-----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, K68Ra69D/8k1QkHI/d1nXNQW1UKI2W4R9/JKvXCNhlQNT9ZPvO0v8MlpYn5FVOel DJ7J+gKr/D5qheXWTTATZQ== 0000109747-99-000006.txt : 19990521 0000109747-99-000006.hdr.sgml : 19990521 ACCESSION NUMBER: 0000109747-99-000006 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19990331 FILED AS OF DATE: 19990520 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SOUTHERN SECURITY LIFE INSURANCE CO CENTRAL INDEX KEY: 0000109747 STANDARD INDUSTRIAL CLASSIFICATION: LIFE INSURANCE [6311] IRS NUMBER: 591231733 STATE OF INCORPORATION: FL FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 002-35669 FILM NUMBER: 99631209 BUSINESS ADDRESS: STREET 1: 755 RINEHART RD STREET 2: P O BOX 958402 CITY: LAKE MARY STATE: FL ZIP: 32746 BUSINESS PHONE: 4073217113 MAIL ADDRESS: STREET 1: P O BOX 958402 STREET 2: 755 RINEHART ROAD CITY: LAKE MARY STATE: FL ZIP: 32746 FORMER COMPANY: FORMER CONFORMED NAME: COLUMBIA LIFE INSURANCE CO OF FLORIDA DATE OF NAME CHANGE: 19790501 10-Q 1 Form 10-Q (conformed) SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 (Mark One) (X) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 1999 or ( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______ to_______ For Quarter Ended March 31, 1999 Commission File No. 2-35669 SOUTHERN SECURITY LIFE INSURANCE COMPANY (Exact name of registrant as specified in its charter) Florida 59-1231733 (State of incorporation) (I.R.S. tax number) 755 Rinehart Road, Lake Mary, FL 32746 Registrant's telephone number, including area code: (407) 321-7113 Securities registered pursuant to Section 12(b) of the Act: Name of Each Exchange on Title of Each Class Which Registered None None Securities registered pursuant to Section 12(g) of the Act: None (Title of Class) Indicate by check mark whether the Registrant (1) has filed all annual, quarterly and other reports required to be filed with the Commission during the preceding 12 months and (2) has been subject to the filing requirements for at least the past 90 days. Yes X No The number of Registrant's shares outstanding as of the close of the period covered by this report is as follows: Number Outstanding at Title of class March 31, 1999 Class A Common Shares 1,907,989 $1.00 per share SOUTHERN SECURITY LIFE INSURANCE COMPANY Form 10-Q Quarter Ended March 31, 1999 INDEX Part I FINANCIAL INFORMATION ITEM 1 Condensed Financial Statements Balance sheets - March 31, 1999 and December 31, 1998 3-4 Statements of Income - Three Months Ended March 31, 1999 and 1998 5 Statements of Cash Flows - Three Months Ended March 31, 1999 and 1998 6 Notes to Condensed Financial Statements 7-8 ITEM 2 Management's Discussion and Analysis of Financial Condition of Results of Operations, March 31, 1999 9-15 ITEM 3 Quantitative and Qualitative Disclosure of Market Risk PART II Other Information 16-17 Signature Page 18 2 SOUTHERN SECURITY LIFE INSURANCE COMPANY Balance Sheets March 31, 1999 and December 31, 1998
March 31, 1999 December 31, Assets (unaudited) 1998 ------ ----------- ---- Investments: Fixed maturities held-to-maturity (fair value, $5,017,910 and $5,064,541 at March 31, 1999 and December 31, 1998 respectively) $ 4,932,956 $4,956,910 Securities available-for-sale, at fair value: Fixed maturities (cost of $27,635,196 at March 31, 1999 and $27,671,425 at December 31, 1998) 27,939,967 28,479,161 Equity securities (cost, $210,370 and $210,370 at March 31, 1999 and December 31, 1998, respectively) 255,784 250,232 Policy and student loans 8,122,139 8,462,438 Short-term investments 5,058,037 11,434,983 Short-term investments with related party 4,010,239 - --------- --------- 50,319,122 53,583,724 Cash and cash equivalents 2,615,198 682,389 Accrued investment income 838,464 564,118 Deferred policy acquisition costs 13,473,338 13,583,956 Policyholders' account balances on deposit with reinsurer 8,426,975 8,518,571 Reinsurance receivable 302,426 306,258 Receivables: Agent balances 1,276,311 994,493 Other 179,352 351,478 Refundable income taxes 42,599 34,951 Property and equipment, net, at cost 2,547,185 2,585,255 --------- --------- $80,020,970 $81,205,193 =========== ===========
See accompanying notes to condensed financial statements 3 SOUTHERN SECURITY LIFE INSURANCE COMPANY Balance Sheets (continued) March 31, 1999 and December 31, 1998
March 31, 1999 December 31, Liabilities and Shareholders' Equity (unaudited) 1998 - ------------------------------------ ----------- ---- Liabilities: Policy liabilities and accruals: $1,806,867 $1,727,300 Future policy benefits: Policyholders' account balances 52,139,821 52,520,300 Unearned revenue 5,752,121 6,023,399 Other policy claims and benefits payable 623,775 540,789 Other Policyholders' funds, dividend and endowment accumulations 66,001 64,738 Funds held related to reinsurance treaties 1,405,916 1,419,357 Note payable to related party 1,000,000 1,000,000 Due to affiliated insurance agency 76,425 22,871 General expenses accrued 554,405 747,148 Unearned investment income 331,071 340,622 Other liabilities 75,476 90,489 Deferred income taxes 606,808 796,074 --------- --------- 64,438,686 65,293,087 ---------- ---------- Shareholders' equity: Common stock, $1 par, authorized 3,000,000 shares; issued and out- standing, 1,907,989 shares 1,907,989 1,907,989 Capital in excess of par 4,011,519 4,011,519 Accumulated other comprehensive income 175,242 430,161 Retained earnings 9,487,534 9,562,437 --------- --------- 15,582,284 15,912,106 Commitments and contingencies - - ----------- ----------- $80,020,970 $81,205,193 =========== ===========
See accompanying notes to condensed financial statements 4 SOUTHERN SECURITY LIFE INSURANCE COMPANY Statements of Income (unaudited) For The Three Months Ended March 31, 1999 and 1998
1999 1998 ---- ---- Revenues: Net insurance revenues $1,751,040 $1,763,427 Net investment income 904,557 933,728 Realized gain on investments - 332,283 --------- ------- 2,655,597 3,029,438 Benefits, losses & expenses: Annuity, death, surrender and other benefits 1,132,790 1,086,402 Increase in future policy benefits 127,104 128,855 Amortization of deferred policy acquisitions costs 828,668 927,211 Operating expenses 627,086 786,085 Interest expense with related party 22,500 22,500 ------ ------ 2,738,148 2,951,053 Income (loss) before income taxes (82,551) 78,385 Income tax expense (benefit) (7,648) 29,394 ------- ------ Net income (loss) $(74,903) $48,991 ======== ====== Basic net income (loss) per share of common stock $.(04) $.03 ==== === Diluted net income (loss) per share of common stock $.(04) $.03 ==== ===
See accompanying notes to condensed financial statements 5 SOUTHERN SECURITY LIFE INSURANCE COMPANY Statements of Cash Flows (unaudited) For Three Months Ended March. 31, 1999 and 1998
1999 1998 ---- ---- Net cash provided by operating activities $84,557 $983,546 Cash flows provided by (used in) investing activities: Purchase of investments available for sale (equity & fixed maturity) - (5,771,931) Proceeds from maturity of held to maturity securities 21,097 2,017,761 Proceeds from maturity of available for sale securities - 257,240 Proceeds from sale of available for sale securities (equity and fixed maturity) - 5,681,917 Net change in short term investments 2,366,707 - Net change in policy and student loans 340,299 6,583 Acquisition of property & equipment - (11,103) ------- ------- Net cash provided by investing activities $2,728,103 $2,180,467 Cash flows provided by (used in) financing activities: Receipts from universal life and certain annuity policies credited to policyholder account balances 1,751,831 921,719 Return of policyholder account balances on universal life and certain annuity policies (2,631,682) (996,897) ---------- -------- Net cash used in financing activities $(879,851) $(75,178) --------- -------- Increase in cash and cash equivalents 1,932,809 3,088,835 Cash and cash equivalents at beginning of period $682,389 $2,448,994 -------- ---------- Cash and cash equivalents at end of period $2,615,198 $5,537,829 ========== ==========
See accompanying notes to condensed financial statements 6 SOUTHERN SECURITY LIFE INSURANCE COMPANY Notes to Condensed Financial Statements (unaudited) For Three Months Ended March 31, 1999 1. Unaudited Financial Statements: The accompanying financial statements have been prepared by management in conformity with generally accepted accounting principles for interim financial statements and with instructions to Form 10-Q and Regulation S-X. Accordingly, they do not include all the disclosures required by generally accepted accounting principles for complete financial statements. All adjustments and accruals considered necessary for fair presentation of financial information have been included in the opinion of management, and are of a normal recurring nature. Quarterly results of operations are not necessarily indicative of annual results. These statements should be read in conjunction with the consolidated financial statements and the notes thereto included in the Southern Security Life Insurance Company 1998 Annual Report on Form 10-K for the fiscal year ended December 31, 1998. 2. Comprehensive Income: Total comprehensive income (loss) was $(329,822) and $56,487, for the three months ended March 31, 1999 and 1998, respectively. 3. Management Fees Effective December 17, 1998, the Company entered into an Administrative Services Agreement with Security National Financial Corporation ("SNFC"). Under the terms of the agreement, SNFC has agreed to provide the Company with certain defined administrative and financial services, including accounting services, financial reports and statements, actuarial, policyholder services, underwriting, data processing, legal, building management, marketing advisory services and investment services. In consideration for the services to be provided by SNFC, the Company shall pay SNFC and administrative services fee of $250,000 per month, provided, however, that such fee shall be reduced to zero for so long as the capital and surplus of the Company is less than or equal to $6,000,000, unless the Company and SNFC otherwise agree in writing and such agreement is approved by the Florida Department of Insurance. 7 SOUTHERN SECURITY LIFE INSURANCE COMPANY Notes to Condensed Financial Statements (unaudited) For Three Months Ended March 31, 1999 4. Subsequent Event The Company received $719,000 on April 23, 1999 as partial settlement to a lawsuit filed by Southern Security against AEGON USA and PFL Life Insurance Company. 8 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operation. Overview. This analysis of the results of operations and financial condition of Southern Security Life should be read in conjunction with the Condensed Financial Statements and Notes to the Condensed Financial Statements included in this report. In recent years, the Company has primarily issued two types of insurance products, universal life and final expense products. Universal life provides insurance coverage with flexible premiums, within limits, which allow policyholders to accumulate cash values. The accumulated cash values are credited with tax-deferred interest, as adjusted by the Company on a periodic basis. Deducted from the cash accumulations are administrative charges and mortality costs. Should a policy surrender in its early years, the Company assesses a surrender fee against the cash value accumulations based on a graded formula. Final expense products are traditional endowment type insurance policies written for the senior market. Because they are written to a senior market they are designed to accommodate adverse health conditions. Because of the size of the policies they are usually issued with only limited underwriting. The coverage size of the policy is roughly equivalent to the insured's anticipated funeral costs. Pursuant to the accounting methods prescribed by Statement of Financial Accounting Standards No. 97 (SFAS 97), premiums received from policyholders on universal life products are credited to policyholder account balances and treated as a liability rather than income. Revenues on such products result from the mortality and administrative fees charged to policyholder balances in addition to surrender charges assessed at the time of surrender as explained above. Such costs of insurance, expense charges, and surrender charges are recog-nized as revenue is earned. In addition, the Company has adopted policy designs with the characteristic of having higher expense charges during the first policy year than in renewal years. Under SFAS 97, the excess of these charges are reported as unearned revenue. The unearned revenue is then amortized into income over the life of the policy using the same assumptions and factors used to amortize capitalized acquisition costs. Interest credited to policyholder balances is shown as a part of benefit expenses. Premiums received from final expense products are treated as revenue when received. In accordance with generally accepted accounting principles, certain costs directly associated with the issuance of new policies are deferred and amortized over the lives of the policies. These costs are defined as deferred policy acquisition costs and are shown in the asset section of the balance sheet of the Company. Capitalized acquisition costs for universal life and annuity policies are amortized over the life of the business at a constant rate, based on the present value of the estimated gross profits expected to be realized over the life of the business. SFAS 97 requires that estimates of expected gross profits used as a basis for amortization be evaluated on a regular basis, and the total amortization to date be adjusted as 9 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operation. Overview continued. a charge or credit to earnings if actual experience or other evidence suggests that earlier estimates be revised. Thus, variations in the amortization of the deferred policy acquisition costs, from one period to the next, are a normal aspect of universal life insurance business and are generally attributed to the recognition of current and emerging experience in accordance with the principles of SFAS 97. Annuity products, of which the Company currently has a minor amount, are recorded in similar fashion to universal life products. Considerations received by the Company are credited to the annuity account balances which are shown as a liability in the balance sheet. Interest is credited to these accounts as well and shown as an expense of the Company. Income is derived primarily from surrender charges on this type of product. An additional source of income to the Company is investment revenue. The Company invests those funds deposited by policyholders of universal life and annuity products in debt and equity securities in order to earn interest and dividend income, a portion of which is credited back to the policyholders. Interest rates and maturities of the Company's investment portfolio play a part in determining the interest rates credited to policyholders. Product profitability is affected by several different factors, such as mortality experience ( actual versus expected), interest rate spreads (excess interest earned over interest credited to policyholders) and controlling policy acquisition costs and other costs of operation. The results of any one reporting period may be significantly affected by the level of death claims or other policyholder benefits incurred due to the Company's relatively small size. 10 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operation. Overview, continued The following table sets forth certain percentages reflecting financial data and results of operations (a) for 1999, 1998 and 1997 premium and investment revenues and (b) for period to period increases and (decreases).
Relationships to Total Revenues Period to Period Period Ended March 31, (Increase or Decrease) 1999 1998 1997 99-98 98-97 ---- ---- ---- ----- ----- Insurance Revenues 66% 58% 74% (2%) (16%) Net Investment Income 34 31 30 (3%) 8% Realized Investment Gains - 11 (4) (100%) 391% Total Revenues 100% 100% 100% (12%) 6% Losses, claims and loss adjustment expenses 47% 40% 38% 4% 11% Acquisition costs 31 31 33 (10%) 0% Other operating costs and expenses 25 26 32 (20%) (13%) Total expenses 103% 97% 103% (7%) 0%) Income (loss) before income taxes (3%) 3% (4%) (205%) 171% Provision for income taxes -% -% 1% (126%) 195% Net income (loss) (3%) 3% (3%) (253%) 162%
Results of Operations. First Quarter 1999 Compared to First Quarter 1998 Total revenues decreased by $374,000, or 12%, to $2,656,000 for the three months ended March 31, 1999, from $3,029,000 for the three months ended March 31, 1998. Contributing to this decrease was a $13,000 decrease in net insurance revenues, a $332,000 decrease in realized gains on investments, and a $30,000 decrease in net investment income. 11 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operation. Results of Operations continued The Company's decision to reduce its mutual fund holdings in early 1998 resulted in $332,000 in realized gains on investments for the three months ended March 31, 1998 as compared to no realized gains on investments for the same period of 1999. Annuity, death, surrender, and other benefits and increase in future policy benefits increased by $45,000, or 4%, to $1,260,000 for the three months ended March 31, 1999 from $1,215,000 for the comparable period in 1998. The increase was due primarily to increased ordinary benefits and future policy reserves for new in-force policies. The amortization of deferred policy acquisitions costs decreased by $99,000 or 10% to $829,000 for the three months ended March 31, 1999, from $927,000 for the comparable period in 1998. The decrease in amortization expenses was primarily due to a significant improvement in persistency in death claims as well as the interest spread between the amounts credited to policyholders and the amounts the Company has earned on its investment portfolio. Operating expenses decreased by $159,000, or 20%, to $627,000 for the three months ended March 31, 1999 from $786,000 for the same period of 1998. Effective December 17, 1998, the Company entered into an Administrative Services Agreement with Security National Financial Corporation ("SNFC"). Under the terms of the agreement, SNFC has agreed to provide the Company with certain defined administrative and financial services, including accounting services, financial reports and statements, actuarial, policyholder services, underwriting, data processing, legal, building management, marketing advisory services and investment services. In consideration for the services to be provided by SNFC, the Company shall pay SNFC an administrative services fee of $250,000 per month, provided, however, that such fee shall be reduced to zero for so long as the capital and surplus of the Company is less than or equal to $6,000,000, unless the Company and SNFC otherwise agree in writing and such agreement is approved by the Florida Department of Insurance. The administrative services fee may be increased, beginning on January 1, 2001, to reflect increases in the Consumer Price Index, over the index amount as of January 1, 2000. The Administrative Services Agreement shall remain in effect for an initial term expiring on December 16, 2003. The term of the agreement may be automatically extended for additional one-year terms unless either the Company or SNFC shall deliver a written notice on or before 12 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operation. Results of Operations continued September 30 of any year stating to the other its desire not to extend the term of the agreement. However, in no event can the agreement be terminated prior to December 16, 2003. It is anticipated that the Company will realize a reduced level of general and administrative costs in the future as a result of the Administrative Services Agreement. The net loss before income taxes for the three months ended March 31, 1999 was $82,000 as compared to a net gain of $78,000 for 1998. This loss was attributed to a net reduction in revenues of $373,000 but this reduction was partially offset by a net decrease in benefits, losses, expenses and taxes of $213,000. Liquidity and Capital Resources Statement of Financial Accounting Standards No. 115 ("SFAS 115"), "Accounting for Certain Investments in Debt and Equity Securities" requires investments in all debt securities and those equity securities with readily determinable market values be classified into one of three categories: held-to-maturity, trading or available-for-sale. Classification of investments is based upon management's current intent. Debt securities, which management has a positive intent and ability to hold until maturity, are classified as securities held-to-maturity and are carried at amortized cost. Unrealized holding gains and losses on securities held-to- maturity are not reflected in the financial statements. Debt and equity securities that are purchased for short-term resale are classified as trading securities. Trading securities are carried at market value, with unrealized holding gains and losses included in earnings. All other debt and equity securities not included in the above two categories are classified as securities available-for-sale. Securities available-for-sale are carried at market value, with unrealized holding gains and losses reported as a separate component of other comprehensive income, net of tax and a valuation allowance against deferred acquisition costs. The Company's insurance operations have historically provided adequate positive cash flow enabling the Company to continue to meet operational needs as well as increase its investment-grade securities to provide ample protection for policyholders. Management believes that cash flow levels in future periods will be such that the Company will be able to continue its prior growth patterns in writing life insurance policies and meet normal operating expenses. The National Association of Insurance Commissioners, in order to enhance the regulation of insurer solvency, issued a model law to implement risk-based capital (RBC) requirements for life insurance companies, which are designed to assess capital adequacy. Pursuant to the model law, insurers having less statutory surplus than required by the RBC 13 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operation Liquidity and Capital Resources continued calculation will be subject to varying degrees of regulatory action. At March 30, 1999, and December 31, 1998 the Company had statutory surplus well in excess of any RBC action level requirements. The Company has no material commitments for capital expenditures throughout the balance of the year 1999 as all rentable space on the first floor of its office building is fully leased. Year 2000 The Company is currently completing its efforts to resolve the potential impact of the year 2000 on the processing of information by the Company's insurance systems. The year 2000 problem is the result of computer programs being written using two digits (rather than four) to define the applicable year. Any of the Company's systems that have time-sensitive software may recognize a date using "00" as the year 1900 rather than year 2000, which could result in miscalculations or system failures. The Company has substantially completed the necessary system upgrades and compliance testing and expects the system to be entirely complete by September 30, 1999. The Company's most significant operational system is currently being replaced through conversion pursuant to an Administrative Services Agreement. Under the Administrative Services Agreement entered into by the Company effective December 17, 1998, Security National made available a new LifePro Administration system. LifePro is a subsidiary of IBM. Since May of 1998, SNFC has invested in excess of $1.0 million to implement a system conversion for the Company. For further discussion on the Administrative Services Agreement, see the "Results of Operations" section discussion on operating expenses. The anticipated future costs of addressing potential Year 2000 problems are not currently expected to have a material adverse impact on the Company's financial position, results of operations or cash flows in future periods. However, if the Company, its customers or vendors are unable to resolve such processing issues in a timely manner, it could result in a material financial risk. Management believes that manual policy and claims administration could be performed in the unlikely event that one or more of its systems did not function. The Company plans to devote the necessary resources to test and remediate all remaining Year 2000 issues in a timely manner. 14 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operation Year 2000 continued The cost that has been incurred and paid in achieving Year 2000 compliance is approximately $1.0 million as discussed above. As of March 31, 1999, management does not anticipate any other significant costs to be incurred associated with its year 2000 initiatives. Item 3. Quantitative and Qualitative Disclosure of Market Risk There have been no significant changes since the annual report Form 10-K filed for the year ended December 31, 1998. 15 Part II Other Information Item 1. Legal Proceedings None Item 2. Changes in Securities None Item 3. Defaults Upon Senior Securities None Item 4. Submission of Matters to a Vote of Security Holders None Item 5. Other Information None Item 6. Exhibits and Reports on Form 8-K 3. Exhibits (a) Exhibit No. Document 3. Articles of Incorporation, as amended, and By-Laws, as amended (without exhibits) dated September 1994, incorporated by reference herein from Exhibit 3(1) of the Annual Report of the Company filed on Form 10-K for the fiscal year ended December 31, 1994 10.A Executive Compensation Agreement between the Company and George Pihakis (without exhibits) incorporated by reference herein from Exhibit 10(B) of the Annual Report of the Company filed on Form 10-K for the fiscal year ended December 31, 1984 10.B Revolving Financing Agreement between the Company and the Student Loan Marketing Association, dated as of September 19, 1996 16 3. Exhibits Exhibit No. Document 10.C Reinsurance Agreement between the Company and United Group Insurance Company, dated as of December 31, 1992 incorporated by reference herein from Exhibit 10(B) of the Annual Report of the Company filed on Form 10-K for the fiscal year ended December 31, 1992 10.D Agency Agreement between the Company and Insuradyne Corporation incorporated by reference herein from Exhibit 10C of the Annual Report of the Company filed on Form 10-K for the fiscal year ended December 31, 1993 10.E Administrative Services Agreement between the Company and Security National Financial Corporation effective December 17, 1998, incorporated by reference herein from exhibit 10.E of the Annual Report of the Company filed on Form 10-K for the fiscal year ending December 31, 1998. 27. Financial Data Schedule (b) Reports on Form 8-K On February 26, 1999 the Company filed a report on Form 8-K regarding a change in its certifying accountant. 17 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 duly authorized. SOUTHERN SECURITY LIFE INSURANCE COMPANY Registrant Dated: May 20, 1999 BY: George R. Quist President and Chief Executive Officer (Principal Executive Officer) Dated: May 20, 1999 BY: Scott M. Quist First Vice President, General Counsel and Treasurer (Principal Financial and Accounting Officer) 18 EX-27 2 ARTICLE 7 FOR 10K PERIOD END MARCH 31, 1999
7 3-MOS YEAR DEC-31-1999 DEC-31-1998 MAR-31-1998 DEC-31-1998 27,939,967 28,479,161 4,932,956 4,956,910 5,017,910 5,064,541 255,784 250,232 0 0 0 0 50,319,122 53,583,724 2,615,198 682,389 302,426 306,258 13,473,338 13,583,956 80,020,970 81,205,193 1,806,867 1,727,300 5,752,121 6,023,399 623,775 540,789 66,001 64,738 1,000,000 1,000,000 0 0 0 0 1,907,989 1,907,989 4,011,519 4,011,519 80,020,970 81,205,193 1,751,040 7,228,227 904,557 3,587,147 0 525,181 0 0 1,259,894 4,346,820 828,668 3,484,689 627,086 4,044,686 (82,551) (625,640) (7,648) (241,907) (74,903) (383,733) 0 0 0 0 0 0 (74,903) (383,733) (.04) (.20) (.04) (.20) 0 0 0 0 0 0 0 0 0 0 0 0 0 0
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