-----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, CIQeZP01JqtF7WMa9gcmGfqCI1Z9U3ymNGBjcZ+TeOpsZKHFiHqrDt1DB2KZvu5S znUOikqsymzH2ND/iwPwkA== 0000060667-96-000010.txt : 19960913 0000060667-96-000010.hdr.sgml : 19960913 ACCESSION NUMBER: 0000060667-96-000010 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19960731 FILED AS OF DATE: 19960912 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: LOWES COMPANIES INC CENTRAL INDEX KEY: 0000060667 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-LUMBER & OTHER BUILDING MATERIALS DEALERS [5211] IRS NUMBER: 560578072 STATE OF INCORPORATION: NC FISCAL YEAR END: 0131 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-07898 FILM NUMBER: 96629315 BUSINESS ADDRESS: STREET 1: PO BOX 1111 CITY: NORTH WILKESBORO STATE: NC ZIP: 28656 BUSINESS PHONE: 9196514000 MAIL ADDRESS: STREET 1: PO BOX 1111 CITY: NORTH WILKESBORO STATE: NC ZIP: 28656 10-Q 1 -1- UNITED STATES 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 July 31, 1996 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 1-7898 LOWE'S COMPANIES, INC. (Exact name of registrant as specified in its charter) NORTH CAROLINA 56-0578072 (State or other jurisdiction of (I.R.S. Employer Identification No.) incorporation or organization) P.O. BOX 1111, NORTH WILKESBORO, N.C. 28656 (Address of principal executive offices) (Zip Code) (910) 651-4000 (Registrant's telephone number, including area code) NONE (Former name, former address and former fiscal year, if changed since last report) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X No . Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date. Class Outstanding at May 31, 1996 Common Stock, $.50 par value 172,755,058 13 TOTAL PAGES -2- LOWE'S COMPANIES, INC. - INDEX - PART I - Financial Information: Page No. Consolidated Balance Sheets - July 31, 1996 and January 31, 1996. 3 Consolidated Statements of Current and Retained Earnings - three months and six months ended July 31, 1996 and 1995. 4 Consolidated Statements of Cash Flows - six months ended July 31, 1996 and 1995. 5 Notes to Consolidated Financial Statements. 6-7 Management's Discussion and Analysis of Results of Operations and Financial Condition. 8-10 Independent Accountants' Report. 11 PART II - Other Information 12 Item 4 - Submission of Matters to a Vote of Security Holders Item 6 (a) - Exhibits. Item 6 (b) - Reports on Form 8-K. EXHIBIT INDEX Exhibit 11 Computation of per share earnings 13 -3- Consolidated Balance Sheets Lowe's Companies, Inc. and Subsidiary Companies Dollars in thousands
July 31, January 31, 1996 1996 Assets Current assets: Cash and cash equivalents $104,966 $63,868 Short-term investments 57,148 107,429 Accounts receivable - net 143,279 113,483 Merchandise inventory 1,452,715 1,267,077 Other assets 67,990 51,827 Total current assets 1,826,098 1,603,684 Property, less accumulated depreciation 2,124,568 1,858,274 Long-term investments 24,016 41,059 Other assets 57,043 53,369 Total assets $4,031,725 $3,556,386 Liabilities and Shareholders' Equity Current liabilities: Short-term notes payable $25,034 $16,617 Current maturities of long-term debt 9,792 14,127 Accounts payable 773,175 655,399 Employee retirement plans 44,527 44,924 Accrued salaries and wages 76,681 67,370 Other current liabilities 229,409 151,494 Total current liabilities 1,158,618 949,931 Long-term debt, excluding current maturities 693,649 866,183 Deferred income taxes 91,809 83,557 Total liabilities 1,944,076 1,899,671 Shareholders' equity Common stock - $.50 par value; Issued and Outstanding July 31, 1996 172,597,431 January 31, 1996 160,918,046 86,299 80,459 Capital in excess of par 875,606 596,828 Retained earnings 1,133,216 988,447 Unearned compensation-restricted stock awards (7,016) (8,076) Unrealized loss on available-for-sale securities (456) (943) Total shareholders' equity 2,087,649 1,656,715 Total liabilities shareholders' equity $4,031,725 $3,556,386 See accompanying notes to consolidated financial statements.
-4- Consolidated Statements of Current and Retained Earnings Lowe's Companies, Inc. and Subsidiary Companies Dollars In Thousands, Except Per Share Data
Quarter Ended Six Months Ended July 31, 1996 July 31, 1995 July 31, 1996 July 31, 1995 Current Earnings Amount Percent Amount Percent Amount Percent Amount Percent Net sales $2,459,008 100.00 $1,978,058 100.00 $4,365,506 100.00 $3,612,748 100.00 Cost of sales 1,830,216 74.43 1,484,486 75.05 3,260,214 74.68 2,697,066 74.65 Gross margin 628,792 25.57 493,572 24.95 1,105,292 25.32 915,682 25.35 Expenses: Selling, general and administrative 361,915 14.73 290,677 14.69 680,893 15.60 556,141 15.40 Store opening costs 12,560 0.51 11,438 0.58 25,053 0.57 20,029 0.55 Depreciation 47,767 1.94 35,811 1.81 92,402 2.12 68,781 1.90 Employee retirement plans 17,051 0.69 13,188 0.67 30,722 0.70 26,727 0.74 Interest 12,115 0.49 8,929 0.45 25,304 0.58 18,259 0.51 Total expenses 451,408 18.36 360,043 18.20 854,374 19.57 689,937 19.10 Pre-tax earnings 177,384 7.21 133,529 6.75 250,918 5.75 225,745 6.25 Income tax provision 63,105 2.56 48,522 2.45 89,577 2.05 81,812 2.27 Net earnings $114,279 4.65 $85,007 4.30 $161,341 3.70 $143,933 3.98 Shares outstanding (weighted average) 163,363 160,432 162,264 160,350 Earnings per common & common equivalent share $0.70 $0.53 $0.99 $0.90 Earnings per common share - assuming full dilution $0.67 $0.51 $0.96 $0.86 Retained earnings Balance at beginning of period $1,027,462 $844,620 $988,447 $792,891 Net earnings 114,279 85,007 161,341 143,933 Cash dividends (8,525) (7,211) (16,572) (14,408) Balance at end of period $1,133,216 $922,416 $1,133,216 $922,416 See accompanying notes to consolidated financial statements.
-5- Consolidated Statements of Cash Flows Lowe's Companies, Inc. and Subsidiary Companies Dollars in Thousands
For the six months ended July 31, 1996 1995 Cash Flows From Operating Activities: Net Earnings $161,341 $143,933 Adjustments to Reconcile Net Earnings to Net Cash Provided By Operating Activities: Depreciation 92,402 68,781 Amortization of Original Issue Discount 1,616 1,928 Increase in Deferred Income Taxes 5,904 9,287 Gain on Disposition/Writedown of Fixed and Other Assets (385) (1,041) Decrease (Increase) in Operating Assets: Accounts Receivable - Net (29,796) (37,718) Merchandise Inventory (185,638) (33,373) Other Operating Assets (13,960) (7,674) Increase (Decrease) in Operating Liabilities: Accounts Payable 117,776 (78,182) Employee Retirement Plans 27,096 23,877 Accrued Store Restructuring (5,715) Other Operating Liabilities 88,319 27,635 Net Cash Provided by Operating Activities 264,675 111,738 Cash Flows from Investing Activities: Decrease (Increase) in Investment Assets: Short-Term Investments 66,166 (1,046) Purchases of Long-Term Investments (9,671) (16,299) Proceeds from Sale/Maturity of Long-Term Investments 11,578 55,156 Other Long-Term Assets 329 540 Fixed Assets Acquired (282,679) (203,269) Proceeds from the Sale of Fixed and Other Long-Term Assets 8,426 13,224 Net Cash Used In Investing Activities (205,851) (151,694) Cash Flows from Financing Activities: Sources: Net Increase in Short-Term Borrowings 8,417 Stock Options Exercised 44 Total Financing Sources 8,417 44 Uses: Repayment of Long-term Debt (9,571) (2,631) Net Decrease in Short-Term Borrowings (47) Cash Dividend Payments (16,572) (14,408) Total Financing Uses (26,143) (17,086) Net Cash Used In Financing Activities (17,726) (17,042) Net Increase (Decrease) in Cash and Cash Equivalents 41,098 (56,998) Cash and Cash Equivalents, Beginning of Period 63,868 150,319 Cash and Cash Equivalents, End of Period $104,966 $ 93,321 See accompanying notes to consolidated financial statements.
-6- Lowe's Companies, Inc. and Subsidiary Companies Notes to Consolidated Financial Statements Note 1: The accompanying Consolidated Condensed Financial Statements (unaudited) have been reviewed by an independent certified public accountant, and in the opinion of management, they contain all adjustments necessary to present fairly the financial position as of July 31, 1996, and the results of operations for the three-month and six-month periods ended July 31, 1996 and 1995, and the cash flows for the six-month periods ended July 31, 1996 and 1995. Note 2: The results of operations for the six-month periods ended July 31, 1996 and 1995 are not necessarily indicative of the results to be expected for the full year. Note 3: The Company has a cash management program which provides for the investment of excess cash balances in financial instruments which have maturities of up to three years. Investments that are readily convertible to cash within three months of purchase are classified as cash equivalents. Investments with a maturity of between three months and one year are classified as short-term investments. Investments with maturities greater than one year are classified as long-term. Note 4: Net interest expense is composed of the following ($ in thousands): Quarter ended Six Months ended July 31, July 31, 1996 1995 1996 1995 Long-term debt $8,908 $8,692 $18,671 $17,581 Capitalized leases 6,652 3,684 12,328 6,992 Short-term debt 504 347 1,702 608 Amortization of loan cost 97 70 200 140 Short-term interest income (2,504) (2,906) (4,725) (5,165) Interest capitalized on construction in progress (1,542) (958) (2,872) (1,897) Net interest expense $12,115 $8,929 $25,304 $18,259 Note 5: If the FIFO method of inventory accounting had been used, inventories would have been $83,176,000 higher at July 31, 1996 and $73,226,000 higher at January 31, 1996. Note 6: There were no stock options exercised during the six-month period ended July 31, 1996. Stock options exercised in the three-month and six-month periods ended July 31, 1995 consisted of 4,000 shares resulting in proceeds of $44,000. Note 7: Property is shown net of accumulated depreciation of $534,376,000 at July 31, 1996 and $459,622,000 at January 31, 1996. -7- Note 8: Supplemental disclosures of cash flow information: Six months ended July 31 1996 1995 Cash paid for interest (net of capitalized) $29,462,000 $25,778,000 Cash paid for income taxes 49,352,000 52,643,000 Non-cash investing and financing activities: Common stock issued to ESOP 27,493,000 25,000,000 Fixed assets acquired under capital lease 88,178,000 40,501,000 Common stock issued to executives and directors 1,093,000 - Conversion of debt to common stock 257,091,000 2,230,000 Note 9: In January 1996, the Board of Directors authorized the funding of the Fiscal 1995 ESOP contribution primarily with the issuance of new shares of the Company's common stock. During the first half of Fiscal 1996, the Company issued 780,975 shares with a market value of $27.5 million. The remaining shares will be issued by the end of the third quarter. Note 10: The Company's 3% Convertible Subordinated Notes were called for redemption on July 22, 1996. Most bond holders opted to convert prior to the redemption date and only $20,000 principal were redeemed at $910.78 per $1,000. During the second quarter of Fiscal 1996 and 1995, $284,694,000 and $2,531,000 principal of the Company's 3% Convertible Subordinated Notes were converted into 10,895,763 and 96,866 shares of the Company's common stock, respectively. During the first half of Fiscal 1996 and 1995, $284,724,000 and $2,531,000 principal of the Company's 3% Convertible Subordinated Notes were converted into 10,896,910 and 96,866 shares of the Company's common stock, respectively. Note 11: Costs associated with the relocation and closing of stores during the three months and six months ended July 31, 1995, which were recognized through the restructuring charge established in Fiscal 1991, totaled $6,367,000 and $9,309,000, respectively. There were no costs recognized through the restructuring charge during the six months ended July 31, 1996 since the store restructuring accrual was depleted as of January 31, 1996, as anticipated. Note 12: Earnings per common and common equivalent share is computed based upon the weighted average number of common shares outstanding during the period plus the dilutive effect of common shares contingently issuable from stock options. Earnings per common share - assuming full dilution reflects the potential dilutive effect of dilutive common share equivalents and the Company's 3% Convertible Subordinated Notes issued July 22, 1993. -8- MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS AND FINANCIAL CONDITION RESULTS OF OPERATIONS This discussion should be read in conjunction with the financial statements and the financial statement footnotes included in this Form 10-Q. For the quarter ended July 31, 1996, the Company reported its best-ever quarter in sales, earnings and dividends paid. Sales grew 24% to $2.459 billion, net earnings increased 34% to $114.3 million and earnings per share (fully diluted) were $.67 compared to $.51 in the comparable quarter of last year. Comparable store sales were up 8%. For the six months ended July 31, 1996, sales grew 21% to $4.366 billion, net earnings increased 12% to $161.3 million and earnings per share (fully diluted) were $.96 compared to $.86 in the comparable period of last year. Comparable store sales were up 5% year to date. Sales in the second quarter were enhanced by the addition of 5.7 million square feet of retail selling space at new and existing locations since last year's second quarter. Significant sales gains came in tools, yard, patio and garden, kitchen cabinets and appliances, home decor, home water systems, heating/cooling and home care/safety. Average inflation in sales prices was flat. Gross margin was 25.57% of sales for the quarter ended July 31, 1996, versus 24.95% in last year's quarter. The increase in gross margin rate continues to reflect both the continuing shift in business from contractor to retail and favorable changes in our product mix. Gross margin for the six months ended July 31, 1996, was 25.32% versus 25.35% last year. Selling, general and administrative expenses (SG&A) were 14.73% of sales in the second quarter versus 14.69% in last year's quarter. SG&A increased 24.5% compared to a 24.3% sales increase in the quarter. Store salaries (excluding those in store opening costs) rose 26%, however general office expense increased only 15% providing a positive 10 basis point variance. A decrease in market interest rates enhanced credit card related income compared to last year causing a favorable variance of 12 basis points. The Consumer Product Safety commission, in the second quarter, issued a statement regarding child safety when exposed to mini-blinds containing lead. The Company responded with a decision to remove all inventory of mini-blinds containing lead and a $3.5 million loss accrual was made in consideration of this announcement. For the six months ended July 31, 1996, SG&A was 15.60% of sales versus 15.40% for the comparable period last year. For the quarter ended July 31, 1996, store opening costs were $12.6 million versus $11.4 million last year, representing costs associated with the opening of 14 stores this year (12 new and 2 relocated) compared to 13 stores in last year's second quarter (10 new and 3 relocated). Charges in this quarter for future openings were $1.9 million compared to $891 thousand in 1995's second quarter. For the six months ended July 31, 1996, store opening costs were $25.1 million versus $20.0 million last year, representing costs associated with the opening of 29 new stores this year (22 new stores and 7 relocations) compared to 26 stores in the comparable period last year (17 new and 9 relocated). -9- Depreciation was $47.8 million for the quarter ended July 31, 1996 and $92.4 million for the six months ended July 31, 1996, increasing 33% and 34% over the respective comparable periods last year. The increases are due primarily to fixtures, displays, computer equipment and store equipment relating to the Company's expansion program. Employee retirement plans expense was $17.1 million for the three months ended July 31, 1996, a 29% increase compared to last year's quarter. This 29% increase in employee retirement plans expense exceeded the 26% increase in total company salaries due to revisions of Employee Stock Ownership Plan eligibility rates. This relationship between the expenses is expected to continue through the remainder of fiscal 1996. For the six months ended July 31, 1996, employee retirement plans expense was up 15% to $30.7 million. Interest expense increased $7.0 million to $25.3 million for the six months ended July 31, 1996. This is the result of an increase of $3.9 million in the first quarter and an increase of $3.1 million in the second quarter. Interest increased primarily due to senior notes issued in December 1995 and new capitalized building leases. The Company's effective income tax rate was 35.58% for the three months ended July 31, 1996, compared to 36.34% for the comparable three months last year. The effective rate was 35.70% versus 36.24% for the six months ended July 31, 1996 and 1995, respectively. The fiscal 1996 rate has decreased mainly due to a lower effective state rate. LIQUIDITY AND CAPITAL RESOURCES The uses of cash in the first six months have continued to lay the groundwork for successfully implementing our strategic plan. Merchandise inventory has increased $185.6 million, about 57% due to our new and relocated stores and 43% due to seasonal increases in inventory and increased merchandise assortments. Real property has increased in line with the Company's strategic plan to continue expansion of retail sales floor square footage by expanding into new markets and relocating from older, smaller stores to larger stores. The Company's 1996 capital budget is targeted at $1 billion, inclusive of $240 million in operating leases. Over 80% of this planned investment is for store expansion. The Company's 3% Convertible Subordinated Notes due July 22, 2003 were called for redemption on July 22, 1996. Most bond holders opted to convert prior to the redemption date, increasing stockholders equity $257.1 million during the three months ended July 31, 1996. -10- Lowe's ended the second quarter with 380 stores and 26.8 million square feet of retail selling space, a 27% increase over last July's selling space. The Company's expansion plans for 1996 envision about 60 new stores with about 75% in new markets and the balance relocations, for approximately 6.7 million square feet of additional retail space. Approximately one half of the 1996 projects will be leased and one half will be owned. Expansion in the first half of fiscal 1996 included 22 new stores and 7 relocations representing 3 million square feet of new incremental retail space. The Company also closed or consolidated into existing markets 7 older, smaller stores during the first half of 1996. Current plans are to finance 1996 expansion through funds from perations, operating leases, issuance of about $40 million in common stock to the Company's ESOP (see Note 9) and from external financing. Financing in the first six months came primarily from normal operating activities. In addition to these sources, the Company has available agreements for up to $175 million in lines of credit for issuing documentary and standby letters of credit. The Company has a five year, $300 million revolving credit facility with a syndicate of thirteen banks to provide alternate liquidity for the Company's commercial paper program and for general corporate purposes. A $100 million revolving credit and security agreement, expiring in September 1996, is available from a financial institution. Another $75 million is available for the purpose of short-term borrowings on a bid basis from various banks. IMPACT OF RECENT ACCOUNTING PRONOUNCEMENTS As required, the Company adopted Statement of Financial Accounting Standards (SFAS) No. 121, "Accounting for the Impairment of Long-Lived Assets and for Long-Lived Assets to be Disposed Of" beginning February 1, 1996 and there was no material effect on the Company's financial statements. In October 1995, SFAS No. 123, "Accounting for Stock-Based Compensation," was issued and is effective for the Company on February 1, 1996. As permitted by No. 123, the Company will continue to apply APB Opinion No. 25, which recognizes compensation cost based on the intrinsic value of the equity instrument awarded, to its stock based compensation awards to employees and will disclose the required pro forma effect on net income and earnings per share in the Company's annual report. -11- INDEPENDENT ACCOUNTANTS' REPORT The Board of Directors Lowe's Companies, Inc.: We have reviewed the accompanying consolidated balance sheet of Lowe's Companies, Inc. and subsidiary companies as of July 31, 1996, and the related consolidated statements of current and retained earnings for the three-month and six-month periods ended July 31, 1996 and 1995, and of cash flows for the six-month periods ended July 31, 1996 and 1995. These financial statements are the responsibility of the Company's management. We conducted our review in accordance with standards established by the American Institute of Certified Public Accountants. A review of interim financial information consists principally of applying analytical procedures to financial data and of making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with generally accepted auditing standards, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion. Based on our review, we are not aware of any material modifications that should be made to such consolidated financial statements for them to be in conformity with generally accepted accounting principles. We have previously audited, in accordance with generally accepted auditing standards, the consolidated balance sheet of Lowe's Companies, Inc. and subsidiary companies as of January 31, 1996, and the related consolidated statements of current and retained earnings and of cash flows for the year then ended (not presented herein); and in our report dated February 20, 1996 (March 4, 1996 as to the fourth paragraph of Note 14), we expressed an unqualified opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanying consolidated balance sheet as of January 31, 1996 is fairly stated, in all material respects, in relation to the consolidated balance sheet from which it has been derived. /s/ Deloitte & Touche LLP Charlotte, North Carolina August 12, 1996 -12- Part II - OTHER INFORMATION Item 4 - Submission of Matters to a Vote of Security Holders. (a)-The annual meeting of shareholders was held May 31, 1996. (b)-Directors elected at the meeting: William A. Andres, John M. Belk, Claudine B. Malone and Robert L. Strickland -Incumbent Directors whose terms expire in subsequent years are: Carol A. Farmer, Leonard G. Herring, Petro Kulynych, Russell B. Long, Robert G. Schwartz and Robert L. Tillman (c)-The matters voted upon at the meeting and the results of the voting were as follows: (1) Election of Class I Directors: FOR WITHHELD William A. Andres 140,731,147 1,179,986 John M. Belk 140,911,725 999,408 Claudine B. Malone 140,906,254 1,004,879 Robert L. Strickland 141,070,555 840,578 (2) Proposal to approve the appointment of Deloitte & Touche as the independent certified public accountants of the company: For 141,544,385, Against 134,293, Abstain 232,455. Item 6 (a) - Exhibits Exhibit 11 - Computation of per share earnings Item 6 (b) - Reports on Form 8-K There were no reports filed on Form 8-K during the quarter ended July 31, 1996. 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. LOWE'S COMPANIES, INC. September 12, 1996 \s\ Richard D. Elledge Date Richard D. Elledge, Senior Vice President and Chief Accounting Officer EX-11 2 - -13- Item 6 (a) - Exhibits Exhibit 11 - Computation of per share earnings Three Months Ended Six Months Ended July 31 July 31 1996 1995 1996 1995 Earnings per Common & Common Equivalent Share: Net Earnings $114,279 $85,007 $161,341 $143,933 Weighted Average Shares Outstanding 163,286 160,341 162,187 160,257 Dilutive Effect of Common Stock Equivalent 77 91 77 93 Weighted Average Shares, as Adjusted 163,363 160,432 162,264 160,350 Earnings per Common & Common Equivalent Share $.70 $.53 $.99 $.90 Earnings per Common Share - Assuming Full Dilution: Net Earnings $114,279 $85,007 $161,341 $143,933 Interest (After Taxes) on Convertible Debt 1,703 1,878 3,614 3,759 Net Earnings, as Adjusted $115,982 $86,885 $164,955 $147,692 Weighted Average Shares Outstanding 163,286 160,341 162,187 160,257 Dilutive Effect of Common Stock Equivalents 77 112 77 113 Shares Added if All Debt Converted 9,259 10,898 10,068 10,898 Weighted Average Shares, as Adjusted 172,622 171,351 172,332 171,268 Earnings per Common Share - Assuming Full Dilution $.67 $.51 $.96 $.86 EX-27 3
5 1000 6-MOS JAN-31-1997 JUL-31-1996 104,966 57,148 143,279 0 1,452,715 1,826,098 2,124,568 0 4,031,725 1,158,618 0 0 0 86,299 2,001,350 4,031,725 4,365,506 4,365,506 3,260,214 3,260,214 829,070 0 25,304 250,918 89,577 161,341 0 0 0 161,341 .99 .96
-----END PRIVACY-ENHANCED MESSAGE-----