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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
FOR THE PERIOD ENDED SEPTEMBER 30, 1999 COMMISSION FILE NUMBER 0-10763
ATRION CORPORATION
(Exact Name of Registrant as Specified in its Charter)
DELAWARE 63-0821819
- ------------------------------------ --------------------------------------
(State or Other Jurisdiction of (I.R.S. Employer Identification No.)
Incorporation or Organization)
ONE ALLENTOWN PARKWAY, ALLEN, TEXAS 75002
--------------------------------------------------
(Address of Principal Executive Offices) (Zip Code)
(972) 390-9800
(Registrant's Telephone Number, Including Area Code)
Indicate by check 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.
NUMBER OF SHARES OUTSTANDING AT
TITLE OF EACH CLASS NOVEMBER 4, 1999
- ---------------------------------------- -----------------------------------
COMMON STOCK, PAR VALUE $0.10 PER SHARE 2,440,129
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ATRION CORPORATION AND SUBSIDIARIES
TABLE OF CONTENTS
PART I. FINANCIAL INFORMATION 2
ITEM 1. Financial Statements
Consolidated Statements of Income (Unaudited)
For the Three and Nine months Ended
September 30, 1999 and 1998 3
Consolidated Balance Sheets (Unaudited)
September 30, 1999 and December 31, 1998 4-5
Consolidated Statements of Cash Flows (Unaudited)
For the Nine months Ended
September 30, 1999 and 1998 6
Notes to Consolidated Financial Statements (Unaudited) 7
ITEM 2. Management's Discussion and Analysis of
Financial Condition and Results of
Operations 8
PART II. OTHER INFORMATION 13
ITEM 6. Exhibits and Reports on
Form 8-K 13
SIGNATURES 14
EXHIBIT INDEX 15
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PART I
FINANCIAL INFORMATION
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ATRION CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
THREE MONTHS ENDED NINE MONTHS ENDED
SEPTEMBER 30 SEPTEMBER 30
---------------------------------- ----------------------------------
1999 1998 1999 1998
----------------- ---------------- ----------------- ----------------
(In thousands, except per share data)
Revenues $ 13,441 $ 11,570 $ 37,759 $ 33,108
Cost of goods sold 8,180 7,426 22,662 20,594
-------------- -------------- -------------- --------------
Gross profit 5,261 4,144 15,097 12,514
-------------- -------------- -------------- --------------
Operating expenses:
Selling expense 1,650 1,406 5,139 3,751
General and administrative 2,035 1,774 5,483 5,226
Research and development 629 747 2,007 2,035
-------------- -------------- -------------- --------------
4,314 3,927 12,629 11,012
-------------- -------------- -------------- --------------
Operating income 947 217 2,468 1,502
-------------- -------------- -------------- --------------
Other income (expense):
Interest income (expense), net (75) 124 (147) 454
Other income - 13 10 53
-------------- -------------- -------------- --------------
(75) 137 (137) 507
-------------- -------------- -------------- --------------
Income from continuing operations before
provision for income taxes 872 354 2,331 2,009
Provision for income taxes 218 128 663 747
-------------- -------------- -------------- --------------
Income from continuing operations 654 226 1,668 1,262
Gain on disposal of discontinued operations,
net of income taxes -- -- 165 --
-------------- -------------- -------------- --------------
Net income $ 654 $ 226 $ 1,833 $ 1,262
============== ============== ============== ==============
Earnings per basic share:
Continuing operations $ 0.26 $ 0.07 $ 0.63 $ 0.39
Gain on disposal of discontinued operations -- -- 0.06 --
-------------- -------------- ------------- --------------
$ 0.26 $ 0.07 $ 0.69 $ 0.39
============== ============= ============= =============
Weighted average basic shares outstanding 2,474 3,202 2,657 3,212
============== ============== ============== =============
Earnings per diluted share:
Continuing operations $ 0.26 $ 0.07 $ 0.62 $ 0.39
Gain on disposal of discontinued operations -- -- 0.06 --
-------------- -------------- ------------- -------------
$ 0.26 $ 0.07 $ 0.68 $ 0.39
============== ============= ============= =============
Weighted average diluted shares outstanding 2,527 3,202 2,697 3,216
============== ============== ============== ==============
The accompanying notes are an integral part of these consolidated statements.
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ATRION CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
SEPTEMBER 30, DECEMBER 31,
ASSETS 1999 1998
- ------ -------------- --------------
(In thousands)
Current assets:
Cash and cash equivalents $ 231 $ 5,635
Accounts receivable 8,658 7,278
Inventories 9,533 8,568
Prepaid expenses and other 1,047 1,358
-------------- --------------
19,469 22,839
-------------- --------------
Property, plant and equipment:
Original cost 33,029 22,315
Less accumulated depreciation and amortization 7,159 4,921
-------------- --------------
25,870 17,394
-------------- --------------
Deferred charges:
Patents 3,391 3,620
Goodwill 13,539 13,986
Other 2,855 2,576
-------------- --------------
19,785 20,182
-------------- --------------
$ 65,124 $ 60,415
============== ==============
The accompanying notes are an integral part of these Consolidated Balance
Sheets.
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ATRION CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
SEPTEMBER 30, DECEMBER 31,
LIABILITIES AND STOCKHOLDERS' EQUITY 1999 1998
- ------------------------------------ -------------- --------------
(In thousands)
Current liabilities:
Current maturities of long-term debt $ -- $ 203
Accounts payable and accrued liabilities 5,205 3,929
-------------- --------------
5,205 4,132
-------------- --------------
Long-term debt, less current maturities 5,981 --
Other noncurrent liabilities 7,341 6,914
-------------- --------------
Stockholders' equity:
Common shares, par value $0.10 per share; authorized
10,000,000 shares, issued 3,419,953 shares 342 342
Paid-in capital 6,403 6,394
Retained earnings 48,654 46,821
Treasury shares, at cost (8,802) (4,188)
-------------- --------------
Total stockholders' equity 46,597 49,369
-------------- --------------
$ 65,124 $ 60,415
============== ==============
The accompanying notes are an integral part of these Consolidated Balance
Sheets.
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ATRION CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
NINE MONTHS ENDED
SEPTEMBER 30
---------------------------------------
1999 1998
------------- -------------
(In thousands)
Cash flows from operating activities:
Net income $ 1,833 $ 1,262
Adjustments to reconcile net income to
net cash provided by operating activities:
Gain on disposal of discontinued operations (165) --
Depreciation and amortization 2,914 2,510
Deferred income taxes 131 343
Other 13 155
------------- -------------
4,726 4,270
Change in current assets and liabilities:
(Increase) in accounts receivable (1,380) (2,741)
(Increase) in other current assets (653) (605)
Increase in accounts payable 619 673
Increase in other current liabilities 669 1,074
------------- -------------
Net cash provided by continuing operations 3,981 2,671
Net cash provided by (used in) discontinued operations 165 (1,609)
------------- -------------
4,146 1,062
------------- -------------
Cash flows from investing activities:
Property, plant and equipment additions (10,714) (1,146)
Acquisition of subsidiary -- (23,198)
(10,714) (24,344)
------------- -------------
Cash flows from financing activities:
Increase (decrease) in long-term indebtedness 5,778 (453)
Issuance of common stock - 20
Repurchase of common stock (4,614) (485)
------------- -------------
1,164 (918)
Net change in cash and cash equivalents (5,404) (24,200)
Cash and cash equivalents at beginning of period 5,635 32,172
------------- -------------
Cash and cash equivalents at end of period $ 231 $ 7,972
============= =============
Cash paid for:
Interest (net of capitalized amounts) $ 158 $ 19
Income taxes (net of refunds) $ 153 $ 1,415
The accompanying notes are an integral part of these consolidated statements.
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ATRION CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
(1) BASIS OF PRESENTATION
In the opinion of management, all adjustments necessary for a fair
presentation of results of operations for the periods presented have
been included in the accompanying unaudited consolidated financial
statements of Atrion Corporation (the "Company"). Such adjustments
consist of normal recurring items. The accompanying financial
statements have been prepared in accordance with the instructions to
Form 10-Q and include the information and notes required by such
instructions. Accordingly, the consolidated financial statements and
notes thereto should be read in conjunction with the financial
statements and notes included in the Company's 1998 Annual Report on
Form 10-K.
(2) PURCHASE OF CERTAIN QUEST MEDICAL, INC. ASSETS.
On January 30, 1998, the Company, through a wholly owned Texas
subsidiary then known as "QMI Medical, Inc.," acquired the
cardiovascular and intravenous fluid products division of Advanced
Neuromodulation Systems, Inc. (formerly known as Quest Medical, Inc.
and herein referred to as "ANS") and all rights to the name "Quest
Medical, Inc." The Company paid $22,922,000 (after taking into account
certain postclosing adjustments and excluding $276,000 of related
acquisition costs) in cash for the net assets acquired from ANS. As
part of the transaction, the Company also obtained a one-year lease on
ANS's facility in Allen, Texas, along with an option to buy the
facility. This acquisition was accounted for using the purchase method
of accounting. Accordingly, the purchase price was allocated to the
assets and liabilities acquired based on their estimated fair value at
the date of acquisition. The excess of the consideration paid over the
estimated fair value of the net assets acquired of $9.7 million was
recorded as goodwill and is being amortized over 25 years. The Company
changed the name of QMI Medical, Inc. to "Quest Medical, Inc." in June
1998, and that subsidiary is herein referred to as "Quest Medical." On
February 1, 1999, the Company purchased the Allen, Texas facility for
$6.5 million pursuant to the option mentioned above.
The following table presents unaudited consolidated selected financial
data on a pro forma basis assuming the purchase of these assets had
occurred as of January 1, 1998. The unaudited consolidated pro forma
data reflect certain assumptions, which are based on estimates. The
unaudited consolidated pro forma combined results presented have been
prepared for comparative purposes only and are not necessarily
indicative of actual results that would have been achieved had the
acquisition occurred at the beginning of the period presented, or of
future results.
NINE MONTHS ENDED
September 30, 1998
-----------------------
(in thousands, except
per share data)
Revenues $ 34,229
Income from continuing operations $ 1,285
Net income $ 1,285
Net income per basic and diluted share $ 0.40
For further information regarding the acquisition of these assets,
refer to the Company's Report on Form 8-K, filed with the Securities
and Exchange Commission on February 17, 1998, as amended on April 15,
1998.
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ATRION CORPORATION AND SUBSIDIARIES
MANAGEMENT'S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
RESULTS FOR THE THREE MONTHS ENDED SEPTEMBER 30, 1999
The Company's consolidated net income for the quarter ended September
30, 1999 was $654,000 or $.26 per basic and diluted share, compared
with $226,000, or $.07 per basic and diluted share, for the third
quarter of 1998. The earnings per basic share computations are based on
weighted average basic shares outstanding of 2,474,029 in 1999 and
3,201,645 in 1998. The earnings per diluted share computations are
based on weighted average diluted shares outstanding of 2,526,722 in
1999 and 3,201,645 in 1998.
Consolidated revenues of $13.4 million for the third quarter of 1999
were $1.9 million or 16 percent higher than revenues for the third
quarter of 1998. The increase in revenues in the third quarter of 1999
was a result of improved sales at all operations. Gross profit of $5.3
million in the third quarter of 1999 was $1.1 million or 27 percent
higher than that in the comparable 1998 period. The previously
mentioned increased revenues were the primary contributors to this
increase. An increase in the gross profit percentage for the third
quarter of 1999 to 39.1 percent from 35.8 percent in the same period of
1998 also contributed to this increase.
The Company's third quarter 1999 operating expenses of $4.3 million
were $387,000 higher than the operating expenses for the third quarter
of 1998. This increase is primarily the result of increased costs
associated with the development and marketing of the Company's
Myocardial Protection System ("MPS") during the current year partially
offset by lower spending at the parent company level in the 1999 period
compared to the same period in 1998. Operating income in the third
quarter of 1999 totaled $947,000 compared with $217,000 in the third
quarter of 1998.
Net interest expense for the third quarter of 1999 was $75,000 compared
with net interest income of $124,000 for the same period in 1998. This
change is primarily attributable to the Company's use of cash and cash
equivalents in late 1998 to fund repurchases of outstanding common
stock of the Company and in February 1999 to fund the purchase of its
Allen, Texas facility and borrowings by the Company to fund its
repurchases of outstanding common stock of the Company during the first
nine months of 1999. Tax credits attributable to the Company's research
and development activities resulted in a lower effective income tax
rate in the third quarter of 1999 as compared to the same period in
1998.
The Company believes that based on recent trends and certain standing
orders, revenues, cost of goods sold, gross profit and operating income
for the fourth quarter of 1999 will be higher than the comparable 1998
period. The Company also anticipates that its effective income tax rate
for the fourth quarter of 1999 will be lower than in the comparable
1998 period and that 1999 earnings per share from continuing operations
will significantly exceed the 1998 level.
RESULTS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1999
The Company's consolidated net income for the nine-month period ended
September 30, 1999 was $1.8 million, or $.69 per basic and $.68 per
diluted share, compared with $1.3 million, or $.39 per basic and
diluted share, for the first nine months of 1998. Income from
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continuing operations for the first nine months of 1999 was $1.7
million, or $.63 per basic and $.62 per diluted share, compared with
$1.3 million, or $.39 per basic and diluted share for the comparable
period in 1998. The earnings per basic share computations are based on
weighted average basic shares outstanding of 2,657,175 in 1999 and
3,212,448 in 1998. The earnings per diluted share computations are
based on weighted average diluted shares outstanding of 2,697,261 in
1999 and 3,216,205 in 1998.
Consolidated revenues of $37.8 million for the nine months ended
September 30, 1999 were $4.7 million or 14 percent higher than revenues
for the nine months ended September 30, 1998. All operations realized
increased revenues for the first nine months of 1999, compared with the
same period in the prior year. Increased placements by the Company of
its MPS units and higher sales of related disposables added to the 1999
revenue increase. The increase in revenues for the first nine months of
1999, compared to the same period in the prior year, was also a result
of the inclusion of the operations of Quest Medical for nine full
months in the current-year period compared with the inclusion of the
Quest Medical operations in the prior year period for the eight months
subsequent to its acquisition in January 1998.
Gross profit of $15.1 million for the first nine months of 1999 was
$2.6 million or 21 percent higher than that in the comparable period of
1998. This increase is the result of increased revenues at all
operations and the inclusion of the operations of Quest Medical for a
full nine-month period in 1999 compared to eight months in the 1998
period. The gross profit percentage for the first nine months of 1999
of 40.0 percent was higher than the gross profit percentage in the same
period of 1998 of 37.8 percent due to the inclusion of Quest Medical
for the full nine months in 1999 compared to eight months in the 1998
period. Quest Medical generally has a higher gross profit percentage
than the Company's other operations.
The Company's operating expenses of $12.6 million for the first nine
months of 1999 were $1.6 million higher than operating expenses for the
first nine months of 1998. This increase is the result of increased
costs associated with the development and marketing of the MPS during
the current year partially offset by reduced spending at the parent
company level for the 1999 period compared to the same period in 1998.
The increase in operating expenses for the first nine months of 1999,
compared to the same period in the prior year, was also a result of the
inclusion of the operations of Quest Medical for nine full months in
the current year period compared with the inclusion of the Quest
Medical operations in the prior year period for the eight months
subsequent to its acquisition in late January 1998. Operating income in
the nine months ended September 30,1999 totaled $2.5 million compared
with $1.5 million in the same period of 1998.
Net interest expense for the nine months ended September 30, 1999 was
$147,000 compared with net interest income of $454,000 for the same
period in 1998. This change is primarily attributable to the Company's
use of cash and cash equivalents in late 1998 to fund repurchases of
outstanding common stock of the Company and in February 1999 to fund
the purchase of its Allen, Texas facility and borrowings by the Company
to fund its repurchases of outstanding common stock of the Company. Tax
credits attributable to the Company's research and development
activities resulted in a lower effective income tax rate in the first
nine months of 1999 as compared to the nine months ended September
30,1998.
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The Company recorded a gain on the disposal of discontinued operations
relating to the 1997 sale of its natural gas operations of $165,000,
after tax, or $.06 per basic and diluted share, for the nine months
ended September 30,1999. There was no similar transaction during the
same period of 1998.
LIQUIDITY AND CAPITAL RESOURCES
At September 30, 1999, the Company had cash and cash equivalents of
$231,000 compared with $5.6 million at December 31, 1998. The decrease
in cash and cash equivalents from December 31, 1998 to September 30,
1999 was primarily attributable to the Company's February 1, 1999
purchase of its Allen, Texas facility for $6.5 million. The Company had
$6.0 million of long-term debt, borrowed under a $20 million revolving
loan facility, at September 30, 1999 compared with no long-term debt at
December 31, 1998. This increase in long-term debt from December 31,
1998 to September 30, 1999 was primarily attributable to the above
mentioned facility purchase, repurchases of outstanding common stock of
the Company and purchases of automation equipment. Since the end of the
third quarter of 1999, the Company has replaced the $20 million
revolving loan facility with a new $18.5 million credit facility with a
regional bank. Under the $18.5 million credit facility, the Company,
and certain of its subsidiaries, have a line of credit, which is
secured by inventory, equipment and accounts receivable. At the
Company's option, and subject to certain conditions, the amount that
can be borrowed under the facility may be increased to $25.0 million
upon the lender's determination that it has adequate security or upon
the Company's grant of such additional security as the lender deems
reasonably necessary. The term of the agreement expires November 11,
2002 and may be extended under certain circumstances. At any time
during the agreement, the Company may convert any or all outstanding
amounts under the facility to a term loan with a maturity of two years.
The Company's ability to borrow funds from time to time under the
facility is contingent on meeting certain covenants in the loan
agreement.
As previously reported to stockholders, the Company is continuing to
develop a strategy to adapt certain of Quest Medical's technology to
the delivery and control of protective drugs during the reperfusion of
clotted arteries in cardiac catheterization laboratories. The Company
believes that the adaptation of its technology for such a purpose would
require significant upfront expenditures and is not currently planning
to undertake the implementation of such a program unless it is able to
structure a partnership or similar arrangement in which another party
would bear all or a substantial part of the costs of adapting the
technology. The Company is exploring the opportunities for such
partnership or arrangement, but there is no assurance that the Company
will enter into any such relationship. The Company is presently unable
to determine whether Quest Medical's technology can be cost-effectively
adapted to the delivery and control of protective drugs during clotted
artery reperfusion, the terms of the partnership or arrangement, if
any, under which such program would be conducted, or the cost to the
Company of such a program, if undertaken.
The Company believes that its existing cash and cash equivalents, cash
flows from operations, borrowings available under the Company's
revolving loan facility and other equity or debt financing, which the
Company believes would be available, will be sufficient to fund the
Company's cash requirements, including any funding required for a
partnership or arrangement discussed above, for at least the next two
years.
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YEAR 2000 ISSUES
In 1998, the Company began its assessment of its information systems,
products, facilities and equipment to determine if they are Year 2000
ready. At that time, the Company's operating units were using several
different information systems. As a part of the Company's ongoing
efforts to achieve operating synergies, as well as to assure Year 2000
compliance, the Company has purchased and has installed new computer
systems in one of its units and has taken steps to determine whether
its new and existing computer systems are Year 2000 compliant. The
Company has contacted its major suppliers, as well as certain other
suppliers and utilities, to determine whether they are Year 2000
compliant. In addition, the Company has reviewed its products that
process information that may be date sensitive and believes that those
products are not Year 2000 sensitive products. The Company's facilities
and equipment have also been examined to determine whether they are
Year 2000 ready. The Company has substantially completed its assessment
of its information systems, facilities and equipment and believes that
they are Year 2000 compliant. The Company has no means of ensuring that
all of its suppliers are or will be Year 2000 compliant. The failure of
certain of these suppliers to be Year 2000 compliant could materially
impact the Company. Additionally, the failure of communication,
financial and transportation systems would have a material adverse
impact on the Company, as would the failure of local utilities. As a
result, where appropriate and feasible, the Company will consider new
business relationships with alternate providers. The Company has
incurred costs of approximately $140,000, including the cost and time
for Company employees, to address Year 2000 issues, and believes that
any additional costs of addressing its Year 2000 transition will not
have a material adverse effect on the Company's financial condition or
business operations. Given the uncertain consequences of failure to
resolve significant Year 2000 issues, however, there is no assurance
that any one or more of such failures would not have a material adverse
impact on the Company. Plans have been developed at all locations to
address failures that may occur; however, the Company does not believe
that such contingency plans can adequately deal with major external
system failures such as in communications, transportation or utilities.
FORWARD-LOOKING STATEMENTS
The statements in this Management's Discussion and Analysis that are
forward-looking are based upon current expectations, and actual results
may differ materially. Therefore, the inclusion of such forward-looking
information should not be regarded as a representation by the Company
that the objectives or plans of the Company would be achieved. Such
statements include, but are not limited to, the Company's expectations
regarding revenues, cost of sales, gross profit, operating income and
effective tax rate for the fourth quarter of 1999 and 1999 earnings per
share from continuing operations, as well as future liquidity and
capital resources and Year 2000 compliance and impact. Words such as
"anticipates," "believes," "expects," "estimated" and variations of
such words and similar expressions are intended to identify such
forward-looking statements. Forward-looking statements contained herein
involve numerous risks and uncertainties, and there are a number of
factors that could cause actual results to differ materially including,
but not limited to, the following: changing economic, market and
business conditions; the effects of governmental regulation; the impact
of competition and new technologies; slower-than-anticipated
introduction of new products, implementation of marketing strategies or
new manufacturing processes or implementation of new information
systems; changes in the prices of raw materials;
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changes in product mix; product recalls; the ability to attract and
retain qualified personnel; market acceptance of the Company's
products; Year 2000 problems; and the loss of any significant customer.
In addition, assumptions relating to budgeting, marketing, product
development and other management decisions are subjective in many
respects and thus susceptible to interpretations and periodic review
which may cause the Company to alter its marketing, capital
expenditures or other budgets, which in turn may affect the Company's
results of operations and financial condition.
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PART II
OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
None
ITEM 2. CHANGES IN SECURITIES
None
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
None
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
None
ITEM 5. OTHER INFORMATION
None
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits
10a Atrion Corporation Incentive Compensation Plan for Chief
Executive Officer
10b Atrion Corporation Incentive Compensation Plan for
Chief Financial Officer
27 Financial Data Schedule (filed electronically only) (for SEC use only)
(b) No reports on Form 8-K have been filed during the quarter
ended September 30, 1999.
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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.
Atrion Corporation
(Registrant)
Date: November 15, 1999 /s/ Emile A. Battat
------------------------------
Emile A. Battat
Chairman, President and
Chief Executive Officer
Date: November 15, 1999 /s/ Jeffery Strickland
------------------------------
Jeffery Strickland
Vice President and
Chief Financial Officer
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EXHIBIT INDEX
EXHIBIT NUMBER DESCRIPTION PAGE
-------------- ----------- ----
10a Atrion Corporation Incentive 16
Compensation Plan for Chief Executive
Officer
10b Atrion Corporation Incentive 19
Compensation Plan for Chief Financial
Officer
27 Financial Data Schedule (filed 20
electronically only)(for SEC use only)
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