-----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, ODJ5gToxVBZsE4rmpvvE6kRl3hfuyBlh7qyq9+cGvso6XG+vUa0+5DIhgtCLMg3A HVYDdEQ+NcOvTWiAu1SZdQ== 0000891092-99-000695.txt : 19991108 0000891092-99-000695.hdr.sgml : 19991108 ACCESSION NUMBER: 0000891092-99-000695 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19990930 FILED AS OF DATE: 19991105 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TEL INSTRUMENT ELECTRONICS CORP CENTRAL INDEX KEY: 0000096885 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRONIC COMPONENTS & ACCESSORIES [3670] IRS NUMBER: 221441806 STATE OF INCORPORATION: NJ FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 033-18978 FILM NUMBER: 99741844 BUSINESS ADDRESS: STREET 1: 728 GARDEN ST CITY: CARLSTADT STATE: NJ ZIP: 07072 BUSINESS PHONE: 2019331600 MAIL ADDRESS: STREET 1: 728 GARDEN ST CITY: CARLSTADT STATE: NJ ZIP: 07072 10-Q 1 FORM 10-Q 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, 1999 ___ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File No. 33-18978 TEL-INSTRUMENT ELECTRONICS CORP. (Exact name of the Registrant as specified in Charter) New Jersey 22-1441806 (State of Incorporation) (I.R.S. Employer ID Number) 728 Garden Street, Carlstadt, New Jersey 07072 (Address of Principal Executive Offices) (Zip Code) Registrant's Telephone No. including Area Code: 201-933-1600 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 the issuer's common stock, as of the latest practical date: 2,109,957 shares of Common stock, $.10 par value as of November 1, 1999. TEL-INSTRUMENT ELECTRONICS CORPORATION -------------------------------------- TABLE OF CONTENTS ------------------ PAGE ---- Item 1. Financial Statements (Unaudited): Condensed Comparative Balance Sheets September 30, 1999 and March 31, 1999 1 Condensed Comparative Statements of Operations - Three and Six Months Ended September 30, 1999 and 1998 2 Condensed Comparative Statements of Cash Flows - Six Months Ended September 30, 1999 and 1998 3 Notes to Condensed Financial Statements 4-7 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 8-11 SIGNATURES 11 1 Item 1 - Financial Statements
TEL-INSTRUMENT ELECTRONICS CORPORATION -------------------------------------- CONDENSED COMPARATIVE BALANCE SHEETS ------------------------------------ September 30, 1999 and March 31, 1999 (Unaudited) (Audited) ASSETS September 30, March 31, 1999 1999 ----------------- --------------- Current assets: Cash $ 83,868 $ 70,617 Accounts receivable, net 890,720 638,721 Inventories 1,021,293 713,700 Prepaid expenses and other current assets 33,637 39,173 Deferred income tax benefit - current 78,300 78,300 ----------------- --------------- Total current assets 2,107,818 1,540,511 ----------------- --------------- Property, plant, and equipment, net 227,010 130,901 Other assets 145,604 128,892 Deferred income tax benefit 348,661 418,204 ----------------- --------------- Total assets 2,829,093 2,218,508 ================= =============== LIABILITIES & STOCKHOLDERS EQUITY Current liabilities: Note payable - related party - current portion 100,000 100,000 Note payable - bank 250,000 - Convertible subordinate notes - related party 15,000 15,000 Capitalized lease obligations - current portion 35,306 9,667 Advance Payments 39,165 134,767 Accrued payroll, vacation pay, deferred wages. payroll taxes, and interest on deferred wages 282,092 218,289 Accounts payable and accrued expenses 749,940 555,206 ----------------- --------------- Total current liabilities 1,471,503 1,032,929 ----------------- --------------- Notes payable - related party - non-current portion 250,000 250,000 Capitalized lease obligations - excluding current portion 83,967 16,486 ----------------- --------------- Total liabilities 1,805,470 1,299,415 Stockholders' equity Common stock 210,998 210,998 Additional paid-in capital 3,925,854 3,925,854 Accumulated deficit (3,113,229) (3,217,759) ----------------- --------------- Total stockholders' equity 1,023,623 919,093 ----------------- --------------- Total liabilities and stockholders' equity $2,829,093 $2,218,508 ================= ===============
See accompanying notes to condensed financial statements 1
TEL-INSTRUMENT ELECTRONICS CORPORATION -------------------------------------- CONDENSED COMPARATIVE STATEMENTS OF OPERATIONS ---------------------------------------------- (Unaudited) Three Months Ended Six Months Ended September 30, September 30, September 30, September 30, 1999 1998 1999 1998 ----------------- ---------------- ----------------- ----------------- Sales Government, net $ 811,287 $ 418,472 $ 1,364,715 $ 801,212 Commercial, net 525,507 607,204 1,083,908 889,657 ----------------- ---------------- ----------------- ----------------- Total Sales 1,336,794 1,025,676 2,448,623 1,690,869 Cost of sales 634,996 425,504 1,100,420 764,810 ----------------- ---------------- ----------------- ----------------- Gross Margin 701,798 600,172 1,348,203 926,059 Operating expenses Selling, general & administrative 277,680 258,704 568,239 473,228 Engineering, research, & development 302,859 327,532 581,302 569,544 ----------------- ---------------- ----------------- ----------------- Total operating expenses 580,539 586,236 1,149,541 1,042,772 Income (loss) from operations 121,259 13,936 198,662 (116,713) Other income (expense): Interest income 2,083 2,484 3,698 8,554 Interest expense (14,699) (9,611) (28,287) (21,494) ----------------- ---------------- ----------------- ----------------- Income (loss) before taxes 108,643 6,809 174,073 (129,653) Provision (benefit) for income taxes 43,403 2,720 69,543 (51,796) ----------------- ---------------- ----------------- ----------------- Net income (loss) $ 65,240 $ 4,089 $ 104,530 $ (77,857) ================= ================ ================= ================= Basic and diluted income (loss) per common share $ 0.03 $ 0.00 $ 0.05 $ (0.04) Dividends per share None None None None Weighted average shares outstanding Basic 2,109,957 2,095,298 2,109,957 2,095,056 Diluted 2,122,896 2,118,317 2,122,896 2,118,075
See accompanying notes to condensed financial statements 2
TEL-INSTRUMENT ELECTRONICS CORPORATION -------------------------------------- CONDENSED COMPARATIVE STATEMENTS OF CASH FLOWS ---------------------------------------------- (Unaudited) ----------- Six Months Ended September 30, 1999 1998 ---------------- ---------------- Increase (decrease) in cash: Cash flows from operating activities Net income (loss) $104,530 $ (77,857) Adjustments to reconcile net income (loss) to cash used in operating activities: Deferred income taxes 69,543 (51,796) Depreciation 31,962 20,339 Changes in operating assets or liabilities: Increase in accounts receivable and unbilled revenues (251,999) (220,670) Increase in inventories (307,593) (79,968) Decrease (increase) in prepaid expenses and other current assets 5,536 (14,316) Increase in other assets (16,712) (24,656) Increase (decrease) in accrued payroll, deferred wages and vacation pay 63,803 (808) Increase (decrease) in accounts payable, advance payments and accrued expenses 99,132 (3,022) ---------------- ---------------- Net cash used in operations (201,798) (452,754) ---------------- ---------------- Cash flows from investing activities: Cash purchases of property, plant and equipment (26,171) (53,689) ---------------- ---------------- Net cash used in investing activities (26,171) (53,689) ---------------- ---------------- Cash flows from financing activities: Proceeds from exercise of stock options - 843 Proceeds from notes payable - bank 250,000 - Repayment of capitalized lease obligations (8,780) - ---------------- ---------------- Net cash provided by financing activities 241,220 843 ---------------- ---------------- Net increase (decrease) in cash 13,251 (505,600) Cash at beginning of period 70,617 585,281 ---------------- ---------------- Cash at end of period $ 83,868 $ 79,681 ================ ================ Capitalized lease obligations $101,900 - ================ ================ Interest paid $ 39,934 $ 19,786 ================ ================ See accompanying notes to condensed financial statements
3 TEL-INSTRUMENT ELECTRONICS CORP. ------------------------------- NOTES TO CONDENSED FINANCIAL STATEMENTS --------------------------------------- Note 1 Basis of Presentation - ------ --------------------- In the opinion of management, the accompanying unaudited condensed financial statements contain all adjustments (consisting only of normal recurring accruals) necessary to present fairly the financial position of Tel-Instrument Electronics Corp. as of September 30, 1999, the results of operations for the three and six months ended September 30, 1999 and September 30, 1998, and statements of cash flows for the six months ended September 30, 1999 and September 30, 1998. These results are not necessarily indicative of the results to be expected for the full year. The financial statements have been prepared in accordance with the requirements of Form 10-Q and consequently do not include disclosures normally made in an Annual Report on Form 10-K. The March 31, 1999 results included herein have been derived from the audited financial statements included in the Company's annual report on Form 10-K. The financial statements included herein should be reviewed in conjunction with the financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the fiscal year ended March 31, 1999. Note 2 Accounts Receivable - ------ ------------------- The following table sets forth the components of accounts receivable: September 30, March 31, 1999 1999 ---- ---- Commercial $228,641 $179,742 Government 577,063 359,716 Unbilled revenues 100,614 114,848 Allowance for bad debts (15,598) (15,585) -------- -------- Total $890,720 $638,721 ======== ======== Sales are recognized primarily upon shipment of products, except in the case of long-term contracts wherein sales are recognized on the percentage-of-completion method. Sales associated with the documentation and test portion of the U.S. Navy contract have been recorded on the percentage-of-completion method. Under this approach, sales and gross margin are recognized based upon the ratio of costs incurred to date to total estimated contract costs. Unbilled revenues represent recoverable costs and accrued profit not billed resulting from the application of percentage-of-completion accounting. Actual billing of these amounts will be based upon actual billing terms. In August 1999, the Company received the first production order for 230 test sets with a value of approximately $3,000,000. In September 1999, the U.S. Navy increased the quantity ordered to 251 units, bringing the total order to over $3,300,000. 4 TEL-INSTRUMENT ELECTRONICS CORP. ------------------------------- NOTES TO CONDENSED FINANCIAL STATEMENTS (continued) --------------------------------------------------- Note 3 Inventories - ------ ----------- Inventories consist of: September 30, March 31, 1999 1999 ---- ---- Purchased Parts $637,591 $402,804 Work-in-process 413,322 340,516 Less: Reserve for Obsolescence (29,620) (29,620) -------- -------- Total $ 1,021,293 $713,700 =========== ======== Note 4 Income Taxes - ------ ------------ The Company, in accordance with FASB 109, has recognized a deferred income tax benefit based upon the expected utilization of net operating loss carryforwards as the Company believes that it is more likely than not that it will realize a portion of its operating losses before they expire. For the six months ended September 30, 1999, the Company recorded a tax provision of $69,543 which represents the effective federal and state tax rate on the Company's net income before taxes of $174,073. The Company has no tax liability. The $69,543 decreased the Company's deferred income tax benefit by the same amount in the accompanying balance sheet. The Company expects to utilize this deferred income tax benefit in the future for tax reporting purposes. The Company continues to evaluate the impact of FASB 109. At March 31, 1999, the Company had a deferred tax asset of $1,542,000 and recorded a valuation allowance of $1,045,496 against this asset. Note 5 Earnings Per Share - ------ ------------------ The Company's basic income (loss) per share is based on net income (loss) for the relevant period, divided by the weighted average number of common shares outstanding during the period. Diluted income (loss) per share is based on net income (loss), divided by the weighted average number of common shares outstanding during the period, including common share equivalents, such as outstanding stock options. Common share equivalents are not included in the calculation for the six months ended September 30, 1998 since the effect would be antidilutive. 5 TEL-INSTRUMENT ELECTRONICS CORP -------------------------------. NOTES TO CONDENSED FINANCIAL STATEMENTS (continued) --------------------------------------------------- Note 6 Government and Commercial Sales - ------ ------------------------------- In 1999, the Company adopted SFAS 131. The prior years' information has been restated to present separately the Company's government and commercial activities. The Company primarily develops and designs test equipment for the avionics industry and, as such, the Company's products and designs are sold in the government and commercial markets. Government sales consist of the sale of test equipment to U.S. and foreign governments and militaries either direct or through distributors. Commercial sales consist of sales of test equipment to domestic and foreign airlines and to commercial distributors. The table below presents information about sales and gross margin. Costs of sales includes certain allocation factors for indirect costs.
Three Months Ended Three Months Ended September 30, 1999 September 30, 1998 Government Commercial Government Commercial ---------- ---------- ---------- ---------- Sales 811,287 525,507 418,472 607,204 Cost of Sales 411,923 223,073 190,932 234,572 ------- ------- ------- ------- Gross Margin 399,364 302,434 227,540 372,632
Six Months Ended Six Months Ended September 30, 1999 September 30, 1998 Government Commercial Government Commercial ---------- ---------- ---------- ---------- Sales 1,364,715 1,083,908 801,212 889,657 Cost of Sales 645,889 454,531 386,933 377,877 --------- ---------- ------- ------- Gross Margin 718,826 629,377 414,279 511,780
Note 7 Line of Credit - ------ -------------- In July 1999, the Company renegotiated its line of credit of $250,000, maturing in July 2000. Interest is payable monthly at an interest rate of 1% above the lender's prevailing base rate. The line is collateralized by substantially all of the assets of the Company. During the six months ended September 30, 1999, the Company had borrowed all of the $250,000 for working capital needs. Note 8 Note Payable - Related party - ------ ---------------------------- The outstanding $50,000 note due March 31, 1999 was extended until March 31, 2000. Note 9 Convertible Subordinated Note - Related party - ------ --------------------------------------------- The $15,000 convertible subordinated note due March 31, 1999 was extended to March 31, 2000. 6 Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF THE ------------------------------------------- RESULTS OF OPERATIONS AND FINANCIAL CONDITION --------------------------------------------- Results of Operations - --------------------- A number of the statements made by the Company in this report may be regarded as "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, among others, statements concerning the Company's outlook, pricing trends and forces within the industry, the completion dates of capital projects, expected sales growth, cost reduction strategies and their results, long-term goals of the Company and other statements of expectations, beliefs, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. All predictions as to future results contain a measure of uncertainty and accordingly, actual results could differ materially. Among the factors that could cause a difference are: changes in the general economy; changes in demand for the Company's products or in the cost and availability of its raw materials; the actions of its competitors; the success of our customers; technological change; changes in employee relations; government regulations; litigation, including its inherent uncertainty; difficulties in plant operations and materials; transportation, environmental matters; and other unforeseen circumstances. A number of these factors are discussed in the Company's filings with the Securities and Exchange Commission. Overview - -------- In August 1999 the Company received the first production order from the U.S. Navy for 230 test sets for a total value of over $3,000,000. This order is the first under the contract which includes options for up to 1,300 units, which the U.S. Navy can exercise, on behalf of all U.S. military services, through calendar year 2001. In September 1999 the U.S. Navy increased the quantity ordered to 251 units, bringing the total order to over $3,300,000. However, there can be no assurance that the U.S. Navy will exercise the balance of all of its purchase options under this contract. The Company expects to begin shipping these units at the end of the fourth quarter of the current fiscal year. Sales for the first half of the current fiscal year totaled $2,448,623 and the Company generated income before taxes of $174,073. The Company continues to invest heavily in engineering, research, and development as the Company develops other products for targeted markets. For the first six months of the current fiscal year the Company received orders approximating $6,500,000, including the order from the U.S. Navy. The Company's backlog, including the order from the U.S. Navy, for which shipments are scheduled to begin at the end of the fourth quarter of the current fiscal year, currently exceeds $6,500,000. 7 Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF THE ------------------------------------------- RESULTS OF OPERATIONS AND FINANCIAL CONDITION (continued) --------------------------------------------------------- Results of Operations (continued) - --------------------------------- Sales - ----- Total sales increased $311,118 (30.3%) and $757,754 (44.8%) for the three and six months ended September 30, 1999, respectively, as compared to the same periods in the prior fiscal year. Government sales increased $392,815 (93.9%) and $563,503 (70.3%) for the three and six months ended September 30, 1999, respectively, as compared to the three and six months ended September 30, 1998. The increase in government sales is attributed primarily to the T-47 family of IFF test sets, including the T-47CC, which incorporates a directional antenna, and the T-47N, which includes an interrogator test function. During the second quarter, the Company completed delivery of all the units of the T-47CC ramp test sets to the Australian military through its exclusive distributor. Commercial sales decreased $81,697 (13.5%) for the three months ended September 30, 1999 as compared to the three months ended September 30, 1998. However, commercial sales increased $194,251 (21.8%) for the six months ended September 30, 1999 as compared to the same period last year. The increase in commercial sales for the six months reflects the favorable economic conditions within the airline industry. The decrease in sales in the second quarter is attributed to the timing of the orders received. However, there is no assurance that the positive trend in the commercial market for the first six months of the current fiscal year will continue. The increase in sales in both the commercial and government segments resulted also from the efforts of the Company's international distributors. Gross Margin - ------------ Gross Margin increased $101,626 (16.9%) and $422,144 (45.6%) for the three and six months ended September 30, 1999 as compared to the same periods in the prior fiscal year. The increase in gross margin, for the most part, is attributed to the higher volume. Gross margin was negatively affected in the second quarter as a result of the introduction of new products and the associated learning curve in building these more sophisticated products. The gross margin percentage for the three months ended September 30, 1999 was 52.5% as compared to 58.5% for the three months ended September 30, 1998. The gross margin percentage for the six months ended September 30, 1999 was 55.1% as compared to 54.8% for the six months ended September 30, 1998. Operating Expenses - ------------------ Selling, general and administrative expenses increased $18,976 (7.3%) and $95,011 (20.1%) for the three and six months ended September 30, 1999 as compared to the three and six months ended September 30, 1998. This increase is attributed to higher sales and marketing expenses, the addition to staff of a Director of Finance, an increase in salaries and compensation expense, and higher legal expenses, all partially offset by lower sales commissions. Engineering, research and development expenses decreased $24,673 (7.5%) for the three months ended September 30, 1999 as compared to the same period last year. For the six months ended September 30, 1999 engineering, research and development expenses increased $11,758 (2.1%). These expenditures are primarily associated with the finalization of the design of the T-47M IFF test sets for the U.S. Navy and the development of additional products, such as the T-47CC and T-47N. 8 Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF THE ------------------------------------------- RESULTS OF OPERATIONS AND FINANCIAL CONDITION (Continued) --------------------------------------------------------- Results of Operations (continued) - --------------------------------- Income Taxes - ------------ In accordance with SFAS 109, a provision for income taxes was recognized in the amount of $69,543 for the six months ended September 30, 1999. For the six months ended September 30, 1998, the Company recorded a deferred income tax benefit of $51,796, which represents the effective federal and state tax rate on the Company's net loss before taxes of $129,653. The Company currently does not have any tax liability. (See Note 4 to Notes to Condensed Comparative Financial Statements). Liquidity and Capital Resources - ------------------------------- At September 30, 1999 the Company had positive working capital of $636,315 as compared to $507,582 at March 31, 1999. For the six months ended September 30, 1999, cash used in operations was $201,798 as compared to $452,754 for the six months ended September 30, 1998. This reduction in cash used in operations is primarily attributed to the improvement in the Company's operating income. Increases in accounts receivable and inventories were partially offset by the Company's operating income, borrowings from the bank in the amount of $250,000, and increases in accounts payable and other accrued liabilities. In July 1999, the Company renegotiated its line of credit for $250,000, maturing July 2000. During the six months ended September 30, 1999, the Company had borrowed all of the $250,000 for working capital needs. Based upon the current backlog, expected sales and available working capital, the Company believes that it has sufficient working capital to fund its plans for the next twelve months. At present, the Company does not expect to incur significant long-term needs for capital outside of its normal operating activities. However, the Company continues to seek additional credit in order to increase working capital. The Company has been closely monitoring its accounts receivable collections and payments to vendors during this period of increasing sales. There was no significant impact on the Company's operations as a result of inflation for the six months ended September 30, 1999. These financial statements should be read in conjunction with the Company's Annual Report on Form 10-K to the Securities and Exchange Commission for the fiscal year ended March 31, 1999. Year 2000 Issue - --------------- Many existing computer programs use only two-digits to identify a year in the date field. These programs were designed and developed without considering the impact of the upcoming change in the Year 2000. Some older computer systems stored dates with only a two-digit year with an assumed prefix of "19". Consequently, this limits those systems to dates between 1900 and 1999. If not corrected, many computer systems and/or applications could fail or create erroneous results by or at the year 2000. 9 Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF THE ------------------------------------------- RESULTS OF OPERATIONS AND FINANCIAL CONDITION (Continued) --------------------------------------------------------- Year 2000 Issue (continued) - --------------------------- The Company has reviewed the potential impact of the Year 2000 issue. This assessment included a review of the impact of the issue in four areas: products, manufacturing systems, business systems, and other areas. The Company does not anticipate that the Year 2000 issue will impact operations or operating results or require future material expenditures. The Company's products are not date sensitive. In addition, the Company is in the process of contacting its suppliers to determine as to whether they are Year 2000 compliant. The Company relies on its customers, suppliers, utility service providers, financial institutions, and other partners in order to continue normal business relations. The Company is continuing to evaluate alternatives and develop contingency plans for key business partners. Year 2000 disruptions in the operations of key business partners could also impact the Company's ability to fulfill some of its contractual obligations. At this time, it is impossible to assess the impact of the Year 2000 issue on each of these organizations. There can be no guarantee that the systems of other unrelated entities on which the Company relies will be corrected on a timely basis and will not have a material adverse effect on the Company. The discussion of the Company's efforts, and management's expectations, relating to Year 2000 compliance are forward-looking statements. The Company's ability to achieve Year 2000 compliance and the level of incremental costs associated therewith, could be adversely impacted by, among other things, the availability and cost of programming and testing resources, vendors' ability to modify proprietary software, and unanticipated problems identified in the ongoing compliance review. SIGNATURES - ---------- 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. TEL-INSTRUMENT ELECTRONICS CORP. Date: November 3, 1999 By: /s/ Harold K. Fletcher ---------------------- /s/ Harold K. Fletcher Chairman and President Date: November 3, 1999 By: /s/ Joseph P. Macaluso ---------------------- /s/ Joseph P. Macaluso Principal Accounting Officer 10 INDEX TO EXHIBITS ----------------- 27 Financial data schedule which is submitted electronically to the Securities and Exchange Commission for information only and is not filed. 11 EX-27 2 FDS --
5 1,000 6-mos MAR-31-1999 APR-01-1999 SEP-30-1999 84 0 907 16 1,021 2,107 888 661 2,829 1,472 0 0 0 211 813 2,829 2,449 2,449 1,100 1,150 0 0 24 174 69 105 0 0 0 105 .05 .05
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