-----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, NnGWOVaksI7q/HUwcW5gukC2Mf8zPSe0eZjs1L/Db3JT4kXji7OPH7rUGqM6sxnR 3EcrLqaIVIfzn64IjQDCeg== 0000927356-99-000865.txt : 19990513 0000927356-99-000865.hdr.sgml : 19990513 ACCESSION NUMBER: 0000927356-99-000865 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19990331 FILED AS OF DATE: 19990512 FILER: COMPANY DATA: COMPANY CONFORMED NAME: OEC MEDICAL SYSTEMS INC CENTRAL INDEX KEY: 0000317814 STANDARD INDUSTRIAL CLASSIFICATION: X-RAY APPARATUS & TUBES & RELATED IRRADIATION APPARATUS [3844] IRS NUMBER: 942538512 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 001-09983 FILM NUMBER: 99617565 BUSINESS ADDRESS: STREET 1: 384 WRIGHT BROTHERS DRIVE CITY: SALT LAKE CITY STATE: UT ZIP: 84116 BUSINESS PHONE: 8013289300 FORMER COMPANY: FORMER CONFORMED NAME: DIASONICS INC DATE OF NAME CHANGE: 19920703 10-Q 1 FORM 10-Q FORM 10-Q SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 [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 _____________ Commission file number 1-9983 OEC MEDICAL SYSTEMS, INC. (Registrant) Incorporated in the State of Delaware I.R.S. Employer Identification Number 94-2538512 384 Wright Brothers Drive, Salt Lake City, Utah 84116 (Address of Principal Executive Offices) Telephone: (801) 328-9300 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 requirements for the past 90 days. Yes X No____ ----- As of April 30, 1999, there were 12,664,877 shares of Common Stock ($.01 par value) outstanding. Part I. Financial Information Item 1. Financial Statements OEC MEDICAL SYSTEMS, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) FOR THE THREE MONTHS ENDED MARCH 31, 1999 AND 1998 (In thousands, except per share amounts)
1999 1998 ---- ---- Net sales: Product $ 44,541 $ 36,339 Service 5,821 5,256 --------- --------- Total net sales 50,362 41,595 --------- --------- Cost of sales: Product 24,634 20,219 Service 4,484 3,978 Total cost of sales 29,118 24,197 Gross margin 21,244 17,398 --------- --------- Operating expenses: Research and development 3,591 3,010 Marketing and sales 8,581 7,323 Administrative, general and other 2,686 2,295 Total operating expenses 14,858 12,628 Operating income 6,386 4,770 Interest income 188 267 Interest expense (6) (76) --------- --------- Income before income taxes 6,568 4,961 Income tax expense 2,299 1,716 --------- --------- Net income 4,269 $ 3,245 ========= ========= Net income per common share: Diluted $.32 $.24 Basic $.33 $.26 Common shares: Diluted 13,405 13,397 Basic 12,751 12,639
(See Accompanying Notes) 2 OEC MEDICAL SYSTEMS, INC. CONSOLIDATED BALANCE SHEETS MARCH 31, 1999 AND DECEMBER 31, 1998 (In thousands) ASSETS
March 31, 1999 December 31, 1998 --------------- ----------------- (unaudited) Current Assets: Cash and cash equivalents $ 5,759 $ 4,438 Securities available for sale 11,393 15,222 Accounts receivable, net of allowances of $1,115 and $1,288, respectively 44,240 44,365 Inventories, net 46,286 42,579 Prepaid expenses and other current assets 1,298 1,079 Income taxes receivable -- 629 Deferred income taxes 6,038 6,698 -------- -------- Total current assets 115,014 115,010 Long-term receivables 1,452 1,520 Property and equipment, net 17,293 17,242 Cost in excess of net assets acquired, net of accumulated amortization of $10,369 and $10,126, respectively 9,679 9,922 Deferred income taxes 579 256 Investment in unconsolidated affiliate 1,371 1,421 Other assets 1,136 876 -------- -------- Total $146,524 $146,247 ======== ========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities: Accounts payable $ 11,489 $ 12,101 Accrued salaries and benefits 5,006 6,485 Accrued warranty and installation costs 2,755 2,702 Deferred income and customer deposits 5,010 4,647 Income taxes payable 805 -- Accrued distributor commissions 3,234 3,795 Other accrued liabilities 5,296 4,548 -------- -------- Total current liabilities 33,595 34,278 -------- -------- Stockholders' Equity: Preferred stock, $.01 par value Authorized--2,000 shares, none outstanding -- -- Common stock, $.01 par value Authorized--30,000 shares Issued--14,080 and 13,976 shares, respectively 141 140 Capital in excess of par value 90,806 88,990 Retained earnings 42,335 38,066 Treasury stock, 1,415 and 1,200 shares at cost, respectively (20,135) (15,036) Accumulated other comprehensive income (218) (191) -------- -------- Total stockholders' equity 112,929 111,969 -------- -------- Total $146,524 $146,247 ======== ========
(See Accompanying Notes) 3 OEC MEDICAL SYSTEMS, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) FOR THE THREE MONTHS ENDED MARCH 31, 1999 AND 1998 (In thousands)
1999 1998 ---- ---- OPERATING ACTIVITIES: Net income $ 4,269 $ 3,245 Adjustments to reconcile net income to net cash provided (used) by operating activities: Depreciation and amortization expense 956 917 Deferred income tax expense (benefit) 337 (340) Current tax benefit attributable to stock options exercised 490 1,296 Non-employee stock option expense 147 -- Changes in current assets and liabilities: Accounts receivable, net 125 (578) Inventories, net (3,707) (3,451) Prepaid expenses and other current assets (219) 1,319 Income taxes 1,434 682 Other assets (260) (239) Accounts payable (612) (1,498) Accrued salaries and benefits (1,479) (972) Accrued warranty and installation costs 53 440 Deferred income and customer deposits 363 261 Accrued distributor commissions (561) (909) Other accrued liabilities 748 (463) ------- ------- Net cash provided (used) by operating activities 2,084 (290) ------- ------- INVESTING ACTIVITIES: Reduction in long-term receivables 68 998 Additions to property and equipment (714) (1,163) Sale (purchase) of securities available for sale 3,829 (968) Payment for the purchase of unconsolidated affiliate -- (1,575) Other (27) (145) ------- ------- Net cash provided (used) by investing activities 3,156 (2,853) ------- ------- FINANCING ACTIVITIES: Common stock issued under benefit plans 1,180 1,787 Purchases of treasury stock (5,099) -- ------- ------- Net cash provided (used) by financing activities (3,919) 1,787 ------- ------- Net increase (decrease) in cash and cash equivalents 1,321 (1,356) Cash and cash equivalents at beginning of period 4,438 17,502 ------- ------- Cash and cash equivalents at end of period $ 5,759 $16,146 ======= ======= SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: Cash paid during the period for interest $ 6 $ 13 Cash paid during the period for income taxes $ 38 $ 78
(See Accompanying Notes) 4 OEC MEDICAL SYSTEMS, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) MARCH 31, 1999 AND 1998 1. Interim information is unaudited but, in the opinion of Company management, all adjustments necessary for a fair presentation of interim results have been included. The results for the three months ended March 31, 1999 and 1998, are not necessarily indicative of the results to be expected for the entire year. These consolidated financial statements and notes should be read in conjunction with the Company's consolidated financial statements for the year ended December 31, 1998, filed on Form 10-K on March 25, 1999. 2. Inventories are stated at the lower of cost, utilizing the first-in/first- out method, or market. Inventories consist of the following:
March 31, December 31, 1999 1998 --------- ------------ (In thousands) Purchased parts and completed subassemblies $22,522 $21,893 Work-in-process 6,545 5,816 Finished goods 2,434 2,268 Demonstration equipment 12,728 11,476 Service and repair parts 6,652 5,870 ------- ------- Total 50,881 47,323 Less: reserves for excess and obsolete inventory (4,595) (4,744) ------- ------- Net $46,286 $42,579 ======= =======
3. The Company has adopted Statement of Financial Accounting Standards ("SFAS") No. 130, "Reporting Comprehensive Income." SFAS No. 130 establishes new rules for the reporting and display of comprehensive income and its components, however, it has no impact on the Company's net income. The components of comprehensive income are as follows:
March 31, March 31, 1999 1998 --------- --------- (In thousands) Net income $4,269 $3,245 Foreign currency translation adjustments (27) (145) ------ ------ Total comprehensive income $4,242 $3,100 ====== ======
5 OEC MEDICAL SYSTEMS, INC. ITEM 2: MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Except for historical information, this discussion contains forward looking statements that involve risks and uncertainties that could cause actual results to differ materially from those projected. Such risk and uncertainties include those described in the "Factors That May Affect Future Operations" section on page 8 of this Form 10-Q. Results of Operations - --------------------- For the quarter ended March 31, 1999, OEC Medical Systems, Inc. ("OEC" or the "Company") had net income of $4.3 million, compared with net income of $3.2 million for the same period in 1998. Operating income improved from $4.8 million in 1998 to $6.4 million in 1999. The following table sets forth OEC's operating results as a percentage of net sales:
Three Months 1999 1998 ---- ---- Net sales: Product 88.4 87.4 Service 11.6 12.6 Total net sales 100.0 100.0 ------- ------- Cost of sales: Product 48.9 48.6 Service 8.9 9.6 ------- ------- Total cost of sales 57.8 58.2 ------- ------- Gross margin 42.2 41.8 ------- ------- Operating expenses: Research and development 7.1 7.2 Marketing and sales 17.1 17.6 Administrative, general and other 5.3 5.6 ------- ------- Total operating expenses 29.5 30.4 ------- ------- Operating income 12.7 11.5 ------- ------- Net income 8.5 7.8 ======= =======
Net Sales - --------- Net sales for the quarter ended March 31, 1999, increased 21% to $50.4 million, compared to $41.6 million for the comparable period of 1998. Product sales for the quarter ended March 31, 1999 were $44.5 million, compared to $36.3 million for the same quarter last year. International revenue increased 59% to $8.5 million with strong growth in China, Japan and Europe. Worldwide bookings increased 7% to $44.1 million compared to $41.0 million for the first quarter of 1998 with international bookings increasing 29%. Domestic bookings increased 3% to $35.2 million in the first quarter of 1999 compared to $34.1 million for the same quarter last year. The slowdown in domestic bookings is attributed to a delay in capital equipment spending as hospitals address their Year 2000 concerns, the short-term effect of restructuring the Company's product distribution channel in Texas, and the comparison to a strong first quarter of 1998 due to a group-buy promotional program. 6 Service revenue for the quarter ended March 31, 1999 increased 11% to $5.8 million compared to $5.3 million for the same quarter last year. Margin Analysis - --------------- The Company's gross margin increased to 42.2% of net sales for the first quarter of 1999 compared to 41.8% for the same period in 1998. Despite increasing pricing pressures on all products, this margin improvement was accomplished through continued efficiency gains in manufacturing and as a result of sales of higher margin products like the Cardiac and vascular 12-inch field-of-view C-arm products. Service expenses increased by $0.5 million over the first quarter of 1998, consistent with the service revenue increases. Operating Expenses - ------------------ Research and development costs were up $0.6 million for the three-month period compared to the prior year. This reflects the Company's continuing investment in new product development and enhancements. Marketing and sales expenses increased $1.3 million or 17% compared to the prior year, primarily due to additional commission expense associated with the increased revenue and the start-up costs required for restructuring the Company's product distribution channel in Texas. Administrative expenses were up slightly for the first three months of 1999 compared to last year but, decreased as a percentage of net sales. Income Taxes - ------------ During the first quarter of 1999 and 1998, the Company recorded $2.3 million and $1.7 million of tax expense, respectively. The effective tax rate increased slightly from 34.6% in the first quarter of 1998 to 35.0% for the first three months of 1999. This rate is expected to remain at this level throughout 1999. Liquidity and Capital Resources - ------------------------------- Cash provided by operations for the first three months of 1999 was $2.1 million compared to cash usage of $0.3 million in the same period of the prior year. The cash generated from net income was partially offset by inventory increases to support increased production due to the broadened product line and to provide additional demonstration units. During the first quarter of 1999, the Company repurchased 215,000 shares of its common stock at a cost of $5.1 million. OEC believes that it has sufficient liquidity and anticipated cash flow to meet its obligations and support the share repurchase program in 1999. In addition, OEC continues to carry an unused $10 million line of credit. Factors That May Affect Future Results - -------------------------------------- Certain statements contained in this document and other written and oral statements made from time to time by the Company do not relate strictly to historical or current facts. As such, they are considered "forward-looking statements" which provide current expectations or forecasts of future events. Such statements can be identified by the use of terminology such as "anticipate," "believe," "estimate," "expect," "intend," "may," and similar words or expressions. The Company's forward-looking statements generally relate to its growth strategies, financial results, product development and regulatory approval programs, and sales efforts. One must carefully consider forward- looking statements and understand that such statements involve a variety of risks and uncertainties, known and unknown, and actual results may vary materially. OEC's future operating results are dependent on its ability to develop, manufacture and market innovative products that meet customers' needs. The process of developing new high technology medical products is complex and uncertain and requires innovative designs that anticipate customer needs, technological trends and healthcare shifts. 7 There can be no assurance that the Company will be able to develop and market new products on a cost-effective and timely basis, that such products will compete favorably with products developed by others or that existing technology will not be superseded by new discoveries or breakthroughs. Because of the substantial length of time and expense associated with bringing new products through development and regulatory approval to the marketplace, the medical device industry places considerable importance on obtaining patent, trademark, copyright and trade secret protection for new technologies, products and processes. The loss of such protection could have a material adverse effect on the Company's business. OEC depends on some significant vendors for certain important component parts for certain products. While the Company believes any of these single-source items could be replaced over time, abrupt disruption in the supply of a part for a product could have an adverse effect on the Company's production and on its financial condition and results of operations in cases where the existing inventory of the components is not adequate to meet the Company's demand for the component during such disruption. The testing, marketing and sale of human healthcare products entails an inherent risk of product liability. There can be no assurance that product liability claims will not be asserted against OEC. Although OEC has product liability insurance coverage, there can be no assurance that such coverage will provide adequate coverage against all potential claims. As a manufacturer of medical devices, OEC is subject to extensive and rigorous governmental regulation, principally by the FDA and corresponding state and foreign agencies. Failure to comply with FDA and other regulations could result in sanctions being imposed, including restrictions on the marketing of or recall of the affected products. OEC's facilities and manufacturing processes have been periodically inspected by the FDA and other agencies, but remain subject to further inspections from time to time. OEC continues to devote substantial human and financial resources to regulatory compliance and believes that it remains in substantial compliance with all applicable federal and state regulations. Nevertheless, there can be no assurance that the FDA or a state or foreign agency will agree with OEC's positions, or that its GMP or ISO compliance will not be challenged at some subsequent point in time. A portion of the Company's research and development activities, some of its single-source vendors, its corporate headquarters and other critical business operations are located near a major earthquake fault. The ultimate impact on the Company, significant suppliers and the general infrastructure is unknown, but operating results could be materially affected in the event of a major earthquake. Although OEC believes that it has the product offerings and resources needed for continuing success, future revenue and margin trends cannot be reliably predicted and may cause the Company to adjust its operations. Factors external to the Company can result in volatility of the Company's common stock price. Foreign Currency Rate Exposure The Company has operating subsidiaries located in Europe and utilizes forward exchange contracts with durations generally less than six months to hedge against the effect of exchange rate fluctuations of European income. The Company's forward exchange contracts are not material. The Company also has other customers located throughout the world; however, these customers' invoices are denominated in U.S. dollars. As a result, the Company has not incurred material gains or losses resulting from foreign currency fluctuations. However, adverse fluctuations of exchange rates can affect the purchasing power of international customers that can result in volatility of international demand. Interest Rate Risk Exposure The Company has purchased certain debt obligations of the U.S. government and various corporations with original maturities of less than one year. As of March 31, 1999, such investments totaled approximately $11.4 million and the difference between fair market value and amortized cost is immaterial. Interest rate risk and default risk underlying these securities is not considered to be significant. 8 Other Exposures The Company has not entered into any speculative derivatives and does not foresee utilizing such instruments in the future. The Company does not utilize commodities in the normal course of its manufacturing process. Accordingly, the Company does not believe it has any significant commodity risks or exposures. Year 2000 Readiness Disclosure The Company has completed a review of its business information systems with respect to Year 2000 compliance and will either replace or correct those computer systems that have been found to have date-related deficiencies. New integrated business information systems for the order administration, financial and manufacturing processes were put in place in 1997. A few minor corrective actions are required to make these systems Year 2000 compliant and these corrections are expected to be completed by mid-year 1999. The business information system for the service operations is being replaced with a planned completion date by the end of the third quarter of 1999. The Company's products being shipped today have been assessed and found to be Year 2000 compliant provided that the user perform a reset of the date upon first use in the Year 2000. The Company believes that products previously shipped are either Year 2000 compliant or can be made Year 2000 compliant with the purchase of an upgrade or a date reset performed upon first use in the Year 2000. The Company is also assessing facility and telecommunications systems and systems used to support the product design and manufacturing processes to ensure that these will be Year 2000 ready. It is anticipated that any required corrective actions will be completed by mid-year 1999. The Company relies on third party providers for materials and services such as telecommunications, utilities, financial services and other key services. Interruption of those materials or services due to Year 2000 issues could affect the Company's operations. The Company has completed the process of contacting its major suppliers and has determined that all major suppliers are in the process of ensuring Year 2000 compliance. However, since the Company is dependent on key third parties, there can be no guarantee that the Company's efforts will prevent a material adverse impact on its financial position, results of operations or liquidity in future periods in the event that a significant number of suppliers and/or customers experience business disruptions as a result of their lack of Year 2000 readiness. The Company estimates that it has incurred costs of approximately $4 million, to date, in external and internal costs to address its Year 2000 readiness issues, the majority of which are the new business information systems installed in 1997. The Company currently estimates that it will incur additional costs of approximately $2 million to complete its Year 2000 readiness projects. Both the Company's cost estimates and completion time frames could be influenced by its ability to successfully identify all Year 2000 issues, the nature and amount of corrective action required, the availability and cost of trained personnel in this area and the Year 2000 success that key third parties and customers attain. While these and other unforeseen factors could have a material adverse impact on the Company's financial position, results of operations or liquidity in future periods, management believes that it has implemented an effective Year 2000 compliance program that will minimize the possible negative consequences to the Company. Throughout 1999, the Company will determine areas where contingency planning is needed. The planning efforts will include, but are not limited to, identification and mitigation of potential serious business interruptions, adjustments of inventory levels to meet customer needs, and establishing crisis response processes to address unexpected problems. Part II. Other information Item 1. Legal proceedings There are no significant changes in legal proceedings from the previous stated position in the Company's Annual Report for 1998 or Form 10K filed with the Securities & Exchange Commission on March 25, 1999. 9 Item 6. Exhibits (a) The following exhibit (numbered in accordance with Item 601 of SEC Regulations S-K) is filed as part of this report: Exhibit Number Description --------- 3.1 Certificate of Incorporation, as amended. Incorporated by reference to the OEC Medical Systems, Inc. Form 10-K, filed March 30, 1994. 3.2 By-Laws, as amended May 15, 1997. Incorporated by reference to the OEC Medical Systems, Inc. Form 10-Q, filed August 8, 1997. 10.1 Diasonics, Inc. 1979 Stock Option Plan, amended and restated as of June 1, 1982. Incorporated by reference to Exhibit 10.6 of the Diasonics, Inc. Registration Statement on Form S-8, filed May 2, 1983. 10.4 Diasonics, Inc. 1990 Stock Option/Stock Purchase Plan. Incorporated by reference to Exhibit 10.79 of the Diasonics, Inc. Form S-8, filed on May 1, 1991. 10.14 Form of Option Agreement used in connection with options having service-vesting provisions. Incorporated by reference to the OEC Medical Systems, Inc. Form S-8 filed June 12, 1998. 10.15 Form of Option Agreement used in connection with options having milestone provisions. Incorporated by reference to the OEC Medical Systems, Inc. Form S-8 filed June 12, 1998. 10.16 Form of Option Agreement used in connection with automatic option grant program for non-employee directors. Incorporated by reference to the OEC Medical Systems, Inc. Form S-8 filed June 12, 1998. 10.20 Form of Warrant Agreement used in connection with grant to independent contractors for the purchase of common shares. Incorporated by reference to the OEC Medical Systems, Inc. Form 10-K, filed March 27, 1997. 10.24 OEC Medical Systems, Inc. 1993 Employee Incentive Stock Acquisition Plan, as amended and restated March 31, 1998. Incorporated by reference to the OEC Medical Systems, Inc. Form S-8 filed June 12, 1998. 10.25 OEC Medical Systems, Inc. 1998 Stock Option Plan. Incorporated by reference to the OEC Medical Systems, Inc. Form S-8 filed June 12, 1998. 10.26 Form of Option Agreement used in connection with the granting of incentive stock options. Incorporate by reference to the OEC Medical Systems, Inc. Form S-8 filed June 12, 1998. 11 Statement of Computation of Per Share Earnings. 21 List of Subsidiaries. Incorporated by reference to the OEC Medical Systems, Inc. Form 10-Q, filed May 13, 1997. 27 Financial Data Schedule (FDS) for Edgar Filing. (b) Reports on Form 8-K: Not Applicable 10 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. OEC MEDICAL SYSTEMS, INC. (Registrant) By: /s/ Randy W. Zundel -------------------------- Randy W. Zundel Chief Financial Officer (Principal Accounting Officer) Date: May 13, 1999 11 EX-11 2 STATEMENT OF COMPUTATION OF PER SHARE EARNINGS EXHIBIT 11 Computation of Earnings Per Share for the Three Months Ended March 31, 1999 and 1998: (In thousands, except per share amounts)
1999 1998 ------- ------- Net income* $ 4,269 $ 3,245 Earnings per common share: Basic $ .33 $ .26 Diluted $ .32 $ .24 Shares outstanding (average): Common shares 14,036 13,609 Treasury shares (1,285) (970) ------- ------- Common shares - basic (average) 12,751 12,639 Options: common equivalents 636 739 Warrants: common equivalents 18 19 ------- ------- Common shares - diluted (average) 13,405 13,397 ======= =======
*Note: The Company did not have any outstanding preferred stock for the periods ending March 31, 1998 and 1999. EX-27 3 FINANCIAL DATA SCHEDULE
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE COMPANY'S CONSOLIDATED BALANCE SHEET AND STATEMENT OF OPERATIONS AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO THE COMPANY'S 1ST QUARTER 10-Q FOR 1999. 1,000 USD 3-MOS DEC-31-1999 JAN-01-1999 MAR-31-1999 1 5,759 11,393 45,355 1,115 46,286 115,014 31,584 14,291 146,524 33,595 0 0 0 141 112,788 146,524 44,541 50,362 24,634 29,118 14,858 0 6 6,568 2,299 4,269 0 0 0 4,269 .33 .32
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