-----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, HHmCcdPtBRts9cNk/WIiMl/6RjQrG4/4ml/3iigAYquq9No/MOKxdk0FKxyiK6us 21UCEhghmdkOK1yPmtnCQA== 0000935226-96-000001.txt : 19960125 0000935226-96-000001.hdr.sgml : 19960125 ACCESSION NUMBER: 0000935226-96-000001 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19951231 FILED AS OF DATE: 19960124 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: BENIHANA INC CENTRAL INDEX KEY: 0000935226 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-EATING & DRINKING PLACES [5810] IRS NUMBER: 650538630 STATE OF INCORPORATION: DE FISCAL YEAR END: 0327 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-26396 FILM NUMBER: 96506414 BUSINESS ADDRESS: STREET 1: 8685 NW 53RD TERRACE CITY: MIAMI STATE: FL ZIP: 33166 BUSINESS PHONE: 3055930770 MAIL ADDRESS: STREET 1: 8685 NW 53RD TERRACE CITY: MIAMI STATE: FL ZIP: 33166 10-Q 1 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarter Ended December 31, 1995 or, [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File No. 0-12644 Benihana Inc. (Exact name of registrant as specified in its charter) Delaware 65-0538630 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 8685 Northwest 53rd Terrace, Miami, Florida 33166 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (305) 593-0770 None Former name, former address and former fiscal year, if changed since last report Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X No Indicate by number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date. Common stock $.10 par value, 3,510,266 shares outstanding at January 23, 1996 Class A common stock $.10 par value, 2,316,300 shares outstanding at January 23, 1996 BENIHANA INC. AND SUBSIDIARIES PART I - Financial Information CONSOLIDATED BALANCE SHEETS (See Note 2) All dollar amounts in thousands, except as per share amounts
December 31, March 26, 1995 1995 - ------------------------------------------------------------------------------------------------------------------- Assets Current assets Cash and equivalents $ 2,471 $ 1,854 Receivables Trade 260 269 Affiliates 92 80 Other 1 52 - ------------------------------------------------------------------------------------------------------------------- Total Receivables 353 401 Inventories (Note 3) 1,819 1,559 Prepaid expenses (Note 4) 1,404 1,297 - ------------------------------------------------------------------------------------------------------------------- Total Current Assets 6,047 5,111 Property and equipment, net 25,129 25,071 Due from affiliates, long term 240 265 Deferred income taxes, net 640 1,383 Other assets (Note 5) 1,847 1,892 - ------------------------------------------------------------------------------------------------------------------- $ 33,903 $33,722 - ------------------------------------------------------------------------------------------------------------------- Liabilities and Stockholders' Equity Current liabilities Accounts payable and accrued expenses $ 5,956 $ 6,951 Current maturities of long-term debt and obligations under capital leases 1,471 1,683 - ------------------------------------------------------------------------------------------------------------------- Total Current Liabilities 7,427 8,634 Long-term debt 6,312 7,357 Due to affiliates - long term 470 650 Obligations under capital leases 4,517 4,876 Stockholders' Equity Preferred stock - $1.00 par value; authorized - 5,000,000 shares, issued and outstanding - 2,000 shares 2 2 Common stock - $.10 par value; convertible, authorized - 12,000,000 shares, issued and outstanding - 3,510,266 shares and 3,492,916 shares, respectively 351 349 Class A common stock - $.10 par value; authorized - 20,000,000 shares, issued and outstanding - 2,316,300 shares 232 232 Additional paid-in capital 13,275 13,337 Retained earnings (accumulated deficit) 1,317 (1,715) - ------------------------------------------------------------------------------------------------------------------- Total Stockholders' Equity 15,177 12,205 - ------------------------------------------------------------------------------------------------------------------- $33,903 $33,722 - ------------------------------------------------------------------------------------------------------------------- See notes to consolidated financial statements
BENIHANA INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (See Note 2) All dollar amounts in thousands, except as per share amounts
Three Periods Ended December 31, January 1, 1995 1995 - ------------------------------------------------------------------------------------------------------------------- Revenues Net restaurant food and beverage sales $18,837 $17,087 Other income 132 79 - ------------------------------------------------------------------------------------------------------------------- Total Revenues 18,969 17,166 Costs and Expenses Cost of restaurant food and beverage sales 4,789 4,843 Restaurant expenses 11,097 10,010 General and administrative expenses 1,028 1,074 Interest expense 299 268 - ------------------------------------------------------------------------------------------------------------------- Total Costs and Expenses 17,213 16,195 - ------------------------------------------------------------------------------------------------------------------- Income from operations before income taxes 1,756 971 Income tax provision 447 77 - ------------------------------------------------------------------------------------------------------------------- Net Income $ 1,309 $ 894 - ------------------------------------------------------------------------------------------------------------------- Pro Forma Net Income Per Common Share (Note 6) $ 0.21 $ 0.14 - ------------------------------------------------------------------------------------------------------------------- See notes to consolidated financial statements
BENIHANA INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (See Note 2) (UNAUDITED) All dollar amounts in thousands, except per share amounts
Ten Periods Ended December 31, January 1, 1995 1995 - ------------------------------------------------------------------------------------------------------------------- Revenues Net restaurant food and beverage sales $59,942 $55,142 Other income 397 342 - ------------------------------------------------------------------------------------------------------------------- Total Revenues 60,339 55,484 Costs and Expenses Cost of restaurant food and beverage sales 15,896 15,843 Restaurant expenses 36,111 33,406 General and administrative expenses 3,209 3,331 Interest expense 978 886 - ------------------------------------------------------------------------------------------------------------------- Total Costs and Expenses 56,194 53,466 - ------------------------------------------------------------------------------------------------------------------- Income from operations before income taxes 4,145 2,018 Income tax provision 1,036 152 - ------------------------------------------------------------------------------------------------------------------- Net Income $ 3,109 $ 1,866 - ------------------------------------------------------------------------------------------------------------------- Pro Forma Net Income Per Common Share (Note 6) $ 0.50 $ 0.28 - ------------------------------------------------------------------------------------------------------------------- See notes to consolidated financial statements
BENIHANA INC. AND SUBSIDIARIES CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (See Note 2) (UNAUDITED) All dollar amounts in thousands, except per share amounts
(Accumulated) Class A Additional Deficit)/ Preferred Common Common Paid-in Retained Stock Stock Stock Capital Earnings - --------------------------------------------------------------------------------------------------------------------------------- Balance, March 26, 1995 $2 $349 $232 $13,337 ($1,715) Net income 3,109 Dividend on preferred stock (77) Exercise of stock options 2 43 Issuance of common stock for incentive compensation 5 Distribution to BOT (110) - --------------------------------------------------------------------------------------------------------------------------------- Balance, December 31, 1995 $2 $351 $232 $13,275 $ 1,317 - --------------------------------------------------------------------------------------------------------------------------------- See notes to consolidated financial statements
BENIHANA INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (See Note 2) (UNAUDITED) All dollar amounts in thousands, except as per share amounts
Ten Periods Ended December 31, January 1, 1995 1995 - ------------------------------------------------------------------------------------------------------------------- Operating Activities Net income $ 3,109 $ 1,866 Adjustments to reconcile net income to net Cash provided by operating activities: Depreciation and amortization 1,679 1,613 Issuance of common stock for incentive compensation 5 Change in operating assets and liabilities that provided or (used) cash: Accounts receivable 48 67 Inventories (259) (104) Prepaid expenses (106) (256) Other assets 2 88 Accounts payable and accrued expenses (995) 190 Deferred taxes 742 - ------------------------------------------------------------------------------------------------------------------- Net cash provided by operating activities 4,225 3,464 - ------------------------------------------------------------------------------------------------------------------- Investing activities Expenditures for property and equipment (1,669) (837) - ------------------------------------------------------------------------------------------------------------------- Net cash (used in) investing activities (1,669) (837) - ------------------------------------------------------------------------------------------------------------------- Financing Activities Repayment of long-term debt and obligations under capital leases (2,116) (1,919) Proceeds from issuance of long-term debt 319 Net cash distributed to BOT (110) (590) Dividend paid (77) Proceeds from issuance of common stock 45 - ------------------------------------------------------------------------------------------------------------------- Net cash (used in) financing activities (1,939) (2,509) - ------------------------------------------------------------------------------------------------------------------- Net decrease in cash and cash equivalents 617 118 Cash and cash equivalents, beginning of year 1,854 1,455 - ------------------------------------------------------------------------------------------------------------------- Cash and cash equivalents, end of period $ 2,471 $ 1,573 - ------------------------------------------------------------------------------------------------------------------- Supplemental Cash Flow Information Cash paid during the ten periods: Interest $ 603 $ 473 Income taxes 348 148 Noncash Items: Capital lease obligations of $269 were incurred in the ten periods ended January 1, 1995 when the Company entered into lease agreements for new equipment. See notes to consolidated financial statements.
BENIHANA INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS TEN PERIODS ENDED DECEMBER 31, 1995 AND JANUARY 1, 1995 (UNAUDITED) 1. GENERAL The accompanying consolidated financial statements are unaudited and reflect all adjustments (consisting only of normal recurring adjustments at December 31, 1995) which are, in the opinion of management, necessary for a fair presentation of financial position and results of operations. The results of operations for the ten periods (forty weeks) ended December 31, 1995 are not necessarily indicative of the results to be expected for the full year. Certain information and footnotes normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted. The Company's fiscal year consists of 13 four-week accounting periods. The current fiscal year consists of 53 weeks. 2. BASIS OF PRESENTATION AND ACQUISITION The Company's financial statements and the discussion and data presented below reflect a reorganization pursuant to which the Company acquired seventeen restaurants, four license agreements and the U.S. trademarks of Benihana of Tokyo, Inc. and became the successor to Benihana National Corp. through the merger of BNC and a wholly owned subsidiary of the Company through a share-for-share exchange of common equity. Accordingly, the Company's financial statements for the period ended January 1, 1995 have been restated retroactively to include the historical accounts of BNC and the BOT Restaurants without adjustment. The acquisition of the BOT Restaurants has been accounted for in a manner similar to a pooling of interests since the parties to the transaction were under common control. The Company paid $3,000,000 in cash and issued 76,905 shares of Common Stock, 2,000 shares of $1.00 par value Class A Convertible Preferred Stock, and a 7 1/2% promissory note in the amount of $650,000. 3. INVENTORIES Inventories consist of (in thousands):
December 31, March 26, 1995 1995 ------------ --------- Food and beverage $ 645 $ 560 Supplies 1,174 999 ------------ --------- $ 1,819 $ 1,559 BENIHANA INC. AND SUBSIDIARIES 4. PREPAID EXPENSES Prepaid expenses consist of (in thousands): December 31, March 26, 1995 1995 ------------ --------- Prepaid insurance $ 907 $ 687 Prepaid advertising 56 148 Other 441 462 ------------ --------- $ 1,404 $1,297 ------------ --------- 5. OTHER ASSETS Other assets consist of (in thousands): December 31, March 26, 1995 1995 ------------ --------- Lease acquisition costs $ 566 $ 613 Restaurant management fee Receivable 17 48 Cash surrender value of officer's Life insurance 240 240 Premium on liquor licenses 651 651 Security deposits 195 214 Preopening expenses 57 2 Other 121 124 ------------ --------- $ 1,847 $1,892
6. PRO FORMA NET INCOME PER COMMON SHARE The pro forma net income per common share was computed by using the weighted average number of shares and dilutive common stock equivalents (5,991 thousand shares in December 1995 and 5,820 thousand shares in January 1995) of Common Stock and Class A Common Stock outstanding as of December 31, 1995. The amounts of preferred dividends and interest expense that would have been incurred as a result of the acquisition of the BOT Restaurants described above have been factored in the calculation of pro forma earnings from the beginning of each of the ten periods ended December 31, and January 1, 1995. BENIHANA INC. AND SUBSIDIARIES MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS OVERVIEW The Company's financial statements and the discussion and data presented below reflect a reorganization pursuant to which the Company acquired seventeen restaurants, four license agreements and the U.S. trademarks of Benihana of Tokyo, Inc. and became the successor to Benihana National Corp. through the merger of BNC and a wholly owned subsidiary of the Company through a share-for-share exchange of common equity. The Company's revenues consist of sales of food and beverages in each of the Company-owned restaurants and licensing fees received from licensees. Cost of restaurant food and beverages sold represents the direct cost of the ingredients for the prepared food and beverages. Restaurant expenses consist of direct and indirect labor, occupancy costs, advertising and other costs that are directly attributed to each restaurant location. Restaurant revenues and expenses are dependent upon a number of factors including the number of restaurants in operation and restaurant patronage. Revenues are also dependent on the average check amount and expenses are additionally dependent upon the costs of food and beverages sold, average wage rates, marketing costs and the costs of administering restaurant operations and interest. The Company's revenues and net income attained record levels during the three and ten periods ended December 31, 1995 surpassing the comparable periods in the previous year. Restaurant revenue increased by 10.2% and 8.7% for the three and ten periods, respectively. Net income increased by 46.4% and 66.6% for the three and ten periods, respectively. Revenues are increasing as a result of continuing increases in patronage and the resulting revenue improvements are reflected in increased net income and per share earnings. In the previous year's ten periods, federal income taxes were not provided because of the existence of substantial net operating losses. The Company has provided for federal income taxes during the ten periods ended December 31, 1995, since taxable income is estimated to utilize the remaining tax assets from net operating loss carryforwards. Earnings per share have been affected by additional equivalent shares from options and warrants that became dilutive during the ten periods because of the increase in the market price of the Common and Class A Stock. REVENUES The amounts of sales and the changes in amount and percentage change in amount of sales from the previous fiscal year are shown in the following tables. BENIHANA INC. AND SUBSIDIARIES MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Three Periods Ended Ten Periods Ended December 31, January 1, December 31, January 1, 1995 1995 1995 1995 ------------ ---------- ------------ ---------- Net restaurant sales $18,837 $17,087 $59,942 $55,142 Other income 132 79 397 342 ------------ ---------- ------------ ---------- $18,969 $17,166 $60,339 $55,484 Three Periods Ended Ten Periods Ended December 31, January 1, December 31, January 1, 1995 1995 1995 1995 ------------ ---------- ------------ ---------- Amount of change from previous year $1,750 $898 $4,800 $2,339 Percentage change for the previous year 10.2% 5.5% 8.7% 4.4% Comparable sales per unit $496 $462 $1,606 $1,490 Percentage growth in comparable sales restaurant 7.4% 5.5% 7.8% 4.4%
Three and Ten Periods Ended December 31, 1995 compared to January 1, 1995 - -- Restaurant revenues continued to increase in both the three and ten periods ended December 31, 1995 as compared to the equivalent periods ended January 1, 1995. The Company's trend of increases in comparable per unit sales continued during the three and ten periods with 7.4% and 7.8%, respectively. Patronage at Benihana continues to increase resulting from favorable consumer response to the Company's advertising programs from physical improvements made to several restaurant properties, from opening the restaurants for lunch service on the weekends and opening sushi bars and Karaoke centers at several of the restaurants. Customer counts increased 7.3% through the third quarter. Additionally, the first Benihana Grill opened on October 12, 1995 and contributed to .5% of the increase in restaurant revenues for the ten periods. COSTS AND EXPENSES Costs of restaurant sales, which are generally variable with sales, directly increased with changes in revenues for the ten periods. The following table reflects the proportion that the various elements of costs and expenses bore to sales and the changes in amounts and percentage changes in amounts from the previous year's three and ten periods. BENIHANA INC. AND SUBSIDIARIES MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Three Periods Ended Ten Periods Ended December 31, January 1, December 31, January 1, 1995 1995 1995 1995 ------------ ---------- ------------ ---------- COST AS A PERCENTAGE OF RESTAURANT SALES: Cost of restaurant food and beverage sales 25.4% 28.3% 26.5% 28.7% Restaurant expenses 59.9% 58.6% 60.2% 60.6% General and administrative expenses 5.5% 6.3% 5.4% 6.0% AMOUNT OF CHANGE FROM PREVIOUS YEAR (IN THOUSANDS): Cost of restaurant food and beverage sales ($54) $531 $53 $1,366 Restaurant expenses $1,087 $41 $2,705 $551 General and administrative expenses ($46) $127 ($122) $183 PERCENTAGE CHANGE FROM PREVIOUS YEAR: Cost of restaurant food and beverage sales (1.1%) 12.3% .3% 9.4% Restaurant expenses 10.9% .4% 8.1% 1.7% General and administrative expenses (4.3%) 13.4% (3.7%) 5.8%
Three and Ten Periods Ended December 31, 1995 Compared to Three and Ten Periods Ended January 1, 1995 -- The cost of food and beverage sales decreased in total amount for the three periods and increased for the ten periods, but decreased for both the three and ten periods when expressed as a percentage of sales. Long-term purchasing contracts have been made for lobster that effectively lock in a lower price for 22 of the Company's restaurants where such arrangements are feasible. Additionally, the Company obtained more favorable pricing from several vendors for other food products and services at several of the 17 restaurants that were purchased from Benihana of Tokyo. Restaurant expenses increased in absolute amount for both the three and ten periods. Restaurant expenses expressed as a percentage of sales increased for the three periods but decreased for the ten periods. The increase was due to accelerated spending for repair and maintenance to improve the appearance of several restaurants. Also, during the previous year's three periods, the Company received a refund on workers compensation premiums resulting in lower benefits costs in fiscal 1995. The decrease for the ten periods is due to an increase in sales and because of the generally fixed nature of such expenses. Interest costs increased during the three and ten periods because of the additional borrowings made to acquire the BOT Restaurant properties. Despite the increase in outstanding debt, interest cost has not risen significantly due to the Company's successful efforts in reducing its interest rate as part of the consolidation of the Company's bank indebtedness (see Liquidity and Capital Resources below). BENIHANA INC. AND SUBSIDIARIES MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS LIQUIDITY AND CAPITAL RESOURCES The Company, as is typical with many restaurant companies, does not have to provide financing for inventories and accounts receivable and operates with a working capital deficiency. The Company's deficiency in working capital of $1,380 decreased by $2,143 for the ten periods ended December 31, 1995. The Company expended $832 more for property and equipment than it did during the previous comparable ten periods. This was a result of expenditures made to build the Benihana Grill in Sacramento, California which opened on October 12, 1995. The Benihana Grill is a smaller version of a traditional Benihana restaurant. The approximate construction and opening costs for this first location were $550,000. Management believes that the reduced construction and opening costs for the Benihana Grill expands the potential for the Company to penetrate smaller markets. Additionally, the Company has accelerated physical improvements to several restaurant locations and added facilities for serving and preparing sushi. The Company financed the $6,150,000 aggregate purchase price of the BOT Restaurants by issuing 76,905 shares of comon stock; 2,000 shares of preferred stock with a $2,000,000 liquidation value; a note payable to BOT in the amount of $650,000; and $3,000,000 in cash. The cash portion was financed by consolidating BNC's previously existing bank term loans and increasing the amount borrowed. Although the amount borrowed under the term loan agreement has increased, periodic principal payment requirements have decreased by approximately $800,000 annually. The Company's senior lender has also committed to increase the amount of the term loan by approximately $700,000 at the Company's request if the request is made by May 1996. The Company's senior lender has also made available an additional $500,000 working capital line of credit. These additional borrowing facilities may be used for working capital purposes, to make improvements to owned restaurant properties or to finance the development of additional restaurant locations. Management believes that it has sufficient cash resources to provide for its operating cash needs and to make anticipated improvements to its restaurants without utilizing the additional borrowing facilities. BENIHANA INC. AND SUBSIDIARIES PART II - Other Information Item 6. Exhibits and Reports on Form 8-K (a) Exhibit 11 Calculation of Earnings Per Share Exhibit 27 Financial Data Schedule (b) None EXHIBIT 11 BENIHANA INC. CALCULATION OF EARNINGS PER SHARE
Ten Periods Ended December 31, January 1, 1995 1995 ------------ ---------- WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING 5,818,606 5,732,211 (COMMON & CLASS A) COMMON STOCK ISSUED TO BOT IN CONNECTION WITH THE REORGANIZATION 76,905 DILUTIVE EFFECT OF WARRANTS OUTSTANDING (1) 112,816 DILUTIVE EFFECT OF STOCK OPTIONS OUTSTANDING USED IN CALCULATION OF EARNINGS PER SHARE 59,826 10,431 5,991,248 5,819,547 NET INCOME $ 3,109,048 $1,866,387 EFFECT OF DIVIDENDS (PROFORMA IN 1994) ON PREFERRED STOCK ISSUED IN CONNECTION WITH THE REORGANIZATION (92,308) (92,308) PROFORMA INTEREST ON DEBT INCURRED TO FINANCE ACQUISITION OF BOT RESTAURANTS (36,250) (200,769) PROFORMA INTEREST ON DEBT ISSUED TO BOT TO FINANCE ACQUISITION OF BOT RESTAURANTS (6,806) (37,692) INCOME TAX EFFECT ON PROFORMA AMOUNTS OF INTEREST ON ACQUISITION DEBT INDEBTEDNESS 17,222 95,385 ----------- ----------- PROFORMA NET INCOME $2,990,906 $1,631,003 ----------- ----------- EARNINGS PER SHARE $.50 $.28 (1) Antidilutive in 1994
SIGNATURES Pursuant to the requirements of Section 13 or 15(d) 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. Benihana Inc. (Registrant) Date January 23, 1996 /s/ Joel A. Schwartz - ----------------------- -------------------- Joel A. Schwartz President /s/ Michael R. Burris --------------------- Michael R. Burris Chief Financial Officer EX-27 2 ARTICLE 5 FIN. DATA SCHEDULE FOR 3RD QTR 10-Q
5 This schedule contains summary financial information extracted from the December 31, 1995 Financial Statements and is qualified in its entirety by reference to such Financial Statements. 0000935226 BENIHANA INC. 1,000 U.S. DOLLARS 3-MOS 9-MOS MAR-26-1995 MAR-26-1995 OCT-9-1995 MAR-27-1995 DEC-31-1995 DEC-31-1995 1 1 2,471 2,471 0 0 353 353 63 63 1,819 1,819 6,047 6,047 25,129 25,129 25,478 25,478 33,903 33,903 7,427 7,427 11,299 11,299 0 0 2 2 583 583 14,592 14,592 33,903 33,903 18,837 59,942 18,969 60,339 4,789 15,896 11,097 36,111 1,028 3,209 0 0 299 978 1,756 4,145 447 1,036 1,309 3,109 0 0 0 0 0 0 1,309 3,109 .21 .50 .21 .50
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