-----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, Gc1j3PoflZAxRU7nm96H7/KfLpTuh/0O5pjsohZsvWzVXKftyOce7Y9drtJTz8L/ ywC/UJxW6C8tWy18sFk/rw== 0000897101-98-000848.txt : 19980817 0000897101-98-000848.hdr.sgml : 19980817 ACCESSION NUMBER: 0000897101-98-000848 CONFORMED SUBMISSION TYPE: 10QSB PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19971231 FILED AS OF DATE: 19980814 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: DEVELOPED TECHNOLOGY RESOURCE INC CENTRAL INDEX KEY: 0000890725 STANDARD INDUSTRIAL CLASSIFICATION: WHOLESALE-ELECTRICAL APPARATUS & EQUIPMENT, WIRING SUPPLIES [5063] IRS NUMBER: 411713474 STATE OF INCORPORATION: MN FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10QSB SEC ACT: SEC FILE NUMBER: 000-21394 FILM NUMBER: 98690177 BUSINESS ADDRESS: STREET 1: 7300 METRO BLVD SUITE 550 CITY: EDNA STATE: MN ZIP: 55439 BUSINESS PHONE: 6128200755 MAIL ADDRESS: STREET 1: 7300 METRO BLVD SUITE 550 STREET 2: SUITE 170 CITY: EDNA STATE: MN ZIP: 55439 10QSB 1 FORM 10-QSB - -------------------------------------------------------------------------------- U.S. Securities and Exchange Commission Washington, D.C. 20549 [ ] QUARTERLY REPORT UNDER SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 [X] TRANSITION REPORT UNDER SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM NOVEMBER 1, 1997 TO DECEMBER 31, 1997 Commission File Number: 0-21394 DEVELOPED TECHNOLOGY RESOURCE, INC. (Exact name of issuer as specified in its charter) MINNESOTA 41-1713474 State of Incorporation I.R.S. Employer Identification No. 7300 METRO BOULEVARD, SUITE 550 EDINA, MINNESOTA 55439 Address of Principal Executive Office (612) 820-0022 Issuer's Telephone Number Check whether the issuer (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 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 __ As of August 7, 1998, there were 805,820 shares of the issuer's Common Stock, $0.01 par value per share, outstanding. DEVELOPED TECHNOLOGY RESOURCE, INC. INDEX FOR THE TWO MONTH TRANSITION PERIOD ENDED DECEMBER 31, 1997 PAGE NO. -------- PART I. FINANCIAL INFORMATION ITEM 1. CONDENSED UNAUDITED FINANCIAL STATEMENTS Condensed Balance Sheets 3 Condensed Statements of Operations 4 Condensed Statements of Cash Flows 5 Notes to Condensed Financial Statements 6 ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 9 PART II. OTHER INFORMATION ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SHAREHOLDERS 12 ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K 12 SIGNATURES 14 2 ITEM 1. CONDENSED UNAUDITED FINANCIAL STATEMENTS DEVELOPED TECHNOLOGY RESOURCE, INC. CONDENSED BALANCE SHEETS
ASSETS DECEMBER 31, OCTOBER 31, 1997 1997 ------------ ------------ (Unaudited) Current Assets: Cash and cash equivalents $ 284,526 $ 311,441 Receivables: Trade, net 80,820 97,939 Sale of discontinued operations 480,000 440,000 FoodMaster International L.L.C. (FMI) 371,801 579,582 Other 763 714 Note receivable 516,935 -- Prepaid and other current assets 41,352 46,046 ------------ ------------ Total current assets 1,776,197 1,475,722 Furniture and Equipment, net 39,381 45,466 Investment in FMI 834,917 788,785 Receivable from Sale of Discontinued Operations -- 40,000 ------------ ------------ $ 2,650,495 $ 2,349,973 ============ ============ LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities: Accounts payable $ 257,938 $ 100,269 Accrued liabilities 147,337 124,838 Deferred gain short-term 467,065 426,590 ------------ ------------ Total current liabilities 872,340 651,697 Non-current Deferred Gain 38,986 80,675 Commitments and Contingencies -- -- Shareholders' Equity: Common stock 7,908 7,908 Additional paid-in capital 5,319,298 5,319,298 Accumulated deficit (3,588,037) (3,709,605) ------------ ------------ Total shareholders' equity 1,739,169 1,617,601 ------------ ------------ $ 2,650,495 $ 2,349,973 ============ ============
See accompanying notes to the financial statements. 3 DEVELOPED TECHNOLOGY RESOURCE, INC. CONDENSED STATEMENTS OF OPERATIONS TWO MONTHS ENDED DECEMBER 31, 1997 AND 1996
1997 1996 ---------- ---------- (Unaudited) (Unaudited) Revenues: Sales $ 346,844 $ 847,024 Management fees from FMI joint venture 190,548 -- Commissions and other income 1,215 8,249 ---------- ---------- 538,607 855,273 ---------- ---------- Cost and Expenses: Cost of sales 274,362 537,626 Selling, general and administrative 206,004 329,119 ---------- ---------- 480,366 866,745 ---------- ---------- Operating Income (Loss) 58,241 (11,472) Other Income: Interest income, net 17,194 8,214 Equity in earnings of FMI joint venture 46,133 -- ---------- ---------- Income (Loss) before Minority Interest 121,568 (3,258) Minority Interest in Earnings of FoodMaster -- (28,982) ---------- ---------- Net Income (Loss) $ 121,568 $ (32,240) ========== ========== Net Income (Loss) per Common Share: Basic $ 0.15 $ (0.04) ========== ========== Diluted $ 0.11 $ (0.04) ========== ==========
See accompanying notes to the financial statements. 4 DEVELOPED TECHNOLOGY RESOURCE, INC. CONDENSED STATEMENTS OF CASH FLOWS TWO MONTHS ENDED DECEMBER 31, 1997 AND 1996
1997 1996 ---------- ---------- (Unaudited) (Unaudited) OPERATING ACTIVITIES: Net Income (Loss) $ 121,568 $ (32,240) Adjustments to Reconcile Net Income (Loss) to Cash Provided by Operating Activities: Depreciation 4,432 80,840 Loss on sale of furniture and equipment 688 -- Unrealized currency gain -- (179,001) Minority interest in earnings of joint venture -- 28,982 Equity in earnings of FMI joint venture (46,132) -- Changes in Operating Assets and Liabilities: Receivables 135 52,155 Receivable from FMI joint venture 207,781 -- Inventories -- (26,846) Prepaid and other current assets 4,694 (17,642) Accounts payable and accrued liabilities 180,168 (17,617) Deferred gains (1,214) 92,671 Customer deposits -- 23,791 ---------- ---------- Net cash provided by operating activities 472,120 5,093 ---------- ---------- INVESTING ACTIVITIES: Proceeds from Sale of Furniture and Equipment 1,400 -- Purchases of Furniture and Equipment (435) (236,925) Notes Receivable (500,000) -- Advances to Joint Venture -- 88,438 Deferred Acquisition Costs -- (52,114) ---------- ---------- Net cash used by investing activities (499,035) (200,601) ---------- ---------- FINANCING ACTIVITIES: Principal Payments on Note Payable -- (14,735) ---------- ---------- Net cash provided/(used) by financing activities -- (14,735) ---------- ---------- DECREASE IN CASH AND CASH EQUIVALENTS (26,915) (210,243) CASH AND CASH EQUIVALENTS, Beginning of Period 311,441 635,609 ---------- ---------- CASH AND CASH EQUIVALENTS, End of Period $ 284,526 $ 425,366 ========== ==========
See accompanying notes to the financial statements. 5 DEVELOPED TECHNOLOGY RESOURCE, INC. NOTES TO FINANCIAL STATEMENTS 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Business Developed Technology Resource, Inc. (DTR or the Company) owns and manages food businesses in the countries of the former Soviet Union (fSU) through FoodMaster International L.L.C. (FMI), its joint venture with Agribusiness Partners International L.P. (API). FMI purchases dairy manufacturing facilities in the fSU and provides equipment and necessary capital. DTR manages the dairies and pursues future acquisitions for FMI. Using modern marketing techniques and packaging equipment, the dairies provide customers in the fSU better quality branded dairy products. In fiscal 1998 and 1997, DTR also sold equipment to various customers throughout the fSU. During fiscal 1998, DTR's 100% owned subsidiary, SXD, Inc., distributed X-ray tubes under an exclusive arrangement with a Russian manufacturer and held ownership interests in the coatings technology business of Phygen, Inc. and the cancer detection business of Armed. These operations were formerly operated by DTR in fiscal 1997. Basis of Presentation The interim financial statements of Developed Technology Resource, Inc. (DTR) are unaudited, but in the opinion of management, reflect all necessary adjustments for a fair presentation of the financial position, as well as, the results of operations and cash flows for the periods presented. On June 30, 1998, the Company decided to change its year end from October 31 to December 31. As a result, this transition report on form 10-QSB shows the results for the two-month period of November and December 1997 and 1996 to reflect the Company's new year end of December 31. From November 1996 through February 1997, the financial statements include the operations of DTR and FoodMaster Corporation (FoodMaster), DTR's 50% owned subsidiary in Almaty, Kazakhstan. All significant intercompany transactions and balances were eliminated in consolidation. On March 3, 1997, DTR contributed its 50% ownership of FoodMaster to the FMI joint venture for a 40% ownership in FMI. Effective March 1997, DTR records its proportionate share of the net income or loss of FMI in the statement of operations as equity in earnings of FMI joint venture under the equity method of accounting. The excess of DTR's underlying equity in net assets of FMI over the carrying value of its investment is being amortized to income over 15 years. The results of operations for any interim period are not necessarily indicative of results for the full year. These financial statements should be read in conjunction with the Company's Annual Report and Notes thereto on Form 10-KSB for the year ended October 31, 1997 as filed with the Securities and Exchange Commission. Segment Reporting In June 1997, the Financial Accounting Standards Board (FASB) issued Statement of Financial Accounting Standards (SFAS) No. 131, DISCLOSURES ABOUT SEGMENTS OF AND ENTERPRISE AND RELATED INFORMATION. This statement is effective for fiscal years beginning after December 15, 1997. The Company has not yet evaluated the full impact of the adoption of SFAS 131. Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and reported amounts of revenues and expense during the reporting period. Actual results could differ from those estimates. 6 2 Reclassifications Certain reclassifications were made to the 1996 financial statements to present those financial statements on a basis comparable with the current year. The reclassifications had no effect on previously reported net loss or accumulated deficit. 2. AK-BULAK OPTION Effective August 1996, the Company obtained an option to purchase 80% of Ak-Bulak, an inactive company which owned the other 50% of the FoodMaster joint venture. This purchase of 80% of Ak-Bulak would give DTR an additional 40% ownership of FoodMaster. To exercise the option, the Company agreed to pay certain pre-defined outstanding debts of Ak-Bulak, the other owner of FoodMaster, and to make capital improvements to the dairy owned by FoodMaster. As of March 2, 1997 and December 31, 1997, DTR had paid $171,774 and $48,054, respectively, in connection with the exercise of this option. On March 3, 1997, DTR contributed its 50% ownership in FoodMaster along with its option to acquire the additional 40% ownership to the FMI joint venture. FMI repaid DTR for all but $14,045 of the costs paid through March 2, 1997 to exercise the option (See Note 3). 3. INVESTMENT IN FOODMASTER INTERNATIONAL L.L.C. (FMI) On March 3, 1997, DTR and API established the FMI joint venture, to acquire and operate dairies in the former Soviet Union. DTR contributed to FMI its 50% ownership in FoodMaster, the Ak-Bulak option (See Note 2) and its opportunities for a future acquisition of a dairy in Moldova. API agreed to fund $2.945 million to further develop the dairy operations in Kazakhstan and Moldova and to provide an additional $3.055 million over two years to expand FMI. By December 31, 1997, API contributed $3.45 million of its $6 million commitment to FMI. Under the agreement, API currently owns 60% and DTR owns 40% of FMI. However, DTR has a right to earn a greater ownership interest of FMI by achieving certain defined performance targets based on returns to API. Effective March 1997, DTR records its proportionate share of the net income or loss of FMI in the statement of operations as equity in earnings of FMI joint venture under the equity method of accounting. DTR also entered into a management agreement with FMI, whereby DTR manages the day to day operations of FMI and the dairy operations owned by FMI, and pursues future dairy acquisitions for FMI for a management fee. The Company recorded management fee income of $190,548 and $0 for the two months ended December 31, 1997 and 1996, respectively, in accordance with its management agreement with FMI. Summarized financial information from the unaudited financial statements of FMI carried on the equity basis is as follows:
December 31, 1997 ----------------- Current assets $ 4,324,095 Total assets 10,996,453 Noncurrent liabilities 948,877 Shareholders' equity 7,076,567 DTR's share of FMI 's equity 2,830,627 DTR's carrying value of FMI's equity 834,917 Two Months Ended December 31, 1997 ----------------- Sales $ 2,168,944 Gross loss (97,687) Net income 24,391 DTR's share of FMI's loss before adjustment of DTR's excess of net equity over carrying value of the investment 9,756 DTR's share of equity in earnings of FMI joint venture after adjustment 46,132
7 4. STOCK ACTIVITY On November 6, 1997, the Board of Directors adopted the 1997 Outside Directors Stock Option Plan, superseding the 1993 Outside Directors Stock Option Plan. In exchange for the surrender of all stock options previously granted to the outside directors, the Board granted stock options of 15,000 shares of common stock to the two current outside directors at an exercise price of $1.50 per share, which was equal to the market price on the grant date. As of December 31, 1997, none of the 30,000 issued options were exercised. In December 1996, 48,190 shares of common stock were redeemed in exchange for the satisfaction of a $29,035 account receivable owed by a former employee. 5. NET INCOME (LOSS) PER COMMON SHARE Effective November 1, 1997, DTR adopted Statement of Financial Accounting Standards (SFAS) No. 128, EARNINGS PER SHARE. Under this new standard, basic net income (loss) per share is computed by dividing net income (loss) by the weighted average number of common shares outstanding. Diluted net income (loss) per share includes the dilutive effect of shares which would be issued upon the exercise of outstanding stock options and warrants, reduced by the number of shares which are assumed to be purchased by the Company from the resulting proceeds at the average market price during the period. For the two months ended December 31, 1997 1996 ---------- ---------- Numerator: Net income (loss) $ 121,568 $ (32,240) ========== ========== Denominator: Weighted average shares for basic earnings 790,820 821,630 Dilutive effect of stock options and warrants 282,945 -- ---------- ---------- Weighted average shares for diluted earnings 1,073,765 821,630 ---------- ---------- Net income (loss) per share - Basic $ 0.15 $ (0.04) ========== ========== Net income (loss) per share - Diluted $ 0.11 $ (0.04) ========== ========== Options and warrants to purchase 53,333 shares of common stock as of December 31, 1997 were not included in the computation of diluted earnings per share because their exercise prices were greater than the average market price of the common shares and, therefore, their inclusion would be antidilutive. For the two months ended December 31, 1996, options and warrants of 578,501 were not included in the computation of diluted earnings per share because there was a net loss for the period and their inclusion would be antidilutive. 6. SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: Non-cash operating and investing activities: In December 1996, the Company redeemed 48,190 shares of common stock in exchange for the satisfaction of a $29,035 account receivable owed by a former employee. The non-cash effects of this transactions has been removed from the appropriate categories in the operating and investing section of the Company's Statements of Cash Flows for the two months ended December 31, 1996. Supplemental cash flow information: For the two months ended December 31, 1997 1996 ------------------------------------- ------------- ------------ Cash paid for: Interest $ -- $ -- Taxes $ -- $ -- 8 ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Statements other than current or historical information included in this Management's Discussion and Analysis and elsewhere in this Form 10-QSB, in future filings by Developed Technology Resource, Inc. (the Company or DTR) with the Securities and Exchange Commission and in DTR's press releases and oral statements made with the approval of authorized executive officers, should be considered "forward-looking statements" made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are subject to certain risks and uncertainties that could cause actual results to differ materially from historical earnings and those presently anticipated or projected. DTR wishes to caution the reader not to place undue reliance on any such forward-looking statements. On March 3, 1997, DTR and API established the FMI joint venture to acquire and operate dairies in the former Soviet Union. DTR contributed to FMI its 50% ownership in FoodMaster, the Ak-Bulak option and its opportunities for a future acquisition of a dairy in Moldova. API agreed to fund $2.945 million to further develop the dairy operations in Kazakhstan and Moldova and to provide an additional $3.055 million over two years to expand FMI. By December 31, 1997, API contributed $3.45 million of its $6 million commitment to FMI. Under the agreement, API currently owns 60% of FMI. DTR owns 40% of FMI. However, DTR has a right to earn a greater ownership interest of FMI by achieving certain defined performance targets based on returns to API. Effective March 1997, DTR records its proportionate share of the net income or loss of FMI in the statement of operations as equity in earnings of FMI joint venture under the equity method of accounting. In November 1997, DTR's Board of Directors voted to establish a wholly-owned subsidiary company called SXD, Inc. with a contribution of $800,000 in cash and receivables. SXD owns and operates DTR's x-ray tube distribution business, ownership interests in the coating technology business of Phygen, Inc., and the cancer detection business of Armed. RESULTS OF OPERATIONS REVENUES The Company generated total revenues of $538,607 in the two months ended December 31, 1997 compared to total revenues of $855,273 as of December 31, 1996. This 37% decrease in revenues is the result of the change from the consolidated method of reporting joint venture operating results to the equity method as discussed above. The decrease in revenues was offset by management fee income of $190,548 in 1997 which was not in effect in 1996. Sales for the two months ended December 31, 1997 and 1996 totaled $346,844 and $847,024, respectively. Sales resulted from three areas within DTR - - dairy operations of FoodMaster (until February 1997 only), equipment sales, and x-ray tube sales. In the two months of 1997, the dairy operations of FoodMaster are no longer reported on a consolidated basis with DTR due to the transfer of FoodMaster to FMI. The dairy operations of FoodMaster are consolidated in the financial statements of FMI, and DTR recognizes 40% of FMI's income or loss as equity in earnings of FMI joint venture in DTR's Statements of Operations. FoodMaster sales from November 1996 through December 1996 were $809,511 or 95.6% of DTR's total sales for the two months ended December 31, 1996. 9 Sales of food packaging equipment were $279,644 (80.6%) of total sales in the two months ended December 31, 1997. There were no sales of equipment in the final two months of 1996. Sales of equipment occur sporadically throughout the year. Therefore, no equipment sales occurred in the final two months of 1996. Sales of x-ray tubes by SXD Inc., DTR's 100% owned subsidiary, increased to $67,200 in the two months of 1997 from $37,800 in the two months of 1996. The increase occurred due to the timing and quantity of orders during this period in 1997. Management does not expect the current year annual sales to increase significantly above that of the prior year. COST OF SALES Cost of sales for the two months ended December 31, 1997 and 1996 were $274,362 and $537,626, respectively. This 49% decrease in cost of sales is the result of the change in accounting methods discussed above. Cost of sales reflects the cost of manufacturing the dairy products of FoodMaster for the final two months in 1996, and the cost of purchasing food packaging equipment and x-ray tubes. There is no cost of sales reflected for FoodMaster in the final two months of 1997. FoodMaster cost of sales was $501,055 or 61.9% of FoodMaster sales for the final two months of 1996. Cost of sales on equipment sales was $216,762 resulting in a gross profit of $62,882 or 22.5% in fiscal 1998. X-ray tubes cost $57,600 and $32,900 in the first quarter of fiscal 1998 and 1997, respectively. Gross profit remained consistent with a 13% to 14% margin received on sales. Management does not expect these trends to change significantly. SELLING, GENERAL AND ADMINISTRATIVE Selling, general and administrative expenses for the two months ended December 31, 1997 were $206,004 compared to $329,119 for the two months ended December 31, 1996. During the two months of 1996, FoodMaster operations comprised $260,859 of the $329,119 SG&A expenses. Therefore, the Company's other SG&A expenses in 1996 excluding the FoodMaster operations was $68,260. The $137,744 increase in SG&A expenses excluding FoodMaster operations is the result of DTR hiring additional employees and consultants and increasing their travel to manage the dairy operations of FMI. However, these costs are offset by the management fees billed to FMI as discussed above under REVENUES. LIQUIDITY AND CAPITAL RESOURCES OPERATING ACTIVITIES DTR increased its cash provided by operating activities to $472,120 in the final two months of 1997 compared to cash provided of $5,093 in the final two months of 1996. In November and Decmeber 1997, a majority of the operating expenses were reimbursed in accordance with the management agreement between DTR and FMI. Additionally, they do not reflect FoodMaster's operations which significantly affected the use of cash in November and December 1996. 10 INVESTING ACTIVITIES In the two months ended December 31, 1997, DTR's 100% owned subsidiary, SXD, Inc. used $500,000 of its excess cash to invest in a note receivable from an unaffiliated private company. In the final two months of 1996, DTR paid out a net $200,601 for additional equipment purchases and as part of the requirement to exercise its option to purchase 80% of Ak-Bulak, its inactive 50% partner in the FoodMaster joint venture. FINANCING ACTIVITIES DTR's FoodMaster operations obtained $70,910 in bank financing by October 31, 1996 and began to make principal payments on this note in the first quarter of fiscal 1997. FoodMaster made total principal payments of $14,735 on its bank note payable during the period from November 1996 to December 1996. Based on current projections, the Company believes there will be sufficient working capital and liquidity to fund its current operations through fiscal 1998. Management is continually looking for new areas of investment and expansion for its subsidiaries FMI and SXD. 11 PART II. OTHER INFORMATION ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SHAREHOLDERS No matters were submitted to a vote of the shareholders during the two months ended December 31, 1997. ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K The following new Exhibits are filed as part of this Form 10-QSB: (a) List of Exhibits 27 Financial Data Schedule (b) Reports on Form 8-K One report on Form 8-K was filed by Developed Technology Resource, Inc. on December 23, 1997. There were no other reports on Form 8-K filed during the two months ended December 31, 1997. 12 EXHIBIT INDEX The following Exhibits are filed as part of this Form 10-QSB: No. EXHIBIT DESCRIPTION --- ------------------- 27 Financial Data Schedule (8) 13 SIGNATURES Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. DEVELOPED TECHNOLOGY RESOURCE, INC. Date: August 12, 1998 By /s/ John P. Hupp ----------------------------------- Name: John P. Hupp Title: President Date: August 12, 1998 By /s/ LeAnn H. Davis ----------------------------------- Name: LeAnn H. Davis, CPA Title: Chief Financial Officer (Principal Financial & Accounting Officer) 14 EX-27 2 FINANCIAL DATA SCHEDULE
5 2-MOS DEC-31-1997 NOV-01-1997 DEC-31-1997 284,526 0 1,460,827 10,508 0 1,776,197 143,337 103,956 2,650,495 872,340 0 0 0 7,908 1,731,261 2,650,495 346,844 538,607 274,362 480,366 (46,133) 0 (17,194) 121,568 0 121,568 0 0 0 121,568 0.15 0.11
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