-----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, WIztFmJS7I/3gpz1ebpMkuXxi75zjR5JvSEli3PKKRTiBaNz1a+4oUAD9mvqFFOV bk9LKG6hOZXBn72ttPHDVQ== 0000820318-00-000015.txt : 20000512 0000820318-00-000015.hdr.sgml : 20000512 ACCESSION NUMBER: 0000820318-00-000015 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20000331 FILED AS OF DATE: 20000511 FILER: COMPANY DATA: COMPANY CONFORMED NAME: II-VI INC CENTRAL INDEX KEY: 0000820318 STANDARD INDUSTRIAL CLASSIFICATION: OPTICAL INSTRUMENTS & LENSES [3827] IRS NUMBER: 251214948 STATE OF INCORPORATION: PA FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 000-16195 FILM NUMBER: 625956 BUSINESS ADDRESS: STREET 1: 375 SAXONBURG BLVD CITY: SAXONBURG STATE: PA ZIP: 16056 BUSINESS PHONE: 4123524455 MAIL ADDRESS: STREET 1: 375 SAXONBURG BLVD CITY: SAXONBURG STATE: PA ZIP: 16056 10-Q 1 FORM 10-Q SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 [X] Quarterly Report under Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended March 31, 2000 [ ] Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from to . ------------ ------------- Commission File Number: 0-16195 II-VI INCORPORATED (Exact name of registrant as specified in its charter) PENNSYLVANIA 25-1214948 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 375 Saxonburg Boulevard Saxonburg, PA 16056 (Address of principal (Zip Code) executive offices) Registrant's telephone number, including area code: 724-352-4455 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: At May 5, 2000, 6,432,273 shares of Common Stock, no par value, of the registrant were outstanding. II-VI INCORPORATED AND SUBSIDIARIES INDEX Page No. PART 1 - FINANCIAL INFORMATION Item 1. Financial Statements: Condensed Consolidated Balance Sheets - March 31, 2000 and June 30, 1999. . . . . . . . . . 3 Condensed Consolidated Statements of Earnings - Three and nine months ended March 31, 2000 and 1999 . . . . . . . . . . . . . . 4 Condensed Consolidated Statements of Cash Flows - Nine months ended March 31, 2000 and 1999 . . . . . 6 Notes to Condensed Consolidated Financial Statements. . . . . . . . . . . . . . . . 7 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations . . . 11 Item 3. Quantitative and Qualitative Disclosures about Market Risk no significant changes since June 30, 1999) PART II - OTHER INFORMATION Item 6. Exhibits and Reports on Form 8-K. . . . . . . . . . 13 2 PART 1 - FINANCIAL INFORMATION Item 1. FINANCIAL STATEMENTS: -------------------- II-VI Incorporated and Subsidiaries Condensed Consolidated Balance Sheets (Unaudited) ($000) March 31, June 30, Assets 2000 1999 ------------ -------- Current Assets Cash and cash equivalents $ 5,221 $ 5,558 Accounts receivable - net 14,461 13,070 Inventories 11,881 9,096 Other current assets 1,911 1,289 ------------ -------- Total Current Assets 33,474 29,013 Property, Plant and Equipment, net 38,744 36,955 Other Assets 11,424 4,875 ------------ -------- $ 83,642 $ 70,843 ============ ======== Liabilities and Shareholders' Equity Current Liabilities Notes payable $ 4,000 $ 4,082 Accounts payable 2,413 1,934 Accrued salaries, wages and bonuses 3,764 2,836 Income taxes payable 589 367 Accrued profit sharing contribution 589 580 Other current liabilities 1,773 1,581 Current portion of long-term debt 44 43 ------------ -------- Total Current Liabilities 13,172 11,423 Long-Term Debt--less current portion 2,788 2,549 Other Liabilities, primarily deferred income taxes 3,951 2,378 Commitments & Contingencies - - Shareholders' Equity Preferred stock, no par value; authorized - 5,000,000 shares; unissued - - Common stock, no par value; authorized - 30,000,000 shares; issued - 6,946,913 shares at March 31, 2000; 6,875,766 shares at June 30, 1999 19,723 18,746 Accumulated other comprehensive income 3,073 272 Retained earnings 42,845 37,385 ------------ -------- 65,641 56,403 Less treasury stock, at cost - 534,440 shares at March 31, 2000 and June 30, 1999 1,910 1,910 ------------ -------- 63,731 54,493 ------------ -------- $ 83,642 $ 70,843 ============ ======== - -See notes to condensed consolidated financial statements. 3 II-VI Incorporated and Subsidiaries Condensed Consolidated Statements of Earnings (Unaudited) ($000 except per share data) Three Months Ended March 31, 2000 1999 Revenues -------- -------- Net sales: Domestic $ 9,212 $ 8,109 International 10,026 7,151 -------- -------- 19,238 15,260 Contract research and development 543 278 -------- -------- 19,781 15,538 -------- -------- Costs, Expenses & Other Income Cost of goods sold 10,905 8,792 Contract research and development 410 146 Internal research and development 744 617 Selling, general and administrative 4,933 3,592 Interest expense 79 61 Other income - net 85 107 -------- -------- 17,156 13,315 -------- -------- Earnings Before Income Taxes 2,625 2,223 Income Taxes 574 725 -------- -------- Net Earnings $ 2,051 $ 1,498 ======== ======== Basic Earnings Per Share $ 0.32 $ 0.24 ======== ======== Diluted Earnings Per Share $ 0.31 $ 0.23 ======== ======== - -See notes to condensed consolidated financial statements. 4 II-VI Incorporated and Subsidiaries Condensed Consolidated Statements of Earnings (Unaudited) ($000 except per share data) Nine Months Ended March 31, 2000 1999 Revenues -------- -------- Net sales: Domestic $ 26,004 $ 23,833 International 26,009 19,732 -------- -------- 52,013 43,565 Contract research and development 840 976 -------- -------- 52,853 44,541 -------- -------- Costs, Expenses & Other Income Cost of goods sold 29,609 26,838 Contract research and development 636 686 Internal research and development 1,969 1,769 Selling, general and administrative 12,947 10,035 Interest expense 258 341 Other income - net (46) (173) -------- -------- 45,373 39,496 -------- -------- Earnings Before Income Taxes 7,480 5,045 Income Taxes 2,020 1,616 -------- -------- Net Earnings $ 5,460 $ 3,429 ======== ======== Basic Earnings Per Share $ 0.86 $ 0.54 ======== ======== Diluted Earnings Per Share $ 0.83 $ 0.53 ======== ======== - -See notes to condensed consolidated financial statements. 5 II-VI Incorporated and Subsidiaries Condensed Consolidated Statements of Cash Flows (Unaudited) ($000) Nine Months Ended March 31, 2000 1999 -------- -------- Cash Flows from Operating Activities Net earnings $ 5,460 $ 3,429 Adjustments to reconcile net earnings to net cash provided by operating activities: Depreciation and amortization 3,934 3,645 Gain (loss) on foreign currency transactions 47 (877) Net loss on disposal or writedown of property, plant and equipment - 200 Deferred income taxes 80 240 Increase (decrease) in cash from changes in: Accounts receivable (1,997) 692 Inventories (2,634) 810 Accounts payable 353 (1,930) Other operating net assets 1,786 155 -------- -------- Net cash provided by operating activities 7,029 6,364 -------- -------- Cash Flows from Investing Activities Additions to property, plant and equipment (5,674) (4,051) Investments in unconsolidated businesses (2,894) - Disposals (additions) of other assets 619 (600) -------- -------- Net cash used in investing activities (7,949) (4,651) -------- -------- Cash Flows from Financing Activities Proceeds on short-term borrowings, net (91) (729) Payments on long-term borrowings (35) (22) Proceeds from sale of common stock 408 151 Purchases of treasury stock - (1,148) -------- -------- Net cash provided by financing activities 282 (1,748) Effect of exchange rate changes on cash and cash equivalents 301 358 -------- -------- Net (decrease) increase in cash and cash equivalents (337) 323 Cash and Cash Equivalents at Beginning of Period 5,558 4,160 -------- -------- Cash and Cash Equivalents at End of Period $ 5,221 $ 4,483 ======== ======== - -See notes to condensed consolidated financial statements. 6 II-VI Incorporated and Subsidiaries Notes to Condensed Consolidated Financial Statements (Unaudited) Note A - Basis of Presentation --------------------- The consolidated financial statements for the three and nine month periods ended March 31, 2000 and 1999 are unaudited. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation for the periods presented have been included. These interim statements should be read in conjunction with the audited consolidated financial statements and footnotes thereto contained in the Company's 1999 Annual Report to shareholders. The consolidated results of operations for the three and nine month periods ended March 31, 2000 and 1999 are not necessarily indicative of the results to be expected for the full year. Certain reclassifications were made to the prior period financial statements in order for them to be in conformity with current period presentation. Note B - Inventories ($000) ------------------- The components of inventories are as follows: March 31, June 30, 2000 1999 --------- -------- Raw materials $ 3,095 $ 3,014 Work in progress 5,624 3,731 Finished goods 3,162 2,351 --------- -------- $11,881 $ 9,096 ========= ======== Note C - Property, Plant and Equipment ($000) ------------------------------------ Property, plant and equipment (at cost) consist of the following: March 31, June 30, 2000 1999 --------- -------- Land and land improvements $ 1,525 $ 1,501 Buildings and improvements 20,403 19,559 Machinery and equipment 45,564 40,758 --------- -------- 67,492 61,818 Less accumulated depreciation 28,748 24,863 --------- -------- $38,744 $36,955 ========= ======== 7 II-VI Incorporated and Subsidiaries Notes to Consolidated Financial Statements (Unaudited), Continued Note D - Debt ---- On March 25, 2000, the Company renewed its $15.0 million unsecured line of credit agreement with PNC Bank through March 24, 2001. This line of credit may be extended upon the mutual agreement of the Company and PNC Bank for an additional year. The average interest rate in effect as of March 31, 2000 was 6.76%. As of March 31, 2000, the total borrowings under this line of credit were $4.0 million. The Company is subject to certain restrictive covenants under this agreement. Note E - Earnings Per Share ------------------ The following table sets forth the computation of earnings per share for the periods indicated: Three Months Ended Nine Months Ended March 31, March 31, (000 except per share data) 2000 1999 2000 1999 - --------------------------------------------------------------------- Net earnings $2,051 $1,498 $5,460 $3,429 Divided by: Weighted average shares 6,382 6,323 6,361 6,368 - --------------------------------------------------------------------- Basic earnings per share $0.32 $0.24 $0.86 $0.54 - --------------------------------------------------------------------- Net earnings $2,051 $1,498 $5,460 $3,429 Divided by: Weighted average shares 6,382 6,323 6,361 6,368 Dilutive effect of common stock equivalents 266 137 199 138 - --------------------------------------------------------------------- Diluted weighted average common shares 6,648 6,460 6,560 6,506 - --------------------------------------------------------------------- Diluted earnings per share $0.31 $0.23 $0.83 $0.53 Note F - Other Comprehensive Income -------------------------- The Company adopted Statement of Financial Accounting Standards (SFAS) No. 130, "Reporting Comprehensive Income" which requires the Company to report and disclose a measure ("comprehensive income") of all changes in shareholders' equity that result from transactions and other economic events of the period other than transactions with owners. Accumulated other comprehensive income on the condensed consolidated balance sheets consists of unrealized gains on investments and foreign currency translation adjustments. The components of comprehensive income were as follows for the periods indicated ($000): 8 II-VI Incorporated and Subsidiaries Notes to Consolidated Financial Statements (Unaudited), Continued Three Months Ended Nine Months Ended March 31, March 31, 2000 1999 2000 1999 - --------------------------------------------------------------------- Net earnings $2,051 $1,498 $5,460 $3,429 Change in unrealized gain on investment 2,376 - 2,933 - Foreign currency translation adjustments (1) (133) (132) (632) - --------------------------------------------------------------------- Comprehensive income $4,426 $1,365 $8,261 $2,797 - --------------------------------------------------------------------- Note G - Segment Reporting ----------------- The Company adopted SFAS No. 131, "Disclosures About Segments of an Enterprise and Related Information" (SFAS No. 131), which requires the use of the 'management approach' model for segment reporting. The Company has two reportable segments: Optical Components, which is an aggregation of the Company's infrared optics and material products business and the Company's VLOC subsidiary under the guidelines of SFAS No. 131, and Radiation Detectors. The accounting policies of the segments are the same as those of the Company. Substantially all of the Company's corporate expenses are allocated to the segments. The Company evaluates segment performance based upon reported segment profit or loss from operations. Inter-segment sales and transfers are insignificant. The following table summarizes selected financial information of the Company's operations by segment ($000's): Three Months Ended March 31, 2000 ----------------------------------- Optical Radiation Components Detectors Totals - --------------------------------------------------------------- Net revenues $18,052 $1,729 $19,781 Income (loss) from operations 3,305 (516) 2,789 Interest expense - - 79 Other expense (income), net - - 85 Earnings before income taxes - - 2,625 Segment assets 75,129 8,513 83,642 Three Months Ended March 31, 1999 ----------------------------------- Optical Radiation Components Detectors Totals - --------------------------------------------------------------- Net revenues $14,126 $1,412 $15,538 Income (loss) from operations 2,621 (230) 2,391 Interest expense - - 61 Other expense (income), net - - 107 Earnings before income taxes - - 2,223 Segment assets 59,261 8,383 67,644 9 II-VI Incorporated and Subsidiaries Notes to Consolidated Financial Statements (Unaudited), Continued Nine Months Ended March 31, 2000 ----------------------------------- Optical Radiation Components Detectors Totals - --------------------------------------------------------------- Net revenues $48,561 $4,292 $52,853 Income (loss) from operations 9,113 (1,421) 7,692 Interest expense - - 258 Other expense (income), net - - (46) Earnings before income taxes - - 7,480 Segment assets 75,129 8,513 83,642 Nine Months Ended March 31, 1999 ----------------------------------- Optical Radiation Components Detectors Totals - --------------------------------------------------------------- Net revenues $40,508 $4,033 $44,541 Income (loss) from operations 6,091 (878) 5,213 Interest expense - - 341 Other expense (income), net - - (173) Earnings before income taxes - - 5,045 Segment assets 59,261 8,383 67,644 Note H - Investment in Laser Power Corporation ------------------------------------- On September 21, 1999, the Company purchased 1,250,000 shares of Laser Power Corporation common stock for a total purchase price of approximately $2.8 million. As of March 31, 2000, the Company owned a total of 1,252,100 shares of Laser Power Corporation common stock. Based on information available to the Company, as of March 31, 2000, the Company owned approximately 12.8% of the outstanding common stock of Laser Power Corporation. Laser Power Corporation is a competitor of the Company which produces infrared and CO2 laser optics. This investment is being accounted for under the cost method of accounting. This investment is included in "Other Assets" in the accompanying condensed consolidated balance sheet as of March 31, 2000. 10 Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND --------------------------------------------------------------- RESULTS OF OPERATIONS --------------------- Results of Operations - --------------------- Net earnings for the third quarter of fiscal 2000 were $2,051,000 ($0.31 per share-diluted) on revenues of $19,781,000. This compares to net earnings of $1,498,000 ($0.23 per share-diluted) on revenues of $15,538,000 in the third quarter of fiscal 1999. For the nine months ended March 31, 2000, net earnings were $5,460,000 ($0.83 per share-diluted) on revenues of $52,853,000. This compares with net earnings of $3,429,000 ($0.53 per share-diluted) on revenues of $44,541,000 for the same period last fiscal year. Order bookings for the third quarter of fiscal 2000 were $23,473,000 compared to $14,655,000 for the same period last fiscal year, an increase of 60%. Bookings for contract research and development for the third quarter of fiscal year 2000 were $1,902,000, including a booking for approximately $450,000 for silicon carbide research and development. There were no contract research and development bookings during the same period last fiscal year. Excluding these long-term research and development contract bookings, manufacturing bookings increased 47%. For the quarter, bookings for laser optics and component products increased approximately 50% and included bookings of approximately $700,000 for telecommunication products while bookings for the eV PRODUCTS division increased approximately 300%. Order bookings for the nine months ended March 31, 2000 were $60,329,000 compared to $43,959,000 for the same period last fiscal year, an increase of 37%. Bookings for contract research and development for the nine months ended March 31, 2000 were $2,350,000 compared to $241,000 for the same period last fiscal year. Excluding these long-term research and development contract bookings, manufacturing bookings increased 33%. For the year-to-date, bookings for laser optics and component products increased approximately 35% and included bookings of approximately $700,000 for telecommunication products while bookings for the eV PRODUCTS division increased approximately 70%. Revenues for the third quarter of fiscal 2000 increased 27% to $19,781,000 compared to $15,538,000 for the same period last fiscal year. For the nine months ended March 31, 2000, revenues increased 19% to $52,853,000 from $44,541,000 for the same period last fiscal year. For the quarter, revenues from laser optics and products increased by approximately 30% while revenues from the eV PRODUCTS division increased by approximately 20%. For the year-to-date, revenues from laser optics and products increased by approximately 20% while revenues from the eV PRODUCTS division increased by approximately 5%. Manufacturing gross margin for the third quarter of fiscal 2000 was $8,333,000 or 43% of revenues compared to $6,468,000 or 42% of revenues for the same period last fiscal year. For the nine months ended March 31, 2000, manufacturing gross margin was $22,404,000 or 43% of revenues compared to $16,727,000 or 38% of revenues for the same period last fiscal year. The higher gross margin percentage for the quarter and year-to-date reflects productivity gains and cost control programs, lower per unit cost associated with higher production volume for laser optics and component products and a strengthened Japanese Yen. Company-funded internal research and development expenses for the third quarter of fiscal 2000 were $744,000 or 4% of revenues compared to $617,000 or 4% of revenues for the same period last fiscal year. For the nine months ended March 31, 2000, internal research and development expenses were $1,969,000 or 4% of revenues compared to $1,769,000 or 4% of revenues for the same period last fiscal year. The increased expenses for the quarter and year-to-date reflect projects associated with developing nuclear radiation detectors, infrared optics and materials and silicon carbide. Selling, general and administrative expenses for the third quarter of fiscal 2000 were $4,933,000 or 25% of revenues compared to $3,592,000 or 23% of revenues for the same period last fiscal year. For the nine months ended March 31, 2000, selling, general and administrative expenses were $12,947,000 or 24% of revenues compared to $10,035,000 or 23% of revenues for the same period last fiscal year. The quarter and year-to-date dollar and percentage increases are attributable to increased compensation expense associated with the Company's worldwide profit-driven bonus programs and increased professional service expenses. 11 Interest expense for the third quarter of fiscal 2000 was $79,000 compared to $61,000 for the same period last fiscal year. For the nine months ended March 31, 2000, interest expense was $258,000 compared to $341,000 for the same period last fiscal year. The quarter and year-to-date fluctuations in interest expense are the direct result of changes in average borrowings over the corresponding periods. For fiscal 2000, the Company's year-to-date effective income tax rate is 27% compared to an effective income tax rate of 32% for the same period last fiscal year. The decrease in the effective income tax rate is primarily attributable to an increase in the utilization of the tax savings available to the Company from its foreign sales corporation. The Company currently expects the effective income tax rate for fiscal 2001 to be approximately 30%. Liquidity and Capital Resources - ------------------------------- Cash decreased during the first nine months of fiscal 2000 by $337,000 primarily due to capital expenditures, the purchase of 1,252,000 shares of Laser Power Corporation common stock and increases in inventory and accounts receivable. These items were offset by net earnings before depreciation and amortization of $9,394,000 and decreases in other assets. The Company generated $7,029,000 in cash from operations during the first nine months of fiscal 2000. The Company believes internally generated funds, existing cash reserves and available borrowing capacity will be sufficient to fund its working capital needs, capital expenditures and scheduled debt payments for fiscal 2000. This Management's Discussion and Analysis contains forward looking statements as defined by Section 21E of the Securities Exchange Act of 1934, as amended, including the statements regarding the Company's ability to fund future working capital needs, capital expenditures and scheduled debt payments. Forward-looking statements are also identified by words such as "expects," "anticipates," "intends," "plans," "projects" or similar expressions. Actual results could materially differ from such statements if worldwide economic conditions change, competitive conditions intensify, and/or technology problems emerge. There are additional risk factors that could affect the Company's business, results of operations or financial condition. Investors are encouraged to review the risk factors set forth in the Company's 1999 Form 10-K as filed with the Securities and Exchange Commission on September 28, 1999. Other Matters - ------------- The Company experienced no material problems with its information and non-information systems, or those of its vendors, customers or financial institutions, as a result of the date change to the Year 2000. 12 PART II - OTHER INFORMATION Item 6. EXHIBITS AND REPORTS ON FORM 8-K. - ------ --------------------------------- (a) Exhibits. 10.01 Extension Letter Agreement Filed herewith. by and between PNC Bank, National Association and II-VI Incorporated for Amended and Restated Letter Agreement for Committed Line of Credit 27.01 Financial Data Schedule Filed herewith. (b) Reports on Form 8-K. None. 13 SIGNATURES ---------- Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. II-VI INCORPORATED (Registrant) Date: May 11, 2000 By: /s/ Carl J. Johnson ------------------------------------ Carl J. Johnson Chairman and Chief Executive Officer Date: May 11, 2000 By: /s/ James Martinelli ------------------------------------ James Martinelli Treasurer & Chief Financial Officer 14 EXHIBIT INDEX Exhibit No. 10.01 Extension Letter Agreement. . . . . Filed herewith. by and between PNC Bank, National Association and II-VI Incorporated for Amended and Restated Letter Agreement for Committed Line of Credit 27.01 Financial Data Schedule. . . . . . .Filed herewith. 15 EX-10 2 PNC Bank, N.A. Pittsburgh, PA 15265 EXTENSION LETTER PNC BANK March 23, 2000 II-VI Incorporated 375 Saxonburg Boulevard Saxonburg, Pennsylvania 16056 Attention: James Martinelli Treasurer and Chief Financial Officer Re: Extension of Expiration Date for $15,000,000 Committed Line of Credit Ladies and Gentleman: Pursuant to your request, we hereby agree to extend the Expiration Date (as such term is defined in that certain Amended and Restated Letter Agreement between us, dated March 26, 1999 (the "Credit Agreement")) from its current date of March 25, 2000 to March 24, 2001, effective on March 26, 2000. All other terms and conditions of the Credit Agreement and the other Loan Documents (as defined in the Credit Agreement) shall remain in full force and effect and are hereby ratified and reaffirmed. Very truly yours, PNC BANK, NATIONAL ASSOCIATION By: /s/ Enrico Della Corna ---------------------------------- Enrico Della Corna, Vice President The foregoing terms are hereby agreed to and accepted as of the date of this letter. II-VI INCORPORATED By: /s/ Francis J. Kramer ------------------------------------- Francis J. Kramer, President and Chief Operating Officer Cc: II-VI Delaware, Incorporated, Guarantor VLOC Incorporated, Guarantor EX-27 3
5 1,000 3-MOS 9-MOS JUN-30-2000 JUN-30-2000 JAN-01-2000 JUL-01-1999 MAR-31-2000 MAR-31-2000 5,221 5,221 0 0 15,032 15,032 571 571 11,881 11,881 33,474 33,474 67,492 67,492 28,748 28,748 83,642 83,642 13,172 13,172 2,788 2,788 0 0 0 0 19,723 19,723 44,008 44,008 83,642 83,642 19,781 52,853 19,781 52,853 11,315 30,245 11,315 30,245 5,762 14,870 0 0 79 258 2,625 7,480 574 2,020 2,051 5,460 0 0 0 0 0 0 2,051 5,460 0.32 0.86 0.31 0.83
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