-----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, G5GA5/T+OSrXYbRD0FjLjmAp6x5f2gpoJVBmZbKxUVuynYc/8pwxpGqx7LM1GB7v 17O4/l9Cs+VTXRVmiVViSA== 0000897101-98-000594.txt : 19980518 0000897101-98-000594.hdr.sgml : 19980518 ACCESSION NUMBER: 0000897101-98-000594 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 19980331 FILED AS OF DATE: 19980515 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: RIMAGE CORP CENTRAL INDEX KEY: 0000892482 STANDARD INDUSTRIAL CLASSIFICATION: COMPUTER PERIPHERAL EQUIPMENT, NEC [3577] IRS NUMBER: 411577970 STATE OF INCORPORATION: MN FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 000-20728 FILM NUMBER: 98626310 BUSINESS ADDRESS: STREET 1: 7725 WASHINGTON AVE S CITY: EDINA STATE: MN ZIP: 55439 BUSINESS PHONE: 6129448144 MAIL ADDRESS: STREET 1: 7725 WASHINGTON AVENUE SOUTH CITY: EDINA STATE: MN ZIP: 55439 10-Q 1 CONFORMED UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 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, 1998; 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: 0-20728 RIMAGE CORPORATION (Exact name of Registrant as specified in its charter) Minnesota 41-1577970 (State or other jurisdiction of (I.R.S. Employer Identification No.) incorporation or organization) 7725 Washington Avenue South, Edina, MN 55439 (Address of principal executive offices) 612-944-8144 ( Registrant's telephone number, including area code) NA (Former name, former address, and former fiscal year, if changed since last report.) Common Stock outstanding at May 8, 1998 -- 3,143,471 shares of $.01 par value Common Stock. 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___ RIMAGE CORPORATION FORM 10-Q TABLE OF CONTENTS FOR THE QUARTER ENDED MARCH 31, 1998 Description Page ----------- ---- PART I FINANCIAL INFORMATION Item 1.Financial Statements Consolidated Balance Sheets as of March 31, 1998 (unaudited) and December 31, 1997 . . . . . . . . . . . . . . . . 3-4 Consolidated Statements of Operations (unaudited) for the Three Months Ended March 31, 1998 and 1997 . . . . . . . . . . 5 Consolidated Statements of Cash Flows (unaudited) for the Three Months Ended March 31, 1998 and 1997 . . . . . . . . . . 6-7 Condensed Notes to Consolidated Financial Statements (unaudited) . . . . . . . . . . 8-10 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 11-13 PART II OTHER INFORMATION . . . . . . . . . . . . . . . . . 14 - ------- Item 1-5. None Item 6. Exhibits SIGNATURES . . . . . . . . . . . . . . . . . . . . . . . . . . .16 RIMAGE CORPORATION AND SUBSIDIARIES Consolidated Balance Sheets March 31, 1998 and December 31, 1997
March 31, December 31, Assets 1998 1997 - ----------------------------------------------------------------------------------------------------------------------- (unaudited) Current assets: Cash and cash equivalents $ 1,427,551 656,127 Trade accounts receivable, net of allowance for doubtful accounts and sales returns of $356,528 and $505,458, respectively 5,482,881 4,778,055 Inventories (note 2) 2,134,123 2,265,867 Income tax receivable 134,200 23,350 Prepaid expenses and other current assets 297,011 378,306 Current installments of investment in sales-type leases 70,621 94,422 - ----------------------------------------------------------------------------------------------------------------------- Total current assets 9,546,387 8,196,127 - ----------------------------------------------------------------------------------------------------------------------- Property and equipment, net 5,602,175 5,846,953 Investment in sales-type leases, net of current installments 4,110 12,013 Goodwill 828,513 848,692 Other noncurrent assets 199,650 259,727 - ----------------------------------------------------------------------------------------------------------------------- Total assets $ 16,180,835 15,163,512 - -----------------------------------------------------------------------------------------------------------------------
See accompanying condensed notes to consolidated financial statements
March 31, December 31, Liabilities and Stockholders' Equity 1998 1997 - --------------------------------------------------------------------------------------------------------------------------------- (unaudited) Current liabilities: Current portion of notes payable $ 900,000 900,000 Current installments of capital lease obligations 371,892 356,053 Trade accounts payable 2,561,205 2,789,973 Accrued expenses (Note 4) 1,367,453 1,069,315 Income taxes payable 155,000 - Deferred income and customer deposits 697,138 640,725 - --------------------------------------------------------------------------------------------------------------------------------- Total current liabilities 6,052,688 5,756,066 Notes payable, less current portion 525,000 750,000 Capital lease obligations, less current installments 2,562,511 2,661,334 - --------------------------------------------------------------------------------------------------------------------------------- Total liabilities 9,140,199 9,167,400 - --------------------------------------------------------------------------------------------------------------------------------- Minority interest in inactive subsidiary 57,907 57,907 Stockholders' equity: Common stock, $.01 par value, authorized 10,000,000 shares, issued and outstanding 3,104,471 and 3,084,500, respectively 31,045 30,845 Additional paid-in capital 10,507,511 10,468,136 Accumulated deficit (3,401,743) (4,405,218) Foreign currency translation adjustment (154,084) (155,626) - --------------------------------------------------------------------------------------------------------------------------------- Total stockholders' equity 6,982,729 5,938,205 - --------------------------------------------------------------------------------------------------------------------------------- Total liabilities and stockholders' equity $ 16,180,835 15,163,512 - ---------------------------------------------------------------------------------------------------------------------------------
RIMAGE CORPORATION AND SUBSIDIARIES Consolidated Statements of Operations Three months ended March 31, 1998 and 1997 (unaudited)
Three months ended March 31, 1998 1997 - ------------------------------------------------------------------------------------------------- Revenues $ 9,648,600 10,826,773 Cost of revenues 5,831,732 8,262,083 - ------------------------------------------------------------------------------------------------- Gross profit 3,816,868 2,564,690 - ------------------------------------------------------------------------------------------------- Operating expenses: Engineering and development 509,411 556,693 Selling, general, and administrative 2,042,250 1,735,918 - ------------------------------------------------------------------------------------------------- Total operating expenses 2,551,661 2,292,611 - ------------------------------------------------------------------------------------------------- Operating earnings 1,265,207 272,079 - ------------------------------------------------------------------------------------------------- Other (expense) income: Interest expense (91,639) (267,138) Loss on currency exchange (5,683) (2,419) Other, net 8,790 12,508 - ------------------------------------------------------------------------------------------------- Total other expense, net (88,532) (257,049) - ------------------------------------------------------------------------------------------------- Earnings before income taxes 1,176,675 15,030 Income taxes 173,200 - - ------------------------------------------------------------------------------------------------- Net earnings $ 1,003,475 15,030 - ------------------------------------------------------------------------------------------------- Basic net earnings per common share $ 0.32 0.01 - ------------------------------------------------------------------------------------------------- Diluted net earnings per common share and common share equivalents $ 0.29 0.01 - ------------------------------------------------------------------------------------------------- Basic weighted average shares 3,093,369 3,084,500 - ------------------------------------------------------------------------------------------------- Diluted weighted average shares and common share equivalents outstanding 3,447,220 3,087,891 - -------------------------------------------------------------------------------------------------
See accompanying condensed notes to consolidated financial statements RIMAGE CORPORATION AND SUBSIDIARIES Consolidated Statements of Cash Flows Three months ended March 31, 1998 and 1997 (unaudited)
Three months ended March 31, 1998 1997 - ---------------------------------------------------------------------------------------------------------------- Cash flows from operating activities: Net earnings 1,003,475 15,030 Adjustments to reconcile net earnings to net cash provided by (used in) operating activities: Depreciation and amortization 528,240 715,720 Change in reserve for excess and obsolete inventories 10,819 (31,141) Change in reserve for doubtful accounts (148,930) (10,077) Loss on sale of property and equipment 1,997 - Changes in operating assets and liabilities: Trade accounts receivable (555,896) (2,097,280) Inventories 120,925 461,160 Income tax receivable (110,850) 192,790 Prepaid expenses and other current assets 81,295 (154,405) Trade accounts payable (228,768) 552,628 Accrued expenses 298,138 (373,523) Income taxes payable 155,000 - Deferred income and customer deposits 56,413 153,861 - ---------------------------------------------------------------------------------------------------------------- Net cash provided by (used in) operating activities 1,211,858 (575,237) - ---------------------------------------------------------------------------------------------------------------- Cash flows from investing activities: Purchase of property and equipment (223,203) (97,204) Other noncurrent assets 29,546 (19,775) Receipts from sales-type leases 31,704 59,396 - ---------------------------------------------------------------------------------------------------------------- Net cash used in investing activities (161,953) (57,583) - ----------------------------------------------------------------------------------------------------------------
(Continued) RIMAGE CORPORATION AND SUBSIDIARIES Consolidated Statements of Cash Flows, Continued
Three months ended March 31, 1998 1997 - ------------------------------------------------------------------------------------------------------------------- Cash flows from financing activities: Proceeds from stock option exercise 39,507 - Principal payments on capital lease obligations (82,984) (75,389) Proceeds from other notes payable - 8,361,233 Repayment of other notes payable (225,000) (7,732,476) - ------------------------------------------------------------------------------------------------------------------- Net cash provided by (used in) financing activities (268,477) 553,368 - ------------------------------------------------------------------------------------------------------------------- Effect of exchange rate changes on cash (10,004) (18,224) - ------------------------------------------------------------------------------------------------------------------- Net increase (decrease) in cash 771,424 (97,676) Cash and cash equivalents, beginning of period 656,127 117,322 - ------------------------------------------------------------------------------------------------------------------- Cash and cash equivalents, end of period $ 1,427,551 19,646 - ------------------------------------------------------------------------------------------------------------------- Supplemental disclosures of net cash paid during the period for: Interest $ 100,356 190,748 Income taxes $ 110,850 (147,924)
See accompanying condensed notes to consolidated financial statements. RIMAGE CORPORATION AND SUBSIDIARIES CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (1) BASIS OF PRESENTATION AND NATURE OF BUSINESS The consolidated financial statements include the accounts of Rimage Corporation, Rimage Europe GmbH, A/G Systems Inc., d/b/a Duplication Technology Inc. (Rimage Boulder), Knowledge Access International (Knowledge Access) and Rimage Services, collectively hereinafter referred to as Rimage or the Company. All material intercompany accounts and transactions have been eliminated upon consolidation. The Company operates in two divisions, Rimage Systems Division and Rimage Services Division. The Rimage Systems Division consists of substantially all of the former Rimage Companies. The Rimage Services Division consists of Rimage Services in addition to the existing service business at Rimage Boulder. The Systems Division develops, manufactures and distributes high performance CD-Recordable (CD-R) publishing and duplication systems, and continues to support its long term involvement in diskette duplication and publishing equipment. The Services Division provides computer media duplication and production services to software developers and manufacturers and information publishers. The Company extends unsecured credit to its customers as well as credit to a limited number of authorized distributor wholesalers, who in turn provide warehousing, distribution, and credit to a network of authorized value added resellers. These distributors and value added resellers sell and service a variety of hardware and software products. Certain prior year amounts have been reclassified to conform with the current quarter presentation. (2) INVENTORIES Inventories consist of the following as of: March 31, December 31, 1998 1997 (unaudited) - ------------------------------------------------------------------------------- Finished goods and demonstration equipment $ 587,302 $ 578,689 Work-in-process 297,506 234,177 Purchased parts and subassemblies 1,708,134 1,901,001 ------------------------------------------------------------------- 2,592,942 2,713,867 Less reserve for excess inventories 458,819 448,000 ------------------------------------------------------------------- $2,134,123 $2,265,867 ------------------------------------------------------------------- (Continued) RIMAGE CORPORATION AND SUBSIDIARIES CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (3) SEGMENT REPORTING The following table summarizes certain financial information for the Systems and Service segment: Three Months Ended March 31, (unaudited) (in thousands) 1998 1997 - --------------------------------------------------------------------- Revenues from unaffiliated customers: Systems $ 6,132 $ 4,731 Service 3,517 6,096 -------- -------- 9,649 10,827 Operating earnings (loss): Systems 1,148 425 Service 117 (153) -------- -------- 1,265 272 March 31, December 31, 1998 1997 -------- -------- (unaudited) Net identifiable assets: Systems $ 8,276 7,031 Service 7,076 7,283 -------- -------- 15,352 14,314 As of and for the quarter ended March 31, 1998, foreign revenues from unaffiliated customers, operating earnings, and net identifiable assets were $1,761,000, $240,000 and $1,908,000, respectively. As of and for the quarter ended March 31, 1997, foreign revenues from unaffiliated customers, operating loss, and net identifiable assets were $895,000, $(5,000), and $1,978,000, respectively. (4) ACCRUED EXPENSES During March 1998, the Company formulated a plan to dramatically reduce its diskette production at one of its facilities during the second quarter of 1998. Also during March 1998, the Company reserved for the write off of approximately $169,000 of net book value associated with leasehold improvements made to the facility. No reserve has been recorded for the remaining net book value of approximately $67,000 as the Company believes future sublease rental income will negate this expense as well as future rental payments under the third party operating lease. (Continued) RIMAGE CORPORATION AND SUBSIDIARIES CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (5) RECENT ACCOUNTING PRONOUNCEMENTS In June 1997, the Financial Accounting Standards Board (FASB) issued SFAS No. 130, REPORTING COMPREHENSIVE INCOME. This statement requires companies to classify items of other comprehensive income by their nature in a financial statement and display the accumulated balance of other comprehensive income separately from retained earnings and additional paid-in capital in the equity section of the balance sheet, and is effective for the Company's year ending December 31, 1998. The Company's only item of other comprehensive income relates to foreign currency translation adjustments, and is presented separately on the balance sheet as required. If presented on the statement of operations for the three months ended March 31, 1998, comprehensive income would be $1,542 more than reported net income, due to foreign currency translation adjustments. Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following table sets forth, for the periods indicated, selected items from the Company's consolidated statements of operations, shown in thousands. Three months ended March 31, -------------------- % 1998 1997 Change -------- -------- Revenues from unaffiliated customers: Systems ......................... $ 6,132 $ 4,731 29.6% Services ........................ 3,517 6,096 (42.3) -------- -------- Total revenues .............. 9,649 10,827 (10.9) Cost of revenues: Systems ......................... 2,928 2,794 4.8 Service ......................... 2,904 5,468 (46.9) -------- -------- Total cost of revenues ...... 5,832 8,262 (29.4) Gross profit: Systems ......................... 3,204 1,937 65.4 Services ........................ 613 628 2.4 -------- -------- Total gross profit .......... 3,817 2,565 48.8 Operating expenses: Systems ........................ 2,056 1,512 36.0 Service ........................ 496 781 (36.5) -------- -------- Total operating expenses ... 2,552 2,293 11.3 Operating earnings (loss): Systems ........................ 1,148 425 170.1 Service ........................ 117 (153) 176.5 -------- -------- Total operating earnings ............ $ 1,265 $ 272 365.1 ======== ======== RESULTS OF OPERATIONS Rimage operates through two primary divisions: (1) the systems division designs, manufactures and sells high performance, on-demand publishing and duplication equipment for CD-R's, diskettes and tapes, and (2) the services division provides media duplication and fulfillment services for most computer media types, including CD-ROM, diskette, tape and other media such as ZIP and Jazz disks. Results of operations during the three months ended March 31, 1998 reflected the continued trend of substantial growth and profitability in the systems division and lower contribution from the services division. REVENUE. Revenue decreased 10.9% from $10.8 million during the first quarter of 1997 to $9.6 million during the first quarter of 1998. All of the decrease, however, occurred in the services division, which recorded a 42.3% decline in revenue from $6.1 million in the first quarter of 1997 to $3.5 million in the first quarter of 1998. Fueled by increasing sales of its CD-R products, revenue in the systems division increased 29.6% to $6.1 million in the first quarter of 1998 from $4.7 in the first quarter of 1997. Revenue in the services division was affected by the loss of a customer that provided 21.5% of services sales during the first quarter of 1997 and by decreasing demand for diskette duplication services. GROSS PROFIT. Gross profit increased 48.8% from $2.6 million in the first quarter of 1997 to $3.8 million in the first quarter of 1998. The increase was due to the greater proportion of high margin systems sales in the 1998 quarter, and particularly sales of CD-R equipment. Gross profit from the services division remained relatively constant from the 1997 quarter to the 1998 quarter while gross profit in the systems division increased by 65.4%. As a percentage of revenue, gross profit increased from 23.7% during the first quarter of 1997 to 39.6% during the first quarter of 1998. Margins in the systems division increased to 52.3% in the first quarter of 1998 from 40.9% in the first quarter of 1997 as CD-R products contributed a greater percentage of sales and due to manufacturing efficiencies instituted in 1997. Margins also improved in the services division from 10% in the first quarter of 1997 to 17.4% in the first quarter of 1998, primarily as a result of cost savings measures applied to the services organization in 1997. OPERATING EXPENSE. Operating expense increased 11.3% from $2,293,000 in the first quarter of 1997 to 2,552,000 in the first quarter of 1998 and increased as a percentage of revenue from 21.2% in the first quarter of 1997 to 26.4% in the first quarter of 1998. All of the increase in operating expense related to increased sales and marketing expense and to the reserve for the write off of certain leasehold improvements associated with plans to remove operations from the services facility in Plover, WI. The Company significantly expanded its distribution network, both domestically and internationally, for its systems products in the second half of the 1997 fiscal year and has commenced joint marketing campaigns with distributors and value added resellers. These steps, combined with the increasing percentage of overall sales from the systems division (where products are sold through distribution) as opposed to services (where services are generated primarily through contacts and advertisement) were primary causes of sales and marketing expense to increase from 9.0% of revenue in the first quarter of 1997 to 12.8% of revenue in the first quarter of 1998. Partially offsetting the increased sales and marketing expense was a decrease in general and administrative expense both in terms of dollars (from $953,000 in the first quarter of 1997 to $806,000 in the first quarter of 1998) and as a percentage of revenue (from 8.8% in the first quarter of 1997 to 8.4% in the first quarter of 1998). Research and development expense remained relatively constant between the periods. One of the Company's principal objectives is to continue to reduce expenditures in administration as a percentage of revenue and direct more resources to revenue producing activities through selling and marketing expense. Accordingly, the Company intends to continue spending in sales and marketing. INTEREST EXPENSE. The Company repaid all outstanding borrowings under its line of credit during the fourth quarter of 1997, substantially reducing net interest expense from $267,000 in the first quarter of 1997 to $92,000 in the first quarter of 1998. With a substantial cash balance at March 31, the Company anticipates that net interest expense will remain lower for the balance of the year. INCOME TAXES. Income tax expense for the first quarter of 1998 amounted to $173,000 as compared to $0 for the first quarter of 1997. The Company is using an effective rate of 15% to record income taxes during 1998. NET EARNINGS. The significant change in mix of revenue to higher margin product sales in the system division, combined with only marginal increases in operating expense to support those sales, caused net earnings to increase dramatically to over $1 million in the first quarter of 1998. The Company expects to continue to emphasize and devote much of its resources to its systems business in coming quarters. LIQUIDITY AND CAPITAL RESOURCES Operating activities generated $1.2 million of cash during the three months ended March 31, 1998. The $1.6 million of cash generated from net earnings, after adjustment for non-cash items (primarily depreciation and amortization) was offset by increased receivables resulting from increased revenue netted with a reduction in inventories and increased accrued expenses. The Company invested approximately $223,000 in additional equipment primarily for manufacturing purposes. Financing activities consumed $268,000 of cash primarily as a result of monthly payments under a term note agreement with its bank. The Company also maintains a revolving credit agreement with the same bank that provides for borrowings of up to $5,000,000 based on qualifying balances of varying assets. The Company estimates that it had available borrowing authority of approximately $3,342,000 under such line at March 31, 1998, but had no outstanding advances under the line at that date. The Company believes that the $1.4 million cash balance at March 31, 1998 and available borrowings under its credit line will be more than adequate to finance operations through the remainder of the calendar year. PART II -- OTHER INFORMATION Item 1. Legal Proceedings Not Applicable. Item 2. Changes in Securities Not Applicable. Item 3. Defaults Upon Senior Securities Not Applicable. Item 4. Submission of Matters to a Vote of Security Holders Not Applicable. Item 5. Other Information Not Applicable. Item 6. Exhibits and Reports on Form 8-K (a) Exhibits: Exhibit No. 11.1 Calculation of Earnings Per Share. Exhibit No. 27.1 Financial Data Schedule Exhibit No. 27.2 Financial Data Schedule - Restated (b) Reports on Form 8-K: Not Applicable. SIGNATURES In accordance with the Exchange Act, this report has been signed below by following persons on behalf of the registrant and on the dates indicated. RIMAGE CORPORATION Registrant Date: May 14, 1998 By : /s/ Bernard P. Aldrich -------------------- ---------------------- Bernard P. Aldrich Director, Chief Executive Officer, and President (Principal Executive Officer) (Principal Financial Officer) Date: May 14, 1998 By: /s/ Robert M. Wolf -------------------- ------------------- Robert M. Wolf Controller (Principal Accounting Officer) EX-11.1 2 COMPUTATION OF NET EARNINGS EXHIBIT 11.1 RIMAGE CORPORATION COMPUTATION OF NET EARNINGS PER SHARE OF COMMON STOCK Basic net earnings per common share is determined by dividing net earnings by the weighted average number of shares of common stock outstanding, unless the result is anti-dilutive. Diluted net earnings per common share is determined by dividing the net earnings by the weighted average number of shares of common stock and common share equivalents outstanding, unless the result is anti-dilutive. The following is a summary of the weighted average common shares outstanding and common share equivalents:
Three months ended March 31, ------------------------- 1998 1997 ---------- ---------- Shares outstanding at beginning of period 3,091,302 3,084,500 ---------- ---------- Common stock issued in stock option exercise 13,169 0 Shares outstanding at end of period 3,104,471 3,084,500 ========== ========== Weighted average shares of common stock outstanding 3,093,369 3,084,500 ========== ========== Common stock equivalents 709,797 388,853 Weighted average shares of common stock equivalents 353,851 3,391 ========== ========== Weighted average shares of common stock and stock equivalents 3,447,220 3,087,891 ========== ========== Net earnings $1,003,475 $ 15,030 ========== ========== Basic net earnings per share $ 0.32 $ 0.01 ========== ========== Diluted net earnings per share $ 0.29 $ 0.01 ========== ==========
EX-27.1 3 FINANCIAL DATA SCHEDULE
5 1,000 3-MOS DEC-31-1998 JAN-01-1998 MAR-31-1998 1,428 0 5,839 357 2,134 9,546 13,364 7,762 16,181 6,053 0 0 0 31 6,952 16,181 9,649 9,649 5,832 5,832 2,552 0 92 1,177 173 1,004 0 0 0 1,004 0.32 0.29
EX-27.2 4 RESTATED FINANCIAL DATA SCHEDULES
5 1,000 3-MOS 3-MOS DEC-31-1997 DEC-31-1996 JAN-01-1997 JAN-01-1996 MAR-31-1997 MAR-31-1996 20 117 0 0 8,253 6,156 1,075 1,085 3,598 4,028 12,071 10,545 13,893 13,796 6,615 5,981 20,522 20,010 13,455 12,836 0 0 0 0 0 0 31 31 4,030 4,053 20,522 20,010 10,827 11,051 10,827 11,051 8,262 7,882 8,262 7,882 2,293 2,988 0 0 267 139 15 71 0 24 15 47 0 0 0 0 0 0 15 47 0.01 0.02 0.01 0.02
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