FORM 10-Q/A
Amendment No. 1
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
(Mark One)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934.
For the quarterly period ended August 26, 1995
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934.
For the transition period from [ ] to [ ]
Commission File Number 1-7832
PIER 1 IMPORTS, INC.
(Exact name of registrant as specified in its charter)
Delaware 75-1729843
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
301 Commerce Street, Suite 600, Fort Worth, Texas 76102
(Address of principal executive offices including zip code)
(817) 878-8000
(Registrant's telephone number, including area code)
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 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 the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date.
Class Shares outstanding as of September 27, 1995
Common Stock, $1.00 par value 39,432,744
Items 1 and 2 of Part I and Item 6 of Part II of the Company's Quarterly
Report on Form 10-Q for the quarter ended August 26, 1995, are amended and
restated as set forth below.
PART I
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Item 1. Financial Statements.
--------------------
PIER 1 IMPORTS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands except per share amounts)
(Unaudited)
Three Months Ended Six Months Ended
Aug. 26, Aug. 27, Aug. 26, Aug. 27,
1995 1994 1995 1994
-------- -------- -------- --------
(as restated) (as restated)
Net sales $199,456 $185,403 $376,271 $346,889
Operating costs and expenses:
Cost of sales (including
buying and store occupancy) 124,698 115,170 232,375 211,305
Selling, general and
administrative expenses 51,736 50,436 103,794 100,624
Depreciation and amortization 4,215 3,927 8,338 7,780
-------- -------- -------- --------
180,649 169,533 344,507 319,709
-------- -------- -------- --------
Operating income 18,807 15,870 31,764 27,180
Nonoperating (income) and expense:
Interest income (251) (419) (596) (724)
Interest expense 3,222 3,735 6,494 7,339
Trading losses (Note 1) 602 4,152 16,558 5,696
Provision for Sunbelt Nursery
Group, Inc. defaults (Note 2) -- -- 14,000 --
-------- -------- -------- --------
3,573 7,468 36,456 12,311
-------- -------- -------- --------
Income (loss) before
income taxes 15,234 8,402 (4,692) 14,869
Provision for income taxes 6,334 3,898 4,743 6,374
-------- -------- -------- --------
Net income (loss) $ 8,900 $ 4,504 $( 9,435) $ 8,495
======== ======== ======== ========
Net income (loss) per share:
Primary $.22 $.11 $(.24) $.21
======== ======== ======== ========
Fully diluted $.21 $.11 $(.24) $.21
======== ======== ======== ========
Average shares outstanding during
period, including common stock
equivalents:
Primary 39,634 39,646 39,731 39,621
======== ======== ======== ========
Fully diluted 45,134 46,213 45,249 46,188
======== ======== ======== ========
The accompanying notes are an integral part of these financial statements.
PIER 1 IMPORTS, INC.
CONSOLIDATED BALANCE SHEETS
(Dollars in thousands except share data)
(Unaudited)
August 26, February 25,
1995 1995
-------------- ------------
(as restated)
ASSETS
Current assets:
Cash, including temporary investments of
$7,558 and $42,536, respectively $ 18,079 $ 50,566
Accounts receivable, net 77,611 64,229
Inventories 225,486 200,968
Other current assets 32,622 34,325
-------- --------
Total current assets 353,798 350,088
Properties, net 103,762 105,618
Other assets 34,436 30,219
-------- --------
$491,996 $485,925
======== ========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Notes payable and current portion of long-term
debt $ 17,602 $ 2,638
Accounts payable and accrued liabilities 101,229 82,419
-------- --------
Total current liabilities 118,831 85,057
Long-term debt 139,882 154,432
Deferred income taxes 2,536 2,538
Other non-current liabilities 21,098 21,501
Stockholders' equity:
Common stock, $1.00 par, 200,000,000 shares
authorized, 39,877,000 and 37,826,000
issued, respectively 39,877 37,826
Paid-in capital 110,637 93,833
Retained earnings 64,917 94,516
Cumulative currency translation adjustments (1,039) (1,195)
Less - 467,000 and 162,000 common shares in
treasury, at cost, respectively (3,835) (1,477)
Less - subscriptions receivable and unearned
compensation (908) (1,106)
-------- --------
209,649 222,397
-------- --------
$491,996 $485,925
======== ========
The accompanying notes are an integral part of these financial statements.
PIER 1 IMPORTS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
Six Months Ended
August 26, August 27,
1995 1994
---------- ----------
(as restated)
Cash flow from operating activities:
Net income (loss) $( 9,435) $ 8,495
Adjustments to reconcile to net cash (used in)
provided by operating activities:
Depreciation and amortization 8,338 7,780
Deferred taxes and other 2,331 5,280
Provision for Sunbelt Nursery Group, Inc.
defaults 14,000 --
Changes in cash from:
Inventories (24,518) 3,916
Accounts receivable and other current assets (11,710) (12,001)
Accounts payable and accrued expenses 10,319 (2,559)
Store-closing reserve (4,920) (1,094)
Other assets, liabilities and other, net (89) (573)
-------- -------
Net cash (used in) provided by operating
activities (15,684) 9,244
-------- -------
Cash flow from investing activities:
Capital expenditures (7,879) (8,630)
Proceeds from disposition of properties 237 16
Loan to Sunbelt Nursery Group, Inc. -- (9,600)
Other investments (5,163) (1,193)
-------- -------
Net cash used in investing activities (12,805) (19,407)
-------- -------
Cash flow from financing activities:
Cash dividends (2,390) (1,878)
Repayments of long-term debt (14,750) (2,500)
Net borrowings under line of credit agreements 15,000 12,000
(Payments) proceeds from (purchases) sales of
capital stock, treasury stock, and other, net (1,858) 551
-------- -------
Net cash (used in) provided by financing
activities (3,998) 8,173
-------- -------
Change in cash and cash equivalents (32,487) (1,990)
Cash and cash equivalents at beginning of period 50,566 17,123
-------- -------
Cash and cash equivalents at end of period $ 18,079 $15,133
======== =======
The accompanying notes are an integral part of these financial statements.
PIER 1 IMPORTS, INC.
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
FOR THE SIX MONTHS ENDED AUGUST 26, 1995
(In thousands)
(Unaudited)
Cumulative Subscriptions
Currency Receivable and Total
Common Paid-in Retained Translation Treasury Unearned Stockholders'
Stock Capital Earnings Adjustments Stock Compensation Equity
------ ------- -------- ----------- -------- -------------- -------------
Balance February 25, 1995 $37,826 $ 93,833 $94,516 ($1,195) ($1,477) ($1,106) $222,397
Purchase of treasury stock (3,542) (3,542)
Restricted stock grant and amortization 7 44 (129) 198 120
Stock Purchase Plan, exercise of stock
options and other 166 499 365 1,313 2,343
Currency translation adjustments 156 156
Cash dividends, declared or paid (2,390) (2,390)
Stock dividend (5%) 1,878 16,261 (18,139) 0
Net loss (as restated) (9,435) (9,435)
------- -------- ------- -------- ------- ------- --------
Balance August 26, 1995 (as restated) $39,877 $110,637 $64,917 $(1,039) $(3,835) $ (908) $209,649
======= ======== ======= ======= ======= ======= ========
<FN>
The accompanying notes are an integral part of these financial statements.
</FN>
PIER 1 IMPORTS, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
The accompanying unaudited financial statements should be read in
conjunction with the Form 10-K, and Amendment No. 1 to Form 10-K for the year
ended February 25, 1995. All adjustments that are, in the opinion of
management, necessary for a fair statement of the financial position as of
August 26, 1995, and the results of operations and cash flows for the interim
periods ended August 26, 1995 and August 27, 1994, as restated, have been
made and consist only of normal recurring adjustments except for net trading
losses described in Note 1 and the provision for Sunbelt Nursery Group, Inc.
defaults discussed in Note 2. The results of operations for the three and
six months ended August 26, 1995 and August 27, 1994, as restated, are not
indicative of results to be expected for the fiscal year because of, among
other things, seasonality factors in the retail business.
Note 1 - Trading losses
In late December 1995, the Company was made aware of losses of $19.3
million resulting from trading activities in a discretionary account by a
financial consultant retained to manage the Company's excess cash and short-
term investments. Net trading losses recorded in fiscal 1996 and 1995
totalled $16.5 and $2.8 million, respectively. The Company has restated its
financial statements for the first and second quarters of fiscal 1996 to
record net trading losses of $16.0 million for the quarter ended May 27, 1995
and $0.6 million for the quarter ended August 26, 1995. The Company has not
recorded any tax benefit on these net losses since the realization of such
benefit is not considered likely based on the information available at this
time. The effect of the net trading losses on net income for the second
quarter and first six months of fiscal 1996 was a reduction of $0.02 per
share and $0.42 per share, respectively.
Note 2 - Provision for Sunbelt Nursery Group, Inc. defaults
The Company restated its financial statements for the first quarter of
fiscal 1996 to record a pre-tax charge of $14 million that had been
previously recorded in the second quarter of fiscal 1996, which represented
the estimated cost to disengage from its financial support of Sunbelt Nursery
Group, Inc. ("Sunbelt"). This charge resulted from Sunbelt's default on 13
nursery store subleases from the Company in April 1995. Sunbelt had also
defaulted on three nursery store leases guaranteed by the Company. The
charge reflects the Company's estimated losses resulting from the lease
termination costs associated with the 13 nursery stores and from the
Company's guarantees of other Sunbelt store leases. The Company believes
that it is reasonably possible that a change in this estimate could occur in
the near term; however, no further charge is warranted at this time.
In July 1995, the Company entered into a settlement agreement with
Sunbelt concerning Sunbelt's default on the 13 nursery store sublease
agreements and store lease agreements guaranteed by the Company. Pursuant to
the settlement agreement, Sunbelt agreed to a claim by the Company of $14.7
million (secured by a second lien on up to $6 million of Sunbelt's assets)
and agreed to continue to sublease the 13 stores for up to three years or
until the Company is able to find a buyer for the properties. The Company
has recorded no income associated with this claim. Sunbelt also cured the
defaults on the three nursery store leases guaranteed by the Company.
Additionally, Sunbelt is obligated to make future deferred payments out of
its cash flow above specified levels up to a total of $8 million (which may
be prepaid with $2 million in payments made by May 1996 or with $4 million in
payments made by May 1997 or with $6 million in payments made by May 1998).
The remaining $6.7 million of the Company's claim will be deemed satisfied if
Sunbelt fully performs its obligations relating to these and other terms of
the settlement agreement.
Note 3 - Net income (loss) per share
Primary net income (loss) per share was determined by dividing net
income (loss) by applicable average shares outstanding. Fully diluted net
income (loss) per share amounts are similarly computed, but include the
effect, when dilutive, of the Company's potentially dilutive securities. To
determine fully diluted net income (loss), interest and debt issue costs, net
of any applicable taxes, have been added back to net income (loss) to reflect
assumed conversions. The computations of fully diluted net income (loss) per
share for the six months ended August 26, 1995 and the three and six months
ended August 27, 1994 were antidilutive; therefore, the amounts reported for
primary and fully diluted net income (loss) per share are the same.
Primary average shares include common shares outstanding and common
stock equivalents attributable to outstanding stock options. In addition to
common and common equivalent shares, fully diluted average shares include
common shares that would be issuable upon conversion of the Company's
convertible securities.
Three Months Ended Six Months Ended
Aug. 26, Aug. 27, Aug. 26, Aug. 27,
1995 1994 1995 1994
-------- -------- -------- --------
(as restated) (as restated)
(in thousands except per share amounts)
Net income (loss) $8,900 $4,504 $(9,435) $ 8,495
Assumed conversion of 6 7/8%
subordinated notes as of date of
issuance, April 1992:
Plus interest and debt issue
costs, net of tax 683 812 1,366 1,624
------ ------ ------- -------
Fully diluted net income (loss) $9,583 $5,316 $(8,069) $10,119
====== ====== ======= =======
Average shares outstanding during
period, including common stock
equivalents:
Primary 39,634 39,646 39,731 39,621
Plus assumed exercise of stock
options 9 4 27 4
Plus assumed conversion of
6 7/8% subordinated notes
to common stock as of date
of issuance, April 1992 5,491 6,563 5,491 6,563
------ ------ ------- -------
Fully diluted 45,134 46,213 45,249 46,188
====== ====== ======= =======
Net income (loss) per share:
Primary $.22 $.11 $(.24) $.21
====== ====== ======= =======
Fully diluted $.21 $.11 $(.24) $.21
====== ====== ======= =======
PART I
------
Item 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations.
Results of Operations
Pier 1 Imports, Inc. (the "Company") recorded net sales of $199.5
million and $376.3 million for the second quarter and six-month period of
fiscal 1996, increases of 7.6% and 8.5%, respectively, compared to the same
periods of fiscal 1995. The increase in sales for the first six months of
fiscal 1996 is primarily attributable to an 8.5% increase in weighted average
store count (which is calculated based on the number of days a store is open
during any given period) compared to the same period last year. Same-store
sales increased 2.5% and 2.4% for the second quarter and six-month periods of
fiscal 1996, respectively, over the prior fiscal year. Sales of hard goods
merchandise such as furniture and decorative accessories increased 5.5%
during the first six months of fiscal 1996 versus the comparable period of
fiscal 1995 and sales of soft goods merchandise such as apparel and jewelry
decreased 4.3% in the first half of fiscal 1996 compared to a year ago. Hard
goods and soft goods sales contributed approximately 91% and 9%,
respectively, of total sales for the six-month period of fiscal 1996. Sales
on the Company's proprietary credit card were $92.7 million, or 24.6% of
total sales, during the first six months of fiscal 1996 versus proprietary
credit card sales of $64.5 million, or 18.6% of total sales, for the same
period of fiscal 1995. The Company's North American store count aggregated
647 at the end of the second quarter of fiscal 1996 compared to 600 at the
end of the second quarter of fiscal 1995.
Gross profit, after related buying and store occupancy costs,
expressed as a percentage of sales, decreased by 0.4% to 37.5% for the second
quarter and by 0.9% to 38.2% for the first six months of fiscal 1996 versus
the same periods a year ago. Store occupancy costs, as a percentage of
sales, increased 0.6% to 14.5% for the second quarter of fiscal 1996 and
increased 0.5% to 15.0% for the first half of fiscal 1996 compared to the
same periods of fiscal 1995. These increases were primarily due to slightly
higher occupancy rates on 26 new stores opened in the first six months of
fiscal 1996 compared to 14 new stores opened for the same period of fiscal
1995, coupled with incremental increases in floating rate lease payments
linked to LIBOR for approximately 55 store operating leases. Second quarter
merchandise margins slightly improved in fiscal 1996 compared to fiscal 1995
as a result of higher margins on furniture and dining and kitchen
merchandise, combined with fewer clearance markdowns on furniture; however,
during the first six months of fiscal 1996 merchandise margins declined from
the year earlier period primarily due to higher promotional discounts in the
first quarter of fiscal 1996.
Selling, general and administrative expenses, including marketing,
expressed as a percentage of sales, decreased 1.3% to 25.9% in the second
quarter of fiscal 1996 and decreased 1.4% to 27.6% for the first half of
fiscal 1996 compared to the same periods of fiscal 1995. In total dollars,
expenses increased by $1.3 million during the second quarter of fiscal 1996
and by $3.2 million during the first six months of fiscal 1996 versus the
comparable periods of fiscal 1995. The increase in expenses for the first
six months of fiscal 1996 is primarily due to a $3.5 million increase in
store salaries, which increased proportionately with sales, a $0.9 million
increase in supplies and a $1.6 million increase in net proprietary credit
card costs due to higher processing costs related to the increase in
proprietary credit card sales. However, these processing costs, as a
percentage of proprietary credit card sales, decreased to 4.2% for the first
six months of fiscal 1996 compared to 5.0% for the same period in fiscal
1995. These selling, general and administrative expenses were partially
offset by a $2.7 million decrease in management bonuses and a $1.7 million
shift of marketing expenditures to later in the 1996 fiscal year primarily
related to the Company's national television advertising campaign. Other
general and administrative expenses increased by $1.6 million.
Operating income increased $2.9 million to $18.8 million during the
second quarter of fiscal 1996 and increased $4.6 million to $31.8 million for
the first six months of fiscal 1996 versus the comparable periods of fiscal
1995 due to higher sales and improved expense control.
Net interest expense declined $0.3 million during the second quarter
and $1.1 million during the first six months of fiscal 1996 over the same
periods in fiscal 1995 primarily due to lower effective interest rates
coupled with lower debt levels.
In late December 1995, the Company was made aware of losses of $19.3
million resulting from trading activities in a discretionary account. The
Company has regularly designated a portion of its excess cash and short-term
investments for management by a financial consultant in the discretionary
account. The amount of funds deposited by the Company has varied during each
year, and the funds were generally withdrawn near the end of each fiscal
year. According to statements of the account provided by brokerage firms
that executed trading activity at the financial consultant's instructions,
the funds were invested in treasury bonds, treasury bond futures contracts
and options on treasury bond futures contracts. The futures and options
contracts were often used in a manner that provided a high degree of
speculation and leverage to the invested funds. As a result of the
investigations of the trading losses, the Company has recorded $16.5 million
and $2.8 million of the net trading losses in fiscal 1996 and fiscal 1995,
respectively, with $16.0 million and $0.6 million of the net trading losses
recorded in the first and second quarters of fiscal 1996, respectively. The
Company has not recorded any tax benefit on these losses since the
realization of such benefit is not considered likely based on the information
available at this time. The Company and a Special Committee of the Board of
Directors investigated the matter and found no evidence to suggest that the
Company's net losses from these trading activities will exceed $19.3 million
in the aggregate.
In July 1995, the Company entered into a settlement agreement with
Sunbelt Nursery Group, Inc. ("Sunbelt") concerning Sunbelt's default in April
1995 on 13 nursery store subleases and three nursery store leases guaranteed
by the Company. Pursuant to the settlement agreement, Sunbelt agreed to a
claim by the Company of $14.7 million (secured by a second lien on up to $6
million of Sunbelt's assets) and agreed to continue to sublease the 13 stores
for up to three years or until the Company is able to find a buyer for the
properties. The Company has recorded no income associated with this claim.
Sunbelt also cured the defaults on the three nursery store leases guaranteed
by the Company. Additionally, Sunbelt is obligated to make future deferred
payments out of its cash flow above specified levels up to a total of $8
million (which may be prepaid with $2 million in payments made by May 1996 or
with $4 million in payments made by May 1997 or with $6 million in payments
made by May 1998). The remaining $6.7 million of the Company's claim will be
deemed satisfied if Sunbelt fully performs its obligations relating to these
and other terms of the settlement agreement. The Company restated its
financial statements for the first quarter of fiscal 1996 to record a pre-tax
charge of $14 million that had been previously recorded in the second quarter
of fiscal 1996, which represented the estimated cost to disengage from its
financial support of Sunbelt. The charge reflects the Company's estimated
losses resulting from the lease termination costs associated with the 13
nursery stores and from the Company's guarantees of other Sunbelt store
leases. An effective tax rate of 40% was applied to this charge for interim
reporting purposes.
The Company's effective income tax rate for fiscal 1996 exclusive of
the aforementioned trading losses is estimated at 40.0% compared to 31.0% for
fiscal 1995. The increase is primarily due to the benefit of tax-favored
foreign income last fiscal year and the tax benefit from the sale of Sunbelt
common stock recognized in fiscal 1995. After taking into consideration the
net trading losses, the effective income tax rate for fiscal 1996 will be
approximately 65%.
Liquidity and Capital Resources
Cash, including temporary investments, aggregated $18.1 million at the
end of the second quarter of fiscal 1996, down from $50.6 million at fiscal
1995 year-end. During the first half of fiscal 1996, the Company suffered
net cash trading losses of $16.6 million in the discretionary trading
account. In addition, the first six months of fiscal 1996 included cash
payments on a $24.5 million seasonal build-up of inventory, a $15.0 million
increase in the proprietary credit card receivable, the retirement of $12.2
million of the Company's convertible notes, capital expenditures of $7.9
million, advances to The Pier Retail Group Limited of $5.2 million, lease
termination payments from the store-closing program of $4.9 million, a $2.5
million sinking fund payment on the Company's long-term debt, cash dividend
payments of $2.4 million, and other financing activities of $1.9 million.
These cash payments were partially offset by income, exclusive of the
aforementioned trading losses and other non-cash related items of $31.8
million, short-term borrowings of $15.0 million, net increases in other
working capital of $13.6 million primarily due to the after-tax reserve for
Sunbelt defaults, and other proceeds from the disposition of properties of
$0.2 million.
The Company previously announced that, depending upon market
conditions, it may utilize a portion of its surplus cash during fiscal 1996
to purchase up to $25 million of the Company's 6 7/8% convertible notes.
During the first half of fiscal 1996, the Company purchased $12.3 million of
these notes, leaving $62.7 million of the Company's convertible notes
outstanding at the end of the fiscal 1996 second quarter.
Final cash requirements to fund the store-closing program from fiscal
1994 for lease terminations are expected to be approximately $6.9 million for
the remainder of fiscal 1996 and will be funded through working capital and
operations. During the first six months of fiscal 1996, approximately $4.9
million was expended and charged against the reserve for lease termination
costs.
Cash requirements to cover the Company's estimated losses resulting
from the Sunbelt defaults will be funded through working capital and
operations and are not expected to have a significant impact on the Company's
liquidity.
Working capital requirements will continue to be provided by cash and
$158.5 million in short-term revolving lines of credit. Under these lines of
credit at August 26, 1995, $15.0 million was outstanding in the form of
short-term borrowings and an additional $56.0 million was committed under
letters of credit. The Company's current ratio at the end of the second
quarter of fiscal 1996 was 3.0 to 1 compared to 4.1 to 1 at fiscal 1995 year-
end and 3.4 to 1 at the end of the second quarter of fiscal 1995. The
Company's minimum operating lease commitments remaining for fiscal 1996 are
$51 million, and the present value of total existing minimum operating lease
commitments is $375 million.
During the first six months of fiscal 1996, the Company paid cash
dividends aggregating $.06 per share, distributed a 5% stock dividend and has
declared a cash dividend of $.03 per share payable on November 15, 1995 to
shareholders of record on November 1, 1995. The Company currently expects to
continue to pay cash dividends in fiscal 1996, but intends to retain most of
its future earnings for expansion of the Company's business.
PART II
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Item 6. Exhibits and Reports on Form 8-K.
--------------------------------
(a) Exhibits See Exhibit Index.
(b) Reports on Form 8-K None.
SIGNATURES
----------
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this amended report to be signed on its behalf
by the undersigned thereunto duly authorized.
PIER 1 IMPORTS, INC. (Registrant)
Date: May 17, 1996 By: /s/ Clark A. Johnson
------------ ------------------------------------------
Clark A. Johnson, Chairman of the Board
and Chief Executive Officer
(Principal Executive Officer)
Date: May 17, 1996 By: /s/ Susan E. Barley
------------ ------------------------------------------
Susan E. Barley, Vice President and
Controller
(Principal Accounting Officer)
EXHIBIT INDEX
Exhibit
No. Description
------- -----------
10.15 Agreement of Settlement dated July 31, 1995 between Pier Lease,
Inc., the Company, Sunbelt Nursery Group, Inc., Wolfe Nursery,
Inc. and Timothy Duoos, incorporated herein by reference to
Exhibit 10.15 to Sunbelt Nursery Group, Inc. Form 10-K/A-2 for
the fiscal year ended January 31, 1995.
27 Financial Data Schedule for Six-month Period Ended August 26,
1995, as restated.