-----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, I0ldrc83ttH0MLD6twiXAGI/vy4NEUigCLAg77O1kclzXia7kNh8NRnwiBVzkcYn XXdQaqfgSBUG1F7PrMiBYQ== 0000912057-95-009683.txt : 19951119 0000912057-95-009683.hdr.sgml : 19951119 ACCESSION NUMBER: 0000912057-95-009683 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19950930 FILED AS OF DATE: 19951113 SROS: NYSE SROS: PSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: POLARIS INDUSTRIES INC/MN CENTRAL INDEX KEY: 0000931015 STANDARD INDUSTRIAL CLASSIFICATION: [] IRS NUMBER: 411790959 STATE OF INCORPORATION: MN FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-20503 FILM NUMBER: 95589724 BUSINESS ADDRESS: STREET 1: 1225 HIGHWAY 169 NORTH CITY: MINNEAPOLIS STATE: MN ZIP: 55441 BUSINESS PHONE: 6125420500 MAIL ADDRESS: STREET 1: 1225 HIGHWAY 169 NORTH STREET 2: 425 LEXINGTON AVE CITY: MINNESOTA STATE: MN ZIP: 55441 10-Q 1 10-Q 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 September 30, 1995 OR / / TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from_______________________to_________________ Commission File Number 1-11411 Polaris Industries Inc. (Exact name of registrant as specified in its charter) Minnesota 41-1790959 (State or other jurisdiction (IRS Employer of incorporation or organization) Identification No.) 1225 Highway 169 North, Minneapolis, MN 55441 (Address of principal executive offices) (Zip Code) (612) 542-0500 (Registrant's telephone number, including area code) Indicate by check mark whether the registrant (1) has filed all reports 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 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 November 10, 1995, 27,323,715 shares of Common Stock of the issuer were outstanding. POLARIS INDUSTRIES INC. TABLE OF CONTENTS Part I. FINANCIAL INFORMATION Item 1 - Consolidated Financial Statements Consolidated Balance Sheets Pg. 3 Consolidated Statements of Operations Pg. 4 Consolidated Statements of Cash Flows Pg. 5 Consolidated Statement of Shareholders' Equity Pg. 6 Consolidated Notes to Financial Statements Pg. 7 Item 2 - Management's Discussion and Analysis of Financial Condition and Results of Operations Results of Operations Pg. 9 Cash Dividends and Special Cash Distributions Pg. 10 Liquidity and Capital Resources Pg. 11 Inflation and Exchange Rates Pg. 12 Part II. OTHER INFORMATION Pg. 14 Item 1 - Legal Proceedings Item 2 - Changes in Securities Item 3 - Defaults upon Senior Securities Item 4 - Submission of Matters to a Vote of Security Holders Item 5 - Other Information Item 6 - Exhibits and Reports on Form 8-K SIGNATURE PAGE Pg. 15 -2- POLARIS INDUSTRIES INC. CONSOLIDATED BALANCE SHEETS (IN THOUSANDS)
SEPTEMBER 30, 1995 DECEMBER 31, 1994 ------------------ ----------------- ASSETS (UNAUDITED) Current Assets Cash and cash equivalents $2,593 $62,881 Trade receivables 57,716 29,700 Inventories 108,765 88,714 Prepaid expenses and other 4,320 5,194 Deferred tax assets 20,000 20,000 -------- -------- Total current assets 193,394 206,489 -------- -------- Deferred Tax Assets 40,000 45,000 Property and Equipment, at cost, net of accumulated depreciation of $55,953 in 1995 and $38,368 in 1994 70,375 53,661 -------- -------- Intangible Assets: Cost in excess of net assets of business acquired, net of accumulated amortization of $6,287 in 1995 and $5,722 in 1994 24,391 24,956 Other, net of accumulated amortization of $2,503 in 1995 and $2,421 in 1994 978 1,060 -------- -------- Total intangible assets 25,369 26,016 -------- -------- Total Assets $329,138 $331,166 -------- -------- LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities: Note payable to banks $25,000 $ - Accounts payable 63,102 58,932 Distributions payable 38,527 12,736 Accrued expenses 85,716 74,634 Income taxes payable 15,958 15,155 -------- -------- 228,303 161,457 -------- -------- Shareholders' Equity: Common stock 273 181 Additional paid in capital 109,150 103,935 Compensation payable in common stock 10,690 12,251 Retained earnings (accumulated deficit) (19,278) 53,342 -------- -------- Total shareholders' equity 100,835 169,709 -------- -------- Total Liabilities and Shareholders' Equity $329,138 $331,166 -------- -------- -------- --------
See Notes To Consolidated Financial Statements -3- POLARIS INDUSTRIES INC. CONSOLIDATED STATEMENTS OF OPERATIONS (IN THOUSANDS, EXCEPT PER SHARE DATA) UNAUDITED
THIRD QUARTER NINE MONTHS ENDED SEPTEMBER 30, ENDED SEPTEMBER 30, ------------------- ------------------- 1995 1994 1995 1994 -------- -------- -------- -------- Sales $291,431 $258,370 $831,581 $584,725 Cost of Sales 228,226 194,697 663,627 458,942 -------- -------- -------- -------- Gross profit 63,205 63,673 167,954 125,783 Operating Expenses 31,744 29,301 96,583 69,937 -------- -------- -------- -------- Operating income 31,461 34,372 71,371 55,846 Nonoperating Expense (Income), net 1,552 (485) 373 (772) -------- -------- -------- -------- Income before income taxes 29,909 34,857 70,998 56,618 Provision for Income Taxes 11,365 3,354 26,979 6,007 -------- -------- -------- -------- Net Income $18,544 $31,503 $44,019 $50,611 -------- -------- -------- -------- -------- -------- -------- -------- Net Income Per Share $0.67 $1.59 ----- ------ Weighted Average Number of Common and Common Equivalent Shares Outstanding 27,799 27,623 27,793 27,623 -------- -------- -------- -------- -------- -------- -------- -------- Pro Forma Information (Note 7) - ------------------------------ Income before income taxes $34,857 $56,618 Provision for income taxes 13,246 21,515 ------- ------- Net income $21,611 $35,103 ------- ------- ------- ------- Net income per share $0.78 $1.27 ----- ----- ----- -----
See Notes to Consolidated Financial Statements -4- POLARIS INDUSTRIES INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (IN THOUSANDS) UNAUDITED
FOR THE NINE MONTHS ENDED SEPTEMBER 30, ----------------------- 1995 1994 ------- ------- Cash Flows From Operating Activities Net Income $44,019 $50,611 Adjustments to reconcile net income to cash flow from operating activities: Depreciation 17,585 14,572 Amortization 647 4,838 First Rights compensation 3,811 6,140 Deferred income taxes 5,000 -- Changes in current operating items - Trade receivables (28,016) (20,774) Inventories (20,051) (26,588) Accounts payable 4,170 29,378 Accrued expenses 11,082 18,679 Income taxes payable 803 2,403 Others, net 809 (1,458) ------- ------- Net cash provided by operating activities 39,859 77,801 ------- ------- Cash Flows From Investing Activities: Purchase of property and equipment (34,299) (20,544) Cash Flows From Financing Activities: Note payable to banks 25,000 -- Cash distributions to partners (12,736) (37,322) Cash dividends to shareholders (78,112) -- ------- ------- Net cash used in financing activities (65,848) (37,322) ------- ------- Increase (decrease) in cash and cash equivalents (60,288) 19,935 Cash and Cash Equivalents, Beginning 62,881 33,798 ------- ------- Cash and Cash Equivalents, Ending $2,593 $53,733 ------- ------- ------- -------
See Notes to Consolidated Financial Statements -5- POLARIS INDUSTRIES INC. CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY (IN THOUSANDS) UNAUDITED
RETAINED ADDITIONAL COMPENSATION EARNINGS COMMON PAID-IN PAYABLE IN (ACCUMULATED STOCK CAPITAL STOCK DEFICIT) TOTAL ------ --------- ------------ ------------ ----- Balance, December 31, 1994 $181 $103,935 $12,251 $53,342 $169,709 First Rights conversion to common stock 1 5,306 (5,372) - (65) First Rights grants - - 3,811 - 3,811 Stock split 91 (91) - - - Dividends declared - - - (116,639) (116,639) Net Income for the period - - - 44,019 44,019 ---- ------- ------ --------- -------- Balance, September 30, 1995 $273 $109,150 $10,690 ($19,278) $100,835 ---- ------- ------ --------- -------- ---- ------- ------ --------- --------
See Notes to Consolidated Financial Statements -6- POLARIS INDUSTRIES INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS NOTE 1. BASIS OF PRESENTATION The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial statements and, therefore, do not include all information and disclosures of results of operations, financial position and changes in cash flow in conformity with generally accepted accounting principles for complete financial statements. Accordingly, such statements should be read in conjunction with the previously filed Form 10-K. In the opinion of management, such statements reflect all adjustments (which include only normal recurring adjustments) necessary for a fair presentation of the financial position, results of operations, and cash flows for the periods presented. Due to the seasonality of the snowmobile, all terrain vehicle (ATV) and personal watercraft (PWC) business, and to certain changes in production and shipping cycles, results of such periods are not necessarily indicative of the results to be expected for the complete year. NOTE 2. INVENTORIES The major components of inventories are as follows (in thousands): September 30, 1995 December 31, 1994 ------------------ ----------------- Raw Materials $33,530 $32,717 Service Parts 34,546 29,067 Finished Goods 40,689 26,930 -------- ------- $108,765 $88,714 -------- ------- -------- ------- NOTE 3. FINANCING AGREEMENT Effective May 8, 1995, the Company entered into an unsecured bank line of credit arrangement with maximum available borrowings of $125,000,000. Interest is charged at rates based on LIBOR or "prime" (currently weighted at 6.25%) and the agreement expires March 31, 1998. As of September 30, 1995, total borrowings under the credit arrangement were $25,000,000. NOTE 4. STOCK SPLIT On September 14, 1995, the Board of Directors of the Company declared a 3-for-2 stock split to be effected in the form of a stock dividend. One share of common stock was issued on October 17, 1995 for every two shares of common stock held by shareholders of record on -7- September 25, 1995. All periods presented in these consolidated financial statements have been restated to reflect the stock split. NOTE 5. DIVIDEND PAYABLE On August 21, 1995, the Board of Directors of the Company declared a special cash distribution of $1.92 per pre-split share (or $1.28 per share on a post-split basis) payable on October 3, 1995, to holders of record on September 21, 1995. This special cash distribution totals approximately $34,975,000. In addition, on September 14, 1995, the Board of Directors of the Company declared a regular quarterly cash dividend of $0.13 per post-split share payable on November 15, 1995, to holders of record on November 1, 1995. This regular cash dividend totals approximately $3,552,000. NOTE 6. COMMITMENTS AND CONTINGENCIES The Company has elected not to insure for product liability losses. The estimated costs resulting from any losses are charged to operating expenses when it is probable a loss has been incurred and the amount of the loss is determinable. The Company is a defendant in lawsuits and subject to claims arising in the normal course of business. It is the opinion of management that their outcomes will not, in the aggregate, have a material adverse effect on the financial position or operations of the Company. In 1990, the Canadian income tax authorities proposed certain adjustments, principally relating to the original purchase price allocation to the Canadian subsidiary of the Company's predecessor and transfer pricing matters, for additional income taxes payable by the Canadian subsidiary for 1987 and 1988. The resolution of these proposed adjustments will also affect the Company's Canadian income tax expense for years subsequent to 1988. The Canadian income tax authorities have initiated an audit of the tax years 1989 through 1991. Management continues to vigorously contest certain of the proposed adjustments. Management does not believe that the outcome of this matter will have a materially adverse impact on the financial position or operations of the Company. NOTE 7. PRO FORMA INFORMATION Pro forma information for 1994 is presented to assist in comparing the continuing results of operations of the Company as if the Company were a taxable corporation throughout 1994. The pro forma provision for income taxes has been calculated at an effective tax rate of 38 percent. -8- ITEM 2 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion pertains to the results of operations and financial position of Polaris Industries Inc., a Minnesota corporation (the "Company"), for the quarters and nine-month periods ended September 30, 1995 and 1994. Due to the seasonality of the snowmobile, all terrain vehicle (ATV) and personal watercraft (PWC) business, and to certain changes in production and shipping cycles, results of such periods are not necessarily indicative of the results to be expected for the complete year. RESULTS OF OPERATIONS Sales increased to $291.4 million in the third quarter of 1995, representing a 13 percent increase over the $258.4 million of sales for the same period in 1994. The increase in sales is attributable to increases in unit sales of each of snowmobiles, ATVs and PWC due to continued strong demand. Total finished goods unit shipments for the third quarter of 1995 increased 12 percent over the same period in 1994. Snowmobile unit sales volume in the third quarter of 1995 increased 10 percent over the comparable period in 1994. ATV unit sales volume in the third quarter of 1995 increased 11 percent over the comparable period in 1994. Historically, sales of PWC in the third quarter of the year have been minimal, resulting in percentage changes that are not meaningful for comparison purposes. PWC unit sales volume increased in the third quarter of 1995 resulting in a sales increase of $4.5 million over the comparable period in 1994. All Polaris PWC are now being assembled at the Company's new manufacturing facility in Spirit Lake, Iowa. Sales of related parts, garments and accessories in the third quarter of 1995 increased 4 percent over the comparable period in 1994, as a result of increased sales volumes of the other product lines. Sales increased to $831.6 million for the year-to-date period ended September 30, 1995, representing a 42 percent increase over the $584.7 million of sales for the same period in 1994. Total finished goods unit shipments for the year-to-date 1995 period increased 41 percent over the same period in 1994. Year-to-date unit sales volume increases over the same period in 1994 for snowmobiles, ATVs and PWC were 38%, 42% and 44%, respectively. -9- Polaris Industries Inc. Management's Discussion and Analysis of Financial Condition and Results of Operations (cont'd) Gross profit of $63.2 million in the third quarter of 1995 is approximately the same as gross profit of $63.7 million for the same period in 1994. Gross profit of $168.0 million in the year-to-date period ended September 30, 1995 represents a 34 percent increase over gross profit of $125.8 million for the same period in 1994. The gross profit margin percentage decreased to 21.7 percent for the third quarter of 1995 as compared to 24.6 percent for the comparable period in 1994 and to 20.2 percent for the year-to-date period ended September 30, 1995, as compared to 21.5 percent for the year-to-date period in 1994. This decrease in gross margin percentage is largely attributable to continued increases in raw material purchase prices for engines and certain other component parts because of the weakening of the U.S. dollar in relation to the Japanese yen when compared to the comparable 1994 periods; and, to a lesser extent, to strengthening of the U.S. dollar in relation to the Canadian dollar when compared to the comparable 1994 periods which results in lower gross margins from the Company's Canadian subsidiary operation. Operating expenses in the third quarter of 1995 increased $2.4 million (8 percent) over the comparable period in 1994 primarily as a result of the sales volume increase, but as a percentage of sales, decreased to 10.9 percent for the third quarter of 1995 compared to 11.3 percent for the same period in 1994. Operating expenses in the year-to-date period ended September 30, 1995 increased $26.6 million (38 percent) over the comparable period in 1994, primarily as a result of the sales volume increase, but as a percentage of sales, decreased to 11.6 percent for the year-to-date period of 1995 compared to 12.0 percent for the same period in 1994. The percentage decreases in the third quarter and year-to-date periods are due primarily to the Company's supporting an increasing level of sales without a corresponding increase in selling and administrative expenses. The increase in nonoperating expense for the third quarter of 1995 over the comparable period in 1994 is primarily attributable to interest expense from bank borrowings used to fund the payment of the special cash distributions during 1995. CASH DIVIDENDS AND SPECIAL CASH DISTRIBUTIONS On May 11, 1995, the Board of Directors declared a regular cash dividend of $0.15 per pre-split share (or $0.10 per share on a post-split basis) payable on August 15, 1995, to holders of record on August 3, 1995. -10- Polaris Industries Inc. Management's Discussion and Analysis of Financial Condition and Results of Operations (cont'd) On August 21, 1995, the Board of Directors of the Company declared the last of the three special cash distributions of $1.92 per pre-split share (or $1.28 per share on a post-split basis) payable on October 3, 1995, to holders of record on September 21, 1995. In addition, on September 14, 1995, the Board of Directors of the Company declared a regular quarterly cash dividend of $0.13 per post-split share payable on November 15, 1995, to holders of record on November 1, 1995. On a cumulative basis since January 1, 1995 the Board of Directors of the Company has declared cash distributions and dividends totaling $116.6 million, representing a total of $6.405 per pre-split share, or $4.27 per share on a post-split basis. This total is comprised of four regular quarterly cash dividends totaling $11.7 million ($0.43 per post-split share) and three special cash distributions totaling $104.9 million ($3.84 per post-split share). Management has recommended to the Board of Directors that future dividends be limited to regular quarterly cash dividends. However, the timing and amount of future dividends will be at the discretion of the Board of Directors and will depend, among other things, on continuing levels of performance and financial strength of the Company. On September 14, 1995, the Board of Directors of the Company declared a 3-for-2 stock split to be effected in the form of a stock dividend. One share of common stock was issued on October 17, 1995 for every two shares of common stock held by shareholders of record on September 25, 1995. LIQUIDITY AND CAPITAL RESOURCES The seasonality of production and shipments causes working capital requirements to fluctuate during the year. Before payment of approximately $35.0 million for the last of the three special cash distributions on October 3, 1995, the Company ended the quarter on September 30, 1995 with short-term bank borrowings of $25.0 million and cash and cash equivalents of $2.6 million, compared to no borrowings and cash and cash equivalents of $62.9 million at December 31, 1994. This significant reduction in cash balances is primarily a result of the payment of the special cash distributions in 1995 as well as the payment of corporate federal and state income taxes in 1995 which would not have been payable by Polaris as a limited partnership prior to its conversion to a taxable corporation in December, 1994. -11- Polaris Industries Inc. Management's Discussion and Analysis of Financial Condition and Results of Operations (cont'd) Effective May 8, 1995, the Company entered into an unsecured bank line of credit arrangement with maximum available borrowings of $125 million. Interest is charged at rates based on LIBOR or "prime" and the agreement expires March 31, 1998. Management believes that existing cash balances and bank borrowings, cash flow to be generated from operating activities and available borrowing capacity under the line of credit arrangement will be sufficient to fund operations, regular dividends, the last scheduled special cash distribution payable on October 3, 1995 and capital requirements for 1995. INFLATION AND EXCHANGE RATES The Company does not believe that inflation has had a material impact on the results of its operations. However, the changing relationships of the U.S. dollar to the Japanese yen and Canadian dollar have had a material impact from time to time. Over the past several years, weakening of the U.S. dollar in relation to the yen had resulted in higher raw material purchase prices. The material weakening of the U.S. dollar in relation to the yen during 1995 has had a material effect on the Company's cost of goods sold during the third quarter and year-to-date period of 1995. In 1994, approximately 28 percent of the Company's cost of sales was attributable to purchases from Japanese suppliers. In view of the foreign exchange hedging contracts currently in place, the Company anticipates that in the fourth quarter of 1995 the devaluation of the U.S. dollar in relation to the yen will continue to have a negative impact on cost of goods sold. However, management believes that such cost increases also affect its principal competitors in ATVs, and, to varying degrees, some of its snowmobile and PWC competitors. The Company operates in Canada through a wholly-owned subsidiary. Strengthening of the U.S. dollar in relation to the Canadian dollar has resulted in lower gross margin levels on a comparable basis since sales in Canada are denominated in Canadian dollars while cost of goods sold are denominated primarily in U.S. dollars and Japanese yen. -12- Polaris Industries Inc. Management's Discussion and Analysis of Financial Condition and Results of Operations (cont'd) At September 30, 1995, the Company had open foreign exchange hedging contracts to purchase Japanese yen and to sell Canadian dollars which mature throughout the balance of 1995 and into early 1996. The Company may continue to enter into foreign exchange hedging contracts for both the Japanese yen and the Canadian dollar to minimize the impact of exchange rate fluctuations within each year. In October, 1995, the Company announced it will begin manufacturing its own engines for selected 1996 models of personal watercraft at its Osceola, Wisconsin facility. In addition, earlier this year, the Company entered into an agreement with Fuji Heavy Industries Ltd. to form Robin Manufacturing U.S.A., Inc. ("Robin"). Under the terms of the agreement, the Company has a 40 percent ownership interest in Robin, which will build engines in the United States for recreational and industrial products. Potential advantages to the Company of these additional sources of engines include reduced foreign exchange risk, lower shipping costs and less dependence on a single supplier for engines in the future. However, such benefits are not expected to be significant for some time. -13- POLARIS INDUSTRIES INC. 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) EXHIBITS Exhibit No. 10 - Credit Agreement by and between Polaris Industries Inc., and First Bank National Association and Bank of America Illinois, and First Union National Bank of North Carolina, dated May 8, 1995, incorporated by reference to Exhibit 10 to the Company's Quarterly Report on 10-Q for the quarterly period ended March 31, 1995. Exhibit No. 11 - Computation of Per Share Earnings. Exhibit No. 27 - Financial Data Schedule. (b) REPORTS ON FORM 8 - K On August 4, 1995, Polaris filed a report on Form 8-K with respect to the appointment of Arthur Andersen LLP as the principal accountant to audit the Company's financial statements. -14- POLARIS INDUSTRIES INC. SIGNATURES Pursuant to the requirements of the Securities and Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. POLARIS INDUSTRIES INC. (Registrant) Date: November 10, 1995 /s/ W. Hall Wendel, Jr. ----------------------- W. Hall Wendel, Jr. Chairman of the Board and Chief Executive Officer Date: November 10, 1995 /s/ John H. Grunewald --------------------- John H. Grunewald Executive Vice President, Chief Financial Officer and Secretary (Principal Financial and Chief Accounting Officer) -15- EX-11. 2 EXHIBIT 11 EXHIBIT 11 POLARIS INDUSTRIES INC. COMPUTATION OF NET INCOME PER SHARE (IN THOUSANDS, EXCEPT PER SHARE DATA) (UNAUDITED)
THIRD QUARTER NINE MONTHS ENDED SEPTEMBER 30, ENDED SEPTEMBER 30, ------------------- ------------------- 1995 1994 1995 1994 ---- ---- ---- ---- (PRO FORMA) (PRO FORMA) Net Income for the Period $18,544 $21,611 $44,019 $35,103 ------- ------- ------- ------- ------- ------- ------- ------- Weighted Average Number of Outstanding: Common shares 27,324 27,166 27,247 27,098 Rights 475 457 546 525 ------- ------- ------- ------- Total common and common equivalent shares 27,799 27,623 27,793 27,623 ------- ------- ------- ------- ------- ------- ------- ------- Net Income Per Share $0.67 $0.78 $1.59 $1.27 ----- ----- ----- ----- ----- ----- ----- -----
EX-27 3 EXHIBIT 27
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE UNAUDITED INTERIM CONSOLIDATED FINANCIAL STATEMENTS OF THE COMPANY AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 1,000 9-MOS DEC-31-1995 JAN-01-1995 SEP-30-1995 2,593 0 57,716 0 108,765 193,394 126,328 55,953 329,138 228,303 0 273 0 0 100,562 329,138 831,581 831,581 663,627 663,627 96,583 0 373 70,998 26,979 0 0 0 0 44,019 1.59 1.59
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