-----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, EvzzxqXMSePXBGv5USdFbyYrSz4mgxoR71gPdQQCAVPeeVP7vVaAEyF9O5fNM4WH RsSVpV2Yuut/otxIHegqWg== 0000950147-97-000002.txt : 19970109 0000950147-97-000002.hdr.sgml : 19970109 ACCESSION NUMBER: 0000950147-97-000002 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19961130 FILED AS OF DATE: 19970108 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: CONTINENTAL HOMES HOLDING CORP CENTRAL INDEX KEY: 0000796122 STANDARD INDUSTRIAL CLASSIFICATION: OPERATIVE BUILDERS [1531] IRS NUMBER: 860554624 STATE OF INCORPORATION: DE FISCAL YEAR END: 0531 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-10700 FILM NUMBER: 97502454 BUSINESS ADDRESS: STREET 1: 7001 N SCOTTSDALE RD STE 2050 CITY: SCOTTSDALE STATE: AZ ZIP: 85253 BUSINESS PHONE: 6024830006 MAIL ADDRESS: STREET 1: 7001 N SCOTTSDALE ROAD STREET 2: SUITE 2050 CITY: SCOTTSDALE STATE: AZ ZIP: 85253 10-Q 1 FORM 10-Q SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q -------------------------------------------------------- [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended November 30, 1996 OR [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number 0-14830 CONTINENTAL HOMES HOLDING CORP. (Exact name of registrant as specified in its charter) Delaware 86-0554624 (State or other jurisdiction (IRS Employer of incorporation or organization) Identification No.) 7001 N. Scottsdale Road, Suite 2050 85253 Scottsdale, Arizona (Zip Code) (Address of principal executive offices) (602) 483-0006 (Registrant's telephone number, including area code) Not Applicable (Former name, former address and former fiscal year, if changed since last report) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. YES X NO ---- ---- Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date. Outstanding at Class of Common Stock December 27, 1996 --------------------- ----------------- $.01 par value 6,897,330 - -------------------------------------------------------------------------------- CONTINENTAL HOMES HOLDING CORP. FORM 10-Q FOR THE QUARTER ENDED NOVEMBER 30, 1996 TABLE OF CONTENTS
PART I. FINANCIAL INFORMATION Page Item 1. Financial Statements: Consolidated Balance Sheets as of November 30, 1996 and May 31, 1996.............................................................. 3 Consolidated Statements of Income for the three and six months ended November 30, 1996 and 1995................................................ 4 Consolidated Statements of Cash Flows for the six months ended November 30, 1996 and 1995................................................ 5 Notes to unaudited Consolidated Financial Statements........................... 6 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.......................................................... 8 PART II. OTHER INFORMATION Item 4. Submission of matters to a vote of Security Holders.......................... 12 Item 6. Exhibits and Reports on Form 8-K............................................. 12
2 CONTINENTAL HOMES HOLDING CORP. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (Unaudited)
November 30, May 31, 1996 1996 ---- ---- (In thousands) ASSETS Homebuilding: Cash and cash equivalents $ 21,414 $ 25,236 Receivables 19,052 16,693 Homes, lots and improvements in production 405,229 344,880 Property and equipment, net 3,614 2,271 Prepaid expenses and other assets 19,453 16,797 Excess of cost over related net assets acquired 10,224 11,715 ---------- ---------- 478,986 417,592 ---------- ---------- Mortgage banking: Mortgage loans held for sale 17,418 20,350 Mortgage loans held for long-term investment, net -- 86 Other assets 191 406 ---------- ---------- 17,609 20,842 ---------- ---------- Total assets $ 496,595 $ 438,434 ========== ========== LIABILITIES AND STOCKHOLDERS' EQUITY Homebuilding: Accounts payable and other liabilities $ 63,624 $ 52,240 Notes payable, senior and convertible subordinated debt 269,994 244,999 Deferred income taxes 1,621 1,236 ---------- ---------- 335,239 298,475 ---------- ---------- Mortgage banking: Notes payable 12,169 5,359 Bonds payable -- 168 Other 1,104 686 ---------- ---------- 13,273 6,213 ---------- ---------- Total liabilities 348,512 304,688 ---------- ---------- Minority interest 4,494 4,797 ---------- ---------- Commitments and contingencies Stockholders' equity Preferred stock, $.01 par value: Authorized - 2,000,000 shares, Issued none -- -- Common stock, $.01 par value: Authorized - 20,000,000 shares, Issued 7,080,900 shares 71 71 Treasury stock, at cost - 183,570 and 88,265 shares (2,153) (384) Capital in excess of par value 60,475 60,396 Retained earnings 85,196 68,866 ---------- ---------- Total stockholders' equity 143,589 128,949 ---------- ---------- Total liabilities and stockholders' equity $ 496,595 $ 438,434 ========== ==========
The accompanying notes to consolidated financial statements are an integral part of these unaudited consolidated balance sheets. 3 CONTINENTAL HOMES HOLDING CORP. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (Unaudited) (In thousands, except per share data)
Three months ended Six months ended November 30, November 30, ------------ ------------ 1996 1995 1996 1995 ---- ---- ---- ---- REVENUES Home sales $ 162,883 $ 135,384 $ 346,547 $ 268,330 Land sales 14,643 506 15,124 11,267 Mortgage banking and title operations 2,564 2,481 5,830 4,946 Other income (loss), net 163 (6) 398 106 ----------- ----------- ----------- ----------- Total revenues 180,253 138,365 367,899 284,649 ----------- ----------- ----------- ----------- COSTS AND EXPENSES Homebuilding: Cost of home sales 132,976 110,431 282,650 218,857 Cost of land sales 13,996 498 14,492 11,329 Selling, general and administrative expenses 17,084 15,072 35,724 30,028 Interest, net 1,361 1,305 2,746 2,454 Mortgage banking and title operations: Selling, general and administrative expenses 2,082 1,652 4,138 3,255 Interest, net (198) (21) (399) 34 ----------- ----------- ----------- ----------- Total costs and expenses 167,301 128,937 339,351 265,957 ----------- ----------- ----------- ----------- Income before income taxes 12,952 9,428 28,548 18,692 Income taxes 5,160 4,113 11,520 8,153 ----------- ----------- ----------- ----------- Net income $ 7,792 $ 5,315 $ 17,028 $ 10,539 =========== =========== =========== =========== Earnings per common share $ 1.12 $ .77 $ 2.44 $ 1.52 Earnings per common share assuming full dilution $ .81 $ .64 $ 1.76 $ 1.30 Cash dividends per share $ .05 $ .05 $ .10 $ .10 Weighted average number of shares outstanding 6,978,297 6,946,666 6,990,820 6,937,117 =========== =========== =========== ===========
The accompanying notes to consolidated financial statements are an integral part of these unaudited consolidated statements. 4 CONTINENTAL HOMES HOLDING CORP. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
Six months ended November 30, ------------ 1996 1995 ---- ---- (In thousands) Cash flows from operating activities: Net income $ 17,028 $ 10,539 Adjustments to reconcile net income to net cash provided (used) by operating activities: Depreciation and amortization 1,642 1,649 Minority Interest (303) -- Increase in deferred income taxes 385 694 Decrease (increase) in assets Homes, lots and improvements in production (52,552) (18,404) Receivables 816 2,066 Prepaid expenses and other assets (2,393) (894) Increase in liabilities Accounts payable and other liabilities 10,358 6,652 -------- -------- Net cash provided (used) by operating activities (25,019) 2,302 -------- -------- Cash flows from investing activities: Net additions of property and equipment (1,750) (371) Cash paid for acquisitions, net of cash acquired (1,205) -- Adjustment to purchase price 1,700 -- -------- -------- Net cash used by investing activities (1,255) (371) -------- -------- Cash flows from financing activities: Increase (decrease) in notes payable to financial institutions 25,008 (34,008) Retirement of bonds payable (168) (789) Retirement of Convertible Subordinated Notes -- (33,250) Issuance of Convertible Subordinated Notes -- 72,475 Stock options exercised 232 230 Repurchase of stock (1,922) -- Dividends paid (698) (692) -------- -------- Net cash provided by financing activities 22,452 3,966 -------- -------- Net increase (decrease) in cash (3,822) 5,897 Cash at beginning of period 25,236 12,848 -------- -------- Cash at end of period $ 21,414 $ 18,745 ======== ======== Supplemental disclosures of cash flow information: Cash paid during the period for: Interest, net of amounts capitalized $ 3,245 $ 4,029 Income taxes $ 9,097 $ 6,495
The accompanying notes to consolidated financial statements are an integral part of these unaudited consolidated statements. 5 CONTINENTAL HOMES HOLDING CORP. AND SUBSIDIARIES NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS Note 1. Basis of Presentation The consolidated financial statements include the accounts of Continental Homes Holding Corp. and its subsidiaries (the "Company"). In the opinion of the Company, the accompanying unaudited consolidated financial statements contain all adjustments (consisting of only normal recurring adjustments) necessary to present fairly the Company's financial position, results of operations and cash flows for the periods presented. These consolidated financial statements should be read in conjunction with the consolidated financial statements and the related disclosures contained in the Company's annual report on Form 10-K for the year ended May 31, 1996, filed with the Securities and Exchange Commission. The results of operations for the three and six months ended November 30, 1996 are not necessarily indicative of the results to be expected for the full year. Note 2. Interest Capitalization The Company follows the practice of capitalizing for its homebuilding operations certain interest costs incurred on land under development and homes under construction. Such capitalized interest is included in cost of home sales when the units are delivered. The Company capitalized such interest in the amount of $9,223,000 and $8,101,000 and expensed as a component of cost of home sales $8,892,000 and $7,594,000 in the six months ended November 30, 1996 and 1995, respectively. Note 3. Notes payable, Senior and Convertible Subordinated Debt Notes payable, senior and convertible subordinated debt for homebuilding consist of:
November 30, May 31, 1996 1996 ---- ---- (In thousands) 10% senior notes, due 2006, net of discount of $1,870 and $1,972 $128,130 $128,028 12% senior notes, due 1999, net of premium of $89 and $113 11,589 11,613 6-7/8% convertible subordinated notes, due 2002 86,250 86,250 Notes payable 44,025 19,108 -------- -------- $269,994 $244,999 ======== ========
6 CONTINENTAL HOMES HOLDING CORP. AND SUBSIDIARIES NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) Note 4. Interest, net The summary of the components of interest, net is as follows: Three months ended Six months ended November 30, November 30, ------------ ------------ 1996 1995 1996 1995 ------- ------- ------- ------- (In thousands) Interest expense, homebuilding $ 1,519 $ 1,427 $ 2,985 $ 2,661 Interest income, homebuilding (158) (122) (239) (207) ------- ------- ------- ------- $ 1,361 $ 1,305 $ 2,746 $ 2,454 ======= ======= ======= ======= Interest expense, mortgage banking $ 83 $ 644 $ 260 $ 1,368 Interest income, mortgage banking (281) (665) (659) (1,334) ------- ------- ------- ------- $ (198) $ (21) $ (399) $ 34 ======= ======= ======= ======= 7 CONTINENTAL HOMES HOLDING CORP. AND SUBSIDIARIES ITEM 2. ------- MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Results of Operations - --------------------- Homebuilding ------------ The following table sets forth, for the periods indicated, unit activity, average sales price and revenue from home sales for the Company:
Quarters ended Six months ended November 30, November 30, ------------ ------------ 1996 1995 1996 1995 ---- ---- ---- ---- Units delivered 1,145 1,028 2,513 2,057 Average sales price $142,256 $131,696 $137,902 $130,447 Revenue from home sales (000's) $162,883 $135,384 $346,547 $268,330 Percentage increase from prior year 20.3% 40.8% 29.1% 33.3% Change due to volume 11.4% 40.1% 22.2% 31.9% Change due to average sales price 8.9% .7% 6.9% 1.4%
The volume increase in the quarter and six months ended November 30, 1996 compared to the same periods during fiscal 1996 resulted from improved deliveries in Denver, South Florida and Texas and the Company's expansion into the Dallas, Texas market. The average sales price increase in the quarter and six months ended November 30, 1996 compared to the same periods during fiscal 1996 resulted primarily from an increase in volume in the Denver market where the average sales price is over $206,000. The following table summarizes information related to the Company's backlog at the dates indicated: November 30, ------------ (Dollars in thousands) ---------------------- 1996 1995 ---- ---- Units Dollars Units Dollars ----- ------- ----- ------- Phoenix 714 $ 95,850 937 $117,972 Texas 492 53,523 421 46,539 South Florida 176 21,555 116 16,738 Denver 230 44,522 130 27,284 Southern California 72 24,630 88 21,401 ----- -------- ----- -------- Total backlog 1,684 $240,080 1,692 $229,934 ===== ======== ===== ======== Average price per unit $143 $136 ==== ==== The aggregate sales value of new contracts signed decreased 6% in the six months ended November 30, 1996 to $277,005,000 representing 2,048 homes as compared with $294,769,000 representing 2,256 homes for the six months ended November 30, 1995. Most of the decline was a result of decreased order activity in the Phoenix and Austin markets during the first six months of fiscal 1997 compared to the same period last year. This decline was the result of unusually strong new orders in the prior period and not due to a significant deterioration in either market. 8 The following table summarizes information related to cost of home sales, selling, general and administrative ("SG&A") expenses and interest, net for homebuilding:
Quarters ended November 30, Six months ended November 30, --------------------------- ----------------------------- 1996 1995 1996 1995 ---- ---- ---- ---- Dollars % Dollars % Dollars % Dollars % ------- - ------- - ------- - ------- - Revenue from home sales $162,883 100.0% $135,384 100.0% $346,547 100.0% $268,330 100.0% Cost of home sales 132,976 81.6 110,431 81.6 282,650 81.6 218,857 81.6 -------- ----- -------- ----- -------- ----- -------- ----- Gross profit from home sales 29,907 18.4 24,953 18.4 63,897 18.4 49,473 18.4 SG&A expenses 17,084 10.5 15,072 11.1 35,724 10.3 30,028 11.2 -------- ----- -------- ----- -------- ----- -------- ----- Operating income from homebuilding 12,823 7.9 9,881 7.3 28,173 8.1 19,445 7.2 Interest, net 1,361 .9 1,305 1.0 2,746 .8 2,454 .9 -------- ----- -------- ----- -------- ----- -------- ----- Pre-tax profit from homebuilding $ 11,462 7.0% $ 8,576 6.3% $ 25,427 7.3% $ 16,991 6.3% ======== ===== ======== ===== ======== ===== ======== =====
The increase in total SG&A expenses for the quarter and six months ended November 30, 1996 compared to the quarter and six months ended November 30, 1995 was principally due to the increased volume which increased variable marketing costs (sales commissions, advertising and model furniture amortization). Additionally, SG&A increased with the addition of the Dallas operation during the first quarter of fiscal 1997. SG&A expenses for each home delivered were $14,921 and $14,661 in the second quarter of fiscal 1997 and 1996, respectively and $14,216 and $14,598 in the first six months of fiscal 1997 and 1996, respectively. The Company capitalizes certain SG&A expenses for homebuilding. Accordingly, total SG&A costs incurred for homebuilding were $19,996,000 and $41,321,000 for the three and six months ended November 30, 1996 compared to $16,861,000 and $33,841,000 for the corresponding fiscal 1996 period. The Company capitalizes certain interest costs for its homebuilding operations and includes such capitalized interest in cost of home sales when the related units are delivered. Accordingly, total interest incurred by the Company was $6,263,000 and $12,208,000 for the three and six months ended November 30, 1996, respectively compared to $5,447,000 and $10,762,000 for the three and six months ended November 30, 1995, respectively. For the six month period ended November 30, 1996, interest, net for homebuilding was $2,746,000 compared with $2,454,000 for the six months ended November 30, 1995. The Company's pre-tax profit from homebuilding for the six months ended November 30, 1996 was $25,427,000 compared to $16,991,000 for the corresponding six months ended November 30, 1995. Pre-tax profit increased in the six months of fiscal 1997 due primarily to increased volume and improved results in most markets. 9 Mortgage Banking ---------------- The Company's mortgage banking operations are conducted through its wholly-owned subsidiary CH Mortgage Company ("CHMC"). The following table summarizes operating information for the Company's mortgage banking operations: Quarters ended Six months ended November 30, November 30, ------------ ------------ 1996 1995 1996 1995 ---- ---- ---- ---- (Dollars in thousands) Number of loans originated 680 685 1,557 1,361 Loan origination fees $ 636 $ 641 $ 1,480 $ 1,286 Sale of servicing and marketing gains 1,191 1,225 2,695 2,478 Other revenue 291 44 571 205 ------- ------- ------- ------- Total revenues 2,118 1,910 4,746 3,969 General and administrative expenses 1,783 1,261 3,504 2,696 ------- ------- ------- ------- Operating income from mortgage banking 335 649 1,242 1,273 Interest, net (198) (21) (399) 38 ------- ------- ------- ------- Pre-tax profit from mortgage banking $ 533 $ 670 $ 1,641 $ 1,235 ======= ======= ======= ======= Revenues and general and administrative expenses from mortgage banking increased in the six months ended November 30, 1996 primarily as a result of an increase in originations and expansion into the Denver, Miami and Southern California markets. Consolidated operations ----------------------- Net income was $17,028,000 ($2.44 per share, $1.76 fully diluted) for the six months ended November 30, 1996 compared to $10,539,000 ($1.52 per share, $1.30 fully diluted) for the period ended November 30, 1995. Liquidity and Capital Resources - ------------------------------- The Company's financing needs depend primarily upon sales volume, asset turnover, land acquisition and inventory balances. The Company has financed, and expects to continue to finance, its working capital needs through funds generated by operations and borrowings. Funds for future land acquisitions and construction costs are expected to be provided primarily by cash flows from operations and future borrowings as permitted under the Company's loan agreements. On June 27, 1996, the Company entered into a credit agreement ("Credit Agreement") with a group of banks which provides for a $110 million unsecured revolving line of credit. Borrowings under the Credit Agreement bear interest at LIBOR plus 1.75% or prime plus .125% at the Company's election and subject to the rating on its senior debt. Available borrowings under the Credit Agreement are limited to certain percentages of housing unit costs, finished lots, land under development and receivables as defined in the Credit Agreement. As a result of this formula, the borrowing base at November 30, 1996 was $110,000,000 and $41,500,000 was outstanding. The Company believes that amounts generated from operations and such additional borrowings will provide funds adequate to finance its existing homebuilding activities and meet its debt service requirements. The Company is currently negotiating to increase the aforementioned credit agreement to $140 million. Such increase will be used to fund the development costs at its Rancho Carrillo project in San Diego. The Company believes the line will be increased by the end of its third fiscal quarter. In the event the group of 10 banks does not increase the facility, the Company believes its current liquidity will be sufficient to fund the improvements. CHMC has a warehouse line of credit for $25,000,000 which is guaranteed by the Company. Pursuant to the warehouse line of credit, the Company issues drafts to fund its mortgage loans. The amount represented by a draft is drawn on the warehouse line of credit when the draft it presented for payment. At November 30, 1996, the amount outstanding under the warehouse line of credit and the amount of funding drafts that had not been presented for payment was $12,169,000. The Company believes that this line is sufficient for its mortgage banking operations. On November 10, 1995, the Company completed the sale of $75,000,000 principal amount of its 6-7/8% Convertible Subordinated Notes due November 2002. On December 5, 1995, the Company sold an additional $11,250,000 of such notes. The net proceeds were used to redeem the Company's 6-7/8% Convertible Subordinated Notes due March 2002 and to reduce temporarily outstanding amounts under certain of the Company's revolving lines of credit (including the warehouse line of credit). In connection with the redemption of the notes, the Company recorded, in the third quarter of fiscal 1996, an extraordinary loss, net of taxes, of approximately $859,000 due to the write-off of unamortized discount and debt issuance costs. The Convertible Notes are immediately convertible into shares of the Company's common stock at a rate of 42.105 shares for each $1,000 principal amount of Convertible Notes. On April 18, 1996 the Company completed the sale of $130,000,000 principal amount of its 10% Senior Notes due April 2006. The Company used approximately $107,542,000 of the net proceeds to repurchase $98,500,000 aggregate principal amount of its 12% Senior Notes due 1999. The remaining proceeds were used to reduce temporarily outstanding amounts under certain of the Company's revolving lines of credit. In connection with the repurchase of the 12% Senior Notes, the Company recorded, in the fourth quarter of fiscal 1996, an extraordinary loss, net of taxes, of approximately $6,059,000 related primarily to a tender offer premium. Pursuant to a stock repurchase plan approved by the Board of Directors on December 22, 1994, the Company repurchased 117,000 shares of its common stock at an average price of $16.36 in November 1996. Forward looking information; certain cautionary statements - ---------------------------------------------------------- Certain statements contained in this "Management's Discussion and Analysis of Financial Condition and Results of Operations" section are forward looking statements. Such statements involve risks and uncertainties and actual results may differ materially from those projected or implied. Further, certain forward looking statements are based on assumptions of future events which may not prove to be accurate. Risks and uncertainties include risks associated with new and future communities, competition, financing availability, fluctuations in interest rates or labor and material costs, government regulation, geographic concentration and general economic conditions. 11 CONTINENTAL HOMES HOLDING CORP. AND SUBSIDIARIES PART II OTHER INFORMATION Item 4. Submission of matters to a vote of Security Holders --------------------------------------------------- None. Item 6. Exhibits and Reports on Form 8-K -------------------------------- (a) 11 Statement of Computation of Earnings Per Share. 27 Financial Data Schedule. (b) Reports on Form 8-K: There were no reports on Form 8-K filed for the six months ended November 30, 1996. 12 CONTINENTAL HOMES HOLDING CORP. AND SUBSIDIARIES 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. CONTINENTAL HOMES HOLDING CORP. Date: January 7, 1997 By: /s/Julie E. Collins -------------------------- JULIE E. COLLINS Financial Vice President Date: January 7, 1997 By: /s/ Donald R. Loback -------------------------- DONALD R. LOBACK Chief Executive Officer 13 EX-11 2 COMPUTATION OF EARNINGS PER SHARE Exhibit 11 Continental Homes Holding Corp. Computation of Earnings Per Share (In thousands, except per share data)
Three months ended Six months ended November 30, November 30, ------------ ------------ Fully diluted: 1996 1995 1996 1995 ---- ---- ---- ---- Net income $ 7,792 $ 5,315 $ 17,028 $ 10,539 Interest Expense on convertible subordinated notes, net of income taxes 874 585 1,749 994 ----------- ----------- ----------- ----------- $ 8,666 $ 5,900 $ 18,777 $ 11,533 Weighted average number of shares outstanding 6,978,297 6,946,666 6,990,820 6,937,117 Conversion of convertible subordinated notes (42.55 shares per $1,000 principal amount of notes) -- 1,489,250 -- 1,489,250 Conversion of convertible subordinated notes (42.105 shares per $1,000 principal amount of notes) 3,631,556 736,838 3,631,556 368,419 Incremental shares relating to stock options exercisable 45,625 85,754 52,970 90,001 ----------- ----------- ----------- ----------- Weighted average number of shares outstanding assuming full dilution 10,655,478 9,258,508 10,675,346 8,884,787 =========== =========== =========== =========== Fully diluted net income per share $ .81 $ .64 $ 1.76 $ 1.30 =========== =========== =========== ===========
EX-27 3 ARTICLE 5 FDS FOR 2ND QUARTER 10-Q
5 1,000 U.S. DOLLARS 6-MOS MAY-31-1997 JUN-01-1996 NOV-30-1996 1 21,414 0 36,470 0 405,229 0 3,614 0 496,595 0 282,163 0 0 71 143,518 496,595 346,547 367,899 282,650 0 0 0 2,347 28,548 11,520 17,028 0 0 0 17,028 2.44 1.76
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