-----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, KOvhMstKpi7tOxdeLKYH0lOPnb7X/CPdypaSLJ4nQXDq5qFmCzWugAuR4hHOHXuj Xc9KkKokHWnVJoV4tK1lfw== 0000950147-97-000289.txt : 19970514 0000950147-97-000289.hdr.sgml : 19970514 ACCESSION NUMBER: 0000950147-97-000289 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19970331 FILED AS OF DATE: 19970513 SROS: AMEX FILER: COMPANY DATA: COMPANY CONFORMED NAME: FRONTIER ADJUSTERS OF AMERICA INC CENTRAL INDEX KEY: 0000735349 STANDARD INDUSTRIAL CLASSIFICATION: PATENT OWNERS & LESSORS [6794] IRS NUMBER: 860477573 STATE OF INCORPORATION: AZ FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-12902 FILM NUMBER: 97601858 BUSINESS ADDRESS: STREET 1: 45 E MONTEREY WAY STREET 2: STE 202 CITY: PHOENIX STATE: AZ ZIP: 85012 BUSINESS PHONE: 6022641061 MAIL ADDRESS: STREET 1: P O BOX 7610 CITY: PHOENIX STATE: AZ ZIP: 85011 FORMER COMPANY: FORMER CONFORMED NAME: FRONTIER FINANCIAL CORP /AZ DATE OF NAME CHANGE: 19861114 10-Q 1 QUARTERLY REPORT CONFORMED FORM 10-Q SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 [X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended March 31, 1997 OR [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period _______________________ to _________________________ Commission File Number 1-12902 ------------- FRONTIER ADJUSTERS OF AMERICA, INC. - -------------------------------------------------------------------------------- (Exact name of registrant as specified in its charter) Arizona 86-0477573 (State or other jurisdiction of (I.R.S. Employer Identification No.) incorporation or organization) 45 East Monterey Way, Phoenix, AZ 85012 - -------------------------------------------------------------------------------- (Address of principal executive offices) (602) 264-1061 - -------------------------------------------------------------------------------- (Registrant's telephone number, including area code) - -------------------------------------------------------------------------------- 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 Number of shares of Common Stock outstanding on April 30, 1997 4,605,358 ---------- PART I - FINANCIAL INFORMATION Item 1 - Financial Statements - ----------------------------- FRONTIER ADJUSTERS OF AMERICA, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS
March 31, 1997 June 30, 1997 -------------- ------------- (unaudited) (*) ASSETS ------ CURRENT ASSETS Cash and cash equivalents $1,308,205 $ 534,540 Investments 1,244,887 1,249,463 Receivables 1,528,573 1,549,185 Prepaid expenses 182,124 288,893 Other 165,151 159,451 ---------- ---------- TOTAL CURRENT ASSETS 4,428,940 3,781,532 ---------- ---------- PROPERTY AND EQUIPMENT 2,435,366 2,436,167 Less accumulated depreciation and amortization 676,638 881,766 ---------- ---------- 1,758,728 1,554,401 ---------- ---------- OTHER ASSETS Cost of subsidiary in excess of net tangible assets acquired 213,817 213,817 Less accumulated amortization 176,240 174,508 ---------- ---------- 37,577 39,309 Receivables (Long term) 354,000 327,000 Investments (Long term) 751,207 750,730 Other 391,205 422,780 ---------- ---------- 1,533,989 1,539,819 ---------- ---------- TOTAL ASSETS $7,721,657 $6,875,752 ========== ========== LIABILITIES ----------- CURRENT LIABILITIES Accounts payable $ 29,717 $ 11,666 Accrued expenses 384,978 263,806 Franchisee/licensee remittance payable 407,792 135,518 Current portion long term liability 26,046 24,672 Other 228,745 149,308 ---------- ---------- TOTAL CURRENT LIABILITIES 1,077,278 584,970 ---------- ---------- LONG TERM LIABILITY 40,273 59,983 ---------- ---------- STOCKHOLDERS' EQUITY Common stock 47,820 47,820 Additional paid in capital 2,148,470 2,148,470 Treasury stock (529,584) (485,219) Other (7,616) (6,691) Retained earnings 4,945,016 4,526,419 ---------- ---------- 6,604,106 6,230,799 ---------- ---------- TOTAL LIABILITIES & STOCKHOLDERS' EQUITY $7,721,657 $6,875,752 ========== ==========
*Condensed from audited financial statements. The accompanying notes are an integral part of these condensed statements. 2 FRONTIER ADJUSTERS OF AMERICA, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF INCOME (unaudited)
Nine Months Ended Three Months Ended March 31, March 31, ----------------------- ------------------------ 1997 1996 1997 1996 ------ ------ ------ ------ REVENUES Continuing licensee and franchisee fees $3,993,862 $3,695,428 $1,305,133 $1,253,200 Adjusting fees 660,627 462,202 180,632 143,434 ---------- ---------- ---------- ---------- 4,654,489 4,157,630 1,485,765 1,396,634 ---------- ---------- ---------- ---------- COST AND EXPENSES Compensation and employee benefits 1,854,557 1,457,540 591,675 508,900 Office 283,675 286,646 81,316 81,816 Advertising and promotion 261,176 320,333 121,088 134,397 Depreciation and amortization 173,974 136,297 59,807 47,740 Provision for doubtful accounts 135,000 115,000 45,000 45,000 Other 564,655 588,100 195,622 157,786 ---------- ---------- ---------- ---------- 3,273,037 2,903,916 1,094,508 975,639 ---------- ---------- ---------- ---------- INCOME FROM OPERATIONS 1,381,452 1,253,714 391,257 420,995 ---------- ---------- ---------- ---------- OTHER INCOME (EXPENSE) Interest income 113,738 105,272 39,562 35,149 Other (Net) 52,956 20,570 6,419 4,272 ---------- ---------- ---------- ---------- TOTAL OTHER INCOME (EXPENSE) 166,694 125,842 45,981 39,421 ---------- ---------- ---------- ---------- INCOME BEFORE INCOME TAXES 1,548,146 1,379,556 437,238 460,416 INCOME TAXES 610,899 542,982 172,101 181,475 ---------- ---------- ---------- ---------- NET INCOME $ 937,247 $ 836,574 $ 265,137 $ 278,941 ========== ========== ========== ========== Weighted Average Shares outstanding 4,608,489 4,619,120 4,605,358 4,609,658 ========== ========== ========== ========== NET INCOME PER COMMON SHARE $ .20 $ .18 $ .06 $ .06 ========== ========== ========== ==========
The accompanying notes are an integral part of these condensed statements. 3 FRONTIER ADJUSTERS OF AMERICA, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) Nine Months Ended March 31, 1997 and 1996
1997 1996 ---------- ---------- NET INCOME $ 937,247 $ 836,574 ---------- ---------- Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization: Operations 173,974 136,297 Other 1,092 -- (Gain) on disposition of property and equipment (24,775) (1,667) Allowance for doubtful accounts (7,542) 115,000 Change in assets and liabilities: (Increase) decrease in: Receivables 228,903 333,495 Prepaid expenses 106,769 56,299 Other (57,130) (58,833) Increase (decrease) in: Accounts payable 18,051 59,425 Accrued expenses 121,172 (34,847) Franchisee and licensee remittance payable 272,274 (66,285) Other 79,437 34,577 ---------- ---------- Total adjustments 912,225 573,461 ---------- ---------- NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES 1,849,472 1,410,035 ---------- ---------- CASH FLOWS FROM INVESTING ACTIVITIES: Capital expenditures (283,171) (74,306) Investments purchased (1,948,737) (1,982,602) Proceeds from sales of investments 2,000,000 2,000,000 License acquisition (85,500) (64,000) Payments on License acquisition (68,336) (17,057) Advances to licensees and franchisees (2,883,089) (2,951,987) Collections of advances to licensees and franchisees 2,756,041 2,711,148 ---------- ---------- NET CASH PROVIDED (USED IN) BY INVESTING ACTIVITIES (512,792) (378,804) ---------- ---------- CASH FLOWS FROM FINANCING ACTIVITIES: Cash dividends (518,650) (485,108) Common stock repurchased (44,365) (95,817) ---------- ---------- NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES (563,015) (580,925) ---------- ---------- NET INCREASE (DECREASE) IN CASH 773,665 450,306 Cash at beginning of the period 534,540 358,960 ---------- ---------- Cash at the end of the period $1,308,205 $ 809,266 ========== ========== Supplemental disclosures of Cash Flow information Cash paid during the period Income taxes $ 632,349 $ 577,767 Interest $ 6,095 $ 5,457
The accompanying notes are an integral part of these condensed statements. 4 FRONTIER ADJUSTERS OF AMERICA, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited) (1) Basis of Presentation --------------------- The financial information included herein is unaudited; however, such information reflects all adjustments (consisting solely of normal recurring adjustments) which are, in the opinion of management, necessary for a fair statement of results of operations for the interim periods. The results of operations for the three and nine month periods ended March 31, 1997 are not necessarily indicative of the results to be expected for the full year. (2) Supplemental Cash Flow Information ---------------------------------- On August 19, 1996, the Company reacquired the license for the St. Petersburg/Clearwater, Florida territory. The purchase price was $75,000 to be paid $25,000 on date of purchase and monthly payments of $2,000 plus interest at the prime rate plus 2%. As of December 31, 1996, the Company had paid the $25,000 down and $6,000 towards the balance. On January 6, 1997, the Company paid $44,000 representing the balance of the purchase price at that date. Item 2 - Management's Discussion and Analysis of Financial Condition and Results of Operations The statements contained in this Report on Form 10-Q that are not purely historical are forward looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements regarding the Company's "expectations", "anticipation", "intentions", "beliefs", or "strategies" regarding the future. Forward looking statements include statements regarding revenue, margins, expenses, and earnings analysis with regard to the Company or with regard to the Company's licensees and franchisees for the remainder of fiscal 1997 and thereafter; improvement of, and growth in the number of, licensees and franchisees; future spending on marketing and product development strategy; and liquidity and anticipated availability of cash for operations, acquisitions, or payment of dividends. All forward looking statements included in this document are based on information available to the Company on the date of this Report, and the Company assumes no obligation to update any such forward looking statement. It is important to note that the Company's actual results could differ materially from those in such forward looking statements. Among the factors that could cause actual results to differ materially are the factors discussed in this Report, including but not limited to the extent and nature of natural disasters in geographic areas serviced by the Company or by its licensees and franchisees; management decisions by insurance companies and self-insureds to increase or decrease the degree to which they contract for services offered by the Company, its licensees or franchisees; the Company's ability to identify and attract new qualified licensees and franchisees; the Company's ability to successfully manage offices reacquired from existing licensees and franchisees; and uninsured liability for acts or omissions of the Company's employees, licensees, or franchisees. Financial Condition ------------------- The Company has historically financed its growth and on going operations with cash generated from operations. In the nine months ended March 31, 1997, the Company's operations generated $1,849,000 in cash. Compared to the last fiscal year, the most significant item affecting cash provided by the Company's operations is the $272,000 increase in franchisee and licensee remittance payable. The Company, pursuant to agreements with its licensees and franchisees, acts as a collection agent for all of its licensees. The Company remits to its licensees the collections, less the on-going license fee and any amounts due the Company, such as loan repayments, errors and omissions insurance premium. The day of the week that the Company's fiscal period ends, therefore, can have a significant effect on the reported amount that is due to licensees and franchisees. 5 The Company's financial statements as of March 31, 1997 reflect net collections payable to franchisees for two days of $408,000 and as of June 30, 1996 which reflects collections for one day of $136,000. In August 1996 the Company acquired 14,300 shares of the Company's common stock at a cost of $44,365. The repurchase was authorized by the Board of Directors as they believed that at the current price level the Company's common stock was an excellent investment. The Company's Board of Directors in May 1996, approved an increase in the Company's annual dividend rate from 14 cents per share to 15 cents per share effective with the 3.75 cents per share cash dividend paid on June 10, 1996. The increase reflects the Board's policy that shareholders participate in the Company's growth. Through its capital investment program, the Company replaces obsolete or outdated equipment and invests in new equipment and furnishings to maintain or increase the productivity of the Company and its employees. The Company anticipates investing between $100,000 to $200,000 in fiscal 1997 for equipment and furnishings pursuant to its capital investment program. Additionally, in October 1996 the Company acquired a parcel of land and building adjacent to its Corporate offices. The purchase price was $170,000 and was paid during the second quarter of the Company's current fiscal year. In March 1997 the company acquired the operations of its licensee in Las Vegas / Henderson, Nevada for a purchase price of $50,000. The Company paid the purchase price net of certain amounts owed by the prior Licensee to the Company. The Company began operating the office on April 1, 1997. Management believes that the Company will be able to fund all of its cash requirements (i.e. current operations, capital asset acquisition and the payment of dividends) from currently available cash funds generated from operations. The Company's ratio of current assets to current liabilities was 4.11 to 1 as of March 31, 1997 and 6.46 to 1 as of June 30, 1996. Results of Operations - Nine Months Ended March 31, 1997 Compared to Nine ---------------------------------------------------------------------------- Months Ended March 31, 1996 --------------------------- Revenues -------- The Company's revenues increased 12% or $497,000 to $4,654,000 during the nine months ended March 31, 1997 from $4,158,000 in the same period of the prior fiscal year. This increase represents a combined $198,000 increase in adjusting and risk management fees and a $299,000 increase in continuing licensee and franchisee fees. The increase of $198,000 in adjusting and risk management fees from $462,000 in the nine months ended March 31, 1996 to $661,000 for the nine months ended March 31, 1997 represents a 43% increase. A substantial portion of this increase is related to a major storm that occurred in mid August 1996 in the Phoenix, Arizona metropolitan area where the Company has claims offices. Claims resulting from this storm provided the Company with $100,000 in adjusting services revenues in the nine months ended March 31, 1997. Additionally, the Company had an increase in fees of $70,000 from its Tucson office which was acquired from a licensee in the first quarter of the prior fiscal year. The balance of the increase represents an increase in the demand for the services provided by Company owned offices. The Company's revenues from continuing licensee and franchisee fees increased 8% or $298,000 from $3,695,000 in the nine months ended March 31, 1996 to $3,994,000 in the nine months ended March 31, 1997. This increase reflects the benefit to the Company's licensees and franchisees from an increase in claims as insurance companies and self-insureds use their services due to an increase in volume of claims. Also, to a greater degree, this increase reflects the effect of new licensees and franchisees and rate increases. The Company's revenues are affected by numerous matters including the work loads of other companies and claims presented by their clients. The Company has, however, seen growth in licensee and franchisee fees paid. The Company is committed to continue its work to improve existing and to add qualified licensees and it will 6 continue to see growth in licensee and franchisee fees collected in the future. However, recent competition with respect to nationwide purchasers of the services of the Company's licensees and franchisees has become significantly more competitive. The Company attempts to procure nationawide accounts for services on behalf of its licensees and franchisees. Should the Company be unable to procure such accounts on terms as favorable as in the past, or should the Company fail to be the successful bidder on such accounts and be unable to replace the accounts the Company's results of operations could be materially adversely affected. In addition, the Company's results of operations are affected by the revenues from its Tucson operation and will begin to be affected by the revenues from the recently purchased Las Vegas/Henderson operations. The Las Vegas/Henderson operation had gross billings of $158,000 for the former Licensee in the previous twelve months ending March 31, 1997. For the reasons set forth above, the Company is unable to project its future revenues. Compensation and Fringe Benefits -------------------------------- Compensation and fringe benefits represent approximately 57% of the Company's costs and expenses and represent the largest single item of expense. These expenses increased 27% or $397,000 from $1,458,000 in the nine months ended March 31, 1996 to $1,855,000 in the current nine month period. This increase is the result of the addition of an Executive Vice President to the Company's management team, additional employees hired including temporary employees to handle increased work loads in the Corporate office, increased bonus related to the Company's rising income and cost of living and merit increases given to employees. Expenses Other Than Compensation and Fringe Benefits ---------------------------------------------------- The Company's expenses other than compensation and fringe benefits decreased $28,000 during the nine months ended March 31, 1997 as compared to the same period of the prior fiscal year. The principal items affecting these expenses are a $19,000 decrease in legal expenses, a $37,000 increase in depreciation expense due to capital expenditures in the current fiscal year, and a $59,000 decrease in advertising and promotion expense representing advertising not placed in the current year that was placed in the previous year. The balance of the Company's costs and expenses have not significantly changed from the same period of the prior year. Income Taxes ------------ The Company's income taxes for the nine months ended March 31, 1997 were 39% of its income before taxes, or approximately the same as they were in the same period of the prior fiscal year. Changes made in the tax laws by various states and by the federal government have not had a material affect on the Company's current overall tax rates, however, this could change at any time. Other Income ------------ The Company's other income increased $41,000 or 32% from $126,000 in the nine months ended March 31, 1996 to $167,000 in the current nine month period. The most significant items affecting other income are a $7,000 increase in miscellaneous income, a $8,000 increase in interest income and a $23,000 gain on the disposition of capital equipment. Net Income ---------- The Company's net income for the nine months ended March 31, 1997, increased $101,000 or 12% from $837,000 in the nine months ended March 31, 1996 to $937,000 in the current period. The most significant items affecting net income were the $497,000 increase in revenues, the $397,000 increase in compensation and fringe benefits, and the $41,000 increase in other income. 7 Results of Operations - Three Months Ended March 31, 1997 Compared to Three ---------------------------------------------------------------------------- Months Ended March 31, 1996 --------------------------- Revenues -------- The Company's revenues increased 6% or $89,000 to $1,486,000 in the three months ended March 31, 1997 from $1,397,000 in the same period of the prior fiscal year. This increase represents a combined $37,000 increase in adjusting and risk management fees and a $52,000 increase in continuing licensee and franchisee fees. The increase of $37,000 in adjusting and other fees of Company owned offices from $143,000 in the three months ended March 31, 1996 to $181,000 in the three months ended March 31, 1997 represents a 26% increase. The increase reflects an increase in the demand for the Company's services as well as revenues from the Company's Tucson operation acquired in August of 1995. The Company's revenues from continuing licensee and franchisee fees increased 4% or $52,000 from $1,253,000 in the three months ended March 31, 1996 to $1,305,000 in the three months ended March 31, 1997. This increase reflects the benefit of the Company's licensees and franchisees from an increase in claims as insurance companies and self-insureds used their services due to an increase in volume of claims. Also, to a greater degree, this increase reflects the effect of new licensees and franchisees and rate increases. The Company's revenues are affected by numerous matters including the work loads of other companies and claims presented by their clients. The Company has, however, seen growth in licensee and franchisee fees paid. The Company is committed to continue its work to improve existing and to add qualified licensee and franchisees to the Frontier network and the Company believes that it will continue to see growth in licensee and franchisee fees collected in the future. However, recent competition with respect to nationwide purchasers of the services of the Company licensees and franchisees has become significantly more competitive. The Company attempts to procure nationwide accounts for services on behalf of its licensees and franchisees. Should the Company be unable to procure such accounts on terms as favorable as in the past, or should the Company fail to be the successful bidder on such accounts and be unable to replace the accounts, the Company's results of operations could be materially adversely affected. In addition, the Company's results of operations are affected by the revenues from its Tucson operation and will begin to be affected by the revenues from the recently purchased Las Vegas/Henderson operations. The Las Vegas/Henderson operation had gross billing of $158,000 for the former licensee in the previous twelve months ending March 31, 1997. For the reasons set forth above, the Company is unable to project its future revenues. Compensation and Fringe Benefits -------------------------------- Compensation and fringe benefits represented approximately 54% of the Company's costs and expenses and represent the largest single item of expense. These expenses increased 16% or $83,000 from $509,000 in the three months ended March 31, 1996 to $592,000 in the three months ended March 31, 1997. The increase is the result of the addition of an Executive Vice President to the Company's management team, the addition of employees to handle the increased work load in the corporate office, increased bonuses tied to income and for cost of living and merit raises given to employees. Expenses Other Than Compensation and Fringe Benefits ---------------------------------------------------- The Company's expenses other than compensation and fringe benefits increased $36,000 during the three months ended March 31, 1997 as compared to the same quarter of the prior fiscal year. The principal items affecting these expenses were a $39,000 increase in legal expenses and a $13,000 decrease in advertising and promotion expenses, and a $12,000 increase in depreciation expense. The balance of the Company's costs and expenses did not significantly changed from the same period of the prior fiscal year. Income Taxes ------------ The Company's income taxes for the three months ended March 31, 1997, were 39% of its income before taxes, or approximately the same as they were in the same period of the prior fiscal year. Changes made in the tax laws by various states and by federal government did not have a material affect on the Company's overall tax rates, however, this could change at any time. 8 Other Income ------------ The Company's other income increased $7,000 or 17% from $39,000 in the three months ended March 31, 1996 to $46,000 in the three months ended March 31, 1997. The most significant items affecting other income was a $4,000 increase in interest income and a $3,000 increase in miscellaneous income. Net Income ---------- The Company's net income for the three months ended March 31, 1997 decreased $14,000 from $279,000 in the three months ended March 31, 1997 to $265,000. The most significant items affecting net income were the $89,000 increase in revenues, the $83,000 increase in compensation and fringe benefits and the $36,000 increase in other expenses. PART II: OTHER INFORMATION Item 1 - Legal Proceedings In August 1995, Mark Brockbank and Alan Bird individually and on behalf of certain Underwriters at Lloyd's, London, a client of a former franchisee of the Company, filed a complaint against multiple defendants, including the Company, in the District Court of Dallas County, Texas. The complaint arises from the alleged embezzlement of over $700,000 by the former franchisee. The complaint alleges claims against the Company including breach of contract, breach of fiduciary duty, negligence, negligent supervision, negligent misrepresentation and negligent licensing. The complaint seeks unspecified damages from the Company. The Company's insurance carrier is defending the suit subject to a reservation of rights. The Company is vigorously contesting the plaintiff's allegations as to the Company and believes that its defenses are meritorious. The Company does not believe that the results of this litigation will have a material adverse effect on the Company's results of operations. From time to time in the normal course of its business, the Company is named as a defendant in lawsuits. The Company does not believe that it is subject to any such lawsuits or litigation or threatened lawsuits or litigation that will have a material adverse effect on the Company or its business. 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. FRONTIER ADJUSTERS OF AMERICA, INC. Date: 5/12/97 /s/ William J. Rocke ------------------- ------------------------------------------ William J. Rocke, Chief Executive Officer/ Chairman of the Board, Director Date: 5/12/97 /s/ Jean E. Ryberg ------------------- ------------------------------------------ Jean E. Ryberg, President, Director 9 EX-27 2 ART. 5 FDS FOR 3RD QUARTER 10-Q
5 THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE CONDENSED CONSOLIDATED BALANCE SHEET AT MARCH 31, 1997 (Unaudited) AND THE CONDENSED CONSOLIDATED STATEMENT OF INCOME FOR THE NINE MONTHS 9-MOS JUN-30-1997 JUL-01-1996 MAR-31-1997 1,308,205 1,244,887 1,766,031 237,458 0 4,428,940 2,435,366 676,638 7,721,657 1,077,278 40,273 0 0 47,820 6,556,286 7,721,657 0 4,654,489 0 0 3,138,037 135,000 5,984 1,548,146 610,899 937,247 0 0 0 937,247 .20 .20
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