-----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, FXxh6tIZ+P2UJmzHVu7zN0S0juimeh/NFYyaBXrroIUMTNUQ8hVa8PJr7oJwBCgC ZjuptpKXC/UoRRNxXeFmwg== 0000912057-97-027705.txt : 19970815 0000912057-97-027705.hdr.sgml : 19970815 ACCESSION NUMBER: 0000912057-97-027705 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19970630 FILED AS OF DATE: 19970814 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: AFFYMETRIX INC CENTRAL INDEX KEY: 0000913077 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-COMMERCIAL PHYSICAL & BIOLOGICAL RESEARCH [8731] IRS NUMBER: 770319159 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-28218 FILM NUMBER: 97660007 BUSINESS ADDRESS: STREET 1: 3380 CENTRAL EXPRESSWAY CITY: SANTA CLARA STATE: CA ZIP: 95051 BUSINESS PHONE: 4085226000 MAIL ADDRESS: STREET 1: 3380 CENTRAL EXPRESSWAY CITY: SANTA CLARA STATE: CA ZIP: 95051 10-Q 1 FORM 10-Q - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ------------------------ FORM 10-Q /X/ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE PERIOD ENDED JUNE 30, 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 No. 0-28218 AFFYMETRIX, INC. (Exact name of Registrant as specified in its charter)
CALIFORNIA 77-0319159 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification Number) 3380 CENTRAL EXPRESSWAY, SANTA CLARA, CALIFORNIA 95051 (Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (408)731-5000 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_________ COMMON SHARES OUTSTANDING ON AUGUST 5, 1997: 22,639,521 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- AFFYMETRIX, INC. TABLE OF CONTENTS
PAGE ----- PART I. FINANCIAL INFORMATION Item 1. Financial Statements Condensed Balance Sheets at June 30, 1997 and December 31, 1996............................ 3 Condensed Statements of Operations for the Three and Six Months Ended June 30, 1997 and 1996..................................................................................... 4 Condensed Statements of Cash Flows for the Six Months Ended June 30, 1997 and 1996......... 5 Notes to Condensed Financial Statements.................................................... 6 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations......... 8 PART II. OTHER INFORMATION Item 4. Submission of Matters to a Vote of Security Holders........................................... 10 Item 6. Exhibits and Reports on Form 8-K.............................................................. 11 SIGNATURES............................................................................................ 12 EXHIBIT INDEX......................................................................................... 13
2 PART I. FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS AFFYMETRIX, INC. CONDENSED BALANCE SHEETS (DOLLARS IN THOUSANDS)
JUNE 30, DECEMBER 31, 1997 1996 ----------- ------------ (UNAUDITED) (NOTE) ASSETS Current assets: Cash, cash equivalents and short-term investments................................... $ 94,645 $ 108,982 Accounts receivables................................................................ 4,480 1,888 Inventories......................................................................... 2,038 1,901 Other current assets................................................................ 393 523 ----------- ------------ Total current assets.............................................................. 101,556 113,294 Net property and equipment............................................................ 8,959 5,397 Other assets.......................................................................... 985 169 ----------- ------------ $ 111,500 $ 118,860 ----------- ------------ ----------- ------------ LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Accounts payable and other accrued liabilities...................................... $ 8,119 $ 5,626 Noncurrent portion of capital lease obligation........................................ 619 741 Shareholders' equity: Common stock........................................................................ 158,750 158,687 Deferred compensation............................................................... (1,087) (1,460) Accumulated deficit................................................................. (54,875) (44,743) Other............................................................................... (26) 9 ----------- ------------ Total shareholders' equity........................................................ 102,762 112,493 ----------- ------------ $ 111,500 $ 118,860 ----------- ------------ ----------- ------------
Note: The balance sheet at December 31, 1996 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. See accompanying notes. 3 AFFYMETRIX, INC. CONDENSED STATEMENTS OF OPERATIONS (DOLLARS AND SHARES IN THOUSANDS, EXCEPT PER SHARE AMOUNTS) (UNAUDITED)
THREE MONTHS ENDED SIX MONTHS ENDED JUNE JUNE 30, 30, -------------------- --------------------- 1997 1996 1997 1996 --------- --------- ---------- --------- Revenue: Product............................................................ $ 942 $ 436 $ 1,362 $ 457 Contract and grant................................................. 3,800 1,863 6,188 3,258 --------- --------- ---------- --------- Total revenue.................................................... 4,742 2,299 7,550 3,715 Cost and expenses: Cost of product revenue............................................ 979 606 1,844 707 Research and development........................................... 7,212 4,234 12,710 8,310 General and administrative......................................... 3,009 1,901 5,815 3,550 --------- --------- ---------- --------- Total operating expenses......................................... 11,200 6,741 20,369 12,567 --------- --------- ---------- --------- Loss from operations................................................. (6,458) (4,442) (12,819) (8,852) Interest income, net................................................. 1,249 665 2,687 1,154 --------- --------- ---------- --------- Net loss............................................................. $ (5,209) $ (3,777) $ (10,132) $ (7,698) --------- --------- ---------- --------- --------- --------- ---------- --------- Net loss per share(1)................................................ $ (0.23) $ (0.21) $ (0.45) $ (0.43) --------- --------- ---------- --------- --------- --------- ---------- --------- Shares used in computing net loss per share(1)....................... 22,613 17,900 22,594 17,782 --------- --------- ---------- --------- --------- --------- ---------- ---------
- ------------------------ (1) For the three and six months ended June 30, 1996, shares used in computing net loss per share include convertible preferred shares as if they had been converted due to the Company's initial public offering in June 1996. See accompanying notes. 4 AFFYMETRIX, INC. CONDENSED STATEMENTS OF CASH FLOWS INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (DOLLARS IN THOUSANDS)
SIX MONTHS ENDED JUNE 30, ------------------------------- 1997 1996 -------- -------- Cash flows from operating activities: Net loss....................................................... $(10,132) $ (7,698) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization................................ 1,254 1,197 Amortization of investment premiums, net..................... 206 (637) Loss on disposal of equipment................................ -- 62 Change in operating assets and liabilities: Accounts receivable.......................................... (2,592) 77 Inventories.................................................. (137) (880) Other current assets......................................... 130 (392) Other assets................................................. (816) -- Accounts payable and other accrued liabilities............... 2,471 831 -------- -------- Net cash used in operating activities...................... (9,616) (7,440) Cash flows from investing activities: Capital expenditures......................................... (4,443) (1,236) Proceeds from the sale of short-term investments............. 66,364 12,460 Proceeds from maturities of short-term investments........... 12,252 2,157 Purchases of short-term investments.......................... (44,068) (70,383) -------- -------- Net cash (used in)/provided by investing activities........ 30,105 (57,002) Cash flows from financing activities: Issuance of common stock..................................... 63 83,362 Principal payments on capital lease obligation............... (101) (92) -------- -------- Net cash (used in)/provided by financing activities........ (38) 83,270 Net increase in cash and cash equivalents........................ 20,451 18,828 Cash and cash equivalents at beginning of period................. 14,143 2,481 -------- -------- Cash and cash equivalents at end of period....................... $ 34,594 $ 21,309 -------- -------- -------- --------
See accompanying notes. 5 AFFYMETRIX, INC. NOTES TO CONDENSED FINANCIAL STATEMENTS JUNE 30, 1997 (UNAUDITED) NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING PRINCIPLES BASIS OF PRESENTATION The accompanying unaudited condensed financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. 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, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three and six month periods ended June 30, 1997 are not necessarily indicative of the results that may be expected for the year ending December 31, 1997. For further information, refer to the financial statements and notes thereto included in the Annual Report on Form 10-K for the year ended December 31, 1996 and the Quarterly Report on Form 10-Q for the quarter ended March 31, 1997, by Affymetrix, Inc. ("Affymetrix" or the "Company"). REVENUE RECOGNITION Contract and grant revenue is recorded as earned as defined within the specific agreements. Payments received in advance under these arrangements are recorded as deferred revenue until earned. Direct costs associated with these contracts and grants, other than cost of goods sold, are reported as research and development expense. Product revenue is recognized upon shipment. Certain reserves are also recorded upon product shipment. NOTE 2. CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS As of June 30, 1997, debt securities held by the Company are comprised of U.S. Government obligations and U.S. Corporate debt securities. They are classified as available-for-sale and are carried at fair value with unrealized gains and losses reported in shareholders' equity. NOTE 3. INVENTORIES Inventories consist of the following (in thousands):
JUNE 30, DECEMBER 31, 1997 1996 ----------- ------------- Raw material......................................................... $ 579 $ 358 Work in process...................................................... 79 178 Finished goods....................................................... 1,380 1,365 ----------- ------ Total............................................................ $ 2,038 $ 1,901 ----------- ------ ----------- ------
NOTE 4. SHAREHOLDERS' EQUITY The Company's initial public offering on June 6, 1996 generated net proceeds of approximately $83.0 million from the sale of 6.0 million shares. On July 5, 1996, the Company's underwriters purchased 153,000 shares pursuant to the over-allotment option, for additional net proceeds of $2.1 million. The Company had 22.6 million shares outstanding at June 30, 1997. 6 AFFYMETRIX, INC. NOTES TO CONDENSED FINANCIAL STATEMENTS (CONTINUED) JUNE 30, 1997 (UNAUDITED) NOTE 5. RECENTLY ISSUED ACCOUNTING STANDARD In February 1997, the Financial Accounting Standards Board issued Statement No. 128, Earnings Per Share, which is required to be adopted on December 31, 1997. At that time, the Company will be required to change the method currently used to compute earnings per share. The adoption of FAS 128 will not result in a change to previously reported earnings per share information. 7 PART I. FINANCIAL INFORMATION ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS This Management's Discussion and Analysis of Financial Condition and Results of Operations as of June 30, 1997 and for the three and six month periods ended June 30, 1997 and 1996 should be read in conjunction with the Management's Discussion and Analysis of Financial Condition and Results of Operations included in the Company's Annual Report on Form 10-K for the year ended December 31, 1996 and the Quarterly Report on Form 10-Q for the quarter ended March 31, 1997. All statements in this discussion that are not historical are forward looking statements. Such statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected, including, but not limited to, uncertainties relating to technological approaches, product development, manufacturing and market acceptance, uncertainties related to cost and pricing of the Company's products, dependence on collaborative partners, uncertainties relating to sole source suppliers, uncertainties relating to FDA and other regulatory approvals, competition, risks relating to intellectual property of others, uncertainties of patent protection and uncertainties related to litigation. These and other risk factors are discussed herein and in the reports filed with the Securities and Exchange Commission, including the Company's Annual Report on Form 10-K for the year ended December 31, 1996 and Quarterly Report on Form 10-Q for the quarter ended March 31, 1997. These forward-looking statements speak only as of the date hereof. The Company expressly disclaims any obligation or undertaking to released publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with regard thereto or any change in events, conditions, or circumstances on which any such statements are based. OVERVIEW Affymetrix is developing GeneChip systems and related applications and technologies for the acquisition, analysis and management of complex genetic information. The business and operations of the Company were commenced in 1991 by Affymax N.V. ("Affymax") and were initially conducted within Affymax. In March 1992, the Company was incorporated as a California corporation and wholly-owned subsidiary of Affymax. In September 1993, the Company issued equity securities through a private financing of approximately $21.0 million that reduced Affymax' ownership to approximately 65%. In March 1995, Glaxo plc, now Glaxo Wellcome plc ("Glaxo") acquired Affymax, including its then majority ownership interest in Affymetrix. In August 1995, the Company issued equity securities through a second private financing of approximately $39.0 million, reducing Affymax' percentage ownership to approximately 46%. As a result of the Company's initial public offering of approximately 6.0 million shares in June 1996, Glaxo Wellcome indirectly owned approximately 34% of Affymetrix. Currently, Glaxo Wellcome owns approximately 33% of Affymetrix. RESULTS OF OPERATIONS THREE MONTHS AND SIX MONTHS ENDED JUNE 30, 1997 AND 1996 Product revenue was $942,000 and $1.4 million for the three and six months ended June 30, 1997, respectively, compared to $436,000 and $457,000 in the three and six months ended June 30, 1996. Contract and grant revenue increased to $3.8 million for the three months ended June 30, 1997 from $1.9 million for the three months ended June 30, 1996. Contract and grant revenue increased to $6.2 million for the six months ended June 30, 1997 from $3.3 million for the six months ended June 30, 1996. The increase was primarily due to milestone accomplishments with certain collaborative partners and increases in funding from the Advanced Technology Program and NIH National Center for Human Genome Research grants. 8 Cost of product revenue was $979,000 and $1.8 million for the three and six months ended June 30, 1997, respectively, compared to $606,000 and $707,000 for the three and six months ended June 30, 1996. Margins fluctuated during the three and six month periods due primarily to scale-up costs of production. Research and development expenses increased to $7.2 million and $12.7 million for the three and six months ended June 30, 1997, respectively, compared to $4.2 million and $8.3 million for the same periods ending June 30, 1996. The increase in research and development expenses was attributable primarily to the hiring of additional research and development personnel and associated purchases of research supplies. The Company expects research and development spending to increase over the next several years as product development and core research efforts continue to expand. General and administrative expenses increased to $3.0 million for the three months ended June 30, 1997 compared to $1.9 million for the three months ended June 30, 1996. General and administrative expenses increased to $5.8 million for the six months ended June 30, 1997 compared to $3.6 million for the six months ended June 30, 1996. The increase in general and administrative expenses was attributable primarily to the hiring of additional management personnel, professional fees (primarily legal fees) and overall scale-up of the Company's operations and business development efforts. General and administrative expenses are expected to continue to increase as the Company expands sales and marketing and adds management and support staff. Net interest income was $1.2 million and $2.7 million for the three and six months ended June 30, 1997, respectively. This compares to net interest income of $665,000 and $1.2 million for the three and six months ended June 30, 1996. The increase in net interest income was primarily attributable to increased investment balances from the initial public offering in June 1996. LIQUIDITY AND CAPITAL RESOURCES As of June 30, 1997, the Company's cash, cash equivalents, and short-term investments were $94.6 million compared to $109 million at December 31, 1996. The decrease is primarily attributable to expansion of core research, manufacturing and capital spending, and growth in general and administrative expenses. Net cash used in operating activities was $9.6 million for the six months ended June 30, 1997, as compared to $7.4 million for the six months ended June 30, 1996. The increase in net cash used in operating activities resulted primarily from increases in the Company's net loss and accounts receivables, offset by an increase in accounts payable and other accrued liabilities. The Company's investing activities, other than purchases, sales and maturities of available-for-sale securities, consisted of capital expenditures, which totaled $4.4 million and $1.2 million for the six months ended June 30, 1997 and 1996, respectively. These capital expenditures included investments in facilities and laboratory equipment and scale-up of manufacturing. The Company anticipates that the existing capital resources will enable it to maintain currently planned operations through at least 1998. However, this expectation is based on the Company's current operating plan, which could change, and therefore the Company could require additional funding sooner than anticipated. In addition, the Company expects its capital requirements to increase over the next several years as it expands its facilities and acquires scientific equipment to support expanded manufacturing and research and development efforts. The Company's long-term capital expenditure requirements will depend on numerous factors, including: the progress of its research and development programs; initiation or expansion of research programs; the development of commercial scale manufacturing capabilities; its ability to maintain existing collaborative arrangements and establish and maintain new collaborative arrangements; the costs involved in preparing, filing, prosecuting, defending and enforcing intellectual property rights; the effectiveness of product commercialization activities and arrangements; and other factors. 9 AFFYMETRIX, INC. JUNE 30, 1997 PART II. OTHER INFORMATION ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS (a) Date of meeting. The Annual Meeting of the Shareholders of Affymetrix, Inc. was held on June 6, 1997. (b) Description of each matter voted on and number of votes cast.
FOR AGAINST WITHHELD ------------ --------- --------- 1. To elect directors to serve until the next annual meeting of shareholders or until their successors are elected. John D. Diekman, Ph.D. 20,211,174 0 5,570 Stephen P.A. Fodor, Ph.D. 20,211,174 0 5,570 Paul Berg, Ph.D. 20,211,174 0 5,570 Douglas M. Hurt 20,211,074 0 5,670 Vernon R. Loucks, Jr. 19,936,050 0 280,694 Barry C. Ross, Ph.D. 20,211,174 0 5,670 David B. Singer 20,209,699 0 7,045 Lubert Stryer, M.D. 20,210,774 0 5,970 John A. Young 20,211,099 0 5,645 Alejandro C. Zaffaroni, Ph.D. 20,211,174 0 5,570 2. To approve an Amendment to the Company's Amended and Restated 1993 Stock 16,159,222 308,164 92,686 Plan to provide for additional shares. 3. To approve an Amendment to the Company's Amended and Restated 1993 Stock 19,758,881 273,879 17,895 Plan to limit the number of shares that may be granted to any participant in any one-year period. 4. To approve an amendment to the Company's Amended and Restated 1993 Stock 19,442,728 382,862 26,472 Plan to reflect changes to the shareholder approval requirements of Securities and Exchange Commission Rule 16b-3. 5. To ratify the appointment of Ernst & Young LLP as independent auditors of 20,196,862 10,082 9,800 the Company for the fiscal year ending December 31, 1997.
10 AFFYMETRIX, INC. JUNE 30, 1997 ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K (a) Exhibits:
EXHIBIT NUMBER DESCRIPTION OF DOCUMENT - ------ ------------------------------------------------------------ 10.28(1) Consortium Member Agreement between Affymetrix, Inc., Bristol-Myers Squibb Company and Millennium Pharmaceuticals, Inc. effective as of April 28, 1997. 10.29(2) Sponsored Research Agreement between Whitehead Institute for Biomedical Research, Affymetrix, Inc., Bristol-Myers Squibb Company and Millennium Pharmaceuticals, Inc. effective as of April 28, 1997. 11.1 Statement of computation of net loss per share. 27.0 Financial data schedule.
- ------------------------ (1) Previously filed as Exhibit Number 10.5 to the quarterly report on Form 10-Q of Millennium Pharmaceuticals, Inc. filed August 14, 1997. [SEC File No. 0-28494] (2) Previously filed as Exhibit Number 10.4 to the quarterly report on Form 10-Q of Millennium Pharmaceuticals, Inc. filed August 14, 1997. [SEC File No. 0-28494] (b) Reports on Form 8-K: No reports on Form 8-K were filed during the quarter ended June 30, 1997. 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. AFFYMETRIX, INC. August 8, 1997 By: /s/ EDWARD M. HURWITZ ----------------------------------------- Edward M. Hurwitz VICE PRESIDENT AND CHIEF FINANCIAL OFFICER 12 AFFYMETRIX, INC. EXHIBIT INDEX JUNE 30, 1997
EXHIBIT NUMBER DESCRIPTION OF DOCUMENT - ------ ---------------------------------------------------------------------- 10.28(1) Consortium Member Agreement between Affymetrix, Inc., Bristol-Myers Squibb Company and Millennium Pharmaceuticals, Inc. effective as of April 28, 1997 10.29(2) Sponsored Research Agreement between Whitehead Institute for Biomedical Research, Affymetrix, Inc., Bristol-Myers Squibb Company and Millennium Pharmaceuticals, Inc. effective as of April 28, 1997 11.1 Statement of computation of net loss per share 27.0 Financial data schedule
- ------------------------ (1) Previously filed as Exhibit Number 10.5 to the quarterly report on Form 10-Q of Millennium Pharmaceuticals, Inc. filed August 14, 1997. [SEC File No. 0-28494] (2) Previously filed as Exhibit Number 10.4 to the quarterly report on Form 10-Q of Millennium Pharmaceuticals, Inc. filed August 14, 1997. [SEC File No. 0-28494] 13 EX-11.1 2 EXHIBIT 11.1 EXHIBIT 11.1 AFFYMETRIX, INC. STATEMENT OF COMPUTATION OF NET LOSS PER SHARE (DOLLARS AND SHARES IN THOUSANDS, EXCEPT PER SHARE AMOUNTS) (UNAUDITED)
THREE MONTHS ENDED SIX MONTHS ENDED JUNE 30, JUNE 30, -------------------- -------------------- 1997 1996 1997 1996 --------- --------- --------- --------- Net loss.............................................................. $ 5,209 $ 3,777 $ 10,132 $ 7,698 --------- --------- --------- --------- --------- --------- --------- --------- Historical primary and fully diluted number of shares: Weighted average common shares...................................... 22,613 6,564 22,594 3,486 Shares related to SAB Topic 4D...................................... 0 0 0 3,702 --------- --------- --------- --------- Shares used in computing net loss per share........................... 22,613 6,564 22,594 7,188 --------- --------- --------- --------- --------- --------- --------- --------- Net loss per share.................................................... $ (0.23) $ (0.58) $ (0.45) $ (1.07) --------- --------- --------- --------- --------- --------- --------- --------- Pro forma number of shares: Weighted average common shares...................................... 22,613 6,564 22,594 3,486 Shares related to SAB Topic 4D...................................... 0 0 0 3,702 Convertible preferred shares, as if converted....................... 0 11,336 0 10,594 --------- --------- --------- --------- Shares used in computing pro forma loss per share..................... 22,613 17,900 22,594 17,782 --------- --------- --------- --------- --------- --------- --------- --------- Pro forma net loss per share.......................................... $ (0.23) $ (0.21) $ (0.45) $ (0.43) --------- --------- --------- --------- --------- --------- --------- ---------
14 EX-27 3 EXHIBIT 27 (FDS)
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM ITEM 1 OF FORM 10-Q FOR THE PERIOD ENDED JUNE 30, 1997 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH 10-Q. 1,000 6-MOS DEC-31-1997 JAN-01-1997 JUN-30-1997 34,594 60,051 4,480 0 2,038 101,556 8,959 0 111,500 8,119 0 0 0 158,750 (55,988) 111,500 1,362 7,550 1,844 1,844 12,710 0 2,687 (10,132) 0 (10,132) 0 0 0 (10,132) (0.45) (0.45)
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