-----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, V6MMSOib/55oNUucwcXDm7Y+JNUEqWfW7Yu8M24ClGuovdCrdVYorAUWu78q6/aA EuDumwYuYKXt/WqfzC9yRw== 0000950127-97-000099.txt : 19970613 0000950127-97-000099.hdr.sgml : 19970613 ACCESSION NUMBER: 0000950127-97-000099 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 23 CONFORMED PERIOD OF REPORT: 19970331 FILED AS OF DATE: 19970612 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: OUTSOURCING SOLUTIONS INC CENTRAL INDEX KEY: 0001027574 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-MANAGEMENT SERVICES [8741] IRS NUMBER: 582197161 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 333-16867 FILM NUMBER: 97623089 BUSINESS ADDRESS: STREET 1: 300 GALLERIA PKWY STE 690 CITY: ATLANTA STATE: GA ZIP: 30339 BUSINESS PHONE: 7709882900 MAIL ADDRESS: STREET 1: 300 GALLERIA PARKWAY STREET 2: SUITE 690 CITY: ATLANTA STATE: GA ZIP: 30339 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PAYCO AMERICAN CORP CENTRAL INDEX KEY: 0000076741 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-CONSUMER CREDIT REPORTING, COLLECTION AGENCIES [7320] IRS NUMBER: 391133219 STATE OF INCORPORATION: WI FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-05589 FILM NUMBER: 97623090 BUSINESS ADDRESS: STREET 1: 180 N EXECUTIVE DR CITY: BROOKFIELD STATE: WI ZIP: 53005 BUSINESS PHONE: 4147849035 MAIL ADDRESS: STREET 1: 180 NORTH EXECUTIVE DR CITY: BROOKFIELD STATE: WI ZIP: 53005 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CFC SERVICES CORP CENTRAL INDEX KEY: 0001029300 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-MANAGEMENT SERVICES [8741] IRS NUMBER: 133866487 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 333-16867-01 FILM NUMBER: 97623091 BUSINESS ADDRESS: STREET 1: 300 GALLERIA PARKWAY STREET 2: STE 690 CITY: ATLANTA STATE: GA ZIP: 30339 BUSINESS PHONE: 7709982900 MAIL ADDRESS: STREET 1: 300 GALLERIA PARKWAY STREET 2: STE 690 CITY: ATLANTA STATE: GA ZIP: 30339 FILER: COMPANY DATA: COMPANY CONFORMED NAME: A M MILLER & ASSOCIATES INC CENTRAL INDEX KEY: 0001029301 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-MANAGEMENT SERVICES [8741] IRS NUMBER: 133866487 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 333-16867-02 FILM NUMBER: 97623092 BUSINESS ADDRESS: STREET 1: 3033 EXCELSIOR BLVD CITY: MINNEAPOLIS STATE: MN ZIP: 55416 BUSINESS PHONE: 6129282000 MAIL ADDRESS: STREET 1: 3033 EXCELSIOR BLVD CITY: MINNEAPOLIS STATE: MN ZIP: 55416 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CONTINENTAL ALLIANCE INC CENTRAL INDEX KEY: 0001029303 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-MANAGEMENT SERVICES [8741] IRS NUMBER: 133866487 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 333-16867-03 FILM NUMBER: 97623093 BUSINESS ADDRESS: STREET 1: 4700 CARILLON POINT CITY: KIRKLAND STATE: WA ZIP: 98083 BUSINESS PHONE: 98083 MAIL ADDRESS: STREET 1: 4700 CARILLON POINT CITY: KIRKLAND STATE: WA ZIP: 98083 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ALASKA FINANCIAL SERVICES INC CENTRAL INDEX KEY: 0001029305 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-MANAGEMENT SERVICES [8741] IRS NUMBER: 911329919 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 333-16867-04 FILM NUMBER: 97623094 BUSINESS ADDRESS: STREET 1: 360 WEST BENSON BLVD CITY: ANCHORAGE STATE: AK ZIP: 99503 BUSINESS PHONE: 9075621600 MAIL ADDRESS: STREET 1: 360 WEST BENSON BLVD CITY: ANCHORAGE STATE: AL ZIP: 99503 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ACCOUNT PORTFOLIOS INC CENTRAL INDEX KEY: 0001029307 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-MANAGEMENT SERVICES [8741] IRS NUMBER: 582195793 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 333-16867-06 FILM NUMBER: 97623095 BUSINESS ADDRESS: STREET 1: 3300 NORTHEAST EXPRESSWAY STREET 2: BUILDING 1 STE M CITY: ATLANTA STATE: GA ZIP: 30341 BUSINESS PHONE: 7704514862 MAIL ADDRESS: STREET 1: 3300 NORTHEAST EXPRESSWAY STREET 2: BUILDING 1 STE M CITY: ATLANTA STATE: GA ZIP: 30341 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ACCOUNT PORTFOLIOS LP CENTRAL INDEX KEY: 0001029308 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-MANAGEMENT SERVICES [8741] IRS NUMBER: 133866487 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 333-16867-08 FILM NUMBER: 97623096 BUSINESS ADDRESS: STREET 1: 3300 NORTHEAST EXPRESSWAY STREET 2: BUILDING 1 STE M CITY: ATLANTA STATE: GA ZIP: 30341 BUSINESS PHONE: 7704514862 MAIL ADDRESS: STREET 1: 3300 NORTHEAST EXPRESSWAY STREET 2: BUILDING 1 STE M CITY: ATLANTA STATE: GA ZIP: 30341 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PERIMETER CREDIT LP CENTRAL INDEX KEY: 0001029309 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-MANAGEMENT SERVICES [8741] IRS NUMBER: 582195793 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 333-16867-09 FILM NUMBER: 97623097 BUSINESS ADDRESS: STREET 1: 3300 NORTHEAST EXPRESSWAY STREET 2: BUILDING 1 STE M CITY: ATLANTA STATE: GA ZIP: 30341 BUSINESS PHONE: 7704514862 MAIL ADDRESS: STREET 1: 3300 NORTHEAST EXPRESSWAY STREET 2: BUILDING 1 STE M CITY: ATLANTA STATE: GA ZIP: 30341 FILER: COMPANY DATA: COMPANY CONFORMED NAME: GULF STATE CREDIT LP CENTRAL INDEX KEY: 0001029310 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-MANAGEMENT SERVICES [8741] IRS NUMBER: 582197743 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 333-16867-10 FILM NUMBER: 97623098 BUSINESS ADDRESS: STREET 1: 3300 NORTHEAST EXPRESSWAY STREET 2: BUILDING 1 STE M CITY: ATLANTA STATE: GA ZIP: 30341 BUSINESS PHONE: 7704514862 MAIL ADDRESS: STREET 1: 3300 NORTHEAST EXPRESSWAY STREET 2: BUILDING 1 STE M CITY: ATLANTA STATE: GA ZIP: 30341 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PAYCO GENERAL AMERICAN CREDITS INC CENTRAL INDEX KEY: 0001029315 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-MANAGEMENT SERVICES [8741] IRS NUMBER: 391314048 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 333-16867-12 FILM NUMBER: 97623099 BUSINESS ADDRESS: STREET 1: 180 NORTH EXECUTIVE DRIVE CITY: BROOKFIELD STATE: WI ZIP: 53005 BUSINESS PHONE: 4147849035 MAIL ADDRESS: STREET 1: 180 NORTH EXECUTIVE DR CITY: BROOKFIELD STATE: WI ZIP: 53005 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NATIONAL ACCOUNT SYSTEMS INC CENTRAL INDEX KEY: 0001029317 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-MANAGEMENT SERVICES [8741] IRS NUMBER: 363006209 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 333-16867-13 FILM NUMBER: 97623100 BUSINESS ADDRESS: STREET 1: 180 NORTH EXECUTIVE DRIVE CITY: BROOKFIELD STATE: WI ZIP: 53005 BUSINESS PHONE: 4147849035 MAIL ADDRESS: STREET 1: 180 NORTH EXECUTIVE DR CITY: BROOKFIELD STATE: WI ZIP: 53005 FILER: COMPANY DATA: COMPANY CONFORMED NAME: UNIVERSITY ACCOUNTING SERVICE INC CENTRAL INDEX KEY: 0001029318 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-MANAGEMENT SERVICES [8741] IRS NUMBER: 391357406 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 333-16867-14 FILM NUMBER: 97623101 BUSINESS ADDRESS: STREET 1: 180 NORTH EXECUTIVE DRIVE CITY: BROOKFIELD STATE: WI ZIP: 53005 BUSINESS PHONE: 4147849035 MAIL ADDRESS: STREET 1: 180 NORTH EXECUTIVE DR CITY: BROOKFIELD STATE: WI ZIP: 53005 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ASSET RECOVERY & MANAGEMENT CORP CENTRAL INDEX KEY: 0001029319 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-MANAGEMENT SERVICES [8741] IRS NUMBER: 391357406 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 333-16867-15 FILM NUMBER: 97623102 BUSINESS ADDRESS: STREET 1: 180 NORTH EXECUTIVE DRIVE CITY: BROOKFIELD STATE: WI ZIP: 53005 BUSINESS PHONE: 4147849035 MAIL ADDRESS: STREET 1: 180 NORTH EXECUTIVE DR CITY: BROOKFIELD STATE: WI ZIP: 53005 FILER: COMPANY DATA: COMPANY CONFORMED NAME: INDIANA MUTUAL CREDIT ASSOCIATION INC CENTRAL INDEX KEY: 0001029320 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-MANAGEMENT SERVICES [8741] IRS NUMBER: 391357406 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 333-16867-16 FILM NUMBER: 97623103 BUSINESS ADDRESS: STREET 1: 180 NORTH EXECUTIVE DRIVE CITY: BROOKFIELD STATE: WI ZIP: 53005 BUSINESS PHONE: 4147849035 MAIL ADDRESS: STREET 1: 180 NORTH EXECUTIVE DR CITY: BROOKFIELD STATE: WI ZIP: 53005 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FURST & FURST INC CENTRAL INDEX KEY: 0001029386 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-MANAGEMENT SERVICES [8741] IRS NUMBER: 391758997 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 333-16867-17 FILM NUMBER: 97623104 BUSINESS ADDRESS: STREET 1: 180 NORTH EXECUTIVE DRIVE CITY: BROOKFIELD STATE: WI ZIP: 53005 BUSINESS PHONE: 4147849035 MAIL ADDRESS: STREET 1: 180 NORTH EXECUTIVE DR CITY: BROOKFIELD STATE: WI ZIP: 53005 FILER: COMPANY DATA: COMPANY CONFORMED NAME: JENNIFER LOOMIS & ASSOCIATES INC CENTRAL INDEX KEY: 0001029387 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-MANAGEMENT SERVICES [8741] IRS NUMBER: 953850888 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 333-16867-18 FILM NUMBER: 97623105 BUSINESS ADDRESS: STREET 1: 180 NORTH EXECUTIVE DRIVE CITY: BROOKFIELD STATE: WI ZIP: 53005 BUSINESS PHONE: 4147849035 MAIL ADDRESS: STREET 1: 180 NORTH EXECUTIVE DR CITY: BROOKFIELD STATE: WI ZIP: 53005 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FM SERVICES CORP CENTRAL INDEX KEY: 0001029388 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-MANAGEMENT SERVICES [8741] IRS NUMBER: 953850888 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 333-16867-19 FILM NUMBER: 97623106 BUSINESS ADDRESS: STREET 1: 180 NORTH EXECUTIVE DRIVE CITY: BROOKFIELD STATE: WI ZIP: 53005 BUSINESS PHONE: 4147849035 MAIL ADDRESS: STREET 1: 180 NORTH EXECUTIVE DR CITY: BROOKFIELD STATE: WI ZIP: 53005 FILER: COMPANY DATA: COMPANY CONFORMED NAME: QUALINK INC CENTRAL INDEX KEY: 0001029389 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-MANAGEMENT SERVICES [8741] IRS NUMBER: 953850888 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 333-16867-20 FILM NUMBER: 97623107 BUSINESS ADDRESS: STREET 1: 180 NORTH EXECUTIVE DRIVE CITY: BROOKFIELD STATE: WI ZIP: 53005 BUSINESS PHONE: 4147849035 MAIL ADDRESS: STREET 1: 180 NORTH EXECUTIVE DR CITY: BROOKFIELD STATE: WI ZIP: 53005 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PROFESSIONAL RECOVERIES INC CENTRAL INDEX KEY: 0001029390 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-MANAGEMENT SERVICES [8741] IRS NUMBER: 953850888 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 333-16867-21 FILM NUMBER: 97623108 BUSINESS ADDRESS: STREET 1: 180 NORTH EXECUTIVE DRIVE CITY: BROOKFIELD STATE: WI ZIP: 53005 BUSINESS PHONE: 4147849035 MAIL ADDRESS: STREET 1: 180 NORTH EXECUTIVE DR CITY: BROOKFIELD STATE: WI ZIP: 53005 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PAYCO AMERICAN INTERNATIONAL CORP CENTRAL INDEX KEY: 0001029391 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-MANAGEMENT SERVICES [8741] IRS NUMBER: 953850888 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 333-16867-22 FILM NUMBER: 97623109 BUSINESS ADDRESS: STREET 1: 180 NORTH EXECUTIVE DRIVE CITY: BROOKFIELD STATE: WI ZIP: 53005 BUSINESS PHONE: 4147849035 MAIL ADDRESS: STREET 1: 180 NORTH EXECUTIVE DR CITY: BROOKFIELD STATE: WI ZIP: 53005 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ACCOUNT PORTFOLIOS GP INC CENTRAL INDEX KEY: 0001029715 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-MANAGEMENT SERVICES [8741] STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 333-16867-07 FILM NUMBER: 97623110 BUSINESS ADDRESS: STREET 1: 3300 NORTHEAST EXPRESSWAY STREET 2: BUILDING 1 STE M CITY: ATLANTA STATE: GA ZIP: 30341 BUSINESS PHONE: 7704514862 MAIL ADDRESS: STREET 1: 3300 NORTHEAST EXPRESSWAY STREET 2: BUILDING 1 STE M CITY: ATLANTA STATE: GA ZIP: 30341 10-Q 1 QUARTERLY REPORT SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20429 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 March 31, 1997 OR [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________ to __________ File Number 333-16867 Outsourcing Solutions Inc. (Exact name of registrant as specified in its charter) Delaware 58-2197161 (State or other jurisdiction of (I.R.S. Employer Identification Number) incorporation or organization) 390 South Woods Mill Road, Suite 150 Chesterfield, Missouri 63017 (Address of principal executive office) (Zip Code) Registrant's telephone number, including area code: (314) 576-0022 Check here whether the issuer (1) has filed all reports required to be filed by Sections 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 ( ) No (X) As of March 31, 1997, the following shares of the Registrant's common stock were issued and outstanding: Voting common stock 3,425,126.01 Class A convertible nonvoting common stock 391,740.58 Class B convertible nonvoting common stock 400,000.00 Class C convertible and voting common stock 1,040,000.00 5,256,866.59 Transitional Small Disclosure _______(check one): Yes [ ] No [X] OUTSOURCING SOLUTIONS INC. AND SUBSIDIARIES INDEX Part I. - Financial Information Item 1. - Financial Statements Consolidated Balance Sheets March 31, 1997 (unaudited) and December 31, 1996 3 Consolidated Statements of Operations for the three month periods ended March 31, 1997 and 1996 (unaudited) 4 Consolidated Statements of Cash Flows for the three month periods ended March 31, 1997 and 1996 (unaudited) 5 Notes to Consolidated Financial Statements (unaudited) 6 Item 2. - Management's Discussion and Analysis of Financial Condition and Results of Operations 6 Part II. - Other Information 10
OUTSOURCING SOLUTIONS INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (UNAUDITED) (DOLLARS IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA) MARCH 31, DECEMBER 31, 1997 1996 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 11,633 $ 14,497 Cash and cash equivalents held for clients 23,477 20,255 Current portion of loans and accounts receivable purchased 41,846 42,481 Accounts receivable - trade, net of allowance for doubtful receivables of $1,186 and $879, respectively 20,842 20,738 Deferred income taxes 3,672 2,617 Other current assets 4,635 3,736 Total current assets 106,105 104,324 LOANS AND ACCOUNTS RECEIVABLE PURCHASED 26,825 25,519 PROPERTY AND EQUIPMENT - Net 35,397 36,168 GOODWILL - Less accumulated amortization of $4,393 and $2,986, respectively 151,300 152,707 OTHER INTANGIBLE ASSETS - Less accumulated amortization of $19,355 and $12,751, respectively 14,159 20,763 DEFERRED FINANCING COSTS - Less accumulated amortization of $841 and $337, respectively 12,264 12,563 DEFERRED INCOME TAXES 5,604 3,163 TOTAL $ 351,654 $ 355,207 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Accounts payable - trade $ 6,017 $ 6,495 Collections due to clients 23,477 20,255 Accrued severence and office closing costs 8,882 11,938 Accrued compensation 9,016 9,574 Other current liabilities 3,578 4,289 Accrued expenses 6,363 3,378 Current portion of long-term debt 11,186 10,032 Total current liabilities 68,519 65,961 LONG-TERM DEBT 239,021 237,584 OTHER LONG-TERM LIABILITIES 59 64 STOCKHOLDERS' EQUITY: 8% nonvoting cumulative redeemable exchangeable preferred stock; authorized 1,000,000 shares, 899,891.21 and 865,280.01 shares, respectively, issued and outstanding, at liquidation value of $12.50 per share 11,249 10,816 Voting common stock; $.01 par value; authorized 7,500,000 shares and 3,425,126.01 shares, issued and outstanding 35 35 Class A convertible nonvoting common stock; $.01 par value; authorized 7,500,000 shares, 391,740.58 shares issued and outstanding 4 4 Class B convertible nonvoting common stock; $.01 par value; authorized 500,000 shares, 400,000 shares issued and outstanding 4 4 Class C convertible nonvoting common stock; $.01 par value; authorized 1,500,000 shares, 1,040,000 shares issued and outstanding 10 10 Additional paid-in capital 65,658 65,658 Accumulated deficit (32,905) (24,929) Total stockholders' equity 44,055 51,598 TOTAL $ 351,654 $ 355,207 See notes to the unaudited consolidated financial statements.
OUTSOURCING SOLUTIONS INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) (IN THOUSANDS) THREE MONTHS ENDED MARCH 31, 1997 1996 REVENUES $ 63,842 $ 18,235 EXPENSES: Salaries and benefits 32,262 6,264 Service fees and other operating and administrative expenses 17,253 4,557 Amortization of loans and accounts receivable purchased 8,546 5,131 Amortization of goodwill and other intangibles 8,011 3,027 Depreciation expense 2,524 269 Total expenses 68,596 19,248 OPERATING LOSS (4,754) (1,013) INTEREST EXPENSE - Net 6,523 1,265 LOSS BEFORE INCOME TAXES (11,277) (2,278) INCOME TAX BENEFIT (3,496) (807) NET LOSS (7,781) (1,471) PREFERRED STOCK DIVIDEND REQUIREMENTS 195 200 NET LOSS TO COMMON STOCKHOLDERS $ (7,976) $ (1,671) See notes to the unaudited consolidated financial statements.
OUTSOURCING SOLUTIONS INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (IN THOUSANDS)
THREE MONTHS ENDED MARCH 31, 1997 1996 OPERATING ACTIVITIES: Net loss $ (7,781) $ (1,471) Adjustments to reconcile net loss to net cash provided by operating activities: Depreciation and amortization 11,039 3,302 Amortization of loans and accounts receivable purchased 8,546 5,131 Deferred taxes (3,496) (807) Change in assets and liabilities: Accounts receivable - trade (104) (1,304) Other current assets (899) (1,524) Accounts payable, accrued expenses, and other current liabilities (1,580) 883 Net cash provided by operating activities 5,725 4,210 INVESTING ACTIVITIES: Payments for acquisitions - net of cash acquired - (36,372) Loans and accounts receivable purchased (9,217) (1,015) Acquisition of property and equipment (1,753) (354) Net cash used in investing activities (10,970) (37,741) FINANCING ACTIVITIES: Proceeds from issuance of common stock - 14,975 Proceeds from loans 5,000 23,872 Repayments of debt (2,409) (1,398) Deferred financing fees (210) (755) Net cash provided by financing activities 2,381 36,694 NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (2,864) 3,163 CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 14,497 1,469 CASH AND CASH EQUIVALENTS, END OF PERIOD $ 11,633 $ 4,632 SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: Cash paid during period for interest $ 2,356 $ 1,111
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES - During the three months ended March 31, 1997 and 1996, the Company paid preferred stock dividends of $433 and $400, respectively, through the issuance of 34,611.2 shares and 32,000 shares of preferred stock, respectively. See notes to the unaudited consolidated financial statements. OUTSOURCING SOLUTIONS INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) NOTE A - BASIS OF PRESENTATION The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three months ended March 31, 1997 are not necessarily indicative of the results that may be expected for the year ended December 31, 1997. For purposes of comparability, certain prior year amounts have been reclassified to conform with current year presentation. For further information, refer to the consolidated financial statements and footnotes thereto for the year ended December 31, 1996. NOTE B - LOANS AND ACCOUNTS RECEIVABLE PURCHASED During the three months ended March 31, 1997 the Company purchased $9.2 million of loans and accounts receivable portfolios. The costs of purchased portfolios are generally amortized on an individual portfolio basis based on the ratio of current collections to current and anticipated future collections for that portfolio. Such portfolio cost is generally amortized over a three year period from the date of purchase. NOTE C - SUBSEQUENT EVENTS The Company filed a registration statement related to an offer to exchange privately placed $100 million 11% Senior Subordinated Notes due 2006 for the Company's 11% Series B Senior Subordinated Notes due 2006. On April 28, 1997, the registration statement was declared effective. The Exchange Offer expired at 5:00 p.m. EST on May 29, 1997 with all $100 million being exchanged. ITEM 2 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS PAYCO ACQUISITION Pursuant to an Agreement and Plan of Merger, dated as of August 13, 1996 the Company acquired Payco American Corp (Payco) on November 6, 1996 in a merger transaction for an aggregate cash consideration of approximately $150.2 million. The assets and liabilities of Payco were recorded at their estimated fair market value and an amount equal to the excess of the purchase price over the fair value of assumed liabilities was allocated to property and equipment, identifiable tangible and intangible assets and goodwill. Goodwill is being amortized over 30 years. The preliminary allocation reflected in the consolidated financial statements for the year ended December 31, 1996 allocates $20.8 million of the excess to identifiable tangible and intangible assets (including $2.0 million to property and equipment and $14.0 million to account inventory) and $102.1 million to goodwill. RESULTS OF OPERATIONS Three Months Ended March 31, 1997 Compared to Three Months Ended March 31, 1996 Revenues for the three months ended March 31, 1997 were $63.8 million, compared to $18.2 million in the comparable period for 1996. Revenues from contingent fee services were $32.9 million for the three months ended March 31, 1997 compared to $9.7 million in the comparable period in 1996. The increase in contingent fee revenues was a result of the acquisition of Payco. Revenues from purchased portfolios increased to $15.7 million for the three months ended March 31, 1997 compared to $8.5 million for the comparable period in 1996. Purchased portfolio revenues increased as a result of additional portfolio purchases, as well as from the acquisition of Payco. Revenues from outsourcing services increased to $15.2 million for the three months ended March 31, 1997 compared to $0 in the comparable period in 1996. The increase was due to the acquisition of Payco. Operating Expenses for the three months ended March 31, 1997 were $68.6 million compared to $19.2 million for the comparable period in 1996, an increase of $49.4 million. Cash operating expenses were $49.5 million for the three months ended March 31, 1997 and $10.8 million for the comparable period in 1996. Cash expenses increased as a result of the Payco acquisition in addition to the use of outside collection agencies to service purchased portfolios. Of the $68.6 million in expenses for the three months ended March 31, 1997, $8.5 million was attributable to amortization of the purchase price of purchased portfolios (compared to $5.1 million in 1996), $5.5 million was attributable to amortization of account inventory (compared to $2.0 million in 1996), $2.5 million was attributable to amortization of goodwill associated with the acquisitions of Account Portfolios, L.P. (APLP), A.M. Miller & Associates, Inc. (Miller), Continental Credit Services, Inc. (Continental) and Payco (compared to $1.0 million in 1996) and $2.5 million was attributable to depreciation (compared to $0.3 million in 1996). The increase in amortization and depreciation expense was the result of additional goodwill and step-up in the basis of fixed assets recorded in connection with the Payco acquisition. Operating Loss for the three months ended March 31, 1997 was $4.8 million compared to $1.0 million for the comparable period in 1996. The operating loss was a result of increased amortization related to the step-up in basis of purchased portfolios, goodwill and account inventory related to the acquisition of Payco. EBITDA for the three months ended March 31, 1997 was $14.3 million compared to $7.4 million for the comparable period in 1996. The increase of $6.9 million in EBITDA reflects additional revenues associated with the acquisition of Payco, partially offset by the costs associated with the use of outside collection agencies to service purchased portfolios. Interest Expense, net for the three months ended March 31, 1997 was $6.5 million compared to $1.3 million for the comparable period in 1996. The increase was primarily due to indebtedness incurred to finance the acquisition of Payco and to finance increased portfolio purchases. Net Loss for the three months ended March 31, 1997 was $7.8 million compared to $1.5 million for the comparable period in 1996. The increase in net loss resulted primarily from increased amortization expense from the step-up in basis of acquired portfolios, goodwill and account inventory recorded in connection with the acquisition of Payco and the increase in interest due to the indebtedness incurred to finance the Payco acquisition and portfolio purchases. Financial Condition March 31, 1997 Compared to December 31, 1996 Cash and Cash Equivalents decreased from $14.5 million at December 31, 1996 to $11.6 million at March 31, 1997 principally as a result of the purchase of loans and accounts receivable. The Company held $23.5 million of cash for clients in restricted accounts at March 31, 1997. Loans and Accounts Receivable Purchased increased from $68.0 million at December 31, 1996 to $68.7 million at March 31, 1997 due to new portfolio purchases of $9.2 million in the first quarter which were partially offset by amortization of purchased portfolios of $8.5 million. The amount of loans and accounts receivable purchased which were considered collectible within one year decreased from $42.5 million at December 31, 1996 to $41.8 million at March 31, 1997 mainly due to the timing of cash collections based on the relative age and length of ownership of the portfolios. The loans and accounts receivable purchased consist primarily of consumer loans and credit card receivables, commercial loans, student loan receivables and health club receivables. Consumer loans purchased primarily consist of unsecured term debt. A summary of loans and accounts receivable purchased at December 31, 1996 and March 31, 1997 by type of receivable is shown below:
December 31, 1996 March 31, 1997 Original Gross Original Gross Principal Value Current Long-term Principal Value Current Long-term (in millions) (in thousands) (in millions) (in thousands) Consumer loans . . . . $1,813 $ 7,445 $ 4,592 $1,813 $ 5,794 $ 3,712 Student loans . . . . . 323 7,456 4,699 323 6,369 4,080 Credit cards . . . . . 105 2,359 1,453 321 4,105 2,631 Health clubs . . . . . 954 23,364 13,865 1,199 21,959 14,069 Commercial . . . . . . 109 1,857 910 112 3,619 2,320 $3,304 $42,481 $25,519 $3,768 $41,846 $26,812
Most of the portfolio purchases involve tertiary paper (i.e. accounts more than 360 days past due which have been previously placed with a contingent fee servicer) with the exception of portfolios purchased under forward flow agreements under which the Company agrees to purchase charged off credit card and health club receivables on a monthly basis as they become due. Deferred Taxes increased from an asset of $5.8 million at December 31, 1996 to an asset of $9.3 million at March 31, 1997. The net deferred tax asset at March 31, 1997 and December 31, 1996 was principally due to net operating loss carryforwards. The realization of this asset is dependent on generating sufficient taxable income prior to expiration of the loss carryforwards in 2011. Management has analyzed the potential sources of taxable income available to realize the deferred tax asset. The principal assumptions underlying management's determination that the asset will be realized are that the strong earnings history of the acquired operations will continue (no improvement has been assumed), the book value of the Company's assets exceeds their tax basis and that non-recurring and unusual items which resulted in the net operating loss carryforwards will not continue beyond a short period of time. The principal non-recurring and unusual items reflected in operating results included additional amortization of purchased loans and receivables resulting from the step up in recorded value to fair value, amortization of account inventory, additional financing costs expensed in connection with the refinancing, and other one time expenses. These items are not expected to continue beyond 1997 or 1998. The Long Term Portion of Notes Payable increased from $237.6 million at December 31, 1996 to $239.0 million at March 31, 1997. The increase was primarily due to revolver borrowings of $5.0 million used to finance purchased portfolio acquisitions which was offset by principal payments of $2.4 million and the increase in the current portion of long-term debt of $1.2 million. Stockholders' Equity decreased from $51.6 million at December 31, 1996 to $44.1 million at March 31, 1997 due to the first quarter net loss to common stockholders of $8.0 million which was partially offset by an increase in preferred stock of $0.4 million. Liquidity and Capital Resources As of March 31, 1997, the Company had cash and cash equivalents of $11.6 million. The Company derives substantially all of its cash flow from the operations of its subsidiaries. Capital expenditures were $1.5 million for the three month period ended March 31, 1997. Portfolio purchases were $9.2 million for the three month period ended March 31, 1997. The Company had working capital of $38.0 million at March 31, 1997. Of the $1.5 million of capital expenditures for the three months ended March 31, 1997, $1.3 million represents data processing capital expenditures and $0.2 million was for other capital expenditures, which include telecommunications equipment, leasehold improvements, other computer equipment and office furniture and equipment. The Company's debt structure consists of senior debt under the Bank Credit Facility (the Credit Facility) of $142.0 million, indebtedness represented by 11% Senior Subordinated Notes (The Senior Notes) of $100.0 million and other indebtedness of $5.6 million. The Company is capitalized with equity of $44.1 million. Under the Credit Facility, the Company has the ability to borrow an additional $53.0 million (net of outstanding revolver borrowings of $5.0 million at March 31, 1997) for working capital, general corporate purposes and acquisitions, subject to certain conditions. The Senior Notes and the Credit Facility contain financial and operating covenants and restrictions on the ability of the Company to incur indebtedness, make investments and take certain other corporate actions. The debt service costs associated with the borrowings under the Credit Facility and the Senior Notes significantly increase liquidity requirements. The Company anticipates that its operating cash flow together with borrowings under the Credit Facility will be sufficient to meet its anticipated future operating expenses and to service its debt requirements as they become due. Additionally, future purchases of account portfolios may require significant investment. However, actual capital requirements may change, particularly as a result of acquisitions the Company may make. The ability of the Company to meet its debt service obligations and reduce its total debt will be dependent, however, upon the future performance of the Company and its subsidiaries which, in turn, will be subject to general economic conditions and to financial, business and other factors including factors beyond the Company's control. Inflation The Company believes that inflation has not had a material impact on its results of operations for the three months ended March 31, 1997. PART II - OTHER INFORMATION ITEM 1. LEGAL PROCEEDINGS The Company is a defendant in various legal proceedings involving claims for damages which constitute ordinary routine litigation incidental to its business. In addition, Payco and its wholly owned subsidiary Payco-General American Credits, Inc. are party to a class-action lawsuit filed in July 1995 by Jimmy Rogers, Lillian H. Rogers, Randy Humphrey, Nancy Humphrey, Carl Christopher, David Clapper and Virginia Clapper, as individuals and as class representatives, in the Circuit Court of Etowah County, Alabama. The suit alleges that Payco-General American Credits, Inc., which was performing collection services on behalf of co-defendant Transamerica Business Credit Corporation ("Transamerica"), committed violations of the Fair Debt Collection Practices Act (FDCPA) and Alabama state law. Plaintiffs demanded judgment against defendants for compensatory and punitive damages plus interest and the costs of the action. In January 1996, Transamerica filed a cross-claim against Payco-General American Credits, Inc., seeking judgment against Payco- General American Credits, Inc. for any liability, loss, cost or expense Transamerica has or will incur. Payco-General American Credits, Inc., has, in turn, filed a similar claim against Transamerica. On May 13, 1996, Transamerica entered into a settlement with the settlement class subject to court approval for a sum of $2.0 million plus $50,000 administrative fees, plus forgiveness of the debt of 1,818 debtors which Transamerica estimated at approximately $1.3 million. On August 1, 1996, the court approved the general settlement but reserved the right to approve individual settlements. Transamerica advised the court that the benefit to the class was $3.9 million which represents forgiveness of debt of $1.9 million (instead of the $1.3 million forgiveness of debt noted above). Furthermore, on August 1, 1996, the plaintiff's motion of certification of a class of 1,818 individuals to which letters were sent by Payco-General American Credits, Inc. was conditionally granted. The parties to the lawsuit agreed to non-binding mediation, which took place on January 20, 1997. No settlement was reached at that mediation. A hearing date regarding the decertification of the class has been set for July 9, 1997 and the trial is expected to begin on November 17, 1997. The Company believes it has meritorious defenses to the complaint and the cross- claim in this suit and believes that the outcome of this litigation will not have a material adverse effect on the operations or the financial condition of the Company. Account Portfolios (APLP) has been notified that the Atlanta office of the FTC is conducting an informal inquiry to determine if APLP has violated any provision of the FDCPA. The FTC has requested that APLP provide certain documents and other information regarding APLP's forms, policies and practices, and APLP has complied with that request. The Company believes that the ultimate resolution of the FTC's inquiry will not have a material adverse effect on the financial position or results of operations of the Company. ITEM 2. CHANGES IN SECURITIES NONE ITEM 3. DEFAULTS UPON SENIOR SECURITIES NONE ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS NONE ITEM 5. OTHER INFORMATION NONE ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K (a) Exhibits Exhibit 27. Financial Data Schedule (Unaudited) (b) Reports on Form 8-K There were no reports on Form 8-K filed for the three months ended March 31, 1997. 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. OUTSOURCING SOLUTIONS INC. (Registrant) Date: June 12, 1997 /s/ JAMES F. WHALEN -------------------------- James F. Whalen Executive Vice President and Chief Financial Officer [Principal Financial and Chief Accounting Officer] /s/ TIMOTHY G. BEFFA -------------------------- Timothy G. Beffa President and Chief Executive Officer EX-27.1 2 ARTICLE 5 FDS FOR 1ST QTR. 10-Q
5 Note: This schedule contains summary financial information extracted from the Form 10-Q for the quarter ended March 31, 1997 and is qualified in its entirety by reference to such financial statements. 0001027574 OUTSOURCING SOLUTIONS INC. 1000 3-MOS DEC-31-1997 JAN-01-1997 MAR-31-1997 35,110 0 22,028 1,186 68,658 106,105 87,561 52,448 351,654 68,519 0 0 11,249 53 0 351,654 0 63,842 0 68,596 0 0 6,523 (11,277) (3,496) (7,781) 0 0 0 (7,781) 0 0
EX-27.2 3 ARTICLE 5 FDS FOR 1ST QTR. 10-Q
5 Note: This schedule contains summary financial information extracted from the Form 10-Q for the quarter ended March 31, 1997 and is qualified in its entirety by reference to such financial statements. 0001029300 CFC SERVICES CORP. 1000 3-MOS DEC-31-1997 JAN-01-1997 MAR-31-1997 35,110 0 22,028 1,186 68,658 106,105 87,561 52,448 351,654 68,519 0 0 11,249 53 0 351,654 0 63,842 0 68,596 0 0 6,523 (11,277) (3,496) (7,781) 0 0 0 (7,781) 0 0
EX-27.3 4 ARTICLE 5 FDS FOR 1ST QTR. 10-Q
5 Note: This schedule contains summary financial information extracted from the Form 10-Q for the quarter ended March 31, 1997 and is qualified in its entirety by reference to such financial statements. 0001029301 A M MILLER & ASSOCIATES, INC. 1000 3-MOS DEC-31-1997 JAN-01-1997 MAR-31-1997 35,110 0 22,028 1,186 68,658 106,105 87,561 52,448 351,654 68,519 0 0 11,249 53 0 351,654 0 63,842 0 68,596 0 0 6,523 (11,277) (3,496) (7,781) 0 0 0 (7,781) 0 0
EX-27.4 5 ARTICLE 5 FDS FOR 1ST QTR. 10-Q
5 Note: This schedule contains summary financial information extracted from the Form 10-Q for the quarter ended March 31, 1997 and is qualified in its entirety by reference to such financial statements. 0001029303 THE CONTINENTAL ALLIANCE, INC. 1000 3-MOS DEC-31-1997 JAN-01-1997 MAR-31-1997 35,110 0 22,028 1,186 68,658 106,105 87,561 52,448 351,654 68,519 0 0 11,249 53 0 351,654 0 63,842 0 68,596 0 0 6,523 (11,277) (3,496) (7,781) 0 0 0 (7,781) 0 0
EX-27.5 6 ARTICLE 5 FDS FOR 1ST QTR. 10-Q
5 Note: This schedule contains summary financial information extracted from the Form 10-Q for the quarter ended March 31, 1997 and is qualified in its entirety by reference to such financial statements. 0001029305 ALASKA FINANCIAL SERVICES, INC. 1000 3-MOS DEC-31-1997 JAN-01-1997 MAR-31-1997 35,110 0 22,028 1,186 68,658 106,105 87,561 52,448 351,654 68,519 0 0 11,249 53 0 351,654 0 63,842 0 68,596 0 0 6,523 (11,277) (3,496) (7,781) 0 0 0 (7,781) 0 0
EX-27.6 7 ARTICLE 5 FDS FOR 1ST QTR. 10-Q
5 Note: This schedule contains summary financial information extracted from the Form 10-Q for the quarter ended March 31, 1997 and is qualified in its entirety by reference to such financial statements. 0001029307 ACCOUNT PORTFOLIOS, INC. 1000 3-MOS DEC-31-1997 JAN-01-1997 MAR-31-1997 35,110 0 22,028 1,186 68,658 106,105 87,561 52,448 351,654 68,519 0 0 11,249 53 0 351,654 0 63,842 0 68,596 0 0 6,523 (11,277) (3,496) (7,781) 0 0 0 (7,781) 0 0
EX-27.7 8 ARTICLE 5 FDS FOR 1ST QTR. 10-Q
5 Note: This schedule contains summary financial information extracted from the Form 10-Q for the quarter ended March 31, 1997 and is qualified in its entirety by reference to such financial statements. 0001029715 ACCOUNT PORTFOLIOS G.P., INC. 1000 3-MOS DEC-31-1997 JAN-01-1997 MAR-31-1997 35,110 0 22,028 1,186 68,658 106,105 87,561 52,448 351,654 68,519 0 0 11,249 53 0 351,654 0 63,842 0 68,596 0 0 6,523 (11,277) (3,496) (7,781) 0 0 0 (7,781) 0 0
EX-27.8 9 ARTICLE 5 FDS FOR 1ST QTR. 10-Q
5 Note: This schedule contains summary financial information extracted from the Form 10-Q for the quarter ended March 31, 1997 and is qualified in its entirety by reference to such financial statements. 0001029308 ACCOUNT PORTFOLIOS, L.P. 1000 3-MOS DEC-31-1997 JAN-01-1997 MAR-31-1997 35,110 0 22,028 1,186 68,658 106,105 87,561 52,448 351,654 68,519 0 0 11,249 53 0 351,654 0 63,842 0 68,596 0 0 6,523 (11,277) (3,496) (7,781) 0 0 0 (7,781) 0 0
EX-27.9 10 ARTICLE 5 FDS FOR 1ST QTR. 10-Q
5 Note: This schedule contains summary financial information extracted from the Form 10-Q for the quarter ended March 31, 1997 and is qualified in its entirety by reference to such financial statements. 0001029309 PERIMETER CREDIT, L.P. 1000 3-MOS DEC-31-1997 JAN-01-1997 MAR-31-1997 35,110 0 22,028 1,186 68,658 106,105 87,561 52,448 351,654 68,519 0 0 11,249 53 0 351,654 0 63,842 0 68,596 0 0 6,523 (11,277) (3,496) (7,781) 0 0 0 (7,781) 0 0
EX-27.10 11 ARTICLE 5 FDS FOR 1ST QTR. 10-Q
5 Note: This schedule contains summary financial information extracted from the Form 10-Q for the quarter ended March 31, 1997 and is qualified in its entirety by reference to such financial statements. 0001029310 GULF STATE CREDIT, L.P. 1000 3-MOS DEC-31-1997 JAN-01-1997 MAR-31-1997 35,110 0 22,028 1,186 68,658 106,105 87,561 52,448 351,654 68,519 0 0 11,249 53 0 351,654 0 63,842 0 68,596 0 0 6,523 (11,277) (3,496) (7,781) 0 0 0 (7,781) 0 0
EX-27.11 12 ARTICLE 5 FDS FOR 1ST QTR. 10-Q
5 Note: This schedule contains summary financial information extracted from the Form 10-Q for the quarter ended March 31, 1997 and is qualified in its entirety by reference to such financial statements. 0000076741 PAYCO AMERICAN CORPORATION 1000 3-MOS DEC-31-1997 JAN-01-1997 MAR-31-1997 35,110 0 22,028 1,186 68,658 106,105 87,561 52,448 351,654 68,519 0 0 11,249 53 0 351,654 0 63,842 0 68,596 0 0 6,523 (11,277) (3,496) (7,781) 0 0 0 (7,781) 0 0
EX-27.12 13 ARTICLE 5 FDS FOR 1ST QTR. 10-Q
5 Note: This schedule contains summary financial information extracted from the Form 10-Q for the quarter ended March 31, 1997 and is qualified in its entirety by reference to such financial statements. 0001029315 PAYCO GENERAL AMERICAN CREDITS, INC. 1000 3-MOS DEC-31-1997 JAN-01-1997 MAR-31-1997 35,110 0 22,028 1,186 68,658 106,105 87,561 52,448 351,654 68,519 0 0 11,249 53 0 351,654 0 63,842 0 68,596 0 0 6,523 (11,277) (3,496) (7,781) 0 0 0 (7,781) 0 0
EX-27.13 14 ARTICLE 5 FDS FOR 1ST QTR. 10-Q
5 Note: This schedule contains summary financial information extracted from the Form 10-Q for the quarter ended March 31, 1997 and is qualified in its entirety by reference to such financial statements. 0001029317 NATIONAL ACCOUNT SYSTEMS, INC. 1000 3-MOS DEC-31-1997 JAN-01-1997 MAR-31-1997 35,110 0 22,028 1,186 68,658 106,105 87,561 52,448 351,654 68,519 0 0 11,249 53 0 351,654 0 63,842 0 68,596 0 0 6,523 (11,277) (3,496) (7,781) 0 0 0 (7,781) 0 0
EX-27.14 15 ARTICLE 5 FDS FOR 1ST QTR. 10-Q
5 Note: This schedule contains summary financial information extracted from the Form 10-Q for the quarter ended March 31, 1997 and is qualified in its entirety by reference to such financial statements. 0001029318 UNIVERSITY ACCOUNTING SERVICE, INC. 1000 3-MOS DEC-31-1997 JAN-01-1997 MAR-31-1997 35,110 0 22,028 1,186 68,658 106,105 87,561 52,448 351,654 68,519 0 0 11,249 53 0 351,654 0 63,842 0 68,596 0 0 6,523 (11,277) (3,496) (7,781) 0 0 0 (7,781) 0 0
EX-27.15 16 ARTICLE 5 FDS FOR 1ST QTR. 10-Q
5 Note: This schedule contains summary financial information extracted from the Form 10-Q for the quarter ended March 31, 1997 and is qualified in its entirety by reference to such financial statements. 0001029319 ASSET RECOVERY & MANAGEMENT CORP. 1000 3-MOS DEC-31-1997 JAN-01-1997 MAR-31-1997 35,110 0 22,028 1,186 68,658 106,105 87,561 52,448 351,654 68,519 0 0 11,249 53 0 351,654 0 63,842 0 68,596 0 0 6,523 (11,277) (3,496) (7,781) 0 0 0 (7,781) 0 0
EX-27.16 17 ARTICLE 5 FDS FOR 1ST QTR. 10-Q
5 Note: This schedule contains summary financial information extracted from the Form 10-Q for the quarter ended March 31, 1997 and is qualified in its entirety by reference to such financial statements. 0001029320 INDIANA MUTUAL CREDIT ASSOCIATION, INC. 1000 3-MOS DEC-31-1997 JAN-01-1997 MAR-31-1997 35,110 0 22,028 1,186 68,658 106,105 87,561 52,448 351,654 68,519 0 0 11,249 53 0 351,654 0 63,842 0 68,596 0 0 6,523 (11,277) (3,496) (7,781) 0 0 0 (7,781) 0 0
EX-27.17 18 ARTICLE 5 FDS FOR 1ST QTR. 10-Q
5 Note: This schedule contains summary financial information extracted from the Form 10-Q for the quarter ended March 31, 1997 and is qualified in its entirety by reference to such financial statements. 0001029386 FURST & FURST, INC. 1000 3-MOS DEC-31-1997 JAN-01-1997 MAR-31-1997 35,110 0 22,028 1,186 68,658 106,105 87,561 52,448 351,654 68,519 0 0 11,249 53 0 351,654 0 63,842 0 68,596 0 0 6,523 (11,277) (3,496) (7,781) 0 0 0 (7,781) 0 0
EX-27.18 19 ARTICLE 5 FDS FOR 1ST QTR. 10-Q
5 Note: This schedule contains summary financial information extracted from the Form 10-Q for the quarter ended March 31, 1997 and is qualified in its entirety by reference to such financial statements. 0001029387 JENNIFER LOOMIS & ASSOCIATES, INC. 1000 3-MOS DEC-31-1997 JAN-01-1997 MAR-31-1997 35,110 0 22,028 1,186 68,658 106,105 87,561 52,448 351,654 68,519 0 0 11,249 53 0 351,654 0 63,842 0 68,596 0 0 6,523 (11,277) (3,496) (7,781) 0 0 0 (7,781) 0 0
EX-27.19 20 ARTICLE 5 FDS FOR 1ST QTR. 10-Q
5 Note: This schedule contains summary financial information extracted from the Form 10-Q for the quarter ended March 31, 1997 and is qualified in its entirety by reference to such financial statements. 0001029388 FM SERVICES CORPORATION 1000 3-MOS DEC-31-1997 JAN-01-1997 MAR-31-1997 35,110 0 22,028 1,186 68,658 106,105 87,561 52,448 351,654 68,519 0 0 11,249 53 0 351,654 0 63,842 0 68,596 0 0 6,523 (11,277) (3,496) (7,781) 0 0 0 (7,781) 0 0
EX-27.20 21 ARTICLE 5 FDS FOR 1ST QTR. 10-Q
5 Note: This schedule contains summary financial information extracted from the Form 10-Q for the quarter ended March 31, 1997 and is qualified in its entirety by reference to such financial statements. 0001029389 QUALINK, INC. 1000 3-MOS DEC-31-1997 JAN-01-1997 MAR-31-1997 35,110 0 22,028 1,186 68,658 106,105 87,561 52,448 351,654 68,519 0 0 11,249 53 0 351,654 0 63,842 0 68,596 0 0 6,523 (11,277) (3,496) (7,781) 0 0 0 (7,781) 0 0
EX-27.21 22 ARTICLE 5 FDS FOR 1ST QTR. 10-Q
5 Note: This schedule contains summary financial information extracted from the Form 10-Q for the quarter ended March 31, 1997 and is qualified in its entirety by reference to such financial statements. 0001029390 PROFESSIONAL RECOVERIES INC. 1000 3-MOS DEC-31-1997 JAN-01-1997 MAR-31-1997 35,110 0 22,028 1,186 68,658 106,105 87,561 52,448 351,654 68,519 0 0 11,249 53 0 351,654 0 63,842 0 68,596 0 0 6,523 (11,277) (3,496) (7,781) 0 0 0 (7,781) 0 0
EX-27.22 23 ARTICLE 5 FDS FOR 1ST QTR. 10-Q
5 Note: This schedule contains summary financial information extracted from the Form 10-Q for the quarter ended March 31, 1997 and is qualified in its entirety by reference to such financial statements. 0001029391 PAYCO AMERICAN INTERNATIONAL CORP. 1000 3-MOS DEC-31-1997 JAN-01-1997 MAR-31-1997 35,110 0 22,028 1,186 68,658 106,105 87,561 52,448 351,654 68,519 0 0 11,249 53 0 351,654 0 63,842 0 68,596 0 0 6,523 (11,277) (3,496) (7,781) 0 0 0 (7,781) 0 0
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