-----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, E2+ncAdBEwQG3mN85+n8Bge56vfnVZUrQcpFDqZmHQDDNf4o3DkO4pm640pePTT2 xy6CGOyivIbMQ6FpdX/RRw== 0000893220-97-001807.txt : 19971117 0000893220-97-001807.hdr.sgml : 19971117 ACCESSION NUMBER: 0000893220-97-001807 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 19970930 FILED AS OF DATE: 19971114 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: CMAC INVESTMENT CORP CENTRAL INDEX KEY: 0000890926 STANDARD INDUSTRIAL CLASSIFICATION: SURETY INSURANCE [6351] IRS NUMBER: 232691170 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 001-11356 FILM NUMBER: 97718661 BUSINESS ADDRESS: STREET 1: 1601 MARKET STREET STREET 2: 12TH FLOOR CITY: PHILADELPHIA STATE: PA ZIP: 19103 BUSINESS PHONE: 2155646600 MAIL ADDRESS: STREET 1: 1601 MARKET ST STREET 2: 12TH FLOOR CITY: PHILADELPHIA STATE: PA ZIP: 19103 10-Q 1 CMAC INVESTMENT CORPORATION 10-Q 1 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended SEPTEMBER 30, 1997 ------------------ 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 1-11356 ------- CMAC INVESTMENT CORPORATION --------------------------- (Exact name of registrant as specified in its charter) DELAWARE 23-2691170 -------- ---------- (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 1601 MARKET STREET, PHILADELPHIA, PA 19103 - ------------------------------------ ----- (Address of principal executive offices) (zip code) (215) 564-6600 -------------- (Registrant's telephone number, including area code) 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 if 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: 22,533,524 shares of Common Stock, $0.001 par value, outstanding on November 11, 1997. 2 CMAC INVESTMENT CORPORATION AND SUBSIDIARIES INDEX
PAGE NUMBER Part I - Financial Information Consolidated Balance Sheets - September 30, 1997 and December 31, 1996..................................................... 3 Consolidated Statements of Income - For the three and nine month periods ended September 30, 1997 and 1996..................................... 4 Consolidated Statement of Changes in Common Stockholders' Equity - For the nine month period ended September 30, 1997........... 5 Consolidated Statements of Cash Flows - For the nine month periods ended September 30, 1997 and 1996........................................... 6 Notes to Consolidated Financial Statements..................................... 7 Management's Discussion and Analysis of Results of Operations and Financial Condition.................................... 8-9 Part II - Other Information, as applicable.............................................. 10 Signature............................................................................... 11
-2- 3 CMAC INVESTMENT CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS
September 30 December 31 1997 1996 ------------ ------------ (Unaudited) (In thousands, except share amounts) Assets Investments Fixed maturities held to maturity - at amortized cost (fair value $486,490 and $409,675) .............................................. $ 462,876 $ 393,296 Fixed maturities available for sale - at fair value (amortized cost $93,865 and $110,519) ............................... 98,156 114,666 Short-term investments ................................................ 8,463 5,196 Cash ...................................................................... 4,780 3,189 Deferred policy acquisition costs ......................................... 24,701 23,900 Other assets .............................................................. 70,633 52,501 ------------ ------------ $ 669,609 $ 592,748 ============ ============ Liabilities and Stockholders' Equity Unearned premiums ......................................................... $ 45,434 $ 53,384 Reserve for losses ........................................................ 136,075 108,206 Deferred federal income taxes ............................................. 5,398 5,266 Accounts payable and accrued expenses ..................................... 32,596 29,548 ------------ ------------ 219,503 196,404 ------------ ------------ Preferred stockholder's equity Redeemable preferred stock, par value $.001 per share; 800,000 shares issued and outstanding - at redemption value ...................................................... 40,000 40,000 ------------ ------------ Common stockholders' equity Common stock, par value $.001 per share; 80,000,000 shares authorized; 22,525,524 shares and 22,395,124 shares issued and outstanding ....................................................... 22 22 Additional paid-in capital ................................................ 179,461 176,431 Retained earnings ......................................................... 227,834 177,195 Net unrealized gain on investments, net of tax ............................ 2,789 2,696 ------------ ------------ 410,106 356,344 ------------ ------------ $ 669,609 $ 592,748 ============ ============
See notes to consolidated financial statements. -3- 4 CMAC INVESTMENT CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
Quarter Ended Nine Months Ended September 30 September 30 1997 1996 1997 1996 ---------- ---------- ---------- ---------- (In thousands, except per-share amounts) Revenues: Premiums written: Direct .................................. $ 66,174 $ 50,495 $ 180,268 $ 140,641 Assumed ................................. 3 31 132 146 Ceded ................................... (5,586) (4,175) (16,087) (12,352) ---------- ---------- ---------- ---------- Net premiums written ......................... 60,591 46,351 164,313 128,435 Decrease in unearned premiums ................ 763 2,347 9,125 8,060 ---------- ---------- ---------- ---------- Premiums earned .............................. 61,354 48,698 173,438 136,495 Net investment income ........................ 8,426 7,623 24,938 22,088 Gain (loss) on sales of investments ......... 312 (2) 796 768 Other income ................................. 1,263 905 3,478 2,886 ---------- ---------- ---------- ---------- 71,355 57,224 202,650 162,237 ---------- ---------- ---------- ---------- Expenses: Provision for losses ......................... 30,194 23,808 85,213 65,746 Policy acquisition costs ..................... 7,992 6,775 23,183 19,904 Other operating expenses ..................... 6,689 5,281 18,966 15,768 ---------- ---------- ---------- ---------- 44,875 35,864 127,362 101,418 ---------- ---------- ---------- ---------- Pretax income ......................................... 26,480 21,360 75,288 60,819 Provision for income taxes ............................ 7,192 5,403 20,154 15,164 ---------- ---------- ---------- ---------- Net income ............................................ $ 19,288 $ 15,957 $ 55,134 $ 45,655 ========== ========== ========== ========== Net income per share .................................. $ 0.79 $ 0.65 $ 2.25 $ 1.87 ========== ========== ========== ========== Average number of common and common equivalent shares outstanding .................................... 23,473 23,128 23,365 23,068 ========== ========== ========== ==========
See notes to consolidated financial statements. -4- 5 CMAC INVESTMENT CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENT OF CHANGES IN COMMON STOCKHOLDERS' EQUITY
Net Unrealized Additional Gain Common Paid-In Retained on Investments Stock Capital Earnings (Net of Tax) Total ------------ ------------ ------------ ------------ ------------ (In thousands) Balance, December 31, 1996 ............................ $ 22 $ 176,431 $ 177,195 $ 2,696 $ 356,344 Net income (unaudited) ......................... -- -- 55,134 -- 55,134 Change in net unrealized gain on investments - net of tax (unaudited) ....... -- -- -- 93 93 Issuance of common stock (unaudited) ........... -- 3,030 -- -- 3,030 Dividends (unaudited) .......................... -- -- (4,495) -- (4,495) ------------ ------------ ------------ ------------ ------------ Balance, September 30, 1997 (unaudited) ............... $ 22 $ 179,461 $ 227,834 $ 2,789 $ 410,106 ============ ============ ============ ============ ============
See notes to consolidated financial statements. -5- 6 CMAC INVESTMENT CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
Nine Months Ended September 30 1997 1996 ------------ ------------ (In thousands) Cash flows from operating activities ................................. $ 65,318 $ 60,339 ------------ ------------ Cash flows from investing activities: Proceeds from sales of investments available for sale ......... 18,995 6,382 Proceeds from redemptions of investments available for sale ... 11,175 11,775 Proceeds from redemptions of investments held to maturity ..... 4,235 660 Purchases of investments available for sale ................... (12,814) (15,018) Purchases of investments held to maturity ..................... (72,834) (55,713) Purchases of short-term investments - net ..................... (3,267) (3,961) Other ......................................................... (7,752) (3,980) ------------ ------------ Net cash used in investing activities ................................ (62,262) (59,855) ------------ ------------ Cash flows from financing activities: Proceeds from issuance of common stock ........................ 3,030 1,361 Dividends paid ................................................ (4,495) (4,149) ------------ ------------ Net cash used in financing activities ................................ (1,465) (2,788) ------------ ------------ Increase (decrease) in cash .......................................... 1,591 (2,304) Cash, beginning of period ............................................ 3,189 3,646 ------------ ------------ Cash, end of period .................................................. $ 4,780 $ 1,342 ============ ============ Supplemental disclosures of cash flow information: Income taxes paid .................................................... $ 19,250 $ 14,000 ============ ============ Interest paid ........................................................ $ 0 $ 70 ============ ============
See notes to consolidated financial statements. -6- 7 CMAC INVESTMENT CORPORATION AND SUBSIDIARIES (UNAUDITED) NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 1 - UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS The consolidated financial statements include the accounts of CMAC Investment Corporation (the "Company") and its subsidiaries including its principal operating subsidiary, Commonwealth Mortgage Assurance Company ("CMAC"), and are presented on the basis of generally accepted accounting principles. The financial information for the interim periods included herein is unaudited; however, such information reflects all normal and recurring adjustments which are, in the opinion of management, necessary for a fair presentation of the financial position, results of operations, and cash flows for the interim periods. The results of operations for interim periods are not necessarily indicative of results to be expected for the full year. Net income per share is based on the average number of common shares outstanding and common share equivalents which would arise from the exercise of stock options. Preferred stock dividends are deducted from net income in the net income per share computation. For a summary of significant accounting policies and additional financial information, see the CMAC Investment Corporation Annual Report on Form 10-K for the year ended December 31, 1996. 2 - NEW ACCOUNTING STANDARDS In March 1997, the Financial Accounting Standards Board issued Statement of Financial Accounting Standards No. 128, "Earnings per Share" ("FAS 128"). FAS 128 requires the Company to disclose both "basic" earnings per share and "dilutive" earnings per share for annual and interim periods ending after December 15, 1997. The Company has determined that FAS 128 will not have a significant effect on its net income per share calculation when such Standard is adopted. 3 - STOCK SPLIT On October 15, 1996, the Board of Directors authorized a stock split, payable December 2, 1996, in the form of a dividend of one additional share of the Company's common stock for each share owned by stockholders of record on November 7, 1996. The dividend was accounted for as a two-for-one stock split and par value remained at $.001 per share. Accordingly, all references to common per share data have been adjusted to give effect to the stock split. -7- 8 CMAC INVESTMENT CORPORATION AND SUBSIDIARIES MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS AND FINANCIAL CONDITION RESULTS OF OPERATIONS Net income for the first nine months of 1997 was $55.1 million, a 20.8% increase compared to $45.7 million for the first nine months of 1996 and net income for the quarter ended September 30, 1997 was $19.3 million, a 20.9% increase compared to $16.0 million for the same period in 1996. These improvements were a result of significant growth in premiums earned and net investment income, partially offset by a higher provision for losses, policy acquisition costs and other operating expenses. Premiums earned for the first nine months of 1997 were $173.4 million, a 27.1% increase compared to $136.5 million for the first nine months of 1996 and premiums earned for the quarter ended September 30, 1997 were $61.4 million, a 26.0% increase compared to $48.7 million for the same period of 1996. These increases reflect the insurance in force growth resulting from strong new insurance volume and a continuation of high persistency levels. CMAC's direct primary insurance in force for the first nine months of 1997 increased 14.6%, from $39.4 billion at December 31, 1996 to $45.2 billion at September 30, 1997. Direct pool risk in force also grew to $493.4 million at September 30, 1997 from $341.9 million at the end of 1996, an increase of 44.3% for the nine months ended September 30, 1997. Persistency, which is defined as the percentage of policies in force that are renewed in any given year, was 88.1% for the year ended September 30, 1997 as compared to 84.4% for the year ended September 30, 1996. New primary insurance written in the first nine months of 1997 was $9.6 billion, a 2.8% increase compared to $9.4 billion for the first nine months of 1996 and for the third quarter of 1997, new primary insurance written of $3.6 billion was 13.9% higher than the $3.2 billion written in the third quarter of 1996. New insurance written volume in the private mortgage insurance market declined by 10.3% in the first nine months of 1997 and less than 1% for the quarter ended September 30, 1997. However, CMAC's volume rose slightly due to an increase in market share to 10.9% for the first nine months of 1997, compared to 9.5% for the same period of 1996 and 10.7% in the third quarter of 1997 compared to 9.3% for the same quarter of 1996. The volume in the first six months of 1997 was negatively impacted by higher interest rates which declined in the third quarter of 1997. Refinanced loans represented 16% of new primary insurance written during the first six months of 1997 as compared to 22% in the same period of 1996. However, for the third quarter of 1997, refinanced loans represented 15% of new primary insurance written as compared to only 9% for the third quarter of 1996 as higher interest rates toward the end of the second quarter of 1996 caused refinance activity to slow significantly in the third quarter. Additionally, in the first nine months of 1997, CMAC wrote pool insurance which represented an addition to risk of $183.2 million as compared to $85.5 million for the first nine months of 1996 and $72.1 million for the third quarter of 1997 as compared to $16.1 million for the same quarter of 1996. Most of this pool insurance volume related to a group of structured transactions composed primarily of Fannie Mae- and Freddie Mac-eligible conforming mortgage loans that are geographically dispersed throughout the United States and that have lower loan-to-value ratios than CMAC's primary business. Under a pool insurance transaction, the exposure to CMAC on each individual loan is uncapped; however, the aggregate stop-loss percentage is the most that can be paid out in losses before the insurer's exposure terminates. The Company expects its pool insurance activity to continue at this same level throughout the remainder of 1997 and in 1998. Premium rates on such pool insurance are significantly lower than on primary insurance loans due to the low stop-loss levels, which limit the overall risk exposure to CMAC, and the focus of such product on high quality primary insurance customers. The average stop-loss on pool insurance written during the first nine months of 1997 was 1.6%. Standard & Poor's has recently determined that the capital requirements to support such pool insurance will be significantly more stringent than on primary insurance due to the low premium rates. CMAC has recently begun an initiative to provide insurance on "Alternative A" mortgage product, which is non-conforming to Fannie Mae and Freddie Mac standards due to documentation or credit issues, but is acceptable to be insured based on analysis by CMAC's proprietary mortgage scoring model. CMAC will generally charge a higher premium rate on such loans to compensate for the additional risk, and will restrict the program to loans that meet the standards set by CMAC's credit policy. Many such loans will be priced on a "risk-based" method which takes many borrower, property and loan characteristics into account in order to arrive at an acceptable pricing level. CMAC expects to insure no more than 10% of its primary insurance business in this Alternative A product in 1998 and the business will be closely monitored for quality and performance. Net investment income for the first nine months of 1997 was $24.9 million, a 12.9% increase compared to $22.1 million for the first nine months of 1996 and for the third quarter of 1997, net investment income was $8.4 million as compared to $7.6 million in the same period of 1996, a 10.5% increase. These increases were a result of continued growth in invested assets primarily due to positive operating cash flow. The Company continues to invest new operating cash flow in tax-advantaged securities, primarily municipal bonds, but is examining a more optimal portfolio allocation that could include a limited percentage of investments in equities, convertible securities or other types of bonds. The provision for losses in the first nine months of 1997 was $85.2 million, an increase of 29.6% compared to $65.7 million in 1996, and for the third quarter of 1997, the provision was $30.2 million as compared to $23.8 million for the third quarter of 1996, an increase of 26.8%. These increases reflect the significant growth and maturation of CMAC's book of business over -8- 9 CMAC INVESTMENT CORPORATION AND SUBSIDIARIES MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS AND FINANCIAL CONDITION (CONTINUED) the past several years, the continued adverse experience of California loans, and the relatively poor early experience of certain "affordable housing" program loans insured starting in 1994. Although the ultimate performance of the books of business that originated since 1994 cannot yet be determined, it appears that the ultimate loss levels will be higher than average, partially due to the presence of these "affordable housing" loans. Certain underwriting changes were implemented near the end of 1996 to compensate for the factors that contributed to the early default experience on these "affordable housing" loans; however, it is too early to determine the impact of such changes. CMAC's overall default rate at September 30, 1997 was 1.9% as compared to 2.1% at December 31, 1996. The number of defaults rose from 10,127 at December 31, 1996 to 11,606 at September 30, 1997 and the average loss reserve per default rose from $10,685 at the end of 1996 to $11,725 at September 30, 1997. This increase in average loss reserve per default reflected the Company's continued implementation of a more conservative reserve calculation for certain loans in default perceived as having a higher risk of claim incidence. In addition, an increase in the coverage percentage on loans originated beginning in 1995 has necessitated a higher reserve balance on loans in a default status due to the increased ultimate exposure on these loans. The default rate in California declined to 3.8% (including pool) at September 30, 1997 as compared to 4.0% at December 31, 1996 and claims paid in California for the first nine months of 1997 were $36.3 million, representing approximately 58.7% of total claims. Policy acquisition costs in the first nine months of 1997 were $23.2 million, an increase of 16.5% compared to $19.9 million in the same period of 1996. For the third quarter of 1997, these expenses were $8.0 million, an increase of 18.0% compared to $6.8 million for the second quarter of 1996. This reflects increases in sales- and underwriting-related expenses relating to the Company's continued market share expansion and the development of the Company's marketing infrastructure needed to support a focus on larger, national mortgage lenders in order to take advantage of the widespread consolidation occurring in the mortgage lending industry. Other operating expenses for the nine months ended September 30, 1997 were $19.0 million, an increase of 20.3% compared to $15.8 million for the same period in 1996, and these expenses were $6.7 million for the third quarter of 1997 as compared to $5.3 million for the third quarter of 1996, an increase of 26.7%. Much of the increase continued to result from an expansion of the Company's technology efforts and an increase in expenses associated with the company's ancillary services, specifically contract underwriting. Some of these additional contract underwriting expenses were correspondingly offset by increases to other income, which rose 20.5% from $2.9 million for the nine months ended September 30, 1996 to $3.5 million for the same period in 1997, although the main purpose of the contract underwriting effort is to support the sales effort by generating incremental mortgage insurance business. During the first nine months of 1997, loans underwritten via contract underwriting accounted for 29% of applications, 25% of insurance commitments, and 22% of certificates issued by CMAC. The effective tax rate for the nine months ended September 30, 1997 was 26.8% and this rate was 27.2% for the quarter ended September 30, 1997. This compares to 24.9% and 25.3%, respectively, for the nine months and quarter ended September 30, 1996. LIQUIDITY AND CAPITAL RESOURCES CMAC's sources of funds consist primarily of premiums and investment income. Funds are applied primarily to the payment of CMAC's claims and operating expenses. Cash flows from operating activities for the nine months ended September 30, 1997 were $65.3 million as compared to $60.3 million for the same period of 1996. This increase consisted of an increase in net premiums written and investment income received, partially offset by an increase in claims paid and operating expenses. Monthly premiums, which now constitute about 95% of new business, have negatively impacted cash flow in the short term although long-term cash flow is not expected to be materially affected. Positive cash flows are invested pending future payments of claims and other expenses; cash flow shortfalls, if any, are funded through sales of short-term investments and certain other investment portfolio securities. Common stockholders' equity increased from $356.3 million at December 31, 1996 to $410.1 million at September 30, 1997. This increase was primarily a result of net income of $55.1 million and common stock of $3.0 million issued due to the exercise of stock options, partially offset by dividends of $4.5 million. As of September 30, 1997, the Company and its subsidiaries had purchased computer equipment designed to upgrade and enhance their computer systems and technological capabilities totaling $1.3 million. These upgraded computer systems were needed to support CMAC's newly structured centralized processing operations as well as the redesigned disaster recovery plan that was implemented in conjunction with the centralized system. -9- 10 CMAC INVESTMENT CORPORATION AND SUBSIDIARIES 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 Security Holders - None ITEM 5. Other Information - None ITEM 6. a. Exhibits - *Exhibit 11.1 - Statement Re: Computation of Per Share Earnings b. Reports on Form 8-K - None *Filed Herewith -10- 11 SIGNATURE 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. CMAC INVESTMENT CORPORATION Date: November 14, 1997 C. Robert Quint ---------------------------------------------- C. Robert Quint Senior Vice President, Chief Financial Officer (Principal Accounting Officer) -11- EX-11.1 2 STATEMENT RE: COMPUTATION OF PER SHARE EARNINGS 1 CMAC INVESTMENT CORPORATION SCHEDULE OF NET INCOME PER SHARE
QUARTER ENDED SEPTEMBER 30 NINE MONTHS ENDED SEPTEMBER 30 ------------------------------- ------------------------------- 1997 1996 (1) 1997 1996(1) ------------ ------------ ------------ ------------ (In thousands, except per-share amounts and market prices) Net income ................................................... $ 19,288 $ 15,957 $ 55,134 $ 45,655 Preferred stock dividend adjustment .......................... (825) (825) (2,475) (2,475) ------------ ------------ ------------ ------------ Adjusted net income .......................................... $ 18,463 $ 15,132 $ 52,659 $ 43,180 Average dilutive stock options outstanding ................... 1,499.3 1,485.7 1,540.8 1,511.6 Average exercise price per share ............................. 17.12 14.36 16.48 14.17 Average market prices - primary basis ........................ 48.58 30.13 41.12 27.97 Average market price - fully diluted basis ................... 53.63 31.75 44.92 29.52 Average common share outstanding ............................. 22,491 22,350 22,450 22,325 Increase in shares due to exercise of options - primary basis ............................................... 982 778 915 743 Increase in shares due to exercise of options - fully diluted basis ......................................... 1,031 814 955 784 Adjusted shares outstanding - primary ........................ 23,473 23,128 23,365 23,068 Adjusted shares outstanding - fully diluted .................. 23,522 23,164 23,405 23,109 Net income per share - primary ............................... $ 0.79 $ 0.65 $ 2.25 $ 1.87 ============ ============ ============ ============ Net income per share - fully diluted ......................... $ 0.78 $ 0.65 $ 2.25 $ 1.87 ============ ============ ============ ============
(1) All share and per-share data have been restated to reflect the stock split. See Note 3. EX-27.1 3 FINANCIAL DATA SCHEDULE: 9 MOS
5 1,000 9-MOS DEC-31-1996 JAN-01-1997 SEP-30-1997 4,780 569,495 0 0 0 95,334 0 0 669,609 219,503 0 40,000 0 22 410,084 669,609 0 202,650 0 0 42,149 85,213 0 75,288 20,154 55,134 0 0 0 55,134 2.25 2.25
EX-27.2 4 FINANCIAL DATA SCHEDULE: 3 MOS
5 1,000 3-MOS DEC-31-1996 JUL-01-1997 SEP-30-1997 4,780 569,495 0 0 0 95,334 0 0 669,609 219,503 0 40,000 0 22 410,084 669,609 0 71,355 0 0 14,681 30,194 0 26,480 7,192 19,288 0 0 0 19,288 0.79 0.78
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