-----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, HW9O3vpuI4V7BDMVWVBneYIYbJClUi7wEJKl1rIvFdaaP2NVkoT49oJo07i5u8R2 wsS/I9xe7jPlAiTb1m4Ozg== 0000950124-97-004341.txt : 19970815 0000950124-97-004341.hdr.sgml : 19970815 ACCESSION NUMBER: 0000950124-97-004341 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19970630 FILED AS OF DATE: 19970814 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: TECUMSEH PRODUCTS CO CENTRAL INDEX KEY: 0000096831 STANDARD INDUSTRIAL CLASSIFICATION: AIR COND & WARM AIR HEATING EQUIP & COMM & INDL REFRIG EQUIP [3585] IRS NUMBER: 381093240 STATE OF INCORPORATION: MI FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-00452 FILM NUMBER: 97661895 BUSINESS ADDRESS: STREET 1: 100 E PATTERSON ST CITY: TECUMSEH STATE: MI ZIP: 49286 BUSINESS PHONE: 5174238411 MAIL ADDRESS: STREET 1: 100 EAST PATTERSON STREET CITY: TECUMSEH STATE: MI ZIP: 49286 10-Q 1 FORM 10-Q 1 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q [X] QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT of 1934 For the quarterly period ended June 30, 1997 OR [ ] TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT of 1934 For the transition period from to ------ ------ COMMISSION FILE NUMBER: 0-452 TECUMSEH PRODUCTS COMPANY (Exact name of registrant as specified in its charter) MICHIGAN 38-1093240 (State of Incorporation) (IRS Employer Identification Number) 100 EAST PATTERSON STREET TECUMSEH, MICHIGAN 49286 (Address of Principal Executive Offices) Telephone Number: (517) 423-8411 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 [ ] Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date. Class of Stock Outstanding at July 31, 1997 - ------------------------------------------------------------------------------- Class B Common Stock, $1.00 par value 5,470,146 Class A Common Stock, $1.00 par value 16,410,438 2 TECUMSEH PRODUCTS COMPANY AND SUBSIDIARIES PART I. FINANCIAL INFORMATION - ITEM 1 CONSOLIDATED CONDENSED BALANCE SHEETS (Unaudited and subject to year end adjustments)
(Dollars in millions) JUNE 30, December 31, 1997 1996 ================================================================================================================= ASSETS CURRENT ASSETS: Cash and cash equivalents $ 265.3 $ 277.7 Accounts receivable, trade, less allowance for doubtful accounts of $6.7 million in 1997 and 1996 277.6 204.5 Inventories 264.4 275.2 Deferred income taxes 36.0 36.6 Other current assets 7.5 10.4 - ------------------------------------------------------------------------------------------------------------- TOTAL CURRENT ASSETS 850.8 804.4 PROPERTY, PLANT AND EQUIPMENT, at cost, net of accumulated depreciation of $454.0 million in 1997 and $448.3 million in 1996 542.7 529.1 EXCESS OF COST OVER ACQUIRED NET ASSETS 49.0 56.0 DEFERRED INCOME TAXES 12.0 13.6 PREPAID PENSION EXPENSE 52.6 46.7 OTHER ASSETS 43.5 22.8 - ------------------------------------------------------------------------------------------------------------- TOTAL ASSETS $ 1,550.6 $ 1,472.6 ============================================================================================================= LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Accounts payable, trade $ 137.9 $ 114.3 Income taxes payable 8.1 0.1 Short-term borrowings 4.8 19.8 Accrued liabilities 135.6 120.5 - ------------------------------------------------------------------------------------------------------------- TOTAL CURRENT LIABILITIES 286.4 254.7 LONG-TERM DEBT 23.4 14.4 NON-PENSION POSTRETIREMENT BENEFITS 181.0 178.4 PRODUCT WARRANTY AND SELF-INSURED RISKS 32.0 30.2 ACCRUAL FOR ENVIRONMENTAL MATTERS 32.4 33.0 PENSION LIABILITIES 13.5 14.4 - ------------------------------------------------------------------------------------------------------------- TOTAL LIABILITIES 568.7 525.1 - ------------------------------------------------------------------------------------------------------------- STOCKHOLDERS' EQUITY: Class A common stock, $1 par value; authorized 75,000,000 shares; issued and outstanding 16,410,438 shares 16.4 16.4 Class B common stock, $1 par value; authorized 25,000,000 shares; issued and outstanding 5,470,146 shares 5.5 5.5 Capital in excess of par value 29.9 29.9 Retained earnings 934.1 883.8 Foreign currency translation adjustment (4.0) 11.9 - ------------------------------------------------------------------------------------------------------------- TOTAL STOCKHOLDERS' EQUITY 981.9 947.5 - ------------------------------------------------------------------------------------------------------------- TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 1,550.6 $ 1,472.6 =============================================================================================================
The accompanying notes are an integral part of these statements. Page 2 3 TECUMSEH PRODUCTS COMPANY AND SUBSIDIARIES PART I. FINANCIAL INFORMATION - ITEM 1 CONSOLIDATED CONDENSED STATEMENTS OF INCOME (Unaudited and subject to year end adjustments)
(Dollars in millions Three Months Ended Six Months Ended except per share amounts) June 30, June 30, ------------------- ------------------ 1997 1996 1997 1996 =============================================================================== NET SALES $480.6 $490.9 $960.2 $987.1 COSTS AND EXPENSES Cost of sales and operating expense 408.1 414.6 815.4 840.9 Selling and administrative expense 25.2 25.4 52.2 50.3 - ------------------------------------------------------------------------------ OPERATING INCOME 47.3 50.9 92.6 95.9 OTHER INCOME (EXPENSE) Interest expense (1.5) (1.7) (2.9) (3.6) Interest income and other, net 4.4 4.6 9.3 9.7 - ------------------------------------------------------------------------------ INCOME BEFORE TAXES ON INCOME 50.2 53.8 99.0 102.0 - ------------------------------------------------------------------------------ Taxes on income 18.4 19.9 35.7 37.1 - ------------------------------------------------------------------------------ NET INCOME $ 31.8 $ 33.9 $ 63.3 $ 64.9 ============================================================================== NET INCOME PER SHARE $ 1.45 $ 1.55 $ 2.89 $ 2.97 ============================================================================== CASH DIVIDENDS DECLARED PER SHARE $ 0.30 $ 0.26 $ 0.60 $ 0.52 ==============================================================================
The accompanying notes are an integral part of these statements. Page 3 4 TECUMSEH PRODUCTS COMPANY AND SUBSIDIARIES PART I. FINANCIAL INFORMATION - ITEM 1 CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (Unaudited and subject to year end adjustments)
Six Months Ended (Dollars in millions) June 30, ------------------ 1997 1996 ============================================================================== CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 63.3 $ 64.9 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 34.8 31.8 Accounts receivable (79.0) (77.4) Inventories 5.8 9.6 Payables and accrued expenses 55.6 36.4 Other 3.5 (2.4) - ----------------------------------------------------------------------------- CASH PROVIDED BY OPERATIONS 84.0 62.9 - ----------------------------------------------------------------------------- CASH FLOWS FROM INVESTING ACTIVITIES: Capital expenditures (51.9) (59.8) Business acquisition, net of cash acquired (20.4) -- - ----------------------------------------------------------------------------- CASH USED IN INVESTING ACTIVITIES (72.3) (59.8) - ----------------------------------------------------------------------------- CASH FLOWS FROM FINANCING ACTIVITIES: Dividends paid (13.1) (11.4) Decrease in borrowings, net (4.2) (5.6) - ----------------------------------------------------------------------------- CASH USED IN FINANCING ACTIVITIES (17.3) (17.0) - ----------------------------------------------------------------------------- EFFECT OF EXCHANGE RATE CHANGES ON CASH (6.8) (2.8) - ----------------------------------------------------------------------------- DECREASE IN CASH AND CASH EQUIVALENTS (12.4) (16.7) CASH AND CASH EQUIVALENTS: BEGINNING OF PERIOD 277.7 261.6 - ----------------------------------------------------------------------------- END OF PERIOD $265.3 $244.9 =============================================================================
The accompanying notes are an integral part of these statements. Page 4 5 TECUMSEH PRODUCTS COMPANY AND SUBSIDIARIES PART I. FINANCIAL INFORMATION - ITEM 1 NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS 1. The condensed consolidated financial statements are unaudited and reflect all adjustments (consisting only of normal recurring adjustments) which are, in the opinion of management, necessary for a fair presentation of the financial position and operating results for the interim periods. The December 31, 1996 condensed balance sheet data was derived from audited financial statements, but does not include all disclosures required by generally accepted accounting principles. The condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto contained in the Company's Annual Report for the fiscal year ended December 31, 1996. Due to the seasonal nature of the Company's business, the results of operations for the interim period are not necessarily indicative of the results for the entire fiscal year. The financial data required in this Form 10-Q by Rule 10.01 of Regulation S-X have been reviewed by Ciulla, Smith & Dale, LLP, the Company's independent certified public accountants, as described in their report contained elsewhere herein. 2. Inventories consisted of:
(Dollars in Millions) JUNE 30, December 31, 1997 1996 ============================================================== Raw material and work in process $ 154.6 $ 155.1 Finished goods 89.8 101.4 Supplies 20.0 18.7 -------------------------------------------------------------- $ 264.4 $ 275.2 ==============================================================
3. The Company has been named by the EPA as a potentially responsible party in connection with the Sheboygan River and Harbor Superfund Site in Wisconsin. At June 30, 1997, the Company had an accrual of $29.8 million ($30.1 million at December 31, 1996) for estimated costs associated with the cleanup of certain polychlorinated biphenyl (PCB) contamination at this Superfund Site. The Company has based the estimated cost of cleanup on ongoing engineering studies, including samples taken in the Sheboygan River, and on assumptions as to the nature, extent and areas that will have to be remediated. Significant assumptions underlying the estimated costs are that remediation will involve innovative technologies, including (but not limited to) bioremediation near the Company's plant site and along the upper river, and only natural armoring and bioremediation in the lower river and harbor. The EPA has indicated it expects to issue a record of decision on the cleanup of the Sheboygan River and Harbor Site by mid 1998, but the ultimate resolution of the matter may take much longer. The ultimate costs to the Company will be dependent upon factors beyond its control. These factors include the scope and methodology of the remedial action requirements to be established by the EPA (in consultation with the Wisconsin Department of Natural Resources (WDNR)), rapidly changing technology, and the outcome of any related litigation. Page 5 6 TECUMSEH PRODUCTS COMPANY AND SUBSIDIARIES PART I. FINANCIAL INFORMATION - ITEM 1 NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS, CONTINUED The Company, in cooperation with the WDNR, is conducting an investigation of soil and groundwater contamination at the Company's Grafton, Wisconsin plant. Certain test procedures are underway to assess the extent of contamination and to develop remedial options for the site. While the Company has provided for estimated investigation and on-site remediation costs, the extent and timing of future off-site remediation requirements, if any, are not presently determinable. The WDNR has requested that the Company and other interested parties join it in a cooperative effort to clean up PCB contamination in the watershed of the south branch of the Manitowoc River, downstream of the Company's New Holstein, Wisconsin facility. The Company has cooperated to date with the WDNR in investigating the scope and range of the contamination. The WDNR has not identified the parties it believes are responsible for such contamination. The Company has provided for preliminary investigation expenses. Although participation in a cooperative remediation effort is under consideration, it is not possible at this time to reasonably estimate the cost of any such participation. In addition to the above mentioned sites, the Company is also currently participating with the EPA and various state agencies at certain other sites to determine the nature and extent of any remedial action which may be necessary with regard to such other sites. Based on limited preliminary data and other information currently available, the Company has no reason to believe that the level of expenditures for potential remedial action necessary at these other sites will have a material effect on its financial position. 4. Various lawsuits and claims, including those involving ordinary routine litigation incidental to its business, to which the Company is a party, are pending, or have been asserted, against the Company. Although the outcome of these matters cannot be predicted with certainty, and some may be disposed of unfavorably to the Company, management has no reason to believe that their disposition will have a materially adverse effect on the consolidated financial position of the Company. Page 6 7 August 11, 1997 INDEPENDENT ACCOUNTANTS' REPORT Tecumseh Products Company Tecumseh, Michigan We have reviewed the consolidated condensed balance sheet of Tecumseh Products Company and Subsidiaries as of June 30, 1997, and the related consolidated condensed statements of income and cash flows for the three months and six months ended June 30, 1997 and 1996. These financial statements are the responsibility of the Company's management. We have conducted our review in accordance with standards established by the American Institute of Certified Public Accountants. A review of interim financial information consists principally of applying analytical procedures to financial data and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with generally accepted auditing standards, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion. Based on our review, we are not aware of any material modifications that should be made to the consolidated condensed financial statements referred to above for them to be in conformity with generally accepted accounting principles. We have previously audited, in accordance with generally accepted auditing standards, the consolidated balance sheet as of December 31, 1996, and the related consolidated statements of income, stockholders' equity, and cash flows for the year then ended (not presented herein); and in our report dated February 18, 1997, we expressed an unqualified opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanying consolidated condensed balance sheet as of December 31, 1996, is fairly stated in all material respects in relation to the consolidated balance sheet from which it has been derived. CIULLA, SMITH & DALE, LLP Certified Public Accountants Southfield, Michigan Page 7 8 TECUMSEH PRODUCTS COMPANY AND SUBSIDIARIES PART I. FINANCIAL INFORMATION -- ITEM 2 MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS AND FINANCIAL CONDITION RESULTS OF OPERATIONS Sales of $480.6 million for the second quarter of 1997 were 2% lower than the same period in 1996. Second quarter consolidated earnings of $31.8 million, or $1.45 per share, were 6% lower than 1996 second quarter earnings of $33.9 million. The earnings decrease was primarily due to lower profitability in the Company's Brazilian compressor operations and start-up costs at the new engine production facility in Georgia. First half sales of $960.2 million and net income of $63.3 million, or $2.89 per share, each decreased 3% as compared to the first half results of 1996. Decreased demand for room air conditioning in the U.S. and lagging sales in European markets were the major contributors to the first half sales decline. The following table presents results by business segments:
Three Months Ended Six Months Ended (Dollars in millions) June 30, June 30, -------------------- ----------------- 1997 1996 1997 1996 ========================================================================== NET SALES: Compressor Products $ 301.7 $ 318.9 $ 580.6 $ 631.6 Engine and Power Train Products 150.0 146.3 319.6 300.6 Pump Products 28.9 25.7 60.0 54.9 - --------------------------------------------------------------------------- TOTAL NET SALES $ 480.6 $490.9 $ 960.2 $987.1 =========================================================================== OPERATING INCOME: Compressor Products $ 32.4 $ 33.4 $ 59.1 $ 59.4 Engine and Power Train Products 14.0 16.2 31.1 33.4 Pump Products 3.7 3.7 7.6 8.0 Corporate Expenses (2.8) (2.4) (5.2) (4.9) - --------------------------------------------------------------------------- TOTAL OPERATING INCOME 47.3 50.9 92.6 95.9 Interest expense (1.5) (1.7) (2.9) (3.6) Interest income and other, net 4.4 4.6 9.3 9.7 - --------------------------------------------------------------------------- INCOME BEFORE TAXES ON INCOME $ 50.2 $ 53.8 $ 99.0 $102.0 ===========================================================================
NOTE: Certain amounts previously reported have been reclassified to conform with the current presentation. Page 8 9 TECUMSEH PRODUCTS COMPANY AND SUBSIDIARIES PART I. FINANCIAL INFORMATION -- ITEM 2 MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS AND FINANCIAL CONDITION, CONTINUED Compressor Products Worldwide Compressor Products sales for the second quarter decreased 5% to $301.7 million as compared to $318.9 million in 1996. First half sales of $580.6 million decreased 8% as compared to the first half of 1996. The primary contributor to both the second quarter and first half sales decline was continued weak demand in the U.S. room air conditioning market after last summer's unseasonably cool weather. Second quarter Compressor Products operating margins improved to 10.7% in 1997 versus 10.5% in 1996. Year-to-date operating margins were 10.2% versus 9.4%. Margin improvements from cost cutting measures in North American and European operations were offset by lower Brazilian profitability resulting from weak local demand for refrigerators. Engine and Power Train Products Worldwide Engine and Power Train Products sales for the second quarter increased 3% to $150.0 million, as compared to $146.3 million in 1996. Sales gains in the North American lawn and garden market were partially offset by comparatively lower snow engine sales following exceptionally strong sales in 1996. Sales for the first half of 1997 were $319.6 million, a 6% increase over the first half of 1996 as a result of stronger sales in the North American lawn and garden market. Operating margins for the second quarter of 1997 decreased to 9.3% as compared to 11.1% during the same period in 1996 due to volume reductions of higher margin snow product coupled with start-up costs at the new engine production facility in Georgia. These same factors contributed to decreased first half margins of 9.7% as compared to 11.1% for the first half of 1996. Pump Products Pump Products sales for the second quarter of 1997 increased 12% to $28.9 million. First half sales of $60.0 million increased 9% over the prior year period. Sales gains were due primarily to strong demand for water-gardening products. Second quarter operating margins decreased to 12.8% as compared to 14.4%, while first half margins decreased to 12.7% as compared to 14.6% in 1996. The reduced margins were due to sales mix, primarily higher volumes of lower margin sales to the retail mass merchants. Page 9 10 TECUMSEH PRODUCTS COMPANY AND SUBSIDIARIES PART I. FINANCIAL INFORMATION -- ITEM 2 MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS AND FINANCIAL CONDITION, CONTINUED Outlook Despite recent warm weather that has helped to reduce bloated air conditioning inventories, it seems likely that demand for air conditioning compressors will remain soft at least until late in the year. Furthermore, the Brazilian white goods industry is expected to operate at very low levels at least through the third quarter. Because of these factors, as well as continued start-up inefficiencies at the Douglas, Georgia engine facility and lower snow thrower engine volume, earnings for the last half of the year are expected to fall short of earnings reported for the last half of 1996. LIQUIDITY AND CAPITAL RESOURCES In mid-July, Tecumseh finalized the acquisition of refrigeration compressor manufacturing facilities from Whirlpool of India, Ltd. and concurrently acquired 100% of Siel Compressors Ltd. (Siel). In April of this year, the Company had initially acquired 50% of Siel. The newly acquired Whirlpool facilities in the state of Haryana, India will be devoted to the manufacture of refrigeration compressors. Tecumseh expects to expand the capacity over the next several years to include its high efficiency CFC-free TP compressor. Siel Compressors Ltd. (which is located in Hyderabad, Andhra Pradesh, India and is a former licensee of Tecumseh) will continue to manufacture air conditioning compressors. Once expanded and fully equipped, the combined operations will have sufficient capacity to produce 2 to 3 million compressors annually. The purchase price of both operations, including the previous 50% acquisition of Siel, is approximately $45 million. As of June 30, 1997, $20 million has been remitted in partial payment, with the remainder to occur in the third quarter of 1997. The acquisitions will be accounted for using the purchase accounting method and are expected to be financed through internally available funds. The Company continued to maintain a strong and liquid financial position. Working capital of $564.4 million at June 30, 1997 was up from $549.7 million at December 31, 1996, and the ratio of current assets to current liabilities approximated 3.0. First half capital spending of $51.9 million (excluding the Indian acquisition, as discussed above) included expenditures for a new electric motor manufacturing facility in Mississippi and additional equipment for a new engine manufacturing facility in Georgia. Total capital spending for 1997 should approximate $120-130 million. Working capital requirements and planned capital expenditures for the remainder of 1997 and 1998 are expected to be financed through internally available funds, although the Company may utilize long-term financing arrangements in connection with various state investment incentives. Page 10 11 TECUMSEH PRODUCTS COMPANY AND SUBSIDIARIES PART I. FINANCIAL INFORMATION -- ITEM 2 MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS AND FINANCIAL CONDITION, CONTINUED UNCERTAINTIES RELATING TO FORWARD-LOOKING STATEMENTS This report contains forward-looking statements within the meaning of the securities laws. In addition, forward-looking statements may be made orally in the future by or on behalf of the Company. Forward-looking statements involve risks and uncertainties, including, but not limited to, changes in business conditions and the economy in general in both foreign and domestic markets; weather conditions affecting demand for air conditioners, lawn and garden products and snow throwers; financial market changes, including interest rates and foreign exchange rates; economic trend factors such as housing starts; governmental regulations; availability of materials; actions of competitors; and the Company's ability to profitably develop, manufacture and sell both new and existing products. Page 11 12 TECUMSEH PRODUCTS COMPANY AND SUBSIDIARIES PART II. OTHER INFORMATION Item 4. Submission of Matters to a Vote of Security Holders The Annual Meeting of Shareholders of Tecumseh Products Company was held on April 23, 1997. Proxies for the meeting were solicited pursuant to Section 14(a) of the Securities Exchange Act of 1934 and there was no solicitation in opposition to management's solicitation. All of the management's nominees for directors as listed in the proxy statement were elected with the following votes.
VOTES DIRECTOR VOTES FOR WITHHELD ------------------ --------- -------- Kenneth G. Herrick 5,061,366 23,935 Todd W. Herrick 5,063,015 22,286 John H. Foss 5,062,819 22,482 Peter M. Banks 5,061,782 23,519 Jon E. Barfield 5,062,784 22,517 J. Russell Fowler 5,061,992 23,309 John W. Gelder 5,062,219 23,082 Stephen L. Hickman 5,062,719 22,582 Dean E. Richardson 5,061,919 23,382
Item 6. Exhibits and Reports on Form 8-K (a) None. (b) The Company did not file any reports on Form 8-K during the three months ended June 30, 1997. 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, thereunto duly authorized: TECUMSEH PRODUCTS COMPANY ------------------------- (Registrant) Dated: August 14, 1997 By: /s/ JOHN H. FOSS --------------- ------------------------ John H. Foss Vice President, Treasurer and Chief Financial Officer Page 12 13 EXHIBIT INDEX
EXHIBIT NO. DESCRIPTION - ----------- ----------- 27 FINANCIAL DATA SCHEDULE
EX-27 2 EXHIBIT 27
5 1,000 6-MOS DEC-31-1997 JUN-30-1997 265,300 0 284,300 6,700 264,400 850,800 996,700 454,000 1,550,600 286,400 0 0 0 21,900 960,000 1,550,600 960,200 969,500 815,400 867,600 0 0 2,900 99,000 35,700 63,300 0 0 0 63,300 2.89 2.89
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