-----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, R+7Grh96XZ8JcFi+oXpz6BSHiPB096PM9Av0A6Vsc6ay6Fcl9slZBqXtVQkTs1dv fB7p9uhFAKK6yVNW37U14Q== 0000907242-99-000007.txt : 19990518 0000907242-99-000007.hdr.sgml : 19990518 ACCESSION NUMBER: 0000907242-99-000007 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19990331 FILED AS OF DATE: 19990517 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MONARCH CASINO & RESORT INC CENTRAL INDEX KEY: 0000907242 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-MISCELLANEOUS AMUSEMENT & RECREATION [7990] IRS NUMBER: 880300760 STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 000-22088 FILM NUMBER: 99625059 BUSINESS ADDRESS: STREET 1: 1175 W MOANA LANE STREET 2: STE 200 CITY: RENO STATE: NV ZIP: 89509 BUSINESS PHONE: 7028253355 MAIL ADDRESS: STREET 1: 1175 W MOANA LANE STREET 2: STE 200 CITY: RENO STATE: NV ZIP: 89509 10-Q 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, 1999 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 No. 0-22088 MONARCH CASINO & RESORT, INC. (Exact name of registrant as specified in its charter) ------------------------- NEVADA 88-0300760 (State or other jurisdiction (I.R.S. Employer of incorporation or organization) Identification No.) 1175 W. MOANA LANE, SUITE 200 RENO, NEVADA 89509 (Address of principal (Zip code) executive offices) Registrant's telephone number, including area code: (702) 825-3355 ------------------------- NOT APPLICABLE (Former name, former address and former fiscal year, if changed since last report.) 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 ___ APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PRECEDING FIVE YEARS: Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13, or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. YES ___ NO ___ APPLICABLE ONLY TO CORPORATE ISSUERS: Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date. As of May 10, 1999, there were 9,436,275 shares of Monarch Casino & Resort, Inc. $0.01 par value common stock outstanding. PART 1. FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS MONARCH CASINO & RESORT, INC. CONSOLIDATED STATEMENTS OF OPERATIONS
Three Months Ended March 31, ---------------------------- 1999 1998 ------------ ------------ (Unaudited) (Unaudited) Revenues Casino...................................... $ 10,050,707 $9,498,970 Food and beverage........................... 4,561,487 4,223,401 Hotel....................................... 2,362,892 2,402,414 Other....................................... 633,056 562,394 ------------ ------------ Gross revenues........................... 17,608,142 16,687,179 Less promotional allowances................. (2,674,607) (2,133,937) ------------ ------------ Net revenues............................. 14,933,535 14,553,242 ------------ ------------ Operating expenses Casino...................................... 4,669,832 4,071,035 Food and beverage........................... 2,405,086 2,285,703 Hotel....................................... 806,847 920,614 Other....................................... 101,389 117,313 Selling, general and administrative......... 4,831,231 4,043,839 Depreciation and amortization............... 1,223,205 1,130,044 ------------ ------------ Total.................................... 14,037,590 12,568,548 ------------ ------------ Income from operations................... 895,945 1,984,694 ------------ ------------ Other expense Interest expense............................ 574,674 616,633 ------------ ------------ Total.................................... 574,674 616,633 ------------ ------------ Income before income taxes............... 321,271 1,368,061 Provision for income taxes.................... 109,232 465,106 ------------ ------------ Net Income............................... $ 212,039 $ 902,955 ============ ============ Income per share of common stock Net income Basic..................................... $ 0.02 $ 0.10 Diluted................................... $ 0.02 $ 0.10 Weighted average number of common shares and potential common shares outstanding Basic..................................... 9,436,275 9,436,275 Diluted................................... 9,510,369 9,504,643
The accompanying Notes to Consolidated Financial Statements are an integral part of these statements. -2- MONARCH CASINO & RESORT, INC. CONSOLIDATED BALANCE SHEETS
March 31, December 31, 1999 1998 ------------ ------------ (Unaudited) ASSETS Current assets Cash........................................ $ 5,025,048 $ 4,950,244 Receivables, net............................ 1,249,020 1,274,343 Inventories................................. 440,869 476,948 Prepaid expenses............................ 1,482,127 1,628,717 Prepaid Federal Income Taxes................ 302,257 449,226 Deferred income taxes....................... 399,984 432,874 ------------ ------------ Total current assets..................... 8,899,305 9,212,352 ------------ ------------ Property and equipment Land........................................ 10,339,530 10,339,530 Buildings................................... 35,335,973 35,335,973 Furniture and equipment..................... 25,177,797 24,667,318 Improvements................................ 4,971,921 4,969,881 ------------ ------------ 75,825,221 75,312,702 Less accumulated depreciation and amortization.............. (23,302,117) (22,125,039) ------------ ------------ 52,523,104 53,187,663 Construction in progress.................... 50,204,914 32,669,282 ------------ ------------ Net property and equipment............... 102,728,018 85,856,945 ------------ ------------ Other assets.................................. 1,621,120 1,662,663 ------------ ------------ $113,248,443 $ 96,731,960 ============ ============ LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Current maturities of long-term debt........ $ 938,206 $ 850,498 Accounts payable-trade...................... 3,289,352 3,441,829 Accounts payable-construction............... 7,283,571 7,275,617 Accrued expenses............................ 4,852,547 4,152,237 ------------ ------------ Total current liabilities................ 16,363,676 15,720,181 Long-term debt, less current maturities....... 68,041,363 52,309,785 Deferred income taxes......................... 2,177,920 2,248,548 Commitments and contingencies................. - - Stockholders' equity Preferred stock, $.01 par value, 10,000,000 shares authorized; none issued............. - - Common stock, $.01 par value, 30,000,000 shares authorized; 9,536,275 issued; 9,436,275 outstanding........ 95,363 95,363 Additional paid-in capital.................. 17,241,788 17,241,788 Treasury stock.............................. (329,875) (329,875) Retained earnings........................... 9,658,208 9,446,170 ------------ ------------ Total stockholders' equity............... 26,665,484 26,453,446 ------------ ------------ $113,248,443 $ 96,731,960 ============ ============
The accompanying Notes to Consolidated Financial Statements are an integral part of these statements. -3- MONARCH CASINO & RESORT, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS
Three Months Ended March 31, ---------------------------- 1999 1998 ------------ ------------ (Unaudited) (Unaudited) Cash flows from operating activities: Net income.................................. $ 212,039 $ 902,955 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization............. 1,223,205 1,130,044 Loss on disposal of assets................ - 17,515 (Increase) decrease in receivables, net... 25,323 (447,023) Decrease in inventories................... 36,079 180,234 (Increase) decrease in prepaid expenses... 293,559 (81,781) Decrease in deferred income tax asset..... 32,891 90,000 (Increase) decrease in other assets....... 41,543 (41,710) Decrease in accounts payable............ (144,523) (2,151,161) Increase in accrued expenses.............. 700,311 754,103 Decrease in deferred income tax liability..................... (70,628) (21,000) ------------ ------------ Net cash provided by operating activities.................... 2,349,799 332,176 ------------ ------------ Cash flows from investing activities: Proceeds from sale of assets................ - 8,100 Acquisition of property and equipment....... (17,787,413) (843,995) ------------ ------------ Net cash used in investing activities.... (17,787,413) (835,895) ------------ ------------ Cash flows from financing activities: Proceeds from long-term borrowings.......... 15,795,368 3,205,000 Principal payments on long-term debt........ (282,950) (4,202,755) ------------ ------------ Net cash provided by (used in) financing activities.................... 15,512,418 (997,755) ------------ ------------ Net increase (decrease) in cash.......... 74,804 (1,501,474) Cash at beginning of period................... 4,950,244 5,527,839 ------------ ------------ Cash at end of period......................... $ 5,025,048 $ 4,026,365 ============ ============ Supplemental disclosure of cash flow information: Cash paid for interest, net of capitalized interest................ $ 315,664 $ 243,209 Capitalized interest........................ 529,224 18,662 Cash paid for income taxes.................. - 287,479 Supplemental schedule of non-cash investing and financing activities: The Company financed the purchase of property and equipment in the following amounts..... 306,867 351,074
The accompanying Notes to Consolidated Financial Statements are an integral part of these statements. -4- MONARCH CASINO & RESORT, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation Monarch Casino & Resort, Inc. ("Monarch") was incorporated in 1993. Golden Road Motor Inn, Inc. ("Golden Road") operates the Atlantis Casino Resort (the "Atlantis") in Reno, Nevada, and owns a 16-acre site adjacent to the Atlantis which is suitable for future development. Unless stated otherwise, the "Company" refers collectively to Monarch, its wholly owned subsidiary, Golden Road, and majority owned subsidiaries, Dunes Marina Resort and Casino, Inc. ("Dunes Marina"), formed in December 1993, and Sea World Processors, Inc. ("Sea World"), purchased in February 1994. The consolidated financial statements include the accounts of Monarch, Golden Road, Dunes Marina and Sea World, and eliminate intercompany balances and transactions. Use of Estimates In preparing these financial statements in conformity with generally accepted accounting principles, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and revenues and expenses during the year. Actual results could differ from those estimates. Reclassifications Certain amounts in the 1998 consolidated financial statements have been reclassified to conform with the 1999 presentation. These reclassifications had no effect on the Company's net income. NOTE 2. INTERIM FINANCIAL STATEMENTS The accompanying consolidated financial statements for the three month periods ended March 31, 1999 and March 31, 1998 are unaudited. In the opinion of management, all adjustments, consisting of normal recurring adjustments necessary for a fair presentation of the Company's financial position and results of operations for such periods, have been included. The accompanying unaudited consolidated financial statements should be read in conjunction with the Company's audited financial statements included in its Annual Report on Form 10-K for the year ended December 31, 1998. The results for the three month period ended March 31, 1999 are not necessarily indicative of the results that may be expected for the year ending December 31, 1999, or for any other period. NOTE 3. EARNINGS PER SHARE In 1997, the Company adopted the provisions of SFAS No. 128, Earnings Per Share. Earnings per share for all periods presented have been restated to reflect the adoption of SFAS No. 128. SFAS No. 128 requires companies to present basic earnings per share, and, if applicable, diluted earnings per share. Basic earnings per share excludes dilution and is computed by dividing net earnings available to common stockholders by the weighted average number of common shares outstanding for the period. Diluted earnings per share -5- reflects the potential dilution that could occur if options to issue common stock were exercised into common stock. The following is a reconciliation of the number of shares (denominator) used in the basic and diluted earnings per share computations (shares in thousands):
Three Months ended March 31, ----------------------------------- 1999 1998 ---------------- ---------------- Per Share Per Share Shares Amount Shares Amount ------ --------- ------ --------- Net Income Basic..................... 9,436 $0.02 9,436 $0.10 Effect of dilutive stock options............ 74 - 69 - ------ --------- ------ --------- Diluted................... 9,510 $0.02 9,505 $0.10 ====== ========= ====== =========
The following options were not included in the computation of diluted earnings per share because the options' exercise price was greater than the average market price of the common shares:
Three Months ended March 31, ---------------------------- 1999 1998 ----------- ----------- Options to purchase shares of common stock (in thousands)..... 2 15 Exercise prices.................. $8.06 $7.25-$8.06 Expiration dates................. 6/99 9/98-6/00
-6- ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS STATEMENT ON FORWARD-LOOKING INFORMATION Certain information included herein contains statements that may be considered forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, such as statements relating to anticipated expenses, capital spending and financing sources. Such forward-looking information involves important risks and uncertainties that could significantly affect anticipated results in the future and, accordingly, such results may differ from those expressed in any forward-looking statements made herein. These risks and uncertainties include, but are not limited to, those relating to competitive industry conditions, Reno-area tourism conditions, dependence on existing management, leverage and debt service (including sensitivity to fluctuations in interest rates), construction and completion of additional facilities, the regulation of the gaming industry (including actions affecting licensing), outcome of litigation, domestic or global economic conditions, changes in federal or state tax laws or the administration of such laws, and issues related to the year 2000. RESULTS OF OPERATIONS Comparison of Operating Results for the Three Month Periods Ended March 31, 1999 and 1998 For the three month period ended March 31, 1999, the Company earned $212 thousand, or $.02 per share, on net revenues of $14.9 million, a decrease from earnings of $903 thousand, or $.10 per share, on net revenues of $14.6 million for the three months ended March 31, 1998. Income from operations for the three months ended March 31, 1999 totaled $896 thousand, compared to $2.0 million for the same period in 1998. The Company's 1999 first quarter net revenue represents a new first quarter record for the Company, but net income and earnings per share were negatively impacted primarily by construction disruption and start-up expenses related to the Company's Atlantis expansion project (the "Atlantis Expansion")and to a lesser extent, severe winter weather and the absence of a major event comparable to the four month American Bowling Congress Tournament in 1998's first quarter results. In the Reno area market, the January through March period encompassing the Company's first quarter has traditionally been marked by weather-related seasonality, with winter storms producing moderate to severe travel delays and difficulties for visitors to the region. The impact of the weather and the absence of a major event were relatively minor when compared to the negative impact that construction disruption and start-up expenses had on the 1999 first quarter results. The Company incurred ongoing expansion related expenses throughout the first quarter of 1999 with no meaningful offsetting revenues from new capacity coming on line. The Atlantis Expansion consists of the enclosed overhead "skywalk" structure connecting the Atlantis with its 16 acre site across South Virginia Street from the Atlantis (the "Skywalk") and a new 27- story hotel tower containing additional casino and public space (the "Hotel Tower Project"). The Company completed the Skywalk during the third week of March 1999 and began bringing on line certain areas of the Hotel Tower Project during April 1999. The remainder of the Hotel Tower Project will be phased in over a period ending sometime late in the quarter ending June 30, 1999. -7- Casino revenues were up 5.8% in the 1999 first quarter compared to the 1998 first quarter, reflecting growth in slot revenues but a decline in table game revenues. Slot revenues were up 9.4% in the 1999 first quarter compared to the 1998 first quarter due to an increase in the volume of slot machine play. Table game revenue in the 1999 first quarter decreased 5.2% from the 1998 first quarter due to an decrease in table game drop. Casino operating expenses amounted to 46.5% of casino revenues in the 1999 first quarter, compared to 42.9% in the 1998 first quarter, with the difference due primarily to higher labor costs and higher promotional allowance costs in the 1999 period. Food and beverage revenues increased 8.0% in the 1999 first quarter compared to the 1998 first quarter due primarily to higher average guest checks. Food and beverage operating expenses amounted to 52.7% of food and beverage revenues during the 1999 first quarter, an improvement from 54.1% in the 1998 first quarter. Hotel revenues were essentially flat in the 1999 first quarter decreasing 1.6% from the 1998 first quarter, reflecting a decrease in the Atlantis' average daily room rate ("ADR") but an improvement in the Atlantis' average hotel occupancy rate. The Atlantis' ADR decreased $.84 or 1.6% while the hotel occupancy rate increased 1.0 point or 1.2% in the 1999 first quarter compared to the 1998 first quarter. Hotel operating expenses in the 1999 first quarter amounted to 34.1% of hotel revenues, compared to 38.3% in the 1998 first quarter, primarily reflecting increased operating efficiencies. Other revenues increased 12.6% in the 1999 first quarter compared to the 1998 first quarter, primarily reflecting increased revenues from the Atlantis' retail outlet and collection of gaming receivables previously written off. Other expenses in the 1999 first quarter amounted to 16.0% of other revenues, compared to 20.9% in the 1998 first quarter. Selling, general and administrative expenses amounted to 32.4% of net revenues in the first quarter of 1999, compared to 27.8% in the 1998 first quarter. This increase is primarily due to higher personnel costs and higher marketing costs necessary in preparation for the 1999 opening of the Atlantis Expansion as well as additional operating expenses associated with the Atlantis Expansion. Interest expense for the 1999 first quarter totaled $575 thousand, a decrease of 6.8% from $617 thousand in the 1998 first quarter. The decrease reflects lower average interest rates on the Company's debt and the capitalization of certain interest costs in the 1999 period. In the 1999 first quarter, the Company capitalized approximately $529 thousand in interest costs related to the Atlantis Expansion. During the 1998 first quarter, $19 thousand in interest costs were capitalized. OTHER FACTORS AFFECTING CURRENT AND FUTURE RESULTS Upon its completion, the Hotel Tower Project will add approximately 390 rooms, 16,000 square feet of additional casino space and other amenities to the Atlantis. Major construction on the Hotel Tower Project began in July 1998 and is expected to be completed in late spring/early summer 1999. The Company carefully planned the Hotel Tower Project to mitigate the disruptive effects of construction by redirecting traffic flows, creating alternative access points at the Atlantis, and restricting construction crews , materials and vehicles to specified areas. Following the very disruptive construction -8- mobilization process in July 1998, the Company believes these steps have been effective in reducing the disruptive effect of the construction activities; however, the Company believes that some disruption is occurring and will continue to occur until the Hotel Tower Project is completed. The Skywalk connects the Atlantis with a 16-acre site with additional parking owned by the Company adjacent to and across South Virginia Street from the Atlantis. The Skywalk is directly in front of the Atlantis. Although the Skywalk is much smaller in scale than the Hotel Tower Project, the construction activity associated with the Skywalk also impeded traffic flows and access to the property and resulted in business disruptions. The Company took similar steps to those described above to minimize the disruptive impact of the construction activity, but believes that disruption occurred until the project was completed during the third week of March 1999. With the Atlantis Expansion, the Company is subject to certain risks typically associated with large-scale construction projects, including the risks of delay, shortages of materials or skilled labor, unforeseen engineering, environmental and/or geological problems, work stoppages, weather interference and unanticipated cost increases. LIQUIDITY AND CAPITAL RESOURCES For the three months ended March 31, 1999, net cash provided by operating activities totaled $2.3 million. Net cash used in investing activities for the same period totaled $17.8 million, which consisted entirely of acquisitions of property and equipment at the Atlantis, most of which were related to the Atlantis Expansion. Net cash provided by financing activities totaled $15.5 million as the Company borrowed funds under its bank credit facility to fund the costs of the Atlantis Expansion. As a result, at March 31, 1999, the Company had cash of $5.0 million, compared to a similar amount of $5.0 million at December 31, 1998. The Company has an $80 million construction and reducing revolving credit facility with a group of banks (the "Credit Facility"). The principal terms of the Credit Facility are summarized in the Company's Annual Report on Form 10-K for the year ended December 31, 1998. At March 31, 1999, the outstanding balance of the Credit Facility was $66.1 million. The Company also has available a second bank credit facility on which it may borrow up to $4.5 million. The principal terms of this second bank credit facility are also summarized in the Company's Annual Report on Form 10-K for the year ended December 31, 1998. At March 31, 1999, the outstanding balance on this second bank credit facility was $325 thousand. The Company has signed contracts to construct the Atlantis Expansion, which the Company estimates will cost approximately $70 million to construct. The Company believes it will have adequate resources available through cash on hand, cash flow from operations, and borrowings allowed under the Credit Facility to complete the Atlantis Expansion. In addition to the potential funding requirements associated with the Atlantis Expansion, the Company continues to monitor expansion and development opportunities at its other Reno site and elsewhere in Nevada and in other jurisdictions. The decision by the Company to proceed with any substantial project will require the Company to secure adequate financing on acceptable terms. No assurances can be made that if such projects are pursued that adequate financing would be available on acceptable terms, if at all. -9- The Company believes that its existing cash balances, cash flow from operations and borrowings available under the Credit Facility will provide the Company with sufficient resources to fund its operations, meet its existing debt obligations and fund its capital expenditure requirements; however, the Company's operations are subject to financial, economic, competitive, regulatory, and other factors, many of which are beyond its control. If the Company is unable to generate sufficient cash flow, it could be required to adopt one or more alternatives, such as reducing, delaying or eliminating planned capital expenditures, selling assets, restructuring debt or obtaining additional equity capital. YEAR 2000 The Company has undertaken an assessment of the information systems and software used in its operations to determine whether or not those systems were Year 2000 compliant, and implemented plans to upgrade or replace systems and/or software that was determined not to be Year 2000 compliant. Based on that assessment, and the plans made as a result thereof, the Company believes that its critical information systems are Year 2000 compliant or will be made Year 2000 compliant before the end of 1999. The Company begun, and is continuing to assess, potential issues related to the Year 2000 other than those relating to the Company's internal information systems, such as critical supplier readiness and potential problems associated with embedded technologies, and will develop and implement plans to correct any deficiencies found. The costs of addressing the Company's Year 2000 issues have not been fully determined, but are not currently expected to be material to the Company's financial position; however, should the Company and/or its critical suppliers fail to identify and/or correct material Year 2000 issues, such failure could impact the Company's ability to operate as it did before the Year 2000, and subsequently have a material impact on the Company's operating results or financial position. In such an event, the Company will address issues as they arise and strive to minimize any impact on the Company's operations. For a more detailed discussion of the Company's liquidity and capital resources, and issues related to the Year 2000, see the Company's Annual Report on Form 10-K for the year ended December 31, 1998, Item 7. -10- PART II. OTHER INFORMATION ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K (a) Exhibits Exhibit No. Description ----------- ----------- 27.01 Financial Data Schedule (b) Reports on Form 8-K None. -11- 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. MONARCH CASINO & RESORT, INC. (Registrant) Date: May 14, 1999 By: /s/ BEN FARAHI ------------------------------------ Ben Farahi, Co-Chairman of the Board, Secretary, Treasurer and Chief Financial Officer(Principal Financial Officer and Duly Authorized Officer)
-12- EXHIBIT INDEX Exhibit No. Description Page No. - ----------- ----------- -------- 27.01 Financial Data Schedule
-13- EX-27 2
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM REGISTRANT'S CONSOLIDATED FINANCIAL STATEMENTS AS OF MARCH 31, 1999 AND THE ACCOMPANYING NOTES TO CONSOLIDATED FINANCIAL STATEMENTS AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS. 3-MOS DEC-31-1999 MAR-31-1999 5,025,048 0 1,249,020 0 440,869 8,899,305 126,030,135 23,302,117 113,248,443 16,363,676 68,041,363 0 0 95,363 26,570,121 113,248,443 0 14,933,535 0 7,983,154 1,223,205 0 574,674 321,271 109,232 212,039 0 0 0 212,039 .02 .02
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