2,329,171) =========== =========== =========== =========== Earnings (loss) per common share $ 0.03 $ 0.00 ($ 0.13) ($ 0.34) =========== =========== =========== ===========
See accompanying notes to consolidated financial statements. 4 5 PERFUMANIA, INC CONSOLIDATED STATEMENTS OF CASH FLOWS
Twenty-six Twenty-six Weeks Ended Weeks Ended August 3, 1996 July 29, 1995 -------------- --------------- Cash flows from operating activities: Net loss ($989,655) ($2,329,171) Adjustments to reconcile net loss to net cash used in operating activities: Benefit for deferred taxes (630,923) - Capitalized preopening costs (354,522) (140,985) Provision for doubtful accounts 150,000 - Depreciation and amortization 1,710,427 1,586,799 Loss on disposition 26,070 82,477 Change in assets and liabilities, (Increase) decrease in: Trade receivables 1,801,926 (795,829) Advances to suppliers (3,767,207) (76,760) Inventories (8,858,754) (3,375,478) Other current assets (331,784) (280,633) Tax refund receivable - 372,799 Other assets (189,924) (123,425) Increase (decrease) in: Accounts payable 5,990,409 3,346,887 Other current liabilities 912,935 122,048 ---------- ----------- Total adjustments (3,541,347) 717,900 ---------- ----------- Net cash used in operating activities (4,531,002) (1,611,271) ---------- ------------ Cash flows from investing activities: Additions to property and equipment (2,040,882) (1,385,213) Proceeds from sale of other property - 617,914 ---------- ----------- Net cash used in investing activities (2,040,882) (767,299) ---------- ----------- Cash flows from financing activities: Borrowings and repayments under loan payable 6,832,786 2,905,247 Borrowings and repayments from related parties 60,000 - Repayments and loans to related parties (2,236) (29,468) Principal payments under capital lease obligations (217,414) (171,030) Purchases of treasury stock (241,875) - Proceeds from issuance of common stock 964,500 6,250 ---------- ----------- Net cash provided by financing activities 7,395,761 2,710,999 ---------- ----------- Increase (decrease) in cash and cash equivalents 823,877 332,429 Cash and cash equivalents at beginning of period 331,028 505,872 ---------- ----------- Cash and cash equivalents at end of period $1,154,905 $ 838,301 ========== =========== Supplemental disclosure of cash flow information: Cash paid for: Interest $1,770,109 $ 1,438,479 Income Taxes 25,000 35,000
See accompanying notes to consolidated financial statements. 5 6 PERFUMANIA, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (1). SIGNIFICANT ACCOUNTING POLICIES The condensed consolidated financial statements include the accounts of Perfumania and subsidiaries (the Company). All material intercompany balances and transactions have been eliminated in consolidation. The unaudited condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and note disclosures normally included in annual financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to those rules and regulations, although the Company believes that the disclosures made are adequate to make the information presented not misleading. The financial information presented herein, which is not necessarily indicative of results to be expected for the current fiscal year, reflects all adjustments which, in the opinion of the Company, are necessary for a fair statement of the results for the periods indicated. It is suggested that these condensed consolidated financial statements be read in conjunction with the financial statements and the notes thereto included in the Company's Annual Report on Form 10-K for the fiscal year ended February 3, 1996. (2). STOCKHOLDERS' EQUITY
Common Stock Capital in Treasury Stock ------------ Excess -------------- Retained Shares Amount of Par Shares Amount Earnings Total ----------- -------- ----------- -------- ---------- ----------- ---------- Balance at February 3, 1996 6,707,700 $67,077 $47,959,464 23,000 ($123,323) ($2,602,970) $45,300,248 Exercise of stock options 2,000 20 8,230 - - - 8,250 Sale of common stock 180,000 1,800 954,450 - - - 956,250 Conversion of debentures 918,091 9,181 2,978,095 - - - 2,987,266 Purchase of treasury stock - - - 45,000 (241,875) - (241,875) Net loss for the twenty-six weeks ended August 3, 1996 - - - - - (989,655) (989,655) --------- ------- ----------- ------ --------- ----------- ----------- Balance at August 3, 1996 7,807,791 $78,078 $51,900,229 68,000 ($365,198) ($3,592,625) $48,020,484 --------- ------- ----------- ------ --------- ----------- -----------
6 7 (3). EARNINGS (LOSS) PER COMMON SHARE Earnings (loss) per common share are computed by dividing net income (loss) by the weighted average number of common shares outstanding. The weighted average number of common shares for the thirteen and twenty-six weeks ended August 3, 1996 were 7,800,589 and 7,567,541, respectively. The weighted average number of common shares for the thirteen and twenty-six weeks ended July 29, 1995 was 6,816,970. (4). SEGMENT INFORMATION The Company operates in two industry segments, specialty retail sale and wholesale distribution of fragrances and related products. Financial information for these segments is summarized in the following table.
Thirteen Weeks Thirteen Weeks Twenty-six Twenty-six Ended Ended Weeks Ended Weeks Ended August 3, 1996 July 29, 1995 August 3, 1996 July 29, 1995 -------------- ------------- -------------- ------------- Sales Wholesale $ 6,116,339 $ 6,685,715 $11,144,596 $14,600,915 Retail 22,754,625 20,695,823 40,946,841 36,316,665 ----------- ----------- ----------- ----------- Total net sales $28,870,964 $27,381,538 $52,091,437 $50,917,580 ----------- ----------- ----------- ----------- Cost of goods sold Wholesale 4,399,570 $ 4,870,252 $ 8,238,967 $10,930,577 Retail 11,646,203 10,947,792 21,119,332 19,376,486 ----------- ----------- ----------- ----------- Total cost of goods sold $16,045,773 $15,818,044 $29,358,299 $30,307,063 ----------- ----------- ----------- ----------- Gross profit Wholesale $ 1,716,769 $ 1,815,463 $ 2,905,629 $ 3,670,338 Retail 11,108,422 9,748,031 19,827,509 16,940,179 ----------- ----------- ----------- ----------- Total gross profit $12,825,191 $11,563,494 $22,733,138 $20,610,517 ----------- ----------- ----------- -----------
August 3, February 3, 1996 1996 ----------- ----------- Inventory Wholesale $20,818,840 $17,260,449 Retail 44,054,415 38,754,052 ----------- ----------- $64,873,255 $56,014,501 ----------- ----------- Number of stores 195 194
An unaffiliated customer of the wholesale segment accounted for approximately 22% and 3% of the consolidated net sales for the twenty-six weeks ended August 3, 1996 and July 29, 1995, respectively, and 70% and 48% of the consolidated net trade accounts receivable balance at August 3, 1996 and July 29, 1995, respectively. 7 8 (5). ISSUANCE OF STOCK SUBSCRIPTION AND CONVERTIBLE DEBENTURES On March 21, 1996, the Company executed a Regulation S stock subscription agreement to sell 180,000 shares of common stock to a non-U.S. person for approximately $956,000. The proceeds were received in March 1996 and the shares were subsequently issued in May 1996. On March 25, 1996, the Company issued $3,000,000 of 5% Convertible Debentures (the "Debentures") in a Regulation S offering to non-U.S. persons. The debentures mature on April 1, 1997, and were convertible into shares of common stock of the Company, at any time after May 21, 1996, at a conversion price for each share of common stock equal to eighty-five percent of the market price of common stock on the date of conversion, not to exceed $8.50 per share of common stock. As of July 19, 1996, all of the debentures had been converted by the registered holders into an aggregate of approximately 918,000 shares of the Company's common stock. (6) SUBSEQUENT EVENT Through August 13, 1996, the Company has repurchased an additional 20,000 shares of its common stock for approximately $83,000. This repurchase was previously authorized by the Company's Board of Directors. 8 9 PART I. FINANCIAL INFORMATION ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF CONSOLIDATED FINANCIAL CONDITION AND RESULTS OF OPERATIONS SEASONALITY The Company's operations have historically been seasonal, with generally higher retail sales in the third and fourth fiscal quarters than in the first and second fiscal quarters. Significantly higher fourth fiscal quarter retail sales result from increased purchases of fragrances as gift items during the Christmas holiday season. Wholesale sales also vary by fiscal quarter as a result of the selection of merchandise available for sale as well as the need for the Company to stock its retail stores for the Christmas holiday season. Therefore, the results of any interim period are not necessarily indicative of the results that might be expected during a full fiscal year. LIQUIDITY AND CAPITAL RESOURCES At August 3, 1996 working capital was $32.1 million compared to $30.2 million at February 3, 1996. The increase was primarily due to the issuance of common stock for cash and upon conversion of debentures (see Note 5), offset by the loss for the twenty-six weeks ended August 3, 1996. Net cash used in operating activities during the twenty-six weeks ended August 3, 1996 was approximately $4.5 million, principally as a result of the net change in the Company's inventory, trade receivables, and accounts payable, as well as the net loss for the twenty-six week period. At August 3, 1996, approximately $1.7 million of the Company's trade receivables were considered past due compared to $0.7 million at February 3, 1996. Of the $11.5 million in trade receivables due from unaffiliated customers, $8.1 million was due from one customer which also accounted for 47.2% of the Company's wholesale sales during the thirteen weeks ended August 3, 1996. The Company's sales to this customer are made on an open account terms and since late 1991 the Company has extended credit terms to this customer of up to one year. The Company has not experienced any write-offs of accounts receivable from this customer due to collectibility. Net cash used in investing activities during the current period was $2.1 million. This represents purchases of furniture, fixtures and equipment for store openings during the first three quarters. Net cash provided by financing activities during the current period was approximately $7.4 million, which was the result of an increase in the Company's use of its line of credit, along with the issuance of $3 million of 5% convertible debentures, and issuance of 180,000 shares of common stock for approximately $1.0 million (see Note 5). On March 29, 1996, the Company's $25 million line of credit, which expires on April 30, 1999, was increased to $30 million. During the thirteen weeks ended August 3, 1996, the Company opened 2 stores and closed 2 stores. At August 3, 1996, the Company operated 195 stores. The Company plans to open approximately 30 stores during the remainder of fiscal 1996. 9 10 RESULTS OF OPERATIONS COMPARISON OF THE THIRTEEN WEEKS ENDED AUGUST 3, 1996 WITH THE THIRTEEN WEEKS ENDED JULY 29, 1995. Net sales increased from $27.4 million in the thirteen weeks ended July 29, 1995 to $28.9 million in the thirteen weeks ended August 3, 1996. Wholesale sales decreased by 8.5% (from $6.7 million to $6.2 million) and retail sales increased by 10.0% (from $20.7 million to $22.8 million). The increase in retail sales was principally due to the increase in the number of stores operated during the thirteen weeks ended August 3, 1996 compared to the thirteen weeks ended July 29, 1995. Comparable store sales during the current period increased 0.3% when compared to last year. Gross profit increased 10.9% from $11.6 million in the thirteen weeks ended July 29, 1995 (42.2% of net sales) to $12.8 million in the thirteen weeks ended August 3, 1996 (44.4% of net sales) primarily due to an increase in gross profit for the retail division. Gross profit for the wholesale division decreased from $1.8 million in the thirteen weeks ended July 29, 1995 to $1.7 million in the thirteen weeks ended August 3, 1996. As a percentage of net sales, gross profit for the wholesale division increased from 27.2% in the thirteen weeks ended July 29, 1995 to 28.1% in the thirteen weeks ended August 3, 1996, primarily as a result of higher margin sales. Gross profit for the retail division increased to $11.1 million in the thirteen weeks ended August 3, 1996 from $9.7 million in the thirteen weeks ended July 29, 1995 as a result of higher retail sales. As a percentage of net sales, gross profit for the retail division increased from 47.1% in the thirteen weeks ended July 29, 1995 to 48.8% in the thirteen weeks ended August 3, 1996 primarily as a result of less promotional sales of merchandise at lower margins. Operating expenses, which include selling, general and administrative expenses as well as depreciation, increased 8.7% from $10.8 million in the thirteen weeks ended July 29, 1995 to $11.8 million in the thirteen weeks ended August 3, 1996. The increase was primarily due to costs associated with the operation of 17 additional stores during the current period. The Company had a net income of $199,937, or $0.03 per share, in the thirteen weeks ended August 3, 1996 compared to a net income of $10,079, or $0.00 per share, in the thirteen weeks ended July 29, 1995. The weighted average number of common shares outstanding were 7,800,589 for the thirteen weeks ended August 3, 1996 and 6,816,970 for the thirteen weeks ended July 29, 1995. COMPARISON OF THE TWENTY-SIX WEEKS ENDED AUGUST 3, 1996 WITH THE TWENTY-SIX WEEKS ENDED JULY 29, 1995. Net sales increased 2.3% from $50.9 million in the twenty-six weeks ended July 29, 1995 to $52.1 million in the twenty-six weeks ended August 3, 1996. The increase in net sales was due to a 12.7% increase in retail sales (from $36.3 million to $40.9 million), which was offset by a 23.7% decrease in wholesale sales (from $14.6 million to $11.1 million). The decrease in wholesale sales was primarily attributable to a slowdown in wholesale orders during the thirteen weeks ended May 4, 1996. The increase in retail sales was principally due to the increase in the number of stores operated during the twenty-six weeks ended August 3, 1996 compared to the twenty-six weeks ended July 29, 1995. Comparable store sales during the twenty-six weeks ended August 3, 1996 increased 2.7% when compared to last year. 10 11 Gross profit increased 10.3% from $20.6 million in the twenty-six weeks ended July 29, 1995 (40.5% of net sales) to $22.7 million in the twenty-six weeks ended August 3, 1996 (43.6% of net sales) primarily as a result of the increase in retail sales. Gross profit for the wholesale division decreased 20.8% from $3.7 million in the twenty-six weeks ended July 29, 1995 to $2.9 million in the twenty-six weeks ended August 3, 1996, primarily as a result of lower wholesale sales. As a percentage of net sales, gross profit for the wholesale division increased from 25.1% in the twenty-six weeks ended July 29, 1995 to 26.1% in the twenty-six weeks ended August 3, 1996. Gross profit for the retail division increased 17.0% from $16.9 million in the twenty-six weeks ended July 29, 1995 to $19.8 million in the twenty-six weeks ended August 3, 1996. The retail division's gross margin increased from 46.6% in the twenty-six weeks ended July 29, 1995 to 48.4% in the twenty-six weeks ended August 3, 1996. Operating expenses increased $1.3 million in the twenty-six weeks ended August 3, 1996 compared to the twenty-six weeks ended July 29, 1995. The increase was primarily due to costs associated with the operation of 15 additional stores. During the twenty-six weeks ended August 3, 1996 the Company had a net loss of $989,655 or ($0.13) per share (based on 7,567,541 average common shares outstanding), compared to a net loss of $2,329,171 or ($0.34) per share (based on 6,816,970 average common shares outstanding) during the twenty-six weeks ended July 29, 1995. 11 12 PART II. OTHER INFORMATION ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS On August 21, 1996, the Company held its annual meeting of shareholders. At the annual meeting, the shareholders elected Simon Falic, Jerome Falic, Ron A. Friedman, Marc Finer, Robert Pliskin, Daniel J. Manella and Carole Ann Taylor to the Board of Directors. The number of votes for and against, abstentions and brokers non-votes with respect to each director's election was as follows:
TOTAL SHARES SHARES SHARES VOTED VOTED ABSTAIN/ NON- VOTED FOR AGAINST WITHHELD VOTES -------- ----------- -------- -------- ----- Simon Falic 6,210,903 6,204,353 - 6,550 - Jerome Falic 6,210,903 6,204,353 - 6,550 - Marc Finer 6,210,903 6,204,353 - 6,550 - Ron A. Friedman 6,210,903 6,204,353 - 6,550 - Robert Pliskin 6,210,903 6,204,353 - 6,550 - Daniel J. Manella 6,210,903 6,204,353 - 6,550 - Carole Ann Taylor 6,210,903 6,204,353 - 6,550 -
12 13 PERFUMANIA, INC. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused the report to be signed on its behalf by the undersigned, thereunto duly authorized. Perfumania, Inc. ------------------------------------ (Registrant) Date: September 9, 1996 By: /S/ SIMON FALIC ------------------------------------ Simon Falic Chairman of the Board, President and Chief Executive Officer (Principal Executive Officer) By: /S/ RON A. FRIEDMAN ------------------------------------ Ron A. Friedman Chief Financial Officer Treasurer, and Secretary (Principal Financial and Accounting Officer) 13 14 Exhibit Index 27 -- Financial Data Schedule (for SEC use only) EX-27 2 FINANCIAL DATA SCHEDULE
5 6-MOS FEB-05-1997 FEB-04-1996 AUG-03-1996 1,154,905 0 11,540,192 0 64,873,255 89,138,559 14,090,921 0 106,881,663 57,046,610 2,153,467 0 0 78,078 47,942,406 106,881,663 52,091,437 52,091,437 29,358,299 29,358,299 0 0 0 (1,620,578) (630,923) (989,655) 0 0 0 (989,655) (0.13) (0.13)
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