-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, SHmqLRMUZIQGHH3t6D9ah9VYeZNQW/03hqai+w/CrJmzwbfuwVF1+HiQCht8yGBC DRD5OASlep7Znstb66W3NQ== 0000950152-95-000941.txt : 19950512 0000950152-95-000941.hdr.sgml : 19950512 ACCESSION NUMBER: 0000950152-95-000941 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19950331 FILED AS OF DATE: 19950511 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: CARDINAL HEALTH INC CENTRAL INDEX KEY: 0000721371 STANDARD INDUSTRIAL CLASSIFICATION: WHOLESALE-DRUGS PROPRIETARIES & DRUGGISTS' SUNDRIES [5122] IRS NUMBER: 310958666 STATE OF INCORPORATION: OH FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-11373 FILM NUMBER: 95536808 BUSINESS ADDRESS: STREET 1: 655 METRO PL SOUTH STE 925 CITY: DUBLIN STATE: OH ZIP: 43017 BUSINESS PHONE: 6147618700 MAIL ADDRESS: STREET 1: 655 METRO PLACE SOUTH STREET 2: SUITE 925 CITY: DUBLIN STATE: OH ZIP: 43017 FORMER COMPANY: FORMER CONFORMED NAME: CARDINAL DISTRIBUTION INC DATE OF NAME CHANGE: 19920703 10-Q 1 CARDINAL HEALTH, INC. 10-Q 1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 Form 10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For Quarter Ended March 31, 1995 Commission File Number 0-12591 -------------- ------- CARDINAL HEALTH, INC. --------------------- (Formerly known as Cardinal Distribution, Inc.) (Exact name of registrant as specified in its charter) Ohio 31-0958666 ---- ---------- (State or other jurisdiction (I.R.S. Employer of incorporation or organization) Identification No.)
655 METRO PLACE SOUTH, SUITE 925, DUBLIN, OHIO 43017 (Address of principal executive offices and zip code) Registrant's telephone number, including area code (614) 761-8700 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 ------- ------- The number of Registrant's Common Shares outstanding at April 28, 1995 was as follows: common shares, without par value ("Class A Common Shares") 41,929,453 2 Page 2 of 13 CARDINAL HEALTH, INC. AND SUBSIDIARIES Index Page No. Part I. Financial Information: --------------------- Item 1. Financial Statements Consolidated Balance Sheets at March 31, 1995 and June 30, 1994 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 Consolidated Statements of Earnings for the Three and Nine Months Ended March 31, 1995 and March 31, 1994 . . . . . . . . . . . . . . . . . . . 4 Consolidated Statements of Cash Flows for the Nine Months Ended March 31, 1995 and March 31, 1994 . . . . . . . . . . . . . . . . . . . 5 Notes to Consolidated Financial Statements . . . . . . . . . . . . . . . . . . 6-7 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8-9 Part II. Other Information: ----------------- Item 1. Legal Proceedings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 Item 6. Exhibits and Reports on Form 8-K . . . . . . . . . . . . . . . . . . . . . . . 10-13
3 Page 3 of 13 PART I. FINANCIAL INFORMATION CARDINAL HEALTH, INC. AND SUBSIDIARIES Consolidated Balance Sheets (Unaudited) (In thousands)
March 31, 1995 June 30, 1994 -------------- ------------- ASSETS Current assets: Cash and equivalents $ 3,909 $ 54,941 Marketable securities 36,801 Trade receivables 523,460 340,911 Merchandise inventories 1,086,235 868,210 Prepaid expenses and other 27,959 23,062 ---------- ---------- Total current assets 1,678,364 1,287,124 Property and equipment - at cost: 157,319 119,375 Accumulated depreciation and amortization (79,224) (59,346) ---------- ---------- Property and equipment - net 78,095 60,029 Other assets 71,717 48,449 ---------- ---------- Total $1,828,176 $1,395,602 ========== ========== LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Notes payable - banks $ 117,000 $ 25,000 Current portion of long-term obligations 2,160 2,929 Accounts payable 865,171 705,702 Other accrued liabilities 108,342 82,411 ---------- ---------- Total current liabilities 1,092,673 816,042 Long-term obligations - less current portion 210,161 210,086 Other liabilities 980 Shareholders' equity: Common Shares-without par value 343,510 255,458 Retained earnings 188,894 120,399 Common Shares in treasury, at cost (3,790) (3,390) Unamortized restricted stock awards (3,272) (3,973) ---------- ---------- Total shareholders' equity 525,342 368,494 ---------- ---------- Total $1,828,176 $1,395,602 ========== ========== See notes to consolidated financial statements.
4 Page 4 of 13 CARDINAL HEALTH, INC. AND SUBSIDIARIES Consolidated Statements of Earnings (Unaudited) (In thousands, except per share amounts)
Three Months Ended Nine Months Ended ------------------------------------ ------------------------------------ March 31, March 31, March 31, March 31, 1995 1994 1995 1994 --------------- --------------- --------------- --------------- Net sales $1,987,973 $1,510,674 $5,792,523 $4,199,913 Cost of products sold 1,861,269 1,412,303 5,449,987 3,940,455 ---------- ---------- ---------- ---------- Gross margin 126,704 98,371 342,536 259,458 Selling, general and administrative expenses (76,488) (61,531) (222,489) (169,942) Unusual item - merger costs (35,880) (35,880) ---------- ---------- ---------- ---------- Operating earnings 50,216 960 120,047 53,636 Other income (expense): Interest expense (6,443) (5,255) (14,689) (13,793) Other, net 772 441 2,938 2,702 ---------- ---------- ---------- ---------- Earnings (loss) before income taxes 44,545 (3,854) 108,296 42,545 Provision for income taxes (18,639) (5,076) (45,488) (24,056) ---------- ---------- ---------- ---------- Net earnings (loss) 25,906 (8,930) 62,808 18,489 Preferred dividends declared/accretion (166) (1,205) ---------- ---------- ---------- ---------- Earnings (loss) available for Common Shares $ 25,906 $ (9,096) $ 62,808 $ 17,284 ========== ========== ========== ========== Earnings (loss) per Common Share: Primary $ 0.61 $ (0.23) $ 1.50 $ 0.44 Fully Diluted $ 0.61 $ (0.23) $ 1.49 $ 0.44 Weighted average number of Common Shares outstanding: Primary 42,722 39,630 41,999 39,316 Fully diluted 42,722 39,630 42,072 39,395 See notes to consolidated financial statements.
5 Page 5 of 13 CARDINAL HEALTH, INC. AND SUBSIDIARIES Consolidated Statements of Cash Flows (Unaudited) (In thousands)
Nine Months Ended ------------------------------------- March 31, March 31, 1995 1994 ------------------------------------- CASH FLOWS FROM OPERATING ACTIVITIES: Net earnings $ 62,808 $ 18,489 Adjustments to reconcile net earnings to net cash used in operations: Depreciation and amortization 15,417 12,319 Provision for bad debts 5,879 5,372 Change in operating assets and liabilities net of effects from acquisitions: Increase in trade receivables (133,473) (65,554) Increase in merchandise inventories (173,461) (273,361) Increase in accounts payable 67,661 89,038 Other operating items - net 6,447 15,193 --------- --------- Net cash used in operating activities (148,722) (198,504) --------- --------- CASH FLOWS FROM INVESTING ACTIVITIES: Acquisition of subsidiary, net of cash acquired (15,784) Proceeds from sale of property and equipment 952 Additions to property and equipment (21,588) (7,389) Purchase of marketable securities (144,628) (115,241) Proceeds from sale of marketable securities 107,827 187,229 --------- --------- Net cash provided by (used in) investing activities (74,173) 65,551 --------- --------- CASH FLOWS FROM FINANCING ACTIVITIES: Reduction of short-term borrowings of an acquired subsidiary (5,226) Net short-term borrowing activity 92,000 92,300 Reduction of long-term obligations (3,698) (91,774) Proceeds from long-term obligations 100,000 Proceeds from issuance of Common Shares 71,237 403 Income tax credited to shareholders' equity 16,362 Dividends on common and preferred shares and cash paid in lieu of fractional shares (3,638) (3,036) Redemption of preferred stock (20,400) Purchase of treasury shares (400) (200) Debenture conversion costs charged to shareholders' equity (13) --------- --------- Net cash provided by financing activities 171,863 72,054 --------- --------- NET DECREASE IN CASH AND EQUIVALENTS (51,032) (60,899) CASH AND EQUIVALENTS AT BEGINNING OF YEAR 54,941 61,210 --------- --------- CASH AND EQUIVALENTS AT END OF YEAR $ 3,909 $ 311 ========= ========= Supplemental Disclosure of Noncash Investing & Financing Activities: Debentures converted to Common Shares $ 74,920 Unamortized debenture offering costs charged to Common Shares (1,767) See notes to consolidated financial statements.
6 Page 6 of 13 CARDINAL HEALTH, INC. AND SUBSIDIARIES Notes to Consolidated Financial Statements (Unaudited) Note 1. The consolidated financial statements of the Company include the accounts of all majority-owned subsidiaries and all significant intercompany amounts have been eliminated. The consolidated financial statements have been prepared to give retroactive effect to the pooling-of-interests business combination with Whitmire Distribution Corporation ("Whitmire") on February 7, 1994 (see Note 3). The term "Cardinal," as used herein, refers to Cardinal Health, Inc. and its subsidiaries prior to the Whitmire Merger. The consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q, and include all of the information and disclosures required by generally accepted accounting principles for interim reporting. In the opinion of management, all adjustments considered necessary for a fair presentation have been included. These consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes of the Company contained in the Company's Annual Report on Form 10-K for the fiscal year ended June 30, 1994. Note 2. Earnings per Common Share are based on the weighted average number of Common Shares outstanding during each period and the dilutive effect of stock options and warrants from the date of grant computed using the treasury stock method. The Company paid a 25% stock dividend on June 30, 1994, to effect a five-for-four split of the Company's Common Shares. All share and per share amounts included in the consolidated financial statements have been adjusted to reflect this stock split. Note 3. On January 27, 1994, shareholders of Cardinal and Whitmire approved and adopted the Agreement and Plan of Reorganization dated October 11, 1993 (the "Reorganization Agreement"), pursuant to which Cardinal Merger Corp., a wholly owned subsidiary of Cardinal, was merged with and into Whitmire effective February 7, 1994. In the merger, which was accounted for as a pooling-of-interests business combination, holders of outstanding Whitmire common stock received an aggregate of approximately 6,802,000 Class A Common Shares and approximately 1,861,000 Class B common shares, both without par value, in exchange for all of the previously outstanding common stock of Whitmire. In addition, Whitmire's outstanding stock options were converted into options to purchase an aggregate of approximately 1,721,000 additional Class A Common Shares pursuant to the terms of such options and the Reorganization Agreement. Note 4. In the three-month period ended March 31, 1994, the Company recorded a nonrecurring charge to reflect the estimated Whitmire merger costs of approximately $35.9 million ($28.2 million of net tax). The merger costs included (a) fees and other transaction costs related to the combination, and (b) other nonrecurring costs expected to be incurred in connection with the integration of Cardinal's and Whitmire's business operations. The estimated costs included approximately $7 million for investment banking, legal, accounting, and other related transactions fees associated with the combination; $13 million for corporate restructuring and distribution rationalization; $6 million for integration of information systems; and $2 million for restructuring Whitmire's revolving credit agreement. Of these costs, approximately $7 million pertained to the revaluation of certain operating assets and $2 million pertained to employee relocation, retraining and termination costs. At March 31, 1995, the Company had incurred actual costs aggregating approximately $24.3 million, including approximately $12.6 million incurred in the nine months ended March 31, 1995. The Company's current estimates of the merger costs ultimately to be incurred are not materially different than the amounts originally recorded. 7 Page 7 of 13 The net earnings and earnings per Common Share (on both a primary and fully diluted basis), adjusted on a pro forma basis to reflect the elimination of the merger costs discussed above and the redemption of Whitmire's preferred stock pursuant to the terms of the Reorganization Agreement (see Note 3), would have been $19,228,000 and $0.49, respectively, for the three months ended March 31, 1994 and $46,397,000 and $1.18, respectively, for the nine months ended March 31, 1994. Such redemption is assumed to have been funded from the liquidation of investments in tax-exempt marketable securities. Note 5. On July 1, 1994, the Company purchased all of the common stock of Humiston-Keeling, Inc., a Calumet City, Illinois-based wholesale drug distributor, in a transaction accounted for by the purchase method. Had the purchase occurred at the beginning of Fiscal 1994, operating results on a pro forma basis would not have been significantly different. Note 6. On July 18, 1994, the Company issued Class A Common Shares in exchange for all of the common shares of Behrens Inc., a Waco, Texas- based wholesale drug distributor, in a transaction accounted for as a pooling-of-interests business combination. The impact of the Behrens combination, on both an historical and pro forma basis, is not significant. Accordingly, prior periods have not been restated for the Behrens combination. Note 7. On September 26, 1994, 8,050,000 of the Company's Common Shares were sold pursuant to a public offering. Approximately 1,867,000 Common Shares (the "New Shares") were sold by the Company, and approximately 6,183,000 Common Shares (the "Existing Shares") were sold by certain shareholders of the Company. Net proceeds received by the Company of approximately $70 million from the sale of the New Shares were used to finance working capital growth and for other general corporate purposes. The Company did not receive any of the proceeds from the sale of the Existing Shares. 8 Page 8 of 13 ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Management's discussion and analysis presented below has been prepared to give retroactive effect to the pooling-of-interests business combination with Whitmire on February 7, 1994 (see Note 3 of "Notes to Consolidated Financial Statements"). The discussion and analysis presented below is concerned with material changes in financial condition and results of operations for the Company's consolidated balance sheets as of March 31, 1995, and June 30, 1994, and for the consolidated statements of earnings for the three and nine-month periods ended March 31, 1995 and March 31, 1994. Unless indicated to the contrary for purposes of this discussion, all references to "1995" and "1994" shall mean the Company's fiscal years ending June 30, 1995 and June 30, 1994, respectively. NET SALES. Net sales increased 32% for the third quarter of 1995, and 38% for the nine-month period ended March 31, 1995, compared to the same periods last year. The increases in the third quarter and nine-month periods were due to internal business growth of 23% and 28%, respectively, and sales resulting from the acquisitions of Humiston-Keeling, Inc. (see Note 5 of "Notes to Consolidated Financial Statements") and Behrens Inc. (see Note 6 of "Notes to Consolidated Financial Statements"). The internal business growth resulted primarily from increased sales to existing customers and the addition of new customers, reflective of the Company's national distribution capability. GROSS MARGIN. As a percentage of net sales, gross margin declined to 6.37% in the third quarter of 1995 from 6.51% in the third quarter of 1994. The gross margin percentage for the nine-month period declined to 5.91% versus 6.18% last year. The decreases in the gross margin percentage in both the third quarter and nine-month period were primarily due to lower selling margin rates, reflecting a more competitive market and a shift in the customer base from one comprised predominantly of retail independent pharmacies to one that is a more balanced mix of retail independent, retail chain, and hospital/managed care pharmacies. This shift in customer base has allowed the Company to offer lower selling margins through a lower cost of distribution and better asset management. The decrease in the gross margin percentage resulting from this shift in customer base was partially offset by increased sales of higher margin generic pharmaceuticals and the continued development of marketing programs with manufacturers. SELLING, GENERAL AND ADMINISTRATIVE EXPENSES. Selling, general and administrative expenses improved as a percentage of net sales to 3.85% in the third quarter and 3.84% for the nine-month period of 1995 versus 4.07% and 4.05%, respectively, for the same periods in the prior year. The improvements are due primarily to economies associated with the Company's significant sales growth, particularly with major customers where support costs are generally lower, and to productivity improvements, including the consolidation of distribution centers and the ongoing modernization of existing facilities. UNUSUAL ITEM. In the three-month period ended March 31, 1994, the Company recorded a nonrecurring charge to reflect the estimated Whitmire merger costs of approximately $35.9 million ($28.2 million net of tax). (See Note 4 of "Notes to Consolidated Financial Statements"). LIQUIDITY AND CAPITAL RESOURCES. Working capital increased to $585.7 million at March 31, 1995 from $471.1 million at June 30, 1994, and included increased investments in merchandise inventories and trade receivables of $218.0 million and $182.5 million, respectively, offset primarily by increases in accounts payable and notes payable - banks of $159.5 million and $92.0 million, respectively, and a decrease in cash and equivalents and marketable securities of $14.2 million. The increases in merchandise inventories, accounts payable and notes payable - banks and the decrease in cash and equivalents and marketable securities reflect the timing of seasonal purchases and related payments and the acquisitions of Humiston-Keeling and Behrens. The increase in trade receivables was due primarily to internal business growth (see "Net Sales" above) and the acquisitions of Humiston-Keeling and Behrens (see Notes 5 and 6 of "Notes to Consolidated Financial Statements"). In fiscal 1993, the Company recorded a restructuring charge of $13.7 million, primarily related to the closing of certain non-core operations and rationalization, standardization and improvement of selected distribution operations, information systems and support functions. At March 31, 1995, approximately $1.9 million relating to this charge remains unexpended. The Company anticipates that this remaining amount will be expended by June 30, 1995. The Company's current estimate of the restructuring charges ultimately to be incurred is not materially different than the amount originally recorded. 9 Page 9 of 13 Shareholders' equity increased to $525.3 million at March 31, 1995 from $368.5 million at June 30, 1994 due primarily to (a) the issuance of approximately 1,867,000 of the Company's Common Shares pursuant to a public offering (see Note 7 of "Notes to Consolidated Financial Statements"), (b) net earnings of approximately $62.8 million for the nine months ended March 31, 1995, (c) the recording of tax benefits related to the exercise of stock options of approximately $16.4 million, and (d) the addition of Behrens shareholders' equity of approximately $9.8 million at July 18, 1994 (the date of the pooling-of-interests business combination) (see Note 6 of "Notes to Consolidated Financial Statements"), offset primarily by dividends paid by the Company of approximately $3.6 million. The Company has line-of-credit arrangements with various bank sources aggregating $310 million, of which $100 million is represented by committed line-of-credit arrangements. The amount outstanding under such arrangements as of March 31, 1995 was $117.0 million. On May 6, 1993, the Company filed with the Securities and Exchange Commission a Registration Statement for the public offering, from time-to-time, of its debt securities (the "Existing Debt Securities") issuable in one or more series in an aggregate principal amount not to exceed $150 million. On February 23, 1994, the Company sold $100 million of 6.5% Notes due 2004, the net proceeds of which were used for general corporate purposes, including the repayment of bank lines of credit incurred as part of the Whitmire Merger. At March 31, 1995, $50 million of the Existing Debt Securities remain issuable. On January 10, 1995, the Company filed with the Securities and Exchange Commission a Registration Statement for the public offering, from time-to-time, of an additional $150 million of its debt securities (the "New Debt Securities"). As of April 28, 1995, the Registration Statement for the public offering of the New Debt Securities had not yet been declared effective by the Securities and Exchange Commission. The Company believes that it has adequate resources at its disposal to meet currently anticipated capital expenditures, routine business growth and expansion, and current and projected debt service, including the additional liquidity and capital requirements associated with recent business combinations (See Notes 3, 5 and 6 of "Notes to Consolidated Financial Statements"). 10 Page 10 of 13 PART II. OTHER INFORMATION Item 1. Legal Proceedings. In November 1993, Cardinal and Whitmire were each named as defendants in a series of purported class action antitrust lawsuits which were later consolidated and transferred by the Judicial Panel for Multi District Litigation to the United States District Court for the Northern District of Illinois (the "Brand Name Prescription Drug Litigation"). Subsequent to the consolidation, a new consolidated complaint ("amended complaint") was filed which included allegations that the wholesaler defendants, including Cardinal and Whitmire, conspired with manufacturers to inflate prices by using a chargeback pricing system. Cardinal and Whitmire have filed an answer denying the allegations in the amended complaint. In addition to the federal court case described above, Whitmire has been named as a defendant in a series of state court cases alleging similar claims under various state laws regarding the sale of Brand Name Prescription Drugs. Effective October 26, 1994, the Company entered into a Judgment Sharing Agreement in the Brand Name Prescription Drug Litigation with other wholesaler and pharmaceutical manufacturer defendants. Under the Judgment Sharing Agreement: (a) the manufacturer defendants agreed to reimburse the wholesaler defendants for litigation costs incurred, up to an aggregate of $9 million; and (b) if a judgment is entered into against both manufacturers and wholesalers, the total exposure for joint and several liability of the Company is limited to the lesser of 1% of such judgment or one million dollars. In addition, the Company has released any claims which it might have had against the manufacturers for the claims presented by the plaintiffs in the Brand Name Prescription Drug Litigation. The Judgment Sharing Agreement covers the federal court litigation as well as the cases which have been filed in various state courts. On December 15, 1994, the plaintiffs filed a motion to declare the Judgment Sharing Agreement unenforceable. On April 10, 1995, the court denied that motion and ruled that the Judgment Sharing Agreement is valid and enforceable. The plaintiffs filed a motion for reconsideration of the court's April 10, 1995 ruling, and the court denied that motion and reaffirmed its earlier decision on April 24, 1995. The Company believes that both the federal and state court allegations against Cardinal and Whitmire are without merit, and it intends to contest such allegations vigorously. The Company does not believe that the outcome of these lawsuits will have a material adverse effect on the Company's financial condition or results of operations. Item 6. Exhibits and Reports on Form 8-K. (a) Listing of Exhibits: Exhibit 11.01 Computation of Fully Diluted Earnings Per Share Exhibit 27.01 Financial Data Schedule (b) Reports on Form 8-K: None 11 Page 11 of 13 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. CARDINAL HEALTH, INC. Date: May 2, 1995 By: /s/ Robert D. Walter ------------------------------------ Robert D. Walter Chairman and Chief Executive Officer By: /s/ David Bearman ------------------------------------ David Bearman Executive Vice President and Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer) EX-11 2 EXHIBIT 11 1 Page 12 of 13 Exhibit 11.01 CARDINAL HEALTH, INC. COMPUTATION OF FULLY DILUTED EARNINGS PER SHARE (In thousands, except per share amounts)
Three Months Ended Nine Months Ended ----------------------------------- -------------------------------- March 31, March 31, March 31, March 31, 1995 1994 1995 1994 -------------- -------------- -------------- -------------- FULLY DILUTED Average shares outstanding 41,865 36,361 40,889 35,045 Net effect of dilutive stock options and warrants based on the treasury stock method using the higher of the average or end of period market price 857 3,269 1,183 4,350 ------- ------- ------- ------- Total 42,722 39,630 42,072 39,395 ======= ======= ======= ======= Earnings (loss) available for Common Shares $25,906 $(9,096) $62,808 $17,284 ======= ======= ======= ======= Earnings (loss) per Common Share $ 0.61 $ (0.23) $ 1.49 $ 0.44 ======= ======= ======= =======
EX-27 3 EXHIBIT 27
5 1,000 9-MOS JUN-30-1995 JUL-01-1994 MAR-31-1995 3,909 36,801 550,599 (27,139) 1,086,235 1,678,364 157,319 (79,224) 1,828,176 1,092,673 210,161 343,510 0 0 181,832 1,828,176 5,792,523 5,792,523 (5,449,987) (5,449,987) (222,489) 0 (14,689) 108,296 45,488 62,808 0 0 0 62,808 $1.50 $1.49
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