-----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, PSZ9jVwkbqJr4O/i5+xUQNQPqry9qtiGG7qeaIS5WJ3k9bNpr/rc7ABVIpGtIoDS iQRXgZJ54LSW8a/ZDH1rbw== 0000927356-96-001035.txt : 19961113 0000927356-96-001035.hdr.sgml : 19961113 ACCESSION NUMBER: 0000927356-96-001035 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19960930 FILED AS OF DATE: 19961112 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: KEY PRODUCTION CO INC CENTRAL INDEX KEY: 0000837290 STANDARD INDUSTRIAL CLASSIFICATION: CRUDE PETROLEUM & NATURAL GAS [1311] IRS NUMBER: 841089744 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-11769 FILM NUMBER: 96659580 BUSINESS ADDRESS: STREET 1: 1700 LINCOLN ST STREET 2: STE 2050 ONE NORWEST CTR CITY: DENVER STATE: CO ZIP: 80203 BUSINESS PHONE: 3038370779 MAIL ADDRESS: STREET 1: 1700 LINCOLN STREET STREET 2: SUITE 2000 ONE NORWEST CENTER CITY: DENVER STATE: CO ZIP: 80203 10-Q 1 FORM 10-Q FORM 10-Q SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 [ X ] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 1996 OR [ ] 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 0-17162 --------------- KEY PRODUCTION COMPANY, INC. - ------------------------------------------------------------------------------ (Exact name of registrant as specified in its charter) Delaware 84-1089744 - ------------------------------------------------------------------------------ (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification Number) One Norwest Center, 20th Floor 1700 Lincoln Street, Denver, Colorado 80203-4520 - ------------------------------------------------------------------------------ (Address of Principal Executive Offices) (Zip Code) Registrant's Telephone Number, Including Area Code (303) 837-0779 --------------- 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 ------ ------ The number of shares of Key Production Company, Inc. common stock, $.25 par value, outstanding as of September 30, 1996, is 11,640,562. PART I - FINANCIAL INFORMATION ------------------------------ ITEM 1 - FINANCIAL STATEMENTS - ----------------------------- KEY PRODUCTION COMPANY, INC. CONSOLIDATED STATEMENT OF INCOME (Unaudited)
For the Quarter For the Nine Months Ended September 30, Ended September 30, -------------------- -------------------- (In thousands, except per share data) 1996 1995 1996 1995 -------- -------- ------- ------- REVENUES: Oil and gas production revenues $ 9,584 $ 4,747 $ 25,592 $ 14,168 Other revenues 204 35 286 40 ------- -------- -------- -------- 9,788 4,782 25,878 14,208 ------- -------- ------- -------- OPERATING EXPENSES: Depreciation, depletion and amortization 3,047 1,831 9,006 5,393 Operating costs 2,625 1,679 6,842 4,792 Administrative, selling and other 461 338 1,524 1,076 Financing costs: Interest expense 168 55 494 164 Interest income (14) (4) (38) (10) ------- -------- ------- -------- 6,287 3,899 17,828 11,415 ------- -------- ------- -------- INCOME BEFORE INCOME TAXES 3,501 883 8,050 2,793 PROVISION FOR INCOME TAXES 1,330 106 3,059 600 ------- -------- ------- -------- NET INCOME $ 2,171 $ 777 $ 4,991 $ 2,193 ======= ======== ======= ======== NET INCOME PER COMMON AND COMMON EQUAVALENT SHARE $ .18 $ .08 $ .44 $ .23 ======= ======== ======= ======== WEIGHTED AVERAGE COMMON AND COMMON EQUIVALENT SHARES OUTSTANDING 12,353 9,639 11,360 9,623 ======= ======= ======= =======
The accompanying notes to financial statements are an integral part of this statement. -2- KEY PRODUCTION COMPANY, INC. CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited)
For the Nine Months Ended September 30, ------------------------- (In thousands) 1996 1995 -------- -------- CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 4,991 $ 2,193 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation, depletion and amotization 9,006 5,393 Deferred income taxes 2,738 488 Changes in operating assets and liabilities net of the effect of businesses acquired: (Increase) decrease in receivables (1,693) 304 Increase in prepaid expenses and other (180) (252) Decrease in accounts payable and accrued expenses (136) (982) Decrease in long-term property liabilities and other (139) (21) --------- ------- Net cash provided by operating activities 14,587 7,123 --------- ------- CASH FLOWS FROM INVESTING ACTIVITIES: Oil and gas exploration and development expenditures (12,795) (8,005) Acquisition of oil and gas properties (640) (543) Cash received in connection with acquisition net of purchase adjustments 2,879 - Proceeds from sale of oil and gas properties 724 351 Other capital expenditures (151) (158) --------- ------- Net cash used by investing activities (9,983) (8,355) --------- ------- CASH FLOWS FROM FINANCING ACTIVITIES: Long-term borrowings 10,104 1,700 Payments on long-term debt (14,154) (300) Payments to acquire treasury stock (2) (5) Proceeds from issuance of common stock 24 - --------- ------- Net cash provided (used) by financing activities (4,028) 1,395 --------- ------- NET INCREASE IN CASH AND CASH EQUIVALENTS 576 163 CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 591 281 --------- ------ CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 1,167 $ 444 ========= =======
The accompanying notes to financial statements are an integral part of this statement. -3- KEY PRODUCTION COMPANY, INC. CONSOLIDATED BALANCE SHEET
September 30, December 31, (In thousands) 1996 1995 -------------- ------------- (Unaudited) ASSETS CURRENT ASSETS: Cash and cash equivalents $ 1,167 $ 591 Receivables 6,143 3,346 Prepaid expenses and other 940 481 -------- -------- 8,250 4,418 -------- -------- OIL AND GAS PROPERTIES, ON THE BASIS OF FULL COST ACCOUNTING: Proved properties 92,423 61,470 Unproved properties and properties 12,158 9,104 under development, not being amortized 104,581 70,574 Less - accumulated depreciation, depletion and amortization (25,302) (16,420) -------- -------- 79,279 54,154 -------- -------- OTHER ASSETS,NET 654 627 -------- -------- $ 88,183 $ 59,199 ======== ======== LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Current maturities of long-term debt $ 3,083 $ - Accounts payable 3,051 2,948 Accrued exploration and development 1,108 370 Accrued lease operating expense and other 1,331 531 -------- -------- 8,573 3,849 -------- -------- 15,417 14,600 -------- -------- LONG-TERM DEBT DEFERRED CREDITS AND OTHER NONCURRENT LIABILITIES Income taxes 7,555 3,199 Long-term property liabilities and other 2,004 1,852 -------- -------- 9,559 5,051 -------- -------- STOCKHOLDERS' EQUITY: Common stock, $.25 par value, 50,000,000 shares authorized, 11,677,061 and 11,656,350 shares issued, respectively 2,919 2,914 Paid-in capital 37,380 34,401 Retained earnings 14,480 9,489 Treasury stock at cost, 36,499 and 2,806,882 shares, respectively (145) (11,105) -------- -------- 54,634 35,699 -------- -------- $ 88,183 $ 59,199 ======== ========
The accompanying notes to financial statements are an integral part of this statement. -4- KEY PRODUCTION COMPANY, INC. CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (Unaudited)
Total Stock- Common Paid-in Retained Treasury holders' Stock Capital Earnings Stock Equity ----------- ------- -------- ----- ------ (In thousands, except per share data) BALANCE, DECEMBER 31, 1995 $2,914 $34,401 $ 9,489 $(11,105) $35,699 Net income - - 4,991 - 4,991 Common stock issued 5 20 - - 25 Treasury stock issued - 2,959 - 10,962 13,921 Treasury stock purchased - - - (2) (2) ------ ------- ------- -------- ------- BALANCE, SEPTEMBER 30, 1996 $2,919 $37,380 $14,480 $ (145) $54,634 ====== ======= ======= ======== =======
The accompanying notes to financial statements are an integral part of this statement. -5- KEY PRODUCTION COMPANY, INC. NOTES TO FINANCIAL STATEMENTS (Unaudited) The financial statements included herein have been prepared by Key Production Company, Inc. ("Key" or the "Company"), without audit, pursuant to the rules and regulations of the Securities and Exchange Commission, and reflect all adjustments which are, in the opinion of management, necessary to a fair statement of the results for the interim periods, on a basis consistent with the annual audited statements. All such adjustments are of a normal, recurring nature except as disclosed herein. Certain information, accounting policies, and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been omitted pursuant to such rules and regulations, although the Company believes that the disclosures are adequate to make the information presented not misleading. These financial statements should be read in conjunction with the financial statements and summary of significant accounting policies and notes thereto included in the Company's latest annual report on Form 10-K. BASIS OF PRESENTATION Key consummated the acquisition of Brock Exploration Corporation ("Brock") on March 28, 1996 in a tax-free reorganization pursuant to which Brock became a wholly-owned subsidiary of Key. To effect the transaction, each Brock shareholder received one share of Key common stock for each 1.45 Brock shares held. The accompanying financial statements include the accounts of Key for 1996 and 1995 and the accounts of Brock for periods subsequent to the acquisition. The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. INCOME TAXES Income tax expense consisted of the following:
Nine Months Ended September 30, ------------------------------- 1996 1995 --------- --------- Current Taxes: Federal $ - $ - State 321 112 Deferred Taxes: 2,738 488 --------- --------- $ 3,059 $ 600 ========= =========
-6- STATEMENT OF CASH FLOWS The Company considers all highly liquid debt instruments purchased with an original maturity of three months or less to be cash equivalents. These investments earned 5.1 percent and 5.3 percent rates of interest at September 30, 1996 and December 31, 1995, respectively, with cost approximating market. SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION For the Nine Months Ended September 30, ------------------- 1996 1995 -------- -------- (In thousands) Cash paid during the period for: Interest (net of amounts capitalized) $ 394 $ 114 Income taxes $ 188 $ 361 SUPPLEMENTAL SCHEDULE OF NONCASH INVESTING AND FINANCING ACTIVITIES In connection with the Brock acquisition, the Company received cash and cash equivalents totaling $2,433,000. In addition to the cash impact, the acquisition had the following noncash impact on the Company's September 30, 1996 balance sheet:
Amount ------ (in thousands) Current assets $ 1,383 Oil and gas properties 21,011 ------- $22,394 ======= Current liabilities $ 1,099 Long-term debt 7,950 Non-current liabilities 1,909 Stockholders' equity 13,869 ------- $24,827 =======
PRO FORMA FINANCIAL INFORMATION The following unaudited pro forma information was prepared as if the Brock acquisition occurred on January 1, 1995. The pro forma data presented is based on numerous assumptions and is not necessarily indicative of future results of operations.
Nine Months Ended Nine Months Ended September 30, 1996 September 30, 1995 -------------------- --------------------- (In thousands, except per share data) Revenues $28,383 $21,522 Net income $ 5,532 $ 3,249 Net income per share $ .46 $ .26
-7- SUBSEQUENT EVENT On October 10, 1996, the Company purchased 224,022 shares of Key common stock from Lawrence Brock for $10.00 per share. Mr. Brock was the Chairman and Chief Executive Officer of Brock at the time Brock was acquired by the Company. The purchase was funded using the Company's existing credit facility. Prospectively, the resulting reduction in the number of shares outstanding will proportionately increase the per share amounts Key reports. -8- ITEM 2 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS FINANCIAL RESULTS Key is reporting net income of $.18 per share, or $2,171,000 for the third quarter of 1996. This represents an increase of 125 percent over the $.08 per share, or $777,000 reported for the same period of 1995. These results are based on revenues of $9.8 million and $4.8 million, respectively. On a year-to-date basis, earnings rose 91 percent or $.21 per share to $.44 per share in 1996. Net income climbed 128 percent to reach $4,991,000 for the first nine months of 1996. Revenues for the first nine months of 1996 and 1995 were $25.9 million and $14.2 million, respectively. Key's strong results for the third quarter and first nine months are directly related to improved oil and gas prices and significant production increases from new drilling and the acquisition of Brock Exploration Corporation ("Brock") at the end of March 1996. RESULTS OF OPERATIONS
For the Quarter For the Nine Months Ended September 30, Ended September 30, -------------------- ------------------- 1996 1995 1996 1995 -------- -------- -------- -------- Selected Oil and Gas Operating Statistics - -------------------- Gas Volume - Mcf per day 26,758 14,073 24,658 14,236 Gas Price - Per Mcf $ 1.96 $ 1.65 $ 1.97 $ 1.67 Oil Volume - Barrels per day 2,466 1,823 2,251 1,750 Oil Price - Per barrel $ 20.51 $ 15.05 $ 19.46 $ 15.66 Full Cost Amortization Rate 31.4% 38.7% 34.7% 37.4%
Oil and gas revenues doubled between the third quarters of 1996 and 1995 as a result of increases in production and oil and gas prices. Year-to-date revenues for 1996 increased by 81 percent over 1995 results for the same period. Both the quarter and nine month results for 1996 reflect the impact of the Brock acquisition and the Company's successful drilling program. Oil sales for the current quarter of $4.7 million are 84 percent, or $2.1 million, above the same quarter a year ago. The Company's average oil price surged from $15.05 in 1995 to $20.51 in 1996, elevating oil sales by $1.2 million. Oil production climbed 35 percent to 2,466 barrels per day in 1996 and added an extra $.9 million. Oil sales for the first nine months of 1996 increased 61 percent, or $4.5 million, over 1995 sales for the same period. Higher production and favorable prices contributed almost equally to the variance. Average daily production advanced from 1,750 barrels per day in 1995 to 2,251 barrels per day in 1996. Oil prices changed from $15.66 per barrel in 1995 to $19.46 per barrel in 1996. Gas sales for the quarter showed even greater gains than the Company's oil sales. Key is reporting third quarter gas sales of $4.8 million in 1996, compared to $2.1 million in 1995. Daily production increased 90 percent to reach 26,758 Mcf per day in 1996. Production growth boosted gas sales for the quarter by $1.9 million. A $.31 per Mcf increase to the average price contributed another $.8 million to gas sales for the quarter. -9- For the nine month periods, gas sales increased by 105 percent to $13.3 million. Daily production increased from 14,236 Mcf per day to 24,658 Mcf per day and added approximately $4.8 million to gas sales. Key's average gas price increased by $.30 Mcf to reach $1.97 per Mcf and equated to another $2 million in gas sales. Product sales from gas processing plants for the third quarter and first nine months increased 22 percent and 41 percent, respectively, but did not contribute a significant amount to oil and gas revenues. Key's third quarter oil and gas revenues are derived from the following product mix: 49 percent oil, 50 percent gas and 1 percent plant products. This compares to the following components for the third quarter of 1995: 53 percent oil, 45 percent gas and 2 percent plant products. Other revenue for the nine months of 1996 and 1995 is $286,000 and $40,000, respectively. Key acquired a pipeline in the first quarter of 1996 as part of the Brock acquisition. The majority of other revenue for 1996 is derived from this pipeline ($132,000) and a contract settlement ($123,000). Other revenue for 1995 includes two small contract settlements. Depreciation, depletion and amortization (DD&A) expense for the third quarter and first nine months of 1996 increased 66 percent and 67 percent, respectively, from the comparable periods of 1995. The DD&A increase was a direct result of Key's increased oil and gas sales. However, due to a decline in the 1996 DD&A rate, the increase was not as pronounced as the sales increase. Key's third quarter amortization rate as a percentage of revenue decreased from 38.7 percent to 31.4 percent in 1996. For the nine months, the amortization rate decreased from 37.4 percent to 34.7 percent. Improved product prices, particularly for oil, through the first nine months of 1996 were the catalyst for improved DD&A rates. Operating expenses increased 56 percent between the third quarters of 1996 and 1995, and increased 43 percent between the first nine months of 1996 and 1995. Expense increases are a result of the Brock acquisition in 1996 and the resulting larger property base. In contrast, expenses compared on a unit of production basis decreased between 1996 and 1995 for the quarter and first nine months. Third quarter unit of production operating expenses dropped from $.73 per EMcf in 1995 to $.69 per EMcf in 1996. For the nine months, expenses went from $.71 per EMcf to $.65 per EMcf in 1996. (Oil is compared to natural gas in terms of equivalent thousand cubic feet, "EMcf." One barrel of oil is the energy equivalent of six Mcf of natural gas.) Administrative, selling and other costs declined on a units of production basis from $.15 per EMcf in the third quarter of 1995 to $.12 per EMcf in 1996. Interest cost for the first nine months increased from $586,000 in 1995 to $990,000 in 1996. Key assumed an additional $7.9 million of bank debt in connection with the Brock acquisition. The long-term debt balance at September 30, 1996 was $18.5 million, compared to $11.4 million at September 30, 1995. Interest of $496,000 was capitalized in the first nine months of 1996 for borrowings associated with the undeveloped leasehold acquired in the second quarter of 1994. Capitalized interest of $422,000 was recorded for the same period of 1995. -10- CASH FLOW AND LIQUIDITY Liquidity refers to the ability of an enterprise to generate adequate amounts of cash to satisfy its financial commitments. Key's primary needs for cash are for payment of existing financing obligations and trade commitments related to oil and gas operations. The Company's primary sources of liquidity are cash flows from operating activities and debt financing. Management believes that the overall sources of funds available to Key, including cash on hand, will continue to be more than sufficient to satisfy the Company's financial obligations. Cash from operating activities increased 105 percent to $14.6 million between the first nine months of 1996 and 1995. Year-to-date expenditures of $12.8 million for exploration and development are up 60 percent from the $8 million spent in 1995. In the first nine months of 1996, exploration and development expenditures amounted to 88 percent of cash from operating activities. For the same period of 1995, 112 percent of cash from operating activities was expended for exploration and development. On March 28, 1996, Key consummated a merger with Brock Exploration Corporation. In this non-cash transaction, Brock became a wholly-owned subsidiary of Key. Key's consolidated balance sheet includes the assets and liabilities as well as the adjustments required to record the acquisition under purchase accounting rules. Since year-end 1995, long-term debt increased from $14.6 million to $18.5 million. Subsequent to the acquisition of Brock, Key drew on its own credit facility to retire the Brock debt and obtain more favorable financing terms. The Company's bank financing is a $50 million credit facility with NationsBank of Texas, N.A. In March of 1996, the Company elected to increase the borrowing base from $22 million to $36 million to retire the Brock debt and fund any future acquisition and drilling opportunities. The current borrowing base is still significantly less than the total borrowing base that could have been requested under the terms of the agreement. The Company's ratio of current assets to current liabilities was 1 to 1 at September 30, 1996, a decrease from the 1.1 to 1 ratio calculated at December 31, 1995. FUTURE TRENDS Exploration activity continues at a pace ahead of last year. The Company expended $5 million for exploration and development during the third quarter, bringing the total to $12.8 million for the first nine months of 1996, well ahead of the $8 million invested at this point last year. A comparable level of expenditures is expected to continue through yearend. Drilling results will continue to have a positive effect on oil and gas production levels. This, combined with the effect of the Brock acquisition, will result in significantly higher production for 1996 relative to 1995. Year- to-date oil and gas prices are appreciably higher compared to the first nine months of 1995 and, based on current information, this should continue through the remainder of the year. There is, however, no assurance of the future direction of either oil or gas prices. -11- The Company continues to review a wide variety of acquisition and merger opportunities. As in the past, potential acquisitions or mergers with the economic and strategic attributes necessary to facilitate the profitable growth of the Company will be actively pursued. The Company expects that cash on hand, net cash generated by operating activities and amounts available under the credit facility will be adequate to meet future liquidity needs under current corporate policies. Management believes that the overall sources of funds available to Key will continue to be sufficient to provide resources to the meet Company's exploration, development, operating and acquisition objectives. CAUTIONARY STATEMENT PURSUANT TO SAFE HARBOR PROVISION OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 This report contains "forward-looking statements" within the meaning of the federal securities laws. These forward-looking statements include, among others, statements concerning the Company's outlook for the remainder of 1996 with regard to production levels, price realizations, expenditures for exploration and development, plans for funding operations and capital expenditures, and other statements of expectations, beliefs, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. The forward-looking statements in this report are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in or implied by the statements. These risks and uncertainties include, but are not limited to, fluctuations in the price the Company receives for its oil and gas production, reductions in the quantity of oil and gas sold due to decreased industry-wide demand and/or curtailments in production from specific properties due to mechanical, marketing or other problems, operating and capital expenditures that are either significantly higher or lower than anticipated because the actual cost of identified projects varied from original estimates and/or from the number of exploration and development opportunities being greater or fewer than currently anticipated and increased financing costs due to a significant increase in interest rates. These and other risks and uncertainties affecting the Company are discussed in greater detail in this report and in other filings by the Company with the Securities and Exchange Commission. -12- PART II. - OTHER INFORMATION ---------------------------- ITEM 1. LEGAL PROCEEDINGS - -------------------------- None. ITEM 2. CHANGES IN SECURITIES - ------------------------------ None. ITEM 3. DEFAULTS UPON SENIOR SECURITIES - ---------------------------------------- None. ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF THE SECURITY HOLDERS - ---------------------------------------------------------------- None. ITEM 5. OTHER INFORMATION - -------------------------- On August 20, 1996, L. Paul Teague was appointed to the Company's board of directors. Mr. Teague will serve the remaining term of Timothy J. Moylan who passed away on August 1, 1996. ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K - ----------------------------------------- (a) Exhibits filed herewith: 27.1 Financial Data Schedule for Commercial and Industrial Companies per Article 5 of Regulation S-X for the quarter ended September 30, 1996. (b) Reports on Form 8-K: No reports on Form 8-K were filed during the three months ended September 30, 1996. -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. Dated: November 12, 1996 KEY PRODUCTION COMPANY, INC. /s/ MONROE W. ROBERTSON ______________________________ Monroe W. Robertson Senior Vice President and Secretary (Principal Financial Officer) /s/ CATHY L. ANDERSON ______________________________ Cathy L. Anderson Controller (Principal Accounting Officer) -14- EX-27 2 FINANCIAL DATA SCHEDULE
5 3-MOS DEC-31-1996 JUL-01-1996 SEP-30-1996 1,167 0 6,143 0 0 8,250 104,581 25,302 88,183 8,573 15,417 0 0 2,919 51,715 88,183 9,584 9,788 5,630 5,630 503 0 344 3,501 1,330 2,171 0 0 0 2,171 .18 .18
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