-----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, WNLJrWX8Oc16Xjm6RY70t5RkO1Wk5c3VyoQV50zhDSgNZ9YcaZU6jbzUYzd0dczL 2Wp2XNY5goUazdVAmt8rIw== 0001005477-97-001489.txt : 19970520 0001005477-97-001489.hdr.sgml : 19970520 ACCESSION NUMBER: 0001005477-97-001489 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19970331 FILED AS OF DATE: 19970515 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: MICRO WAREHOUSE INC CENTRAL INDEX KEY: 0000892872 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-CATALOG & MAIL-ORDER HOUSES [5961] IRS NUMBER: 061192793 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-20730 FILM NUMBER: 97609313 BUSINESS ADDRESS: STREET 1: 535 CONNECTICUT AVE CITY: NORWALK STATE: CT ZIP: 06854 BUSINESS PHONE: 2038994000 MAIL ADDRESS: STREET 1: 535 CONNECTICUT AVE CITY: NORWALK STATE: CT ZIP: 06854 10-Q 1 FORM 10-Q FORM 10-Q SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 (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, 1997 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: 0-20730 MICRO WAREHOUSE, INC. (Exact name of registrant as specified in its charter) Delaware 06-1192793 (State or other jurisdiction of (I.R.S. Employer Identification Number) incorporation or organization) 535 Connecticut Avenue, Norwalk, Connecticut 06854 (Address of principal executive offices) (203) 899-4000 (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 |_| Indicate the number of shares outstanding of each of issuer's class of common stock as the latest practicable date: Class: COMMON STOCK Outstanding Shares At March 31, 1997: 34,366,882 MICRO WAREHOUSE, INC. INDEX Page PART I - FINANCIAL INFORMATION Item 1 - Financial Statements (unaudited) Consolidated Balance Sheets ........................................3 Consolidated Statements of Income ..................................4 Consolidated Statements of Cash Flows ..............................5 Notes to Unaudited Consolidated Financial Statements ...............6 Item 2 - Management's Discussion and Analysis of Financial Condition and Results of Operations .........................8 PART II - OTHER INFORMATION............................................12 SIGNATURE .............................................................13 EXHIBIT 11.............................................................14 2 PART I - FINANCIAL INFORMATION ITEM 1 - FINANCIAL STATEMENTS MICRO WAREHOUSE, INC. CONSOLIDATED BALANCE SHEETS (in thousands) ----------------------------------------
March 31, December 31, 1997 1996 ---- ---- ASSETS (unaudited) (audited) Current assets: Cash and cash equivalents $89,650 $32,234 Marketable securities at market value 20,238 20,022 Accounts receivable, net of allowance for doubtful accounts ($11,023 and $10,876 at March 31, 1997 and December 31, 1996, respectively) 206,127 203,687 Inventories 166,481 201,119 Prepaid expenses and other current assets 18,262 17,886 Tax refunds 17,084 16,433 Deferred taxes 4,176 3,447 ----------- ----------- Total current assets 522,018 494,828 ----------- ----------- Property, plant and equipment, net 28,968 29,712 Goodwill, net 68,495 66,291 Non-current deferred taxes 12,340 14,443 Other assets 2,585 2,568 =========== =========== Total assets $634,406 $607,842 =========== =========== LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable $155,419 $127,723 Accrued expenses 48,050 52,445 Loans payable, bank 38,860 40,505 Income taxes 2,669 - Deferred revenue 1,710 2,327 Equipment obligations 328 298 ----------- ----------- Total current liabilities 247,036 223,298 - Equipment obligations 298 376 ----------- ----------- Total liabilities 247,334 223,674 ----------- ----------- Stockholders' equity: Preferred stock, $.01 par value: - - Authorized - 100 shares; none issued Common stock, $.01 par value: Authorized - 50,000 shares; issued and outstanding; 34,367 and 34,359 shares at March 31, 1997 and December 31, 1996, respectively 344 343 Additional paid-in capital 272,277 270,762 Deferred compensation (967) 421 Loan to officer (1,400) (1,400) Retained earnings 124,884 117,071 Cumulative translation adjustment (8,048) (3,047) Valuation adjustment for marketable securities (18) 18 ----------- ----------- Total stockholders' equity 387,072 384,168 ----------- ----------- Total liabilities and stockholders' equity $634,406 $607,842 =========== ===========
See accompanying notes to unaudited consolidated financial statements. 3 MICRO WAREHOUSE, INC. CONSOLIDATED STATEMENTS OF INCOME For the three months ended March 31, (in thousands, except per share data) ------------------------------------------------------------ (unaudited) 1997 1996 ---- ---- Net Sales $ 529,503 $ 514,391 Cost of Goods Sold 442,038 415,849 --------- --------- Gross Profit 87,465 98,542 Selling, general and administrative 75,243 75,736 Restructuring costs -- 21,226 Merger costs -- 6,113 --------- --------- Income (loss) from operations before interest, income taxes and extraordinary charge 12,222 (4,533) Interest income, net 860 126 --------- --------- Income (loss) before income taxes and extraordinary charge 13,082 (4,407) Provision for income taxes (5,269) (694) --------- --------- Income (loss) before extraordinary charge 7,813 (5,101) Extraordinary charge, net of taxes -- (1,584) --------- --------- Net income (loss) $ 7,813 ($ 6,685) ========= ========= Net income (loss) per share $ 0.23 ($ 0.20) ========= ========= Net income (loss) per share before extraordinary charge $ 0.23 ($ 0.15) ========= ========= Weighted average number of shares outstanding 34,437 33,996 ========= ========= See accompanying notes to unaudited consolidated financial statements. 4 MICRO WAREHOUSE, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS For the three months ended March 31, (in thousands) ------------------------------------------------------------ (unaudited)
Cash flows from operating activities: 1997 1996 ---- ---- Net income (loss) $ 7,813 $ (6,685) -------- -------- Adjustments to reconcile net income (loss) to net cash provided by operating activities: Depreciation and amortization 3,797 3,178 Restructuring cost - non-cash portion -- 3,457 Extraordinary charge -- 1,900 Write-off of deferred financing costs -- 762 Deferred taxes 1,358 (1,022) Changes in assets and liabilities: Accounts receivable, net (8,666) (21,317) Inventories 32,081 24,708 Prepaid expenses and other current assets (1,162) (7,568) Other assets (151) 1,331 Accounts payable 27,480 (4,285) Accrued expenses 1,124 19,037 Accrued restructuring costs -- 15,362 Deferred revenue (607) 2,842 -------- -------- Total adjustments 55,254 38,385 -------- -------- Net cash provided by operating activities 63,067 31,700 -------- -------- Cash flows from investing activities: Sales (purchases) of marketable securities, net (252) 2,880 Purchases or adjustments to acquisitions of businesses, represented by: Goodwill (3,225) (5,149) Other net assets (13) (1,405) Acquisition of property, plant and equipment (2,571) (4,327) -------- -------- Net cash (used) by investing activities (6,061) (8,001) -------- -------- Cash flows from financing activities: Net proceeds from issuance of common stock 129 1,270 Borrowings (repayments) under lines of credit, net 1,457 (11) Repayment of notes payable -- (21,900) Principal payments of obligations under capital leases (47) (98) -------- -------- Net cash provided (used) by financing activities 1,539 (20,739) -------- -------- Effect of exchange rate changes on cash (1,129) (144) -------- -------- Net change in cash 57,416 2,816 Cash and cash equivalents: Beginning of period 32,234 81,614 ======== ======== End of period $ 89,650 $ 84,430 ======== ========
See accompanying notes to unaudited consolidated financial statements. 5 MICRO WAREHOUSE, INC. NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Amounts in thousands, except per share data) ------------------------------------------------------------------- 1. FINANCIAL STATEMENTS The consolidated financial statements include the accounts of Micro Warehouse, Inc. and its subsidiaries (the "Company") and have been prepared, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (the "SEC"). Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations. Although the Company believes that the disclosures are adequate to make the information presented not misleading, these financial statements should be read in conjunction with the audited financial statements and the notes thereto included in the Company's Annual Report to Shareholders which was filed as an exhibit to its Annual Report on Form 10-K for the fiscal year ended December 31, 1996. In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments necessary to present fairly the financial position of the Company at March 31, 1997 and the results of operations and cash flows for the three months ended March 31, 1997 and 1996. 2. BUSINESS COMBINATIONS During the first quarter of 1997, the Company acquired two businesses with operations in Canada and Australia. The total cost of the acquisitions was $3,238 which exceeded the fair value of the net assets acquired by $3,225. In October 1996, the Company acquired the business of USA Flex in a business combination accounted for as a purchase. USA Flex directly markets IBM PC-compatible computers and peripherals. The total cost of the acquisition was $26,762, which exceeded the fair value of the net assets acquired by $22,053. The excess cost over the fair value of the net assets acquired for these acquisitions has been allocated on a preliminary basis to goodwill, which is subject to change as such valuations are finalized. As a result of the analysis performed to date, however, management has determined that the appropriate amortization periods for such goodwill range from 5 to 15 years. With respect to the goodwill recorded on the USA Flex acquisition, which is now being amortized over 15 years, the Company had commenced amortization of this goodwill over a 40 year period in 1996. The impact of this change in the amortization period on the prior period is not material. 3. STOCK-BASED COMPENSATION During 1997, the Company granted to substantially all employees options to purchase a total of 2,017 shares of common stock, subject to shareholder approval, under its 1994 Stock Option Plan (the "Plan"). The exercise price for these options is $12.625 per share. The Company recorded deferred compensation of $1,388 and recognized compensation expense of $51 for these options. An adjustment to the deferred 6 compensation may be required if the market value of the Company's stock at the date of stockholder approval is different from the value at March 31, 1997. The Company granted under the Plan additional options to purchase 10 shares of common stock with exercise prices ranging from $11.6875 to $13.0625 per share. Also during 1997, the Company granted options to purchase 300 shares of common stock to senior executives outside of its stock option plans. The exercise prices of these options range from $10.75 to $11.875 per share. 4. LEGAL PROCEEDINGS The Company and certain of its directors and officers are named as defendants in various lawsuits that followed and are predicated upon the facts underlying the Company's announcements in September and October 1996 that it intended to restate certain prior financial statements. On February 10, 1997 the Company filed Forms 10-K/A with the SEC reflecting restated financial statements for the years 1992 through 1995. All of these lawsuits are at an early stage. The plaintiffs in these lawsuits seek unspecified compensatory damages, other relief, legal fees and litigation costs. The Company is unable to predict the outcome or the potential financial impact of this litigation, and, accordingly, has made no provision therefor in the consolidated financial statements. In addition, the staff of the SEC is conducting a formal investigation into the events that underlie the Company's restatement of its prior period financial statements noted above. The Company is cooperating with the staff in its investigation. 5. NEW ACCOUNTING STANDARD In February 1997, the Financial Accounting Standards Board issued Statement of Financial Accounting Standards No. 128, "Earnings Per Share" which specifies the computation, presentation and disclosure requirements for earnings per share. This statement is effective for both interim and annual periods ending after December 15, 1997. Early implementation is not permitted. The Company does not expect that the application of this standard will have a material effect on its present method of calculating and reporting earnings per share. 7 ITEM 2 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. Overview Micro Warehouse, Inc. (the "Company") is a specialty catalog retailer and direct marketer of brand name personal computers, computer software, accessories, peripheral and networking products to commercial and consumer customers. The Company markets its products through frequent mailings of its distinctive, colorful catalogs, Internet catalog sites on the worldwide web and dedicated telemarketing account managers who focus on corporate, education and government accounts. The Company offers brand name hardware and software from leading vendors such as Adobe, Apple, Compaq, Hewlett Packard, IBM, Iomega, Microsoft, Motorola, 3Com, and Toshiba. Through its three core catalogs, MicroWarehouse, MacWarehouse and Data Comm Warehouse, various specialty catalogs and its Internet sites, the Company offers a broad assortment of more than 25,000 computer products at competitive prices. With colorful illustrations, concise product descriptions and relevant technical information, each catalog title focuses on a specific segment of the computer market. The catalogs are recognized as a leading source for computer hardware, software and other products. International operations, particularly in Europe and Canada, have become a significant part of the Company's business. In 1991, the Company established full-service, direct marketing operations in the United Kingdom. In late 1992, the Company began operations in France and Germany and, in 1993 and 1994, acquired companies or initiated operations in Sweden, Denmark, Norway, the Netherlands, Belgium, Finland, and France. In this same time frame the Company also expanded into the non-European markets of Japan, Canada and Mexico. In 1995, the Company acquired businesses in the United Kingdom, Germany, Australia and Switzerland. In 1996 the Company discontinued its "Macintosh only" operations in Belgium and Switzerland. The Company currently publishes catalogs in 12 countries outside the US. On January 25, 1996, the Company acquired Santa Clara, California-based Inmac Corp. ("Inmac"), a leading international direct-response marketer of a wide range of personal computer and networking products. Inmac had operations in the United States, Canada, France, Germany, the Netherlands, Sweden and the UK. For accounting purposes, the Inmac merger has been treated as a pooling of interests. Accordingly, all historical financial information has been adjusted to include Inmac. In September 1996, the Company acquired the Helsinki, Finland-based Business Forum and a related company. In November 1996, the Company completed the acquisition of the business of USA Flex, a Bloomingdale Illinois direct marketer of IBM PC-compatible personal computer products. In February 1997, the Company acquired the Notebook Store in Toronto, Canada and Commsware of Brisbane, Australia. 8 RESULTS OF OPERATIONS The table below sets forth certain items expressed as a percent of net sales for each of the three month periods ended March 31, 1997 and 1996:
Three Months Ended March 31, 1997 1996 ---- ---- Net sales 100.0% 100.0% Cost of sales 83.5 80.8 ----- ----- Gross profit 16.5 19.2 Selling, general and administrative expenses 14.2 14.7 Restructuring and merger costs -- 5.3 ----- ----- Income (loss) from operations before interest, income taxes and extraordinary charge 2.3 (.8) Interest income, net .2 -- ----- ----- Income (loss) before income taxes and extraordinary charge 2.5% (.8)%
Three Months Ended March 31, 1997 Compared to Three Months Ended March 31, 1996 Net sales increased by $15.1 million or 2.9% to $529.5 million for the three months ended March 31, 1997, from $514.4 million for the three months ended March 31, 1996. This increase in net sales was primarily attributable to continued growth in the domestic IBM PC-Compatible ("Wintel") business which increased by 37.6% to $180.3 million, including USA Flex net sales of $22.6 million. Offsetting this growth was a 15.6% decline in the worldwide Macintosh ("Mac") business to $226.8 million. The Mac business represented 42.8% of total worldwide sales, down from 52.2% in the same period last year. Domestic sales increased 6.9% as a 37.6% increase in the Wintel business offset a 13.0% decline in the Mac business. The Wintel sales growth in the U.S. without the USA Flex and Inmac acquisitions was approximately 31.7%. The sales increase was due to increases in the average order size coupled with increased Wintel catalog circulation of 44.5%. Domestic Inmac sales declined by approximately 33.5% from last year on a circulation decrease of 71.5%, while USA Flex sales were $22.6 million in the quarter. The average order size increased to $488 in 1997 from $442 in 1996 due to an increase in the proportion of hardware sales which typically have a higher per unit price than software sales. Circulation of the MacWarehouse catalog declined by 13.8% to approximately 11.6 million. International sales for the quarter ended March 31, 1997 decreased by 4.3% from the prior year to $173.0 million, principally due to a 23.5% decline in international Mac sales. International Wintel sales were up 6.8% over 1996 to $122.4 million. As a result, international sales decreased to 32.7% of total net sales in the three months ended March 31, 1997 from 35.1% in the same period in 1996. The number of catalogs distributed grew by 2.1% to approximately 7.7 million. Micro Warehouse sales throughout Europe were generally soft, with France, Germany and Sweden experiencing the most significant declines. The continued decline in the Mac business as well as increased competition in the consumable and business supply sectors were the principal reasons. In addition, translation of international sales at 1997 exchange rates reduced sales in dollars by approximately 3.4% as compared to last year. Gross margin, which consists of net sales less product and transportation costs, decreased as a percentage of net sales to 16.5% in 1997 from 19.2% during the same period last year. The decline in gross margin was due to a 9 reduction in Mac margins as a result of increased competition and the continuing shift in mix towards lower margin Wintel products. These factors had the greatest impact in Europe. Selling, general and administrative expenses decreased by 0.7% to $75.2 million for the three months ended March 31, 1997 from $75.7 million for the same period in 1996 and decreased as a percentage of net sales to 14.2% from 14.7%. The principal reason for the decline in 1997 was a reduction in net advertising costs due to increased co-op advertising income and lower catalog costs. Worldwide catalog circulation was down 2.2% to 33.6 million in the current quarter. Also, SG&A expenses in the first quarter of 1997 were adversely affected by higher legal and insurance costs related to the litigation arising out of the facts underlying the restatement of certain prior year financial statements. Operating income for the first three months of 1997 was $12.2 million as compared to a loss of $4.5 million for the same period in 1996. The operating loss in 1996 includes $27.3 million of restructuring and merger costs relating to the acquisition of Inmac. International operations during the first quarter of 1997 operated at break even compared to a loss of $7.2 million in 1996 which included $12.4 million of the total restructuring and merger costs. Net interest income increased to $0.9 million for the first three months of 1997 from $0.1 million for the same period in 1996. The increase was due primarily to the higher level of cash and cash equivalents in the first quarter of 1997 available for investment and the lower level of debt due to the early extinguishment of Inmac's debt. Liquidity and Capital Resources As of March 31, 1997, the Company had cash and short-term investments totaling $109.9 million compared to $52.3 million at December 31, 1996. This increase was due to a planned reduction in inventories and improved payables management. The current ratio was 2.1 to 1 at March 31, 1997 compared to 2.2 to 1 at December 31, 1996 and working capital was $275.0 million compared to $271.5 million for the same periods respectively. Inventories decreased to $166.5 million at March 31, 1997 from $201.1 million at December 31, 1996. Accounts receivable increased to $206.1 million at March 31, 1997 from $203.7 million at December 31, 1996. In addition, accounts payable increased by $27.7 million to $155.4 million at March 31, 1997 from $127.7 million at December 31, 1996. Overall, operations generated cash of $63.1 million in the current quarter. Capital expenditures for the first three months of 1997 were $2.6 million, primarily for computer systems and distribution equipment both in the United States and internationally. Although the Company's primary capital need will be to fund its working capital requirements for expected sales growth, the Company expects that future growth will also require continued expansion of its computer systems and distribution capacity. The Company has a multi-currency borrowing facility of $75 million. The purpose of this facility is to provide working capital financing for its foreign subsidiaries in local currencies, thus limiting exposure to foreign exchange fluctuation. Total borrowings as of March 31, 1997, under this arrangement were $38.9 million. Additionally, at March 31, 1997, the Company had unused lines of credit in the United States and United Kingdom, which provided for unsecured borrowings of up to $10.0 million and (pounds)1.8 million, respectively, for working capital purposes. 10 The Company believes that its existing cash reserves, cash flow from operations and existing credit facilities will be sufficient to satisfy its cash needs for at least the next 12 months without consideration of uncertainties surrounding litigation pending against the Company. Outlook The Company expects that the installed base of personal computers will continue to expand at slower rates than experienced in the past. Apple Computer continues to experience difficulties and has announced plans to significantly downsize its operations. Such actions are expected to affect the Company's Macintosh-related sales both domestically and in Europe. In addition, Apple Computer has licensed the Macintosh operating system to other manufacturers. These "clones" are generally entering the market at lower prices than Apple's products which has led to increased price competition and reduced margins. In Europe, the Company anticipates increased competitive pressures and uneven market demand depending on the business cycles of individual countries. Statement under the Private Securities Litigation Reform Act With the exception of the historical information contained in this report, the matters described herein contain forward-looking statements that involve risk and uncertainties including but not limited to economic, competitive, governmental, technological and litigation factors outside of the control of the Company. These factors more specifically include: uncertainties surrounding the demand for and supply of products manufactured by and compatible with those of Apple Computer; success of the Company's diversification away from its Apple products; competition from other catalog, retail store, on-line and other resellers of computer products; and the ultimate outcome of the legal proceedings brought against the Company in connection with its reported accounting errors. These and other factors are described generally in the MD&A section of the Company's 1996 Annual Report to Stockholders and most specifically in the paragraphs in that section captioned "Liquidity and Capital Resources," "Impact of Inflation and Seasonality", and "Outlook." Forward-looking statements are typically identified by the words "believe," "expect," "anticipate," "intend," "estimate," and similar expressions. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of their dates. 11 Part II - OTHER INFORMATION Item 1. Legal Proceedings The information required by this item appears on page 1 of the Company's 1996 Annual Report to Stockholders under the caption "Restatement of Financial Statements" and in Note 17 to Notes to Consolidated Financial Statement on page 36 of the Company's 1996 Annual Report to Stockholders, all of which information is incorporated herein by reference. Item 2. Changes in Securities None Item 3. Defaults Upon Senior Securities None 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 Exhibit 11 STATEMENT RE COMPUTATION OF PER SHARE EARNINGS Exhibit 27 FINANCIAL DATA SCHEDULE (b) Reports on Form 8-K None 12 MICRO WAREHOUSE, INC. FORM 10-Q MARCH 31, 1997 ------------------------------------- SIGNATURE Pursuant to the requirements of the Securities and Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. MICRO WAREHOUSE, INC. The Registrant Date: May 15, 1997 /s/WAYNE P. GARTEN ------------------------------------------------- WAYNE P. GARTEN Senior Vice President and Chief Financial Officer (Duly Authorized Officer of the Registrant and Principal Financial Officer) 13 EX-11 2 COMPUTATION OF PER SHARE EARNINGS EXHIBIT 11 MICRO WAREHOUSE, INC. AND SUBSIDIARIES STATEMENT RE COMPUTATION OF PER SHARE EARNINGS (IN THOUSANDS, EXCEPT PER SHARE DATA)
Primary Three Months Ended March March 31, 31, 1997 1996 ------- -------- Net Income (Loss) Income (loss) before extraordinary charge $ 7,813 ($ 5,101) Extraordinary loss on early extinguishment of debt, net of taxes -- 1,584 ------- -------- Net income (loss) $ 7,813 ($ 6,685) ======= ======== Shares Weighted average common shares outstanding 34,364 33,996 Common equivalent shares 73 -- ------- -------- Weighted average common shares and common equivalent shares outstanding 34,437 33,996 ======= ======== Per Share Income (loss) before extraordinary charge $ 0.23 ($ 0.15) Extraordinary loss on early extinguishment of debt, net of taxes -- (0.05) ------- -------- Net income (loss) $ 0.23 ($ 0.20) ======= ======== Fully Diluted Three Months Ended March March 31, 31, 1997 1996 ------- -------- Net Income (Loss) Income (loss) before extraordinary charge $ 7,813 ($ 5,101) Extraordinary loss on early extinguishment of debt, net of taxes -- 1,584 ------- -------- Net income (loss) $ 7,813 ($ 6,685) ======= ======== Shares Weighted average common shares outstanding 34,364 33,996 Common equivalent shares 84 -- ------- -------- Weighted average common shares and common equivalent shares outstanding 34,448 33,996 ======= ======== Per Share Income (loss) before extraordinary charge $ 0.23 ($ 0.15) Extraordinary loss on early extinguishment of debt, net of taxes -- (0.05) ------- -------- Net income (loss) $ 0.23 ($ 0.20) ======= ========
EX-27 3 FINANCIAL DATA SCHEDULE
5 3-MOS DEC-31-1997 MAR-31-1997 89,650 20,238 217,150 11,023 166,481 522,018 69,770 40,802 634,406 247,036 298 0 0 344 386,728 634,406 529,503 529,503 442,038 517,281 0 0 0 13,082 5,269 7,813 0 0 0 7,813 .23 .23
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