-----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, I3ZL8WSIQLDF19nmd/IKdJJioN9dqrvHWkF/DuA+D4EtQ2g1xWf3jo+FAhGhVMql OVNSWW4QJSSAt8okRCfKXQ== 0000891020-99-001405.txt : 19990816 0000891020-99-001405.hdr.sgml : 19990816 ACCESSION NUMBER: 0000891020-99-001405 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19990630 FILED AS OF DATE: 19990813 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DATA DIMENSIONS INC CENTRAL INDEX KEY: 0000026990 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-COMPUTER PROGRAMMING SERVICES [7371] IRS NUMBER: 060852458 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 000-04748 FILM NUMBER: 99688778 BUSINESS ADDRESS: STREET 1: ONE BELLEVUE CENTER STREET 2: 411 108TH AVENUE NE SUITE 2100 CITY: BELLEVUE STATE: WA ZIP: 98004 BUSINESS PHONE: 4256881000 MAIL ADDRESS: STREET 1: ONE BELLEVUE CENTER STREET 2: 411 108TH AVENUE NE SUITE 2100 CITY: BELLEVUE STATE: WA ZIP: 98004 10-Q 1 FORM 10-Q FOR THE QUARTER ENDED JUNE 30, 1999 1 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 1999 ------------------------------------------------ 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 0-4748 ------------------------------- Data Dimensions, Inc. - -------------------------------------------------------------------------------- (EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER) Delaware 06-0852458 - -------------------------------------------------------------------------------- (NAME OR OTHER JURISDICTION OF (IRS EMPLOYER IDENTIFICATION NO.) INCORPORATION OR ORGANIZATION) One Bellevue Center, 411 - 108th Avenue NE, Suite 2100, Bellevue, WA 98004 (ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) (ZIP CODE) REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE (425) 688-1000 ------------------------------ Indicate by check 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 Common Stock: 13,641,463 shares as of July 31, 1999 -------------------------------------------------------------- 2 DATA DIMENSIONS, INC. Index
Page Number ------ PART I - FINANCIAL INFORMATION. Item 1. Consolidated Financial Statements. Consolidated Balance Sheets at June 30, 1999 (unaudited) and December 31, 1998. 3 Consolidated Statements of Operations for the three month and six month periods ended June 30, 1999 and 1998 (unaudited). 4 Consolidated Statements of Comprehensive Income for the three month and six month periods ended June 30, 1999 and 1998 (unaudited). 4 Consolidated Statements of Cash Flows for the six month periods ended June 30, 1999 and 1998 (unaudited). 5 Notes to Consolidated Financial Statements. 6 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations. 7 Item 3. Quantitative and Qualitative Disclosure About Market Risk. 9 PART II - OTHER INFORMATION. Item 4. Submission of Matters to a Vote of Security Holders. 10 Item 6. Exhibits and Reports on Form 8-K. 10 SIGNATURES 11
Page 2 3 PART I - FINANCIAL INFORMATION Item 1. Financial Statements DATA DIMENSIONS, INC. CONSOLIDATED BALANCE SHEETS (In thousands, except per share data)
June 30, December 31, 1999 1998 ----------- ----------- (unaudited) Current assets: Cash and cash equivalents $ 3,464 $ 776 Accounts receivable, net 32,122 36,876 Prepaid and other current assets 2,330 2,850 Deferred income taxes 1,622 1,140 ----------- ----------- Total current assets 39,538 41,642 Equipment and furniture, net 7,691 8,467 Investment in product development, net 597 1,016 Other assets 670 812 ----------- ----------- Total assets $ 48,496 $ 51,937 =========== =========== Current liabilities: Accounts payable $ 4,394 $ 4,571 Accrued compensation and commissions 7,320 6,157 Other accrued liabilities 2,368 3,596 Current portion of capital lease obligations 1,398 1,161 Income taxes payable 227 5,997 Deferred income taxes 550 797 ----------- ----------- Total current liabilities 16,257 22,279 Capital lease obligations, net of current portion 1,597 1,976 Other long term liabilities 183 180 ----------- ----------- Total liabilities 18,037 24,435 ----------- ----------- Commitments and contingencies (Note 2 ) Stockholders' equity: Common stock, $.001 par value; 20,000 shares authorized; 13,533 and 13,521 outstanding 13 13 Additional paid in capital 24,604 24,539 Treasury stock, at cost, 112 shares in 1999 and 1998 (3,034) (3,034) Retained earnings 9,077 6,104 Cumulative comprehensive loss (201) (120) ----------- ----------- Total stockholders' equity 30,459 27,502 ----------- ----------- Total liabilities and stockholders' equity $ 48,496 $ 51,937 =========== ===========
The accompanying notes are an integral part of these financial statements. Page 3 4 DATA DIMENSIONS, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share data) (Unaudited)
Three Month Periods Six Month Periods Ended June 30, Ended June 30, ----------------------- ----------------------- 1999 1998 1999 1998 -------- -------- -------- -------- Revenue Field consulting $ 24,469 $ 20,255 $ 48,556 $ 35,325 Outsourcing services 3,881 2,456 8,107 4,386 Test centers 3,007 3,485 6,170 6,800 Other 922 935 1,664 1,850 -------- -------- -------- -------- Total revenue 32,279 27,131 64,497 48,361 Direct costs 20,646 15,651 40,158 27,498 -------- -------- -------- -------- Gross margin 11,633 11,480 24,339 20,863 Selling, general and administrative expenses 9,194 8,538 19,294 16,394 -------- -------- -------- -------- Income from operations 2,439 2,942 5,045 4,469 Other income (expense) (93) (187) (171) (215) -------- -------- -------- -------- Income before income tax 2,346 2,755 4,874 4,254 Income tax provision 915 1,225 1,901 1,850 -------- -------- -------- -------- Net income $ 1,431 $ 1,530 $ 2,973 $ 2,404 ======== ======== ======== ======== Earnings per share-basic $ 0.11 $ 0.11 $ 0.22 $ 0.18 Earnings per share-diluted $ 0.11 $ 0.11 $ 0.22 $ 0.18 Weighted average shares outstanding-basic 13,533 13,372 13,531 13,271 Weighted average shares outstanding-diluted 13,553 13,587 13,569 13,587
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (In thousands) (Unaudited) Net Income $ 1,431 $ 1,530 $ 2,973 $ 2,404 Other comprehensive income (loss) - foreign currency translation adjustments (36) (235) (81) (133) ------- ------- ------- ------- Comprehensive income $ 1,395 $ 1,295 $ 2,892 $ 2,271 ======= ======= ======= =======
The accompanying notes are an integral part of these financial statements. Page 4 5 DATA DIMENSIONS, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) (Unaudited)
Six Month Periods Ended June 30, -------------------------------- 1999 1998 ------------- ---------------- CASH FLOWS FROM OPERATING ACTIVITIES Net income $ 2,973 $ 2,404 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 3,055 1,471 Deferred income tax provision (benefit) (729) 1,850 Changes in certain operating assets and liabilities Accounts receivable 4,754 (5,835) Prepaid and other assets 75 (163) Accounts payable (177) 2,115 Advanced billings (300) (1,179) Accrued compensation and commissions 1,163 1,249 Income taxes payable (5,770) -- Other (453) 239 ----------- ----------- Net cash provided by operating activities 4,591 2,151 ----------- ----------- CASH FLOWS FROM INVESTING ACTIVITIES Maturities and sales of investments -- 986 Purchases of equipment and furniture (1,076) (2,172) Investment in product development -- (48) ----------- ----------- Net cash used by investing activities (1,076) (1,234) ----------- ----------- CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from short term debt -- 130 Payment of capital lease obligations (614) (131) Distribution to shareholder (229) (300) Repayment of note payable -- (89) Proceeds from issuance of common stock 16 310 ----------- ----------- Net cash used by financing activities (827) (80) ----------- ----------- Net increase in cash and cash equivalents 2,688 837 Cash and cash equivalents, beginning of period 776 4,734 ----------- ----------- Cash and cash equivalents, end of period $ 3,464 $ 5,571 =========== =========== Cash paid during the period for: Interest $ 105 $ 118 Income taxes $ 6,114 $ -- Non-cash investing and financing activities: Equipment acquired under capital lease $ 473 $ --
The accompanying notes are an integral part of these financial statements. Page 5 6 DATA DIMENSIONS, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS NOTE 1: Basis of Presentation The consolidated financial statements present the consolidated financial position and results of operations of Data Dimensions, Inc. and its subsidiaries, ("Data Dimensions" or the "Company") in accordance with the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in the financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted in accordance with such rules and regulations. In August 1998, the Company acquired ST Labs, Inc. in a business combination accounted for as a pooling of interests. The historical financial statements for periods prior to consummation of the business combination have been restated as though the companies had been combined for all periods presented. The financial information included herein for the three and six month periods ended June 30, 1999 and 1998 is unaudited; however, such information reflects all adjustments consisting only of normal recurring adjustments which are, in the opinion of management, necessary for a fair presentation of the consolidated financial position, results of operations, comprehensive income and cash flows for the interim periods. The financial information as of December 31, 1998 is derived from the Company's audited consolidated financial statements. These interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes thereto, which are included in the Company's 1998 Annual Report on Form 10-K. The results of operations for the 1999 interim period presented are not necessarily indicative of the results to be expected for the year ended December 31, 1999 or any future interim period, and the Company makes no representation related thereto. Certain amounts have been reclassified in the prior period financial statements to conform with the current year presentations. NOTE 2: Contingencies The Company is from time to time involved in various claims and legal proceedings of a nature considered by Company management to be routine and incidental to its business. In the opinion of Company management, after consultation with outside legal counsel, the ultimate disposition of such matters is not expected to have a material adverse effect on the Company's financial position, results of operations or liquidity. NOTE 3: Reconciliation of Earnings Per Share Basic earnings per share is computed using the weighted average number of common shares outstanding during the period. Diluted earnings per share is computed using the weighted average number of common shares and dilutive common equivalent shares outstanding during the period. Dilutive common equivalent shares consist of common stock issuable upon exercise of stock options using the treasury stock method. The following provides a reconciliation of the numerators and denominators of the basic and diluted per share computations:
Three Month Period Six Month Period Ended June 30, Ended June 30, ----------------------- ----------------------- 1999 1998 1999 1998 ---------- ---------- ---------- ---------- Weighted average shares outstanding 13,533 13,372 13,531 13,271 Dilutive common stock options using the treasury stock method 20 215 38 316 ---------- ---------- ---------- ---------- Weighted average diluted shares outstanding 13,553 13,587 13,569 13,587 ========== ========== ========== ========== Net income $ 1,431 $ 1,530 $ 2,973 $ 2,404
Page 6 7 $ 0.11 $ 0.11 $ 0.22 $ 0.18 Earnings per share - basic Earnings per share - diluted $ 0.11 $ 0.11 $ 0.22 $ 0.18
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations This management's discussion and analysis of financial condition and results of operations should be read in conjunction with the discussion and analysis presented in the Company's 1998 Annual Report on Form 10-K. Results of Operations Quarter Ended June 30, 1999 Revenue of $32.2 million in the second quarter ended June 30, 1999 was 19 percent higher than the revenue of $27.1 million in the quarter ended June 30, 1998. Field consulting revenue increased 21 percent, outsourcing services revenue increased 58 percent, while test centers revenue decreased 14 percent and other revenue decreased 1 percent. The increase in revenue for field consulting and outsourcing resulted primarily from an increase in Year 2000 remediation contracts over the comparable period in 1998. Second quarter revenue was essentially flat with the quarter ended March 31, 1999 as the Company began to see a slowdown in Year 2000 remediation work in the second quarter of 1999. Many Year 2000 projects are either being completed or are in process, while, at the same time, some companies are deferring new information technology projects or investments until after the Year 2000 date change has passed. These factors have resulted in a slowdown in both new Year 2000 and non-Year 2000 projects, which is expected to continue through the third and fourth quarters of 1999. The Company's strategy is to build its existing non-Year 2000 services, including quality assurance and testing, and data center and application outsourcing, to offset in part declining Year 2000 revenue. The Company has also introduced new service offerings to extend its customer relationships and technological expertise beyond Year 2000 work. These new services include enterprise integration and healthcare-specific consulting. Direct costs increased 32 percent in the quarter ended June 30, 1999 over the quarter ended June 30, 1998. As a result of the increase in direct costs, gross margin was flat in the quarter ended June 30, 1999 with the quarter ended June 30, 1998. Gross margin as a percentage of revenue decreased from 42 percent to 36 percent. The decrease in gross margin percent was partially the result of a decrease in the utilization rates of consultants and a shift in revenue mix towards lower margin business. The Company is addressing the number of consultants to align staffing with the level of business for the rest of the year. Selling, General and Administrative (SG&A) expenses increased 8 percent in the quarter ended June 30, 1999 over the quarter ended June 30, 1998. The increase was primarily due to employee related costs associated with the Company's transition from Year 2000 work to enterprise integration services. SG&A expenses as a percentage of revenue decreased from 31 percent in the quarter ended June 30, 1998 to 28 percent in the quarter ended June 30, 1999. SG&A expenses continue to be evaluated in relationship to the Company's revenue trends. Other income (expense) recorded in 1999 and 1998 consists primarily of the interest component of capital leases, as well as the interest on short term borrowing to support cash requirements. The annual effective tax rate in 1999 is 39 percent compared to 43 percent in 1998. The primary cause of the higher effective rate in 1998 was the pro forma impact of ST Labs, Inc. losses as a result of the business combination mentioned in Note 1. Two Quarters Ended June 30, 1999 Revenue of $64.5 million in the two quarters ended June 30, 1999 was 33 percent higher than the revenue of $48.4 million in the two quarters ended June 30, 1998. Field consulting revenue increased 37 percent, outsourcing services revenue increased 85 percent, test centers revenue decreased 9 percent and other revenue decreased 10 percent. The increase in revenue from field consulting and outsourcing services was primarily due to Year 2000 contracts. The decrease in other revenue is primarily a result of Page 7 8 de-emphasizing the Company's product offering. The Company has discontinued development and marketing of its existing products and will continue supporting them only during the remaining product life cycle. Direct costs increased 46 percent in the two quarters ended June 30, 1999 over the two quarters ended June 30, 1998. The reasons for the increase are consistent with the explanation for the quarter ended June 30, 1999. SG&A expenses increased 18 percent in the two quarters ended June 30, 1999 over the two quarters ended June 30, 1998, primarily from an increase in employee related costs associated with the Company's transition from Year 2000 work to enterprise integration services. Liquidity and Capital Resources The Company utilized its $10 million line of credit during the two quarters ended June 30, 1999 to fund a significant federal income tax payment and cover short term cash requirements. At June 30, 1999, the Company had no borrowings outstanding under its $10 million line of credit and had a cash balance of $3.5 million. Working capital increased $3.9 million and the current ratio improved from 1.9 to 1 to 2.4 to 1 from December 31, 1998 to June 30, 1999. Accounts receivable decreased $4.8 million from December 31, 1998, resulting in an improvement in cash flow from operations. The Company anticipates that it will be able to meet its cash requirements for the foreseeable future through cash generated by operations and occasional use of its line of credit. Year 2000 Compliance The Year 2000 issue is the result of computer programs that were written using two digits rather than four to identify the applicable year. Any of the Company's computer equipment, software and devices with embedded technology that are time-sensitive may mistakenly identify a date field using "00" as the year 1900, rather than the year 2000. State of Readiness The Company provides Year 2000 consulting services to Fortune 500 companies and government agencies and is employing the same methods and processes to complete its own internal Year 2000 project that it provides to its customers. The Company has established a Year 2000 task force, comprised of members representing the different business operations of the Company, to assess and remediate the impact of the Year 2000 on its IT and non-IT systems, material third party relationships, and service and product offerings. As identified by the task force, the Year 2000 issues facing Data Dimensions that may have a material impact on its ability to continue its business practices as usual through the change of the century include: internal business systems; internet and intranet service; telecommunications; power; and the compliance and readiness of the Company's third party suppliers, vendors, and customers. The task force has divided the Company's Year 2000 project into three major phases: (1) assessment and planning; (2) implementation; and (3) verification and contingency planning. The Company is currently completing the implementation phase of the project and has initiated the verification and contingency planning phase. To date, the Company is not aware of any information which indicates that the magnitude of the Company's Year 2000 problem is material. During the implementation phase of the project, the Company replaced obsolete systems and updated (or repaired) the hardware, applications and data so they are Year 2000 compliant. During the verification and contingency planning phase of the project, the Company will perform acceptance testing and review the results to determine that the updated applications are ready to return to production as well as remove any unused and outdated hardware and software, and migrate the various systems to production status. Based on information compiled to date, the Company expects to substantially complete its compliance project, as outlined above, by the end of September 1999. In addition to its own compliance efforts, the Company is conducting an assessment of the third parties with which it has material relationships to determine if they are Year 2000 compliant. The Company has Page 8 9 contacted its key vendors and suppliers by the distribution of questionnaires. A majority of the vendors and suppliers have responded to the questionnaire with assurance that they will be Year 2000 compliant. The Company is in the process of developing contingency plans for those vendors and suppliers that will not be fully Year 2000 compliant. Prior to the start of the Company's Year 2000 project, implementation of a new enterprise-wide integrated accounting package to provide for the financial needs of the organization was completed. This software has been warranted by the vendor to be Year 2000 compliant. Similarly, the operating system used by Data Dimensions Information Services, Inc., the Company's subsidiary which outsources mainframe computer processing services, also has been warranted by the vendor to be Year 2000 compliant. Finally, the Company has replaced its phone and voicemail systems with new, Year 2000 compliant systems to better provide for the expanding communication needs of the organization. Costs to Address Year 2000 Issues The total estimated cost of the project is approximately $1.0 million. These costs consist primarily of the cost of labor needed to complete the Company's readiness and compliance project. The approximate labor cost incurred through June 30, 1999 was $650,000. The decision by the Company to acquire new accounting and phone software and equipment, and the timing thereof, arose in the ordinary course of the growth of the Company, and is not considered a cost associated with the Year 2000 issue. Risks of Year 2000 Issues The failure to correct a material Year 2000 problem could result in an interruption in, or a failure of, certain normal business activities or operations. If such failures occur, the Company's results of operations, liquidity, and financial condition could be materially and adversely affected and the Company may be required to incur unanticipated expenses to remedy any problems not addressed by the Company's compliance efforts. Additionally, if any of the Company's material suppliers or vendors are not fully Year 2000 compliant, it is possible that a system failure or miscalculations causing disruptions in the Company's operations or potential problems with its product and service offerings could result. Contingency Plans Part of the Company's Year 2000 project includes the preparation of contingency plans. The Company anticipates completion of its contingency plans by the end of September 1999. Forward-Looking Statements and Associated Risks The foregoing and the discussion and analysis presented in the Company's 1998 Annual Report on Form 10-K and subsequent quarterly report on Form 10-Q contains certain forward-looking statements, including, among others (i) the potential extent of the Year 2000 problem; (ii) anticipated trends in the Company's financial condition and results of operations (including expected changes in the Company's gross margin and general, administrative and selling expenses); (iii) the Company's business strategies for expanding its presence in the computer services industry and positioning itself for non-Year 2000 markets; and (iv) the Company's ability to distinguish itself from its current and future competitors. These forward-looking statements are based largely on the Company's current expectations and are subject to a number of risks and uncertainties, some of which are described in the Issues and Uncertainties section of the discussion and analysis included in the Company's 1998 Annual Report on Form 10-K. The Company does not provide forecasts of future financial performance. While Company management is optimistic about the Company's long-term prospects, these issues and uncertainties, among others, should be considered. Actual results could differ materially from these forward-looking statements. Important factors to consider in evaluating such forward-looking statements include (i) the shortage of reliable market data regarding the Year 2000 consulting market; (ii) changes in external market conditions that might impact trends in the Company's results of operations; (iii) unanticipated working capital or other cash requirements; (iv) changes in the Company's business strategies or an inability to execute its strategies due to unanticipated changes in the overall information technology consulting market; (v) the Company's ability to recruit new employees and retain current employees during the implementation of the business Page 9 10 strategy, and (vi) various competitive factors that may prevent the Company from competing successfully in the marketplace. In view of these risks and uncertainties, there can be no assurance that the forward-looking statements contained in the Company's Annual Report on Form 10-K and subsequent quarterly report on Form 10-Q will, in fact, transpire. Item 3. Quantitative and Qualitative Disclosure About Market Risk Not Applicable. PART II - OTHER INFORMATION Item 4. Submission of Matters to a Vote of Security Holders At the May 18, 1999 Annual Meeting of Stockholders, the following proposals were voted on by stockholders: 1. Election of Directors Thomas W. Fife was elected director of the Company to a three-year term, which expires in the year 2002. Larry W. Martin, Peter A. Allen, Robert T. Knight and Lucie J. Fjeldstad continue as directors of the Company. Votes for election of director: For: 12,415,727 Withheld: 302,622
2. Amendment to the 1997 Stock Option Plan The amendment to increase by 1.5 million the number of shares reserved for issuance under the 1997 stock option plan was approved. Votes for the amendment to the 1997 stock option plan: For: 5,641,487 Against: 999,630 Abstain: 126,907 Non-vote: 6,873,439
Item 6. Exhibits and reports on Form 8-K (a) The following exhibits are filed as a part of this report, and this list is intended to constitute the exhibit index:
Exhibit No. ----------- 27. Financial Data Schedule
(b) There were no reports on Form 8-K filed during the quarter ended June 30, 1999. Page 10 11 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. Data Dimensions, Inc. (Registrant) August 13, 1999 /s/ Peter A. Allen --------------- ---------------------------------------- Date Peter A. Allen, President and Chief Executive Officer August 13, 1999 /s/ Gordon A. Gardiner --------------- ---------------------------------------- Date Gordon A. Gardiner, Executive Vice President, Chief Financial Officer and Secretary (Principal Financial and Accounting Officer) Page 11 EX-27 2 FINANCIAL DATA SCHEDULE
5 1,000 3-MOS DEC-31-1999 APR-01-1999 JUN-30-1999 3,464 0 33,261 1,139 0 39,558 14,527 6,836 48,496 16,257 0 0 0 21,583 8,876 48,496 32,279 32,279 20,646 20,646 9,194 0 107 2,346 915 1,431 0 0 0 1,431 0.11 0.11
-----END PRIVACY-ENHANCED MESSAGE-----