-----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, NDKGHrx5v6gbBh0ywtovvPrOMYQZrh1QKURUDuYt+JGfVUyuGofiGFQ7b+UGYsEx /AlUbnSCIdse03srsy4Vng== 0000927356-00-000993.txt : 20000523 0000927356-00-000993.hdr.sgml : 20000523 ACCESSION NUMBER: 0000927356-00-000993 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20000331 FILED AS OF DATE: 20000511 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MEADOW VALLEY CORP CENTRAL INDEX KEY: 0000934749 STANDARD INDUSTRIAL CLASSIFICATION: 1623 IRS NUMBER: 880328443 STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 000-25428 FILM NUMBER: 625383 BUSINESS ADDRESS: STREET 1: PO BOX 60726 CITY: PHOENIX STATE: AZ ZIP: 85082 BUSINESS PHONE: 6024375400 MAIL ADDRESS: STREET 1: P O BOX 60726 CITY: PHOENIX STATE: AZ ZIP: 85082 10-Q 1 FIRST QUARTER FORM 10-Q FORM 10-Q SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended March 31, 2000 --------------------------------- Commission File Number 0-25428 ---------------------- MEADOW VALLEY CORPORATION - - -------------------------------------------------------------------------------- (Exact Name of registrant as specified in its charter) NEVADA 88-0328443 - - -------------------------------------------------------------------------------- (State or other Jurisdiction of (I.R.S. Employer Identification Number) incorporation or organization) 4411 South 40th Street, Suite D-11, Phoenix, AZ 85040 - - -------------------------------------------------------------------------------- (Address of principal executive offices) (Zip Code) (602) 437-5400 - - -------------------------------------------------------------------------------- (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 --------- ________ Number of shares outstanding of the issuer=s common stock: Class Outstanding at April 29, 2000 ----- ----------------------------- Common Stock, $.001 par value 3,559,938 shares MEADOW VALLEY CORPORATION INDEX REPORT ON FORM 10-Q FOR THE QUARTER ENDED MARCH 31, 2000
PART I. FINANCIAL INFORMATION Page Number ------ Item 1. Financial Statements Condensed Consolidated Statements of Operations (Unaudited) - Three Months Ended March 31, 2000 and March 31, 1999 3 Condensed Consolidated Balance Sheets - As of March 31, 2000 (Unaudited) and December 31, 1999 4 Condensed Consolidated Statements of Cash Flows (Unaudited) - Three Months Ended March 31, 2000 and March 31, 1999 5-6 Notes to Condensed Consolidated Financial Statements 7-8 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 9-11 PART II. OTHER INFORMATION Item 6. Exhibits and Reports on Form 8-K ` 11
2 MEADOW VALLEY CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS Three Months Ended March 31, ------------------------------------- 2000 1999 ---------------- ---------------- (Unaudited) (Unaudited) Revenue.......................................................... $ 38,589,472 $ 58,274,203 Cost of revenue.................................................. 36,804,642 55,531,017 ---------------- ---------------- Gross profit..................................................... 1,784,830 2,743,186 General and administrative expenses.............................. 1,574,544 1,955,569 ---------------- ---------------- Income from operations........................................... 210,286 787,617 ---------------- ---------------- Other income (expense): Interest income.................................................. 166,117 138,746 Interest expense................................................. (45,534) (52,359) Other income..................................................... 47,175 45,684 ---------------- ---------------- 167,758 132,071 ---------------- ---------------- Income before income taxes....................................... 378,044 919,688 Income taxes..................................................... 150,880 367,876 ---------------- ---------------- Net income....................................................... $ 227,164 $ 551,812 ================ ================ Basic net income per common share................................ $ .06 $ .15 ================ ================ Diluted net income per common share.............................. $ .06 $ .15 ================ ================ Basic weighted average common shares outstanding................. 3,518,018 3,571,250 ================ ================ Diluted weighted average common shares outstanding............... 3,518,018 3,608,009 ================ ================
3 MEADOW VALLEY CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS March 31, December 31, 2000 1999 * ------------------ ----------------- Assets: (Unaudited) Current Assets: Cash and cash equivalents............................................ $ 2,129,010 $ 6,177,489 Restricted cash...................................................... 2,350,266 2,143,507 Accounts receivable, net............................................. 19,392,781 19,256,882 Prepaid expenses and other........................................... 1,254,560 1,193,912 Inventory............................................................ 4,401,972 3,603,517 Costs and estimated earnings in excess of billings on uncompleted contracts......................................................... 9,685,947 8,858,933 ------------------ ----------------- Total Current Assets....................................... 39,214,536 41,234,240 Property and equipment, net............................................... 15,139,544 15,077,673 Refundable deposits....................................................... 308,952 83,680 Goodwill, net............................................................. 1,560,755 1,580,762 Mineral rights, net....................................................... 254,963 255,168 Net assets of discontinued operations..................................... - 193,838 ------------------ ----------------- Total Assets.............................................. $ 56,478,750 $ 58,425,361 ================== ================= Liabilities and Stockholders' Equity: Current Liabilities: Notes payable - other................................................ $ 1,228,107 $ 1,304,092 Obligations under capital leases..................................... 1,083,011 1,114,722 Accounts payable..................................................... 19,027,871 20,807,792 Accrued liabilities.................................................. 2,513,334 3,387,320 Billings in excess of costs and estimated earnings on uncompleted contracts......................................................... 9,595,245 8,453,153 ------------------ ----------------- Total Current Liabilities................................. 33,447,568 35,067,079 Deferred income taxes..................................................... 1,423,825 1,423,825 Obligations under capital leases.......................................... 4,125,565 4,410,854 Notes payable - other..................................................... 2,441,804 2,710,780 ------------------ ----------------- Total Liabilities.......................................... 41,438,762 43,612,538 ------------------ ----------------- Stockholders' Equity: Preferred stock - $.001 par value; 1,000,000 shares authorized, none issued and outstanding............................................ - - Common stock - $.001 par value; 15,000,000 shares authorized, 3,559,938 and 3,501,250 issued and outstanding.................... 3,601 3,601 Additional paid-in capital........................................... 10,943,569 10,943,569 Capital adjustments.................................................. (799,147) (799,147) Retained earnings.................................................... 4,891,965 4,664,800 ------------------ ----------------- Total Stockholders' Equity................................. 15,039,988 14,812,823 ------------------ ----------------- Total Liabilities and Stockholders' Equity................. $ 56,478,750 $ 58,425,361 ================== ================= *Derived from audited financial statements
4 MEADOW VALLEY CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Three Months Ended March 31, --------------------------------------------- 2000 1999 ----------------- ----------------- Increase (Decrease) in Cash and Cash Equivalents: (Unaudited) (Unaudited) Cash flows from operating activities: Cash received from customers.............................. $ 38,760,868 $ 49,418,926 Cash paid to suppliers and employees...................... (41,283,614) (55,102,130) Interest received......................................... 154,132 157,563 Interest paid............................................. (45,534) (78,386) Income taxes paid......................................... (200,335) (119,584) ----------------- ----------------- Net cash used in operating activities................ (2,614,483) (5,723,611) ----------------- ----------------- Cash flows from investing activities: Increase in restricted cash............................... (206,759) (373,753) Collection of note receivable - other..................... - 461 Proceeds from sale of property and equipment.............. 136,098 91,428 Purchase of property and equipment........................ (701,375) (569,760) Decrease in net assets of discontinued operations......... - 297,717 Purchase of treasury stock held for funding employer retirement plan contributions........................... - (451,754) ----------------- ----------------- Net cash used in investing activities................ (772,036) (1,005,661) ----------------- ----------------- Cash flows from financing activities: Repayment of notes payable - other........................ (344,961) (301,664) Repayment of note payable - related party................. - (1,000,000) Repayment of capital lease obligations.................... (316,999) (219,143) ----------------- ----------------- Net cash used in financing activities................ (661,960) (1,520,807) ----------------- ----------------- Net decrease in cash and cash equivalents...................... (4,048,479) (8,250,079) Cash and cash equivalents at beginning of period............... 6,177,489 10,993,025 ----------------- ----------------- Cash and cash equivalents at end of period..................... $ 2,129,010 $ 2,742,946 ================= =================
5 MEADOW VALLEY CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)
Three Months Ended March 31, ------------------------------------------- 2000 1999 ---------------- ---------------- Increase (Decrease) in Cash and Cash Equivalents (Unaudited) (Unaudited) (Continued): Reconciliation of Net Income to Net Cash Used in Operating Activities: Net income........................................... $ 227,164 $ 551,812 Adjustments to reconcile net income to net cash used in operating activities: Depreciation and amortization................... 590,561 507,784 Gain on sale of property and equipment.......... (66,943) (39,005) Changes in Assets and Liabilities: Accounts receivable, net........................ (123,914) (10,092,147) Prepaid expenses and other...................... 182,645 (331,353) Costs and estimated earnings in excess of billings on uncompleted contracts.............. (827,014) 774,040 Inventory....................................... (798,455) - Refundable deposits............................. (225,272) (23,957) Interest payable................................ - (26,027) Accounts payable................................ (1,779,921) 3,007,664 Accrued liabilities............................. (873,986) (775,682) Billings in excess of costs and estimated earnings on uncompleted contracts.............. 1,142,092 456,151 Interest receivable............................. (11,985) 18,817 Income tax receivable........................... (49,455) 248,292 ---------------- ---------------- Net cash used in operating activities...... $ (2,614,483) $ (5,723,611) ================ ================
6 MEADOW VALLEY CORPORATION AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 1. Nature of Corporation: Meadow Valley Corporation (the "Company") was organized under the laws of the State of Nevada on September 15, 1994. The principal business purpose of the Company is to operate as the holding Company of Meadow Valley Contractors, Inc. (MVC) and Ready Mix, Inc. (RMI). MVC is a general contractor, primarily engaged in the construction of structural concrete highway bridges and overpasses, and the paving of highways and airport runways in the states of Nevada, Arizona, Utah and New Mexico. RMI is a producer and retailer of ready- mix concrete operating in the Las Vegas metropolitan area. Formed by the Company, RMI commenced operations in 1997. 2. Presentation of Interim Information: The amounts included in this report are unaudited; however, in the opinion of management, all adjustments necessary for a fair statement of results for the stated periods have been included. These adjustments are of a normal recurring nature. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted. It is suggested that these condensed consolidated financial statements be read in conjunction with the audited financial statements and notes thereto included in the Company's Annual Form 10- K under the Securities Exchange Act of 1934 as filed with the Securities and Exchange Commission. The results of operations for the three months ended March 31, 2000 are not necessarily indicative of operating results for the entire year. 3. Revenue and Cost Recognition: Revenues and costs from fixed-price and modified fixed-price construction contracts are recognized for each contract on the percentage-of-completion method, measured by the percentage of costs incurred to date to the estimated total of direct costs. Direct costs include, among other things, direct labor, field labor, equipment rent, subcontracting, direct materials, and direct overhead. General and administrative expenses are accounted for as period costs and are, therefore, not included in the calculation of the estimates to complete construction contracts in progress. Project losses are provided in the period in which such losses are determined, without reference to the percentage-of- completion. As contracts can extend over one or more accounting periods, revisions in costs and earnings estimated during the course of the work are reflected during the accounting period in which the facts that required such revisions become known. Claims for additional contract revenue are recognized only to the extent that contract costs relating to the claim have been incurred and evidence provides a legal basis for the claim. At March 31, 2000, revenue and costs in the amount of $5,773,957 were recorded related to claims. The estimated total claims that have been filed or will be filed exceed $21,000,000 at March 31, 2000. 4. Line of Credit: At March 31, 2000, the Company had available from a financial institution a $5,000,000 operating line of credit ("line of credit") at an interest rate of 9.5%, Chase Manhattan Bank's prime, plus .50%. At March 31, 2000, nothing had been drawn on the line of credit. 5. Discontinued Operations: In June 1998, the Company adopted a formal plan (the "plan") to discontinue the operations of Prestressed Products Incorporated ("PPI"). The plan included the completion of approximately $2.8 million of uncompleted contracts and the disposition of approximately $1.2 million of equipment. The Company recorded an estimated loss of $1,950,000 (net of income tax benefit of $1,300,000), related to the disposal of assets for PPI, which included a provision of $1,350,000 for estimated operating losses during the phase-out period. As of March 31, 2000, the discontinuance of operations was complete. 7 MEADOW VALLEY CORPORATION AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued) 5. Discontinued Operations (continued): The accompanying consolidated balance sheets as of March 31, 2000 and December 31, 1999, have been restated to reflect the net liabilities and the estimated loss as a single amount as follows: March 31, December 31, 2000 1999 --------- ------------ Current assets.......................... $ - $ 653,668 Non-current assets...................... - - Liabilities............................. - (242,113) --------- ------------ Net assets.......................... - 411,555 Estimated loss on disposition........... - (217,717) --------- ------------ Net assets of discontinued operations... $ - $ 193,838 ========= ============ 6. Commitments: During the three months ended March 31, 2000, the Company entered into two operating lease agreements expiring in March 2005 and 2006. Minimum future rental payments under the non-cancelable operating leases having remaining terms in excess of one year as of March 31, 2000 for each of the next five years in aggregate are: March 31, --------------- 2001................ $ 957,995 2002................ 957,995 2003................ 957,995 2004................ 957,995 2005................ 957,995 Subsequent to 2005.. 556,289 --------------- $ 5,346,264 =============== 7. Subsequent Events: During April 2000, the Company financed the purchase of equipment in the amount of $73,056. The note payable has an interest rate of 6.69%, with monthly principal payments of $2,825, plus interest, due August 3, 2002. During April 2000, the Company financed the purchase of equipment in the amount of $163,556. The capital lease obligation has an interest rate of 9.00%, with monthly principal payments of $2,272, plus interest, due March 18, 2006. During April 2000, the Company financed the purchase of equipment in the amount of $296,716. The capital lease obligation has an interest rate of 9.00%, with monthly principal payments of $4,121, plus interest, due March 18, 2006. 8 Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS General The following is management's discussion and analysis of certain significant factors affecting the Company's financial position and operating results during the periods included in the accompanying condensed consolidated financial statements. Except for the historical information contained herein, the matters set forth in this report are forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially. The Company disclaims any intent or obligation to update these forward-looking statements. The Company continues to expand its construction materials processing operations within its geographic area. During April 2000, the Company financed 16 mixer trucks and equipment for three crushing plants totaling $5.4 million. The Company anticipates financing an additional 36 mixer trucks with an estimated cost of $4.3 million and three concrete batch plants and related equipment with an estimated cost of $1.5 million. The Company's backlog (anticipated revenue from the uncompleted portions of awarded projects) was approximately $98.0 million at March 31, 2000, compared to approximately $172.0 million at March 31, 1999. At March 31, 2000, the Company's backlog included approximately $73.4 million of work that is scheduled for completion during 2000. Accordingly, revenue in 2000 and 2001 will be significantly reduced if the Company is unable to obtain substantial new projects during 2000. During the three months ended March 31, 2000, the Company obtained new projects totaling $24.3 million. Revenue on uncompleted fixed price contracts is recorded under the percentage-of-completion method of accounting. The Company begins to recognize revenue on its contracts when it first accrues direct costs. Contracts often involve work periods in excess of one year and revisions in cost and profit estimates during construction are reflected in the accounting period in which the facts that require the revision become known. Losses on contracts, if any, are provided in total when determined, regardless of the percent complete. Claims for additional contract revenue are recognized only to the extent that contract costs relating to the claim have been incurred and evidence provides a legal basis for the claim. At March 31, 2000, revenue and costs in the amount of $5.8 million were recorded related to claims. The estimated total claims that have been filed or will be filed exceed $21.0 million. If the Company is not successful in obtaining any portion of the $5.8 million in claim settlement revenue, there would be a reduction in earnings. Results of Operations The following table sets forth, for the three months ended March 31, 2000 and 1999, certain items derived from the Company's Condensed Consolidated Statements of Operations expressed as a percentage of revenue. Three months ended March 31, ----------------------- 2000 1999 ------------ ---------- Revenue............................................... 100.0% 100.0% Gross profit.......................................... 4.6 4.7 General and administrative expenses................... 4.0 3.4 Interest income....................................... .4 .2 Interest expense...................................... .1 .1 Other income.......................................... .1 .1 Income before income taxes............................ 1.0 1.5 Income taxes.......................................... .4 .6 Net income............................................ .6 .9 9 Three Months Ended March 31, 2000 Compared to Three Months Ended March 31, 1999 Revenue and Backlog. Revenue for the three months ended March 31, 2000 ("interim 2000") was $38.6 million compared to $58.3 million for the three months ended March 31, 1999 ("interim 1999"). The decrease in revenue was the result of a $19.5 million decrease in contract revenue and a $.2 million decrease in revenue generated from construction materials production and manufacturing sold to non-affiliates. Backlog decreased 43% to approximately $98 million at March 31, 2000 from approximately $172 million at March 31, 1999. Revenue may be impacted in any one period by the backlog at the beginning of the period. Gross Profit. As a percentage of revenue, consolidated gross profit margin decreased from 4.7% for interim 1999 to 4.6% for interim 2000. The decrease in MVC's gross profit margin was the result of cost overruns on certain projects offset, in part, by increased profit recognition related to several projects nearing completion at March 31, 2000. Gross profit margins are affected by a variety of factors including construction delays and difficulties due to weather conditions, availability of materials, the timing of work performed by other subcontractors and the physical and geological condition of the construction site. General and Administrative Expenses. General and administrative expenses decreased to 1,574,544 for interim 2000 from $1,955,569 for interim 1999. The decrease resulted primarily from costs related to various employee incentive plans amounting to $383,671. Interest Income and Expense. Interest income for interim 2000 increased to $166,117 from $138,746 in interim 1999 due to an increase in interest bearing retention receivables. Interest expense decreased in interim 2000 to $45,534 from $52,359, due primarily to a $1,000,000 reduction in related party debt at the beginning of interim 1999. Net Income After Income Taxes. Net income after income taxes was $227,164 in interim 2000 as compared to $551,812 for interim 1999. The decrease resulted from lower revenues along with decreased gross profit margins, offset, in part, by higher interest income, lower interest expense and a decrease in general and administrative expenses. Liquidity and Capital Resources The Company's primary need for capital has been to finance expansion and capital expenditures. Historically, the Company's primary source of cash has been from operations. Revenue growth has required additional capital to finance expanded receivables, retentions and capital expenditures and to address fluctuations in the work-in-process billing cycle. The following table sets forth for the three months ended March 31, 2000 and 1999, certain items from the condensed consolidated statements of cash flows. Three months ended March 31, -------------------------- 2000 1999 ------------ ------------ Cash Flows Used in Operating Activities............. $ (2,614,483) $ (5,723,611) Cash Flows Used in Investing Activities............. (772,036) (1,005,661) Cash Flows Used in Financing Activities............. (661,960) (1,520,807) Although the Company may experience increased profitability as operations increase, cash may be reduced to finance receivables and for customer cash retention required under contracts subject to completion. Management continually monitors the Company's cash requirements to maintain adequate cash reserves. The Company is currently experiencing a decline in its backlog and several larger projects are nearing final stages of completion, resulting in a significant decline in the Company's cash reserves. It is not unusual for cash flows from construction projects nearing the final stages of completion to have negative cash flows. Accordingly, the Company has taken measures to secure a $5.0 million operating line of credit, an increase of $3.0 million over the previous operating line, and has received a verbal commitment for an additional $2.0 million. The Company believes the $7.0 million in available funding, together with the Company's historical ability to acquire new work may be sufficient to meet the Company's cash requirements for the next twelve months. 10 Cash used in operating activities during interim 2000 amounted to $2.6 million, primarily the result of a decrease in accounts payable of $1.8 million, a decrease in accrued liabilities of $.9 million, an increase in inventory of $.8 million, an increase in refundable deposits of $.2 million and an increase in accounts receivable of $.1 million, offset, in part, by net income of $.2 million, depreciation and amortization of $.6 million, a decrease in net billings in excess of costs of $.3 million and a decrease in prepaid expenses and other of $.2 million. Cash used in operating activities during interim 1999 amounted to $5.7 million, primarily the result of an increase in accounts receivable of $10.1 million, an increase in prepaid expenses and other of $.3 million and a decrease in accrued liabilities of $.8 million, offset, in part, by net income of $.6 million, depreciation and amortization of $.5 million, an increase in accounts payable of $3.0 million, an increase in net billings in excess of costs of $1.2 million and a $.2 million decrease in income tax receivable. Cash used in investing activities during interim 2000 amounted to $.8 million related primarily to the purchase of property and equipment of $.7 million and an increase in restricted cash of $.2 million, offset by proceeds from the sale of property and equipment in the amount of $.1 million. Cash used in investing activities during interim 1999 amounted to $1.0 million related primarily to the purchase of property and equipment of $.6 million, an increase in restricted cash of $.4 million and the purchase of treasury stock held for funding employer retirement plan contributions of $.4 million, offset by a decrease in net assets of discontinued operations of $.3 million and proceeds from the sale of property and equipment in the amount of $.1 million. Cash used in financing activities during interim 2000 amounted to $.7 million related to the repayment of notes payable and capital lease obligations. Cash used in financing activities during interim 1999 amounted to $1.5 million including $1.0 million repayment of a loan from a related party and repayments of notes payable and capital lease obligations in the amount of $.5 million. The aforementioned note payable-related party was due to a principal shareholder of the Company, the Richard C. Lewis Family Revocable Trust I. At March 31, 2000, the Company had available from a financial institution a $5,000,000 operating line of credit ("line of credit") at an interest rate of 9.5%, Chase Manhattan Bank's prime, plus .50%. At March 31, 2000, nothing had been drawn on the line of credit. During April 2000, the Company financed 16 mixer trucks and equipment for three crushing plants totaling $5,600,000. The Company anticipates financing an additional 41 mixer trucks with an estimated cost of $4,920,000 and three concrete batch plants and related equipment with an estimated cot of $1,500,000. PART II. OTHER INFORMATION Item 6. Exhibits and Reports on Form 8-K (b) Reports on Form 8-K The Company did not file any reports on Form 8-K during the three months ended March 31, 2000. 11 SIGNATURE Pursuant to the requirements of the Securities Exchange Act as of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. MEADOW VALLEY CORPORATION (Registrant) By /s/ Bradley E. Larson ------------------------------------- Bradley E. Larson President and Chief Executive Officer By /s/ Julie L. Bergo ------------------------------------- Julie L. Bergo Principal Accounting Officer 12 EX-27 2 FINANCIAL DATA SCHEDULE
5 3-MOS DEC-31-2000 JAN-01-2000 MAR-31-2000 4,479,276 0 29,198,102 119,374 4,401,972 39,214,536 15,709,893 570,349 56,478,750 33,447,568 8,878,487 3,601 0 0 15,036,387 56,478,750 38,589,472 38,589,472 36,804,642 36,804,642 0 0 45,534 378,044 150,880 227,164 0 0 0 227,164 .06 .06
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