UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q/A
(Mark One)
[X]QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended April 30, 1999
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 1-7567
URS CORPORATION
(Exact name of registrant as specified in its charter)
Delaware 94-1381538
(State or other jurisdiction of incorporation) (I.R.S. Employer Identification No.)
- ----------------------------------------------------------------------------------------
100 California Street, Suite 500
San Francisco, California 94111-4529
(Address of principal executive offices) (Zip Code)
(415) 774-2700
(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 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 the number of shares outstanding of each of the issuer's classes
of common stock, as of the latest practicable date.
Class Outstanding on June 4, 1999
- ----- ---------------------------
Common stock, $0.01 par value 15,589,410
URS CORPORATION AND SUBSIDIARIES
In this Quarterly Report on Form 10-Q/A, "we," "us," "our" and similar terms
refer to URS Corporation and its subsidiaries, except where it is clear that
such terms mean only URS Corporation. When we make such references, we are
referring to URS Corporation prior to giving effect to our acquisition of Dames
& Moore Group. References to "Dames & Moore" refer to Dames & Moore Group, and
references to the "Combined Company" refer to URS Corporation and Dames & Moore
after giving effect to the Dames & Moore acquisition.
This Quarterly Report on Form 10-Q/A for the second quarter ended April 30,
1999 contains forward-looking statements within the meaning of the securities
laws that involve risks and uncertainties. We believe that our expectations are
reasonable and are based on reasonable assumptions. However, risks and
uncertainties relating to future events that could cause actual results to
differ materially from our expectations include our ability to successfully
integrate the Combined Company following the Dames & Moore acquisition, the
impact on us and our financial condition of the substantial indebtedness
incurred in connection with the Dames & Moore acquisition, our dependancy on
government programs and contracts, competitive practices in our industry,
possible changes in legislation or governmental regulation and policies,
contracting risks, our ability to attract and retain qualified professionals,
exposure to potential liability from legal proceedings, and other factors
discussed more fully in our 1998 Annual Report on Form 10-K and in other
publicly available reports filed with the Securities and Exchange Commission
from time to time. We do not intend, and assume no obligation, to update any
forward-looking statements.
2
Item 1. Financial Statements.
Page Number
Of This Report
--------------
Consolidated Balance Sheets as of April 30, 1999 and 1998 (unaudited)................ 4
Consolidated Statements of Operations for the six months ended April 30, 1999
and 1998 (unaudited).................................................................
5
Consolidated Statements of Cash Flows for the six months ended April 30, 1999 and
1998 (unaudited)..................................................................... 6
Notes to Unaudited Consolidated Financial Statements................................. 7
3
URS CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands, except per share data)
April 30, April 30,
1999 1998
-------- ---------
(unaudited)
ASSETS
Current assets:
Cash...................................................... $ 10,036 $ 33,875
Accounts receivable, less allowance for doubtful accounts
o
f $7,256 and $2,899..................................... 183,469 159,409
Costs and accrued earnings in excess of billings on
contracts in process, less allowance for losses of $7,297
and $8,523............................................... 112,820 58,087
Prepaid expenses and other assets......................... 12,098 4,376
-------- --------
Total current assets..................................... 318,423 255,747
Property and equipment at cost, net....................... 32,508 30,486
Goodwill, net............................................. 136,123 119,209
Other assets.............................................. 7,603 12,273
-------- --------
$494,657 $417,715
======== ========
LIABILITIES AND STOCKHOLDER
S' EQUITY
Current liabilities:
Long-term debt, current portion........................... $ 16,502 $ 20,069
Notes payable............................................. 6,499 --
Accounts payable.......................................... 40,714 30,955
Accrued salaries and wages................................ 35,359 23,732
Accrued expenses and other................................ 16,495 28,263
Billings in excess of costs and accrued earnings on
contracts in process..................................... 43,724 36,119
-------- --------
Total current liabilities................................ 159,293 139,138
Long-term debt, less current portion...................... 110,808 103,589
Deferred income taxes..................................... 7,224 --
Deferred compensation and other........................... 34,383 25,772
--------
--------
Total liabilities........................................ 311,708 268,499
-------- --------
Stockholders' equity:
Common shares, par value $.01; authorized 20,000 shares;
issued 15,507 and 14,964 shares.......................... 155 149
Treasury stock............................................ (287) (287)
Additional paid-in capital................................ 121,691 113,996
Foreign currency translation adjustment................... 70 --
Retained earnings since February 21, 1990, date of quasi-
reorganization........................................... 61,320 35,358
-------- --------
Total stockholders' equity............................... 182,949 149,216
-------- --------
$494,657 $417,71
5
======== ========
See Notes to Consolidated Financial Statements
4
URS CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
Six Months Ended
April 30,
-----------------
1999 1998
-------- --------
(unaudited)
Revenues..................
................................... $415,069 $381,338
-------- --------
Expenses:
Direct operating........................................... 239,151 231,587
Indirect, general and administrative....................... 148,737 128,757
Interest expense, net...................................... 4,714 4,282
-------- --------
392,602 364,626
-------- --------
Income before income tax..................................... 22,467 16,712
Income tax expense........................................... 9,800 7,600
-------- --------
Net income................................................... $ 12,667 $ 9,112
-------- ---
- -
- ----
Other comprehensive income:
Foreign currency translation gain (loss)................... 70 --
-------- --------
Comprehensive income......................................... $ 12,737 $ 9,112
======== ========
Net income per share:
Basic...................................................... $ .82 $ .61
======== ========
Diluted.................................................... $ .77 $ .58
======== ========
See Notes to Consolidated Financial Statements
5
URS CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
Six Months Ended
April 30,
------------------
1999 1998
-------- --------
(unaudited)
Cash flows from operating activities:
Net inco
me................................................ $ 12,667 $ 9,112
-------- --------
Adjustments to reconcile net income to net cash (used)
provided by operating
activities:
Depreciation and amortization............................. 7,731 7,339
Allowance for doubtful accounts and losses................ 451 329
Changes in current assets and liabilities:
Accounts receivable and costs and accrued earnings in
excess of billings on contracts in process............... (43,912) 11,845
Prepaid expenses and other assets......................... (2,590) (104)
Accounts payable, accrued salaries and wages and accrued
expenses................................................. (15,125) (16,171)
Billings in excess of costs and accrued earnings on
contracts in process..................................... 8,269 687
Deferred taxes............................................ 1,970 (177)
Other, net..
.
............................................. 3,093 1,287
-------- --------
Total adjustments....................................... (40,113) 5,035
-------- --------
Net cash (used) provided by operating activities.......... (27,446) 14,147
-------- --------
Cash flows from investing activities:
Business acquisition, net of cash acquired................ (12,530) (36,937)
Capital expenditures...................................... (3,560) (3,122)
-------- --------
Net cash (used) by investing activities................... (16,090) (40,059)
-------- --------
Cash flows from financing activities:
Proceeds from issuance of debt............................ 10,096 110,000
Pri
nc
ipal payments on long-term debt...................... (9,700) (73,356)
Proceeds from bank borrowings............................. 12,795 --
Proceeds from sale of common shares....................... 2,714 755
Proceeds from exercise of stock options................... 1,138 254
-------- --------
Net cash provided by financing activities................. 17,043 37,653
-------- --------
Net (decrease) increase in cash............................ (26,493) 11,741
Cash at beginning of period................................ 36,529 22,134
-------- --------
Cash at end of period...................................... $ 10,036 $ 33,875
======== ========
Supplemental information:
Interest paid..................................
...
........ $ 5,338 $ 4,587
======== ========
Taxes paid................................................ $ 9,485 $ 8,496
======== ========
Equipment subject to capital lease obligations............ $ 4,296 $ 1,128
======== ========
Noncash purchase allocation adjustment.................... $ 2,000 $ 13,600
======== ========
Foreign currency translation adjustment................... $ (627) $ --
======== ========
Issuance of common stock in business acquisition.......... $ -- $ 61,936
======== ========
See Notes to Consolidated Financial Statements
6
URS CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE 1. FINANCIAL INFORMATION:
In the opinion of management, the information furnished reflects all
adjustments, consisting only of normal recurring adjustments, which are
necessary for a fair statement of the interim financial information.
Certain information and footnote disclosures normally included in financial
statements prepared in accordance with generally accepted accounting principles
have been omitted. These condensed financial statements should be read in
conjunction with the financial statements and notes thereto appearing elsewhere
in this memorandum for the fiscal year ended October 31, 1998. The results of
oper
ations for the six-month periods ended April 30, 1999 and 1998 are not
necessarily indicative of the operating results for the full year.
7
URS CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE 2. SUPPLEMENTAL GUARANTOR INFORMATION:
In June 1999, we completed a private placement of $200 million principal
amount of our Senior Subordinated Notes due 2009 (the "Notes") in connection
with its purchase of Dames & Moore Group. The Notes are fully and
unconditionally guaranteed on a joint and several basis by our wholly-owned
domestic subsidiaries with gross revenues aggregating 90% or more of our and our
domestic subsidiaries' aggregate gross revenues on a consolidated basis, and if
not otherwise included, all of our wholly-owned subsidiaries with annual gross
revenues of $5 million or more. Substantially all our income and cash flow is
generated by our subsidiaries. As a result, funds necessary to meet our debt
service obligations are provided in large part by distributions or advances from
our subsidiaries. Under certain circumstances, contractural and legal
restrictions, as well as the financial condition and operating requirements of
our subsidiaries, could limit our ability to obtain cash from our subsidiaries
for the purpose of meeting its debt service obligations, including the payment
of principal and interest on the Notes.
The following information sets forth our condensed consolidating balance sheet
as of April 30, 1999, and our condensed consolidating statements of operations
and cash flows for the six months ended April 30, 1999 and 1998. We account for
investments in subsidiaries on the equity method; accordingly, entries necessary
to consolidate us and all of our subsidiaries are reflected in the eliminations
column. Separate complete financial statements of us and our subsidiaries that
guarantee the Notes would not provide additional material information that would
be useful in assessing the financial composition of such subsidiaries.
8
URS CORPORATION
CONDENSED CONSOLIDATING BALANCE SHEET
(In thousands)
April 30, 1999
--------------------------------------------------------
URS Corporation
and Subsidiary
Subsidiary Non-
Guarantors Guarantors Eliminations Consolidated
--------------- ---------- ------------ ------------
(unaudited)
ASSETS
Current assets:
Cash......................... $ 5,491 $ 4,545 $ -- $ 10,036
Accounts receivable, net..... 159,059 24,410 -- 183,469
Costs and accrued earnings in
excess of billings on
contracts in process, net... 99,943 12,877 -- 112,820
Accounts receivable,
intercompany................ 23,807 (22,554) (1,253) --
Prepaid expenses and other
assets...................... 10,567 1,531 -- 12,098
-------- ------- --------- --------
Total current assets........ 298,867 20,809 (1,253) 318,423
Property and equipment, net... 28,263 4,245 -- 32,508
Goodwill, net................. 136,123 -- -- 136,123
Investment in unconsolidated
subsidiaries................. 105,732 -- (105,732) --
Other assets.................. 7,603 16,855 (16,855) 7,603
-------- ------- --------- --------
Total assets................ $576,588 $41,909 $(123,840) $494,657
======== ======= ========= ========
LIABILITIES AND STOCKHOLDERS'
EQUITY
Current liabilities:
Long-term debts current
portion..................... $ 17,061 $ 5,940 $ -- $ 23,001
Trade payables............... 34,122 6,592 -- 40,714
Intercompany payable......... -- (11,909) 11,909 --
Billings in excess of costs
and accrued earnings on
contracts in process........ 37,586 6,138 -- 43,724
Accruals..................... 49,417 2,437 -- 51,854
-------- ------- --------- --------
Total current liabilities... 138,186 9,198 11,909 159,293
Capital leases................ 15,911 583 -- 16,494
Long-term debt................ 94,314 -- -- 94,314
Intercompany payable.......... (16,889) 10,181 6,708 --
Other......................... 41,409 198 -- 41,607
-------- ------- --------- --------
Total liabilities........... 272,931 20,160 18,617 311,708
Total stockholders' equity.... 303,657 21,749 (142,457) 182,949
-------- ------- --------- --------
Total liabilities and
stockholders' equity....... $576,588 $41,909 $(123,840) $494,657
======== ======= ========= ========
9
URS CORPORATION
CONDENSED CONSOLIDATING BALANCE SHEET
(In thousands)
April 30, 1999
--------------------------------------------------------
URS Corporation
and Subsidiary
Subsidiary Non-
Guarantors Guarantors Eliminations Consolidated
--------------- ---------- ------------ ------------
(unaudited)
ASSETS
Current assets:
Cash......................... $ 31,262 $ 2,613 $ -- $ 33,875
Accounts receivable, net..... 149,566 9,843 -- 159,409
Costs and accrued earnings in
excess of billings on
contracts in process, net... 52,421 5,666 -- 58,087
Accounts receivable--
intercompany................ 1,116 10,132 (11,248) --
Prepaid expenses and other
current assets.............. 4,124 252 -- 4,376
-------- ------- --------- --------
Total current assets........ 238,489 28,506 (11,248) 255,747
Property and equipment, net... 27,161 3,325 -- 30,486
Goodwill, net................. 119,122 87 -- 119,209
Investment in unconsolidated
subsidiaries................. 101,251 -- (101,251) --
Other assets.................. 12,069 204 -- 12,273
-------- ------- --------- --------
259,603 3,616 (101,251) 161,968
-------- ------- --------- --------
Total assets................ $498,092 $32,122 $(112,499) $417,715
======== ======= ========= ========
LIABILITIES AND STOCKHOLDERS'
EQUITY
Current liabilities:
Long term debt--current
portion..................... $ 20,069 $ -- $ -- $ 20,069
Trade payables............... 29,677 1,278 -- 30,955
Intercompany payable......... -- 25,654 (25,654) --
Billings in excess of costs
and accrued earnings on
contracts in process........ 35,083 1,036 36,119
Accruals..................... 44,819 7,176 -- 51,995
-------- ------- --------- --------
Total current liabilities... 129,648 35,144 (25,654) 139,138
Capital leases................ 11,353 46 -- 11,399
Long-term debt................ 92,190 -- -- 92,190
Intercompany payable.......... (8,675) (1,036) 9,711 --
Other......................... 25,443 329 -- 25,772
-------- ------- --------- --------
Total liabilities........... 249,959 34,483 (15,943) 268,499
Total stockholders' equity.... 248,133 (2,361) (96,556) 149,216
-------- ------- --------- --------
Total liabilities and
stockholders' equity....... $498,092 $32,122 $(112,499) $417,715
======== ======= ========= ========
10
URS CORPORATION
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS
(In thousands)
Six Months Ended April 30, 1999
--------------------------------------------------------
URS Corporation
and Subsidiary
Subsidiary Non-
Guarantors Guarantors Eliminations Consolidated
--------------- ---------- ------------ ------------
(unaudited)
Revenues...................... $373,384 $42,749 $(1,064) $415,069
Expenses:
Direct operating............ 216,042 24,173 (1,064) 239,151
Indirect, general and
administrative............. 122,846 18,160 -- 141,006
Depreciation and
amortization............... 7,026 705 -- 7,731
-------- ------- ------- --------
Operating income.......... 27,470 (289) -- 27,181
Interest expense, net....... 4,634 80 -- 4,714
-------- ------- ------- --------
Income (loss) before income
tax.......................... 22,836 (369) -- 22,467
Income tax expense.......... 9,746 54 -- 9,800
-------- ------- ------- --------
Net income (loss)......... $ 13,090 $ (423) $ -- $ 12,667
======== ======= ======= ========
URS CORPORATION
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS
(In thousands)
Six Months Ended April 30, 1999
--------------------------------------------------------
URS Corporation
and Subsidiary
Subsidiary Non-
Guarantors Guarantors Eliminations Consolidated
--------------- ---------- ------------ ------------
(unaudited)
Revenues...................... $355,922 $26,173 $(757) $381,338
Expenses:
Direct operating............ 216,955 15,389 (757) 231,587
Indirect, general and
administrative............. 111,231 10,187 -- 121,418
Depreciation and
amortization............... 6,884 455 -- 7,339
-------- ------- ----- --------
Operating income.......... 20,852 142 -- 20,994
Interest expense, net....... 3,954 328 -- 4,282
-------- ------- ----- --------
Income (loss) before income
taxes........................ 16,898 (186) -- 16,712
Income tax expense
(benefit).................. 7,672 (72) -- 7,600
-------- ------- ----- --------
Net income (loss)......... $ 9,226 $ (114) $ -- $ 9,112
======== ======= ===== ========
11
URS CORPORATION
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
(In thousands)
Six Months Ended April 30, 1999
--------------------------------------------------------
URS Corporation
and Subsidiary
Subsidiary Non-
Guarantors Guarantors Eliminations Consolidated
--------------- ---------- ------------ ------------
(unaudited)
Cash flows from operating
activities:
Net income................... $ 13,090 $ (423) $ -- $ 12,667
-------- ------- -------- --------
Adjustments to reconcile net
income to net cash (used) by
operating activities:
Depreciation and
amortization................ 7,026 705 -- 7,731
Allowance for doubtful
accounts and losses......... 2,420 (482) (1,487) 451
Changes in current assets and
liabilities:
Accounts receivable and costs
and accrued earnings in
excess of billings on
contracts in process........ (33,319) 10,473 (21,066) (43,912)
Prepaid expenses and other
assets...................... 4,724 (1,300) (6,014) (2,590)
Accounts payable, accrued
salaries and wages and
accrued expenses............ (29,295) (835) 15,005 (15,125)
Billings in excess of costs
and accrued earnings on
contracts in process........ 645 5,121 2,503 8,269
Deferred taxes and other,
net......................... 9,576 (15,572) 11,059 5,063
-------- ------- -------- --------
Total adjustments........... (38,223) (1,890) -- (40,113)
-------- ------- -------- --------
Net cash (used) by operating
activities.................. (25,133) (2,313) -- (27,446)
-------- ------- -------- --------
Cash flows from investing
activities:
Business acquisition, net of
cash acquired............... (12,530) -- -- (12,530)
Capital expenditures......... (2,356) (1,204) -- (3,560)
-------- ------- -------- --------
Net cash (used) by investing
activities.................. (14,886) (1,204) -- (16,090)
-------- ------- -------- --------
Cash flows from financing
activities:
Proceeds from issuance of
debt........................ 10,096 -- -- 10,096
Principal payments on long-
term debt................... (9,700) -- -- (9,700)
Proceeds from bank
borrowings.................. 7,775 5,020 -- 12,795
Proceeds from sale of common
shares...................... 2,714 -- -- 2,714
Proceeds from exercise of
stock options............... 1,138 -- -- 1,138
-------- ------- -------- --------
Net cash provided by
financing activities........ 12,023 5,020 -- 17,043
-------- ------- -------- --------
Net increase (decrease) in
cash......................... (27,996) 1,503 -- (26,493)
Cash at beginning of period... 33,487 3,042 -- 36,529
-------- ------- -------- --------
Cash at end of period......... $ 5,491 $ 4,545 $ -- $ 10,036
======== ======= ======== ========
12
URS CORPORATION
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
(In thousands)
Six Months Ended April 30, 1999
--------------------------------------------------------
URS Corporation
and Subsidiary
Subsidiary Non-
Guarantors Guarantors Eliminations Consolidated
--------------- ---------- ------------ ------------
(unaudited)
Cash flows from operating
activities:
Net income................... $ 9,226 $ (114) $ -- $ 9,112
-------- ------ ------ --------
Adjustments to reconcile net
income to net cash provided
by operating activities:
Depreciation and
amortization................ 6,884 455 -- 7,339
Allowance for doubtful
accounts and losses......... 161 168 -- 329
Changes in current assets and
liabilities:
Accounts receivable and costs
and accrued earnings in
excess of billings on
contracts in process........ 7,651 (1,017) 5,211 11,845
Prepaid expenses and other
assets...................... (535) 579 (148) (104)
Accounts payable, accrued
salaries and wages and
accrued expenses............ (16,010) 464 (625) (16,171)
Billings in excess of costs
and accrued earnings on
contracts in process........ (349) 1,036 -- 687
Deferred taxes............... (1,061) 884 -- (177)
Other, net................... 5,974 (238) (4,449) 1,287
-------- ------ ------ --------
Total adjustments.......... 2,715 2,331 (11) 5,035
-------- ------ ------ --------
Net cash provided by
operating activities........ 11,941 2,217 (11) 14,147
-------- ------ ------ --------
Cash flows from investing
activities:
Business acquisition, net of
cash acquired............... (36,937) -- -- (36,937)
Capital expenditures......... (2,901) (221) -- (3,122)
-------- ------ ------ --------
Net cash (used) by investing
activities.................. (39,838) (221) -- (40,059)
-------- ------ ------ --------
Cash flows from financing
activities:
Proceeds from issuance of
debt........................ 110,000 -- -- 110,000
Principal payments on long-
term debt................... (73,345) (22) 11 (73,356)
Proceeds from sale of common
shares...................... 755 -- -- 755
Proceeds from exercise of
stock options............... 254 -- -- 254
-------- ------ ------ --------
Net cash provided (used) by
financing activities........ 37,664 (22) 11 37,653
-------- ------ ------ --------
Net increase in cash.......... 9,767 1,974 -- 11,741
Cash at beginning of period... 21,495 639 -- 22,134
-------- ------ ------ --------
Cash at end of period......... $ 31,262 $2,613 $ -- $ 33,875
======== ====== ====== ========
13
Item 6. Exhibits and Reports on Form 8-K.
(a) Exhibits
Exhibit
-------
Number Exhibit
------ -------
10.1 Incentive Compensation Plan of URS Corporation, filed
as Exhibit 10.1 to its Annual Report on Form 10-K for
the fiscal year ended 1998 and incorporated herein by
reference.
12.1 Computation of Ratio of Earnings to Fixed Charges and
Combined Fixed Charges.
*27 Financial Data Schedule (electronic format only).
----------------
* Previously filed.
(b) Reports on Form 8-K
We filed no reports on Form 8-K during the quarter ended April
30, 1999. Subsequent to April 30, 1999, we filed the following
reports on Form 8-K:
Form 8-K dated May 7, 1999 to report that we had signed a
definitive agreement to acquire Dames & Moore.
Form 8-K dated June 8, 1999 to report unaudited pro forma combined
financial information of URS Corporation and Dames & Moore.
Form 8-K dated June 11, 1999 to report completion of the tender offer for
Dames & Moore and financial statements of the acquired business.
14
SIGNATURE
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.
URS CORPORATION
/s/ Kent P. Ainsworth
---------------------------------
Kent P. Ainsworth
Executive Vice President and
Chief Financial Officer
(Principal Accounting Officer)
Dated: August 4, 1999
15
EXHIBIT INDEX
Exhibit
-------
Number Exhibit
------ -------
10.1 Incentive Compensation Plan of URS Corporation, filed
as Exhibit 10.1 to its Annual Report on Form 10-K
for the fiscal year ended 1998 and incorporated herein by
reference.
12.1 Computation of Ratio of Earnings to Fixed Charges and
Combined Fixed Charges.
*27 Financial Data Schedule (electronic format only).
-----------------
* Previously filed.
16