-----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, EI2+yeZnLriiQYKej/vj6EGm8ya81ITzfzaV2oxdGwI23F2zYN2qWTEIGFPO68jh eyvhus2sYGmaxcSR/f3Ibg== 0000935226-96-000013.txt : 19961106 0000935226-96-000013.hdr.sgml : 19961106 ACCESSION NUMBER: 0000935226-96-000013 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19961013 FILED AS OF DATE: 19961104 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: BENIHANA INC CENTRAL INDEX KEY: 0000935226 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-EATING PLACES [5812] 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: 96653726 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 October 13, 1996 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, 3,527,066 shares outstanding at November 4,1996 Class A common stock $.10 par value, 2,516,300 shares outstanding at November 4, 1996 BENIHANA INC. AND SUBSIDIARIES PART I - Financial Information CONSOLIDATED BALANCE SHEETS (See Note 2) All dollar amounts in thousands, except per share amounts
(Unaudited) October 13, March 31, 1996 1996 - ------------------------------------------------------------------------------------------------------------------- Assets Current assets Cash and equivalents $ 6,353 $ 4,722 Receivables (net of allowance for doubtful amounts of $62 in October 1996 and $57 in March 1996, respectively) Trade 253 155 Affiliates 44 91 Other 26 6 - ------------------------------------------------------------------------------------------------------------------- Total Receivables 323 252 Inventories (Note 3) 2,536 1,833 Prepaid expenses (Note 4) 770 920 - ------------------------------------------------------------------------------------------------------------------- Total Current Assets 9,982 7,727 Property and equipment, net 24,446 24,915 Due from affiliates, long term 211 232 Deferred income taxes 1,577 1,577 Other assets (Note 5) 1,982 1,806 - ------------------------------------------------------------------------------------------------------------------- $ 38,198 $36,257 - ------------------------------------------------------------------------------------------------------------------- Liabilities and Stockholders' Equity Current liabilities Accounts payable and accrued expenses $ 6,670 $ 6,539 Current maturities of long-term debt and obligations under capital leases 1,463 1,488 - ------------------------------------------------------------------------------------------------------------------- Total Current Liabilities 8,133 8,027 Long-term debt 5,618 6,104 Due to affiliates - long term 376 439 Obligations under capital leases 4,092 4,361 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 - 3,527,066 shares and 3,516,066 shares, respectively 353 352 Class A common stock - $.10 par value; authorized - 20,000,000 shares, issued and outstanding - 2,516,300 shares and 2,316,300 shares, respectively 252 232 Additional paid-in capital 14,839 14,285 Retained earnings 4,533 2,455 - ------------------------------------------------------------------------------------------------------------------- Total Stockholders' Equity 19,979 17,326 - ------------------------------------------------------------------------------------------------------------------- $ 38,198 $36,257 - ------------------------------------------------------------------------------------------------------------------- See notes to consolidated financial statements
-1- BENIHANA INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (See Note 2) (UNAUDITED) All dollar amounts in thousands, except per share amounts
Three Periods Ended October 13, October 8, 1996 1995 - ------------------------------------------------------------------------------------------------------------------- Revenues Net restaurant food and beverage sales $19,019 $17,601 Other income 157 98 - ------------------------------------------------------------------------------------------------------------------- Total Revenues 19,176 17,699 Costs and Expenses Cost of restaurant food and beverage sales 4,833 4,661 Restaurant expenses 11,839 10,869 General and administrative expenses 1,052 999 Interest expense 216 283 - ------------------------------------------------------------------------------------------------------------------- Total Costs and Expenses 17,940 16,812 - ------------------------------------------------------------------------------------------------------------------- Income from operations before income taxes 1,236 887 Income tax provision 395 198 - ------------------------------------------------------------------------------------------------------------------- Net Income $ 841 $ 689 - ------------------------------------------------------------------------------------------------------------------- Pro Forma Net Income Per Common Share (Note 6) Primary and fully diluted earnings per common share $ 0.13 $ 0.11 - ------------------------------------------------------------------------------------------------------------------- See notes to consolidated financial statements
-2- BENIHANA INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (See Note 2) (UNAUDITED) All dollar amounts in thousands, except per share amounts
Seven Periods Ended October 13, October 8, 1996 1995 - ------------------------------------------------------------------------------------------------------------------- Revenues Net restaurant food and beverage sales $44,423 $41,105 Other income 358 265 - ------------------------------------------------------------------------------------------------------------------- Total Revenues 44,781 41,370 Costs and Expenses Cost of restaurant food and beverage sales 11,352 11,107 Restaurant expenses 27,383 25,014 General and administrative expenses 2,378 2,181 Interest expense 516 679 - ------------------------------------------------------------------------------------------------------------------- Total Costs and Expenses 41,629 38,981 - ------------------------------------------------------------------------------------------------------------------- Income from operations before income taxes 3,152 2,389 Income tax provision 1,008 589 - ------------------------------------------------------------------------------------------------------------------- Net Income $ 2,144 $ 1,800 - ------------------------------------------------------------------------------------------------------------------- Pro Forma Net Income Per Common Share (Note 6) Primary and fully diluted earnings per common share $ .34 $ .29 - ------------------------------------------------------------------------------------------------------------------- See notes to consolidated financial statements
-3- BENIHANA INC. AND SUBSIDIARIES CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (See Note 2) (UNAUDITED) All dollar amounts in thousands, except per share amounts
Class A Additional Preferred Common Common Paid-in Retained Stock Stock Stock Capital Earnings - ------------------------------------------------------------------------------------------------------------------- Balance, March 31, 1996 $2 $352 $232 $14,285 $2,455 Net income 2,144 Dividend on preferred stock (66) Exercise of stock options and warrants 1 20 554 - ------------------------------------------------------------------------------------------------------------------- Balance, October 13, 1996 $2 $353 $252 $14,839 $4,533 - ------------------------------------------------------------------------------------------------------------------- See notes to consolidated financial statements
-4- BENIHANA INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (See Note 2) (UNAUDITED) All dollar amounts in thousands
Seven Periods Ended October 13, October 8, 1996 1995 - ------------------------------------------------------------------------------------------------------------------- Operating Activities Net income $ 2,144 $ 1,800 Adjustments to reconcile net income to net Cash provided by operating activities: Depreciation and amortization 1,413 1,148 Deferred taxes 420 Change in operating assets and liabilities that provided or (used) cash: Accounts receivable (71) 32 Inventories (703) (228) Prepaid expenses 150 135 Other assets 19 (1) Accounts payable and accrued expenses 131 (1,620) - ------------------------------------------------------------------------------------------------------------------- Net cash provided by operating activities 3,083 1,686 - ------------------------------------------------------------------------------------------------------------------- Investing activities Expenditures for property and equipment (864) (1,228) Investment in Limited Partnership (253) - ------------------------------------------------------------------------------------------------------------------- Net cash (used in) investing activities (1,117) (1,228) - ------------------------------------------------------------------------------------------------------------------- Financing Activities Repayment of long-term debt and obligations under capital leases (844) (1,834) Proceeds from issuance of long-term debt 319 Net cash distributed to BOT (110) Dividend paid (66) (48) Proceeds from issuance of common stock 575 37 - ------------------------------------------------------------------------------------------------------------------- Net cash (used in) financing activities (335) (1,636) - ------------------------------------------------------------------------------------------------------------------- Net increase (decrease) in cash and cash equivalents 1,631 (1,178) Cash and cash equivalents, beginning of year 4,722 1,854 - ------------------------------------------------------------------------------------------------------------------- Cash and cash equivalents, end of period $ 6,353 $ 676 - ------------------------------------------------------------------------------------------------------------------- Supplemental Cash Flow Information Cash paid during the seven periods: Interest $ 445 $ 467 Income taxes 646 113 See notes to consolidated financial statements.
-5- BENIHANA INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEVEN PERIODS ENDED OCTOBER 13, 1996 AND OCTOBER 8, 1995 (UNAUDITED) 1. GENERAL The accompanying consolidated financial statements are unaudited and reflect all adjustments (consisting only of normal recurring adjustments at October 13, 1996) 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 seven periods (twenty-eight weeks) ended October 13, 1996 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. 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 July 16, 1995 have been restated retroactively to include the historical accounts of BNC and the BOT Restaurants without adjustment. The reorganization has been accounted for in a manner similar to a pooling of interests since the parties to the transaction were under common control. In connection with the acquisition, 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):
October 13, March 31, 1996 1996 ---------- --------- Food and beverage $ 967 $ 565 Supplies 1,569 1,268 ------ ------- $2,536 $1,833 ====== ======
-6- BENIHANA INC. AND SUBSIDIARIES 4. PREPAID EXPENSES Prepaid expenses consist of (in thousands):
October 13, March 31, 1996 1996 ---------- --------- Prepaid insurance $ 240 $ 589 Prepaid Rent 182 7 Prepaid advertising 3 35 Other 345 289 -------- ------- $ 770 $ 920 ======== =======
5. OTHER ASSETS Other assets consist of (in thousands):
October 13, March 31, 1996 1996 ----------- --------- Lease acquisition costs $ 518 $ 551 Cash surrender value of officer's Life insurance 270 270 Investment in Limited Partnership 253 Premium on liquor licenses 651 651 Security deposits 174 175 Preopening expenses 15 47 Other 101 112 -------- ------- $ 1,982 $ 1,806 ======== =======
6. PRO FORMA NET INCOME PER COMMON SHARE The pro forma primary net income per common share was computed by using the weighted average number of shares and dilutive common stock equivalents (6,074,660 shares in October 1996 and 5,982,727 shares in October 1995) of Common Stock and Class A Common Stock outstanding as of October 13, 1996. In addition to the weighted average number of shares and dilutive common stock equivalents, the calculation of fully diluted earnings per share include 300,000 shares issuable upon conversion of the Preferred Stock. Fully diluted earnings per share assumes that the Preferred Stock was converted into Class A Common Stock as of the beginning of the fiscal year. -7- 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 completed in May 1995 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 sold in each of the owned restaurants and licensing fees received from licensees. Cost of restaurant food and beverage sold represents the direct cost of the ingredients for the prepared food and beverages sold. 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 interest and administering restaurant operations. The Company's revenues and net income surpassed the comparable periods in the previous year. Restaurant revenue increased by 8.3% and net income increased by 22.1% for the three periods and restaurant revenue increased 8.2% and net income increased 19.1% for the seven periods ended October 13, 1996. Revenues continue to increase as a result of sustained increases in patronage and the resulting revenue improvements are reflected in increased net income and per share earnings. In the previous year's three and seven periods, the Company provided for federal income taxes net of benefits derived from net operating loss carryforwards. These net operating loss carryforwards were exhausted in the previous year and accordingly the Company is providing for federal income taxes at full statutory rates less income tax credits for FICA taxes paid on reported employee tip income. 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. -8- BENIHANA INC. AND SUBSIDIARIES MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Three Periods Ended Seven Periods Ended October 13, October 8, October 13, October 8, 1996 1995 1996 1995 ----------- ---------- ----------- ---------- Net restaurant sales $19,019 $17,601 $44,423 $41,105 Other income 157 98 358 265 ------- ------- ------- ------- $19,176 $17,699 $44,781 $41,370 ======= ======= ======= ======= Three Periods Ended Seven Periods Ended October 13, October 8, October 13, October 8, 1996 1995 1996 1995 ----------- ---------- ----------- ---------- Amount of change in total revenues from previous year $1,418 $1,238 $3,318 $3,050 Percentage change for the previous year 8.1% 7.6% 8.1% 8.0%
Three and Seven Periods Ended October 13, 1996 compared to October 8, 1995 -- Restaurant revenues continued to increase in the three and seven periods ended October 13, 1996 as compared to the equivalent periods ended October 8, 1995. The Company's trend of increases in comparable per unit sales continued during the three and seven periods. Patronage continues to increase resulting from favorable consumer response to the Company's advertising programs, from physical improvements made to several restaurant properties, including the opening of sushi bars at several of the Company's restaurants. COSTS AND EXPENSES Costs of restaurant sales, which are generally variable with sales, directly increased with changes in revenues for the three and seven 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 seven periods. -9- BENIHANA INC. AND SUBSIDIARIES MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Three Periods Ended Seven Periods Ended October 13, October 8, October 13, October 8, 1996 1995 1996 1995 ----------- ---------- ----------- ---------- COST AS A PERCENTAGE OF RESTAURANT SALES: Cost of restaurant food and beverage sales 25.4% 26.5% 25.6% 27.0% Restaurant expenses 62.2% 61.8% 61.6% 60.9% General and administrative expenses 5.5% 5.7% 5.4% 5.3% AMOUNT OF CHANGE FROM PREVIOUS YEAR (IN THOUSANDS): Cost of restaurant food and beverage sales $172 ($73) $245 $107 Restaurant expenses $970 $734 $2,369 $1,618 General and administrative expenses $53 $34 $197 $61 PERCENTAGE CHANGE FROM PREVIOUS YEAR: Cost of restaurant food and beverage sales 3.7% (1.5%) 2.2% 1.0% Restaurant expenses 8.9% 7.2% 9.5% 6.9% General and administrative expenses 5.3% 3.5% 9.0% 2.7%
Three and Seven Periods Ended October 13, 1996 Compared to Three and Seven Periods Ended October 8, 1995 -- The cost of food and beverage sales increased slightly in total dollar amount for the three and seven periods, but decreased when expressed as a percentage of sales for both the three and seven periods. Favorable long-term purchasing contracts have been made for certain seafood items covering most of the Company's restaurants. 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 BOT. Restaurant expenses increased in absolute amount and expressed as a percentage of sales for the three and seven periods. The increase was due to an increase in labor costs attributable to the additional personnel required for the extended hours of operations in some locations. Additionally, advertising and promotion expense increased during the current year's three and seven periods. General and administrative costs increased in total amount for the three and seven periods, but decreased in the three periods and increased slightly in the seven periods when expressed as a percentage of sales. The increase is attributable to an estimate recorded in the current year for bonus awards as outlined in the Benihana Incentive Compensation Plan adopted by the Company in fiscal 1996. Interest costs decreased in the three and seven periods of the current year as compared to the three and seven periods of the prior year. The decrease is attributable to the decrease in total principal balances outstanding over that of the prior year. The effective income tax rate increased from 26% in the prior year to 32% in the current year due to the utilization of net operating loss carryforwards in the prior year. -10- BENIHANA INC. AND SUBSIDIARIES MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS LIQUIDITY AND CAPITAL RESOURCES The Company does not require significant amounts of inventory or receivables. Therefore, the Company, as is typical with many restaurant companies, does not have to provide financing for such amounts and operates with a minimum amount of working capital. During the seven periods, the Company improved its working capital position to $1,849,000 from a working capital deficiency of $300,000 at March 31, 1996. The Company has no material commitments for future capital improvements, but the Company expects that it will continue to make expenditures to improve the appearance and efficiency of its restaurants. The Company has signed leases for two Benihana Grill locations in Dallas, Texas and Sugarland (Houston), Texas opening in early fiscal 1997. The Company believes that it has sufficient cash resources from operating cash flows to provide for anticipated capital improvements as well as for construction and opening costs without additional borrowings. -11- 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 Exhbit 27 Financial Data Schedule (b) None -12- EXHIBIT 11 BENIHANA INC. CALCULATION OF PRIMARY EARNINGS PER SHARE
Seven Periods Ended October 13, October 8, 1996 1995 ----------- ---------- WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING 5,998,133 5,815,545 DILUTIVE EFFECT OF WARRANTS OUTSTANDING 101,793 DILUTIVE EFFECT OF STOCK OPTIONS OUTSTANDING USED IN CALCULATION OF EARNINGS PER SHARE 76,257 65,389 ---------- ---------- 6,074,660 5,982,727 ========== ========== NET INCOME $2,143,679 $1,800,326 EFFECT OF DIVIDENDS ON PREFERRED STOCK ISSUED IN CONNECTION WITH THE REORGANIZATION (64,615) (64,615) PROFORMA INTEREST ON DEBT INCURRED TO FINANCE ACQUISITION OF BOT RESTAURANTS (36,250) PROFORMA INTEREST ON DEBT ISSUED TO BOT TO FINANCE ACQUISITION OF BOT RESTAURANTS (6,806) INCOME TAX EFFECT ON PROFORMA AMOUNTS OF INTEREST ON ACQUISITION DEBT INDEBTEDNESS 17,222 ---------- ---------- PROFORMA NET INCOME $2,079,660 $1,709,878 ========== ========== EARNINGS PER SHARE $.34 $.29 ==== ====
-13- EXHIBIT 11 BENIHANA INC. CALCULATION OF FULLY DILUTED EARNINGS PER SHARE
Seven Periods Ended October 13, October 8, 1996 1995 ----------- ---------- WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING 5,998,133 5,815,545 CONVERTIBLE PREFERRED STOCK 300,000 DILUTIVE EFFECT OF WARRANTS OUTSTANDING 101,793 DILUTIVE EFFECT OF STOCK OPTIONS OUTSTANDING USED IN CALCULATION OF EARNINGS PER SHARE 76,257 65,389 ---------- ---------- 6,374,660 5,982,727 ========== ========== NET INCOME $2,143,679 $1,800,326 EFFECT OF DIVIDENDS ON PREFERRED STOCK ISSUED IN CONNECTION WITH THE REORGANIZATION (64,615) PROFORMA INTEREST ON DEBT INCURRED TO FINANCE ACQUISITION OF BOT RESTAURANTS (36,250) PROFORMA INTEREST ON DEBT ISSUED TO BOT TO FINANCE ACQUISITION OF BOT RESTAURANTS (6,806) INCOME TAX EFFECT ON PROFORMA AMOUNTS OF INTEREST ON ACQUISITION DEBT INDEBTEDNESS 17,222 ---------- ---------- PROFORMA NET INCOME $2,143,679 $1,709,878 ========== ========== EARNINGS PER SHARE $.34 $.29 ==== ====
-14- 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 November 4, 1996 /s/ Joel A. Schwartz -------------------- -------------------- Joel A. Schwartz President /s/ Michael R. Burris --------------------- Michael R. Burris Chief Financial Officer -15- EX-27 2 ARTICLE 5 FIN. DATA SCHEDULE FOR 2ND QTR 10-Q
5 This schedule contains summary financial information extracted from the October 13, 1996 Financial Statements and is qualified in its entirety by reference to such Financial Statements. 0000935226 BENIHANA INC. 1,000 U.S. DOLLARS 3-MOS 6-MOS MAR-31-1996 MAR-31-1996 JUL-22-1996 APR-01-1996 OCT-13-1996 OCT-13-1996 1 1 6,353 6,353 0 0 323 323 62 62 2,536 2,536 9,982 9,982 24,446 24,446 27,479 27,479 38,198 38,198 8,133 8,133 10,086 10,086 0 0 2 2 605 605 19,372 19,372 19,979 19,979 19,019 44,423 19,176 44,781 4,833 11,352 11,839 27,383 1,052 2,378 0 0 216 516 1,236 3,152 395 1,008 841 2,144 0 0 0 0 0 0 841 2,144 .13 .34 .13 .34
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