-----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, IpDj2r5vt69rpgSoWX1A12+kRH8YpiU6VhhcFdOOBF2CuEz3H0DhqOAq4YZQaI3S 5ZdYowVOgg94+DTWikAUkg== 0000933583-97-000015.txt : 19971117 0000933583-97-000015.hdr.sgml : 19971117 ACCESSION NUMBER: 0000933583-97-000015 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: SHARED TECHNOLOGIES CELLULAR INC CENTRAL INDEX KEY: 0000933583 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-TELEPHONE INTERCONNECT SYSTEMS [7385] IRS NUMBER: 061386411 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 001-13558 FILM NUMBER: 97719622 BUSINESS ADDRESS: STREET 1: 100 GREAT MEADOW RD STREET 2: SUITE 102 CITY: WETHERSFIELD STATE: CT ZIP: 06109 BUSINESS PHONE: 8602582500 MAIL ADDRESS: STREET 1: C/O SHARED TECHNOLOGIES CELLULAR INC STREET 2: 100 GREAT MEADOW ROAD SUITE 102 CITY: WETHERSFIELD STATE: CT ZIP: 06109 10-Q 1 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 quarterly period ended September 30, 1997 [ ] 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 1-13732 SHARED TECHNOLOGIES CELLULAR, INC. (Exact name of registrant as specified in its charter) Delaware 06-1386411 (State or other jurisdiction of (IRS Employer incorporation or organization) Identification No.) 100 Great Meadow Road, Suite 102 Wethersfield, Connecticut 06109 (Address of principal executive office) (Zip Code) (860) 258-2500 (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 ___ The number of shares outstanding of the registrant's common stock as of November 10, 1997 was 7,210,301 PART 1 FINANCIAL INFORMATION PAGE Item 1. Financial Statements Consolidated Balance Sheets as of September 30, 1997 and December 31, 1996 3-4 Consolidated Statements of Operations for the nine months ending September 30,1997 and 1996 5 Consolidated Statements of Operations for the three months ending September 30, 1997 and 1996 6 Consolidated Statements of Cash Flows for the nine months ended September 30, 1997 and 1996 7-8 Consolidated Statements of Stockholders' Equity for the nine months ended September 30, 1997 9 Notes to Consolidated Financial Statements 10-11 Item 2 Management's Discussion and Analysis of Financial Condition and Results of Operations 12-15 PART II OTHER INFORMATION Item 1. Legal Proceedings 16 Item 6. Exhibits and reports on Form 8-K 16 Signature Page 17 Item 1. Financial Statements Shared Technologies Cellular, Inc. and Subsidiaries Consolidated Balance Sheets September 30, 1997 December 31, 1996 (unaudited) ASSETS Current Assets: Cash $840,533 $143,621 Accounts receivable, less allowance for doubtful accounts of $680,999 and $1,392,176 in 1997 and 1996 1,847,778 1,621,317 Carrier commissions receivable, less unearned income 269,295 52,967 Inventories 108,640 79,529 Current portion of note receivable 89,726 39,474 Prepaid expenses and other current assets 223,190 132,813 Total current assets 3,379,162 2,069,721 Telecommunications and office equipment, less accumulated depreciation 1,843,633 2,130,713 Other assets: Intangible assets, less accumulated amortization 8,858,849 9,322,373 Deposits 431,345 373,074 Note receivable, less current portion 76,722 118,994 Assets held for disposition 247,418 247,418 Total other assets 9,614,334 10,061,859 TOTAL ASSETS $14,837,129 $14,262,293 The accompanying notes are an integral part of these financial statements. Shared Technologies Cellular, Inc. and Subsidiaries Consolidated Balance Sheets LIABILITIES AND STOCKHOLDERS' EQUITY September 30, 1997 December 31, 1996 (unaudited) Current liabilities: Current portion of notes payable $546,099 $2,218,406 Accounts payable and other current liabilities 7,593,179 8,718,814 Commissions payable 310,140 48,441 Due to affiliate 1,007,573 58,809 Total current liabilities 9,456,991 11,044,470 Notes payable, less current portion 1,193,455 360,417 Stockholders' equity: Preferred stock, $.01 par value, Series B Convertible, authorized, 1,250,000 shares, issued and outstanding 0 shares in 1997 and 500,000 shares in 1996 - 5,000 Common stock, $.01 par value, authorized 20,000,000 shares, issued and outstanding 7,210,301 shares in 1997 and 4,862,737 shares in 1996 72,103 48,628 Capital in excess of par value 17,797,598 15,816,979 Accumulated deficit (13,683,018) (13,013,201) Total stockholders' equity 4,186,683 2,857,406 Total liabilities and stockholders' equity $14,837,129 $14,262,293 The accompanying notes are an integral part of these financial statements. Shared Technologies Cellular, Inc. and Subsidiaries Consolidated Statements of Operations (unaudited) For the Nine Months Ended September 30, 1997 1996 Revenues: Rental 11,829,192 $12,929,942 Debit 5,132,996 856,397 Activations 2,126,715 2,457,067 Total Revenues 19,088,903 16,243,406 Cost of revenues: Rental 6,456,199 7,959,765 Debit 2,767,115 666,050 Activations 1,435,126 1,509,132 Total cost of revenues 10,658,440 10,134,947 Gross margin 8,430,463 6,108,459 Selling, general and administrative expenses: Field 7,543,812 7,948,884 Corporate 1,357,919 1,881,590 8,901,731 9,830,474 Loss from operations (471,268) (3,722,015) Interest expense (net) (197,281) (262,256) Net loss before income taxes (668,549) (3,984,271) Income taxes (1,268) - Net loss ($669,817) ($3,984,271) Net loss per common share ($0.12) ($1.02) Weighted average number of common shares outstanding 5,458,224 3,909,656 The accompanying notes are an integral part of these financial statements. Shared Technologies Cellular, Inc. and Subsidiaries Consolidated Statements of Operations (unaudited) For the Three Months Ended September 30, 1997 1996 Revenues: Rental $4,123,892 $5,798,395 Debit 1,454,202 395,137 Activations 643,891 675,942 Total revenues 6,221,985 6,869,474 Cost of revenues: Rental 2,112,980 3,385,357 Debit 892,820 338,110 Activations 394,212 418,998 Total cost of revenues 3,400,012 4,142,465 Gross margin 2,821,973 2,727,009 Selling, general and administrative expenses: Field 2,556,566 3,060,013 Corporate 507,683 494,334 3,064,249 3,554,347 Loss from operations (242,276) (827,338) Interest expense (net) (56,065) (132,418) Net loss before income taxes (298,341) (959,756) Income taxes (1,268) - Net loss ($299,609) ($959,756) Net loss per common share ($0.05) ($0.21) Weighted average number of common shares outstanding 6,238,883 4,598,487 The accompanying notes are an integral part of these financial statements. Shared Technologies Cellular, Inc. and Subsidiaries Consolidated Statements of Cash Flows (unaudited) For The Nine Months Ended September 30, 1997 1996 Cash flows from operating activities: Net loss ($669,817) ($3,984,271) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization 935,237 1,248,943 Provision for doubtful accounts 965,785 900,359 Common stock issued for compensation and services 46,039 26,646 Accretion of interest on notes payable 18,300 Note receivable (7,980) Change in assets and liabilities Accounts receivable (1,192,246) (2,116,787) Carrier commissions receivable (216,328) Inventories (29,111) (41,912) Prepaid expenses and other current assets (90,377) 154,637 Accounts payable and other current liabilities (1,143,935) 208,740 Commissions payable 261,699 Net cash used in operating activities (1,122,734) (3,603,645) Cash flows from investing activities: Acquisition of businesses (290,407) Other assets (55,000) (178,195) Purchase of equipment (187,904) (2,062,170) Collection of receivable from sale of assets 1,077,856 Payments for intangible assets (347,731) Net cash used in investing activities (242,904) (1,800,647) Cash flows from financing activities: Payments on notes payable (839,269) (985,967) Advances from affiliate 948,764 263,907 Issuance of common and preferred stock 1,953,055 3,638,649 Net cash provided by financing activities 2,062,550 2,916,589 Net increase (decrease) in cash 696,912 (2,487,703) Cash, beginning of period 143,621 2,541,827 Cash, end of period $840,533 $54,124 The accompanying notes are an integral part of these financial statements. Shared Technologies Cellular, Inc. and Subsidiaries Consolidated Statements of Cash Flows (unaudited) (continued) For The Nine Months Ended September 30, 1997 1996 Supplemental disclosure of cash flow information: Cash paid during the period for - Interest $316,845 $213,498 Income taxes $1,268 $0 Supplemental schedules of noncash investing and financing activities: Issuance of common stock for acquisitions $0 $950,000 Notes payable incurred for acquisition of assets $0 $1,139,000 Issuance of Series B Convertible Preferred Stock in exchange for amount due parent $0 $1,200,000 The accompanying notes are an integral part of these financial statements. Shared Technologies Cellular, Inc. and Subsidiaries Consolidated Statements of Stockholders' Equity (unaudited) For The Nine Months Ended September 30, 1997 Series B Preferred Stock Common Stock Shares Amount Shares Amount Balances, December 31, 1996 500,000 $5,000 4,862,737 $48,628 Issuance of common stock - - 680,897 6,809 Conversion of preferred stock (500,000)($5,000)1,666,667 16,666 Net loss - - - - Balances, September 30,1997 0 $0 7,210,301$72,103 Capital in Total Excess of Accumulated Stockholders' Par Value Deficit Equity Balances, December 31, 1996 $15,816,979 ($13,013,201) $2,857,406 Issuance of common stock 1,992,285, - $1,999,094 Conversion of preferred stock (11,666) - $0 Net loss - (669,817) ($669,817) Balances, September 30,1997 $17,797,598 ($13,683,018) $4,186,683 The accompanying notes are an integral part of these financial statements. Shared Technologies Cellular, Inc. and Subsidiaries Notes to Consolidated Financial Statements September 30, 1997 (Unaudited) 1. Basis of Presentation: The consolidated financial statements included herein have been prepared by Shared Technologies Cellular, Inc. ("STC" or the "Company") pursuant to the rules and regulations of the Securities and Exchange Commission and reflect all adjustments, consisting only of normal recurring adjustments, which are, in the opinion of management, necessary to present a fair statement of the results for interim periods. Certain information and footnote disclosures have been omitted pursuant to such rules and regulations, although the Company believes that the disclosures are adequate to make the information presented not misleading. It is suggested that these financial statements be read in conjunction with the financial statements and the notes thereto included in the Company's December 31, 1996 report on Form 10-K. Certain reclassifications to prior year financial statements were made in order to conform to the 1997 presentation. 2. Earnings per share: Primary income (loss) per common share is computed by deducting preferred stock dividend from net income (loss),if any. The resulting net income (loss) is applicable to common stock, which is then divided by the weighted average number of common shares outstanding. Fully diluted income (loss) per common share is computed by dividing the income applicable to common stock by the weighted average number of common and common equivalent shares and the effect of preferred stock conversions, if dilutive. Fully diluted income (loss) per common share is substantially the same as primary income (loss) per common share. 3. Litigation: On July 28, 1997, the Company entered into a settlement agreement to resolve certain litigation with PTC Cellular, Inc.("PTC") concerning an alleged default by the Company on payments under a promissory note delivered to PTC in connection with the Company's 1995 purchase of certain assets from PTC (the "Note"). Pursuant to the settlement agreement, the Company paid PTC an aggregate of $400,000, representing settlement of the claimed arrearages due under the Note. Thereafter, the Company has agreed to pay future installments under the Note in accordance with the original terms on the Note. The Company is not involved in any litigation which, individually or in the aggregate, if resolved against the Company would be likely to have a materially adverse effect on the Company's financial condition, results of operations, or cash flows. 4. Acquisitions: In April 1996, the Company completed its acquisition of substantially all of the assets of its only franchisee, Summit Assurance Cellular, Inc. and certain other parties (collectively "Summit"). The purchase price was $3,562,662, comprised of $335,415 in cash, the assumption of $668,564 of accounts payable and $665,822 of notes payable, the issuance of a promissory note for $952,861, the issuance of 300,000 shares of the Company's common stock valued at $3.125 per share, and three-year warrants each to purchase 100,000 shares of the Company's common stock at prices of $3.00, $4.00, and $5.00 per share, respectively. These warrants were valued at $12,500. The acquisition was accounted for as a purchase, and the purchase price was allocated on the basis of the relative fair market values of the net assets acquired and net liabilities assumed, as follows: Cash $20,000 Equipment 169,600 Excess of cost over net assets acquired 3,373,062 $3,562,662 The following unaudited pro forma condensed combined statement of operations for the nine-month period ended September 30, 1996 gives effect to the acquisition of Summit as if it had occurred on January 1, 1996. 1996 Revenues $17,112,956 Net loss ($4,456,745) Loss per common share ($1.10) Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations Results of Operations: Nine Months Ended September 30, 1997 compared to September 30, 1996 Revenues for 1997 were $19,089,000, an increase of $2,845,000 (18%) over revenues for 1996. This increase was primarily due to the expansion of the debit, or prepaid, business and the April 1996 purchase of the operations of the Company's sole franchisee, offset by the elimination of the in-car cellular rental operation. The net loss for 1997 was $700,000, compared to a net loss of $ 3,984,000 for 1996. The improvement was a result of the increase in revenues, together with an improvement in the gross margin and a reduction in operating expenses. The net loss per common share was $0.12 for 1997, compared to $1.02 for 1996. Revenues The cellular telephone rental business had revenues of $11,829,000 for 1997, compared to $12,930,000 for 1996. This decrease was due to a reduction of $3,061,000 in revenues for 1997 as a result of the elimination of the in-car cellular telephone rental operation in the fourth quarter of 1996. The in-car operation was eliminated due to unacceptable operating losses. The portable cellular telephone rental business continued to show good revenue growth for 1997. Revenues for 1997 were $11,829,000, compared to $9,869,000 for 1996. This increase of $1,960,000 was attributable to several factors. The April 1996 Summit acquisition accounted for $2,084,000 of additional revenues in 1997. However, this increase was offset by $1,419,000 in nonrecurring revenues generated in the third quarter of 1996 from the summer's Olympic Games. The balance was mainly due to increased penetration within existing portable cellular rental locations, as well as the transition of in-car rental accounts to portable rental accounts. The debit, or prepaid, business had revenues of $5,125,000 for 1997, compared to $856,000 for 1996. This significant increase was due to the rapid expansion into the debit business in the first quarter of 1997. Such expansion was represented by one primary account. The activation business had revenues of $2,127,000 for 1997, compared to $2,457,000 for 1996. This decrease was mainly due to a reduction in activation revenues by the Company's Texas operation. Gross Margin Gross margin increased to 44% of revenues for 1997, from 38% for 1996. This improvement was mainly due to significant changes in revenue mix, as previously discussed. The following table summarizes the impact of these changes on gross margins for 1997 and 1996: 1997 1996 Revenues Gross Margin Revenues Gross Margin Portable rentals 62% 45% 61% 45% In-car rentals - - 19% 19% Debit 27% 46% 5% 22% Activations 11% 33% 15% 39% Total 100% 44% 100% 38% The gross margin for the debit operation improved due to a reduction in carrier costs as a result of better line management and lower carrier usage cost. The activations operation showed a reduction in gross margin due to lower activation commissions received from carriers. Selling, general and administrative expenses Selling, general and administrative expenses ("SG&A") decreased $927,000 (9%), to $8,903,000 for 1997 from $9,830,000 for 1996. As a percentage of revenues, SG&A decreased to 47% for 1997, compared to 61% for 1996. This decrease was due to several factors. In the latter part of fiscal year 1996, the Company made a concerted effort to reduce its operating expenses. The Company consolidated its Special Events operation into its portable rental operation. It also transitioned its in-car cellular telephone rental operation to its portable cellular telephone rental operation. The Company also implemented other cost-cutting measures, such as staff reductions, office closings and travel restrictions that resulted in an overall decrease in SG&A. Another factor that helped reduce SG&A as a percentage of revenues was the acquisition of certain assets of Summit. The Company was able to reduce expenses through certain synergies. Interest Expense Interest expense net of interest income was $197,000 for 1997, compared to $262,000 for 1996. Interest expense was mainly due to debt issued in conjunction with the PTC acquisition in November 1995 and the Summit acquisition in April 1996. Three Months Ended September 30, 1997 compared to September 30, 1996 Revenues were $6,222,000 for the third quarter of 1997, a decrease of $648,000 (9%) over revenues for the third quarter of 1996. This decrease was primarily due to revenues recognized from the Summer Olympics in the third quarter of 1996 and the elimination of the in-car cellular rental operation, offset by increased revenues from the expansion of the debit, or prepaid, business. The net loss for the third quarter of 1997 was $300,000, compared to a net loss of $ 960,000 for the third quarter of 1996. This improvement was a result of an increase in gross margin and a reduction in operating expenses. The net loss per common share was $0.05 for 1997, compared to $0.21 for 1996. Revenues The cellular telephone rental business had revenues of $4,124,000 for 1997, compared to $5,798,000 for 1996. This decrease was partially due to a reduction of $555,000 in revenues for 1997 resulting from elimination of the in-car cellular telephone rental operation in the fourth quarter of 1996. Portable cellular telephone rental revenues for 1997 were $4,124,000, compared to $5,243,000 for 1996. This decrease was due to $1,419,000 in nonrecurring revenues generated in the third quarter of 1996 from the summer's Olympic Games. The debit, or prepaid, business had revenues of $1,454,000 for 1997, compared to $395,000 for 1996. This significant increase was due to the expansion into the debit business in the first quarter of 1997. Such expansion was represented by one primary account. The activation business had revenues of $643,000 for 1997, compared to $676,000 for 1996. This decrease was mainly due to a reduction in activation revenues by the Company's Texas operation. The decrease in revenues from the Texas operation was partially offset by revenues generated from a pilot program started in the third quarter with a major national retailer. Gross Margin Gross margin increased to 45% of revenues for 1997, from 40% for 1996. This improvement was mainly due to significant changes in revenue mix, as previously discussed. The following table summarizes the impact of these changes on gross margins for 1997 and 1996: 1997 1996 Revenues Gross Margin Revenues Gross Margin Portable rentals 67% 49% 76% 45% In-car rentals - - 8% -12% Debit 23% 39% 6% 14% Activations 10% 39% 10% 38% Total 100% 45% 100% 40% The gross margins for both the portable rental operation and the debit operation improved due to a reduction in carrier costs as a result of better line management and lower carrier usage charges. Selling, general and administrative expenses Selling, general and administrative expenses decreased $489,000 (14%), to $3,066,000 for 1997, from $3,554,000 for 1996. As a percentage of revenues, SG&A decreased to 49% for 1997, compared to 52% for 1996. This decrease was due to cost cutting measures implemented by the Company in the latter part of fiscal year 1996. See the previous SG&A discussion for a detailed explanation. Interest Expense Interest expense, net of interest income, was $56,000 for 1997, compared to $132,000 for 1996. Interest expense was mainly due to debt issued in conjunction with the PTCC acquisition in November 1995 and the Summit acquisition in April 1996. Liquidity and Capital Resources: The Company had a working capital deficit of $6,078,000 at September 30, 1997, compared to a deficit of $8,975,000 at December 31, 1996. Stockholders' equity at September 30, 1997 was $4,187,000, compared to $2,857,000 at December 31, 1996. Net cash used in operations for the nine-month period ended September 30, 1997 was $1,123,000. During this period, the Company improved the timeliness of its payments to carriers and other vendors. The Company used a portion of the proceeds from the sale of Units (discussed below) for this purpose. For the nine-month period ended September 30, 1996 the net cash used in operating activities was $3,604,000. This was mainly due to the operating loss for the period. Net cash used in investing activities for the nine-month period ended September 30, 1997 was $243,000. This was mainly attributable to the purchase of portable cellular equipment and accessories as well as the updating of computer equipment. For the nine-month period ended September 30, 1996, the Company focused its investing activities on the purchase of portable and in-car cellular telephone equipment. Financing activities were focused primarily on raising capital to meet the obligations incurred with previously mentioned acquisitions and for working capital. During the nine-month period ended September 30, 1997 the Company raised cash equity of $1,953,000, net of expenses, through the sale of 656,667 Units. These Units were sold as follows, 250,000 Units were sold in January 1997 and 406,667 Units were sold in the August 1997 and September 1997 period. Each Unit consisted of one share of the Company's common stock, and one warrant to purchase an additional share of such common stock. The Units were priced at $3.00 each, and the warrants had an exercise price of $3.00 per share. The Company used a portion of the proceeds to make scheduled payments on various notes payable issued in conjunction with the PTC and Summit acquisitions. The Company also borrowed $949,000 from its former parent, Shared Technologies Fairchild Inc. (STFI). Cash from operations has been sufficient to fund ongoing operations. However, additional funds will be needed to satisfy existing obligations arising from completed acquisitions and prior year losses. Management believes that an additional infusion of cash from debt or equity financing is required. Management does not believe that, at this time, existing operations can generate sufficient cash to sustain operations as well as meet its existing obligations. In order to address its cash needs, on September 19, 1997 the Company signed an engagement letter with an investment banking firm to arrange and underwrite $20 million of senior secured financing. "Safe Harbor" statement under the Private Securities Litigation Reform Act of 1995: The Management's Discussion and Analysis may include forward-looking statements with respect to the Company's future financial performance. These forward-looking statements are subject to various risks and uncertainties that could cause actual results to differ materially from those in any forward- looking statement. Such risks and uncertainties may include, without limitation, technological obsolescence, price and industry competition, financing capabilities, and dependence on major customers and relationships. PART II. OTHER INFORMATION Item 1. Legal Proceedings On July 28, 1997, the Company entered into a settlement agreement to resolve certain litigation with PTC Cellular, Inc. ("PTC") concerning an alleged default by the Company on payments under a promissory note delivered to PTC in connection with the Company's 1995 purchase of certain assets from PTC (the "Note"). Pursuant to the settlement agreement, the Company paid PTC an aggregate on $400,000, representing settlement of the claimed arrearages due under the Note. Thereafter, the Company has agreed to pay future installments under the Note in accordance with the original terms on the Note. The Company is not involved in any litigation which, individually or in the aggregate, if resolved against the Company would be likely to have a materially adverse effect on the Company's financial condition, results of operations, or cash flows. Item 6. Exhibits and Reports on Form 8-K: (a) Exhibit 27 Financial Data Schedule (filed only electronically with the SEC) (b) Reports on Form 8-K None SIGNATURE 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 and thereunto duly authorized. SHARED TECHNOLOGIES CELLULAR, INC. November 14, 1997 By: /s/ Vincent DiVincenzo Vincent DiVincenzo Chief Financial Officer (Chief Accounting Officer and Duly Authorized Officer) EX-27 2 ART. 5 FDS FOR QUARTER END 10-Q WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
5 1000 9-MOS DEC-31-1997 JAN-01-1997 SEPT-30-1997 841 0 2529 681 109 3379 4101 2258 14837 9457 0 0 0 72 4115 14837 19089 19089 10658 10658 8902 0 197 (669) 1 (670) 0 0 0 (670) (0.12) (0.12)
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