-----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, U/lgd+TvrcF3m1NkJkqmZwpCY8oxCrg5jrufupo97yCs1510ncf+ipeY2hjQ3EHb VA2YBlzM/qvlkM4a1K8PDw== 0000912057-97-016028.txt : 19970509 0000912057-97-016028.hdr.sgml : 19970509 ACCESSION NUMBER: 0000912057-97-016028 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19970331 FILED AS OF DATE: 19970508 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: HALF ROBERT INTERNATIONAL INC /DE/ CENTRAL INDEX KEY: 0000315213 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-HELP SUPPLY SERVICES [7363] IRS NUMBER: 941648752 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-10427 FILM NUMBER: 97597721 BUSINESS ADDRESS: STREET 1: 2884 SAND HILL ROAD STREET 2: STE 200 CITY: MENLO PARK STATE: CA ZIP: 94025 BUSINESS PHONE: 4158549700 MAIL ADDRESS: STREET 1: 2884 SAND HILL ROAD STREET 2: STE 200 CITY: MENLO PARK STATE: CA ZIP: 94025 FORMER COMPANY: FORMER CONFORMED NAME: BOOTHE FINANCIAL CORP /DE/ DATE OF NAME CHANGE: 19870721 FORMER COMPANY: FORMER CONFORMED NAME: BOOTHE INTERIM CORP DATE OF NAME CHANGE: 19600201 10-Q 1 FORM 10-Q - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 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 MARCH 31, 1997 OR / / TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM _________________ TO _________________. ------------------------ COMMISSION FILE NUMBER 1-10427 ROBERT HALF INTERNATIONAL INC. (Exact name of registrant as specified in its charter) DELAWARE 94-1648752 (State or other jurisdiction (I.R.S. Employer of incorporation or organization) Identification No.) 2884 SAND HILL ROAD 94025 SUITE 200 (zip-code) MENLO PARK, CALIFORNIA (Address of principal executive offices) Registrant's telephone number, including area code: (415) 234-6000 ------------------------ 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) had 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 March 31, 1997: 60,154,232 shares of $.001 par value Common Stock - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- PART I--FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS ROBERT HALF INTERNATIONAL INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (IN THOUSANDS, EXCEPT SHARE AMOUNTS)
MARCH 31, DECEMBER 31, 1997 1996 ---------- ------------ (UNAUDITED) ASSETS: Cash and cash equivalents.............................................................. $ 87,618 $ 80,181 Accounts receivable, less allowances of $4,473 and $4,016.............................. 141,943 125,383 Other current assets................................................................... 13,991 12,184 ---------- ------------ Total current assets............................................................... 243,552 217,748 Intangible assets, less accumulated amortization of $41,071 and $39,461................ 176,794 174,663 Other assets........................................................................... 30,557 23,601 ---------- ------------ Total assets....................................................................... $ 450,903 $ 416,012 ---------- ------------ ---------- ------------ LIABILITIES AND STOCKHOLDERS' EQUITY: Accounts payable and accrued expenses.................................................. $ 17,408 $ 15,049 Accrued payroll costs.................................................................. 72,207 66,087 Income taxes payable................................................................... 6,364 3,883 Current portion of notes payable and other indebtedness................................ 2,278 1,542 ---------- ------------ Total current liabilities.......................................................... 98,257 86,561 Notes payable and other indebtedness, less current portion............................. 3,719 5,069 Deferred income taxes.................................................................. 15,965 15,937 ---------- ------------ Total liabilities.................................................................. 117,941 107,567 STOCKHOLDERS' EQUITY: Common stock, $.001 par value, authorized--100,000,000 shares; issued and outstanding--60,206,525 and 59,748,171 shares......................................... 60 60 Capital surplus........................................................................ 158,826 140,473 Deferred compensation.................................................................. (33,922) (26,802) Accumulated translation adjustments.................................................... (651) 23 Retained earnings...................................................................... 208,649 194,691 ---------- ------------ Total stockholders' equity......................................................... 332,962 308,445 ---------- ------------ Total liabilities and stockholders' equity............................................. $ 450,903 $ 416,012 ---------- ------------ ---------- ------------
The accompanying Notes to Consolidated Financial Statements are an integral part of these financial statements. 1 ROBERT HALF INTERNATIONAL INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
THREE MONTHS ENDED MARCH 31, ---------------------- 1997 1996 ---------- ---------- (UNAUDITED) Net service revenues...................................................................... $ 283,023 $ 196,239 Direct costs of services, consisting of payroll, payroll taxes and insurance costs for temporary employees...................................................................... 171,129 119,597 ---------- ---------- Gross margin.............................................................................. 111,894 76,642 Selling, general and administrative expenses.............................................. 77,641 53,244 Amortization of intangible assets......................................................... 1,225 1,308 Interest income........................................................................... (749) (388) ---------- ---------- Income before income taxes................................................................ 33,777 22,478 Provision for income taxes................................................................ 13,857 9,239 ---------- ---------- Net income................................................................................ $ 19,920 $ 13,239 ---------- ---------- ---------- ---------- Net income per share...................................................................... $ .32 $ .22 ---------- ---------- ---------- ----------
The accompanying Notes to Consolidated Financial Statements are an integral part of these financial statements. 2 ROBERT HALF INTERNATIONAL INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (IN THOUSANDS)
THREE MONTHS ENDED MARCH 31, ---------------------- 1997 1996 ---------- ---------- (UNAUDITED) Common Stock--Shares: Balance at beginning of period.......................................................... 59,748 57,784 Issuance of restricted stock............................................................ 327 117 Repurchases of common stock............................................................. (155) (59) Exercise of stock options............................................................... 278 260 Issuance of common stock for acquisition................................................ 9 -- ---------- ---------- Balance at end of period................................................................ 60,207 58,102 ---------- ---------- ---------- ---------- Common Stock--Par Value: Balance at beginning of period.......................................................... $ 60 $ 58 Issuance of restricted stock............................................................ -- -- ---------- ---------- Balance at end of period................................................................ $ 60 $ 58 ---------- ---------- ---------- ---------- Capital Surplus: Balance at beginning of period.......................................................... $ 140,473 $ 99,768 Issuance of common stock for acquisition................................................ 400 -- Issuance of restricted stock--excess over par value..................................... 9,893 3,622 Exercises of stock options--excess over par value....................................... 1,658 1,140 Tax benefits from exercises of stock options............................................ 6,402 2,511 ---------- ---------- Balance at end of period................................................................ $ 158,826 $ 107,041 ---------- ---------- ---------- ---------- Deferred Compensation: Balance at beginning of period.......................................................... $ (26,802) $ (9,642) Issuance of restricted stock............................................................ (9,893) (3,622) Amortization of deferred compensation................................................... 2,773 1,098 ---------- ---------- Balance at end of period................................................................ $ (33,922) $ (12,166) ---------- ---------- ---------- ---------- Accumulated Translation Adjustments: Balance at beginning of period.......................................................... $ 23 $ 51 Translation adjustments................................................................. (674) (173) ---------- ---------- Balance at end of period................................................................ $ (651) $ (122) ---------- ---------- ---------- ---------- Retained Earnings: Balance at beginning of period.......................................................... $ 194,691 $ 137,695 Repurchases of common stock--excess over par value...................................... (5,962) (1,243) Net income.............................................................................. 19,920 13,239 ---------- ---------- Balance at end of period................................................................ $ 208,649 $ 149,691 ---------- ---------- ---------- ----------
The accompanying Notes to Consolidated Financial Statements are an integral part of these financial statements. 3 ROBERT HALF INTERNATIONAL INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (IN THOUSANDS)
THREE MONTHS ENDED MARCH 31, --------------------- 1997 1996 ---------- --------- (UNAUDITED) CASH FLOWS FROM OPERATING ACTIVITIES: Net income............................................................................... $ 19,920 $ 13,239 Adjustments to reconcile net income to net cash provided by operating activities: Amortization of intangible assets...................................................... 1,225 1,308 Depreciation expense................................................................... 2,560 1,158 Deferred income taxes.................................................................. (604) 827 Changes in assets and liabilities, net of effects of acquisitions: Increase in accounts receivable...................................................... (16,087) (11,083) Increase in accounts payable, accrued expenses and accrued payroll costs............. 8,197 4,898 Increase in income tax payable....................................................... 2,481 2,364 Change in other assets, net of change in other liabilities........................... 1,933 (380) ---------- --------- Total adjustments.......................................................................... (295) (908) ---------- --------- Net cash and cash equivalents provided by operating activities............................. 19,625 12,331 CASH FLOWS USED IN INVESTING ACTIVITIES: Acquisitions, net of cash acquired....................................................... (3,267) -- Capital expenditures..................................................................... (9,869) (2,290) ---------- --------- Cash and cash equivalents used in investing activities................................... (13,136) (2,290) CASH FLOWS USED IN FINANCING ACTIVITIES: Repurchases of common stock or common stock equivalents.................................. (5,962) (1,243) Principal payments on notes payable and other indebtedness............................... (1,150) (3,630) Proceeds and tax benefits from exercise of stock options................................. 8,060 3,651 ---------- --------- Net cash and cash equivalents provided by (used in) financing activities................... 948 (1,222) ---------- --------- Net increase in cash and cash equivalents.................................................. 7,437 8,819 Cash and cash equivalents at beginning of period........................................... 80,181 41,346 ---------- --------- Cash and cash equivalents at end of period................................................. $ 87,618 $ 50,165 ---------- --------- ---------- --------- SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: Cash paid during the period for: Interest............................................................................... $ 124 $ 273 Income taxes........................................................................... $ 5,132 $ 4,255 Acquisition: Assets acquired-- Intangible assets.................................................................... $ 4,010 -- Other................................................................................ 475 -- Liabilities incurred-- Notes payable and contracts.......................................................... (536) -- Other................................................................................ (282) -- Common stock issued.................................................................... (400) -- ---------- --------- Cash paid, net of cash acquired........................................................ $ 3,267 -- ---------- --------- ---------- ---------
The accompanying Notes to Consolidated Financial Statements are an integral part of these financial statements. 4 ROBERT HALF INTERNATIONAL INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS MARCH 31, 1997 (UNAUDITED) NOTE A--SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES NATURE OF OPERATIONS. Robert Half International Inc. (the "Company") provides specialized staffing services through such divisions as ACCOUNTEMPS-REGISTERED TRADEMARK-, ROBERT HALF-REGISTERED TRADEMARK-, OFFICETEAM-REGISTERED TRADEMARK- and RHI CONSULTING-REGISTERED TRADEMARK-. The Company, through its Accountemps and Robert Half divisions, is the world's largest specialized provider of temporary and permanent personnel in the fields of accounting and finance. OfficeTeam specializes in skilled temporary administrative personnel and RHI Consulting provides contract information technology professionals. Revenues are predominantly from temporary services. The Company operates in the United States, Canada and Europe. The Company is a Delaware corporation. PRINCIPLES OF CONSOLIDATION. The Consolidated Financial Statements include the accounts of the Company and its subsidiaries, all of which are wholly-owned. All significant intercompany balances have been eliminated. Certain reclassifications have been made to the 1996 financial statements to conform to the 1997 presentation. INTERIM FINANCIAL INFORMATION. The Consolidated Financial Statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC") and, in management's opinion, include all adjustments necessary for a fair statement of results for such interim periods. Certain information and note disclosures normally included in annual financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to SEC rules or regulations; however, the Company believes that the disclosures made are adequate to make the information presented not misleading. The interim results for the three months ended March 31, 1997, and 1996 are not necessarily indicative of results for the full year. It is suggested that these financial statements be read in conjunction with the financial statements and the notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 1996. REVENUE RECOGNITION. Temporary service revenues are recognized when the services are rendered by the Company's temporary employees. Permanent placement revenues are recognized when employment candidates accept offers of permanent employment. Reserves are established to estimate losses due to placed candidates not remaining in employment for the Company's guarantee period, typically 90 days. CASH AND CASH EQUIVALENTS. For purposes of the Consolidated Statements of Cash Flows, the Company classifies all highly-liquid investments with a maturity of three months or less as cash equivalents. INTANGIBLE ASSETS. Intangible assets represent the cost of acquired companies in excess of the fair market value of their net tangible assets at the acquisition date, and are being amortized on a straight-line basis over a period of 40 years. The carrying value of intangible assets is periodically reviewed by the Company and impairments are recognized when the expected future operating cash flows derived from such intangible assets are less than their carrying value. Based upon its most recent analysis, the Company believes that no material impairment of intangible assets exist at March 31, 1997. INCOME TAXES. Deferred taxes are computed based on the difference between the financial statement and income tax bases of assets and liabilities using the enacted marginal tax rate. 5 ROBERT HALF INTERNATIONAL INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) MARCH 31, 1997 (UNAUDITED) NOTE A--SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) FOREIGN CURRENCY TRANSLATION. Foreign income statement items are translated at the monthly average exchange rates prevailing during the period. Foreign balance sheets are translated at the current exchange rates at the end of the period, and the related translation adjustments are recorded as part of Stockholders' Equity. Gains and losses resulting from foreign currency transactions are included in the consolidated Statements of Income. USE OF ESTIMATES. The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. NOTE B--NEW ACCOUNTING PRONOUNCEMENTS In March 1997, the Financial Accounting Standards Board issued Statement of Financial Accounting No. 128 (SFAS No. 128), Earnings Per Share. SFAS No. 128 requires the disclosure of basic earnings per share and modifies existing guidance for computing fully diluted earnings per share. Under the new standard, basic earnings per share is computed as earnings divided by weighted average shares, excluding the dilutive effects of stock options and other potentially dilutive securities. The effective date of SFAS No. 128 is December 15, 1997 and early adoption is not permitted. The Company intends to adopt SFAS No. 128 during the quarter and year ended December 31, 1997. The Company does not expect this pronouncement to have a material impact on Earnings Per Share. 6 ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS RESULTS OF OPERATIONS FOR EACH OF THE THREE MONTHS MARCH 31, 1997 AND 1996. Temporary services revenues were $261 million and $180 million for the three months ended March 31, 1997 and 1996, respectively, increasing by 45% during the three months ended March 31, 1997 compared to the same period in 1996. Permanent placement revenues were $22 million and $16 million for the three months ended March 31, 1997 and 1996, respectively, increasing by 38% during the three months ended March 31, 1997 compared to the same period in 1996. Overall revenue increases reflect continued improvement in demand for the Company's services, which the Company believes is a result of increased acceptance in the use of professional staffing services. Revenues from the company acquired during the three months ended March 31, 1997 were not material. The Company currently has more than 200 offices in 38 states and five foreign countries. Domestic operations represent 91% and 90% of revenues for the three months ended March 31, 1997 and 1996, respectively. Foreign operations represent 9% and 10% of revenues for the three months ended March 31, 1997 and 1996, respectively. Gross margin dollars from the Company's temporary services represent revenues less direct cost of services, which consists of payroll, payroll taxes and insurance costs for temporary employees. Gross margin dollars from permanent placement services are equal to revenues as there are no direct costs associated with such revenues. Gross margin dollars for the Company's temporary services were $90 million and $61 million for the three months ended March 31, 1997 and 1996, respectively, increasing by 48% in 1997. Gross margin amounts equaled 34% of revenues for temporary services for both the three months ended March 31, 1997 and 1996, which the Company believes reflects its ability to adjust billing rates and wage rates to underlying market conditions. Gross margin dollars for the Company's permanent placement division were $22 million and $16 million for the three months ended March 31, 1997 and 1996, respectively, increasing by 38% for the three months ended March 31, 1997. Selling, general and administrative expenses were $78 million for the three months ended March 31, 1997 compared to $53 million for the three months ended March 31, 1996. Selling, general and administrative expenses as a percentage of revenues were 27% for both for the three months ended March 31, 1997 and 1996. Selling, general and administrative expenses consist primarily of staff compensation, advertising and occupancy costs, most of which generally follow changes in revenues. The Company allocates the excess of cost over the fair market value of the net tangible assets first to identifiable intangible assets, if any, and then to goodwill. Although management believes that goodwill has an unlimited life, the Company amortizes these costs over 40 years. Management believes that its strategy of making acquisitions of established companies in established markets and maintaining its presence in these markets preserves the goodwill for an indeterminate period. The carrying value of intangible assets is periodically reviewed by the Company and impairments are recognized when the expected future operating cash flows derived from such intangible assets is less than their carrying value. Based upon its most recent analysis, the Company believes that no material impairment of intangible assets exists at March 31, 1997. Intangible assets represented 39% of total assets and 53% of total stockholders' equity at March 31, 1997. 7 Interest income for the three months ended March 31, 1997 and 1996 was $949,000 and $544,000, respectively. Interest expense for the three months ended March 31, 1997 and 1996 was $200,000 and $156,000, respectively. These changes reflect an increase in cash and cash equivalents and a decrease in outstanding indebtedness. The provision for income taxes for both the three months ended March 31, 1997 and 1996 was 41% of income before taxes. LIQUIDITY AND CAPITAL RESOURCES The change in the Company's liquidity during the three months ended March 31, 1997 is the net effect of funds generated by operations and the funds used for the personnel services acquisitions, capital expenditures and principal payments on outstanding notes payable. For the three months ended March 31, 1997, the Company generated $20 million from operations, used $13 million in investing activities and generated $948,000 in financing activities. The Company's working capital at March 31, 1997 included $87.6 million in cash and cash equivalents. In addition at March 31, 1997, the Company had available $62.7 million of its $67.5 million bank revolving line of credit. The Company's working capital requirements consist primarily of the financing of accounts receivable. While there can be no assurances in this regard, the Company expects that internally generated cash plus the bank revolving line of credit will be sufficient to support the working capital needs of the Company, the Company's fixed payments and other obligations on both a short and long term basis. As of March 31, 1997, the Company had no material capital commitments. The Company's revolving bank line has scheduled reductions in availability through 2001 when the agreement terminates. The Company has adopted the Financial Accounting Standards Board's Statement of Financial Accounting Standard ("SFAS") No. 121, "Accounting for Impairment of Long-Lived Assets and for Long-Lived Assets to be Disposed of." The adoption of SFAS No. 121 did not have a material impact upon the Company's financial statements. In March 1997, the Financial Accounting Standards Board issued Statement of Financial Accounting Standard ("SFAS") No. 128, Earnings Per Share. SFAS No. 128 requires the disclosure of basic earnings per share and modifies existing guidance for computing fully diluted earnings per share. Under the new standard, basic earnings per share is computed as earnings divided by weighted average shares, excluding the dilutive effects of stock options and other potentially dilutive securities. The effective date of SFAS No. 128 is December 15, 1997 and early adoption is not permitted. The Company intends to adopt SFAS No. 128 during the quarter and year ended December 31, 1997 and does not expect this pronouncement to have a material impact on Earnings Per Share. 8 PART II--OTHER INFORMATION ITEM 1. LEGAL PROCEEDINGS None ITEM 2. CHANGES IN SECURITIES On January 31, 1997, Tripoli Associates Corporation was acquired by the registrant for cash and 9,303 treasury shares of Common Stock. This transaction was exempt from registration under the Securities Act of 1933 pursuant to Section 4(2) of such act. 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 (a) Exhibits.
EXHIBIT NO. EXHIBIT - ----------- ---------------------------------------- 11 Computation of Per Share Earnings. 27 Financial Data Schedule.
(b) The registrant filed no current report on Form 8-K during the quarter covered by this report. 9 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. ROBERT HALF INTERNATIONAL INC. (Registrant) /s/ M. KEITH WADDELL -------------------------------------- M. Keith Waddell VICE PRESIDENT, CHIEF FINANCIAL OFFICER AND TREASURER (PRINCIPAL FINANCIAL OFFICER AND DULY AUTHORIZED SIGNATORY) Date: May 7, 1997 10 EX-11 2 EXHIBIT 11 Exhibit 11 ROBERT HALF INTERNATIONAL INC. AND SUBSIDIARIES COMPUTATION OF PER SHARE EARNINGS (IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
THREE MONTHS ENDED MARCH 31, -------------------- 1997 1996 --------- --------- (UNAUDITED) Net Income.................................................................................. $ 19,920 $ 13,239 --------- --------- --------- --------- Weighted Average Number Of Shares Outstanding: Primary: Common stock............................................................................ 60,095 57,988 Common stock equivalents-- Stock options (A)..................................................................... 2,185 2,018 --------- --------- Primary shares outstanding.............................................................. 62,280 60,006 --------- --------- --------- --------- Fully Diluted: Common stock............................................................................ 60,095 57,988 Common stock equivalents-- Stock options (A)..................................................................... 2,186 2,195 --------- --------- Fully diluted shares outstanding........................................................ 62,281 60,183 --------- --------- --------- --------- Net Income Per Share: Primary................................................................................... $ .32 $ .22 Fully diluted............................................................................. $ .32 $ .22
- ------------------------ (A) The treasury stock method was used to determine the weighted average number of shares of common stock equivalents outstanding during the periods. EX-27 3 EXHIBIT 27 FDS
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE COMPANY'S FINANCIAL STATEMENTS FOR THE THREE MONTHS ENDED MARCH 31, 1997 AND THE YEAR ENDED DECEMBER 31, 1996 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 1,000 YEAR YEAR DEC-31-1997 DEC-31-1996 JAN-01-1997 JAN-01-1996 MAR-31-1997 DEC-31-1996 87,618 80,181 0 0 146,416 129,399 4,473 4,016 0 0 243,552 217,748 0 0 0 0 450,903 416,012 98,257 86,561 3,719 5,069 0 0 0 0 60 60 332,902 308,385 450,903 416,012 0 0 283,023 898,635 0 0 171,129 545,343 1,225 5,405 0 0 (749) (2,243) 33,777 103,645 13,857 42,543 19,920 61,102 0 0 0 0 0 0 19,920 61,102 .32 1.00 .32 1.00
-----END PRIVACY-ENHANCED MESSAGE-----