-----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, DcDJvueJ5csjzD+PdXsSV5T66pqCWHwM7fIY5/pMXCHDHilWrx3eRN6JUuy4L2mu Fva39LkdZNHoLrDIl/9QFg== 0000950149-97-001574.txt : 19970815 0000950149-97-001574.hdr.sgml : 19970815 ACCESSION NUMBER: 0000950149-97-001574 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: MACROMEDIA INC CENTRAL INDEX KEY: 0000913949 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-PREPACKAGED SOFTWARE [7372] IRS NUMBER: 943155026 STATE OF INCORPORATION: DE FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-22688 FILM NUMBER: 97663107 BUSINESS ADDRESS: STREET 1: 600 TOWNSEND ST STREET 2: STE 310 W CITY: SAN FRANCISCO STATE: CA ZIP: 94103 BUSINESS PHONE: 4152522000 MAIL ADDRESS: STREET 1: 600 TOWNSEND ST STREET 2: STE 310W CITY: SAN FRANCISCO STATE: CA ZIP: 94103 10-Q 1 FORM 10-Q FOR PERIOD ENDING JUNE 30, 1997 1 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 QUARTERLY 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. 0-22688 MACROMEDIA, INC. (Exact name of registrant as specified in its charter) DELAWARE 94-3155026 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 600 TOWNSEND STREET SAN FRANCISCO, CALIFORNIA 94103 (Address of principal executive offices, including zip code) (415) 252-2000 (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 . --- --- As of July 31, 1997, there were outstanding 38,024,789 shares of the Registrant's Common Stock, par value $0.001 per share. This Report, including exhibits, consists of 17 sequentially numbered pages. The Index to Exhibits appears on sequentially numbered page 14. 1 2 MACROMEDIA, INC. AND SUBSIDIARIES INDEX
PART I - FINANCIAL INFORMATION Page ---- ITEM 1. FINANCIAL STATEMENTS Condensed Consolidated Balance Sheets June 30, 1997 and March 31, 1997 3 Condensed Consolidated Statements of Operations Three Months Ended June 30, 1997 and 1996 4 Condensed Consolidated Statements of Cash Flows Three Months Ended June 30, 1997 and 1996 5 Notes to Condensed Consolidated Financial Statements 6 Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 7 PART II - OTHER INFORMATION ITEM 1. LEGAL PROCEEDINGS 11 ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K 12 SIGNATURES 13
2 3 PART I - FINANCIAL INFORMATION ITEM I. FINANCIAL STATEMENTS MACROMEDIA, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except share data)
June 30, March 31, 1997 1997 -------- --------- ASSETS Current assets: Cash and cash equivalents $ 24,849 $ 15,397 Short-term investments 66,415 87,054 Accounts receivable, net 7,828 2,315 Inventory 1,064 1,882 Prepaid expenses and other current assets 3,233 3,407 Deferred tax assets, short-term 7,537 7,537 --------- -------- Total current assets 110,926 117,592 Property and equipment, net 38,032 34,150 Other long-term assets 4,480 4,185 Deferred tax assets, long-term 969 970 ======== ======== Total assets $154,407 $156,897 ======== ======== LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 12,916 $ 14,486 Accrued liabilities 6,270 7,537 Unearned revenue 3,170 2,958 --------- -------- Total current liabilities 22,356 24,981 Long-term liabilities 192 0 --------- -------- Total liabilities 22,548 24,981 Stockholders' equity: Common stock, par value $0.001 per share; 80,000,000 shares authorized; 37,981,368 and 37,742,965 shares issued and outstanding at June 30, 1997 and March 31, 1997, respectively 38 38 Additional paid-in capital 134,830 133,962 Deferred compensation (137) (149) Unrealized gain on investments 599 297 Accumulated deficit (3,471) (2,232) --------- -------- Total stockholders' equity 131,859 131,916 --------- -------- Total liabilities and stockholders' equity $ 154,407 $ 156,897 ======== ========
See accompanying notes to condensed consolidated financial statements. 3 4 MACROMEDIA, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share data)
Three months ended June 30, -------------------------------- 1997 1996 ------- ------- Revenues $27,329 $35,010 Cost of revenues 4,568 5,434 ------- ------- Gross profit 22,761 29,576 Operating expenses: Sales and marketing 14,340 12,186 Research and development 8,701 6,912 General and administrative 2,610 1,525 ------- ------- Total operating expenses 25,651 20,623 ------- ------- Operating (loss) income (2,890) 8,953 Other income (expense), net 1,094 1,366 ------- ------- (Loss) income before income taxes (1,796) 10,319 Benefit / (provision) for income taxes 557 (3,199) ======= ======= Net (loss) income $ (1,239) $ 7,120 ======= ======= Net (loss) income per share $ (0.03) $ 0.18 ======= ======= Weighted average common shares outstanding 37,866 40,572 ======= =======
See accompanying notes to condensed consolidated financial statements. 4 5 MACROMEDIA, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands)
Three months ended June 30, ------------------------------ 1997 1996 -------- -------- Cash flows from operating activities: Net (loss) income $(1,239) $ 7,120 Adjustments to reconcile net (loss) income to net cash (used in)/ provided by operating activities: Depreciation and amortization 2,374 1,380 Deferred compensation 12 0 Unrealized gains on investments 302 0 Changes in operating assets and liabilities, net of effect of mergers: Accounts receivable, net (5,513) (394) Inventory 818 (455) Prepaid expenses and other current assets 174 546 Accounts payable (1,570) (1,420) Accrued liabilities (1,267) 2,634 Unearned revenue 212 (743) Other current liabilities -- (142) Other long-term liabilities 192 (18) ------- -------- Net cash (used in)/provided by operating activities (5,505) 8,508 ------- -------- Cash flows from investing activities: Capital expenditures (5,860) (10,019) Net sales/(purchases) of available-for-sale investments 20,639 (11,621) Other long-term assets (690) (534) ------- -------- Net cash provided by/(used in) investing activities 14,089 (22,174) ------- -------- Cash flows from financing activities: Proceeds from issuance of common stock 868 1,212 ------- -------- Net cash provided by financing activities 868 1,212 ------- -------- Increase/(decrease) in cash and cash equivalents 9,452 (12,454) Cash and cash equivalents, beginning of period 15,397 28,829 ------- -------- Cash and cash equivalents, end of period $24,849 $ 16,375 ======= ======== Supplemental disclosure of cash flow information: Interest paid during period $ 0 $ 0 ======= ======== Income taxes paid $ 85 $ 396 ======= ========
See accompanying notes to condensed consolidated financial statements. 5 6 MACROMEDIA, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 1. BASIS OF PREPARATION The condensed consolidated financial statements at June 30, 1997 and for the three months ended June 30, 1997 and 1996 are unaudited and reflect all adjustments (consisting only of normal recurring accruals) which are, in the opinion of management, necessary for a fair presentation of the Company's financial position and operating results for the interim periods. These consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto, together with management's discussion and analysis of financial condition and results of operations, contained in the Company's annual report on Form 10-K for the fiscal year ended March 31, 1997. The results of operations for the three months ended June 30, 1997 are not necessarily indicative of the results for the fiscal year ending March 31, 1998 or any other future periods. 2. NEW ACCOUNTING STANDARDS The Financial Accounting Standards Board issued SFAS No. 129, "Disclosure of Information about Capital Structure", SFAS No. 130, "Reporting Comprehensive Income", and SFAS No. 131, " Disclosures about Segments of an Enterprise and Related Information". These new accounting standards are for disclosure purposes and the Company is analyzing the impact of these standards for future reporting. 6 7 ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS RESULTS OF OPERATIONS Revenues. The Company derives revenues primarily from software sales to domestic and international distributors, value-added resellers, original equipment manufacturers, corporate accounts and registered users. To a lesser extent, revenues are also derived from contracts to provide maintenance to customers. The Company's principal products, from which it derives a substantial majority of its revenues are Director, FreeHand and Authorware. The Company's first-quarter fiscal 1998 revenues of $27.3 million represented a decrease of 22% from revenues of $35 million for the same period in fiscal 1997. This decrease primarily reflects the fact that the new versions of Director and Authorware did not ship until the last month of the quarter. Last year's first quarter revenues benefited from a full quarter of the then new Director version, Director 5. North America revenues of $16.4 million contributed 60% of total worldwide revenues in the first quarter of fiscal 1998, representing a decrease of $2.4 million from $18.8 million, or 54%, of worldwide revenues in the first quarter of fiscal 1997. International revenues were $10.9 million, which accounted for 40% of the Company's revenues in the first quarter of fiscal 1998, as compared to $16.2 million, or 46%, in the first quarter of fiscal 1997. The decline in international revenues is primarily due to lower revenues in Japan due to the timing of the release of the Japanese versions of Director 6 and Authorware 4, which were not available for shipment to customers during the first quarter. Last year's first quarter revenues benefitted from one month of the then new Director 5 Japanese version. Cost of revenues. Cost of revenues for the three months ended June 30, 1997 were 17% of revenues, compared to 16% for the same period in 1996. This percentage increase was due primarily to lower sales volume and the greater proportion of lower margin products in the product mix. Sales and marketing. Sales and marketing expenses increased by $2.1 million, from $12.2 million in the first quarter of fiscal 1997 to $14.3 million in the first quarter of fiscal 1998 and increased as a percentage of revenues from 35% to 52%, respectively. Sales and marketing expenses increased in absolute dollars due to the timing of discretionary marketing expenses such as product launch costs, trade shows, direct mail and marketing and promotional efforts associated with new product releases. Expenses increased as a percentage of revenues due to lower sales levels. Research and development. Research and development expenses increased by $1.8 million from $6.9 million in the first quarter of fiscal 1997 to $8.7 million in the first quarter of fiscal 1998, and increased as a percentage of revenues from 20% to 32%. Expenses increased in absolute dollars in fiscal 1998 due to the planned increases in headcount and increases in other costs as a result of an increase in products under development. Expenses increased as a percentage of revenues due to lower sales levels. General and administrative. General and administrative expenses increased by $1.1 million, from $1.5 million in the first quarter of fiscal 1997 to $2.6 million in the first quarter of fiscal 1998, and increased as a percentage of revenue from 4% to 10%. Expenses increased in absolute dollars in fiscal 1998 due primarily to planned increases in headcount 7 8 and costs associated with building the infrastructure required to support the growth of the Company. Expenses increased as a percentage of revenues due to lower sales levels. Operating income (loss). Operating loss for the first quarter of fiscal 1998 was $2.9 million compared to operating income of $9.0 million in the corresponding quarter of fiscal 1997. The operating loss resulted primarily from the decline in sales levels and higher operating expenses. Other income (expense). Other income (expense) decreased by $0.3 million from $1.4 million for the first quarter of fiscal 1997 to $1.1 million for the first quarter of fiscal 1998. The decrease was primarily due to lower interest income which resulted from the decrease in the average cash and short-term investments balance on hand during the period. Provision/benefit for income taxes. The Company's provision for income taxes for the first three months of fiscal 1998 was a benefit of $0.6 million as compared with an expense of $3.2 million for the first three months of fiscal 1997. Net income (loss). The Company incurred a loss of $1.2 million in the first quarter of fiscal 1998, compared to net income of $7.1 million for the same quarter a year ago. Net loss per share was $0.03 compared to net income per share of $0.18 for the first quarter of fiscal 1997. LIQUIDITY AND CAPITAL RESOURCES At June 30, 1997, the Company had cash, cash equivalents and short-term investments of $91.3 million. For the three months ended June 30, 1997, cash used by operating activities of $5.5 million was primarily attributable to the net loss and an increase in accounts receivable due to higher sales in the quarter ended June 30, 1997 as compared to the quarter ended March 31, 1997. Cash provided by investment activities of $14.1 million related primarily to the sale of $20.6 million in available-for-sale short-term investments, offset by $3.8 million for the construction of a building in Redwood Shores, California, and $2.1 million for capital equipment. Cash provided by financing activities of $0.9 million was attributable to proceeds received from the issuance of common stock upon exercise of stock options. The above activity resulted in a net decrease of $11.2 million from the March 31, 1997 cash, cash equivalent, and short-term investment balances. Working capital decreased by $4.0 million from the March 31, 1997 balance of $92.6 million, to $88.6 million at June 30, 1997. The Company anticipates future capital expenditures of approximately $8.3 million for the remainder of fiscal 1998. In addition to cash, cash equivalents, and short-term investments, the Company has $15.0 million available under an unsecured revolving line of credit. The line of credit bears interest at the bank's prime rate and expires on July 15, 1998. As of June 30, 1997, the Company had no borrowings outstanding. The Company believes that existing cash resources, available bank borrowings and cash generated from operations will be sufficient to meet the Company's cash and investment requirements through at least March 31, 1998. 8 9 FACTORS THAT MAY AFFECT FUTURE RESULTS OF OPERATIONS Except for the historical information contained herein, the matters discussed in this Form 10-Q are forward looking statements that involve risks and uncertainties, including those related to management of growth, quarterly fluctuations of operating results, sales of Windows and Macintosh products, impact of competition, the developing multimedia, Internet and on-line services markets, and the other risks detailed below, and, from time to time, in the Company's other reports filed with the Securities and Exchange Commission. The actual results that the Company achieves may differ materially from any forward looking statements due to such risks and uncertainties. The Company's quarterly operating results may vary significantly depending on the timing of new product introductions and enhancements by the Company. As indicated above, results for the first quarter were significantly affected by the shipments of new versions of Director and Authorware late in the quarter. The Company has in the past experienced delays in the development of new products and enhancement of existing products, and such delays may occur in the future. If the Company were unable, due to resource constraints or technological or other reasons, to develop and introduce such products in a timely manner, this inability could have a material adverse effect on the Company's results of operations. The Company's quarterly results of operations also may vary significantly depending on the timing of product introductions by competitors, changes in pricing, execution of technology licensing agreements and the volume and timing of orders received during the quarter, which are difficult to forecast. The future operating results of the Company may fluctuate as a result of these and other factors, including the Company's ability to continue to develop or acquire innovative products, its product and customer mix and the level of competition. The Company's results of operations may also be affected by seasonal trends. A significant portion of the Company's operating expenses is relatively fixed, and planned expenditures are based primarily on sales forecasts. As a result, if revenues do not meet the Company's forecasts, operating results may be materially adversely affected. A majority of the Company's revenues has been derived from its products for the Macintosh. Although sales of the Company's products for Windows and cross-platform accounted for approximately 51% of total revenue for the first three months of fiscal 1998 and are expected to become an increasingly important component of the Company's revenues, the Company remains heavily dependent on the sale of products for the Macintosh platform. Apple Computer, Inc. continues to report declining sales of its Macintosh computers, substantial losses and additional restructurings. A continuing leveling-off or decline in the sales rate of multimedia-capable Macintosh computers or shifts in mail-order or other distribution mechanisms for Macintosh products could have a material adverse effect on the Company's results of operations. A substantial majority of the Company's revenues is derived from the sale of its products through a variety of distribution channels, including traditional software distributors, educational distributors, VARs, OEMs, hardware and software superstores, retail dealers, mail order, and direct sales. Domestically, the Company's products are sold primarily through distributors, VARs, and OEMs. Internationally, the Company's products are sold through distributors. The Company's resellers generally offer products of several different companies, including in some cases products that are competitive with the Company's 9 10 products. There can be no assurance that the Company's resellers will continue to purchase the Company's products or provide them with adequate levels of support. In addition, the Company believes that certain distributors are reducing their inventory in the channel and returning unsold products to better manage their inventories. In addition, distributors are increasingly seeking to return unsold product, particularly when such products have been superseded by a new version or upgrade of a product. If the Company's distributors were to seek to return increasing amounts of products, such returns could have a material adverse effect on the Company's revenues and results of operations. The loss of, or a significant reduction in sales volume to, a significant reseller could have a material adverse effect on the Company's results of operations. Macromedia has grown in substantial part from combinations with other companies. In January 1995, Macromedia acquired Altsys Corporation, which developed the FreeHand graphic design and illustration product whose revenues prior to that date consisted primarily of royalties from Aldus Corporation, which had marketed FreeHand until January 1995, and revenues from Fontographer, software for creating and modifying fonts. In August 1995, the Company acquired Fauve Software, Inc., a developer of image editing software. In December 1995, the Company acquired OSC, a developer of digital audio production software. In March 1996, the Company acquired iband, Inc., a developer of Internet Web site development tools. In December 1996, the Company acquired FutureWave Software, a developer of Internet animation software. Except for FreeHand, none of the acquired products has accounted for a significant portion of the Company's revenues to date. There can be no assurance that sales of the Company's existing products will either continue at historical rates or increase, or that new products introduced by the Company, whether developed internally or acquired, will achieve market acceptance. The Company's historical rates of growth should not be taken as indicative of growth rates that can be expected in the future. The markets for the Company's products are highly competitive and characterized by pressure to reduce prices, incorporate new features, and accelerate the release of new product versions. A number of companies currently offer products that compete directly or indirectly with one or more of the Company's products. These companies include Adobe Systems Incorporated ("Adobe"), Apple Computer, Inc., Asymetrix Corporation, Autodesk, Inc., Corel Corporation ("Corel"), Microsoft Corporation ("Microsoft") and Strata Incorporated. As the Company competes with larger competitors such as Adobe, Corel and Microsoft across a broader range of product lines and different platforms, the Company may face increasing competition from such companies. The developing digital media, Internet and online services markets, and the personal computer industry in general are characterized by rapidly changing technology, resulting in short product life cycles and rapid price declines. The Company must continuously update its existing products to keep them current with changing technology and must develop new products to take advantage of new technologies that could render the Company's existing products obsolete. The Company's future prospects are highly dependent on its ability to increase functionality of existing products in a timely manner and to develop new products that address new technologies and achieve market acceptance. New products and enhancements must keep pace with competitive offerings, adapt to new platforms and emerging industry standards and provide additional functionality. There can be no assurance that the Company will be successful in these efforts. 10 11 For the three months ended June 30, 1997, the Company derived approximately 40% of its total revenues from international sales. The Company expects that international sales will continue to generate a significant percentage of its total revenues. The Company relies on distributors for sales of its products in foreign countries and, accordingly, is dependent on their ability to promote and support the Company's products, and in some cases, to translate them into foreign languages. International business is subject to a number of special risks, including foreign government regulation; general geopolitical risks such as political and economic instability, hostilities with neighboring countries and changes in diplomatic and trade relationships; more prevalent software piracy; unexpected changes in, or imposition of, regulatory requirements, tariffs, import and export restrictions and other barriers and restrictions; longer payment cycles, greater difficulty in accounts receivable collection, potentially adverse tax consequences, the burdens of complying with a variety of foreign laws; foreign currency risk; and other factors beyond the control of the Company. Revenues generated through international sales in certain European countries are denominated in local currency, while expenses continue to be denominated in the local currency of the countries in which the Company has offices. As a result of this program, the Company has entered into foreign currency forward contracts to manage risk against unfavorable fluctuations in foreign currency exchange rates associated with anticipated sales. Because these contracts do not qualify as hedges for financial reporting purposes, these contracts are marked-to-market with gains and losses included in the statements of operations. These contracts are of short-term duration and as of June 30, 1997, no such contracts were outstanding and for the three months ended June 30, 1997, there were no significant gains or losses. PART II - OTHER INFORMATION ITEM 1. LEGAL PROCEEDINGS On July 31, 1997, a complaint styled Barbara Rosen and Russell Weimer et al., v. Macromedia, Inc. et al., was filed by the law firm Milberg Weiss Bershad Hynes & Lerach LLP in the Superior Court of the State of California, County of San Francisco, against the Company and certain of its current and former officers and directors. The complaint, a punitive class action, was filed on behalf of those persons who purchased or otherwise acquired the common stock of the Company from April 18, 1996 through January 9, 1997. The complaint alleges that the defendants made, for the purpose of inducing the purchase of the Company's stock by the plaintiffs and other members of the class, certain statements which allegedly were, at the time and in light of the circumstances under which they were made, false or misleading with respect to material facts, or which allegedly omitted to state material facts necessary in order to make the statements made, not misleading, and which defendants knew or had reasonable grounds to believe were false and misleading. The complaint seeks damages in an unspecified amount. The Company believes that the complaint has no merit and intends to vigorously defend the action. 11 12 ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K (a) Exhibits The following exhibits are filed herewith:
Exhibit Number Exhibit Title - ------- ------------- 11.01 - Statement regarding computation of per share earnings. 27.01 - Financial Data Schedule
(b) Reports on Form 8-K The Company did not file a report on Form 8-K during the period ended June 30, 1997. 12 13 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. MACROMEDIA, INC. (Registrant) Date: August 13, 1997 /s/ Robert K. Burgess ---------------------------------------------- Robert K. Burgess President and CEO Date: August 13, 1997 /s/ John C. Parsons Jr. ---------------------------------------------- John C. Parsons Jr. Chief Financial Officer, Vice President of Finance and Operations 13 14
EXHIBIT DESCRIPTION PAGE NUMBER ----------- ---- ------ 11.01 Statement Regarding Computation of Per Share Earnings 15 27.01 Financial Data schedule 16
EX-11.01 2 STATEMENT REGARDING COMPUTATION OF EARNINGS 1 MACROMEDIA, INC. COMPUTATION OF NET (LOSS) INCOME PER SHARE (In thousands, except per share data)
Three Months Ended June 30, 1997 1996 ------- ------ Net (loss) income ($1,239) $7,120 ======= ====== Weighted average number of common shares outstanding 37,866 36,527 Number of common stock equivalents as a result of stock options outstanding 0 4,045 ======= ====== Total 37,866 40,572 ======= ====== Net (loss) income per common stock and common stock equivalents ($0.03) $0.18 ======= ======
15 EX-27.01 3 FINANCIAL DATA SCHEDULE
5 3-MOS MAR-31-1998 APR-01-1997 JUN-30-1997 24,849 66,415 16,248 8,420 1,064 110,926 53,666 15,634 154,407 22,356 0 0 0 38 131,821 154,407 27,329 27,329 4,568 4,568 25,651 0 0 (2,890) (557) (1,239) 0 0 0 (1,239) (0.03) (0.03)
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