-----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, UScWlWavt3Qf3U336rsmgroM6hlvYCflM6wQcBPSvsBepnCgDmMqNw32P9AHX4Ze AnSPLzPfNhwCoAw72Np/rg== 0000935226-97-000001.txt : 19970130 0000935226-97-000001.hdr.sgml : 19970130 ACCESSION NUMBER: 0000935226-97-000001 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19970105 FILED AS OF DATE: 19970129 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: 97513528 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 January 5, 1997 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 January 29,1997 Class A common stock $.10 par value, 2,516,300 shares outstanding at January 29, 1997 BENIHANA INC. AND SUBSIDIARIES PART I - Financial Information CONSOLIDATED BALANCE SHEETS (See Note 2) All dollar amounts in thousands, except per share amounts
(Unaudited) January 5, March 31, 1997 1996 - ------------------------------------------------------------------------------------------------------------------- Assets Current assets Cash and equivalents $ 6,532 $ 4,722 Receivables (net of allowance for doubtful amounts of $37 in January 1997 and $57 in March 1996, respectively) Trade 188 155 Affiliates 41 91 Other 10 6 - ------------------------------------------------------------------------------------------------------------------- Total Receivables 239 252 Inventories (Note 3) 2,877 1,833 Prepaid expenses (Note 4) 1,823 920 - ------------------------------------------------------------------------------------------------------------------- Total Current Assets 11,471 7,727 Property and equipment, net 24,377 24,915 Due from affiliates, long term 205 232 Deferred income taxes 1,577 1,577 Other assets (Note 5) 2,097 1,806 - ------------------------------------------------------------------------------------------------------------------- $ 39,727 $36,257 - ------------------------------------------------------------------------------------------------------------------- Liabilities and Stockholders' Equity Current liabilities Accounts payable and accrued expenses $ 7,325 $ 6,539 Current maturities of long-term debt and obligations under capital leases 1,392 1,488 - ------------------------------------------------------------------------------------------------------------------- Total Current Liabilities 8,717 8,027 Long-term debt 5,409 6,104 Due to affiliates - long term 334 439 Obligations under capital leases 3,914 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 5,907 2,455 - ------------------------------------------------------------------------------------------------------------------- Total Stockholders' Equity 21,353 17,326 - ------------------------------------------------------------------------------------------------------------------- $ 39,727 $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 January 5, December 31, 1997 1995 - ------------------------------------------------------------------------------------------------------------------- Revenues Net restaurant food and beverage sales $19,573 $18,837 Other income 253 132 - ------------------------------------------------------------------------------------------------------------------- Total Revenues 19,826 18,969 Costs and Expenses Cost of restaurant food and beverage sales 5,078 4,789 Restaurant expenses 11,693 11,097 General and administrative expenses 784 1,028 Interest expense 209 299 - ------------------------------------------------------------------------------------------------------------------- Total Costs and Expenses 17,764 17,213 - ------------------------------------------------------------------------------------------------------------------- Income from operations before income taxes 2,062 1,756 Income tax provision 660 447 - ------------------------------------------------------------------------------------------------------------------- Net Income $ 1,402 $ 1,309 - ------------------------------------------------------------------------------------------------------------------- Pro Forma Net Income Per Common Share (Note 6) Primary earnings per common share $ .22 $ .21 Fully diluted earnings per common share $ .22 $ .21 - ------------------------------------------------------------------------------------------------------------------- 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
Ten Periods Ended January 5, December 31, 1997 1995 - ------------------------------------------------------------------------------------------------------------------- Revenues Net restaurant food and beverage sales $63,996 $59,942 Other income 611 397 - ------------------------------------------------------------------------------------------------------------------- Total Revenues 64,607 60,339 Costs and Expenses Cost of restaurant food and beverage sales 16,430 15,896 Restaurant expenses 39,076 36,111 General and administrative expenses 3,162 3,209 Interest expense 725 978 - ------------------------------------------------------------------------------------------------------------------- Total Costs and Expenses 59,393 56,194 - ------------------------------------------------------------------------------------------------------------------- Income from operations before income taxes 5,214 4,145 Income tax provision 1,668 1,036 - ------------------------------------------------------------------------------------------------------------------- Net Income $ 3,546 $ 3,109 - ------------------------------------------------------------------------------------------------------------------- Pro Forma Net Income Per Common Share (Note 6) Primary earnings per common share $ .57 $ .50 Fully diluted earnings per common share $ .56 $ .50 - ------------------------------------------------------------------------------------------------------------------- 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 3,546 Dividend on preferred stock (94) Exercise of stock options and warrants 1 20 554 - -------------------------------------------------------------------------------------------------------------- Balance, January 5, 1997 $2 $353 $252 $14,839 $5,907 - -------------------------------------------------------------------------------------------------------------- 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
Ten Periods Ended January 5, December 31, 1997 1995 - ------------------------------------------------------------------------------------------------------------------- Operating Activities Net income $ 3,546 $ 3,109 Adjustments to reconcile net income to net Cash provided by operating activities: Depreciation and amortization 1,937 1,679 Deferred taxes 742 Issuance of common stock for incentive compensation 5 Change in operating assets and liabilities that provided or (used) cash: Accounts receivable 13 48 Inventories (1,044) (259) Prepaid expenses (903) (106) Other assets (105) 2 Accounts payable and accrued expenses 786 (995) - ------------------------------------------------------------------------------------------------------------------- Net cash provided by operating activities 4,230 4,225 - ------------------------------------------------------------------------------------------------------------------- Investing activities Expenditures for property and equipment (1,305) (1,669) Investment in Limited Partnership (253) - ------------------------------------------------------------------------------------------------------------------- Net cash (used in) investing activities (1,558) (1,669) - ------------------------------------------------------------------------------------------------------------------- Financing Activities Repayment of long-term debt and obligations under capital leases (1,343) (2,116) Proceeds from issuance of long-term debt 319 Net cash distributed to BOT (110) Dividend paid (94) (77) Proceeds from issuance of common stock 575 45 - ------------------------------------------------------------------------------------------------------------------- Net cash (used in) financing activities (862) (1,939) - ------------------------------------------------------------------------------------------------------------------- Net increase (decrease) in cash and cash equivalents 1,810 617 Cash and cash equivalents, beginning of year 4,722 1,854 - ------------------------------------------------------------------------------------------------------------------- Cash and cash equivalents, end of period $ 6,532 $ 2,471 - ------------------------------------------------------------------------------------------------------------------- Supplemental Cash Flow Information Cash paid during the ten periods: Interest $ 623 $ 603 Income taxes 1,544 348 See notes to consolidated financial statements.
-5- BENIHANA INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS TEN PERIODS ENDED JANUARY 5, 1997 AND DECEMBER 31, 1995 (UNAUDITED) 1. GENERAL The accompanying consolidated financial statements are unaudited and reflect all adjustments (consisting only of normal recurring adjustments at January 5, 1997) 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 January 5, 1997 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 December 31, 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):
January 5, March 31, 1997 1996 ---------- --------- Food and beverage $1,080 $ 565 Supplies 1,797 1,268 ------ ------- $2,877 $ 1,833 ====== =======
-6- BENIHANA INC. AND SUBSIDIARIES 4. PREPAID EXPENSES Prepaid expenses consist of (in thousands):
January 5, March 31, 1997 1996 ---------- --------- Prepaid Deposits $ 717 $ 62 Prepaid insurance 709 589 Prepaid Rent 243 7 Prepaid advertising 0 35 Other 154 227 -------- -------- $ 1,823 $ 920 ======== ========
5. OTHER ASSETS Other assets consist of (in thousands):
January 5, March 31, 1997 1996 ---------- --------- Lease acquisition costs $ 504 $ 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 26 47 Other 219 112 -------- ------- $2,097 $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 (6,081,822 shares in January 1997 and 5,991,248 shares in December 1995) of Common Stock and Class A Common Stock outstanding as of January 5, 1997. In addition to the weighted average number of shares and dilutive common stock equivalents, the calculation of fully diluted earnings per share includes 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. (BNC) 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. 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 3.9% and net income increased by 7.1% for the three periods. Restaurant revenue increased 6.8% and net income increased 14.1% for the ten periods ended January 5, 1997. 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 ten 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 Ten Periods Ended January 5, December 31, January 5, December 31, 1997 1995 1997 1995 ---------- ------------ ---------- ------------ Net restaurant sales $19,573 $18,837 $63,996 $59,942 Other income 253 132 611 397 ------- ------- ------- ------- $19,826 $18,969 $64,607 $60,339 ======= ======= ======= ======= Three Periods Ended Ten Periods Ended January 5, December 31, January 5, December 31, 1997 1995 1997 1995 ---------- ------------ ---------- ------------ Amount of change in total revenues from previous year $ 857 $ 1,750 $4,268 $4,800 Percentage change from the previous year 4.5% 10.2% 7.1% 8.7%
Three and Ten Periods Ended January 5, 1997 compared to December 31, 1995 -- Restaurant revenues continued to increase in the three and ten periods ended January 5, 1997 as compared to the equivalent periods ended December 31, 1995. The Company's trend of increases in comparable per unit sales continued during the three and ten 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 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. -9- BENIHANA INC. AND SUBSIDIARIES MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Three Periods Ended Ten Periods Ended January 5, December 31, January 5, December 31, 1997 1995 1997 1995 ---------- ------------ ---------- ------------ COST AS A PERCENTAGE OF RESTAURANT SALES: Cost of restaurant food and beverage sales 25.9% 25.4% 25.7% 26.5% Restaurant expenses 59.7% 59.9% 61.1% 60.2% General and administrative expenses 4.0% 5.5% 4.9% 5.4% AMOUNT OF CHANGE FROM PREVIOUS YEAR (IN THOUSANDS): Cost of restaurant food and beverage sales $289 ($54) $534 $ 53 Restaurant expenses $596 $1,087 $2,966 $2,705 General and administrative expenses ($244) ($46) ($48) (122) PERCENTAGE CHANGE FROM PREVIOUS YEAR: Cost of restaurant food and beverage sales 6.0% (1.1 3.4% .3% Restaurant expenses 5.4% 10.9 8.2% 8.1% General and administrative expenses (23.7%) (4.3%) (1.5%) (3.7%)
Three and Ten Periods Ended January 5, 1997 compared to December 31, 1995 -- The cost of food and beverage sales increased in total dollar amount for the three and ten periods and increased in the three periods and decreased in the ten periods. The comparable effect of the favorable long-term purchasing contracts that were made for certain seafood items covering most of the Company's restaurants have been largely realized. Restaurant expenses increased in total dollar amount during the three and ten periods, but when expressed as a percentage of sales, decreased in the three periods and increased in the ten 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 ten periods. General and administrative costs decreased in total dollar amount for the three and ten periods, and also decreased in the three and ten periods when expressed as a percentage of sales. The amount decreased as a result of the collection of franchise receivables in the current year previously reserved. The decrease in the percentage of sales is attributable to the increase in sales compared to the generally fixed nature of such expenses. Interest costs decreased in the three and ten periods of the current year as compared to the three and ten 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 ten periods, the Company improved its working capital position to $3,054,000 from a working capital deficiency of $300,000 at March 31, 1996. The Company's cash position has improved to $6,532,000 from $4,722,000, principally through the results of operations. 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 1998. 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
Ten Periods Ended January 5, December 31, 1997 1995 ---------- ------------ WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING 6,004,931 5,818,606 DILUTIVE EFFECT OF WARRANTS OUTSTANDING 112,816 DILUTIVE EFFECT OF STOCK OPTIONS OUTSTANDING USED IN CALCULATION OF EARNINGS PER SHARE 76,891 59,826 ---------- ---------- 6,081,822 5,991,248 ========== ========== NET INCOME $3,546,433 $3,109,048 EFFECT OF DIVIDENDS 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) 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 $3,454,125 $2,990,906 ========== ========== EARNINGS PER SHARE $.57 $.50 ==== ====
-13- EXHIBIT 11 BENIHANA INC. CALCULATION OF FULLY DILUTED EARNINGS PER SHARE Ten Periods Ended January 5, December 31, 1997 1995 ---------- ------------ WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING 6,004,931 5,818,606 CONVERTIBLE PREFERRED STOCK 300,000 DILUTIVE EFFECT OF WARRANTS OUTSTANDING 112,816 DILUTIVE EFFECT OF STOCK OPTIONS OUTSTANDING USED IN CALCULATION OF EARNINGS PER SHARE 76,891 59,826 ---------- ---------- 6,381,822 5,991,248 ========== ========== NET INCOME $3,546,433 $3,109,048 EFFECT OF DIVIDENDS ON PREFERRED STOCK ISSUED IN CONNECTION WITH THE REORGANIZATION (92,308) 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 $3,546,433 $2,990,906 ========== ========== EARNINGS PER SHARE $.56 $.50 ==== ====
-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 January 29, 1997 /s/ Joel A. Schwartz -------------------------- -------------------- Joel A. Schwartz President /s/ Michael R. Burris --------------------- Michael R. Burris Chief Financial Officer -15- EX-27 2 FDS --
5 This schedule contains summary financial information extracted from the January 5, 1997 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-31-1996 MAR-31-1996 OCT-14-1996 APR-01-1996 JAN-05-1997 JAN-05-1997 1 1 6,532 6,532 0 0 239 239 37 37 2,877 2,877 11,471 11,471 24,377 24,377 28,058 28,058 39,727 39,727 8,717 8,717 9,657 9,657 0 0 2 2 605 605 20,746 20,746 39,727 39,727 19,573 63,996 19,826 64,607 5,078 16,430 11,693 39,076 784 3,162 0 0 209 725 2,062 5,214 660 1,668 1,402 3,546 0 0 0 0 0 0 1,402 3,546 .22 .57 .22 .56
-----END PRIVACY-ENHANCED MESSAGE-----