UNITED STATES
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 quarterly period ended April 30, 1995

/ / TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number 0-15131

QUIKSILVER, INC.
(Exact name of registrant as specified in its charter)

DELAWARE 33-0199426
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification Number)

1740 Monrovia Avenue
Costa Mesa, California 92627
(Address of principal executive offices) (Zip code)

Registrant's telephone number, including area code: (714) 645 - 1395

Securities registered pursuant to Section 12(b) of the Act:

Name of each exchange
Title of each class on which registered
------------------- ---------------------

None None

Securities registered pursuant to Section 12(g) of the Act:

COMMON STOCK
(Title of class)

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
--- ---

The number of shares outstanding of registrant's Common Stock, par value
$.01 per share, at April 30, 1995 was 6,684,889.

QUIKSILVER, INC.

FORM 10-Q

INDEX

PART I - FINANCIAL INFORMATION Page No.

Item 1. Consolidated Financial Statements:

Consolidated Balance Sheets
April 30, 1995 (Unaudited) and October 31, 1994 .... 2

Consolidated Statements of Income (Unaudited)
Three Months ended April 30, 1995 and 1994
Six Months ended April 30, 1995 and 1994 ........... 3

Consolidated Statements of Cash Flows (Unaudited)
Six Months ended April 30, 1995 and 1994 ........... 5

Notes to Consolidated Financial Statements ................ 6

Item 2. Management's Discussion and Analysis of
Financial Condition and Results of Operations ...... 7

Part II - OTHER INFORMATION

Item 4. Submission of Matters to a Vote of Security Holders.......... 10

Item 6. Exhibits and Reports on Form 8-K ............................ 10

SIGNATURES .................................................................. 11

1
3

PART I - FINANCIAL INFORMATION
Item 1. Consolidated Financial Statements

QUIKSILVER, INC.
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)

April 30, October 31,
(Amounts in thousands except share data) 1995 1994
- ----------------------------------------------------------------- ------------

ASSETS
Current assets
Cash and cash equivalents ................ $ 2,702 $ 682
Trade accounts receivable, less allowance
for doubtful accounts of $2,919 (1995)
and $2,202 (1994) ...................... 38,862 29,974
Other receivables ........................ 1,676 1,548
Inventories - Note 3 ..................... 25,277 21,609
Prepaid expenses ......................... 956 917
------- -------
Total current assets ................... 69,473 54,730

Equipment, less accumulated depreciation and
amortization of $6,772 (1995) and $6,194
(1994) ................................... 6,976 6,133

Trademark and consulting agreement, less
accumulated amortization of $1,235 (1995)
and 1,185 (1994) ......................... 1,758 1,833

Goodwill, less accumulated amortization of $2,049
(1995) and $1,899 (1994) ................. 15,912 16,209

Other assets ...................................... 1,600 1,565
------- -------
$95,719 $80,470
======= =======

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities
Lines of credit .......................... $14,827 $10,100
Accounts payable ......................... 6,257 5,157
Accrued liabilities ...................... 6,959 5,024
Current portion of notes payable ......... 225 390
Income taxes payable ..................... 1,931 2,412
------- -------
Total current liabilities .............. 30,199 23,083

Notes payable ..................................... 3,420 2,449
------- -------
Total liabilities ...................... 33,619 25,532

Stockholders' equity
Preferred stock, $.01 par value, authorized
shares 5,000,000; issued and outstanding
shares - none .......................... -- --
Common stock, $.01 par value, authorized
shares 10,000,000; issued and outstanding
shares 6,684,889 (1995) and 6,521,422 (1994) 67 65
Additional paid-in-capital ............... 13,170 11,551
Retained earnings ........................ 47,883 42,727
Cumulative foreign currency translation
gain ............................... 980 595
------- --------
Total stockholders' equity ............. 62,100 54,938
------- --------
$95,719 $80,470
======= ========

See accompanying notes to consolidated financial statements.

2
4

QUIKSILVER, INC.

CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)

Three months ended April 30,
--------------------------------
(Amounts in thousands except share data) 1995 1994
- ----------------------------------------------------------------------------

Net sales ................................ $ 47,311 $ 36,468
Cost of goods sold ....................... 28,485 22,222
---------- ----------
Gross profit .......................... 18,826 14,246
---------- ----------
Operating expenses:
Selling, general and
administrative expenses .............. 12,110 9,555
Royalty income ......................... (247) (162)
Royalty expense......................... 615 63
---------- ----------
Total operating expenses.............. 12,478 9,456
---------- ----------
Operating income.......................... 6,348 4,790
Interest income........................... (1) --
Interest expense.......................... 398 213
Gain on foreign currency exchange......... (120) (85)
Loss on foreign currency exchange......... 90 28
Other expense............................. 19 42
---------- ----------
Income before provision for
income taxes........................... 5,962 4,592
Provision for income taxes - Note 4....... 2,339 1,832
---------- ----------
Net income ............................... $ 3,623 $ 2,760
========== ==========

Net income per common share............... $ .52 $ .42
========== ==========
Weighted average common shares
and equivalents outstanding - Note 2 ... 6,996,000 6,605,000
========== ==========

See accompanying notes to consolidated financial statements.

3
5

QUIKSILVER, INC.

CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)

Six months ended April 30,
--------------------------------
(Amounts in thousands except share data) 1995 1994
- ----------------------------------------------------------------------------

Net sales ................................ $ 80,969 $ 60,762
Cost of goods sold ....................... 49,254 37,665
---------- ----------
Gross profit .......................... 31,715 23,097
---------- ----------
Operating expenses:
Selling, general and
administrative expenses .............. 22,075 16,740
Royalty income ......................... (455) (421)
Royalty expense......................... 1,037 328
---------- ----------
Total operating expenses.............. 22,657 16,647
---------- ----------
Operating income.......................... 9,058 6,450
Interest income........................... (7) (1)
Interest expense.......................... 568 309
Gain on foreign currency exchange......... (355) (118)
Loss on foreign currency exchange......... 228 98
Other expense............................. 97 80
---------- ----------
Income before provision for
income taxes and cumulative effect
of change in accounting for income taxes 8,527 6,082
Provision for income taxes - Note 4....... 3,373 2,414
---------- ----------
Income before cumulative effect
of change in accounting for income taxes 5,154 3,668
Cumulative effect of change in accounting
for income taxes........................ -- 600
---------- ----------
Net income ............................... $ 5,154 $ 4,268
========== ==========

Income per common share before
cumulative effect of change in
accounting for income taxes............. $ .74 $ .56
Cumulative effect of change in accounting
for income taxes........................ -- .09
---------- ----------
Net income per common share............... $ .74 $ .65
========== ==========
Weighted average common shares
and equivalents outstanding - Note 2 ... 6,974,000 6,587,000
========== ==========

See accompanying notes to consolidated financial statements.

4
6
QUIKSILVER, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)

Six months ended April 30,
------------------------------
(Amounts in thousands) 1995 1994
- --------------------------------------------------------------------------------

Cash flows from operating activities:

Net income ........................................ $ 5,154 $ 4,268

Items in income not affecting cash:

Depreciation and amortization .................. 1,099 990
Provision for losses on accounts receivable .... 246 453
Net loss on sale of fixed assets................ 25 49

Change in operating assets and liabilities:
Trade accounts receivable ...................... (9,134) (13,966)
Other receivables .............................. (128) (1,117)
Inventories .................................... (3,668) (1,298)
Prepaid expenses ............................... (39) 116
Other assets ................................... (35) 28
Accounts payable ............................... 1,100 1,812
Accrued liabilities ............................ 1,935 751
Income taxes payable ........................... (481) 178
------- -------

Net cash used in operating activities................. (3,926) (7,736)

Cash flows from investing activities:
Proceeds from sales of fixed assets................. (25) (20)
Capital expenditures................................ (1,566) (1,740)
Goodwill............................................ (4) (3,791)
-------- --------
Net cash used in financing activities ................ (1,595) (5,551)

Cash flows from financing activities:
Borrowings on lines of credit...................... 23,522 16,954
Payments on lines of credit........................ (18,795) (7,534)
Borrowings on notes payable........................ 1,029 242
Payments on notes payable.......................... (223) (166)
Proceeds from stock issued in connection with
exercise of stock options ....................... 1,623 742
------- -------

Net cash provided by financing activities............. 7,156 10,238

Effect of exchange rate changes on cash............... 385 471
------- -------

Net increase (decrease) in cash....................... 2,020 (2,578)

Cash at beginning of period .......................... 682 3,386
------- -------

Cash at end of period ................................ $ 2,702 $ 808
======= =======

Supplementary Cash Flow Information:

Cash paid during the period for:
Interest ....................................... $ 627 $ 365
Income taxes ................................... 2,900 1,885

See accompanying notes to consolidated financial statements.

5
7

QUIKSILVER, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

1. The accompanying unaudited consolidated financial statements have been
prepared in accordance with generally accepted accounting principles
for interim financial information and with the instructions to Form
10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not
include all of the information and footnotes required by generally
accepted accounting principles for complete financial statement
presentation.

The consolidated financial statements include the accounts of the
parent company and subsidiaries, which are wholly- owned.

The Company, in its opinion, has included all adjustments (consisting
only of normal recurring accruals) necessary for a fair presentation
of the results of operations for the quarters ended April 30, 1995 and
1994. The financial statements and notes thereto should be read in
conjunction with the audited financial statements and notes for the
years ended October 31, 1994 and 1993. Interim results are not
necessarily indicative of results for the full year due to seasonality
and other factors.

For foreign operations, local currencies are considered the functional
currency. Assets and liabilities are translated using the exchange
rates in effect at the balance sheet date. Results of operations are
translated using the average exchange rates prevailing throughout the
period. Translation effects are accumulated as part of the cumulative
foreign currency translation gain section in stockholders' equity.
Gains and losses from foreign currency transactions are included in
operating results.

2. Net income per common share was computed based on the weighted average
number of shares actually outstanding plus the shares that would be
outstanding, using the treasury stock method, assuming the exercise of
all outstanding options and warrants which were considered to be
common stock equivalents.

3. Inventories consist of the following:

April 30, October 31,
1995 1994
------------ -----------

Raw Materials $10,207,000 $ 9,452,000
Work-In-Process 3,454,000 3,467,000
Finished Goods 11,616,000 8,690,000
----------- -----------

$25,277,000 $21,609,000
=========== ===========

Inventories are valued at the lower of cost (first in, first out) or
market.

4. Effective November 1, 1993, the Company adopted Statement of Financial
Accounting Standards No. 109, "Accounting for Income Taxes" ("SFAS
109"). This Statement changed the Company's method of accounting for
income taxes from the deferred method to an asset and liability
method.

The cumulative effect at November 1, 1993 of adopting this new
statement was the recording of a net deferred asset and an increase to
net income of $600,000 for the three months ended April 30, 1994.

6
8
PART I - FINANCIAL INFORMATION
Item 2. Management's Discussion and Analysis of Financial Condition
and Results of Operations

RESULTS OF OPERATIONS - Three Months Ended April 30, 1995 as Compared to Three
Months Ended April 30, 1994

Consolidated net sales for the second quarter increased 29.7% to $47,311,000
as compared to $36,468,000 in the same period of the prior year. Fiscal 1995
second quarter net sales, excluding Quiksilver Europe, increased 27.4% to
$31,187,000 as compared to $24,482,000 in the same period of the prior year.
This increase was primarily due to a greater acceptance of the Company's
product lines. Fiscal 1995 second quarter net sales for Quiksilver Europe
increased 34.5% to $16,124,000 as compared to $11,986,000 in the same period of
the prior year. This increase was a result of a greater acceptance of the
Company's product lines in Europe and a decrease in the French franc exchange
rate.

Consolidated gross profit margin for the second quarter increased to 39.8% as
compared to 39.1% in the same period of the prior year. Fiscal 1995 second
quarter gross profit margin, excluding Quiksilver Europe, increased to 36.4% as
compared to 35.9% in the same period of the prior year. This increase was
primarily due to cost reduction measures and improved product forecasting
resulting in a reduction in closing out selected finished goods inventory at
below wholesale prices. Fiscal 1995 second quarter gross profit margin for
Quiksilver Europe increased to 46.3% as compared to 45.5% in the same period of
the prior year. This increase was primarily due to better sourcing, lower
levels of markdowns and selling directly to more accounts in selected countries
as opposed to using distributors.

Consolidated selling, general and administrative expense ("SG&A") for the
second quarter increased 26.7% to $12,110,000 as compared to $9,555,000 in the
same period of the prior year. Fiscal 1995 second quarter SG&A, excluding
Quiksilver Europe, increased 19.8% to $7,798,000 as compared to $6,508,000 in
the same period of the prior year. This increase was primarily due to
increased sales volume. Fiscal 1995 second quarter SG&A expense for Quiksilver
Europe increased 41.5% to $4,312,000 as compared to $3,047,000 in the same
period of the prior year. This increase was primarily due to increased sales
volume, direct selling and shipping into countries that were previously sold to
by distributors and a decrease in the French franc exchange rate.

Consolidated royalty income for the second quarter increased to $247,000 as
compared to $162,000 in the same period of the prior year. This increase was
due to increased sales of domestically licensed products. The Company receives
royalty income from its Mexico, wetsuit, watch, sunglass, and outlet store
licensees as well as Raisins international licensees.

Consolidated royalty expense for the second quarter increased to $615,000 as
compared to $63,000 in the same period of the prior year. This increase was
due to increased sales by Quiksilver Europe, which, as a licensee of Quiksilver
International, pay royalties pursuant to a license agreement, and to an
agreement with Quiksilver International, whereby Quiksilver International
provided Quiksilver Europe with a one-time reduction in royalties in the second
quarter of fiscal 1994 due to the increase in sales volume and expenses from
directly selling and shipping into countries which were previously sold to by
distributors.

Consolidated interest expense increased to $398,000 as compared to $213,000 in
the same period of the prior year. This change was primarily due to a decrease
in cash available for investment.

Consolidated net income for the second quarter increased 31.3% to $3,623,000 or
$0.52 per common share as compared to $2,760,000 or $0.42 per common share in
the same period of the prior year. This increase was primarily due to
increased sales and gross profit margin, partially offset by increased SG&A,
royalty and interest expense.

7
9

RESULTS OF OPERATIONS - Six Months Ended April 30, 1995 as Compared to Six
Months Ended April 30, 1994

Consolidated net sales for the six months increased 33.3% to $80,969,000 as
compared to $60,762,000 in the same period of the prior year. Fiscal 1995 six
month net sales, excluding Quiksilver Europe, increased 31.2% to $53,425,000 as
compared to $40,730,000 in the same period of the prior year. This increase
was primarily due to a greater acceptance of the Company's product lines.
Fiscal 1995 six month net sales for Quiksilver Europe increased 37.5% to
$27,544,000 as compared to $20,032,000 in the same period of the prior year.
This increase was a result of a greater acceptance of the Company's product
lines in Europe and a decrease in the French franc exchange rate.

Consolidated gross profit margin for the six months increased to 39.2% as
compared to 38.0% in the same period of the prior year. Fiscal 1995 six month
gross profit margin, excluding Quiksilver Europe, increased to 36.0% as
compared to 34.3% in the same period of the prior year. This increase was
primarily due to cost reduction measures and improved product forecasting
resulting in a reduction in closing out selected finished goods inventory at
below wholesale prices. Fiscal 1995 six month gross profit margin for
Quiksilver Europe decreased to 45.3% as compared to 45.6% in the same quarter
of the prior year. This decrease was primarily due to higher levels of
markdowns and a different mix of sales.

Consolidated SG&A for the six months increased 31.9% to $22,075,000 as compared
to $16,740,000 in the same period of the prior year. Fiscal 1995 six month SG&A,
excluding Quiksilver Europe, increased 25.2% to $14,118,000 as compared to
$11,279,000 in the same period of the prior year. This increase was primarily
due to increased sales volume. Fiscal 1995 six month SG&A for Quiksilver Europe
increased 45.7% to $7,957,000 as compared to $5,461,000 in the same period of
the prior year. This increase was primarily a result of increased sales volume
and direct selling and shipping into countries that were previously sold to by
distributors and a decrease in the French franc exchange rate.

Consolidated royalty income for the six months increased to $455,000 as
compared to $421,000 in the same period of the prior year. This increase was
due to increased sales of domestically licensed products.

Consolidated royalty expense for the six months increased to $1,037,000 as
compared to $328,000 in the same period of the prior year. This increase was
due to increased sales by Quiksilver Europe, and to an agreement with
Quiksilver International, whereby Quiksilver International provided Quiksilver
Europe with a one-time reduction in royalties in the second quarter of fiscal
1994 due to the increase in sale volume and expenses from directly selling and
shipping into countries which were previously sold to by distributors.

Consolidated interest expense increased to $568,000 as compared to $309,000 in
the same period of the prior year. This change was primarily due to a decrease
in cash available for investment.

Consolidated income before cumulative effect of change in accounting for income
taxes for the six months increased 40.5% to $5,154,000 or $0.74 per common
share as compared to $3,668,000 or $0.56 per common share in the same period of
the prior year. This increase in income was primarily due to increased sales
and gross profit margin, partially offset by increased SG&A, royalty and
interest expense.

8
10
FINANCIAL POSITION, CAPITAL RESOURCES AND LIQUIDITY

The Company finances its capital investments and seasonal working capital
requirements from funds generated by its operations and bank revolving lines of
credit.

Working capital increased to $39,274,000 at April 30, 1995 as compared to
$31,647,000 at October 31, 1994. The increase is primarily due to increased
operating income.

Consolidated trade accounts receivable as of April 30, 1995 increased 29.7% to
$38,862,000 from $29,974,000 at October 31, 1994. Trade accounts receivable,
excluding Quiksilver Europe, increased 22.1% to $23,521,000 as compared to
$19,270,000 at October 31, 1994. Quiksilver Europe's trade accounts receivable
increased 43.3% to $15,341,000 from $10,704,000 at October 31, 1994. These
increases are in line when compared to the same period of the prior year and to
the 29.7% increase in sales for the quarter over last year.

Consolidated inventories as of April 30, 1995 increased 17.0% to $25,277,000
from $21,609,000 at October 31, 1994. Inventories, excluding Quiksilver
Europe, increased 19.6% to $22,265,000 from $18,619,000 at October 31, 1994.
Quiksilver Europe's inventories increased .7% to $3,012,000 from $2,990,000 at
October 31, 1994. These increases are primarily due to increased bookings for
its lines, seasonal factors and the increase in new divisions and reorder
business.

As the Company uses independent contractors for cutting, sewing and all other
manufacturing of the Company's products domestically, and intends to continue
to use independent contractors in the future, the Company has avoided
significant capital expenditures. Although Quiksilver Europe cuts a
significant amount of their production garments, the majority of all other
manufacturing is performed by independent contractors, which allows Quiksilver
Europe to also avoid significant capital expenditures. Fiscal 1995 six month
capital expenditures were $1,566,000 as compared to $897,000 for the same
period of the prior year.

Goodwill on the Company's balance sheets as of April 30, 1995 and October 31,
1994 consists primarily of the costs in excess over net assets acquired in the
Quiksilver Europe and Raisins acquisitions.

To finance the Company's domestic seasonal working capital needs, the Company
has available a revolving line of credit with a U.S. bank which is unsecured
and which provides for a maximum financing of $20,000,000. The line of credit
bears interest at 0.5% below the bank's reference rate for the first
$16,000,000 drawn and at the bank's reference rate on all amounts drawn over
$16,000,000. The line of credit expires April 29, 1996. The European
operation also has available lines of credit, both secured and unsecured, with
banks which provide for maximum financing of approximately $13,000,000. The
lines of credit bear interest at 0.8% to 1.5% above the banks reference rates.
The Company believes its current cash balance and current lines of credit are
adequate to cover its seasonal working capital requirements for the foreseeable
future.

Effective, November 1, 1994, the Company adopted Statement of Financial
Accounting Standards No. 109, "Accounting for Income Taxes" ("SFAS 109"). This
Statement changed the Company's method of accounting for income taxes from the
deferred method to an asset and liability method. The effect of initially
adopting SFAS 109 was accounted for as a cumulative effect of an accounting
change and resulted in an increase in earnings for the first quarter of fiscal
1994 of $600,000.

In recent years, certain customers of the Company have experienced financial
difficulties, including the filing of reorganization proceedings under
bankruptcy laws. The Company has not incurred significant losses outside the
normal course of business as a result of the financial difficulties of these
customers. While management believes that allowances for doubtful accounts at
April 30, 1995 are adequate, the Company continually monitors developments
regarding its major customers. Additional material financial difficulties
encountered by these or other significant customers could have an adverse
impact on the Company's financial position or results of operations. However,
in management's opinion, there are adequate alternative retail customers such
that the loss of any customer known to have financial difficulties will not
have a significant long-term negative impact on the Company's future
operations.

9
11

PART II - OTHER INFORMATION

Item 4. Submission of Matters to a Vote of Security-Holders

The Company's Annual Meeting of Stockholders was held on March 24, 1995. At
the Annual Meeting, the following directors were elected to serve on the
Company's Board of Directors until the next Annual Meeting and until their
respective successors are elected and qualified:

Votes Votes Broker
For Against Abstentions No Votes
--- ------- ----------- --------

Robert B. McKnight, Jr. 5,364,371 146,126 0 0

Randall L. Herrel, Sr. 5,364,971 146,126 0 0

William M. Barnum, Jr. 5,464,371 46,726 0 0

Charles E. Crowe 5,364,671 146,426 0 0

Michael H. Gray 5,466,771 44,326 0 0

Robert G. Kirby 5,466,671 44,426 0 0

Tom Roach 5,464,334 46,763 0 0

The Company's stockholders also approved a proposal to amend the Company's
Stock Option Plan to increase the maximum aggregate number of shares of Common
Stock available for issuance granted pursuant to the Plan from 1,100,000 shares
to 1,420,000 shares. With respect to the proposal to amend the Company's Stock
Option Plan, there were 5,115,800 votes cast for the proposal, 385,386 votes
cast against the proposal, 9,911 abstentions and no broker no-votes.

No other matters were voted on at the Annual Meeting.

Item 6 Exhibits and Reports on Form 8K

(a) Exhibits

10.1 Quiksilver Stock Option Plan, as amended March 24, 1995
10.2 Indemnity Agreement between William M. Barnum, Jr. and
Registrant dated May 1, 1995
10.3 Indemnity Agreement between Michael H. Gray and
Registrant dated May 1, 1995
10.4 Indemnity Agreement between Tom Roach and Registrant
dated May 1, 1995
27.0 Financial Data Schedule

(b) Reports on Form 8-K

No reports on Form 8-K were filed during the quarter.

10
12

SIGNATURES

Pursuant to the requirements 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.

QUIKSILVER, INC., a Delaware Corporation

June 12, 1995 Randall L. Herrel, Sr.
-----------------------------------------
Randall L. Herrel, Sr.

President,
Chief Operating Officer
and Secretary

June 12, 1995 Bert G. Fenenga
-----------------------------------------
Bert G. Fenenga
Senior Vice President,
Chief Financial Officer
and Treasurer

11
13
EXHIBIT INDEX

Exhibit Sequentially
Number Description Numbered
- ------- ----------- --------

10.1 Quiksilver, Inc. Stock, Option Plan, as amended March 24, 1995

10.2 Indemnity Agreement between William M. Barnum, Jr. and Registrant
dated May 1, 1995

10.3 Indemnity Agreement between Michael H. Gray and Registrant
dated May 1, 1995

10.4 Indemnity Agreement between Tom Roach and Registrant dated
May 1, 1995

27.0 Financial Data Schedule