-----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, VIaUKYjU+uEwCkzZv+J6p7u4nxu0tQgFUzgfCFf9TKu/KOJ6P9ecSfVdmkRvEKQU rBWFqNKlewAVx0HARtTn8Q== 0000060667-96-000012.txt : 19961216 0000060667-96-000012.hdr.sgml : 19961216 ACCESSION NUMBER: 0000060667-96-000012 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19961031 FILED AS OF DATE: 19961213 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: 96680221 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 October 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 November 30, 1996 Common Stock, $.50 par value 173,030,089 13 TOTAL PAGES -2- LOWE'S COMPANIES, INC. - INDEX - PART I - Financial Information: Page No. Consolidated Balance Sheets - October 31, 1996 and January 31, 1996. 3 Consolidated Statements of Current and Retained Earnings - three months and nine months ended October 31, 1996 and 1995. 4 Consolidated Statements of Cash Flows - nine months ended October 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 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
October 31, January 31, 1996 1996 Assets Current assets: Cash and cash equivalents $36,389 $63,868 Short-term investments 41,706 107,429 Accounts receivable - net 143,742 113,483 Merchandise inventory 1,572,956 1,267,077 Other assets 70,034 51,827 Total current assets 1,864,827 1,603,684 Property, less accumulated depreciation 2,301,584 1,858,274 Long-term investments 23,192 41,059 Other assets 50,211 53,369 Total assets $4,239,814 $3,556,386 Liabilities and Shareholders' Equity Current liabilities: Short-term notes payable $66,854 $16,617 Current maturities of long-term debt 10,719 14,127 Accounts payable 833,004 655,399 Employee retirement plans 41,457 44,924 Accrued salaries and wages 77,551 67,370 Other current liabilities 203,780 151,494 Total current liabilities 1,233,365 949,931 Long-term debt, excluding current maturities 740,760 866,183 Deferred income taxes 94,853 83,557 Total liabilities 2,068,978 1,899,671 Shareholders' equity Common stock - $.50 par value; Issued and Outstanding October 31, 1996 173,030,089 January 31, 1996 160,918,046 86,515 80,459 Capital in excess of par 891,487 596,828 Retained earnings 1,199,763 988,447 Unearned compensation-restricted stock awards (6,429) (8,076) Unrealized loss on available-for-sale securities (500) (943) Total shareholders' equity 2,170,836 1,656,715 Total liabilities shareholders' equity $4,239,814 $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 Nine Months Ended October 31, 1996 October 31, 1995 October 31, 1996 October 31, 1995 Current Earnings Amount Percent Amount Percent Amount Percent Amount Percent Net sales $2,193,239 100.00 $1,765,992 100.00 $6,558,745 100.00 $5,378,740 100.00 Cost of sales 1,627,073 74.19 1,337,049 75.71 4,887,287 74.52 4,034,115 75.00 Gross margin 566,166 25.81 428,943 24.29 1,671,458 25.48 1,344,625 25.00 Expenses: Selling, general and administrative 356,074 16.24 284,828 16.13 1,036,967 15.80 840,969 15.63 Store opening costs 15,995 0.73 16,322 0.92 41,048 0.63 36,351 0.68 Depreciation 50,744 2.30 38,867 2.20 143,146 2.17 107,648 2.00 Employee retirement plans 16,254 0.74 11,574 0.66 46,976 0.72 38,301 0.71 Interest 10,540 0.48 9,145 0.52 35,844 0.55 27,404 0.51 Total expenses 449,607 20.49 360,736 20.43 1,303,981 19.87 1,050,673 19.53 Pre-tax earnings 116,559 5.32 68,207 3.86 367,477 5.61 293,952 5.47 Income tax provision 41,376 1.89 24,288 1.37 130,953 2.00 106,100 1.98 Net earnings $75,183 3.43 $43,919 2.49 $236,524 3.61 $187,852 3.49 Shares outstanding (weighted average) 172,954 160,766 165,853 160,308 Earnings per common & common equivalent share $ 0.43 $ 0.27 $ 1.43 $ 1.17 Earnings per common share - assuming full dilution $ 0.43 $ 0.27 $ 1.39 $ 1.13 Retained earnings Balance at beginning of period $1,133,216 $ 922,416 $ 988,447 $792,891 Net earnings 75,183 43,919 236,524 187,852 Cash dividends (8,636) (8,031) (25,208) (22,439) Balance at end of period $1,199,763 $ 958,304 $1,199,763 $958,304 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 nine months ended October 31, 1996 1995 Cash Flows From Operating Activities: Net Earnings $236,524 $187,852 Adjustments to Reconcile Net Earnings to Net Cash Provided By Operating Activities: Depreciation 143,146 107,648 Amortization of Original Issue Discount 1,643 2,756 Increase in Deferred Income Taxes 4,900 15,130 Gain on Disposition/Writedown of Fixed and Other Assets (1,588) (1,389) Increase in Operating Assets: Accounts Receivable - Net (30,259) (35,103) Merchandise Inventory (305,879) (232,262) Other Operating Assets (11,874) (5,377) Increase (Decrease) in Operating Liabilities: Accounts Payable 177,605 38,509 Employee Retirement Plans 40,423 32,048 Accrued Store Restructuring (7,180) Other Operating Liabilities 64,140 26,828 Net Cash Provided by Operating Activities 318,781 129,460 Cash Flows from Investing Activities: Decrease (Increase) in Investment Assets: Short-Term Investments 84,232 30,763 Purchases of Long-Term Investments (11,648) (24,388) Proceeds from Sale/Maturity of Long-Term Investments 11,688 58,065 Other Long-Term Assets 803 (1,092) Fixed Assets Acquired (458,473) (359,394) Proceeds from the Sale of Fixed and Other Long-Term Assets 17,168 19,222 Net Cash Used in Investing Activities (356,230) (276,824) Cash Flows from Financing Activities: Sources: Long-Term Debt Borrowings 89,950 Net Increase in Short-Term Borrowings 50,237 Stock Options Exercised 44 Total Financing Sources 50,237 89,994 Uses: Repayment of Long-term Debt (15,059) (23,331) Cash Dividend Payments (25,208) (22,439) Total Financing Uses (40,267) (45,770) Net Cash Provided by Financing Activities 9,970 44,224 Net Decrease in Cash and Cash Equivalents (27,479) (103,140) Cash and Cash Equivalents, Beginning of Period 63,868 150,319 Cash and Cash Equivalents, End of Period $36,389 $47,179 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 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 October 31, 1996, and the results of operations for the three-month and nine-month periods ended October 31, 1996 and 1995, and the cash flows for the nine-month periods ended October 31, 1996 and 1995. Note 2: The results of operations for the nine-month periods ended October 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: Quarter ended Nine Months ended October 31, October 31, 1996 1995 1996 1995 Long-term debt $6,211 $8,841 $24,881 $26,351 Capitalized leases 7,822 4,277 20,151 11,339 Short-term debt 915 892 2,617 1,500 Amortization of loan cost 114 70 314 211 Short-term interest income (2,141) (2,891) (6,866) (8,056) Interest capitalized on construction in progress (2,381) (2,044) (5,253) (3,941) Net interest expense $10,540 $9,145 $35,844 $27,404 Note 5: If the FIFO method of inventory accounting had been used, inventories would have been $83,676,000 higher at October 31, 1996 and $73,226,000 higher at January 31, 1996. Note 6: There were no stock options exercised during the nine-month period ended October 31, 1996. Stock options exercised in the nine-month period ended October 31, 1995 consisted of 4,000 shares resulting in proceeds of $44,000. There were no stock options exercised in the three-month period ended October 31, 1995. Note 7: Property is shown net of accumulated depreciation of $575,751,000 at October 31, 1996 and $459,622,000 at January 31, 1996. -7- Note 8: Supplemental disclosures of cash flow information: Nine months ended October 31 1996 1995 Cash paid for interest (net of capitalized) $ 50,337,000 $ 42,502,000 Cash paid for income taxes 119,131,000 76,373,000 Non-cash investing and financing activities: Common stock issued to ESOP 43,907,000 37,219,000 Fixed assets acquired under capital lease 141,677,000 77,232,000 Conversion of debt to common stock 256,798,000 2,231,000 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 three quarters of Fiscal 1996, the Company issued 1,214,383 shares with a market value of $43.9 million. 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 first three quarters of Fiscal 1996 and 1995, $284,724,000 and $2,532,000 principal of the Company's 3% Convertible Subordinated Notes were converted into 10,896,910 and 96,904 shares of the Company's common stock, respectively. Note 11: Costs associated with the relocation and closing of stores during the three months and nine months ended October 31, 1995, which were recognized through the restructuring charge established in Fiscal 1991, totaled $3,462,000 and $12,771,000, respectively. All costs associated with relocations and closings during the three and nine months ended October 31, 1996 were included in selling, general and administrative expenses since the store restructuring accrual was depleted as of January 31, 1996. 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 October 31, 1996, the Company reported third quarter sales growth of 24% to $2.193 billion and an earnings increase of 71% to $75 million. Earnings per share (fully diluted) were $.43 compared to $.27 in the comparable quarter last year. Comparable store sales were up 10%. For the nine months ended October 31, 1996, sales grew 22% to $6.559 billion, net earnings increased 26% to $236.5 million and earnings per share (fully diluted) were $1.39 compared to $1.13 in the comparable period of last year. Comparable store sales increased 7% year to date. Sales in the third 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 third quarter. Significant sales gains came in tools, heating/cooling, kitchen cabinets and appliances, home decor, yard, patio and garden, and home care/safety. Average inflation in sales prices was 2%. This inflation was primarily attributed to slightly higher prices in lumber and outdoor products. Gross margin was 25.81% of sales for the quarter ended October 31, 1996, versus 24.29% in last year's quarter. Of the 152 basis point improvement, 18 points were due to a favorable LIFO comparison with last year's third quarter. Currently projections indicate lower inflation in inventory costs than anticipated last year. The remaining increase in the gross margin rate continues to reflect the shift in business from contractor to retail, favorable changes in product mix and ennhanced price management processes. Gross margin for the nine months ended October 31, 1996, was 25.48% versus 25.00% last year. Selling, general and administrative expenses (SG&A) were 16.24% of sales in the third quarter versus 16.13% in last year's quarter. SG&A increased 25% compared to a 24% sales gain in the quarter. This 11 basis point increase is related to several off-setting changes from last year's third quarter. The most notable change relates to a $4.05 million expense for the Company's ongoing store relocation program and the closing of underperforming stores that had a negative 19 basis point impact. In third quarter 1995, these costs ($3.5 million) were charged against the restructuring reserve which was depleted as of January 31, 1996. Also, as a result of the Company's improved performance levels versus last year, annual bonus accruals provided an unfavorable variance of 19 basis points in 1996 as compared to 1995. Comparable store salaries increased 8% in the third quarter versus a 10% sales gain resulting in a 16 basis point favorable variance. For the nine months ended October 31, 1996, SG&A was 15.80% of sales versus 15.63% for the comparable period last year. -9- For the quarter ended October 31, 1996, store opening costs were $16.0 million versus $16.3 million last year, representing costs associated with the opening of 17 stores this quarter (12 new and 5 relocated) compared to 16 stores in last year's third quarter (10 new and 6 relocated). Charges in the third quarter of 1996 for future openings were $2.3 million compared to $2.8 million in last year's third quarter. Also, charges for prior openings were $831,000 compared to $1.6 million in 1995. For the nine months ended October 31, 1996, store opening costs were $41.0 million versus $36.4 million last year, representing costs associated with the opening of 48 stores this year (34 new retail stores, 13 relocated and 1 contractor yard) compared to 42 stores in the comparable period last year (27 new and 15 relocated). Depreciation was $50.7 million for the quarter ended October 31, 1996 and $143.1 million for the nine months ended October 31, 1996, increases of 31% and 33%, respectively, over the comparable periods last year. The increases are due primarily to buildings, fixtures, displays, computer equipment and store equipment related to the Company's expansion program. Employee retirement plans expense was $16.3 million for the three months ended October 31, 1996, a 40% increase compared to last year's quarter. For the nine months ended October 31, 1996, employee retirement plans expense was up by 23% to $47.0 million. These increases are a result of increased eligibility rates in 1996 and the recognition of the benefit of certain plan changes in the third quarter of 1995. Interest expense increased $8.4 million to $35.8 million for the nine months ended October 31, 1996. This is the result of an increase of $3.9 million in the first quarter, an increase of $3.1 million in the second quarter and an increase of $1.4 million in the third quarter. The increase is primarily due to interest on capitalized building leases. The Company's effective income tax rate was 35.50% for the three months ended October 31, 1996, compared to 35.61% for the comparable three months last year. The effective rate was 35.64% versus 36.09% for the nine months ended October 31, 1996 and 1995, respectively. The fiscal 1996 rate has decreased primarily due to a lower effective state tax rate. LIQUIDITY AND CAPITAL RESOURCES The uses of cash in the first nine months have continued to lay the groundwork for successfully implementing our strategic plan. Merchandise inventory has increased $305.9 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 is in line to meet its 1996 capital budget targeted at $1 billion, inclusive of $240 million in operating leases. -10- The Company ended the third quarter with 391 stores and 28.5 million square feet of retail selling space, a 25% increase over last October's selling space. The Company's expansion plans for the remainder of 1996 include 13 new stores in new markets and 7 relocations, weather permitting. Approximately half the 1996 projects have been or will be leased and the other half owned. Expansion in the first nine months of fiscal 1996 included 34 new retail stores, 12 relocated and 2 contractor yards representing 4.5 million square feet of new incremental retail space. The Company also closed or consolidated 10 older, smaller stores during the first nine months of fiscal 1996. Current plans are to continue to finance the expansion through cash flows from operations, operating leases, issuance of about $44 million in common stock to our ESOP (see Note 9) and external financing. Financing in the first nine months came from normal operating activities. In October 1996, the Company filed a shelf registration statement covering $275 million of unallocated debt or equity securities with the Securities and Exchange Commission. When combined with the $75 million of securities remaining unissued under a previous shelf, this new registration enables the Company to sell or place up to $350 million in securities. Any net proceeds are expected to be used for the acquisition of land, buildings and equipment for new and existing stores, repayment of indebtedness and other general corporate purposes. Funds not immediately required for these purposes may be invested temporarily in short-term marketable securities. While the Company has no immediate need for long-term external financing, the securities are registered to allow sufficient flexibility to take advantage of favorable conditions in the capital markets in the future. In addition to these sources, the Company has available agreements for up to $200 million in lines of credit for issuing documentary and standby letters of credit. The Company has a $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 $60 million revolving credit and security agreement, expiring in September 1997, 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 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. There was no material effect on the Company's financial statements from the initial adoption of SFAS No. 121. In October 1995, SFAS No. 123, "Accounting for Stock-Based Compensation," was issued and is effective for the Company beginning 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 October 31, 1996, and the related consolidated statements of current and retained earnings for the three-month and nine-month periods ended October 31, 1996 and 1995, and cash flows for the nine-month periods ended October 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 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 November 11, 1996 -12- Part II - OTHER INFORMATION Item 6 (a) - Exhibits Exhibit 10 - Form of Subordinated Indenture between the Company and The Bank of New York, Trustee (filed as Exhibit 4.2 to the Company's Registration Statement on Form S-3 (No. 333-14257) and incorporated by reference herein). 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 October 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. December 13, 1996 \s\ Richard D. Elledge Date Richard D. Elledge, Senior Vice President and Chief Accounting Officer EX-11 2 -13- Exhibit 11 - Computation of per share earnings Three Months Ended Nine Months Ended October 31 October 31 1996 1995 1996 1995 Earnings per Common & Common Equivalent Share: Net Earnings $75,183 $43,919 $236,524 $187,852 Weighted Average Shares Outstanding 172,874 160,690 165,776 160,233 Dilutive Effect of Common Stock Equivalents 80 76 77 75 Weighted Average Shares, as Adjusted 172,954 160,766 165,853 160,308 Earnings per Common & Common Equivalent Share $.43 $.27 $1.43 $1.17 Earnings per Common Share - Assuming Full Dilution: Net Earnings $75,183 $43,919 $236,524 $187,852 Interest (After Taxes) on Convertible Debt - 1,907 3,618 5,661 Net Earnings, as Adjusted $75,183 $45,826 $240,142 $193,513 Weighted Average Shares Outstanding 172,874 160,690 165,776 160,233 Dilutive Effect of Common Stock Equivalents 99 75 98 75 Shares Added if All Debt Converted - 10,898 6,688 10,898 Weighted Average Shares, as Adjusted 172,973 171,663 172,562 171,206 Earnings per Common Share - Assuming Full Dilution $.43 $.27 $1.39 $1.13 EX-27 3
5 1000 9-MOS JAN-31-1997 OCT-31-1996 36,389 41,706 143,742 0 1,572,956 1,864,827 2,301,584 0 4,239,814 1,233,365 0 0 0 86,515 2,084,321 4,239,814 6,558,745 6,558,745 4,887,287 4,887,287 1,268,137 0 35,844 367,477 130,953 236,524 0 0 0 236,524 1.43 1.39
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