U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 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 JUNE 30, 1997
[ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM _________ TO
_________
Commission file number 0-27984
Ridgestone Financial Services, Inc.
(Exact name of small business issuer as specified in its charter)
Wisconsin 39-1797151
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
13925 West North Avenue
Brookfield, Wisconsin 53005
(Address of principal executive offices)
414-789-1011
(Issuer's telephone number)
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 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______
State the number of shares outstanding of each of the issuer's classes of
common equity as of the latest practicable date.
Class Outstanding as of June 30, 1997
Common Stock, no par value 834,340
Transitional Small Business Disclosure Format: Yes______ No X
<PAGE>
RIDGESTONE FINANCIAL SERVICES, INC. AND SUBSIDIARY
INDEX
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements . . . . . . . . . . . . . . . . . . 1
Consolidated Statements of Financial Condition at
June 30, 1997 and December 31, 1996 . . . . . . . . . . 1
Consolidated Statements of Income
For the Three and Six Months Ended
June 30, 1997 and 1996 . . . . . . . . . . . . . . . . . 2
Consolidated Statements of Cash Flows
For the Six Months Ended
June 30, 1997 and 1996 . . . . . . . . . . . . . . . . . 3
Consolidated Statements of Stockholders'
Equity For the Six Months Ended
June 30, 1997 and 1996 . . . . . . . . . . . . . . . . . 4
Notes to Consolidated Financial Statements . . . . . . . 5
Item 2. Management's Discussion and Analysis . . . . . . . . . . 6
PART II - OTHER INFORMATION
Item 4. Submission of Matters to a Vote of
Security Holders . . . . . . . . . . . . . . . . . . . . 9
Item 6. Exhibits and Reports on Form 8-K . . . . . . . . . . . 10
SIGNATURES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11
EXHIBIT INDEX . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12
<PAGE>
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
RIDGESTONE FINANCIAL SERVICES, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
June 30, 1997 and December 31, 1996
June 30 December 31
1997 1996
ASSETS
Cash and due from banks $1,450,849 $1,494,244
Federal funds sold 6,254,000 13,259,000
Interest-earning deposits 54,985 184,637
---------- -----------
Total cash and cash equivalents $7,759,834 $14,937,881
---------- -----------
Investments-Held to Maturity
(fair value Jun 30, 1997:
$5,036,166 and Dec 31, 1996:
$5,041,826) 5,003,092 5,005,606
Investments-Available for Sale 1,593,659 1,051,813
Loans receivable 31,877,051 19,386,097
Less: Allowance for estimated
loan losses (334,740) (334,740)
---------- ----------
Net loans receivable 31,542,311 19,051,357
Office building and equipment, net 1,466,388 1,511,221
Accrued interest & other assets 399,792 247,656
---------- ----------
Total assets $47,765,076 $41,805,534
========== ==========
LIABILITIES AND STOCKHOLDERS' EQUITY
LIABILITIES
Deposits:
Noninterest -bearing $4,469,278 $3,365,496
Interest-bearing 37,077,804 32,303,164
---------- ----------
Total deposits 41,547,082 35,668,660
---------- ----------
Other liabilities 304,754 268,869
---------- ----------
Total liabilities 41,851,836 35,937,529
---------- ----------
STOCKHOLDERS' EQUITY
Common stock, no par value:
shares authorized 1,000,000;
shares issued and outstanding
834,340 7,721,399 7,721,399
Retained earnings (deficit) (1,846,284) (1,879,126)
Unrealized gain on AFS securities 38,125 25,732
---------- ----------
Total stockholders' equity 5,913,240 5,868,005
---------- ----------
Total liabilities and
stockholders' equity $47,765,076 $41,805,534
========== ==========
<PAGE>
<TABLE>
RIDGESTONE FINANCIAL SERVICES, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF INCOME
Three and Six Months Ended June 30, 1997 and 1996
(Unaudited)
<CAPTION>
Three Months Ended Six Months Ended
June 30 June 30 June 30 June 30
1997 1996 1997 1996
<S> <C> <C> <C> <C>
Interest income:
Interest and fees on loans $ 613,138 $111,237 $1,112,109 $166,527
Interest on securities 173,985 30,806 363,881 30,806
Interest on federal funds sold 24,925 158,583 88,316 251,808
Interest on deposits in banks 3,045 7,173 7,137 22,457
---------- --------- ---------- ---------
Total interest income 815,093 307,799 1,571,443 471,598
---------- --------- ---------- ---------
Interest expense:
Interest on deposits 492,876 191,944 952,451 257,049
---------- --------- ---------- ---------
Total interest expense 492,876 191,944 952,451 257,049
---------- --------- ---------- ---------
Net interest income 322,217 115,855 618,991 214,549
Provision for loan losses 0 26,100 0 30,740
Net interest income after
provision for loan losses 322,217 89,755 618,991 183,809
Non-interest income:
Gain on sale AFS securities 83,718 0 160,072 0
Service charges on deposit accounts 5,793 1,445 11,155 2,631
Miscellaneous 40,969 9,162 65,769 13,419
--------- --------- --------- ---------
Total operating income 130,480 10,607 236,996 16,050
--------- --------- --------- ---------
Non-interest expense:
Salaries and employee benefits 233,440 160,911 463,884 339,193
Occupancy and equipment expense 78,735 83,013 160,399 139,827
Other expense 109,837 156,131 197,611 276,108
Pre-opening expense 0 0 0 0
--------- --------- --------- ---------
Total operating expense 422,012 400,055 821,894 755,128
--------- --------- --------- ---------
Income (loss) before income taxes 30,685 (299,693) 34,093 (555,269)
--------- --------- --------- ---------
Income taxes 0 0 1,251 934
--------- --------- --------- ---------
Net income (loss) $30,685 $(299,693) $32,842 $(556,203)
========= ========= ========= =========
Earnings (loss) per share $ 0.04 $ (0.36) $ 0.04 $ (0.67)
========= ========= ========= =========
Average shares outstanding 834,340 834,340 834,340 834,340
</TABLE>
<PAGE>
RIDGESTONE FINANCIAL SERVICES, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CASH FLOWS
Six Months Ended June 30, 1997 and 1996
(Unaudited)
Six Months Ended June 30,
1997 1996
Cash Flows From Operating Activities:
Net income (loss) $32,842 $(556,203)
Adjustments to reconcile net
income (loss) to net cash
used in operating activities:
Depreciation 88,492 88,542
Gain on sale of investment
securities (160,072) 0
Provision for loan losses 0 30,740
Amortization of organizational
costs 0 1,590
(Increase)decrease in assets:
Interest receivable (152,136) (79,910)
Other assets 0 13,543
---------- ----------
Increase(decrease) in liabilities:
Accrued interest 35,885 141,568
Other liabilities 0 (3,731)
---------- ----------
Total adjustments (187,831) 192,342
---------- ----------
Net cash used in operating activities (154,989) (363,861)
---------- ----------
Cash Flows From Investing Activities:
Proceeds from sales of available
for sale securities 1,317,651 (3,256,855)
Purchase of available for sale
securities (1,439,221) (1,767,811)
Proceeds from maturities of held
to maturity securities 4,702 500,000
Purchase of held to maturity
securities (250,000) 0
Purchases of premises and
equipment (43,658) (88,925)
Net increase in loans (12,490,954) (5,147,110)
----------- -----------
Net cash (used in) investing
activities (12,901,480) (9,760,701)
----------- -----------
Cash Flows From Financing Activities:
Net increase in deposits 5,878,422 16,800,060
Proceeds from notes payable 0 0
----------- -----------
Net cash provided by financing
activities 5,878,422 16,800,060
----------- -----------
Net increase in cash and cash
equivalents (7,178,047) 6,675,498
Cash and cash equivalents,
beginning 14,937,881 8,598,163
----------- -----------
Cash and cash equivalents,
ending $7,759,834 $15,273,661
=========== ===========
Supplemental disclosure of cash
flow information:
Cash paid during the period for:
Interest $ 953,997 $ 127,407
=========== ===========
Income taxes $ 1,276 $ 25
=========== ===========
Supplemental schedule of noncash
investing activities:
Net changes in unrealized gain
(loss) on securities available
for sale $ 12,393 $ 3,000
=========== ===========
<PAGE>
RIDGESTONE FINANCIAL SERVICES, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
Six Months Ended June 30, 1997 and 1996
Available
Common Retained For Sale
Stock Earnings Securities
Balances
December 31,1995 $7,721,399 $ (608,056) $ 0
Net loss-YTD 1996 (556,203)
----------- ----------- -----------
Balances
June 30,1996 $7,721,399 $(1,164,259) $ 0
=========== =========== ===========
Balances
December 31,1996 $7,721,399 $(1,879,126) $ 24,291
Net gain-YTD 1997 32,842
Changes in unrealized gain
(loss) on available for
sale securities 12,393
---------- ----------- -----------
Balances
June 30,1997 $7,721,399 $(1,846,284) $ 36,684
========== =========== ===========
<PAGE>
RIDGESTONE FINANCIAL SERVICES, INC. AND SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
JUNE 30, 1997 and 1996
(Unaudited)
NOTE 1 - BASIS OF PRESENTATION
The accompanying unaudited condensed consolidated financial statements
have been prepared in accordance with generally accepted accounting
principles for interim financial information and with instructions to Form
10-QSB. Accordingly, they do not include all of the information and
footnotes required by generally accepted accounting principles for
complete financial statements. In the opinion of management, all
adjustments (consisting of normal recurring accruals) considered necessary
for the fair presentation have been included. Operating results for the
six-months ended June 30, 1997 are not necessarily indicative of the
results that may be expected for the year ended December 31, 1997. For
further information, refer to the consolidated financial statements and
footnotes thereto included in the Company's Annual Report on Form 10-KSB
for the year ended December 31, 1996.
NOTE 2 - PRINCIPLES OF CONSOLIDATION
The accompanying consolidated financial statements include the accounts of
Ridgestone Financial Services, Inc., (the "Company") and its wholly owned
subsidiary, Ridgestone Bank (the "Bank"). All significant intercompany
accounts and transactions have been eliminated in consolidation.
NOTE 3 - INITIAL PUBLIC OFFERING
On November 30, 1995, the Company completed its initial public offering.
The Company issued 834,340 shares of common stock in the offering.
NOTE 4 - COMPARATIVE DATA
The Company was incorporated in May of 1994, but its primary operating
subsidiary, the Bank, did not commence operations until December 7, 1995.
Comparative statements of income and cash flows for the six months ended
June 30, 1997 and June 30, 1996 have been presented.
Item 2. Management's Discussion and Analysis
General
Ridgestone Financial Services, Inc. (the "Company") was formed in May 1994
under the laws of the State of Wisconsin for the purpose of becoming the
bank holding company of Ridgestone Bank (the "Bank").
The Bank was capitalized on December 6, 1995, and commenced operation on
December 7, 1995. The Bank was organized as a Wisconsin chartered
commercial bank with depository accounts insured by the Federal Deposit
Insurance Corporation. The Bank provides full service commercial and
consumer banking services in Brookfield, Wisconsin, and adjacent
communities.
The following is a discussion of the Company's Financial Condition and
Results of Operations for the period ended June 30, 1997.
Financial Condition
Total Assets. Total assets of the Company as of June 30, 1997 were
$47,765,076 compared to $41,805,534 as of December 31, 1996, an increase
of 14.3%.
Loans. Loans prior to the allowance for estimated loan losses were
$31,877,051 as of June 30, 1997, an increase of $12,490,954 or 64.4% from
December 31, 1996. At June 30, 1997, the mix of the loan portfolio
included Commercial Loans of $13,239,206 or 41.5% of total loans;
Commercial Real Estate Loans of $8,834,467 or 27.7% of total loans;
Residential Real Estate Loans of $8,834,732 or 27.7% of total loans; and
Consumer Loans of $968,646 or 3.1% of total loans. In addition to the
Bank's outstanding loan balances, the Bank had unfunded loan commitments
of $11,995,000 as of June 30, 1997.
Allowance for Loan Losses. The allowance for estimated loan losses was
$334,740 or 1.05% of gross loans on June 30, 1997. There were no loan
charge-offs or recoveries during 1996 or for the three or six months ended
June 30, 1997. The Bank evaluates the adequacy of the reserve for loan
losses based on factors such as the local and national economy as well as
an analysis of specific problem loans and loans on an aggregate basis.
The reserve for loan losses is maintained at a level management considers
adequate to provide for potential future losses. For additional
information regarding the Company's allowance for loan losses, see
"Results of Operations - Provision for Loan Losses" below.
Cash and Cash Equivalents. Cash and cash equivalents were $7,759,834 as
of June 30, 1997 compared to $14,937,881 as of December 31, 1996, a
decrease of $7,178,047. Cash and cash equivalents represent cash
maintained at the Bank and funds that the Bank and the Company have
deposited in other financial institutions. The decrease was primarily in
Federal Funds Sold, which are inter-bank funds with daily liquidity, and
was the result of the funding of loan growth at the Bank.
Investment Securities. The Bank's investment portfolio consists of (i)
securities purchased with the intent to hold the securities until they
mature and (ii) securities placed in the available for sale category which
may be liquidated to provide cash for operating or financing purposes.
The securities held-to-maturity portfolio was $5,003,092 at June 30, 1997
compared to $5,005,606 at December 31, 1996.
The securities available-for-sale portfolio was $1,593,659 at June 30,
1997 compared to $1,051,813 at December 31, 1996.
Deposits. As of June 30, 1997, total deposits were $41,547,082, an
increase of $5,878,422 or 16.5% from December 31, 1996. Each category of
deposits increased during the first six months of 1997. Demand Deposits
increased by $1,103,782 or 32.8% while Interest-Bearing Demand Deposits
and Savings increased by $4,382,567 or 26.0% and Time Deposits increased
by $392,072 or 2.5% since December 31, 1996. The increase in deposits is
primarily the result of the Bank's success in expanding relationships with
its existing customers and the continued emphasis on attracting targeted
new customers.
Asset/Liability Management. The principal function of asset/liability
management is to manage the balance sheet mix, maturities, repricing
characteristics and pricing components to provide an adequate and stable
net interest margin with an acceptable level of risk over time and through
interest rate cycles.
Interest-sensitive assets and liabilities are those that are subject to
repricing within a specific relevant time horizon. The Company measures
interest-sensitive assets and liabilities, and their relationship with
each other, in terms of immediate, quarterly intervals up to one year and
over one year.
Changes in net interest income, other than volume related changes, arise
when interest rates on assets reprice in a time frame or interest rate
environment that is different from the repricing period for liabilities.
Changes in net interest income also arise from changes in the mix of
earning assets and interest-bearing liabilities.
Liquidity. For banks, liquidity generally represents the ability to meet
withdrawals from deposits and the funding of loans. The assets that
provide liquidity are cash, federal funds sold and short-term loans and
securities. Liquidity needs are influenced by economic conditions,
interest rates and competition. Management believes that current
liquidity levels are sufficient to meet future demands.
Results of Operations
For the quarter ended June 30, 1997, the Company reported net income of
$30,685, marking the Company's second successive profitable quarter since
it commenced operations on December 7, 1995. For the six-month period
ended June 30, 1997, the Company reported net income of $32,842 which
compares favorably to losses of $299,693 and $556,203 for the second
quarter of 1996 and for the six months ended June 30, 1996, respectively.
Net Interest Income. Net interest income for the three months ended
June 30, 1997 was $322,217, an increase of $206,362 from the same period
in 1996. Net interest income for the six months ended June 30, 1997 was
$618,991 compared to $214,549 for the same period in 1996, an improvement
of 189%. These increases were due primarily to greater average outstanding
balances in interest bearing assets, primarily loans. Total interest
income was $815,093 and $1,571,443 for the three and six months ended
June 30, 1997, respectively, an increase of $507,294 and $1,099,845 over
the same periods in 1996, respectively. Total interest expense rose by
$695,402 for the six months ended June 30, 1997 and $300,932 for the three
months ended June 30, 1997 over the same periods in 1996.
Provision for Loan Losses. The provision for loan losses is based on
management's evaluation of factors such as the local and national economy
and the risk associated with the loans in the portfolio.
During the six-month period ended June 30, 1997, no provision for loan
losses was made, as management considered the current reserve of $334,740
or 1.05% of outstanding loans to be adequate. During the second quarter of
1997, management classified a commercial real estate loan as a problem
loan. The loan, which has an original aggregate principal amount of
$650,000, was made to a developer for the construction of single family
residences. Management does not currently expect that the Bank will incur
a material loss with respect to this loan nor need to increase the loan
loss provision as a result of such loan.
Non-Interest Income and Expense. Other Operating expenses were $130,480
for the three months ended June 30, 1997 compared to $10,607 for the second
quarter of 1996. Other operating income was $236,996 for the first six
months of 1997 compared to $16,050 for the same period in 1996, an increase
of $220,946. These increases were due primarily to gains on the sale of
securities and increases in miscellaneous income.
Operating expenses were $422,012 for the three months ended June 30, 1997
compared to $400,055 for the same period in 1996. Operating expenses were
$821,894 for the six months ended June 30, 1997 compared to $755,128 for
the same period in 1996. For the three month period ending June 30, 1997,
salaries and employee benefit expense was $233,440 or 55.3% of total
operating expenses, and occupancy and equipment expense was $78,735 or
18.7% of total operating expenses. For the six month period ending
June 30, 1997, salaries and employee benefit expense was $463,884 or 56.4%
of total operating expenses, and occupancy and equipment expense was
$160,399 or 19.5% of total operating expenses. Payroll and occupancy
expense increased by $68,251 for the quarter ended June 30, 1997 over the
same period in 1996 and by $145,263 for the six months ending June 30, 1997
over the same period in 1996. Payroll expense increased primarily due to
the growth of the Bank and occupancy expense increased with the opening of
a new branch facility in January 1997.
PART II - OTHER INFORMATION
Item 4. Submission of Matters to a Vote of Security Holders
At Company's annual meeting of shareholders held on April 22, 1997, the
following individuals were elected to the Board of Directors to hold
office until the 1998 annual meeting of shareholders and until their
successors are duly elected and qualified:
Directors Shares Voted For Authority to Vote
Withheld
Paul E. Menzel 824,890 3,000
William R. Hayes 824,890 3,000
Christine V. Lake 824,890 3,000
Charles N. Ackley 824,890 3,000
Gregory J. Hoesly 824,890 3,000
John E. Horning 824,890 3,000
William F. Krause, Jr. 824,890 3,000
Charles G. Neibler 824,890 3,000
Frederick I. Olson 824,890 3,000
James E. Renner 824,890 3,000
Richard A. Streff 824,890 3,000
Willaim J. Tetzlaff 824,890 3,000
The following proposal was approved at the Company's annual meeting of
shareholders held on April 22, 1997:
Proposal Affirmative Negative Votes Broker
Votes Votes Abstained Non-Votes
Approval of the
Ridgestone Financial
Services, Inc. 1996
Stock Option Plan 470,438 16,600 11,500 329,352
Item 6. Exhibits and Reports on Form 8-K
a. Exhibits
10.1 Ridgestone Financial Services, Inc. 1996 Stock Option
Plan [incorporated by reference to Exhibit 4.3 to
Ridgestone Financial Services, Inc.'s Registration
Statement on Form S-8 (Registration No. 333-28299)]
10.2 Form of Stock Option Agreement used in conjunction
with the Ridgestone Financial Services, Inc. 1996
Stock Option Plan [incorporated by reference to
Exhibit 4.4 to Ridgestone Financial Services, Inc.'s
Registration Statement on Form S-8 (Registration No.
333-28299)]
27 Financial Data Schedule
(EDGAR version only)
b. Reports on Form 8-K
The Company did not file a Current Report on Form 8-K during the
quarter ended June 30, 1997.
<PAGE>
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.
RIDGESTONE FINANCIAL SERVICES, INC.
Date: August 14, 1997 /s/ Paul E. Menzel
Paul E. Menzel
President
Date: August 14, 1997 /s/ William R. Hayes
William R. Hayes
Vice President and Treasurer
<PAGE>
EXHIBIT INDEX
Exhibit
Number
10.1 Ridgestone Financial Services, Inc. 1996 Stock Option Plan
[incorporated by reference to Exhibit 4.3 to Ridgestone
Financial Services, Inc.'s Registration Statement on Form S-8
(Registration No. 333-28299)]
10.2 Form of Stock Option Agreement used in conjunction with the
Ridgestone Financial Services, Inc. 1996 Stock Option Plan
[incorporated by reference to Exhibit 4.4 to Ridgestone
Financial Services, Inc.'s Registration Statement on Form S-8
(Registration No. 333-28299)]
27 Financial Data Schedule
(EDGAR version only)
<TABLE> <S> <C>
<ARTICLE> 9
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS OF RIDGESTONE FINANCIAL SERVICES, INC. AS OF
AND FOR THE SIX MONTHS ENDED JUNE 30, 1997 AND IS QUALIFIED IN ITS ENTIRETY BY
REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> JUN-30-1997
<CASH> 1,450,849
<INT-BEARING-DEPOSITS> 54,985
<FED-FUNDS-SOLD> 6,254,000
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 1,593,659
<INVESTMENTS-CARRYING> 5,003,092
<INVESTMENTS-MARKET> 5,036,166
<LOANS> 31,877,051
<ALLOWANCE> 334,740
<TOTAL-ASSETS> 47,765,076
<DEPOSITS> 41,547,082
<SHORT-TERM> 0
<LIABILITIES-OTHER> 304,764
<LONG-TERM> 0
0
0
<COMMON> 7,721,399
<OTHER-SE> 1,808,159
<TOTAL-LIABILITIES-AND-EQUITY> 5,913,240
<INTEREST-LOAN> 1,112,109
<INTEREST-INVEST> 363,881
<INTEREST-OTHER> 95,453
<INTEREST-TOTAL> 1,571,443
<INTEREST-DEPOSIT> 952,451
<INTEREST-EXPENSE> 952,451
<INTEREST-INCOME-NET> 618,991
<LOAN-LOSSES> 0
<SECURITIES-GAINS> 160,072
<EXPENSE-OTHER> 821,894
<INCOME-PRETAX> 34,093
<INCOME-PRE-EXTRAORDINARY> 34,093
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 34,093
<EPS-PRIMARY> .04
<EPS-DILUTED> .04
<YIELD-ACTUAL> 7.55
<LOANS-NON> 648,699
<LOANS-PAST> 0
<LOANS-TROUBLED> 0
<LOANS-PROBLEM> 0
<ALLOWANCE-OPEN> 334,740
<CHARGE-OFFS> 0
<RECOVERIES> 0
<ALLOWANCE-CLOSE> 334,740
<ALLOWANCE-DOMESTIC> 435,351
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> (100,611)
</TABLE>
