SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-QSB
(MARK ONE)
[X] Quarterly report under Section 13 or 15(d) of the Securities Exchange
Act of 1934 for the quarterly period ended September 30, 1999
[ ] Transition report under Section 13 or 15(d) of the Securities Exchange
Act of 1934 for the transition period from to . ------------ --------------
COMMISSION FILE NUMBER: I-9418
CYBERAMERICA CORPORATION
------------------------
(Exact name of small business issuer as specified in its charter)
NEVADA 87-0509512
------ ----------
(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization)
268 WEST 400 SOUTH, SALT LAKE CITY, UTAH 84101
---------------------------------------- -----
(Address of principal executive office) (Zip Code)
(801) 575-8073
--------------
(Issuer's telephone number)
Check whether the issuer: (1) filed all reports required to be filed by
Section 13 or 15(d) of the Exchange Act 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 XX NO
The number of outstanding shares of the issuer's common stock, $0.001
par value (the only class of voting stock), as of November 15, 1999 was
3,227,238.
1
TABLE OF CONTENTS
PART I
ITEM 1. FINANCIAL STATEMENTS..................................................3
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS..................................4
PART II
ITEM 1. LEGAL PROCEEDINGS.....................................................6
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K......................................7
SIGNATURES.....................................................................8
INDEX TO EXHIBITS..............................................................9
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2
ITEM 1. FINANCIAL STATEMENTS
As used herein, the term "Company" refers to CyberAmerica Corporation, a Nevada
corporation, and its subsidiaries and predecessors unless otherwise indicated.
Consolidated, unaudited, condensed interim financial statements including a
balance sheet for the Company as of the quarter ended September 30, 1999 and
statements of operations, and statements of cash flows for the interim period up
to the date of such balance sheet and the comparable period of the preceding
year are attached hereto as pages F-1 through F-8 and are incorporated herein by
this reference.
[THIS SPACE HAS BEEN LEFT BLANK INTENTIONALLY]
3
ITEM 1. FINANCIAL STATEMENTS
INDEX TO FINANCIAL STATEMENTS
PAGE
Consolidated Unaudited Condensed Balance Sheet September 30, 1999............F-2
Consolidated Unaudited Condensed Statements of Operations
September 30, 1999 and 1998................................................F-4
Consolidated Unaudited Condensed Statements of Cash Flows
September 30, 1999 and 1998................................................F-6
Notes to Consolidated Unaudited Condensed Financial Statements
September 30, 1999.........................................................F-8
F-1
CYBERAMERICA CORPORATION AND SUBSIDIARIES
CONSOLIDATED UNAUDITED CONDENSED BALANCE SHEETS
FOR NINE MONTHS ENDING SEPTEMBER 30, 1999
ASSETS
CURRENT ASSETS
Cash $ 48,746
Accounts receivable - trade 421,768
Accounts receivable - related parties 332,785
Note receivable - current 1,173,261
Prepaid expenses 9,468
Securities available for sale 1,386,457
--------------------
Total current assets 3,372,485
--------------------
Property and equipment - net 8,040,789
OTHER ASSETS
Investment securities at cost 487,465
Notes receivable - net of current 965,000
Investments - other 309,166
--------------------
TOTAL OTHER ASSETS 1,761,631
--------------------
TOTAL ASSETS $ 13,174,905
====================
See notes to consolidated unaudited condensed financial statements
F-2
CYBERAMERICA CORPORATION AND SUBSIDIARIES
CONSOLIDATED UNAUDITED CONDENSED BALANCE SHEETS (CONTINUED)
FOR NINE MONTHS ENDING SEPTEMBER 30, 1999
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable - trade $ 295,786
Accounts payable - related parties 127,872
Accrued liabilities
Interest 54,792
Real estate taxes and assessments 48,762
Payroll and related taxes payable 73,412
EPA liabilities - current portion 83,057
Refundable deposits 29,543
Refund to investors 37,985
Other 153,827
Debentures payable 253,849
Current maturities of long-term debt 913,205
-----------------
TOTAL CURRENT LIABILITIES 2,072,090
-----------------
LONG-TERM LIABILITIES
Long-term debt, less current portion 5,117,090
Long-term portion of EPA liabilities 242,341
-----------------
Total long-term debt 5,359,431
MINORITY INTEREST 430,608
Shareholders' equity
Preferred stock $.001 par value:
20,000,000 shares authorized;
No shares issued -
Common stock $.001 par value;
20,000,000 shares authorized;
3,227,238 shares issued 3,228
Additional paid-in capital 15,355,080
Accumulated deficit (10,020,785)
Unrealized loss from securities available for sale (24,747)
-----------------
Total shareholders' equity 5,312,776
-----------------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 13,174,905
=================
See notes to consolidated unaudited condensed financial statements
F-3
CYBERAMERICA CORPORATION AND SUBSIDIARIES
CONSOLIDATED UNAUDITED CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended Nine Months Ended
September 30, September 30,
1999 1998 1999 1998
--------------- ------------- ------------ -------------
REVENUE
Sale of property $ - $ - $ 1,440,000 4,475,000
Revenue deferred - - - (4,025,269)
Additional gain recognition 13,765 206,161 36,207 206,161
Consulting revenue 539,293 364,921 1,476,762 743,586
Rental revenue 217,462 183,927 644,854 541,567
------------- ------------- ------------- -------------
TOTAL REVENUE 770,520 749,009 3,597,823 1,941,045
COST OF REVENUE
Cost of sale of property - 22,801 936,808 47,638
Costs associated with
consulting revenue 209,984 110,970 518,746 200,645
Costs associated with rental revenue 180,239 118,582 544,716 305,381
Interest expenses associated
with rental revenue 70,246 106,384 212,014 254,956
------------- ------------- ------------- ------------
TOTAL COSTS OF REVENUE 460,469 358,737 2,212,284 808,620
------------- ------------- ------------- ------------
GROSS PROFIT 310,051 390,272 1,285,539 1,132,425
SELLING, GENERAL AND
ADMINISTRATIVE EXPENSES 138,256 328,480 676,718 934,980
------------- ------------- ------------- ------------
OPERATING PROFIT (LOSS) 171,795 61,792 608,821 197,445
------------- ------------- ------------- ------------
See notes to consolidated unaudited condensed financial statements
F-4
CYBERAMERICA CORPORATION AND SUBSIDIARIES
CONSOLIDATED UNAUDITED CONDENSED STATEMENTS OF OPERATIONS (CONTINUED)
Three Months Ended Nine Months Ended
September 30, September 30,
1999 1998 1999 1998
-------------------- ----------------- ---------------- ----------------------
OTHER INCOME (EXPENSE)
Interest income 87,356 95,402 241,254 160,727
Interest expense (73,109) (101,085) (224,835) (205,254)
Gain (loss) from sale of assets - 23,250 - 23,250
Gain (loss) from investment securities 324,396 209,727 946,875 562,422
Gain (loss) on foreclosure - - 256,742 (274,220)
Other income - 38,252 4,869 39,030
----------------- ---------------- --------------- -----------------
TOTAL OTHER INCOME (EXPENSE) 338,643 265,546 1,224,905 305,955
----------------- ---------------- --------------- -----------------
INCOME (LOSS) BEFORE MINORITY
INTEREST 510,438 327,338 1,833,726 503,400
MINORITY INTEREST IN LOSS (GAIN) 10,876 92,782 (89,748) 145,735
----------------- ---------------- --------------- -----------------
NET INCOME (LOSS) $ 521,314 420,120 1,743,978 649,135
================= ================ =============== =================
INCOME (LOSS) PER COMMON SHARE
Income (loss) before minority interest $ 0.16 $ 0.12 $ 0.60 $ 0.18
Minority interest in loss (gain) 0.00 0.03 (0.03) 0.05
----------------- ---------------- --------------- -----------------
Net income (loss) per weighted average
common share outstanding $ 0.16 $ 0.15 $ 0.57 $ 0.23
================= ================ =============== =================
Weighted average number of common shares
outstanding 3,227,238 2,832,064 3,073,222 2,798,664
================= ================ =============== =================
See notes to consolidated unaudited financial statements
F-5
CYBERAMERICA CORPORATION AND SUBSIDIARIES
CONSOLIDATED UNAUDITED CONDENSED STATEMENTS OF CASH FLOWS
FOR NINE MONTHS ENDING SEPTEMBER 30, 1999 AND 1998
Nine Months Ended
September 30
1999 1998
------------------------------ ------------------------------
CASH FLOWS FROM OPERATION
ACTIVITIES
Net income (Loss) $ 1,917,963 $ 649,135
Adjustments to reconcile net income (loss) to
net cash provided:
(Gain) loss from sale of investments (946,875) (562,422)
Loss of foreclosure (256,742) 274,220
(Gain)loss from sale of assets - (23,250)
Minority interest in (gain) loss (100,624) 145,735
Depreciation and Amortization 265,821 152,250
Common stock issued for assets and debt 294 39,231
Serviced paid in common stock - 29,764
Decrease (increase) in assets:
Receivables 63,065 1,218,186
Other current assets (1,685) (206,402)
Increase (decrease) in liabilities:
Accounts and notes payable (298,618) (217,987)
Accrued liabilities (894,190) (374,537)
Current portion of long-term debt (611,053) (626,541)
------------------------- --------------------------
NET CASH PROVIDED (USED BY
OPERATING ACTIVITIES $ (862,644) $ 497,382
------------------------- --------------------------
CASH FLOWS FROM INVESTING
ACTIVITIES
Minority interest in subsidiary - 774,231
Capital expenditures (549,485) (3,518,520)
Proceeds from sales of investments 1,419,751 846,785
------------------------- --------------------------
NET CASH FLOWS (USED) IN INVESTING $ 870,266 $ (1,897,504)
ACTIVITIES
See notes to consolidated unaudited condensed financial statements
F-6
CYBERAMERICA CORPORATION AND SUBSIDIARIES
CONSOLIDATED UNAUDITED CONDENSED STATEMENTS OF CASH FLOWS (CONTINUED)
FOR NINE MONTHS ENDING SEPTEMBER 30, 1999 AND 1998
Nine Months Ended
September 30
1999 1998
--------------- -----------------
CASH FLOWS FROM FINANCING
ACTIVITIES
Sale of common stock for cash 13,335 21,500
Increase in long term debt 600,000 2,871,078
Payment of debt (705,620) (1,426,609)
------------ -----------------
NET CASH PROVIDED BY FINANCING
ACTIVITIES $ (105,620) $ 1,465,969
NET INCREASE (DECREASE) IN CASH (97,998) 65,847
CASH AT BEGINNING OF PERIOD 146,744 5,906
------------ -----------------
CASH AND CASH EQUIVALENTS AT END
OF PERIOD $ 48,746 $ 71,753
============ ================
See notes to consolidated unaudited condensed financial statements
F-7
CYBERAMERICA CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED UNAUDITED CONDENSED FINANCIAL STATEMENTS
SEPTEMBER 30, 1999
1. Basis of Presentation
The accompanying consolidated unaudited condensed financial statements have been
prepared by management in accordance with the instructions in Form 10-QSB and,
therefore, do not include all information and footnotes required by generally
accepted accounting principles and should, therefore, be read in conjunction
with the Company's Annual Report to Shareholders on Form 10-KSB for the fiscal
year ended December 31, 1998. These statements do include all normal recurring
adjustments which the Company believes necessary for a fair presentation of the
statements. The interim operations results are not necessarily indicative of the
results for the full year ended December 31, 1999.
2. Year 2000 Compliance
The Year 2000 problem is a result of computer programs being written using two
digits to define the applicable year. If not corrected, any program or equipment
that have time sensitive components could fail or create erroneous results. The
Company has completed a review of its existing systems and has upgraded
approximately 95% of its existing system with hardware and software that
purports to be Year 2000 compliant.
The Company's other software and hardware may not be Year 2000 compliant. The
Company has already ordered the necessary software and hardware to fully upgrade
its computer systems to be Year 2000 compliant. The Company is expected to be
fully compliant by November 30, 1999. The cost associated with completion of
updating the Company's computer systems is not expected to have a material
impact on the financial condition of the Company. Nonetheless, there can be no
assurance that this will be the case.
The Company currently has limited information concerning the Year 2000
compliance status of its clients and associates. However, even if the Company's
clients are not Year 2000 compliant, the Company does not anticipate that such
noncompliance will have a material adverse effect on the Company's business,
financial condition, results of operations or cash flow.
3. Additional footnotes included by reference
Except as indicated in Notes above, there have been no other material changes in
the information disclosed in the notes to the financial statements included in
the Company's Annual Report on Form 10-KSB for the year ended December 31, 1998.
Therefore, those footnotes are included herein by reference.
F-8
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION
FORWARD LOOKING STATEMENTS
The information herein contains certain forward looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E
of the Securities Exchange Act of 1934, as amended, which are intended to be
covered by the safe harbors created thereby. Investors are cautioned that all
forward looking statements involve risks and uncertainty, including, without
limitation, the ability of the Company to continue its expansion strategy,
changes in the real estate markets, labor and employee benefits, as well as
general market conditions, competition, and pricing. Although the Company
believes that the assumptions underlying the forward looking statements
contained herein are reasonable, any of the assumptions could be inaccurate, and
therefore, there can be no assurance that the forward looking statements
included in the Form 10QSB will prove to be accurate. In view of the significant
uncertainties inherent in the forward looking statements included herein, the
inclusion of such information should not be regarded as a representation by the
Company or any other person that the objectives and plans of the Company will be
achieved
GENERAL
During the third quarter of 1999, CyberAmerica Corporation, a Nevada corporation
and its subsidiaries (hereinafter the "Company" unless the context indicates
otherwise) continued to improve its financial condition. The Company through its
real estate and consulting operations increased its rental and consulting
revenues over the comparable quarter in 1998. As a direct result of increased
revenues for the nine months ended September 30, 1999 and the year ended
December 31, 1998, the Company's overall financial health significantly
improved.
REAL ESTATE DIVISIONS
The Company's operations primarily involve the acquisition, management, lease
and sale of real estate holdings. The Company has acquired a wide variety of
commercial and residential properties. The Company owns several real estate
holdings in Utah and also owns properties in other parts of the United States.
The Company seeks to locate and acquire primarily commercial real estate which
is believed to be undervalued with little or no cash down. The Company acquires
real estate with a view to resell at substantial profits upon making
improvements to the properties. While the Company is making improvements to the
properties, it generally enters into short term leases to generate rental
income.
The types of properties that the Company generally purchases includes Class C
commercial buildings and raw land. The commercial space generally needs a
nominal to substantial amount of renovation to obtain market rents. Accordingly,
the typical result of purchasing such properties is that the Company usually has
insufficient cash flows from rental revenues to cover the debt service and other
expenses related to the Company's real estate because of below market rents,
short term financing arrangements and no rental revenues from raw land. However,
upon sale of such properties the Company has typically realized substantial
gains. To cover cash shortages, the Company generally uses capital generated
from its consulting division to cover deficits or the Company will issue its
common stock to raise additional capital. The Company's plans to eliminate cash
shortages and losses related to its real estate holdings includes plans to
develop or sell portions of it raw land, increase occupancies, and sell certain
properties that operate at a loss.
The Company made no significant disposition or acquisitions of real property
during the quarter ended September 30, 1999.
The Company recorded rental revenues of $217,462 from its real estate operations
for the third quarter of 1999 compared to $183,297 for the same period of 1998.
This increase was primarily due to a decrease in vacancies. The General Lafyette
Hotel generated approximately $273,000, for the 9 months ended September 30 or
$89,000 for the quarter, in revenues and is expected to increase substantially
upon completion of the necessary renovations. For more information on the
General Lafayette Hotel, see Part 1 Item 2 in the Company's December 31, 1998,
Form 10KSB.
4
FINANCIAL CONSULTING DIVISIONS
The Company through its wholly owned subsidiaries Canton Financial Services
Corporation and Hudson Consulting Group, Inc. provides a variety of financial
consulting services to a wide range of clients. The primary service performed by
the Company involves assisting clients in structuring mergers and acquisitions.
This includes locating entities suitable to be merged with or acquired by the
Company's clients, as well as providing general advice related to the
structuring of mergers or acquisitions. The Company also assists clients in
restructuring their capital formation, advises with respect to general corporate
problem solving and provide shareholder relations services designed to expose it
clients to the broker dealer community.
The Company has reduced the scope and extent of the financial consulting
services it provides. Although the Company continues to provide financial
consulting services, this is done on a significantly smaller scale than in past
years. The Company has made an effort to limit the types of consulting services
(as discussed above) it performs to those which have historically been the most
profitable.
The Company's consulting subsidiaries generate revenues through consulting fees
payable in the client's equity, cash, other assets or some combination of the
three. The primary form of compensation received is the equity securities of
clients. When payment is made in the form of equity, the number of shares to be
paid is dependent upon the price of the client's common stock (if such price is
available) and the extent of consulting services to be provided. The typical
value used to determine the number of shares to be paid is one-half of the
stock's bid price, which accounts for the fact that most of the equity received
as payment by the Company is restricted as to resale. The Company accepts equity
with the expectation that its services will assist in the stock's appreciation,
thus allowing the Company to be compensated and to make a return on the payments
for its services.
The Company generates cash flow by liquidating non-cash assets received as fees
for consulting services. As most fees are paid in the form of equity, the
revenues and cash flows realized by the Company are somewhat tied to the price
of its clients' securities. A decline in the market price of a client's stock
can effect the total asset value of the Company's balance sheet and can result
in the Company incurring substantial losses on its income statement. The Company
generally books securities that it accepts as payment at a 25% to 75% discount
of the current market value at the time the Company accepts the securities due
to illiquidity of the securities because of restriction on resale.
Revenues from the Company's financial consulting operations increased for the
three and nine months ended September 30, 1999. The Company recorded $539,293
and $1,476,762 in revenues for the three and nine months ended September 30,
1999 from its financial consulting operations as compared to $364,921 and
$743,586 for the same period of 1998. This increase was due to an increase in
the number of clients that retained the Company during the three and nine months
ended September 30, 1999.
RESULTS OF OPERATIONS
Gross revenues for the three and nine months ended September 30, 1999, were
$770,520 and $3,597,823 compared to $749,009 and $1,941,045 for the same periods
in 1998, a 3% and 85% increase in revenues for the respective periods in 1999.
The gross revenues for three months ended September 30, 1999, were higher than
the comparable quarter in 1998 due to an increase in consulting revenues.
Costs of revenues for the three and nine months ended September 30, 1999, were
$460,469 and $2,312,284 compared to $358,737 and $808,620 for the same periods
in 1998. The increase in the costs of revenues is primarily due an increase in
the cost of rendering consulting. The Company retained several new employees as
well as additional costs relating to the hiring of new employees.
Gross profit for the three and nine months ended September 30, 1999, were
$310,051 and $1,285,539 compared to $390,272 and $1,132,425 for the same periods
in 1998. Gross profit as a percentage of revenues was 27 % and 36% for the three
and nine months ended September 30, 1999, compared to 52% and 58% for the same
periods in 1998.
5
Selling, general, and administrative expenses were $238,256 and $676,718 for the
three and nine months ended September 30, 1999 compared to $328,480, and
$934,980 for the same period in 1998.. The primary reason for the decreases was
reduced consulting expenses together with the increased allocation to consulting
costs.
The Company recorded an operating profit of $71,795 and $508,821 three and nine
months ended September 30, 1999 compared to $61,792 and $197,445 for the same
period in 1998. The increase in net profit in 1999 was primarily attributable to
an increase in consulting revenues and an increase in revenues from the sale of
real estate.
CAPITAL RESOURCES AND LIQUIDITY
At September 30, 1999, the Company had current assets of $3,372,485 and total
assets of $13,174,905 as compared to $2,577,442 and $12,594,655 , respectively
at December 31, 1998. The Company had net working capital $1,300,395 at
September 30, 1999 compared to a working capital deficit of $1,410,156 at
December 31, 1998.
Net stockholders' equity in the Company was $5,312,776 as of September 30, 1999,
compared to $2,915,907 as of September 30, 1998.
Due to the Company's debt service on real estate holdings, willingness to
acquire properties with negative cash flows and acceptance of non-cash assets
for consulting services, the Company experiences occasional cash flow shortages.
To satisfy its cash requirements, including the debt service on its real estate
holdings, the Company must periodically raise funds from external sources. This
often involves the Company conducting exempt offerings of its equity securities.
YEAR 2000 COMPLIANCE
The Year 2000 problem is a result of computer programs being written using two
digits to define the applicable year. If not corrected, any programs or
equipment that have time sensitive components could fail or create erroneous
results. The Company has completed a review of its existing systems and has
upgraded approximately 95% of its existing system with hardware and software
that purports to be Year 2000 compliant.
The Company's other software and hardware may not be Year 2000 compliant.
However, the Company has already ordered the necessary software and hardware to
fully upgrade its computer systems to be Year 2000 compliant. The Company now
expects to be fully compliant by November 30, 1999. The cost associated with
completion of updating the Company's computer systems is not expected to have a
material impact on the financial condition of the Company.
Nonetheless, there can be no assurance that this will be the case
The Company currently has limited information concerning the Year 2000
compliance status of its clients and associates. However, even if the Company's
clients are not Year 2000 complaint the Company does not anticipate that such
noncompliance will have a material adverse effect on the Company's business,
financial condition, results of operations or cash flows.
PART II
ITEM 1. LEGAL PROCEEDINGS
During the third quarter of 1999, the following no material developments
occurred regarding the Company's legal proceedings. For more information please
see the Company's Form 10KSB for the year ended December 31, 1998. However,
subsequent to the quarter the following suit was filed against the Company.
6
LEGONG INVESTMENTS N.V., A NETHERLANDS ANTILLES CORPORATION V. CYBERAMERICA
CORPORATION. On November 12, 1999 this plaintiff filed suit against the Company
in the Third Judicial District Court, For Salt Lake County, State of Utah, Civil
NO. 990911427. The suit alleges to seek recovery under the Company's convertible
debenture issued to the plaintiff with a date of September 17, 1996 and a
principal face amount of $300,000. The debenture originally had a maturity date
of September 16, 1997, which was extended by the parties in an agreement dated
October 16, 1997. Plaintiff has demanded full payment of the outstanding balance
due and the suit states a demand in the amount of $543,997, plus costs and
reasonable attorney fees or the issuance of 583,090 shares of free trading
CyberAmerica common stock. The Company acknowledges that some amount is owed and
did tender to the Plaintiff a $20,000 check on October 25, 1999 in partial
satisfaction of the debenture. Efforts by the Company to resolve the matter for
a reasonable amount less than the demand are being pursued prior to the filing
of an answer to the complaint.
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(A) EXHIBITS Exhibits required to be attached by Item 601 of Regulation S-B are
listed in the Index to Exhibits on page 9 of this Form 10-QSB, and are
incorporated herein by this reference.
(B) REPORTS ON FORM 8-K. No reports were filed on Form 8-K during the quarter.
7
SIGNATURES
In accordance with the requirements of the Exchange Act, the registrant
caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized, this 15th day of November 1999.
CYBERAMERICA CORPORATION
/s/
- - ---------------------
Richard D. Surber November 15, 1999
President, Chief Executive Officer and Director
/s/
- - --------------------
Wayne Newton November 15, 1999
Controller
8
INDEX TO EXHIBITS
EXHIBIT PAGE DESCRIPTION
NO. NO.
3(i) * Articles of Incorporation of the Company (note that
these were amended by the Articles of Merger
constituting Exhibit 2 to this Form 10-KSB)
(incorporated herein by reference from Exhibit No.
3(i) to the Company's Form 10-KSB for the year ended
December 31, 1993).
3(ii) * Bylaws of the Company, as amended (incorporated
herein by reference from Exhibit 3(ii) of the
Company's Form 10 KSB for the year ended December 31,
1995).
MATERIAL CONTRACTS
No material contracts were entered into during the quarter.
27 10 Financial Data Schedule "CE"
* Previously filed as indicated and incorporated herein by reference from
the referenced filings previously made by the Company.
9