-----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, RTTgK59tsRJXhCSdzY1jH550I4bR389uKeVii3AfmVprzPFAsebuDTzQo8bhO3OJ rEA79utcPuSAPRmAw1maSw== 0000930803-97-000005.txt : 19970807 0000930803-97-000005.hdr.sgml : 19970807 ACCESSION NUMBER: 0000930803-97-000005 CONFORMED SUBMISSION TYPE: 10QSB PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19970630 FILED AS OF DATE: 19970806 SROS: BSE SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: HAUPPAUGE DIGITAL INC CENTRAL INDEX KEY: 0000930803 STANDARD INDUSTRIAL CLASSIFICATION: COMPUTER PERIPHERAL EQUIPMENT, NEC [3577] IRS NUMBER: 113227864 STATE OF INCORPORATION: DE FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 10QSB SEC ACT: 1934 Act SEC FILE NUMBER: 001-13550 FILM NUMBER: 97652399 BUSINESS ADDRESS: STREET 1: 91 CABOT COURT CITY: HAUPPAUGE STATE: NY ZIP: 11788 BUSINESS PHONE: 5164341600 MAIL ADDRESS: STREET 1: 91 CABOT COURT CITY: HAUPPAUGE STATE: NY ZIP: 11788 10QSB 1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C., 20459 FORM 10-QSB (Mark One) [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 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 1-13550 ------- HAUPPAUGE DIGITAL, INC. ----------------------- (Exact name of registrant as specified in its charter) DELAWARE 11-3227864 -------- ---------- (State or other (I.R.S. Employer jurisdiction of Identification No.) incorporation or organization) 91 Cabot Court, Hauppauge, New York 11788 ----------------------------------------- (Address of principal executive offices) (516) 434-1600 -------------- (Issuer's telephone number) Check whether the issuer (1) filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the past 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 ---- ----- As of August 5, 1997, 4,406,102 shares of .01 par value Common Stock of the registrant were outstanding, not including treasury shares. HAUPPAUGE DIGITAL, INC. AND SUBSIDIARIES ---------------------------------------- INDEX ----- Page No. -------- PART I. FINANCIAL INFORMATION - ----------------------------- Item 1. Financial Statements Condensed Consolidated Balance Sheets- June 30, 1997 and September 30, 1996 3 Condensed Consolidated Statements of Operations- Nine Months ended June 30, 1997 and 1996 4 Condensed Consolidated Statements of Operations- Three Months ended June 30, 1997 and 1996 5 Condensed Consolidated Statements of Cash Flows- Nine Months ended June 30, 1997 and 1996 6 Notes to Condensed Consolidated Financial Statements 7-8 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 9-13 PART II. OTHER INFORMATION - -------------------------- Item 5. Other Information 14 Item 6. Exhibits and Reports on Form 8-K 14 SIGNATURES 15 - ---------- PART I, FINANCIAL INFORMATION - ----------------------------- Item 1. Financial Statements HAUPPAUGE DIGITAL, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS ASSETS As of June 30, 1997 As of (Unaudited) September 30, 1996 ----------- ------------------ CURRENT ASSETS: Cash ......................... $ 5,294,088 $ 6,559,175 Accounts receivable, net of allowance for doubtful accounts .................... 1,433,484 1,835,882 Inventories (Note 2).......... 5,822,156 3,138,961 Prepaid expenses and other current assets ............... 349,588 191,161 ----------- -------------- Total current assets ...... 12,899,316 11,725,179 ----------- -------------- Property, plant and equipment at-cost ........... 455,200 374,218 Less: Accumulated depreciation and amortization .......... 258,602 228,678 ----------- -------------- 196,598 145,540 ----------- -------------- SECURITY DEPOSITS AND OTHER ASSETS 60,128 69,881 ----------- -------------- $13,156,042 $ 11,930,600 LIABILITIES AND SHAREHOLDER'S EQUITY CURRENT LIABILITIES: Accounts Payable .............. 3,393,993 2,818,832 Accrued Expenses .............. 1,028,933 938,851 ----------- -------------- Total current liabilities $ 4,422,926 $ 3,755,883 ----------- -------------- SHAREHOLDERS' EQUITY Common stock $.01 par value; 10,000,000 shares authorized, 4,465,302 issued as of June 30, 1997 and September 30, 1996.... 44,653 44,653 Additional paid-in capital ...... 10,344,844 10,344,844 Accumulated deficit ............. (1,462,429) (2,214,580) Treasury stock-at cost (Note 5).. (193,952) - ----------- -------------- 8,733,116 8,174,917 ----------- -------------- $13,156,042 $ 11,930,600 =========== ============== See notes to condensed consolidated financial statements -3- HAUPPAUGE DIGITAL, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS Nine Months Ended June 30, 1997 1996 (Unaudited) (Unaudited) ------------ ------------ SALES .......................... $ 18,695,544 $ 11,594,484 COST OF SALES .................. 14,426,315 8,686,416 ------------ ------------ Gross Profit .................. 4,269,229 2,908,068 SELLING, GENERAL AND ADMINISTRATIVE EXPENSES ...................... 3,071,592 2,231,867 Income from operations ...... 395,577 320,600 ------------ ------------ 802,060 355,601 OTHER INCOME (EXPENSE): Interest income ............. 185,033 21,269 Miscellaneous income (expense) ................. (14,015) 15,660 ------------ ------------ Income before income tax provision ........... 973,078 392,530 INCOME TAX PROVISION (Note 4)... 220,927 30,000 ------------ ------------ Net income................. $ 751,151 $ 362,530 ============ ============ Net income per share ........... $ 0.17 $ 0.13 ============ ============ Weighted average shares outstanding (Note 3) .......... 4,434,630 2,788,593 ============ ============ See notes to condensed consolidated financial statements -4- HAUPPAUGE DIGITAL, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS Three Months Ended June 30, 1997 1996 (Unaudited) (Unaudited) ----------- ----------- SALES........................... $ 5,843,431 $ 3,355,106 COST OF SALES................... 4,531,054 2,421,661 ----------- ----------- Gross Profit ................ 1,312,377 933,445 SELLING, GENERAL AND ADMINISTRATION EXPENSES ...... 1,057,306 738,693 RESEARCH &DEVELOPMENT EXPENSES ..................... 156,178 119,330 ----------- ----------- Income from operations ...... 98,893 75,422 OTHER INCOME (EXPENSE): Interest income ............. 57,260 5,411 Miscellaneous income (expense) (2,512) 7,643 ----------- ----------- Income before income tax provision ................. 153,641 88,476 INCOME TAX PROVISION (Note 4)... 35,000 10,000 ----------- ----------- Net Income ..................... $ 118,641 $ 78,476 =========== =========== Net income per share ........... $ 0.03 $ 0.03 =========== =========== Weighted average shares outstanding (Note 3) ......... 4,411,893 2,853,769 =========== =========== See notes to condensed consolidated financial statements -5- HAUPPAUGE DIGITAL, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW Nine Months Ended June 30, 1997 1996 (Unaudited) (Unaudited) ----------- ----------- CASH FLOWS FROM OPERATING ACTIVITIES: Net income .................... $ 752,151 362,530 Adjustment to reconcile net ----------- ----------- income to net cash (used in) provided by operating activities: Depreciation and amortization.... 31,896 27,859 Provision for uncollectible accounts receivable ........... 9,367 13,000 Provision for system board obsolescence .................. 20,000 33,000 Increase (decrease) in cash resulting from changes in operating assets and liabilities: Accounts receivable ........... 393,032 (569,666) Inventories ................... (2,703,195) 2,041) Prepaid expenses and other current assets ............... (158,427) (61,427) Accounts payable .............. 575,161 (1,008,870) Accrued expenses .............. 92,082 218,721 ----------- ----------- (1,740,084) (1,345,342) ----------- ----------- Net cash used in operating activities ............... (987,933) (982,812) CASH FLOWS FROM INVESTING ACTIVITIES: Security Deposits ............. (2,220) (428) Purchase of property, plant and equipment ............... (80,982) (27,972) ----------- ----------- Net cash used in investing activities ............... (83,202) (28,400) CASH FLOWS FROM FINANCING ACTIVITIES: Purchase of Treasury Stock .... (193,952) - Net proceeds from exercise of Underwriter's Unit Purchase Option ....................... - 543,779 Net proceeds from exercise of Class A Warrants ............. - 1,236,688 Net cash used by financing ----------- ----------- activities ................ (193,952) 1,780,467 ----------- ----------- Net decrease in cash .......... (1,265,087) 769,255 CASH, beginning of period ........ 6,559,175 1,214,940 ----------- ----------- CASH, end of period .............. $ 5,294,088 $ 1,984,195 =========== =========== SUPPLEMENTAL DISCLOSURES Income taxes paid ............. $ 11,774 $ 8,615 =========== =========== See notes to condensed consolidated financial statements -6- HAUPPAUGE DIGITAL, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) NOTE 1. BASIS OF PRESENTATION The accompanying unaudited condensed consolidated financial statements included herein have been prepared in accordance with generally accepted accounting principles for interim period reporting in conjunction with the instructions to Form 10-QSB. Accordingly, these statements do not include all of the information required by generally accepted accounting principles for annual financial statements, and are subject to year-end adjustments. In the opinion of management, all known adjustments (consisting of normal recurring accruals and reserves) necessary to present fairly the quarterly financial results for the period have been included. It is suggested that these interim statements be read in conjunction with the financial statements and related notes included in the Company's September 30, 1996 Form 10-KSB. The operating results for the three months and nine months ended June 30, 1997 are not necessarily indicative of the results to be expected for the September 30, 1997 year end. NOTE 2. INVENTORIES Inventories have been valued at the lower of average cost or market. The components of inventory at June 30, 1997 and September 30, 1996 consist of: June 30, September 30, 1997 1996 ---- ---- Component Parts $3,224,823 $ 849,324 Work in Progress 1,254,930 1,861,391 Finished Goods 1,342,403 428,246 --------- -------- $5,822,156 $3,138,961 ========= ========== NOTE 3. NET INCOME (LOSS) PER SHARE Net income and loss per share have been computed on the basis of weighted average common shares outstanding for each period presented. -7- HAUPPAUGE DIGITAL, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) Net income (loss) per share - continued - --------------------------------------- Weighted average shares outstanding listed below were used in the per share computation: Three Months Ended Nine Months Ended June 30, June 30, 1997 1996 1997 1996 ---- ---- ---- ---- 4,411,893 2,853,769 4,434,630 2,788,593 On November 8, 1996, the Company approved a stock repurchase program (See note 5). Shares outstanding for the quarter and nine months ended June 30, 1997 reflect a reduction on a weighted average basis for the repurchased shares. Common stock equivalents in the form of options did not result in material dilution for the current quarter and year to date period. For the prior year's quarter and nine month period, the Company's stock, which traded at an average price in excess of the exercise price for the Company's outstanding Class A warrants, resulted in an immaterial dilution to earnings per share . Therefore the warrants were not included in the weighted average shares outstanding. NOTE 4. INCOME TAXES Income taxes are based on annualized statutory rates for federal and state income taxes. The provision for income taxes reflects an annualized effective tax rate after deductions for the utilization of restricted and unrestricted net operating loss carryforwards, adjusted for applicable federal and state alternative minimum tax provisions. The benefits of these operating loss carryforwards had previously been subject to a 100% valuation allowance. However, based on projected fiscal 1997 taxable income, management has reduced the valuation allowance accordingly. Future reductions in the valuation allowance will be predicated on projected results for future years which are not available. NOTE 5. STOCK REPURCHASE PROGRAM On November 8, 1996, the Company approved a stock repurchase program for the repurchase of up to 300,000 shares of its own stock. The repurchased shares will be used by the Company for certain employee benefit programs. As of June 30, 1997, the Company had repurchased 59,200 shares for $193,952 at an average purchase price of approximately $3.28 per share. -8- ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of Operations --------------------------------------------- Results of Operations - --------------------- Nine Month Period ended June 30, 1997 versus June 30, 1996 - ---------------------------------------------------------- Sales for the nine months ended June 30, 1997 were $18,695,544 compared to $11,594,484 for the comparable period in the prior fiscal year, resulting in an increase of $7,101,060 or 61%. The increase in sales was primarily due the shipments of new digital video products introduced worldwide during the latter part of fiscal 1996, penetration of the new products at nationwide and regional retailers, the commencement of shipments on an OEM basis of the Company's video conferencing board, plus continued strong sales to direct corporate customers. Average unit sales prices as well as average unit production costs declined from the prior year due to technological advances, OEM sales and higher unit production. Net sales of the Company's products are summarized as follows: Nine Months Ended June 30, Increase 1997 1996 (Decrease)% ---- ---- --------- System Sales $ 323,349 $ 1,273,405 (75) Video & Conferencing Boards 18,372,195 10,321,079 78 ---------- ---------- ---- Total Company Sales $18,695,544 $11,594,484 61 =========== =========== ==== Unit sales of digital video and conferencing boards increased to approximately 208,200 as compared to approximately 45,100 for the prior year, resulting in an increase of approximately 362%. Sales to domestic customers for the nine month period were 35% of net sales for the current year and 43% for the prior year. Sales to international customers were 65% of net sales for the current year and 57% for the comparable period of last year. Gross profit increased to $4,269,229 from $2,908,068, an increase of $1,361,161 or 47% over the prior comparable fiscal year. The gross profit percentage was 23% compared to 25% for 1996. As a result of international sales increasing to 65% of total sales, gross margins were negatively impacted by the corresponding increase in the absorption of customs and duties plus the effects of a weaker German Mark, which offset lower unit production costs resulting from the absorption of manufacturing overhead over a greater number of units. Though selling, general and administrative expenses increased $839,725 over the prior year, they declined to 16% of revenue in the current year compared to 19% of revenue for the nine months ended June 30, 1996. The increase in expenses was primarily due to increased sales and marketing expenses of $445,619, mainly for higher personnel costs due to an increased outside sales staff, -9- ITEM 2. Management's Discussion and Analysis-Continued - --------------------------------------------------------- increased commissions resulting from the 61% sales increase and higher marketing and promotional costs in support of retail sales; higher technical support costs of $73,970 for additional staff required to consistently maintain a high level of customer support; increased freight costs of $217,767 due to the higher volume of freight costs absorbed by the company, and higher general and administrative costs of $102,368, mainly for contractual wage increases, insurance premiums for D&O insurance and the amortization of costs relating to the Company's bank line of credit. Research and development expenses increased $74,977 or approximately 23%. The increase was due to the infusion of new capital resulting from the July 1996 conversion of the Company's Class A Warrants, which has enabled the Company to expand its engineering research and development resources to enhance current products and further develop future product lines. The Company had net other income of $171,018 for the June 30, 1997 nine month period as opposed to net other income of $36,929 for the corresponding nine months of the preceding fiscal year. The increase in net other income was primarily due interest income earned from the investing of the cash received from the July 1996 warrant conversion. Provision for income taxes increased to $220,927 in fiscal 1997 from $30,000 for fiscal 1996. The 247 percent increase in net income before taxes for fiscal 1997 compared to fiscal 1996, coupled with the current year's net income before taxes surpassing the restricted and unrestricted net operating losses were the main factors causing the increase. As a result of all of the above, the Company recorded a net profit after taxes for the nine months ended June 30, 1997 of $752,151 or $0.17 per share on weighted average shares outstanding of 4,434,630 as opposed to net income after taxes of $362,530 or $0.13 per share on weighted average shares of 2,788,593. Three Month Period ended June 30, 1997 versus June 30, 1996 - ----------------------------------------------------------- Net sales for the three months ended June 30, 1997 were $5,843,431 compared to $3,355,106 for the comparable period in the prior fiscal year, resulting in an increase of $2,488,325 or 74%. The increase in sales was primarily due the shipments of several new digital video products introduced worldwide during the latter part of fiscal 1996, penetration of the new products at nationwide and regional retailers, plus continued strong sales to direct corporate customers. Average unit sales prices as well as average unit production costs declined from the prior year due to technological advances and higher unit production. -10- ITEM 2. Management's Discussion and Analysis-Continued - --------------------------------------------------------- Net sales of the Company's products are summarized as follows: Three Months Ended June 30, Increase 1997 1996 (Decrease)% ---- ---- ---------- System Sales $ 64,026 $ 427,817 (85) Video & Conferencing Boards 5,779,405 2,927,289 97 --------- --------- ---- Total Company Sales $5,843,431 $3,355,106 74 ========== ========== ==== Unit sales of digital video and conferencing boards increased to approximately 54,500 as compared to approximately 11,900 for the prior year, resulting in an increase of 357%. Sales to domestic customers for the three month period were 33% of net sales for the current quarter and 57% for the prior year's quarter. Sales to international customers were 67% of net sales for the current quarter and 43% for the comparable quarter of last year. Gross profit increased to $1,312,377 from $933,445, an increase of $378,932 or 41% over the prior comparable fiscal year period. The gross profit percentage was 22% compared to 28% for 1996. As a result international sales increasing to 67% of total sales, gross margins were negatively impacted by the corresponding increase in the absorption of customs and duties plus the effects of a weaker German Mark, which offset lower unit production costs resulting from the absorption of manufacturing overhead over a greater number of units. Though selling, general and administrative expenses increased $318,613 over the prior year, they declined to 18% of revenue in the current quarter compared to 22% of revenue for the three months ended June 30, 1996. The increase in expenses was primarily due to increased sales and marketing expenses of $181,941, mainly for higher personnel costs due to an increased outside sales staff, increased commissions resulting from the 74% sales increase and higher marketing and promotional costs in support of retail sales; higher technical support costs of $25,381 for additional staff required to consistently maintain a high level of customer support; increased freight costs of $61,991 due to the higher volume of freight costs absorbed by the company, and higher general and administrative costs of $49,300, mainly for contractual wage increases, progress payments on a marketing study commissioned by the Company, and higher communications costs due increased volume. Research and development expenses increased $36,848 or approximately 31%. The increase was due to the infusion of new capital resulting from the July 1996 conversion of the Company's Class A Warrants, which has enabled the Company to expand its engineering research and development resources to enhance current products and further develop future product lines. -11- ITEM 2. Management's Discussion and Analysis-Continued - ---------------------------------------------------------- The Company had net other income of $54,748 for the June 30, 1997 three month period compared to net other income of $13,054 for the corresponding three months of the preceding fiscal year. The increase in net other income was primarily due higher interest income earned from the investing of the cash received from the July 1996 warrant conversion. Provision for income taxes increased to $35,000 in fiscal 1997 from $10,000 for fiscal 1996. The 173 percent increase in net income before taxes for fiscal 1997 compared to fiscal 1996, coupled with the current year's net income before taxes surpassing the restricted and unrestricted net operating losses were the main factors causing the increase. As a result of all of the above, the Company recorded a net profit after taxes for the three months ended June 30, 1997 of $118,641 or $0.03 per share on weighed average shares outstanding of 4,411,893 as opposed to a net income after taxes of $78,476 or $0.03 per share on weighted average shares of 2,853,769 for the corresponding quarter of the prior fiscal year. Over the prior two fiscal years, the company has experienced certain revenue trends. Since the Company's products are primarily sold through distributors and retailers, the Company has historically recorded stronger sales results during the Company's first quarter (October to December), which due to the holiday season is a strong quarter for computer equipment sales. In addition, the Company's international sales, mostly into the European market, have been 54% and 70% of sales for fiscal 1996 and 1995 and are 67% and 65% for the third quarter and nine months ended June 30, 1997. Due to this, the Company's sales for its fourth fiscal quarter (July to September) are impacted by the reduction of activity with Europe during the July and August summer holiday period. To offset the above cycles, the Company is targeting as wide a range of customer types in order to moderate the seasonality of the retail sales. Liquidity and Capital Resources - ------------------------------- The Company had a net cash position of $5,294,088, working capital of $8,476,390 and shareholders' equity of $8,733,116 as of June 30, 1997. The significant items of cash sources and (uses) are detailed below: -12- Liquidity and Capital Resources-continued - ----------------------------------------- Net income (adjusted for non cash items) $ 813,414 Investments in current assets (2,468,590) Increase in current liabilities-net 667,243 Purchase of treasury stock (193,952) Net cash of ($987,933) used in operating activities was primarily due to cash required to finance accounts receivables and inventory as a result of the growth in sales, offset partially by operations funded by vendor financing and cash generated by the Company's net income. The Company currently has in place an asset based line of credit. Advances are to be made on a revolving basis based on a formula of eligible domestic and foreign receivables not older than 90 days. As of June 30, 1997, the Company has not utilized this loan facility. On November 8, 1996, the Company approved a stock repurchase program for the repurchase of up to 300,000 shares of its own stock. The repurchased shares will be used by the Company for certain employee benefit programs. As of June 30, 1997, the Company had repurchased 59,200 shares for $193,952 at an average purchase price of approximately $3.28 per share. The Company believes that its current cash position, internally generated cash flow and its bank financing will be sufficient to satisfy the Company's anticipated operating needs for a least the ensuing twelve months. Risk Factors - ------------ From time to time, information provided by the company, statements made by its employees or information provided in its Securities and Exchange Commission filings, including information contained in this Form 10-QSB, may contain forward looking information. The Company's actual future results may differ materially from those projections or statements made in such forward looking information as a result of various risks and uncertainties, including but not limited to rapid changes in technology, lack of funds for future research, competition, proprietary patents and rights of others, loss of major customers, loss of sources of supply for its digital video processing chips, non-availability of management, government regulation, currency fluctuations and the inability of the Company to profitably sell its products. The market price of the Company's common stock may be volatile at times in response to fluctuation in the company's quarterly operating results, changes in analysts' earnings estimates, market conditions in the computer hardware industry, seasonality of the business cycle, as well as general conditions and other factors external to the Company. -13- PART II. OTHER INFORMATION - --------------------------- Item 5 Other Information ----------------- (a) Effective August 5, 1997, Dorothy Plotkin, wife of Kenneth Plotkin, Vice President and Chief Executive Officer, and Laura Aupperle, wife of Kenneth Aupperle, President and Chief Operations Officer, resigned as directors of the Company. The resignations were not by reason of any disagreement with the Company. The board of directors is in the process of seeking replacements for the directors who resigned. Such replacements will then be submitted to the shareholders for approval at the following annual meeting of shareholders. Item 6 Exhibits and Reports on Form 8-K --------------------------------- (a) Exhibits - ------------- None (b) Reports on form 8-K - ----------------------- None -14- SIGNATURES ---------- Pursuant to the requirements of the Securities and Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. HAUPPAUGE DIGITAL, INC. ----------------------- Registrant Date: August 5, 1997 By: /s/ KENNETH PLOTKIN -------------- ------------------- KENNETH PLOTKIN Vice President and Chief Executive Officer Date: August 5, 1997 By: /s/ GERALD TUCCIARONE -------------- --------------------- GERALD TUCCIARONE Treasurer and Chief Financial Officer -15- EX-27 2
5 9-MOS SEP-30-1997 JUN-30-1997 5,294,088 0 1,433,484 84,366 5,822,156 12,899,316 455,200 258,602 13,156,042 4,422,926 0 0 0 44,653 8,688,463 13,156,042 18,695,544 18,695,544 14,426,315 3,467,169 (171,018) 9,367 0 973,078 220,927 752,151 0 0 0 752,151 $ 0.17 $ 0.17
-----END PRIVACY-ENHANCED MESSAGE-----