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Exhibit A-3
HERITABLE FINANCE LIMITED
CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in thousands, except per share data)
For the Year Ended For the Three Months Ended
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December 31, December 31, December 31, March 31, March 31,
1993 1994 1995 1995 1996
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(Unaudited) (Unaudited)
REVENUES
Interest income........................... $16,608 $17,978 $25,842 $6,014 $6,256
Fee and commission income................. 2,355 3,846 4,530 1,133 1,506
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Total revenues 18,963 21,824 30,372 7,147 7,762
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EXPENSES
Salaries and employee benefits............ 1,903 2,980 4,017 1,155 1,193
Interest expense.......................... 11,339 7,644 12,278 2,843 2,859
Fee and commission expenses............... 1,209 2,776 4,456 950 1,306
Other operating expenses.................. 4,881 4,071 2,455 788 294
Release of general provisions on sale
of loans................................. -- -- -- --
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Total expenses......................... 19,332 17,471 23,206 5,736 5,652
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EARNINGS (LOSS) BEFORE INCOME TAXES........ (369) 4,353 7,166 1,411 2,110
Provision (credit) for income taxes (84) 1,191 2,358 448 675
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NET EARNINGS (LOSS)........................ $ (285) $3,162 $4,808 $ 963 $1,435
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Earnings (loss) per share $(28.50) $316.20 $480.80 $96.30 $143.50
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Weighted average number of shares
outstanding 10,000 10,000 10,000 10,000 10,000
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See accompanying notes to consolidated financial statements.