SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 ----------------- FORM 10-QSB / x / QUARTERLY REPORT UNDER SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED APRIL 2, 2000 / / TRANSITION REPORT UNDER SECTION 13 OR 15(D) OF THE EXCHANGE ACT COMMISSION FILE NUMBER 0-20845 BIG BUCK BREWERY & STEAKHOUSE, INC. (Exact Name of Registrant as Specified in Its Charter) MICHIGAN 38-3196031 (State or Other Jurisdiction (I.R.S. Employer of Incorporation or Organization) Identification No.) 550 SOUTH WISCONSIN STREET GAYLORD, MICHIGAN 49734 (517) 731-0401 (Address of Principal Executive Offices and Registrant's telephone number, including Area Code) 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 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 . ----- ---- As of May 15, 2000, there were outstanding 5,405,481 shares of common stock, $0.01 par value per share, of the registrant. TABLE OF CONTENTS PAGE ---- PART I FINANCIAL INFORMATION ............................................ 1 ITEM 1 Financial Statements ............................................. 1 Balance Sheets as of April 2, 2000 and January 2, 2000 ........... 1 Statements of Operations for the three months ended April 2, 2000 and April 4, 1999 ................................................ 2 Statements of Cash Flows for the three months ended April 2, 2000 and April 4, 1999 .................................. 3 Condensed Notes to Financial Statements .......................... 4 ITEM 2 Management's Discussion and Analysis of Financial Condition and Results of Operations ........................................ 5 PART II OTHER INFORMATION ................................................ 10 ITEM 2 Changes in Securities and Use of Proceeds ........................ 10 ITEM 3 Defaults upon Senior Securities .................................. 10 ITEM 6 Exhibits and Reports on Form 8-K ................................. 11 SIGNATURES ......................................................................... 12 EXHIBIT INDEX ...................................................................... 13 i PART I ITEM 1 Financial Statements BIG BUCK BREWERY & STEAKHOUSE, INC. BALANCE SHEETS April 2, 2000 January 2, 2000 ------------------- ----------------- (Unaudited) ASSETS CURRENT ASSETS: Cash $ 287,734 $ 369,228 Short-term investments 3,050,000 - Accounts receivable 136,665 233,273 Inventories 219,595 235,671 Prepaids and other 300,258 318,775 ------------------ ---------------- Total current assets 3,994,252 1,156,947 PROPERTY AND EQUIPMENT, net 19,571,592 19,730,766 OTHER ASSETS, net 1,561,725 573,487 ------------------ ---------------- $ 25,127,569 $ 21,461,200 ================== ================ LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES: Accounts payable $ 1,179,240 $ 2,152,242 Accrued expenses 351,737 451,855 Current maturities of long-term debt 2,628,774 2,487,246 ------------------ ---------------- Total current liabilities 4,159,751 5,091,343 LONG-TERM DEBT, less current maturities 11,215,573 6,721,083 ------------------ ---------------- Total liabilities 15,375,324 11,812,426 ------------------ ---------------- MINORITY INTEREST 245,618 147,340 SHAREHOLDERS' EQUITY: Common stock, $0.01 par value, 20,000,000 shares authorized; 5,405,481 and 5,405,481 shares issued and outstanding 54,055 54,055 Warrants 153,650 153,650 Additional paid-in capital 14,043,412 13,685,520 Accumulated deficit (4,744,490) (4,391,791) ------------------ ------------------ Total shareholders' equity 9,506,627 9,501,434 ------------------ ---------------- $ 25,127,569 $ 21,461,200 ================== ================ The accompanying notes are an integral part of these balance sheets. 1 BIG BUCK BREWERY & STEAKHOUSE, INC. STATEMENTS OF OPERATIONS (UNAUDITED) Three Months Ended ------------------------------------ April 2, 2000 April 4, 1999 ----------------- ---------------- REVENUE: Restaurant sales $ 3,559,541 $ 3,165,427 Wholesale beer and gift shop sales 81,234 121,244 ----------------- ---------------- Total revenue 3,640,775 3,286,671 ----------------- ---------------- COSTS AND EXPENSES: Cost of sales 1,180,980 1,067,582 Restaurant salaries and benefits 1,053,008 989,372 Operating expenses 771,564 631,171 Depreciation 190,008 190,566 ----------------- ---------------- Total costs and expenses 3,195,560 2,878,691 ----------------- ---------------- Restaurant operating income 445,215 407,980 Preopening expenses - 127,151 General and administrative expenses 396,917 531,131 ----------------- ---------------- Income (loss) from operations 48,298 (250,302) OTHER INCOME (EXPENSE): Interest expense (361,699) (215,612) Other (39,268) 11,164 -------- --------- Other income (expense), net (400,967) (226,776) ----------------- ----------------- Minority interest share of joint venture - 3,289 ----------------- ---------------- NET LOSS $ (352,699) $ (473,789) ================= ================ BASIC AND DILUTED NET LOSS PER COMMON SHARE $ (0.07) $ (0.09) ================= ================ WEIGHTED AVERAGE SHARES OUTSTANDING 5,405,481 5,285,000 ================= ================ The accompanying notes are an integral part of these financial statements. 2 BIG BUCK BREWERY & STEAKHOUSE, INC. STATEMENTS OF CASH FLOWS (UNAUDITED) Three Months Ended Three Months Ended April 2, 2000 April 4, 1999 ------------------------ ------------------------- OPERATING ACTIVITIES: Net loss $ (352,669) $ (473,789) Adjustments to reconcile net loss to cash flows used in operating activities- Depreciation and amortization 264,340 202,089 Change in operating assets and liabilities: Accounts receivable 96,608 106,118 Inventories 16,076 37,562 Prepaids and other 18,517 (37,220) Accounts payable (973,002) 897,250 Accrued expenses (100,118) (337,207) Net cash provided by (used in) operating activities (1,030,248) 394,803 ------------- --------------- INVESTING ACTIVITIES: Purchases of property and equipment, net (30,795) (733,457) Decrease (increase) in other assets (192,650) 39,605 Purchase of short-term investments, net (3,050,000) (693,857) -------------- --------------- Net cash used in investing activities (3,273,445) (693,852) ------------- -------------- FINANCING ACTIVITIES: Proceeds from long-term debt and capital lease obligations 7,700,000 - Proceeds from minority partner 98,278 - Payment of deferred financing costs (512,096) - Payments on long-term debt and capital lease obligations (3,063,983) (81,272) ------------- -------------- Net cash provided by (used in) financing activities 4,222,199 (81,272) -------------- --------------- DECREASE IN CASH (81,494) (380,321) CASH, beginning of period 369,228 500,236 -------------- --------------- CASH, end of period $ 287,734 $ 119,915 ============== =============== SUPPLEMENTAL CASH FLOW INFORMATION: Interest paid $ 377,000 $ 233,584 Income taxes paid - - NON-CASH TRANSACTION: Issuance of common stock, stock options and warrants for property and services $ 357,866 - The accompanying notes are an integral part of these financial statements. 3 BIG BUCK BREWERY & STEAKHOUSE, INC. Condensed Notes to Financial Statements April 2, 2000 (1) Basis of Financial Statement Presentation The accompanying unaudited financial statements included herein have been prepared by Big Buck Brewery & Steakhouse, Inc. in accordance with generally accepted accounting principles for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations, although Big Buck believes that the disclosures made are adequate to make the information not misleading. The financial statements for the three months ended April 2, 2000, include the results of operations for the joint venture described in Big Buck's Annual Report on Form 10-KSB for the fiscal year ended January 2, 2000. The unaudited balance sheet as of April 2, 2000 and the unaudited statements of operations and cash flows for the three months ended April 2, 2000, and April 4, 1999, include, in the opinion of management, all adjustments, consisting solely of normal recurring adjustments, necessary for a fair presentation of the financial results for the respective interim periods and are not necessarily indicative of results of operations to be expected for the entire fiscal year ending December 31, 2000. The accompanying interim financial statements have been prepared under the presumption that users of the interim financial information have either read, or have access to, the audited financial statements and notes in Big Buck's Annual Report on Form 10-KSB for the fiscal year ended January 2, 2000. Accordingly, footnote disclosures which would substantially duplicate the disclosures contained in the January 2, 2000, audited financial statements have been omitted from these interim financial statements except for the disclosures below. It is suggested that these interim financial statements should be read in conjunction with the financial statements and the notes thereto included in Big Buck's Annual Report on Form 10-KSB for the fiscal year ended January 2, 2000. 4 ITEM 2 Management's Discussion and Analysis of Financial Condition and Results of Operations THIS DISCUSSION AND ANALYSIS CONTAINS CERTAIN NON-HISTORICAL FORWARD-LOOKING TERMINOLOGY SUCH AS "BELIEVES," "ANTICIPATES," "EXPECTS," AND "INTENDS," OR COMPARABLE TERMINOLOGY. SUCH STATEMENTS ARE SUBJECT TO CERTAIN RISKS AND UNCERTAINTIES THAT COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM THOSE PROJECTED. POTENTIAL PURCHASERS OF THE BIG BUCK'S SECURITIES ARE CAUTIONED NOT TO PLACE UNDUE RELIANCE ON SUCH FORWARD-LOOKING STATEMENTS, WHICH ARE QUALIFIED IN THEIR ENTIRETY BY THE CAUTIONS AND RISKS DESCRIBED HEREIN. PLEASE REFER TO BIG BUCK'S ANNUAL REPORT ON FORM 10-KSB, FILED ON MARCH 31, 2000, FOR ADDITIONAL FACTORS KNOWN TO BIG BUCK THAT MAY CAUSE ACTUAL RESULTS TO VARY. OVERVIEW Big Buck develops and operates microbrewery/restaurants under the name "Big Buck Brewery & Steakhouses-TM-." Big Buck currently operates one unit in each of the following cities in Michigan: Gaylord, Grand Rapids and Auburn Hills. Big Buck plans to open a fourth unit in Grapevine, Texas, a suburb of Dallas. Scheduled to open in the second half of 2000, this unit will be operated by Buck & Bass, L.P. pursuant to a joint venture agreement between Big Buck and Bass Pro Outdoor World, L.P., a premier retailer of outdoor sports equipment. Future revenues and profits will depend upon various factors, including market acceptance of the Big Buck Brewery & Steakhouse concept and general economic conditions. Big Buck's present sources of revenue are the Gaylord, Grand Rapids and Auburn Hills units. Big Buck cannot assure you that it will successfully implement its expansion plans, in which case Big Buck will continue to depend on the revenues from the existing units. Big Buck also faces all of the risks, expenses and difficulties frequently encountered in connection with the expansion and development of a new business. Furthermore, to the extent that Big Buck's expansion strategy is successful, it must manage the transition to multiple site, higher volume operations, control increased overhead expenses and hire additional personnel. Big Buck's sales and results of operations are expected to fluctuate based on seasonal patterns. Big Buck anticipates that its highest earnings will occur in the second and third quarters. Quarterly results in the future are likely to be substantially affected by the timing of new unit openings. Because of the seasonality of Big Buck's business and the impact of new unit openings, results for any quarter are not necessarily indicative of the results that may be achieved for a full fiscal year and cannot be used to indicate financial performance for the entire year. 5 QUARTERS ENDED APRIL 2, 2000 AND APRIL 4, 1999 The following table is derived from Big Buck's statements of operations and expresses the results from operations as a percent of total revenue: THREE MONTHS ENDED --------------------- April 2, April 4, 2000 1999 -------- -------- REVENUE: Restaurant sales 97.8% 96.3% Wholesale beer and gift shop sales 2.2 3.7 -------- ------- Total revenue 100.0 100.0 -------- ------- COSTS AND EXPENSES: Cost of sales 32.4 32.5 Restaurant salaries and benefits 28.9 30.1 Operating expenses 21.2 19.2 Depreciation and amortization 5.2 5.8 -------- ------- Total costs and expenses 87.8 87.6 -------- ------- Restaurant operating income 12.2 12.4 Preopening expenses - 3.9 General and administrative expenses 10.9 16.2 -------- ------- Income (loss) from operations 1.3 (7.6) OTHER INCOME (EXPENSE): Interest expense (9.9) (6.6) Other income (expense), net (1.1) (0.3) --------- -------- NET LOSS (9.7%) (14.5%) ========= ======== 6 RESULTS OF OPERATIONS FOR THE QUARTERS ENDED APRIL 2, 2000 AND APRIL 4, 1999 REVENUES Revenues increased 10.8% to $3,640,775 in the quarter ended April 2, 2000, from $3,286,671 in the quarter ended April 4, 1999. The increase was due to increased marketing efforts and unit level promotions during the first quarter of 2000 and the fact the first quarter of 1999 was adversely affected by severe winter weather. COST OF SALES Cost of sales, which consists of food, merchandise and brewery supplies, increased $113,398 to $1,180,980 in the first quarter of 2000 compared to $1,067,582 for the first quarter of 1999. As a percentage of revenues, cost of sales decreased to 32.4% in the first quarter of 2000 compared to 32.5% for the same quarter in 1999. The slight decrease as a percentage of revenues was the result of improved purchasing and menu engineering offset by rising food prices. RESTAURANT SALARIES AND BENEFITS Restaurant salaries and benefits, which consist of restaurant management and hourly employee wages and benefits, payroll taxes and workers' compensation insurance, increased $63,636 to $1,053,008 in the first quarter of 2000 compared to $989,372 for the first quarter in 1999. The increase was due to higher sales volume. As a percentage of revenues, restaurant salaries and benefits decreased to 28.9% in the first quarter of 2000 compared to 30.1% in the first quarter of 1999. The decrease as a percentage of revenues was the result of higher revenues, which caused improved fixed labor efficiency, along with a reduction in brewery staff. OPERATING EXPENSES Operating expenses, which include supplies, utilities, repairs and maintenance, advertising and occupancy costs, increased $140,393 to $771,564 in the first quarter of 2000 compared to $631,171 for the first quarter of 1999. As a percentage of revenues, operating expenses increased to 21.2% in the first quarter of 2000 as compared to 19.2% for the same period in 1999. The increases were the result of increased marketing expenses and increased unit level promotional expenses. START-UP COSTS Start-up costs consist of expenses incurred prior to an opening of a new unit, including, but not limited to, wages and benefits, relocation supplies, advertising expenses and training costs. Start-up costs for the new unit in Grapevine, Texas, were $127,151 for the first quarter of 1999. There were no start-up costs during the first quarter of 2000. GENERAL AND ADMINISTRATIVE EXPENSES General and administrative expenses decreased $134,214 to $396,917 in the first quarter of 2000 compared to the same quarter in 1999. The decrease was related to the development cost incurred in 1999 for Big Buck's fourth unit in Grapevine, Texas. As a percentage of revenues, these expenses decreased to 10.9% in the first quarter of 2000 as compared to 16.2% for the same quarter in 1999. The decrease as a percentage of revenues reflected the elimination of certain corporate positions, the implementation of a salary reduction for corporate staff and a decrease in professional fees for the quarter. DEPRECIATION Depreciation expense decreased $558 to $190,008 in the first quarter of 2000 compared to the first quarter of 1999. As a percentage of revenues, these expenses decreased to 5.2% in the first quarter of 2000 as compared to 5.8% for the same period in 1999. The decrease in these expenses as a percentage of revenues reflected the increase in sales. 7 INTEREST EXPENSE/INTEREST INCOME Interest expense increased $146,087 to $361,699 in the first quarter of 2000 compared to the first quarter of 1999. The increase reflected interest paid on outstanding convertible subordinated promissory notes, outstanding convertible secured promissory notes and the notes to NBD Bank and Crestmark Bank. As a percentage of revenues, interest expense increased to 9.9% for the first quarter of 2000 as compared to 6.6% for the first quarter of 1999. LIQUIDITY AND CAPITAL RESOURCES Big Buck used $1,030,248 in cash for the quarter ended April 4, 2000, for operating activities and generated $394,803 in cash for the quarter ended April 4, 1999, from operating activities. At April 4, 2000, Big Buck had a working capital deficit of $165,499. In order to fund operations in the short-term, Big Buck intends to use cash provided by the operations of its three existing units. During the first quarter of 2000, Big Buck generated $195,000 in net proceeds from the private placement of $200,000 principal amount of convertible subordinated promissory notes. In February 2000, Big Buck generated $7,017,000 in net proceeds from the private placement of $7,500,000 principal amount of convertible secured promissory notes. The NBD Bank and Crestmark Bank notes, aggregating $2,945,000, were repaid with the net proceeds of such promissory notes. Since inception, Big Buck's principal capital requirements have been the funding of (a) its operations and promotion of the Big Buck Brewery & Steakhouse format and (b) the construction of units and the acquisition of furniture, fixtures and equipment for such units. Total capital expenditures for the Gaylord, Grand Rapids and Auburn Hills units were approximately $6.2 million, $3.2 million and $10.2 million, respectively. In September 1999, Bass Pro declared the limited partnership agreement of Buck & Bass, L.P. and the commercial sublease agreement for the Grapevine site to be breached and in default due to, among other things, Big Buck's failure to make its required capital contribution. In February 2000, Big Buck obtained financing from Wayne County Employees' Retirement System ("WCERS") which enabled it (a) to repay NBD Bank and Crestmark Bank in full and (b) to make all required capital contributions and satisfy all subcontractors' liens and claims in connection with the Grapevine unit. In March 2000, Big Buck and Bass Pro agreed in writing to the reinstatement of the limited partnership agreement and the sublease. As of April 2, 2000, Big Buck had contributed $1,753,000 to the limited partnership which will own and operate the Grapevine unit. Big Buck may be required to contribute up to an additional $4.5 million, upon ten business days' notice, to complete construction of the Grapevine unit. Big Buck has available approximately $3.8 million from the WCERS financing to fund the construction of the Grapevine unit. Additionally, the Buck & Bass limited partnership agreement allows for leasing of equipment for the facility, not to exceed $1.5 million. Therefore, Big Buck anticipates that it will be able to meet the contribution requirements of the agreement. However, if funds are not available when required by the joint venture, Big Buck may be in material default under the joint venture agreement. A material default by Big Buck under the joint venture agreement entitles Bass Pro to purchase Big Buck's interest in the joint venture at 40% of book value, thereby eliminating Big Buck's interest in the Grapevine unit. Further, Bass Pro has the right to purchase up to 15% of Big Buck's interest in the joint venture, at 100% of Big Buck's original cost, within 24 months of the opening of the Grapevine unit; provided, however, that Big Buck's interest in the joint venture may not be reduced below 51%. Big Buck granted the following security interests to WCERS in connection with the February 2000 financing: (a) a pledge of Big Buck's limited partnership interest in Buck & Bass, L.P., (b) a pledge of Big Buck's shares of the issued and outstanding common stock of BBBP Management Company, (c) a security interest, assignment or mortgage, as applicable, in Big Buck's interest in all assets (now or hereafter owned), ownership interest, licenses, and permits, including, without limitation, a mortgage encumbering the Gaylord site and Auburn Hills site. Big Buck also agreed in connection with such financing that it would not create, incur, assume, guarantee or be or remain liable, contingently or otherwise, with respect to any indebtedness, except for indebtedness incurred in the ordinary course of business not to exceed at any time more than $1.5 million 8 in the aggregate. Any such indebtedness, not in the ordinary course of business or in excess of $1.5 million, requires the approval of WCERS, except that WCERS will approve any indebtedness incurred to repay Big Buck's obligation to WCERS so long as such payment does not materially and adversely affect WCERS. Big Buck also granted to WCERS a right of first refusal pursuant to which WCERS may, for so long as the convertible note is outstanding or WCERS owns more that 15% of Big Buck's common stock, elect to purchase securities offered by Big Buck, within 45 days of the receipt of notice by WCERS, at the same price and on the same terms and conditions as are offered to a third party. Big Buck expects that it will continue to require significant capital resources to fund new unit development and construction. The development of any additional units will require Big Buck to obtain additional financing. The amount of financing required for new units depends on the definitive locations, site conditions, construction costs and size and type of units to be built. There can be no assurance that financing will be available on terms acceptable or favorable to Big Buck, or at all. Without such financing, Big Buck's development plans will be slower than planned or even unachievable. 9 PART II OTHER INFORMATION ITEM 2 Changes in Securities and Use of Proceeds Big Buck leases its Auburn Hills site from one of its shareholders, Michael G. Eyde. On January 19, 2000, Big Buck issued a convertible subordinated promissory note in the principal amount of $100,000 to Mr. Eyde. Such note matures on January 1, 2001. It may be converted into 52,115 shares of common stock at a conversion price of $1.9188 per share. On January 26, 2000, Big Buck issued a warrant to purchase 25,000 shares of common stock to Mr. Eyde in connection with Mr. Eyde's provision to Wayne County Employees' Retirement System ("WCERS") of an estoppel letter. Such warrant may be immediately exercised, has an exercise price of $1.8125 per share and expires on January 26, 2003. Pursuant to the Auburn Hills lease agreement, Mr. Eyde may require Big Buck, in certain circumstances, to repurchase the Auburn Hills site for $4,000,000, plus $200,000 for each lease year on a pro rata basis. Mr. Eyde originally had a three-year option to require Big Buck to issue shares of common stock (valued at $5.00 per share) in payment of the repurchase price. In February 2000, the lease agreement was amended to enable Mr. Eyde to exercise such right prior to the expiration of the fourth full lease year and to provide that Mr. Eyde has the option to require Big Buck to issue shares of common stock (valued at $4.00 per share) in payment of such repurchase price. On January 27, 2000, Big Buck issued convertible subordinated promissory notes in the aggregate principal amount of $100,000 to two accredited investors. In connection with such private placement, Big Buck paid commissions equal to 5% of the gross proceeds ($5,000) to Private Equity, LLC ("PE"), an investment banking firm. PE assisted Big Buck in placing the convertible subordinated promissory notes. Each note matures on January 1, 2001. Each note may be converted into 26,143 shares of common stock at a conversion price of $1.9125 per share. On February 4, 2000, Big Buck issued convertible secured promissory notes in the aggregate principal amount of $7,500,000 to WCERS. In connection with such private placement, Big Buck paid commissions equal to 5% of the gross proceeds ($375,000) to PE. PE assisted Big Buck in placing the convertible secured promissory notes. One such note, in the principal amount of $1,623,885.26, matures on October 1, 2000. It may be converted into 671,026 shares of common stock at a conversion price of $2.42 per share. The other note, in the principal amount of $5,876,114.74, matures on February 1, 2003. It may be converted into 2,428,146 shares of common stock at a conversion price of $2.42 per share. In February 4, 2000, Big Buck also issued a warrant to WCERS as part of the foregoing transaction. Such warrant may be immediately exercised, has an exercise price of $2.00 per share and expires on January 27, 2004. The foregoing issuances were made in reliance upon the exemption provided in Section 4(2) of the Securities Act. Such securities are restricted as to sale or transfer, unless registered under the Securities Act, and certificates representing such securities contain restrictive legends preventing sale, transfer or other disposition unless registered under the Securities Act. In addition, the recipients of such securities received, or had access to, material information concerning Big Buck, including, but not limited to, Big Buck's reports on Form 10-KSB, Form 10-QSB and Form 8-K, as filed with the SEC. Other than as noted above, no underwriting commissions or discounts were paid with respect to the issuances of such securities. ITEM 3 Defaults upon Senior Securities See "Management's Discussion and Analysis of Financial Condition and Results of Operations-Liquidity and Capital Resources" for a discussion of Big Buck's defaults. 10 ITEM 6 Exhibits and Reports on Form 8-K (a) Exhibits 27 Financial Data Schedule (b) Reports on Form 8-K The registrant filed the following Current Report on Form 8-K during the quarter ended April 2, 2000: Current Report on Form 8-K filed on January 4, 2000, relating to a change in the registrant's certifying accountant. 11 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. BIG BUCK BREWERY & STEAKHOUSE, INC. Date: May 15, 2000 By /s/ ANTHONY P. DOMBROWSKI ------------------------------------- Anthony P. Dombrowski Chief Financial Officer 12 EXHIBIT INDEX EXHIBIT NUMBER DESCRIPTION - ------- ----------- 27 Financial Data Schedule 13