-----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, WwBBPyXOExuJw6HWChSiagIrBMfekkc2zWYjz8Jm6mH2lkuy82JeD48Ot/FxZqH+ DsE/lOl/prvCcbQGM2dIJg== 0000852807-04-000035.txt : 20040721 0000852807-04-000035.hdr.sgml : 20040721 20040721161009 ACCESSION NUMBER: 0000852807-04-000035 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20040721 ITEM INFORMATION: ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20040721 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AZTAR CORP CENTRAL INDEX KEY: 0000852807 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-MISCELLANEOUS AMUSEMENT & RECREATION [7990] IRS NUMBER: 860636534 STATE OF INCORPORATION: DE FISCAL YEAR END: 0102 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-12092 FILM NUMBER: 04924522 BUSINESS ADDRESS: STREET 1: 2390 E CAMELBACK RD STE 400 CITY: PHOENIX STATE: AZ ZIP: 85016-3452 BUSINESS PHONE: 6023814100 MAIL ADDRESS: STREET 1: 2390 E. CAMELBACK RD STE 400 CITY: PHOENIX STATE: AZ ZIP: 85016-3452 8-K 1 k8july21.htm FORM 8-K FORM 8-K







SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
                   

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934



     Date of Report (Date of earliest event reported)     July 21, 2004

AZTAR CORPORATION
(Exact name of registrant as specified in its charter)

Delaware
(State or other jurisdiction of
incorporation)

1-5440
(Commission File Number)

86-0636534
(I.R.S. Employer
Identification Number)


2390 East Camelback Road, Suite 400,
Phoenix, Arizona
(Address of principal executive offices)

  


85016
(Zip Code)




     Registrant's telephone number, including area code  (602) 381-4100


Not Applicable
(Former name or former address, if changed since last report)

 

 

ITEM 7.

Financial Statements, Pro Forma Financial Information and Exhibits
 

(c)

Exhibits:
 

99

Press release dated July 21, 2004, announcing results for the second quarter ended July 1, 2004.

ITEM 12.

Results of Operations and Financial Condition

  
 

This Current Report on Form 8-K is being furnished to disclose the press release issued by the registrant on July 21, 2004. The purpose of the press release, which is furnished as Exhibit 99, was to announce the results for the second quarter ended July 1, 2004.
 

The information in this Current Report on Form 8-K, including the exhibit included herewith, is furnished pursuant to Item 12. and shall not be deemed to be "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section. The information in this Current Report shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, except as otherwise expressly stated in such filing.

 

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 hereunto duly authorized.
 

AZTAR CORPORATION



ROBERT M. HADDOCK       
Robert M. Haddock
President and
Chief Financial Officer

 

Date:  July 21, 2004



EXHIBIT INDEX

Exhibit
Number


Description

99

Press release dated July 21, 2004, announcing results for the second quarter ended July 1, 2004.


2

 EX-99 2 exhibit99.htm EXHIBIT 99 EXHIBIT 99

Exhibit 99

AZTAR

News Release  

 

FOR IMMEDIATE RELEASE

AZTAR REPORTS SECOND-QUARTER 2004 RESULTS

        PHOENIX, Arizona - July 21, 2004 - Aztar Corporation (NYSE:AZR) today reported its second-quarter 2004 financial results. Consolidated EBITDA for the quarter was $46.7 million, which includes $5.0 million of insurance recovery as a result of the delay in the opening of the expansion of Tropicana Atlantic City, less $2.3 million of expenses related to the construction accident that may not be reimbursed by insurance. In the second quarter of 2003, EBITDA was $53.0 million. Diluted earnings per share in the 2004 second quarter were 25 cents, which is after 15 cents associated with a loss on early retirement of debt and which includes four cents attributable to the insurance recovery net of construction accident related expenses. Diluted earnings per share in the 2003 second quarter were 51 cents.

         The highlight of the quarter was the strong performance of Tropicana Las Vegas, where EBITDA reached $10.1 million, 55 percent higher than in the prior year. In Atlantic City, the performance of the Tropicana was affected by disruption from the process of construction-accident debris removal, the continued closure of portions of Brighton Avenue, and impacts from the Borgata, which was not open in the prior-year quarter.

         Following a recent and comprehensive review of the status of the project and the remaining work to be done, the opening of the Tropicana Atlantic City expansion is targeted now for mid-October 2004. "The opening of The Quarter, a massive dining, entertainment and retail complex which is part of the expansion, will be a remarkable event and milestone for Atlantic City," said Paul Rubeli, chairman of the board and chief executive officer. "Customers will be stunned by the size, beauty and architecture of The Quarter. They will be awed by the diversity of brand names, quality of offerings and opportunities to have fun in The Quarter. We believe customer acceptance and demand will be phenomenal," said Rubeli.

Aztar Second-Quarter 2004 Earnings Release             July 21, 2004           Page 2

Disruption to Operations from Construction Accident
       Operating results in the second quarter of 2004 continued to be impacted by the decline in revenue caused by the disruption that followed the construction accident that occurred on October 30, 2003, at the site of the expansion of Tropicana Atlantic City. Insurance claims for business interruption that occurred in the 2004 second quarter have been filed with the company's insurers in the amount of $6.0 million. Profit recovery from business interruption insurance is recorded when the amount of recovery, which may be different from the amount claimed, is agreed to by the insurers. If the insurers had agreed to the amount of the claims filed by the company on account of business interruption during the 2004 second quarter, that recovery would have contributed approximately 10 cents to diluted earnings per share for the quarter.

Construction Status
        Construction at Tropicana Atlantic City progresses on the new 500-room hotel tower, 2,400-car garage, and the 200,000-square-foot dining, entertainment and retail complex to be known as The Quarter. Removal of the garage debris has been completed. The rebuilding of the portion of the garage that collapsed is underway. The opening of the project is targeted now for mid-October 2004.

Balance Sheet Items
        Cash and cash equivalents were $50 million at the end of the second quarter of 2004 compared with $56 million at the end of the first quarter of 2004. Long-term debt, including the current portion, was $649 million at the end of the second quarter of 2004, compared with $633 million at the end of the first quarter of 2004.

Capital Expenditures
        In the second quarter of 2004, purchases of property and equipment totaled $40 million. Approximately $12 million of the total was spent on routine expenditures, and $28 million (including $3.4 million of capitalized interest) went for development.

Aztar Second-Quarter 2004 Earnings Release            July 21, 2004           Page 3

Year-to-date Results
        For the first half of 2004, the company reported EBITDA of $93.4 million, compared with $97.1 million in the year-earlier half. Diluted earnings in the 2004 first half were 35 cents per share, which is after 15 cents associated with a loss on early retirement of debt and 31 cents associated with an adverse court ruling from the Indiana Tax Court recorded in the first quarter of 2004 and which includes 10 cents of insurance recovery net of construction accident related expense items. In the 2003 first half, diluted earnings were 87 cents per share.

Conference Call
        Our second-quarter 2004 earnings conference call will be broadcast live on the Internet beginning at 4:30 p.m. Eastern Daylight Time on Wednesday, July 21, 2004. Individuals may access the live audio webcast through our website at www.aztar.com. The call also will be available on replay through that website for one year following the call.

Aztar Second-Quarter 2004 Earnings Release             July 21, 2004           Page 4

Selected Results ($ in millions, except ADR, which is Average Daily Rate)

                                                      

 

     

Second Quarter

  

                   

   

Year to Date

  

 

 

2004

  

 

2003

    

2004

  

 

2003

  

 

 

      

(unaudited)

    

    

(unaudited)

  
                                 

Tropicana Atlantic City

 

    

 

 

              

 

    

  

Revenue

 

$

102.4

 

 

$

115.6

    

$

198.5

  

 

$

219.7

  

EBITDA

 

$

24.3

 

 

$

34.2

    

$

47.8

  

 

$

59.3

  

Depreciation and amortization

 

$

8.0

 

 

$

7.7

    

$

15.9

  

 

$

15.0

  

Operating income

 

$

16.3

 

 

$

26.5

    

$

31.9

  

 

$

44.3

  

 

 

    

 

 

              

 

    

  

EBITDA margin

 

  

23.7

%

 

  

29.6

%

    

24.1

%

 

  

27.0

%

Operating income margin

 

  

15.9

%

 

  

22.9

%

    

16.1

%

 

  

20.2

%
                                 

Occupancy

 

  

94.2

%

 

  

95.7

%

    

90.2

%

 

  

93.8

%

ADR

 

$

87.93  

 

$

87.34  

  

$

82.57  

 

$

82.23  

 

 

 

 

  

 

              

 

    

  

Tropicana Las Vegas

 

  

 

  

 

  

 

  

 

  

 

  

 

   

  

  

Revenue

 

$

42.6

  

 

$

38.5

    

$

83.6

  

 

$

76.8

  

EBITDA

 

$

10.1

  

 

$

6.5

    

$

19.4

  

 

$

12.7

  

Depreciation and amortization

 

$

1.5

  

 

$

1.6

    

$

3.0

  

 

$

3.3

  

Operating income

 

$

8.6

  

 

$

4.9

    

$

16.4

  

 

$

9.4

  

 

 

      

 

              

 

    

  

EBITDA margin

 

  

23.7

%

 

  

16.9

%

    

23.2

%

 

  

16.5

%

Operating income margin

 

  

20.2

%

 

  

12.7

%

    

19.6

%

 

  

12.2

%

 

 

      

 

              

 

    

  

Occupancy

 

  

100.1

%

 

  

98.9

%

    

99.1

%

 

  

98.3

%

ADR

 

$

83.84  

 

$

68.51  

  

$

85.03  

 

$

69.80  
                 

Ramada Express Laughlin

 

  

         

  

 

  

          

  

                   

  

          

  

  

   

         

  

Revenue

 

$

23.4

  

 

$

22.8

  

  

$

48.2

  

  

$

47.2

  

EBITDA

 

$

6.0

  

 

$

5.9

  

  

$

13.2

  

  

$

12.5

  

Depreciation and amortization

 

$

1.6

  

 

$

1.6

  

  

$

3.1

  

  

$

3.1

  

Operating income

 

$

4.4

  

 

$

4.3

  

  

$

10.1

  

  

$

9.4

  

 

 

    

  

 

    

  

      

  

      

  

EBITDA margin

 

  

25.6

%

 

  

25.9

%

    

27.4

%

    

26.5

%

Operating income margin

 

  

18.8

%

 

  

18.9

%

    

21.0

%

 

  

19.9

%

 

 

    

  

 

    

  

      

  

      

  

Occupancy

 

  

70.6

%

    

69.4

%

    

73.2

%

    

73.7

%

ADR

 

$

35.51  

 

$

33.26  

  

$

32.24  

  

$

30.26  
                 

 

Aztar Second-Quarter 2004 Earnings Release             July 21, 2004           Page 5

                                                      

 

     

Second Quarter

  

                   

   

Year to Date

  

 

 

2004

  

 

2003

    

2004

  

 

2003

  

 

 

      

(unaudited)

    

    

(unaudited)

  
                                 

Casino Aztar Evansville

 

    

  

 

    

  

      

  

      

  

Revenue

 

$

32.5

  

 

$

31.7

  

  

$

66.1

  

  

$

61.9

  

EBITDA

 

$

9.6

  

 

$

8.9

  

  

$

19.7

  

  

$

18.0

  

Depreciation and amortization

 

$

1.4

  

 

$

1.4

  

  

$

2.8

  

  

$

2.7

  

Operating income

 

$

8.2

  

 

$

7.5

  

  

$

16.9

  

  

$

15.3

  

 

 

    

  

 

    

  

      

  

      

  

EBITDA margin

 

  

29.5

%

 

  

28.1

%

    

29.8

%

    

29.1

%

Operating income margin

 

  

25.2

%

 

  

23.7

%

    

25.6

%

 

  

24.7

%

 

 

    

  

 

    

  

      

  

      

  

Occupancy

 

  

88.1

%

 

  

86.0

%

    

86.8

%

    

84.4

%

ADR

 

$

61.17  

 

$

64.04  

  

$

61.03  

  

$

65.21  

 

 

    

  

 

    

  

      

  

      

  

Casino Aztar Caruthersville

 

    

  

 

    

  

      

  

      

  

Revenue

 

$

5.4

  

 

$

5.9

  

  

$

11.6

  

  

$

11.9

  

EBITDA

 

$

0.9

  

 

$

1.1

  

  

$

2.2

  

  

$

2.3

  

Depreciation and amortization

 

$

0.7

  

 

$

0.7

  

  

$

1.4

  

  

$

1.4

  

Operating income

 

$

0.2

  

 

$

0.4

  

  

$

0.8

  

  

$

0.9

  

 

 

    

  

 

    

  

      

  

      

  

EBITDA margin

 

  

16.7

%

 

  

18.6

%

    

19.0

%

    

19.3

%

Operating income margin

 

  

3.7

%

 

  

6.8

%

    

6.9

%

 

  

7.6

%

 

 

    

  

 

    

  

      

  

      

  

Corporate

 

    

  

 

    

  

      

  

      

  

EBITDA

 

$

( 4.2

)

 

$

( 3.6

)

  

$

( 8.9

)

  

$

( 7.7

)

Depreciation and amortization

 

$

0.0

  

 

$

0.0

  

  

$

0.0

  

  

$

0.0

  

Operating income

 

$

( 4.2

)

 

$

( 3.6

)

  

$

( 8.9

)

  

$

( 7.7

)
                                 

Consolidated

 

 

  

  

 

  

          

  

 

  

  

  

 

  

         

  

Revenue

 

$

206.3

 

 

$

214.5

    

$

408.0

  

 

$

417.5

  

EBITDA

 

$

46.7

 

 

$

53.0

    

$

93.4

  

 

$

97.1

  

Depreciation and amortization

 

$

13.2

 

 

$

13.0

    

$

26.2

  

 

$

25.5

  

Operating income

 

$

33.5

 

 

$

40.0

    

$

67.2

  

 

$

71.6

  

Net income

 

$

9.3

 

 

$

18.8

    

$

13.0

  

 

$

32.3

  
                                 

EBITDA margin

 

  

22.6

%

 

  

24.7

%

    

22.9

%

 

  

23.3

%

Operating income margin

 

  

16.2

%

 

  

18.6

%

    

16.5

%

 

  

17.1

%

Net income margin

    

4.5

%

    

8.8

%

    

3.2

%

    

7.7

%

 

Aztar Second-Quarter 2004 Earnings Release             July 21, 2004           Page 6

EBITDA Explanation and Reconciliation
EBITDA is net income before income taxes, loss on early retirement of debt, interest expense, interest income, and depreciation and amortization. EBITDA should not be construed as a substitute for either operating income or net income as they are determined in accordance with generally accepted accounting principles (GAAP). Management uses EBITDA as a measure to compare operating results among our properties and between accounting periods. We manage cash and finance our operations at the corporate level. We manage the allocation of capital among properties at the corporate level. We also file a consolidated income tax return. Management accordingly believes EBITDA is useful as a measure of operating results at the property level because it reflects the results of operating decisions at that level separated from the effects of tax and financing decisions that are managed at the corporate level. We also use EBITDA as the primary operating performance measure in our bonus programs for executive office rs. Management also believes that EBITDA is a commonly used measure of operating performance in the gaming industry and is an important basis for the valuation of gaming companies. Our calculation of EBITDA may not be comparable to similarly titled measures reported by other companies and, therefore, any such differences must be considered when comparing performance among different companies. While management believes EBITDA provides a useful perspective for some purposes, EBITDA has material limitations as an analytical tool. For example, among other things, although depreciation and amortization are non-cash charges, the assets being depreciated and amortized may have to be replaced in the future, and EBITDA does not reflect the requirements for such replacements. Interest expense, net of interest income, loss on early retirement of debt, and income taxes are also not reflected in EBITDA. Therefore, management does not consider EBITDA in isolation, and it should not be considered as a substitute for measures determined in accordance with GAAP. A reconciliation of EBITDA with operating income and net income as determined in accordance with GAAP is shown below (in millions).

Aztar Second-Quarter 2004 Earnings Release             July 21, 2004           Page 7

                                                      

 

     

Second Quarter

  

                   

   

Year to Date

  

 

 

2004

  

 

2003

    

2004

  

 

2003

  

 

 

      

(unaudited)

    

    

(unaudited)

  
                                 

EBITDA

                                

    Tropicana Atlantic City

  

$

24.3

    

$

34.2

    

$

47.8

    

$

59.3

  

    Tropicana Las Vegas

    

10.1

      

6.5

      

19.4

      

12.7

  

    Ramada Express Laughlin

    

6.0

      

5.9

      

13.2

      

12.5

  

    Casino Aztar Evansville

    

9.6

      

8.9

      

19.7

      

18.0

  

    Casino Aztar Caruthersville

    

0.9

      

1.1

      

2.2

      

2.3

  

    Corporate

  

      ( 4.2

)

  

      ( 3.6

)

  

      ( 8.9

)

  

      ( 7.7

)

        Consolidated

    

46.7

      

53.0

      

93.4

      

97.1

  

Depreciation and amortization

  

    ( 13.2

)

  

    ( 13.0

)

  

    ( 26.2

)

  

    ( 25.5

)

Operating income

    

33.5

      

40.0

      

67.2

      

71.6

  

Interest income

    

0.2

      

0.2

      

0.4

      

0.4

  

Interest expense

    

( 8.8

)

    

( 9.2

)

    

( 17.4

)

    

( 18.8

)

Loss on early retirement of debt

  

      ( 8.6

)

  

         --

    

      ( 8.6

)

  

         --

  

Income taxes

  

       (7.0

)

  

    ( 12.2

)

  

    ( 28.6

)

  

    ( 20.9

)

Net income

  

$

9.3

    

$

18.8

    

$

13.0

    

$

32.3

  

Margins
Margins are calculated as a percentage of revenue.

Aztar is a publicly traded company that operates Tropicana Casino and Resort in Atlantic City, New Jersey, Tropicana Resort and Casino in Las Vegas, Nevada, Ramada Express Hotel and Casino in Laughlin, Nevada, Casino Aztar in Caruthersville, Missouri, and Casino Aztar in Evansville, Indiana.

# # #

The disclosures herein include statements that are 'forward looking' within the meaning of federal securities law. These forward-looking statements generally can be identified by phrases such as the company "believes," "expects," "anticipates," "foresees," "forecasts," "estimates," "targets," or other words or phrases of similar import. Similarly, statements herein that describe the company's business strategy, outlook, objectives, plans, intentions or goals are also forward-looking statements. Such forward-looking information involves important risks and uncertainties that could significantly affect results in the future and, accordingly, such results may differ materially from those expressed in any forward-looking statements made by or on behalf of the company. These risks and uncertainties include, but are not limited to, those relating to war and terrorist activities and other factors affecting discretionary consumer spending, economic conditions, the impact of new

Aztar Second-Quarter 2004 Earnings Release             July 21, 2004           Page 8

competition including the Borgata in Atlantic City and gaming in Pennsylvania, uncertainties related to the extent and timing of our recoveries from our insurance carriers for our various losses suffered in connection with the accident on October 30, 2003, the extent to which our existing operations will continue to be adversely affected by the ongoing effects of the accident on October 30, 2003, uncertainties related to the extent and effects of the delay in the construction and completion of the Tropicana Atlantic City expansion, which could be significantly greater and longer than we currently anticipate, our ability to execute our development plans, estimates of development costs and returns on development capital, weather, litigation outcomes, judicial actions, labor negotiations, legislative matters and referenda including the potential legalization of gaming in Maryland and New York, and taxation including potential tax increases in Indiana, Missouri, Nevada and New Jersey. For more in formation, review the company's filings with the Securities and Exchange Commission, including the company's annual report on Form 10-K for January 1, 2004 and certain registration statements of the company.

For additional information, please contact Joe Cole, Vice President, Corporate Communications, at 602-381-4111.

 

Aztar Corporation and Subsidiaries
Consolidated Statements of Operations (unaudited)
For the periods ended July 1, 2004 and July 3, 2003
(in thousands, except per share data)

                                                                                     

 

         Second Quarter       

 

  

             Six Months          

  

 

 

     2004     

 

  

     2003     

 

  

     2004     

 

  

     2003     

  

Revenues

  

 

               

 

 

 

               

 

 

 

               

 

 

 

               

  

    

Casino

 

$

158,702

 

  

$

169,830

 

  

$

317,651

 

  

$

331,336

  

    

Rooms

 

  

23,249

 

    

20,017

 

    

43,464

 

    

37,695

  

 

Food and beverage

 

  

14,267

 

    

14,638

 

    

27,779

 

    

29,027

  

 

Other

 

       10,041

 

  

       10,034

 

  

      19,131

 

  

      19,477

  

 

  

 

206,259

 

  

    214,519

 

  

408,025

 

  

    417,535

  

Costs and expenses

 

    

 

      

 

      

 

        

 

Casino

 

  

69,127

 

    

71,479

 

    

137,533

 

    

141,175

  

 

Rooms

 

  

11,044

 

    

10,275

 

    

20,617

 

    

19,469

  

 

Food and beverage

 

  

13,934

 

    

13,764

 

    

26,922

 

    

27,438

  

 

Other

 

  

7,597

 

    

7,725

 

    

14,942

 

    

15,226

  

 

Marketing

 

  

19,142

 

    

19,657

 

    

38,150

 

    

38,804

  

 

General and administrative

 

  

20,397

 

    

18,615

 

    

41,325

 

    

37,635

  

 

Utilities

 

  

4,584

 

    

4,109

 

    

8,805

 

    

8,223

  

 

Repairs and maintenance

 

  

6,460

 

    

6,205

 

    

12,635

 

    

12,439

  

 

Provision for doubtful accounts

 

  

160

 

    

309

 

    

493

 

    

751

  

 

Property taxes and insurance

 

  

7,577

 

    

7,260

 

    

15,030

 

    

14,956

  

 

Rent

 

  

2,207

 

    

2,195

 

    

4,248

 

    

4,274

  

 

Construction accident related

 

  

2,319

 

    

             --

 

    

2,360

 

    

             --

  
 

Construction accident insurance recoveries

  

       ( 5,000

)

  

               --

    

       ( 8,500

)

  

               --

  

 

Depreciation and amortization 

 

       13,212

 

  

       12,954

 

  

       26,235

 

  

       25,502

  

 

 

 

    172,760

 

  

    174,547

 

  

     340,795

 

  

     345,892

  

 

 

    

 

      

 

      

 

        

Operating income

 

  

33,499

 

    

39,972

 

    

67,230

 

    

71,643

  

 

 

    

 

      

 

      

 

        

 

Interest income

 

  

212

 

    

204

 

    

379

 

    

396

  

 

Interest expense

 

  

( 8,735

)

    

( 9,213

)

    

( 17,409

)

    

( 18,766

)

 

Loss on early retirement of debt

 

       ( 8,621

)

  

               --

 

  

       ( 8,621

)

  

               --

 
                           

Income before income taxes

 

  

16,355

 

    

30,963

 

    

41,579

 

    

53,273

  

 

 

    

 

      

 

      

 

        

 

Income taxes

 

       ( 7,008

)

  

     ( 12,172

)

  

     ( 28,565

)

  

     ( 20,937

)
                           

Net income

 

$

9,347

 

  

$

18,791

 

  

$

13,014

 

  

$

32,336

  

    

 

 

========

    

========

 

  

========

 

  

========

  

 

 

    

 

      

 

      

 

        

Net income per common share

 

$

.26

 

  

$

.53

 

  

$

.36

 

  

$

.90

  

 

 

    

 

      

 

      

 

        

Net income per common share assuming dilution

 

$

.25

 

  

$

.51

 

  

$

.35

 

  

$

.87

  

 

 

    

 

      

 

      

 

        

Weighted-average common shares applicable to:

 

    

 

      

 

      

 

        

 

Net income per common share

 

  

34,556

 

    

35,015

 

    

34,439

 

    

35,602

  

    

Net income per common share assuming dilution

 

  

36,534

 

    

36,499

 

    

35,871

 

    

36,965

  

 

 

    

 

      

 

      

 

        

 


 -----END PRIVACY-ENHANCED MESSAGE-----