-----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, GYxbXbMcHoeHy5EstlpDGS2E8dVZMcfU/KA6gP7y0r/6z3AxYXKAUpyIsWiTawQf etX2MDzpMmgMEAljop5XdQ== 0000950147-98-000281.txt : 19980415 0000950147-98-000281.hdr.sgml : 19980415 ACCESSION NUMBER: 0000950147-98-000281 CONFORMED SUBMISSION TYPE: 10QSB PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19980228 FILED AS OF DATE: 19980414 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: AVESIS INC CENTRAL INDEX KEY: 0000795574 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-BUSINESS SERVICES, NEC [7389] IRS NUMBER: 860349350 STATE OF INCORPORATION: DE FISCAL YEAR END: 0531 FILING VALUES: FORM TYPE: 10QSB SEC ACT: SEC FILE NUMBER: 000-15304 FILM NUMBER: 98592962 BUSINESS ADDRESS: STREET 1: 3724 NORTH THIRD ST STREET 2: STE 300 CITY: PHOENIX STATE: AZ ZIP: 85012 BUSINESS PHONE: 6029567287 MAIL ADDRESS: STREET 1: 1001 W CLARENDON STREET 2: NO 2300 CITY: PHOENIX STATE: AZ ZIP: 85013 FORMER COMPANY: FORMER CONFORMED NAME: NBS NATIONAL BENEFIT SERVICES INC DATE OF NAME CHANGE: 19910114 FORMER COMPANY: FORMER CONFORMED NAME: NATIONAL VISION SERVICES INC DATE OF NAME CHANGE: 19900117 10QSB 1 10QSB Securities and Exchange Commission Washington D.C. 20549 Form 10-QSB (Mark One) |X| QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended February 28, 1998 ------------------------------------ TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT For the transition period from to --------------------- -------------- Commission File Number 0-15304 ------------------------- AVESIS INCORPORATED - -------------------------------------------------------------------------------- (Exact name of small business issuer as specified in its charter) Delaware 86-0349350 - ---------------------------------- ---------------------------------- (State or other jurisdiction of incorporation or organization) (IRS Employer Identification No.) 3724 North Third Street, Suite 300 Phoenix, Arizona 85012 - -------------------------------------------------------------------------------- (Address of principal executive offices) (602) 241 - 3400 --------------------------- (Issuer's telephone number) Check whether the issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 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 outstanding shares of the registrant's Common Stock on March 11, 1998 was 4,021,126. TRANSITIONAL SMALL BUSINESS DISCLOSURE FORMAT (Check One) Yes |X| No 1 of 10 PART I FINANCIAL INFORMATION Item 1 Financial Statements AVESIS INCORPORATED BALANCE SHEET AS OF FEBRUARY 28, 1998 (Unaudited)
ASSETS ------ Current assets: Cash and cash equivalents $ 797,820 Receivables, net 377,399 Prepaid expenses and other 109,916 ------------- Total current assets 1,285,135 Property and equipment, net 423,129 Deposits and other assets 258,296 -------------- Total Assets $ 1,966,560 ============= LIABILITIES AND STOCKHOLDERS' EQUITY ------------------------------------ Current liabilities: Accounts payable $ 855,424 Accrued expenses- Compensation 41,196 Rent 30,158 Other 23,251 Capital lease, short-term 10,288 Notes payable to stockholders 160,000 Deferred income 16,950 ------------- Total current liabilities 1,137,267 Accrued rent 68,544 Capital lease, long-term 33,652 ------------- Total liabilities 1,239,463 ------------- Stockholders' equity: Preferred stock $.01 par value, authorized 12,000,000 shares: $100 Class A, nonvoting cumulative convertible preferred stock, Series 1, $.01 par value; authorized 1,000,000 shares; none issued and outstanding (liquidation preference of $100 per share) - - - - - $10 Class A, nonvoting cumulative convertible preferred stock, Series 2, $.01 par value; authorized 1,000,000 shares; 388,180 shares issued and outstanding (liquidation preference of $10 per share) 3,882 Class A, voting cumulative convertible preferred stock, Series 3, $.01 par value; authorized 100,000 shares; none issued and outstanding (liquidation preference of $100 per share) - - - - - Common stock of $.01 par value, authorized 12,000,000 shares; 4,021,126 shares issued and outstanding 40,211 Additional paid-in capital 9,929,321 Accumulated deficit (9,246,317) ------------- Net stockholders' equity 727,097 ------------- $ 1,966,560 =============
The accompanying notes are an integral part of these statements. - 2 - AVESIS INCORPORATED STATEMENTS OF OPERATIONS FOR THE QUARTER AND NINE MONTHS ENDED FEBRUARY 28, 1998 AND FEBRUARY 28, 1997 (Unaudited)
Quarters Ended Nine Months Ended -------------- ----------------- February 28, February 28, February 28, February 28, ------------ ------------ ------------ ------------ 1998 1997 1998 1997 ---- ---- ---- ---- Service revenues: Administration fees $ 1,675,511 $ 1,001,962 $ 4,594,003 $ 2,678,431 Provider fees 32,163 38,885 86,959 107,221 Buying group 392,165 368,344 1,197,774 1,127,865 Other 2,373 7,323 4,980 52,301 ----------------- ----------------- -------------- ------------------ Total service revenues 2,102,212 1,416,514 5,883,716 3,965,818 Cost of services 1,572,476 1,091,994 4,422,165 2,856,054 ----------------- ----------------- -------------- ------------------ Income from services 529,736 324,520 1,461,551 1,109,763 General and administrative expenses 252,989 250,832 710,736 757,776 Selling and marketing expenses 219,936 101,340 553,021 392,291 ----------------- ----------------- -------------- ------------------ Income (loss) from operations 56,811 (27,652) 197,794 (40,304) ----------------- ----------------- -------------- ------------------ Non-operating income (expense): Other income (expense) 807 - - - - - (24,980) (79) Interest income 6,976 6,447 24,394 18,680 Interest expense (3,759) (7,332) (18,920) (22,076) ----------------- ----------------- -------------- ------------------ Net non-operating income (expense) 4,024 (885) (19,506) (3,475) ----------------- ----------------- -------------- ------------------ Net income (loss) $ 60,835 $ (28,537) $ 178,288 $ (43,779) ================= ================= ============== ================== Net (loss) per common Share - Basic $(0.01) $(0.03) $(0.02) $(0.07) ================= ================= ============== ================== Net (loss) per common Share - Diluted $(0.01) $(0.03) $(0.02) $(0.07) ================= ================= ============== ================== Weighted average common shares and equivalents outstanding - Basic 4,065,661 4,100,420 4,088,045 4,100,420 ================= ================= ============== ================== Weighted average common shares and equivalents outstanding - Diluted 4,065,661 4,138,220 4,113,245 4,138,220 ================= ================= ============== ==================
The accompanying notes are an integral part of these statements. - 3 - AVESIS INCORPORATED STATEMENTS OF CASH FLOWS FOR THE NINE MONTHS ENDED FEBRUARY 28, 1998 AND FEBRUARY 28, 1997 (Unaudited)
1998 1997 ---- ---- Cash flows from operating activities: Net income (loss) $ 178,288 $ (43,779) ---------------- ---------------- Adjustments to reconcile net income to net cash provided by in operating activities: Depreciation and amortization 85,132 127,449 Loss on fixed asset disposal 2,124 0 Provision for losses on accounts receivable 10,000 (149) Changes in assets and liabilities: (Increase) in receivables (47,043) (202,527) Decrease in prepaid expenses and other 3,698 36,203 (Increase) decrease in other assets (73,256) -0- Increase in accounts payable 391,045 292,910 (Decrease) increase in accrued expenses (77,966) 10,161 (Decrease) in deferred income (6,282) (8,101) Increase in accrued rent 6,658 5,683 ---------------- ---------------- Total adjustments 294,110 261,629 ---------------- ---------------- Net cash provided by operating activities 472,398 217,850 ---------------- ---------------- Cash flows from investment activities: Purchases of property and equipment (331,424) (93,722) Proceeds from dispositions of property and equipment 5,000 -0- ---------------- ---------------- Net cash used in investing activities (326,424) (93,722) ---------------- ---------------- Cash flows from financing activities: Capital lease 48,002 -0- Repayment of capital lease (4,062) -0- Repurchase of capital stock (20,629) -0- Repurchase of convertible subordinated debentures (189,000) -0- ---------------- ---------------- Net cash used in financing activities (165,689) -0- ---------------- ---------------- Net (decrease) increase in cash and cash equivalents (19,715) 124,128 Cash and cash equivalents, beginning of period 817,535 436,083 ---------------- ---------------- Cash and cash equivalents, end of period 797,820 560,211 ================ ================ Supplemental information: - ------------------------- (a) Interest paid during the period - Debentures 8,978 8,978 Notes payable to stockholders 5,629 5,629
The accompanying notes are an integral part of these statements. - 4 - AVESIS INCORPORATED NOTES TO FINANCIAL STATEMENTS FEBRUARY 28, 1998 AND FEBRUARY 28, 1997 (Unaudited) 1. The condensed financial statements included herein have been prepared by the Company without audit pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared at the fiscal year end have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the disclosures are adequate to make the information presented not misleading. In the opinion of Management, the adjustments included in the accompanying interim financial statements include all adjustments, which are all of a normal recurring nature, necessary in order to make the financial statements not misleading, and present fairly the Company's financial position and the results of operations and cash flows for the periods indicated. The results of operations for the period ended February 28, 1998, are not necessarily indicative of the results to be expected for the complete fiscal year. 2. For the quarter and nine months ended February 28, 1998, loss per common share is computed by dividing net loss, after giving appropriate effect to undeclared preferred stock dividends payable and accrued during the period ($87,342 and $262,026 for the quarter and nine months, respectively) by the weighted average number of common shares outstanding during the period. (See Exhibit 11) - 5 - Item 2 Management's Discussion and Analysis or Plan of Operations For the Quarters and Nine Months Ended February 28, 1998 and February 28, 1997 The statements contained in this discussion and analysis regarding management's anticipation of adequacy of cash for continuing operations, adequacy of reserves for claims, sustained viability of the Company and continued positive cash flows constitute "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based upon assumptions that involve risks and uncertainties, which could cause actual results to differ materially from the forward-looking statements. Management's anticipation is based upon assumptions regarding the market in which the Company operates, the level of competition, demand for services, stability of costs, retention of sponsors and cardholders enrolled in the Company's benefit programs, and stability of the regulatory environment. Any of these assumptions could prove inaccurate, and therefore there can be no assurance that the forward-looking information will prove to be accurate. Avesis Incorporated, a Delaware corporation (together with its subsidiary, the "Company"), incorporated in June 1978, markets and administers vision, hearing, dental and chiropractic managed care and discount programs ("Programs") nationally. The Programs are designed to enable participants ("Members" or "Cardholders"), who are enrolled through various Sponsoring organizations such as insurance carriers, Blue Cross and Blue Shield organizations, corporations, unions and various associations ("Sponsors"), to realize savings on purchases of products and services through networks of providers such as ophthalmologists, optometrists, opticians, hearing specialists, dentists and chiropractors ("Providers"). The Company derives its administration fee revenue from plan Sponsors who customarily pay a set fee per member per month. There are arrangements with certain Sponsors to pay for services rendered by the Company on a fee for service basis. Based upon the type of program (e.g., managed care, discount, third party administration) the Provider's claim for service provided to Members is paid either by the Company, Sponsor, Member or combination thereof. Buying group revenues are recorded as the total amount billed to participating Providers. Vision Provider fee revenue is based upon a percentage of materials sold by certain participating providers under certain plans. Results of Operations: - ---------------------- The Company's total service revenues totaled $2,102,212 and $5,883,716 for the quarter and nine months ended February 28, 1997, compared to $1,416,514 and $3,965,818 for the same periods in the prior year, representing an increase of $685,698 (33%) and $1,917,898 (33%), respectively. The increase is principally due to the addition of a vision plan Sponsor who added 130,000 Cardholders during July 1997 and the steady increase of Cardholders in a majority of the Company's existing plans. Past and future revenues in all lines of business are directly related to the number of Cardholders enrolled in the Company's benefit programs. However, there may be significant pricing differences to Sponsors depending on whether the benefit is funded in part or whole by the plan Sponsor. A substantial portion of the Company's Cardholder base is derived from a limited number of Sponsors. The Company's four largest sponsors accounted for approximately 83% and 59% of the total administration fee revenue for the quarters ended February 28, 1998 and 1997, respectively. The Company's administration fees from vision and hearing programs accounted for $1,412,283 (67%) and $753,868 (53%) of total service revenues for the quarters ended February 28, 1998 and 1997, respectively, and $3,698,152 (63%) and $1,727,865 (44%) of total service revenues for the nine months ended February 28, 1998 and 1997, respectively. There were approximately 676,000 vision and 6,500 hearing cardholders as of February 28, 1998, compared to approximately 366,000 vision and 40,000 hearing cardholders as of February 28, 1997. The increase in vision and hearing revenue during the current quarter and nine months was largely the result of three vision plan Sponsors who increased Cardholders by approximately 300,000. The decrease in hearing cardholders was largely due to the discontinuation of services for one hearing plan Sponsor with approximately 32,000 total cardholders. The loss of hearing cardholders did not have a material impact on total service revenues. The other changes in the number of vision and hearing cardholders were due to Sponsors' employee or Member fluctuations in the normal course of business. - 6 - Vision provider fee revenue declined by $6,722 (17%) and $20,262 (19%) during the quarter and nine months ended February 28, 1998, as compared to the same periods in fiscal 1997 largely due to a modification of the Company's agreements with its Providers in response to competitive pressures. Under the modified agreement, for new Sponsors, the Providers are not required to pay a fee based on gross sales to that Sponsor's Members. Administration fees from the Company's dental program accounted for $256,312 (12%) and $245,921 (17%) of total service revenues during the quarters ended February 28, 1998 and 1997, respectively and $878,548 (15%) and $946,590 (24%) of total service revenues during the nine months ended February 28, 1998 and 1997, respectively. There were approximately 129,000 and 80,000 dental cardholders as of February 28, 1998 and 1997, respectively. The Company's dental program revenue has increased during the current quarter compared to the same period in the prior fiscal year, and the number of dental cardholders has increased. Due to pricing differences among the different plan benefits, as discussed above, revenue did not increase at a rate proportional to the increase of cardholders, which accounted for the decrease in revenue in the current nine-month period. The changes in the number of dental cardholders were due to one new Sponsor and significant increases in two other Sponsors' Members. The Company makes available to its vision Providers a buying group program that enables the Provider to order eyeglass frames from the manufacturers at discounts from wholesale costs. These discounted prices are generally lower than a Provider could negotiate individually, due to the large volume of purchases of the buying group. Buying group revenues accounted for $392,165 (19%) and $368,344 (26%) of total service revenues for the quarters ended February 28, 1998 and 1997, respectively, and $1,197,774 (20%) and $1,127,865 (28%) of total service revenues for the nine months ended February 28, 1998 and 1997, respectively. Card production activity for non-Avesis groups was phased out during the quarter ended February 28, 1997, as the historical revenues generated from this activity were not sufficient to justify the resources expended. Revenues resulting from this activity were recorded by the Company as other service revenues. Cost of services were $1,572,476 (75%) and $1,091,994 (77%) for the quarters ended February 28, 1998 and 1997, respectively, and $4,422,165 (75%) and $2,856,054 (72%) for the nine months ended February 28, 1998 and 1997, respectively. These costs relate to servicing Members, Providers, and Sponsors under the Company's vision, hearing, dental and chiropractic benefit programs as well as the cost of frames that are sold through the Company's buying group program as discussed above. The Company's cost of services for the current fiscal year as compared to the prior fiscal year increased as a percentage of total service revenues due to a shift in product mix from discount to managed care programs which have greater associated costs due to additional customer service and claims payment functions. General and administrative expenses were $252,989 (12%) and $250,832 (18%) for the quarters ended February 28, 1998 and 1997, respectively, and $710,736 (12%) and $757,776 (19%) for the nine months ended February 28, 1998 and 1997, respectively. The decrease in general and administrative expenses, as a percentage of total service revenues, in the quarter and nine months ended February 28, 1998, as compared to the same periods in fiscal 1997 is due to a decrease in rent expense resulting from the relocation of the Company's principal office, a decrease in depreciation expense as the Company abandoned a significant portion of software prior to the start of the current year, and the increase in total service revenues in fiscal 1998. Selling and marketing expenses were $219,936 (14%) and $101,340 (7%) for the quarters ended February 28, 1998 and 1997, respectively, and $553,021 (9%) and $392,291 (10%) for the nine months ended February 28, 1998 and 1997, respectively. Selling and marketing expenses include marketing fees, broker commissions, inside sales and marketing salaries and related expenses, travel related to the Company's sales activities and an allocation of other overhead expenses relating to the Company's sales and marketing functions. The increase in expenses during the current period was primarily due to the addition of personnel involved in the Company's sales and marketing activities and the increase of commissions directly related to the Company's increased administrative fee revenues. A significant amount of the Company's marketing activities has been outsourced to management consultants, National Health Enterprises, for a cost lower than the Company incurred when performing the same functions internally. Effective March 18, 1998, the fixed portion of the cash compensation paid to National Health Enterprises will increase by $50,000 per year to $250,000 per year. - 7 - Other expense of $24,980 for the nine months ended February 28, 1998 includes the write-off of unamortized moving expenses of $25,835 related to the Company's previous relocation of the principal office. The Company capitalized $14,588 of moving expenses, included in deposits and other assets, related to the relocation of the Company's principal office during October 1997, which will be amortized over the five-year life of the current lease agreement. Liquidity and Capital Resources - ------------------------------- The Company had cash and cash equivalents of $797,820 as of February 28, 1998, compared to $817,535 as of May 31, 1997. The decrease of $19,715 was due primarily to the Company's financing of the development of new software systems, the purchase of necessary new computer hardware and the retirement of the remaining convertible subordinated debentures outstanding, from cash provided by operations. Current cash on hand and cash provided from operations is expected to allow the Company to sustain operations for at least the next twelve months. As of February 28, 1997, the Company had paid approximately $253,000 for software development and related hardware of the projected total of $250,000. The budget overage of approximately $3,000 was a result of additional hardware needs due to the growth of staff. These expenses also would have been incurred on the previous platform and are in the normal course of business. All significant expenses related to the new systems development have been paid as of February 28, 1998. The project is anticipated to be completed and operational by the end of the Company's fiscal year. As of February 28, 1998, the Company had $855,424 of Accounts Payable, compared to $516,820 in the prior fiscal year. The increase is predominately due to the increase in reserves for claims of $372,500 to $564,348 as of February 28, 1998, for claim reimbursements to Providers who participate in the managed care programs. The Company believes this reserve is conservative and adequate. The remaining change in Accounts Payable was due to the timing of invoices received in the normal course of business. The Company is current and in good standing with its vendors. As of February 28, 1998, the Company had $160,000 of subordinated notes payable to stockholders that were due and paid on March 18, 1998. -8- PART II OTHER INFORMATION Item 3. Defaults Upon Senior Securities (b) Company determined not to pay the quarterly dividend otherwise scheduled for payment in April 1998, on shares of its Series 2 Preferred Stock. The dividend is cumulative. The aggregate and per-share arrearages were $1,892,910 and $4.88, respectively, as of February 28, 1998. Item 5. Other Information: Retirement of Stock Information As previously disclosed in the Company's Form 10-QSB for the quarter ended November 30, 1997, filed on January 14, 1998, on December 16, 1997 and January 5, 1998 the Company bought back and retired 17,000 and 12,000 common shares, respectively. On February 5, 1998 the Company bought back and retired 40,294 shares of common stock, reducing total outstanding shares of common stock to 4,021,126. Item 6. Exhibits and Reports on Form 8-K (a) See Exhibit Index following the Signatures page, which is incorporated herein by reference. (b) As previously disclosed in the Company's Form 10-QSB for the quarter ended November 30, 1997, filed on January 14, 1998, A report on Form 8-K dated December 12, 1997 was filed to disclose, under Item 5 - Other Events, the extension and amendment of the Company's Management Agreement with National Health Enterprises. -9- SIGNATURES In accordance with the requirements of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. AVESIS INCORPORATED - - - - - - - - - - - - - - - - - - - - - - - - - - (Registrant) Date: 4/13/98 /s/ Neal A. Kempler ---------------------- ------------------------------- Neal A. Kempler, Vice President and Secretary Date: 4/13/98 /s/ Joel H. Alperstein ---------------------- ------------------------------- Joel H. Alperstein, Director of Finance and Treasurer (Principal Financial Officer) - 10 - Exhibit Index To Avesis Incorporated Form 10-QSB for the Quarter Ended February 28, 1998 Exhibit No. Description - ----------- ----------- 11 Statement re: Computation of per Share Earnings Filed herewith 27 Financial Data Schedule Filed herewith EX-11 2 STATEMENT RE: COMPUTATION OF PER SHARE EARNINGS EXHIBIT 11 Calculation of Earnings per Common Share For the Quarter and Nine Months Ended February 28, 1998
Basic Diluted ----- ------- Quarter Nine Months Quarter Nine Months ------- ----------- ------- ----------- CSE's: Common Stock 4,065,661 4,088,045 4,065,661 4,088,045 Series 2 Preferred (CSE) 970,450 970,450 Debentures (non-CSE): # bonds - 126 x conversion rate 200 200 ----------------------------------- # shares under bonds outstanding - 25,200 x exercise price 5 5 ----------------------------------- = cash generated - 126,000 Average Market price of common stock $ 0.2910 $ 0.2724 # treasury shares that could be repurchased 0 462,555 ----------------------------------- Incremental # shares 0 0 Warrants & options: # options & warrants outstanding 5,260,000 5,260,000 x exercise price = cash generated 2,383,818 2,383,818 Average Market price of common stock $ 0.2910 $ 0.2724 # treasury shares that could be repurchased 8,191,815 8,751,168 ----------------------------------- ----------------------------------- Incremental # shares 0 0 ----------------------------------- Total CSE 4,065,661 4,088,045 4,065,661 4,088,045 ======================================================================= Debentures "if converted" - 25,200 =================================== EARNINGS PER SHARE: PREFERRED STOCK EXCLUDED: Net income 60,835 178,288 60,835 178,288 Subtract: preferred stock dividends 87,342 262,026 87,342 262,026 Add: interest expense on non-CSE debt 0 8,978 ----------------------------------- (26,507) (83,738) (26,507) (74,761) Divided by #CSEs 4,065,661 4,088,045 4,065,661 4,113,245 ----------------------------------------------------------------------- EPS (0.01) (0.02) (0.01) (0.02) ======================================================================= PREFERRED STOCK INCLUDED: Net income 60,835 178,288 Add: interest expense on non-CSE debt 0 8,978 ----------------------------------- 60,835 187,266 Divided by #CSEs + non-CSE debt 5,036,111 5,083,695 ----------------------------------- EPS 0.01 0.04 =================================== (Preferred Stock is anti-dilutive so it is not included in EPS.) (Debt is determined to be non-CSE due to the interest rate test.)
EX-27 3 FINANCIAL DATA SCHEDULE
5 This schedule contains summary financial information extracted from the Company's Form 10-QSB for the quarter ended February 28, 1998 and is qualified in its entirety by reference to such financial statements. 1 U.S. Dollars 9-MOS MAY-31-1998 JUN-01-1997 FEB-28-1998 1 797,820 0 414,230 (36,831) 0 1,285,135 1,329,618 (906,489) 1,966,560 1,137,267 0 0 3,882 40,211 0 1,966,560 0 5,883,716 0 4,422,165 1,263,757 0 (18,920) 178,288 0 178,288 0 0 0 178,288 (0.02) (0.02)
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