-----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, MOQwns3JNmAJ31eT0iw2R3BD7xEQqJV9PnklzJRU4jmTe3ATX/tyeH14ZgQDnpf4 S8MQjx3bYTjbLt7c/dg5Jw== 0000820318-96-000011.txt : 19960508 0000820318-96-000011.hdr.sgml : 19960508 ACCESSION NUMBER: 0000820318-96-000011 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 19960331 FILED AS OF DATE: 19960507 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: II-VI INC CENTRAL INDEX KEY: 0000820318 STANDARD INDUSTRIAL CLASSIFICATION: OPTICAL INSTRUMENTS & LENSES [3827] IRS NUMBER: 251214948 STATE OF INCORPORATION: PA FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-16195 FILM NUMBER: 96556981 BUSINESS ADDRESS: STREET 1: 375 SAXONBURG BLVD CITY: SAXONBURG STATE: PA ZIP: 16056 BUSINESS PHONE: 4123524455 MAIL ADDRESS: STREET 1: 375 SAXONBURG BLVD CITY: SAXONBURG STATE: PA ZIP: 16056 10-Q 1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended March 31, 1996 Commission file Number 0-16195 II-VI INCORPORATED (Exact name of registrant as specified in its charter.) PENNSYLVANIA 25-1214948 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 375 Saxonburg Boulevard Saxonburg, PA 16056 16056 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (412) 352-4455 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 practical date: At May 1, 1996, 6,304,578 shares of Common Stock, no par value, of the registrant were outstanding. II-VI INCORPORATED AND SUBSIDIARIES ___________________________________ INDEX _____
Page No. -------- PART 1 FINANCIAL INFORMATION Item 1. Financial Statements. Independent Accountants' Report . . . . . . . . 3 Condensed Consolidated Balance Sheets - March 31, 1996, and June 30, 1995 . . . . . . . 4 Condensed Consolidated Statements of Earnings - Three and nine months ended March 31, 1996 and 1995. . . . . . . . . . . . . . . . . . . . 5 Condensed Consolidated Statements of Shareholders' Equity - Three and nine months ended March 31, 1996. . . . . . . . . . . . . . 6 Condensed Consolidated Statements of Cash Flows - Nine months ended March 31, 1996 and 1995. . . . . . . . . . . . . . . . . . . . 7 Notes to Condensed Consolidated Financial Statements. . . . . . . . . . . . . . 8 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations . 11 PART II OTHER INFORMATION Item 6. Exhibits and Reports on Form 8-K. . . . . . . . 12
2 [LOGO OF ALPERN, ROSENTHAL & COMPANY] Certified Public Accountants Warner Centre, Suite 400 . 332 Fifth Avenue . Pittsburgh, Pennsylvania 15222-2413 (412) 281-2501 . Fax (412) 471-1996 Independent Accountants' Report [LOGO OF ALPERN, ROSENTHAL & COMPANY] Certified Public Accountants Warner Centre, Suite 400 . 332 Fifth Avenue . Pittsburgh, Pennsylvania 15222-2413 (412) 281-2501 . Fax (412) 471-1996 To the Board of Directors and Shareholders of II-VI Incorporated Saxonburg, Pennsylvania We have reviewed the accompanying condensed consolidated balance sheet of II-VI Incorporated and Subsidiaries as of March 31, 1996, and the related condensed consolidated statements of earnings, shareholders' equity and cash flows for the three and nine month periods ended March 31,1996 and 1995. These financial statements are the responsibility of the Company's management. We 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 of 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 such condensed consolidated financial statements 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 sheets of II-VI Incorporated and Subsidiaries as of June 30, 1995, and the related consolidated statements of earnings, shareholders' equity and cash flows for the year then ended (not presented herein); and in our report dated August 19, 1995, we expressed an unqualified opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanying condensed consolidated balance sheet as of June 30, 1995 is fairly stated, in all material respects, in relation to the consolidated balance sheet from which it has been derived. Alpern, Rosenthal & Company April 17, 1996 A Professional Corporation - ---------------------------------------------------------------- Members American and Pennsylvania Institutes of Certified Public Accountants Accounting Firms Associated, inc. Member Firms in Principal Cities Irving P. Rosenthal, CPA Deborah H. Wells, CPA Michael H. Levin, CPA Fred M. Rock, CPA Harvey A. Pollack, CPA Sean M. Brennan, CPA Fred J. Morelli, Jr., CPA Alexander Paul, CPA Edward F. Rockman, CPA Michael E. Forgas, CPA Emanuel V. DiNatale, CPA Joel M. Rosenthal, CPA
3 PART I. - FINANCIAL INFORMATION Item 1. Financial Statements ________________________________________________ II-VI Incorporated and Subsidiaries Condensed Consolidated Balance Sheets (Unaudited) ($000 except per share data)
March 31, 1996 June 30, 1995 ______________ _____________ ASSETS Current Assets Cash and equivalents $ 8,233 $ 3,822 Accounts receivable - less allowance for doubtful accounts of $253 in March 1996 and $261 in June 1995 7,759 5,412 Inventories 5,116 4,165 Deferred income taxes 371 309 Prepaid and other current assets 426 376 ______ ______ Total Current Assets 21,905 14,084 Property, Plant and Equipment, net 14,696 9,892 Goodwill, net 2,207 - Other Assets, net 2,373 391 ______ ______ $41,181 $24,367 ====== ======
LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities Notes payable $ 1,553 $ - Accounts payable - trade 1,045 835 Accrued salaries, wages and bonuses 2,299 2,114 Income taxes payable 409 585 Accrued profit sharing contribution 399 278 Other current liabilities 786 1,027 Current portion of long-term debt 23 373 ______ ______ Total Current Liabilities 6,514 5,212 Long Term Debt--less current portion 143 1,190 Deferred Income Taxes 1,761 967 Commitments & Contingencies Shareholder's Equity Preferred stock, no par value; authorized - 5,000,000 shares; unissued - - Common stock, no par value; authorized - 30,000,000 shares; issued - 6,689,018 shares at 3/31/96 and 5,669,987 at 6/30/95 16,944 4,485 Cumulative translation adjustment 71 (17) Retained Earnings 16,509 13,660 _______ _______ 33,524 18,128 Less treasury stock, at cost - 384,440 shares at 3/31/96 and 570,623 at 6/30/95. 761 1,130 _______ _______ 32,763 16,998 _______ _______ $41,181 $24,367 ======= =======
[FN] All share data reflects the two-for-one stock split which was effected as of the close of business September 6, 1995. - -See notes to condensed consolidated financial statements. 4 II-VI Incorporated and Subsidiaries Condensed Consolidated Statements of Earnings (Unaudited) ($000 except per share data)
Three Months Ended Nine Months Ended March 31, March 31, __________________ _________________ 1996 1995 1996 1995 ______ ______ ______ ______ Revenues Net Sales: Domestic $5,421 $4,407 $13,734 $ 9,470 International 4,233 3,248 11,595 9,016 ______ ______ _______ ______ 9,654 7,655 25,329 18,486 Contract research and development 418 373 785 892 ______ ______ ______ ______ 10,072 8,028 26,114 19,378 ______ ______ ______ ______ Costs, Expenses & Other Income Cost of goods sold 5,481 4,663 14,512 11,022 Contract research and development 284 261 548 712 Internal research and development 154 85 440 337 Selling, general and administrative expenses 2,610 1,989 6,893 5,059 Interest and other expense - net (83) (62) (206) (66) ______ ______ ______ ______ 8,446 6,936 22,187 17,064 ______ ______ ______ ______ Earnings Before Income Taxes 1,626 1,092 3,927 2,314 Income Tax Expense 417 312 1,078 629 ______ ______ ______ ______ Net Earnings $1,209 $ 780 $2,849 $1,685 ====== ====== ====== ====== Earnings Per Share $ 0.18 $ 0.15 $ 0.47 $ 0.32 ====== ====== ====== ======
[FN] All share data reflects the two-for-one stock split which was effected as of the close of business September 6, 1995. - -See notes to condensed consolidated financial statements. 5 II-VI Incorporated and Subsidiaries Condensed Consolidated Statement of Shareholders' Equity (Unaudited) (000)
Common Stock Cumulative Treasury Stock _____________ Translation Retained ________________ Shares Amount Adjustment Earnings Shares Amount Total ______ ______ __________ ________ ______ ________ _______ Balance--July 1, 1995 5,670 $ 4,485 $ (17) $ 13,660 (571) $(1,130) $16,998 Shares issued under stock option plan 15 51 - - - - 51 Net earnings for the quarter - - - 806 - - 806 Translation adjustment - - 61 - - - 61 _____ _______ _______ ________ ______ ________ _______ Balance-- September 30, 1995 5,685 $ 4,536 $ 44 $ 14,466 (571) $(1,130) $17,916 Shares issued under stock option plan 1 6 - - - - 6 Shares issued under second offering 1,000 10,940 - - - - 10,940 Net earnings for the quarter - - - 834 - - 834 Translation adjustment - - 14 - - - 14 _____ _______ _______ ________ ______ ________ _______ Balance-- December 31, 1995 6,686 $15,482 $ 58 $ 15,300 (571) $(1,130) $29,710 Shares issued for purchase of Lightning Optical - 1,469 - - 187 369 1,838 Shares issued under second offering - (11) - - - - (11) Shares issued under stock option plan 3 4 - - - - 4 Net earnings for the quarter - - - 1,209 - - 1,209 Translation adjustment - - 13 - - - 13 _____ _______ _______ ________ ______ ________ _______ Balance-- March 31, 1996 6,689 $16,944 $ 71 $ 16,509 (384) $ (761) $32,763 ===== ======= ======= ======== ====== ======== ======= All share data reflects the two-for-one stock split which was effected as of the close of business September 6, 1995. - -See notes to condensed consolidated financial statements.
6 II-VI Incorporated and Subsidiaries Condensed Consolidated Statements of Cash Flows (Unaudited) ($000)
Nine Months Ended March 31 , ___________________ 1996 1995 _______ _______ Cash Flows from Operating Activities Net Earnings $ 2,849 $ 1,685 Adjustments to reconcile net earnings to net cash provided by operating activities: Depreciation and amortization 1,801 1,519 Loss on sale of assets - 17 (Gain) on foreign currency transactions (4) (19) Deferred income taxes (16) 172 Increase (decrease) in cash from changes in: Accounts receivable (1,471) (1,187) Inventories (910) (219) Accounts payable 353 125 Accrued salaries, wages and bonuses (277) 589 Accrued profit sharing contribution 21 105 Income taxes payable (344) 125 Other operating net assets (483) 122 _______ _______ Net cash provided by operating activities 1,519 3,034 _______ _______ Cash Flows from Investing Activities Additions to property and equipment (5,194) (1,332) Payment for purchase of Virgo Optics, net of cash acquired - (2,353) Payment for purchase of Lightning Optical, net of cash acquired (1,989) - Additions to other assets - (69) _______ _______ Net cash used in investing activities (7,183) (3,754) _______ _______ Cash Flows from Financing Activities Net change in notes payable (519) 1,521 Proceeds from long-term borrowings - 108 Payments on long-term borrowings (396) (275) Proceeds from sale of common stock 10,990 85 Purchase of treasury stock - (31) _______ _______ Net cash provided by financing activities 10,075 1,408 _______ _______ Net increase in cash and equivalents 4,411 688 Cash and Equivalents at Beginning of period 3,822 1,734 _______ _______ Cash and Equivalents at End of period $ 8,233 $ 2,422 ======= =======
[FN] - -See notes to condensed consolidated financial statements. 7 II-VI Incorporated and Subsidiaries Notes to Condensed Consolidated Financial Statements (Unaudited) Note A - Basis of Presentation _____________________ The condensed consolidated financial statements for the three and nine month periods ended March 31, 1996 and 1995 are unaudited. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation for the periods presented have been included. These interim statements should be read in conjunction with the audited consolidated financial statements and footnotes thereto contained in the Company's Annual Report as filed as an exhibit to the Company's Form 10-K Annual Report dated October 3, 1995 filed with the Securities and Exchange Commission. The consolidated results of operations for the three and nine month periods ended March 31, 1996 and 1995 are not necessarily indicative of the results to be expected for the full year. Note B - Inventories ($000) _________________ The components of inventories are as follows:
March 31, June 30, 1996 1995 ___________ _________ Raw Materials $ 2,054 $ 1,750 Work in Progress 1,342 1,348 Finished Goods 1,720 1,067 ___________ _________ $ 5,116 $ 4,165 =========== =========
Note C - Property, Plant and Equipment ($000) ____________________________________ Property, plant and equipment consist of the following:
March 31, June 30, 1996 1995 _________ _______ Land and land improvements $ 502 $ 307 Buildings and improvements 7,088 4,258 Machinery and equipment 21,788 17,486 _________ _______ 29,378 $22,051 Less accumulated depreciation 14,682 12,159 ________ _______ $14,696 $ 9,892 ======== =======
8 II-VI Incorporated and Subsidiaries Notes to Condensed Consolidated Financial Statements (Unaudited) Note D - Stock Split ___________ On August 16, 1995, the Board of Directors declared a two- for-one split of II-VI's common stock which was distributed to shareholders of record on August 30, 1995, effective at the close of business September 6, 1995. All per share amounts included in the condensed consolidated financial statements and notes are based on the increased number of shares giving retroactive effect to the stock split, unless otherwise noted. Note E - Stock Offering ______________ On October 20, 1995, a registration statement on Form S-3 covering the public offering of 1,000,000 shares was declared effective by the Securities and Exchange Commission, with the shares sold to the public at $12.00 per share. Note F - Note Payable ____________ On January 9, 1996 the Company's Japan subsidiary borrowed $761,000 from a Japanese bank. The debt is payable in equal installments over a sixteen month period. The current interest rate at March 31, 1996 is 2.125%. Note G - Acquisition ___________ On February 22, 1996 the Company acquired 100% of the outstanding capital stock of Lightning Optical Corporation. The purchase price consisted of cash and 186,183 shares of II-VI Incorporated common stock. These shares were valued at $9.875 at the time of purchase. The allocation of the purchase price was as follows: Accounts receivable $ 1,125,000 Inventory 227,000 Property, Plant & Equipment 1,381,000 Goodwill 2,219,000 Other intangible assets 2,000,000 Other assets 48,000 ___________ 7,000,000 Current liabilities (2,059,000) Long-term debt (320,000) Other long-term liabilities (794,000) ___________ Purchase price, net of cash acquired $ 3,827,000 =========== The following pro forma financial information is based upon the historical financial statements of the Registrant and Lightning Optical Corporation, adjusted to give effect to the acquisition of 100% of the outstanding capital stock of Lightning Optical. This information assumes that such events occurred on the first day of the Registrant's 1995 fiscal year (July 1, 1994). Nine Months Ended March 31, _________________________ 1996 1995 ____ ____ Revenues $ 30,125 $ 23,209 Net Earnings 3,454 1,984 Earnings Per Share 0.55 0.37 10 Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL _________________________________________________ CONDITION AND RESULTS OF OPERATIONS ___________________________________ Results of Operations _____________________ Net earnings for the third fiscal quarter of 1996, ended March 31, 1996, were $1,209,000 ($0.18 per share) on revenues of $10,072,000. This compares to net earnings of $780,000 ($0.15 per share) on revenues of $8,028,000 in the third quarter of fiscal 1995. For the nine months ended March 31, 1996, net earnings were $2,849,000 ($0.47 per share) on revenues of $26,114,000. This compares with net earnings of $1,685,000 ($0.32 per share) on revenues of $19,378,000 for the same period last fiscal year. The increase in the quarter's net earnings is primarily due to improved revenues in all of the Company's markets. The year-to-date increase in earnings is attributable to the acquisition of Virgo Optics on December 29, 1994, improved gross margins due to lower per unit operating costs, and increased international demand for the Company's products. Order bookings for the third quarter were $11,288,000 compared to $8,011,000 for the same period last fiscal year, an increase of 41%. This increase is attributable to a $2.3 million DARPA R&D contract awarded during the quarter, the addition of Lightning Optical Corporation and increased activity in the domestic military market. Year-to-date order bookings increased by 44% to $29,857,000 from $20,709,000 in last fiscal year. This improvement is attributable mainly to the addition of the Virgo Optics and Lightning Optical divisions, the DARPA R&D contract, and increased demand in the international and domestic industrial market. Manufacturing gross margin for the quarter was $4,173,000 or 43% of revenues compared to $2,992,000 or 39% of revenues for the third quarter of fiscal 1995. Manufacturing gross margin year-to- date was $10,817,000 or 43% of revenues compared to $7,464,000 or 40% of revenues in fiscal 1995. The increase in gross margin percentage for the quarter and year-to-date reflects lower per unit operating costs associated with increased volume. Selling, General and Administrative expenses for the quarter were $2,610,000 or 26% of revenues compared to $1,989,000 or 25% of revenues for last fiscal year's third quarter. Selling, General and Administrative expenses year-to-date were $6,893,000 or 26% of revenues compared to $5,059,000 or 26% of revenues in fiscal 1995. The increase in expense for the quarter and year-to-date is attributable to higher compensation expense associated with the Company's world-wide profit driven bonus programs and expenses incurred at the Virgo Optics and Lightning Optical Divisions. The Company's year-to-date effective income tax rate is 27%, the same as last fiscal year's first nine month period. 11 Liquidity and Capital Resources _______________________________ Cash increased during the first nine months of fiscal 1996 by $4,411,000 due primarily to $10,990,000 in net proceeds from the October public stock offering and cash generated from operations of $1,519,000 being offset by $5,194,000 in capital expenditures, the purchase of Lightning Optical Corporation, and the payoff of loans acquired as part of Lightning Optical Corporation purchase. The capital expenditures focused on manufacturing facility expansion and process automation. The cash generated from operations was a result of net earnings before depreciation of $4,650,000 being offset mostly by increased accounts receivable and inventory levels required by the increased sales volume. The purchase of Lightning Optical Corporation resulted in goodwill being recorded of $2,219,000. The recoverability of this goodwill is based on the projection of future cash flows. The current cash balance will be used for working capital needs, further capital expenditures, and possible acquisitions of complementary businesses, products or technologies. PART II - OTHER INFORMATION ___________________________ Item 6. EXHIBITS AND REPORTS ON FORM 8-K. _______ _________________________________ (a) Exhibits. _________ 10.01 First Amendment to the II-VI Incorporated Amended and Restated Employees' Stock Purchase Plan. . . . . . . . . . Filed herewith. 15.01 Accountant's acknowledgment letter dated May 3, 1996. . . . . . . . . . . Filed herewith. 27.01 Financial Data Schedule . . . . Filed herewith. (b) Reports on Form 8-K. ____________________ On March 7, 1996, the Registrant filed a Report on Form 8-K for the event dated February 22, 1996, covering Items 2 and 7 thereof. 12 SIGNATURES Pursuant to the requirement of the Securities Exchange Act of 1934, the registrant has duly cause this report to be signed on its behalf by the undersigned thereunto duly authorized. II-VI INCORPORATED Registrant May 6, 1996 By: /s/ Carl J. Johnson Date ____________________________________ Carl J. Johnson Chairman and Chief Executive Officer May 6, 1996 By: /s/ James Martinelli Date ___________________________________ James Martinelli Treasurer & Chief Financial Officer 13 EXHIBIT INDEX _____________ Exhibit No. ___________ 10.01 First Amendment to the II-VI Incorporated Amended and Restated Employees' Stock Purchase Plan................................Filed herewith. 15.01 Accountant's acknowledgment letter dated May 3, 1996..................................Filed herewith. 27.01 Financial Data Schedule......................Filed herewith. 14 EX-10 2 EXHIBIT 10.01 FIRST AMENDMENT TO THE II-VI INCORPORATED AMENDED AND RESTATED EMPLOYEE'S STOCK PURCHASE PLAN ADOPTED AND APPROVED this 2nd day of February, 1996, but effective as of February 1, 1996. WHEREAS, II-VI INCORPORATED (hereinafter, "II-VI") established the II-VI INCORPORATED EMPLOYEES' STOCK PURCHASE PLAN (hereinafter, "Plan") on January 1, 1974; WHEREAS, the Plan was amended and restated by II-VI in October 1982 and again in October 1987; WHEREAS, II-VI desires to further amend the Plan in certain respects; NOW, THEREFORE, pursuant to the power reserved in Section 16 of the Plan, II-VI, intending to be legally bound, hereby amends the Plan as follows: FIRST: Subparagraph (f) of Section 2 of the Plan is hereby deleted and shall be replaced by the the following new subparagraph: "(f) 'Employee' shall mean any person, including any officer or director, who is employed by II-VI or employed by any subsidiary corporation owned and controlled by II-VI." SECOND: In all other respects, the Plan is ratified, confirmed and approved. EX-15 3 EXHIBIT 15.01 [LOGO OF ALPERN, ROSENTHAL & COMPANY] Certified Public Accountants Warner Centre, Suite 400 . 332 Fifth Avenue . Pittsburgh, Pennsylvania 15222-2413 (412) 281-2501 . Fax (412) 471-1996 To the Board of Directors and Shareholders of II-VI Incorporated Saxonburg, Pennsylvania We have made a review, in accordance with standards established by the American Institute of Certified Public Accountants, of the unaudited interim financial information of II-VI Incorporated and Subsidiaries for the periods ended March 31, 1996 and 1995, as indicated in our report dated April 17, 1996; because we did not perform an audit, we expressed no opinion on that information. We are aware that our report referred to above, which is included in your Quarterly Report on Form 10-Q for the quarter ended March 31, 1996, is incorporated by reference in Registration Statements No. 33-19511, No. 33-38019 and No. 33-19510 on Form S-8, and No. 33-63739 on Form S-3. We also are aware that the aforementioned report, pursuant to Rule 436(c) under the Securities Act of 1933, is not considered a part of the Registration Statement prepared or certified by an accountant or a report prepared or certified by an accountant with the meaning of Sections 7 and 11 of that Act. Alpern Rosenthal & Company May 3, 1996 A Professional Corporation - ---------------------------------------------------------------- Members American and Pennsylvania Institutes of Certified Public Accountants Accounting Firms Associated, inc. Member Firms in Principal Cities Irving P. Rosenthal, CPA Deborah H. Wells, CPA Michael H. Levin, CPA Fred M. Rock, CPA Harvey A. Pollack, CPA Sean M. Brennan, CPA Fred J. Morelli, Jr., CPA Alexander Paul, CPA Edward F. Rockman, CPA Michael E. Forgas, CPA Emanuel V. DiNatale, CPA Joel M. Rosenthal, CPA
EX-27 4
5 9-MOS JUN-30-1996 JUL-01-1995 MAR-31-1996 8,233 0 8,012 253 5,116 21,905 29,378 14,682 41,181 6,514 143 0 0 16,944 15,819 41,181 26,114 26,114 15,060 15,060 7,127 0 0 3,927 1,078 2,849 0 0 0 2,849 .47 .0
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