-----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, CEd+MFitgOlFYJknRzT1qsiv7TkvRdgwZ6G/Np+QDFNAEBvaVVLiHLTgZVLqj1ba niGQFCIukl8ypmy3Bxkf3A== 0000948830-97-000271.txt : 19971117 0000948830-97-000271.hdr.sgml : 19971117 ACCESSION NUMBER: 0000948830-97-000271 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19970930 FILED AS OF DATE: 19971114 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: METEOR INDUSTRIES INC CENTRAL INDEX KEY: 0000912875 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-AUTO & HOME SUPPLY STORES [5531] IRS NUMBER: 841236619 STATE OF INCORPORATION: CO FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 001-12401 FILM NUMBER: 97720699 BUSINESS ADDRESS: STREET 1: 216 16TH ST STE 730 CITY: DENVER STATE: CO ZIP: 80202 BUSINESS PHONE: 3035721137 MAIL ADDRESS: STREET 1: 216 16TH ST STREET 2: STE 730 CITY: DENVER STATE: CO ZIP: 80202 10-Q 1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 1997 Commission File Number: 0-27968 METEOR INDUSTRIES, INC. -------------------------------------------------- (Exact Name of Issuer as Specified in its Charter) COLORADO 84-1236619 - ------------------------------- --------------------------------- (State or Other Jurisdiction of (I.R.S. Employer Identification Incorporation or Organization) Number) 216 SIXTEENTH STREET, SUITE 730 DENVER, COLORADO 80202 ---------------------------------------- (Address of Principal Executive Offices) (303) 572-1137 ------------------------------- (Registrant's Telephone Number, Including Area Code) 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 Issuer was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X No___ There were 4,130,228 shares of the Registrant's $.001 par value common stock outstanding as of September 30, 1997. METEOR INDUSTRIES, INC. CONSOLIDATED BALANCE SHEET September 30, December 31, 1997 1996 ASSETS (Unaudited) Current assets Cash and cash equivalents $ 304,954 $ 151,992 Restricted Cash 1,420,768 928,355 Accounts receivable-trade, net of allowance 10,724,898 5,134,276 Accounts receivable, related party 63,611 109,149 Notes receivable 78,756 736,045 Inventory 3,743,196 1,221,729 Other current assets 46,692 206,401 Total current assets 16,382,875 8,487,947 Property, plant and equipment, net 13,786,418 8,277,368 Other assets Notes receivable, related party 1,044,501 1,598,430 Investments in closely held businesses 1,197,341 1,285,407 Other assets 592,832 784,579 Total other assets 2,834,674 3,668,416 TOTAL ASSETS $33,003,967 $20,433,731 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities Accounts payable, trade $ 5,896,711 $ 3,512,257 Bank overdraft -- 170,308 Current portion, long-term debt 2,466,052 2,176,357 Accrued expenses 1,208,430 212,940 Taxes payable 1,389,046 730,034 Revolving credit facility 4,180,509 2,141,027 Total current liabilities 15,140,748 8,942,923 Long-term debt 1,876,707 445,774 Deferred tax liability 2,275,509 1,773,240 Minority interest in subsidiary 4,526,741 4,151,903 Total liabilities 23,819,705 15,313,840 Shareholders' equity Common stock, $.001 par value; authorized 10,000,000 shares, 4,130,228 and 3,310,138 shares issued and outstanding, respectively 4,130 3,310 Paid-in capital 6,352,399 2,660,973 Retained earnings 2,827,733 2,455,608 Total shareholders' equity 9,184,262 5,119,891 Total liabilities and share- holders' equity $33,003,967 $20,433,731 The accompanying notes are an integral part of the financial statements. -2- METEOR INDUSTRIES, INC. CONSOLIDATED STATEMENTS OF OPERATIONS For the Three Months Ended September 30, 1997 and 1996 (Unaudited) September 30, September 30, 1997 1996 Net sales $27,280,844 $16,152,325 Cost of sales 23,452,139 13,474,885 Gross profit 3,828,705 2,677,440 Selling, general and adminis- trative expenses 3,106,910 2,043,903 Depreciation 336,862 209,937 Total expenses 3,443,772 2,253,840 Income from operations 384,933 423,600 Other income and (expense) Interest income 158,276 94,256 Interest expense (138,627) (126,337) Other income (16,483) -- Gain (loss) on sale of assets 27,625 (2,500) Total other (expenses) income 30,791 (34,581) Income before income taxes and minority interest 415,724 389,019 Provision for income taxes 162,132 151,718 Income before minority interest 253,592 237,301 Minority interest 98,255 95,316 Net income $ 155,337 $ 141,985 Net income per common share $ .04 $ .04 The accompanying notes are an integral part of the financial statements. -3- METEOR INDUSTRIES, INC. CONSOLIDATED STATEMENTS OF OPERATIONS For the Nine Months Ended September 30, 1997 and 1996 (Unaudited) September 30, September 30, 1997 1996 Net sales $55,441,108 $45,530,883 Cost of sales 47,058,161 37,735,245 Gross profit 8,382,947 7,795,638 Selling, general and adminis- trative expenses 7,108,197 6,042,709 Depreciation 775,893 643,515 Total expenses 7,884,090 6,686,224 Income from operations 498,857 1,109,414 Other income and (expense) Interest income 389,008 281,170 Interest expense (341,254) (376,290) Other Income 480,807 -- Gain (loss) on sale of assets 72,975 28,605 Total other (expense) income 601,536 (66,515) Income before income taxes and minority interest 1,100,393 1,042,899 Provision for income taxes 429,153 406,731 Income before minority interest 671,240 636,168 Minority interest 299,115 285,948 Net income $ 372,125 $ 350,220 Net income per common share $ .10 $ .11 The accompanying notes are an integral part of the financial statements. -4- METEOR INDUSTRIES, INC. CONSOLIDATED STATEMENT OF CASH FLOWS For the Nine Months Ended September 30, 1997 and 1996 (Unaudited) September 30, September 30, 1997 1996 Cash flows from operating activities Net income $ 372,125 $ 350,220 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 775,893 643,515 Gain (loss) on disposal of property & equipment (72,975) (28,605) Deferred income taxes 540,784 (70,935) Minority interest 299,115 285,948 (Increase) decrease in accounts receivable 806,894 (1,011,922) (Increase) in inventories (288,420) 20,739 (Increase) decrease in other current assets 132,956 28,302 Increase in accounts payable (2,577,945) 449,230 Increase (decrease) in accrued liabilities 553,179 58,407 Increase (decrease) in taxes payable 536,834 541,498 (Increase) in other assets 147,345 (257,618) Net cash provided by operating activities 1,225,785 1,008,779 Cash flows from investing activities Acquisition of Fleischli, net of cash acquired (3,960,792) -- Proceeds from sale of property 364,962 -- Purchases of property, equipment and investments (2,626,746) (918,813) Investment in closely held business 88,066 -- Payments on notes receivable 1,273,575 24,892 Net cash used by investing activities (4,860,935) (893,921) Cash flows from financing activities Payments on revolving credit facilities (60,518) (420,149) Decrease in bank overdraft (170,308) (71,657) Payments on long-term debt (878,024) (299,440) Borrowings 847,129 523,255 Restricted cash 357,587 (242,007) Sale of stock 3,692,246 706,995 Net cash provided by financing activities 3,788,112 196,997 Net increase in cash and equivalents 152,962 311,855 Cash and equivalents, beginning of period 151,992 95,150 Cash and equivalents, end of period $ 304,954 $ 407,005 The accompanying notes are an integral part of the financial statements. -5- METEOR INDUSTRIES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 1997 (Unaudited) NOTE 1 -- BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Meteor Industries, Inc.("Meteor" or "Company") was incorporated on December 22, 1992, as a Colorado based holding company. Graves Oil & Butane Co., Inc. ("Graves"), which was acquired effective September 1, 1993, is a wholesale and retail distributor of petroleum products primarily in northern New Mexico, Colorado, Arizona and Utah. Graves also operates retail gasoline and convenience stores in northern New Mexico and Colorado. El Boracho, Inc., which was acquired September 1, 1993, holds a liquor license for use by an Albuquerque, New Mexico convenience store. Hillger Oil Company ("Hillger"), which was acquired effective April 1, 1995, is a wholesale and retail distributor of petroleum products primarily in southern New Mexico and Arizona. In addition, Hillger operates and owns through a subsidiary, Hatch Pyramid LLC, retail gasoline and convenience stores in southern New Mexico. Capco Resources, Inc. ("CRI"), is a holding Company involved in the development of a power project in Pakistan. The acquisition of CRI was accounted for as a reverse acquisition with CRI treated as the acquirer. In 1996 the Company transferred its ownership of CRI to Meteor Holdings LLC ("MHL"). Innovative Solutions and Technologies, Inc. ("IST") is involved in providing environmental consulting. Fleischli Oil Company, Inc. ("Fleischli") which was acquired effective August 1, 1997, is a wholesale distributor of petroleum products primarily in Wyoming, Colorado and Nevada. PRINCIPLES OF CONSOLIDATION AND ORGANIZATION - The consolidated financial statements include the accounts of Meteor Industries, Inc., and its wholly owned subsidiaries, Graves, including its wholly owned subsidiary, El Boracho, Inc., Hillger including its 75% owned subsidiary Hatch Pyramid LLC, Fleischli, IST and Meteor's 73% owned subsidiary, Meteor Holdings LLC. All significant intercompany transactions and balances have been eliminated in consolidation. These unaudited financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, such interim statements reflect all adjustments (consisting of normal recurring accruals) necessary to present fairly the financial position and the results of operations and cash flows for the interim periods presented. The results of operations for these interim periods are not necessarily indicative of the results to be expected for the full year. These financial statements should be read in conjunction with the audited consolidated financial statements and footnotes for the year ended December 31, 1996, filed with the Company's Form 10-K. Earnings per common and common equivalent share are computed by dividing the net income by the weighted average number of common shares. The number of shares used in the earnings per share computation for the three and nine months ended September 30, 1997, is 4,130,228 and 3,718,006, respectively; and for the three and nine months ended September 30, 1996, is 3,294,903 and 3,114,903, respectively. -6- NOTE 2 - NEW ACCOUNTING PRONOUNCEMENTS In February, 1997, the Financial Accounting Standards Board issued Statement of Financial Accounting Standards No. 128, "Earnings per Share" ("SFAS No. 128"). The standard requires presentation of earnings per share on a "basic" (only actual shares outstanding) and "fully diluted" (actual shares outstanding plus the effect of other dilutive securities) basis. At this time, the Company does not expect the adoption of SFAS No. 128 to have a material impact on the Company's earnings per share. NOTE 3 - ACQUISITIONS AND PRO FORMA FINANCIAL INFORMATION The following unaudited pro forma combined statements of earnings for the nine months ended September 30, 1997 and 1996 combine the historical financial information for the Company and Fleischli assuming the acquisition was consummated at the beginning of the periods presented. The pro forma statements include the results of operations of the Company and the acquisition, along with adjustments which give effect to events that are directly attributable to the transactions and which are expected to have a continuing impact. This unaudited pro forma financial information does not purport to represent the results of operations that actually would have resulted had the purchase occurred on the date specified, nor should it be taken as indicative of the future results of operations. -7- Meteor Industries, Inc. Pro Forma Consolidated Statement of Operations For the Nine Months Ended September 30, 1997 and 1996 (Unaudited) 1997 1996 REVENUES Sales $102,895,686 $111,552,283 Cost of sales 88,844,169 96,812,353 Gross profit 14,051,517 14,739,930 EXPENSES Selling, general and administrative 11,755,935 11,623,920 Depreciation 1,160,957 1,163,275 Total expenses 12,916,892 12,787,195 Income from operations 1,134,625 1,952,735 OTHER INCOME AND (EXPENSES) Interest income 389,448 281,170 Interest expense (582,341) (646,086) Other 484,332 -- Gain on sale of assets 73,605 51,493 Total other income 365,044 (313,423) Income before income taxes and minority interest 1,499,669 1,639,312 Provision for income taxes 584,871 639,332 Income before minority interest 914,798 999,980 Minority interest 299,115 285,948 Net income $ 615,683 $ 714,032 Net income per common share $ .17 $ .23 Weighted average shares 3,718,006 3,114,903 -8- MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS FOR METEOR INDUSTRIES, INC. This Report contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Such statements are based on management's current expectations and are subject to a number of factors and uncertainties which could cause actual results to differ materially from those described in the forward-looking statements. LIQUIDITY AND CAPITAL RESOURCES Net cash provided by operating activities totaled $1,225,785 for the nine months ended September 30, 1997 compared to $1,008,779 for the period ended September 30, 1996. The increase in cash provided is primarily related to the collections of accounts receivable. As of September 30, 1997, the Company had working capital of $1,242,127 compared to a working capital deficit of $(454,976) at December 31, 1996. The increase in the working capital is due primarily to sale of stock and partial collection of a loan to a related party. Net cash used by investing activities totaled $4,860,935 for the nine months ended September 30, 1997, compared to cash used of $893,921 for the period ended September 30, 1996. The increase is primarily a result of the acquisition of Fleischli and purchase of property and equipment which is offset by partial collection of a loan to related party. Because of the Company's continued expansion and development efforts, the Company's liquidity requirements have increased and are expected to continue to increase as a result of the need to reduce the Company's existing debt related to prior acquisitions. During the year the Company raised $3,692,246 in net proceeds from the sale of common stock and warrants. Net cash provided by financing activities totaled $3,788,112 for the nine months ended September 30, 1997 compared to $196,997 for the period ended September 30, 1996. The increase in cash provided is primarily related to sale of stock, which is offset by payments of notes payable and revolving line of credit. The Company has three revolving bank credit facilities with Norwest Business Credit, Inc. - one for $5 million, a second one for $3 million, and a third one for $1.5 million. The credit lines are subject to the borrowing base of the Company's subsidiaries, as defined and on September 30, 1997, $4,180,509 was borrowed against the facilities. The Company has been in default on timely filing of information with the lender. The Company was also in default of the net worth requirements for one of the subsidiaries, which default has been corrected. The lender waived these defaults. The Company is and will continue to be in default in timely filing of information and it is expected that the lender will continue to waive the timely filing violations. The Company has a term loan with a New Mexico bank which is due in January, 1998 and a term loan with Norwest Business Credit, Inc. which is due in June, 1998. The balances at September 30, 1997, were $70,017 and $93,741, respectively. The loans are collateralized by real estate and buildings and equipment and require approximately $29,000 per month in payments. -9- At September 30, 1997, the Company owned 50% of a limited liability company which in June, 1996, acquired a convenience store for $610,000 using financing through Phillips Performance Fund. The balance of the loan at September 30, 1997 was $476,761. The Company is a co-signer on this loan which has a term of 10 years. The Company records its investment using the equity method, which reflects only the Company's share of the net worth of the LLC. The Company owns 75% of a limited liability company which in December, 1996, acquired a convenience store for $415,000 using seller financing. The loan has quarterly payments of $14,000 and a term of 7 years. The balance of the loan at September 30, 1997, was $288,409. The Company owns 100% of a limited liability company which in July, 1997 acquired a convenience store using Phillips Performance Fund financing. The balance on the loan at September 30, 1997, was $659,696. The Company owns 100% of a limited liability company which in September, 1997 acquired a convenience store using seller financing of $180,000. The loan has monthly payments of $1,773 for a term of 10 years. A subsidiary of the Company has preferred stock outstanding which requires no periodic payments but accrues an 8% dividend and must be redeemed for $3,543,000 plus accrued dividends at the holder's request any time after September 15, 2000 unless earlier converted into common stock pursuant to its terms. This preferred stock is treated as a minority interest on the balance sheet and recorded at its discounted value. At September 30, 1997, the Company owed the founder of one of its subsidiaries $1,645,075 payable due October 1, 1997. $670,000 of the amount owed was offset by payments on notes receivable from the founder also due October 1, 1997. The Company paid this debt by drawing down its line of credit. The Company is obligated to pay lease costs of approximately $102,000 monthly for land, building, facilities, and equipment. In order to pay its subsidiary preferred stock and other obligations, the interest and dividends on such obligations and other expenses, the Company must generate cash flow from operations which exceeds that which has been achieved in the past. In addition, even if historical cash flow is exceeded throughout the terms of its obligations, the Company will probably be required to raise capital or refinance its existing debt in order to pay its obligations as they become due. During the second quarter the Company sold 690,000 shares of stock. The Company utilizes underground tanks at various locations to store petroleum products and is therefore subject to various federal and state statutes concerning environmental protection, as well as the New Mexico Ground Water Protection Act and the Wyoming Water Pollution from Underground Storage Tank Corrective Action Act of 1990. The various federal and state statutes are designed to identify environmental damage, identify hazardous material and/or operations, regulate operations engaged in hazardous activities, and establish procedures for remedial action as necessary. The states of New Mexico and Wyoming have recognized the potential cleanup costs resulting from regulations, and have established corrective action accounts. The purpose of the accounts is to provide monetary assistance in both assessing site -10- damage and correcting the damage where such costs are in excess of certain limits. Assistance is not available to repair or replace underground tanks or equipment. The laws specify requirements which must have been met for an applicant to be eligible, including a provision that payments will be made in accordance with regulations and states that payment from the accounts are limited to amounts in those accounts. The Company is responsible for any contamination of land it owns or leases; however, the Company's responsibilities may be limited as a result of possible claims for reimbursement from third parties. The Company has accrued for site assessment and related clean up costs approximately $315,000. The Company maintains detailed inventory records and performs tank and line tightness tests on a regular basis on all underground storage tanks. Management has assessed the environmental contingencies and does not anticipate any potential liabilities that will have a material adverse effect on the consolidated financial position, results of operation, or liquidity of the Company. RESULTS OF OPERATIONS COMPARISON OF THE THREE MONTHS ENDED SEPTEMBER 30, 1997 TO SEPTEMBER 30, 1996 The Company is primarily engaged in the business of marketing and distributing refined petroleum and related products through its commercial operations, convenience store operations and environmental services. The Company's sales for the three months ended September 30, 1997, increased $11,128,519 or 69% to $27,280,844 from $16,152,325 for the comparable 1996 period. The increase is primarily related to acquisitions and offset by decreases in fuel prices at its convenience stores and in commercial sales to certain customers. Management has discontinued some commercial sales which had low margins and high operating costs. The Company's cost of sales for the three months ended September 30, 1997, increased $9,977,254 or 74% to $23,452,139 (86% of sales) from $13,474,885(83% of sales) for the comparable 1996 period. The increase is primarily related to acquisitions and offset by decreases in fuel costs and decreased commercial sales to certain customers. The Company's gross profit for the three months ended September 30, 1997, increased $1,151,265 to $3,828,705 from $2,677,440 for the comparable 1996 period. The increase is primarily related to acquisitions and offset by a decrease in sales volumes to certain customers and a decrease in gasoline margins. Gasoline margins are dictated by competition in a given area and the Company has limited control over such margins. The company also had approximately $100,000 in profit from its investment in CRI in 1996 and none in 1997. The Company's selling, general and administrative expenses for three months ended September 30, 1997, increased $1,063,007 or 52% to $3,106,910 from $2,043,903 for the comparable 1996 period. The increase is primarily due to acquisitions and offset by reduced expenses at the subsidiary levels, however such savings have been offset by an increase in corporate overhead. The Company's corporate overhead has increased due to acquisition activity and capital raising activities. -11- The Company's depreciation and amortization for the three months ended September 30, 1997, increased $126,925 or 60% to $336,862 from $209,937 for the comparable 1996 period. The increase is primarily related to acquisitions. The Company's other income for the three months ended September 30, 1997, increased $65,372 to $30,791 from $(34,581) for the comparable 1996 period. The increase is primarily related to an increase in interest income due to increased slow paying accounts receivable and gain on sale of assets. The Company's provision for income taxes for the three months ended September 30, 1997, was computed using an effective tax rates of 39%. COMPARISON OF THE NINE MONTHS ENDED SEPTEMBER 30, 1997 TO SEPTEMBER 30, 1996 The Company's sales for the nine months ended September 30, 1997, increased $9,910,225 to $55,441,108 from $45,530,883 for the comparable 1996 period. The increase in revenues is primarily due to acquisitions offset by decreases in volumes sold to certain customers and the prices its charges for its products. The Company's cost of sales for the nine months ended September 30, 1997, increased $9,322,916 to $47,058,161 from $37,735,245 for the comparable 1996 period. The increase in costs of sales is due to acquisitions and offset by a decrease in sales to certain customers. The Company's gross profit for the nine months ended September 30, 1997, increased by $587,309 to $8,382,947 from $7,795,638 for the comparable 1996 period. The increase in gross profits is primarily related to acquisitions offset by lower sales and decreased margins for gasoline at the retail level. Retail gasoline margins are dictated by competition in a given area and the Company has no control over such margins. The Company also had approximately $208,000 in profit from its investment in CRI in 1996 and none in 1997. The Company's selling, general and administrative expenses were for the nine months ended September 30, 1997, increased $1,065,488 to $7,108,197 from $6,042,709 for the comparable 1996 period. The increase in expenses is primarily related to acquisitions and offset by combining the operations of Hillger, Graves and Fleischli and realizing the benefits of overhead reduction and reduction of certain operating costs. The Company's depreciation for the nine months ended September 30, 1997, increased $132,378 to $775,893 from $643,515 for the comparable 1996 period. The increase in depreciation expense is due primarily to acquisitions and property acquisitions. The Company's other income for the nine months ended September 30, 1997, increased $668,051 to $601,536 compared to $(66,515) for the comparable 1996 period. The increase is primarily related to acquisitions; an increase in interest income of $107,838 related to the notes and slow paying accounts receivable; a reduction in interest expense of $35,036 due to a reduction in long term debt, and an increase of $480,807 due to settlement of an insurance claim. The Company's provision for income taxes for the three months ended September 30, 1997, was computed using an effective tax rates of 39%. -12- PART II - OTHER INFORMATION Item 1. Legal Proceedings. None. 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) Exhibit 27 Financial Data Schedule Filed herewith electronically (b) Reports on Form 8-K. The Company filed a Current Report on Form 8-K dated August 25, 1997, and two amendments thereto on October 16, 1997 and October 27, 1997, with respect to the Company's acquisition of Fleischli Oil Company. -13- SIGNATURES In accordance with the requirements of the Exchange Act, the Issuer caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized. METEOR INDUSTRIES, INC. By: /signed/ Dennis R. Staal Dennis R. Staal, Treasurer(Chief Financial and Accounting Officer) Dated: November 14, 1997 -14- EXHIBIT INDEX EXHIBIT METHOD OF FILING - ------- ----------------------------- 27. FINANCIAL DATA SCHEDULE Filed herewith electronically EX-27 2
5 This schedule contains summary financial information extracted from the consolidated balance sheets and consolidated statements of operations found on pages 3, 4 and 5 of the Company's Form 10-Q for the year to date, and is qualified in its entirety by reference to such financial statements. 9-MOS DEC-31-1996 SEP-30-1997 1,725,722 0 10,867,265 0 3,743,196 46,692 20,029,493 (6,243,075) 33,003,967 15,140,748 0 4,130 0 0 9,180,132 33,003,967 55,441,108 55,441,108 47,058,161 7,884,090 0 0 341,254 1,100,393 429,153 671,240 0 0 0 372,125 .10 .10
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