-----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, VA6aKSkoZc/zfr3bxAbGAwRLWryvAwsK4c2+jzuRkVrtpvEhCc/eNO+iRD2/MAtt 9yiVEbVlzXiNS5XsDE1cRw== 0000927356-97-001300.txt : 19971114 0000927356-97-001300.hdr.sgml : 19971114 ACCESSION NUMBER: 0000927356-97-001300 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19970930 FILED AS OF DATE: 19971112 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: MEADOW VALLEY CORP CENTRAL INDEX KEY: 0000934749 STANDARD INDUSTRIAL CLASSIFICATION: WATER, SEWER, PIPELINE, COMM AND POWER LINE CONSTRUCTION [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: 97713091 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 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 September 30, 1997 ----------------------------------- 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 October 31, 1997 ----- ------------------------------- Common Stock, $.001 par value 3,601,250 shares MEADOW VALLEY CORPORATION INDEX REPORT ON FORM 10-Q FOR THE QUARTER ENDED SEPTEMBER 30, 1997
PART I. FINANCIAL INFORMATION Page Number ------ Item 1. Financial Statements Condensed Consolidated Statements of Operations - Nine Months Ended September 30, 1997 and September 30, 1996 3 Condensed Consolidated Statements of Operations - Three Months Ended September 30, 1997 and September 30, 1996 4 Condensed Consolidated Balance Sheets - As of September 30, 1997 and December 31, 1996 5 Condensed Consolidated Statements of Cash Flows - Nine Months Ended September 30, 1997 and September 30, 1996 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 12
2 MEADOW VALLEY CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
NINE MONTHS ENDED SEPTEMBER 30, ---------------------------- 1997 1996 ------------ ------------ (UNAUDITED) (UNAUDITED) Contract revenues........................... $ 103,132,598 $ 98,670,783 Cost of contract revenues................... 97,518,432 95,848,306 ------------- ------------ Gross profit................................ 5,614,166 2,822,477 General and administrative expenses......... 3,913,567 2,095,156 ------------- ------------ Income from operations...................... 1,700,599 727,321 ------------- ------------ Other income (expense): Interest income............................. 449,336 492,200 Interest expense............................ (476,286) (433,434) Other income................................ 10,418 70,926 ------------- ------------ (16,532) 129,692 ------------- ------------ Income before income taxes.................. 1,684,067 857,013 Income taxes................................ 650,000 317,095 ------------- ------------ Net income.................................. $ 1,034,067 $ 539,918 ============= ============ Net income per share........................ $ .29 $ .15 ============= ============ Weighted average common shares outstanding.. 3,601,250 3,601,250 ============= ============
3 MEADOW VALLEY CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
THREE MONTHS ENDED SEPTEMBER 30, --------------------------- 1997 1996 ------------ ------------ (UNAUDITED) (UNAUDITED) Contract revenues........................... $ 42,262,154 $37,604,862 Cost of contract revenues................... 39,973,460 36,243,175 ------------ ----------- Gross profit................................ 2,288,694 1,361,687 General and administrative expenses......... 1,435,612 817,833 ------------ ----------- Income from operations...................... 853,082 543,854 ------------ ----------- Other income (expense): Interest income............................. 191,776 180,953 Interest expense............................ (175,272) (167,590) Other income (expense)...................... (5,258) 28,921 ------------ ----------- 11,246 42,284 ------------ ----------- Income before income taxes.................. 864,328 586,138 Income taxes................................ 322,000 216,872 ------------ ----------- Net income.................................. $ 542,328 $ 369,266 ============ =========== Net income per share........................ $ .15 $ .10 ============ =========== Weighted average common shares outstanding.. 3,601,250 3,601,250 ============ ===========
4 MEADOW VALLEY CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS
SEPTEMBER 30, DECEMBER 31, 1997 1996 * --------------- ------------ Assets: (UNAUDITED) Current Assets: Cash and cash equivalents..................................................... $ 3,881,619 $ 1,440,519 Restricted cash............................................................... 1,311,115 1,415,577 Accounts receivable........................................................... 22,524,289 26,861,458 Prepaid expenses and other.................................................... 746,432 836,086 Notes receivable - related party.............................................. 257,575 257,575 Notes receivable - other...................................................... 1,930 1,855 Costs and estimated earnings in excess of billings on uncompleted contracts........................................................ 6,544,053 3,726,328 ------------ ------------ Total Current Assets.................................................. 35,267,013 34,539,398 Property and equipment, net........................................................ 8,728,499 5,278,390 Refundable deposits................................................................ 157,466 247,740 Notes receivable - other........................................................... 209,499 210,602 Goodwill, net...................................................................... 1,760,828 1,820,850 Tradename, net..................................................................... 15,221 24,354 ------------ ------------ Total Assets........................................................... $46,138,526 $42,121,334 ============ ============ Liabilities and Stockholders' Equity: Current Liabilities: Notes payable - related party................................................. $ 500,000 $ 500,000 Notes payable - other......................................................... 548,662 266,220 Obligations under capital leases.............................................. 272,797 254,364 Accounts payable.............................................................. 16,906,622 19,629,807 Accrued liabilities........................................................... 2,144,460 1,777,334 Billings in excess of costs and estimated earnings on uncompleted contracts........................................................ 7,611,993 3,372,853 Income tax payable............................................................ 201,966 - ------------ ------------ Total Current Liabilities.............................................. 28,186,500 25,800,578 Deferred income taxes.............................................................. 12,610 12,610 Notes payable - related party...................................................... 3,000,000 3,000,000 Notes payable - other.............................................................. 1,699,725 987,467 Obligations under capital leases................................................... 528,855 643,910 ------------ ------------ Total Liabilities...................................................... 33,427,690 30,444,565 ------------ ------------ 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, 3,601,250 issued and outstanding ................................ 3,601 3,601 Additional paid-in capital.................................................... 10,943,569 10,943,569 Capital adjustment............................................................ (799,147) (799,147) Retained earnings............................................................. 2,562,813 1,528,746 ------------ ------------ Total Stockholders' Equity............................................. 12,710,836 11,676,769 ------------ ------------ Total Liabilities and Stockholders' Equity............................. $46,138,526 $42,121,334 ============ ============
* Derived from audited financial statements 5 MEADOW VALLEY CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
NINE MONTHS ENDED SEPTEMBER 30, ---------------------------- 1997 1996 ------------- ------------ Increase (Decrease) in Cash and Cash Equivalents: (UNAUDITED) (UNAUDITED) Cash flows from operating activities: Cash received from customers................................ $ 108,860,735 $ 87,478,931 Cash paid to suppliers and employees........................ (103,420,849) (88,660,031) Interest received........................................... 481,873 509,129 Interest paid............................................... (176,476) (145,991) Income taxes paid........................................... (300) (907,212) ------------- ------------- Net cash provided by (used in) operating activities.. 5,744,983 (1,725,174) ------------- ------------- Cash flows from investing activities: Decrease in restricted cash................................. 104,462 741,522 Purchase of AKR Contracting tradename....................... - (36,531) Collection of notes receivable - other...................... 1,028 435 Proceeds from sale of property and equipment................ 181,574 97,008 Proceeds from sale of rental property....................... - 16,866 Purchase of property and equipment.......................... (3,084,171) (1,592,809) ------------- ------------- Net cash used in investing activities................ (2,797,107) (773,509) ------------- ------------- Cash flows from financing activities: Repayment of notes payable - other.......................... (293,448) (70,087) Repayment of capital lease obligations...................... (213,328) (73,460) ------------- ------------- Net cash used in financing activities................ (506,776) (143,547) ------------- ------------- Net increase (decrease) in cash and cash equivalents........... 2,441,100 (2,642,230) Cash and cash equivalents at beginning of period............... 1,440,519 5,357,904 ------------- ------------- Cash and cash equivalents at end of period..................... $ 3,881,619 $ 2,715,674 ============= =============
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), Ready Mix, Inc. (RMI) and Prestressed Products Incorporated (PPI). 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. MVC was acquired by the Company as of October 1, 1994. RMI is a producer and retailer of ready-mix concrete operating in the Las Vegas metropolitan area. PPI manufactures and erects prestressed products primarily in the Southern Nevada area. 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 nine months ended September 30, 1997 are not necessarily indicative of operating results for the entire year. 3. Notes Payable- other: Summary of third quarter additions to Notes payable - other and their balance at September 30, 1997: 6.78% note payable, with monthly payments of $1,707, due 8/27/01 collateralized by equipment................................... $ 70,290 6.60% note payable, with monthly payments of $2,378, due 9/02/01 collateralized by equipment................................... 100,100 9.00% note payable, with monthly payments of $3,290, due 8/08/02 collateralized by equipment................................... 156,389 7.30% note payable, with monthly payments of $4,071, due 7/01/01 collateralized by equipment................................... 159,841 ------- 486,620 Less: current maturities included in current liabilities...... 109,475 ------- $377,145 ======== Following are maturities of long-term debt for each of the next 5 years: 1998..................................................... $109,475 1999..................................................... 116,517 2000..................................................... 124,126 2001..................................................... 104,649 2002..................................................... 31,853 -------- $486,620 ======== 7 MEADOW VALLEY CORPORATION AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) 4. Lines of Credit: At September 30, 1997, the Company had available from a commercial bank a $2,000,000 operating line of credit ("line of credit") at an interest rate of the commercial bank's prime plus .50%, and a $2,000,000 operating line of credit at an interest rate of the commercial bank's prime plus .25%. At September 30, 1997, nothing had been drawn on either of the lines of credit. Under the lines of credit, the Company is required to maintain certain levels of working capital, to promptly pay all its obligations and is precluded from conveying, selling or leasing all or substantially all of its assets. At September 30, 1997, the Company was in full compliance will all such covenants. The lines of credit expire September 15, 1998. 5. Commitments: During the quarter ended September 30, 1997 the Company purchased construction vehicles under capital leases expiring in the year 2002. The assets and liabilities under capital leases are recorded at the lower of the present value of the minimum lease payments or the fair value of the assets. The assets are depreciated over their related lease terms. Minimum future lease payments under the above mentioned capital leases as of September 30, 1997 for each of the next five years and in aggregate are:
Year Ended September 30, 1997 Amount --------------------------------------------- -------- 1998......................................... $ 20,583 1999......................................... 19,454 2000......................................... 18,327 2001......................................... 15,787 2002......................................... 4,542 -------- Total minimum lease payments................. 78,693 Less: Executory costs........................ (2,495) -------- Net minimum lease payments................... 76,198 Less: Amount representing interest........... (13,214) -------- Present value of net minimum lease payments.. $ 62,984 ========
6. Subsequent Events: During October 1997, the Company executed five-year employment agreements with three of its executive officers that provide for an annual salary and various other benefits and incentives. The total commitment, excluding benefits and incentives amount to $1,525,000. 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. RESULTS OF OPERATIONS The following table sets forth, for the nine months and the three months ended September 30, 1997 and 1996, certain items derived from the Company's Condensed Consolidated Statements of Operations expressed as a percentage of contract revenue.
Nine months ended Three months ended September 30, September 30, --------------- --------------- 1997 1996 1997 1996 --------------- --------------- Contract revenue 100.0% 100.0% 100.0% 100.0% Gross profit 5.4 2.9 5.4 3.6 General and administrative expense 3.8 2.1 3.4 2.2 Interest income .4 .4 .4 .4 Interest expense .5 .4 .4 .4 Income before income taxes 1.6 .9 2.0 1.6 Net income after income taxes 1.0 .5 1.3 1.0
NINE MONTHS ENDED SEPTEMBER 30, 1997 COMPARED TO NINE MONTHS ENDED SEPTEMBER 30, 1996 Revenue and Backlog. Revenue for the nine months ended September 30, 1997 ("interim 1997") was $103.1 million compared to $98.7 million for the nine months ended September 30, 1996 ("interim 1996"). The increase in revenue was the result of slight reduction in contract revenue of $3.1 million offset in part by a $7.3 million increase in revenue generated from construction materials production and manufacturing sold to non-affiliates. Backlog increased 41% to approximately $141 million at September 30, 1997, from approximately $100 million at September 30, 1996. Revenue is 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 increased from 2.9% for interim 1996 to 5.4% for interim 1997. The increase in MVC's gross profit margin was the result of lower gross profit margins in interim 1996 due to (i) erratic weather conditions that delayed the completion of a project and (ii) cost overruns. 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. General and administrative expenses increased from $2,095,156 for interim 1996 to $3,913,567 for interim 1997. The increase results primarily from expenses of $1,240,388 associated with the Company's expansion in the Utah market and the Company's wholly-owned ready-mix concrete and 9 precast/prestressed products subsidiaries which commenced operations in early 1997. The remainder of the increase was $337,512 in corporate labor and a variety of costs including costs in excess of $35,000 related to enhancements in the safety plan, $59,000 of expenses related to non-recurring consulting studies and $87,000 related to increased corporate travel. Interest Income and Expense. Interest income for interim 1997 decreased to $449,336 from $492,200 for interim 1996 due to a decrease in cash reserves resulting primarily from the expansion into the production and manufacturing of construction materials and the purchase of construction equipment. Interest expense increased for interim 1997 to $476,286 from $433,434 for interim 1996 due to additional debt incurred related to the purchase of land, crushing, screening and conveying equipment and construction vehicles and equipment. Net Income After Income Taxes. Net income after income taxes was $1,034,067 for interim 1997 as compared to $539,918 for interim 1996. The increase, offset somewhat by increased general and administrative expenses discussed above, resulted from higher interim 1997 gross profit margins. THREE MONTHS ENDED SEPTEMBER 30, 1997 COMPARED TO THREE MONTHS ENDED SEPTEMBER 30, 1996 Revenue and Backlog. Revenue for the three months ended September 30, 1997 ("interim 1997") was $42.3 million compared to $37.6 million for the three months ended September 30, 1996 ("interim 1996"). The slight increase in revenue was the result of a $.6 million increase in contract revenue and a $4.0 million increase in revenue generated from construction materials production and manufacturing sold to non-affiliates. Backlog increased 41% to approximately $141 million at September 30, 1997, from approximately $100 million at September 30, 1996. Revenue is 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 increased from 3.6% for interim 1996 to 5.4% for interim 1997. While enhanced somewhat by the construction materials production and manufacturing gross profit margin, the increase in gross profit margin was primarily the result of MVC's lower gross profit margins in interim 1996 due to (i) erratic weather conditions that delayed the completion of a project and (ii) cost overruns. The 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. General and administrative expenses increased from $817,833 for interim 1996 to $1,435,612 for interim 1997. The increase results primarily from expenses of $584,761 associated with the Company's expansion in the Utah market and the Company's wholly-owned ready-mix concrete and precast/prestressed products subsidiaries which commenced operations in early 1997. Interest Income and Expense. Interest income for interim 1997 increased to $191,776 from $180,953 for interim 1996 due to a increase in cash reserves resulting primarily from increase profit margins. Interest expense increased for interim 1997 to $175,272 from $167,590 for interim 1996 due to additional debt incurred related to the purchase of land, crushing, screening and conveying equipment and construction vehicles and equipment offset, in part, by a decrease in interest expense related to interest bearing retention payables. Net Income After Income Taxes. Net income after income taxes was $542,328 for interim 1997 as compared to $369,266 for interim 1996. The increase, offset somewhat by increased general and administrative expenses discussed above, resulted from higher interim 1997 gross profit margins. 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 address fluctuations in the work-in-process billing cycle. 10 The following table sets forth for the nine months ended September 30, 1997 and 1996, certain items from the condensed consolidated statements of cash flows.
Nine months ended September 30, ---------------------------- 1997 1996 ----------- ----------- Cash Flows Provided by (Used in) Operating Activities $ 5,744,983 $(1,725,174) Cash Flows (Used) in Investing Activities (2,797,107) (773,509) Cash Flows (Used) in Financing Activities (506,776) (143,547)
Although the Company expects increased profitability as operations improve, cash is required to finance expansion, contract retention receivables and accounts receivable. In general, cash flows from projects are negative until a project is approximately 15% complete, then become positive during the middle approximately 70% of the project, and again become negative during the final approximately 15% of the project. Accounts receivable and net billings in excess of costs ("costs") at September 30, 1997, were approximately $21.5 million versus $26.9 million at September 30, 1996 a decrease of 25%. The Company contracts primarily with public sector customers, which it believes significantly reduces exposure to conventional bad debts. Accordingly, based on the Company's history of no material delays in the collection of accounts receivable, no material allowance was established for potentially uncollectible accounts at September 30, 1997. Cash used by investing activities during interim 1997 was approximately $2,800,000, and included the receipt of retentions held in a restricted cash account of approximately $100,000 and proceeds from the sale of property and equipment of approximately $200,000, offset by $3,100,000 in equipment purchases. Cash used by investing activities during interim 1996 was approximately $800,000, and included the receipt of retentions held in a restricted cash account of approximately $700,000 and proceeds from the sale of property and equipment of approximately $100,000, offset by $1,600,000 in equipment purchases. Cash used in financing activities during interim 1997 included approximately $213,000 repayment of capital lease obligations and $293,000 repayment of notes payable. Cash used in financing activities during interim 1996 included approximately $73,000 repayment of capital lease obligations and $70,000 repayment of notes payable. The Company currently has available from a commercial bank a $2,000,000 operating line of credit ("line of credit") at an interest rate of the commercial bank's prime plus .50%, and a $2,000,000 operating line of credit at an interest rate of the commercial bank's prime plus .25%. At September 30, 1997, nothing had been drawn on either of the lines of credit. The Company anticipates financing approximately $500,000 of the $1.4 million already paid in connection with the construction of the existing ready- mix batch plant and building. It is anticipated that a substantial portion of the costs of a planned second ready-mix plant and related equipment will be financed through operating leases and that a second site may not require the purchase of land. Currently, the Company is leasing 40 ready-mix trucks with estimated annual lease payments of $885,000. Management believes that the Company's cash reserves, together with its lines of credit, its capacity to arrange capital and operating leases and its anticipated cash flow from operations, are sufficient to fund its cash requirements for the next 12 months and that the Company's working capital will be adequate to fund its short term and long term requirements. 11 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 September 30, 1997. 12 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/ Gary W. Burnell --------------------------------- Gary W. Burnell Chief Financial Officer By /s/ Julie L. Bergo --------------------------------- Julie L. Bergo Principal Accounting Officer 13 EX-27 2 FINANCIAL DATA SCHEDULE
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM MEADOW VALLEY CORP & SUB AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 9-MOS DEC-31-1997 JAN-01-1997 SEP-30-1997 5,192,734 0 29,325,917 0 0 35,267,013 9,594,170 865,671 46,138,526 28,186,500 6,550,039 0 0 3,601 12,707,235 46,138,526 103,132,598 103,132,598 97,518,432 97,518,432 0 0 476,286 1,684,067 650,000 0 0 0 0 1,034,067 .29 0
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