-----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, WbCwk4omnDxvYzb7Kyz8iolKqq/f7YB6sPLpvh1YPSP2DETOHmw6yWr+Oc4+I4ng zoyJcpYyW3doTOuaECgU1w== 0000950148-96-000910.txt : 19960621 0000950148-96-000910.hdr.sgml : 19960621 ACCESSION NUMBER: 0000950148-96-000910 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19960331 FILED AS OF DATE: 19960515 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: ON ASSIGNMENT INC CENTRAL INDEX KEY: 0000890564 STANDARD INDUSTRIAL CLASSIFICATION: 7363 IRS NUMBER: 954023433 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-20540 FILM NUMBER: 96567518 BUSINESS ADDRESS: STREET 1: 26651 WEST AGOURA ROAD CITY: CALABASAS STATE: CA ZIP: 91302 BUSINESS PHONE: 8188787900 10-Q 1 QUARTERLY REPORT FOR PERIOD ENDED 3/31/96 1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended MARCH 31, 1996 OR [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________ to _________ Commission file number: 0-20540 ON ASSIGNMENT, INC. (Exact name of registrant as specified in its charter) DELAWARE 95-4023433 (State of Incorporation) (IRS Employer Identification No.) 26651 WEST AGOURA ROAD, CALABASAS, CA 91302 (Address of principal executive offices) (Zip Code) (818) 878-7900 (Registrant's telephone number, including area code) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X No --- --- At March 31, 1996, the total number of outstanding shares of the Company's Common Stock ($0.01 par value) was 5,072,950. Page 1 of 15 pages Exhibit index on page 14 2 ON ASSIGNMENT, INC. INDEX
PART 1 - FINANCIAL INFORMATION PAGE NUMBER Item 1 - Consolidated Financial Statements Consolidated Balance Sheets at March 31, 1996 and December 31, 1995 (Unaudited) 3 Consolidated Statements of Income for the three months ended March 31, 1996 and March 31, 1995 (Unaudited) 4 Consolidated Statements of Cash Flows for the three months ended March 31, 1996 and March 31, 1995 (Unaudited) 5, 6 Notes to Consolidated Financial Statements (Unaudited) 7, 8 Item 2 - Management's Discussion and Analysis of Financial Condition and Results of Operations 9, 10, 11 PART II - OTHER INFORMATION Item 4 - Submission of Matters to a Vote of Security-Holders 12 Item 5 - Other Information 12 Item 6 - Exhibits and Reports on Form 8-K 12 Signatures 13 Index to Exhibits 14
2 3 PART I - FINANCIAL INFORMATION ITEM 1 - CONSOLIDATED FINANCIAL STATEMENTS ON ASSIGNMENT, INC. CONSOLIDATED BALANCE SHEETS (UNAUDITED)
March 31, December 31, 1996 1995 ----------- ----------- ASSETS CURRENT ASSETS: Cash and cash equivalents $ 5,826,000 $ 3,327,000 Marketable securities, current 5,215,000 3,565,000 Accounts receivable, net (note 4) 9,909,000 10,144,000 Advances and deposits 40,000 111,000 Prepaid expenses 687,000 799,000 Deferred income taxes 575,000 600,000 ----------- ----------- Total current assets 22,252,000 18,546,000 ----------- ----------- OFFICE FURNITURE, EQUIPMENT AND LEASEHOLD IMPROVEMENTS, net (note 5) 1,940,000 1,730,000 Marketable securities, non-current 0 2,000,000 Workers' compensation deposits 760,000 860,000 Goodwill, net (note 6) 616,000 628,000 Other assets 161,000 158,000 ----------- ----------- TOTAL ASSETS $25,729,000 $23,922,000 =========== =========== LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Note payable - bank $ 325,000 $ 475,000 Accrued payroll 1,828,000 1,647,000 Accounts payable 415,000 495,000 Accrued expenses 991,000 853,000 Income taxes payable 603,000 304,000 ----------- ----------- Total current liabilities 4,162,000 3,774,000 ----------- ----------- STOCKHOLDERS' EQUITY: Preferred stock (note 7) 0 0 Common stock (note 8) 51,000 50,000 Paid-in capital 7,458,000 6,898,000 Retained earnings 14,058,000 13,200,000 ----------- ----------- Total stockholders' equity 21,567,000 20,148,000 ----------- ----------- TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $25,729,000 $23,922,000 =========== ===========
3 4 PART I - FINANCIAL INFORMATION ITEM 1 - CONSOLIDATED FINANCIAL STATEMENTS ON ASSIGNMENT, INC. CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
Three Months Ended March 31, -------------------------------- 1996 1995 ----------- ----------- REVENUES $18,902,000 $15,517,000 COST OF SERVICES 13,129,000 10,878,000 ----------- ----------- GROSS PROFIT 5,773,000 4,639,000 OPERATING EXPENSES 4,070,000 3,338,000 ----------- ----------- OPERATING INCOME 1,703,000 1,301,000 NON-RECURRING ACQUISITION COSTS (Note 2) 401,000 0 ----------- ----------- INCOME BEFORE INTEREST AND INCOME TAXES 1,302,000 1,301,000 INTEREST INCOME, NET 113,000 87,000 ----------- ----------- INCOME BEFORE INCOME TAXES 1,415,000 1,388,000 PROVISION FOR INCOME TAXES 557,000 546,000 ----------- ----------- NET INCOME $ 858,000 $ 842,000 =========== =========== PRIMARY AND FULLY DILUTED EARNINGS PER SHARE $ 0.16 $ 0.16 =========== =========== WEIGHTED AVERAGE NUMBER OF COMMON AND COMMON EQUIVALENT SHARES OUTSTANDING 5,428,000 5,208,000 =========== ===========
4 5 PART I - FINANCIAL INFORMATION ITEM 1 - CONSOLIDATED FINANCIAL STATEMENTS ON ASSIGNMENT, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
Three Months Ended March 31, --------------------------------- 1996 1995 ----------- ----------- CASH FLOWS FROM OPERATING ACTIVITIES: Net Income $ 858,000 $ 842,000 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 157,000 136,000 Increase (Decrease) in allowance for doubtful accounts (49,000) 19,000 (Increase) Decrease in deferred income taxes 25,000 (43,000) (Increase) Decrease in accounts receivable 284,000 (198,000) Decrease in income taxes receivable 0 37,000 Increase (Decrease) in accounts payable and accrued expenses 239,000 (142,000) Increase in income taxes payable 349,000 475,000 (Increase) Decrease in workers' compensation deposits 100,000 (62,000) (Increase) decrease in prepaid expenses 112,000 (144,000) Increase in other assets (9,000) (11,000) ----------- ----------- Net cash provided by operating activities 2,066,000 909,000 ----------- ----------- CASH FLOWS FROM INVESTING ACTIVITIES: Purchase of marketable securities 0 (2,300,000) Proceeds from the maturity of marketable securities 350,000 1,080,000 Acquisition of office furniture, equipment and leasehold improvements (349,000) (160,000) Decrease in advances and deposits 71,000 34,000 ----------- ----------- Net cash provided by (used for) investing activities 72,000 (1,346,000) ----------- ----------- CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from exercise of common stock options 431,000 132,000 Proceeds from issuance of common stock - Employee Stock Purchase Plan 80,000 56,000 Borrowings on line of credit 450,000 0 Repayments of line of credit borrowings (600,000) 0 ----------- ----------- Net cash provided by financing activities 361,000 188,000 ----------- ----------- NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 2,499,000 (249,000) CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 3,327,000 1,833,000 ----------- ----------- CASH AND CASH EQUIVALENTS, END OF PERIOD $ 5,826,000 $ 1,584,000 =========== ===========
5 6 PART I - FINANCIAL INFORMATION ITEM 1 - CONSOLIDATED FINANCIAL STATEMENTS ON ASSIGNMENT, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (CONTINUED) - - -------------------------------------------------------------------------------- SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Three Months Ended March 31, ---------------------------- 1996 1995 -------- ------- Cash paid during the period for income taxes, net of refunds $182,000 $78,000 ======== =======
SUPPLEMENTAL DISCLOSURE OF NON-CASH TRANSACTIONS:
Three Months Ended March 31, ---------------------------- 1996 1995 -------- -------- Tax benefit of disqualifying dispositions $ 50,000 $ 0 ======== ========
6 7 PART I - FINANCIAL INFORMATION ITEM 1 - CONSOLIDATED FINANCIAL STATEMENTS ON ASSIGNMENT, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) FOR THE THREE MONTHS ENDED MARCH 31, 1996 AND 1995 - - -------------------------------------------------------------------------------- 1. The accompanying consolidated financial statements have been prepared by the Company, pursuant to the rules and regulations of the Securities and Exchange Commission (SEC). This Report on Form 10-Q should be read in conjunction with the Company's annual report on Form 10-K for the year ended December 31, 1995, and Current Reports on Form 8-K and 8-K/A-1, filed with the Securities and Exchange Commission on April 10, 1996 and May 3, 1996, respectively. Certain information and footnote disclosures which are normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to SEC rules and regulations. The information reflects all normal and recurring adjustments which, in the opinion of Management, are necessary for a fair presentation of the financial position of the Company and its results of operations for the interim periods set forth herein. The results for the three months ended March 31, 1996 are not necessarily indicative of the results to be expected for the full year or any other period. 2. On March 27, 1996, the Company issued 171,579 shares of its common stock for all of the outstanding common stock of EnviroStaff, Inc. ("EnviroStaff"), a Minnesota corporation, which specializes in providing employees on temporary assignments to the environmental services industry. The acquisition has been accounted for as a pooling-of-interests and, accordingly, the Company's consolidated financial statements have been restated for all periods prior to the acquisition to include the results of operations, financial positions, and cash flows of EnviroStaff. Revenues, net income and primary and fully diluted earnings per share for the individual entities are as follows:
On Assignment EnviroStaff Combined ------------- ------------ ------------ Three Months Ended March 31, 1996 Revenues $ 16,379,000 $ 2,523,000 $ 18,902,000 Net income (loss) 1,086,000 (228,000) 858,000 Earnings (loss) per share 0.20 (0.04) 0.16 Three Months Ended March 31, 1995 Revenues $ 13,974,000 $ 1,543,000 $ 15,517,000 Net income (loss) 890,000 (48,000) 842,000 Earnings (loss) per share 0.17 (0.01) 0.16 Year Ended December 31, 1995 Revenues $ 62,042,000 $ 10,575,000 $ 72,617,000 Net income 4,330,000 11,000 4,341,000 Earnings per share 0.82 0.00 0.82
7 8 PART I - FINANCIAL INFORMATION ITEM 1 - CONSOLIDATED FINANCIAL STATEMENTS ON ASSIGNMENT, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) FOR THE THREE MONTHS ENDED MARCH 31, 1996 AND 1995 - - -------------------------------------------------------------------------------- Non-recurring acquisition costs of approximately $401,000 related to the acquisition of EnviroStaff were charged to expense during the three-month period ended March 31, 1996. The after-tax impact of these expenses on primary and fully diluted earnings per share was $0.04 for the three-month period ended March 31, 1996. Acquisition costs include legal, accounting, financial advisory services, and other costs of the acquisition. 3. The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All significant intercompany accounts and transactions have been eliminated. 4. Accounts receivable are stated net of an allowance for doubtful accounts of $386,000 and $435,000 at March 31, 1996 and December 31, 1995, respectively. 5. Office furniture, equipment and leasehold improvements are stated net of accumulated depreciation and amortization of $1,542,000 and $1,403,000 at March 31, 1996 and December 31, 1995, respectively. 6. Goodwill represents the excess of the purchase price over the fair value of the net assets acquired. It is being amortized on a straight-line basis over 15 years. Goodwill is stated net of accumulated amortization of $93,000 and $81,000 at March 31, 1996 and December 31, 1995, respectively. 7. At March 31, 1996 and December 31, 1995, Preferred Stock at a par value of $0.01 per share consisted of 1,000,000 shares authorized and 0 shares issued and outstanding. 8. At March 31, 1996 and December 31, 1995, Common Stock at a par value of $0.01 per share consisted of 25,000,000 shares authorized and 5,072,950 and 5,024,461 shares issued and outstanding, respectively. 9. In October 1995, the Financial Accounting Standards Board issued Statement of Financial Accounting Standards No. 123, "Accounting for Stock-Based Compensation." The Company has adopted only the disclosure portion of the statement and therefore the statement has no material impact on the financial statements. 10. Certain reclassifications have been made to the 1995 consolidated financial statements to conform with the 1996 consolidated financial statement presentation. 8 9 PART I - FINANCIAL INFORMATION ITEM 2 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The discussion in this Report contains forward-looking statements that involve risks and uncertainties. The Company's actual results could differ materially from those discussed herein. Factors that could cause or contribute to such differences include, but are not limited to, those discussed in "Risk Factors That May Affect Future Results" in the Business Section of the Company's Annual Report on Form 10-K for the year ended December 31, 1995, as well as those discussed elsewhere in this Report. CHANGES IN RESULTS OF OPERATIONS FOR THE THREE MONTHS ENDED MARCH 31, 1996 AND 1995: - - -------------------------------------------------------------------------------- REVENUES - Revenues increased by 21.8% from $15,517,000 for the three months ended March 31, 1995, to $18,902,000 for the three months ended March 31, 1996, primarily as a result of the increase in the number of temporary employees on assignment in the Lab Support division and to a lesser extent from the increase in revenues generated by EnviroStaff and the Finance Support division. Lab Support's revenue growth was primarily attributable to the strong performance in most of the markets in which the Lab Support division has older, better established branches and the contribution of new Lab Support offices opened in the past year. However, revenue growth was tempered by an unusually high number of conversions of temporary employees to permanent status and the impact of severe winter weather in several key markets. Average hourly billing rates of the Lab Support division did not vary significantly between the two periods. The growth of EnviroStaff's revenues were primarily attributable to the contribution of new EnviroStaff offices opened in the past year, as well as the growth of most existing offices. Average hourly billing rates of EnviroStaff did not vary significantly between the two periods. The growth of the Finance Support division's revenues were primarily attributable to higher average hourly billing rates which were principally attributable to a concentration on new business with a higher price structure and to a lesser extent from the contribution of new offices opened in the past year. COST OF SERVICES - Cost of services consists solely of compensation for temporary employees and payroll taxes and benefits paid by the Company in connection with such compensation. Cost of services increased 20.7% from $10,878,000 for the three months ended March 31, 1995 to $13,129,000 for the three months ended March 31, 1996. Cost of services as a percentage of revenues decreased from 70.1% in the 1995 period to 69.5% in the 1996 period. This decrease was primarily attributable to an increase in average gross margins of EnviroStaff as a result of a decrease in average pay rates in the 1996 period, and an increase in average gross margins of the Finance Support division as a result of a shift to higher margin business in the 1996 period. 9 10 PART I - FINANCIAL INFORMATION ITEM 2 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS CHANGES IN RESULTS OF OPERATIONS (CONTINUED) FOR THE THREE MONTHS ENDED MARCH 31, 1996 AND 1995: - - -------------------------------------------------------------------------------- OPERATING EXPENSES - Operating expenses include the costs associated with the Company's network of Account Managers and branch offices, including Account Manager compensation, rent, other office expenses and advertising for temporary employees, and corporate office expenses, such as the salaries of corporate operations and support personnel, management compensation, Account Manager recruiting and training expenses, corporate advertising and promotion, rent and other general and administrative expenses. Operating expenses increased 21.9% from $3,338,000 for the three months ended March 31, 1995 to $4,070,000 for the three months ended March 31, 1996. Operating expenses as a percentage of revenues remained consistent at 21.5% in the 1995 and 1996 periods. This result was primarily attributable to an increase in the hiring of new Account Managers for the opening of new offices and the expansion of existing offices of EnviroStaff, offset by a decrease in corporate expenses as a percentage of revenues. NON-RECURRING ACQUISITION COSTS - Non-recurring acquisition costs consisted principally of legal, accounting, financial advisory services and other expenses related to the initial combination of EnviroStaff and the Company. The combined companies incurred approximately $401,000 in non-recurring acquisition costs during the three months ended March 31, 1996. INTEREST - Interest income, net increased 29.9% from $87,000 for the three months ended March 31, 1995 to $113,000 for the three months ended March 31, 1996, primarily as a result of interest earned on higher interest-bearing cash, cash equivalent and marketable security account balances, partially offset by interest expense charged on EnviroStaff's line of credit borrowings in the 1996 period. PROVISION FOR INCOME TAXES - Income taxes increased 2.0% from $546,000 for the three months ended March 31, 1995 to $557,000 for the three months ended March 31, 1996. The effective tax rate increased slightly from 39.3% in the 1995 period to 39.4% in the 1996 period. 10 11 PART I - FINANCIAL INFORMATION ITEM 2 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS LIQUIDITY AND CAPITAL RESOURCES: - - -------------------------------------------------------------------------------- The Company's primary sources of cash for the three months ended March 31, 1995, and 1996, were funds provided by operating activities. For the three months ended March 31, 1995, operating activities provided $909,000 of cash compared to $2,066,000 for the three months ended March 31, 1996. This increase was primarily attributable to a decrease in accounts receivable in the 1996 period, which was principally attributable to collections of EnviroStaff's accounts receivable, partially offset by an increase in the Lab Support and Finance Support division's accounts receivable. In addition, an increase in accounts payable and accrued expenses and a decrease in workers' compensation deposits and prepaid expenses in the 1996 period, contributed to net cash provided by operating activities. Cash used for investing activities totaled $1,346,000 for the three months ended March 31, 1995, compared to cash provided by investing activities of $72,000 for the three months ended March 31, 1996. This was primarily attributable to cash used to purchase marketable securities exceeding cash proceeds from the maturity of marketable securities in the 1995 period. Cash provided by financing activities was $188,000 for the three months ended March 31, 1995, compared to $361,000 for the three months ended March 31, 1996. The increase was primarily attributable to higher proceeds from the sale of common stock in connection with the exercise of stock options and the Employee Stock Purchase Plan, partially offset by repayments of EnviroStaff's line of credit borrowings exceeding the related borrowings, during the 1996 period compared to the 1995 period. The Company maintains an unsecured bank line of credit that expires on July 1, 1997. The maximum borrowings allowable under this agreement are $5,000,000 and bear interest at the bank's reference rate (8.25% at March 31, 1996). No borrowings were outstanding under this credit line at March 31, 1996. In addition, the Company's EnviroStaff subsidiary had a $1,000,000 line of credit with a bank. This line accrued interest at prime plus 1.25% (9.50% effective rate at March 31, 1996). Advances were secured by all of the assets of EnviroStaff and the agreement included requirements for minimum operating ratios and tangible net worth and restricted the payment of dividends. At March 31, 1996, the Company had an outstanding balance of $325,000, due May 1996. On April 19, 1996, the Company paid the outstanding balance in full and the line of credit agreement was terminated. The Company believes that its cash balances, together with funds from operations and its borrowing capacity, will be sufficient to meet its cash requirements through the next twelve months. 11 12 PART II - OTHER INFORMATION ITEM 4 - SUBMISSION OF MATTERS TO A VOTE OF SECURITY-HOLDERS None ITEM 5 - OTHER INFORMATION None ITEM 6 - EXHIBITS AND REPORTS ON FORM 8-K (a) Exhibits - 11.1 Statement regarding computation of earnings per share (b) Reports on Form 8-K (1) Current Report on Form 8-K, reporting the Company's March 27, 1996 acquisition of EnviroStaff, Inc., was filed with the Commission on April 10, 1996. (2) Current Report on Form 8-K/A-1, amending the Company's Form 8-K filed on April 10, 1996, was filed with the Commission on May 3, 1996 and included the following financial statements: i. Financial Statements of Businesses Acquired. EnviroStaff, Inc., a Minnesota corporation. 1. Independent Auditor's report, Larson, Allen, Weishair & Co., LLP; 2. Balance Sheets as of December 31, 1995 and 1994; 3. Statements of Income for the years ended December 31, 1995 and 1994; 4. Statements of Stockholders' Equity for the years ended December 31, 1995 and 1994; 5. Statements of Cash Flows for the years ended December 31, 1995 and 1994; and 6. Notes to Financial Statements for the years ended December 31, 1995 and 1994. ii. Pro Forma Financial Information. On Assignment, Inc., and Subsidiaries. 1. Pro Forma Unaudited Consolidated Balance Sheet as of December 31, 1995; 2. Pro Forma Unaudited Consolidated Statement of Income for the year ended December 31, 1995; and 3. Notes to Pro Forma Unaudited Consolidated Financial Statements. 12 13 PART II - OTHER INFORMATION Signatures 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. ON ASSIGNMENT, INC. Date: May 10, 1996 By: /s/ H. Tom Buelter --------------------------- --------------------------------------- H. Tom Buelter Chairman of the Board, President and Chief Executive Officer (Principal Executive Officer) Date: May 10, 1996 By: /s/ Ronald W. Rudolph --------------------------- --------------------------------------- Ronald W. Rudolph Sr. Vice President, Finance & Administration and Chief Financial Officer (Principal Financial and Accounting Officer) 13 14 INDEX TO EXHIBITS
Exhibit Sequentially Number Description Numbered Page - - -------------------------------------------------------------------------------- Statement regarding computation 11.1 of earnings per share 15
14 EX-11.1 2 COMPUTATION OF EARNINGS 1 EXHIBIT 11.1 ON ASSIGNMENT, INC. STATEMENT OF COMPUTATION OF NET EARNINGS PER COMMON AND COMMON EQUIVALENT SHARES (UNAUDITED) - - --------------------------------------------------------------------------------
Three Months Ended March 31, ---------- ---------- 1996 1995 ---------- ---------- Net income used to compute primary and fully diluted earnings per share $ 858,000 $ 842,000 ========== ========== Weighted average number of shares outstanding 5,057,000 4,935,000 Dilutive effect of stock options and warrants 371,000 273,000 ---------- ---------- Number of shares used to compute primary and fully diluted earnings per share 5,428,000 5,208,000 ========== ========== Net earnings per share $ 0.16 $ 0.16 ========== ==========
15 EX-27 3 FINANCIAL DATA SCHEDULE
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM CONSOLIDATED BALANCE SHEETS (UNAUDITED) AND CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FORM 10-Q FOR THE QUARTERLY PERIOD ENDED MARCH 31, 1996 3-MOS DEC-31-1996 JAN-01-1996 MAR-31-1996 6,586,000 5,215,000 10,295,000 386,000 0 22,252,000 3,482,000 1,542,000 25,729,000 4,162,000 0 51,000 0 0 21,516,000 25,729,000 0 18,902,000 0 13,129,000 0 41,000 10,000 1,415,000 557,000 858,000 0 0 0 858,000 0.16 0.16
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