<PAGE>
FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
(Mark one)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (D) OF THE SECURITIES
EXCHANGE ACT OF 1934.
For the quarterly period ended September 30, 1996.
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 0-27750
-------
IMPATH INC.
(exact name of registrant as specified in its charter)
----------------------------------------------------
Delaware 8071 13-3459685
(State or other (Primary Standard Industrial (I.R.S. Employer
jurisdiction of Classification Code Number) Identification No.)
incorporation
or organization)
1010 Third Avenue, Suite 302
New York, New York 10021
(212) 702-8300
(Address, including zip code, and telephone number,
including area code, of registrant's principal executive offices)
------------------------
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 No X (due to initial public offering, ------------------------------
--- ---
effective 2/15/96) ------------------
Indicate the number of shares outstanding of each of the issuer's
classes of common stock, as of the latest practicable date.
CLASS OUTSTANDING AT November 1, 1996
- ----- -------------------------------
Common Stock, par value 5,293,525
$ .005 per share
<PAGE>
INDEX
IMPATH INC.
PAGE NUMBER
------
PART I FINANCIAL INFORMATION
Item 1 Condensed Financial Statements (Unaudited):
Condensed Balance Sheets at September 30, 1996
and December 31, 1995............................................ 3
Condensed Statements of Operations for the Three and
Nine Months Ended September 30,
1996 and September 30, 1995...................................... 4
Condensed Statements of Cash Flows for the
Nine Months Ended September 30,
1996 and September 30, 1995...................................... 5
Condensed Statement of Stockholders' Equity for
the Nine Months Ended September 30, 1996......................... 6
Notes to Condensed Financial Statements...........................7
Item 2 Management's Discussion and Analysis of
Financial Condition and Results of Operations....................8-10
PART II OTHER INFORMATION
Item 6 Exhibits and Reports on Form 8-K.................................11-15
Signatures...............................................................16
2
<PAGE>
IMPATH INC.
CONDENSED BALANCE SHEETS
<TABLE>
<CAPTION>
ASSETS September 30, December 31,
1996 1995
(Unaudited)
---------------- --------------
<S> <C> <C>
Current assets:
Cash and cash equivalents $6,776,860 $1,512,695
Investments, at fair value 17,802,718
Accounts receivable, net of allowance for doubtful accounts 6,083,598 3,807,376
Prepaid expenses and other current assets 725,008 273,361
Deferred tax assets, net 1,143,000 505,000
---------------- --------------
Total current assets 32,531,184 6,098,432
Fixed assets, less accumulated depreciation and amortization 3,135,151 2,305,739
Deposits and other assets 98,878 79,961
Deferred registration costs - 746,462
Goodwill, net of accumulated amortization 28,947 30,727
---------------- --------------
$35,794,160 $9,261,321
================ ==============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Loan payable - current portion $ - $100,000
Current portion of capital lease obligations 620,483 321,125
Accounts payable and accrued expenses 963,812 1,498,732
Income taxes payable 134,438 78,415
Accrued dividends payable - 478,000
---------------- --------------
Total current liabilities 1,718,733 2,476,272
---------------- --------------
Capital lease obligations, net of current portion 1,307,789 946,723
Loan payable, net of current portion - 183,333
Stockholders' equity:
Convertible preferred stock
Series D 8% Convertible Participating Preferred
Stock, $.0l par value. - 1,911,879
Series C 8% Convertible Preferred Stock, $.0l par
value. - 2,702,546
Series B 8% Convertible Preferred Stock, $.0l par
value. - 562,952
Series A 8% Convertible Preferred Stock, $.0l par
value. - 1,387,908
Common stock, $.005 par value, 26,501 2,275
Additional paid-in capital 32,296,611 11,447
Retained earnings (accumulated deficit) 721,266 (548,672)
---------------- --------------
33,044,378 6,030,335
Less:
Cost of shares of common stock held in treasury (100) (100)
Notes receivable from officers (28,421) (31,335)
Deferred compensation (248,219) (343,907)
---------------- --------------
Total stockholders' equity 32,767,638 5,654,993
---------------- --------------
$35,794,160 $9,261,321
================ ==============
</TABLE>
See accompanying notes to condensed financial statements
3
<PAGE>
IMPATH INC.
CONDENSED STATEMENTS OF OPERATIONS
(UNAUDITED)
<TABLE>
<CAPTION>
THREE MONTHS ENDED NINE MONTHS ENDED
SEPTEMBER 30, SEPTEMBER 30,
---------------------- --------------------------
1996 1995 1996 1995
------- -------- ------- ------
<S> <C> <C> <C> <C>
Revenues:
Net diagnostic and prognostic services $5,312,255 $3,786,228 $15,028,491 $10,435,323
Contract laboratory services 57,779 30,650 163,465 95,782
---------- ---------- ----------- -----------
Total revenues 5,370,034 3,816,878 15,191,956 10,531,105
---------- ---------- ----------- -----------
Operating expenses:
Salaries and related costs 2,251,841 1,782,922 6,765,367 4,931,908
Selling, general and administrative 2,343,144 1,826,423 6,844,134 4,770,246
---------- ---------- ----------- -----------
Total operating expenses 4,594,985 3,609,345 13,609,501 9,702,154
---------- ---------- ----------- -----------
Income from operations 775,049 207,533 1,582,455 828,951
---------- ---------- ----------- -----------
Interest income 418,055 28,823 872,860 78,556
Interest expense 141,082 18,001 231,829 43,304
---------- ---------- ----------- -----------
Income before income tax expense 1,052,022 218,355 2,223,486 864,203
Income tax expense (449,671) - (953,548) -
---------- ---------- ----------- -----------
Net income 602,351 218,355 1,269,938 864,203
========== ========== =========== ===========
Accrued dividends on preferred stock $ - $ (87,720) $ (82,346) (343,000)
---------- ---------- ----------- -----------
Net income available to common stockholders $602,351 $130,635 $1,187,592 $521,203
========== =========== ========== ===========
Pro forma net income per share $0.11 $0.06 $0.24 $0.26
========== =========== ========== ===========
Pro forma weighted average common and common
equivalent shares outstanding 5,707,000 3,399,000 5,359,000 3,312,000
========== =========== ========== ===========
</TABLE>
See accompanying notes to condensed financial statements
4
<PAGE>
IMPATH INC.
CONDENSED STATEMENTS OF CASH FLOWS
(UNAUDITED)
<TABLE>
<CAPTION>
NINE MONTHS ENDED SEPTEMBER 30,
-------------------------------
1996 1995
------------ -----------
<S> <C> <C>
Cash flows from operating activities:
Net income $ 1,269,938 $ 864,203
Adjustments to reconcile net income to net cash
provided by (used in) operating activities:
Depreciation and amortization 559,202 253,375
Provision for uncollectible accounts receivable 1,633,492 1,122,523
Amortization of deferred compensation 95,688 8,000
Changes in assets and liabilities
Increase in accounts receivable (3,909,714) (1,806,073)
Increase in prepaid expenses and other current
assets (451,647) (73,755)
Increase in deferred tax asset (638,000) (405,000)
Increase in investments (17,802,718) -
Increase in deposits and other assets (18,917) (76,672)
(Decrease) in accounts payable and accrued
expenses (534,920) (90,703)
(Decrease) increase in income taxes payable 56,023 68,403
------------- ----------
Total adjustments (21,011,511) (999,902)
------------- -----------
Net cash used in operating activities (19,741,573) (135,699)
------------- -----------
Cash flows from investing activities:
Acquisition of OncoCare, net of cash acquired - (19,955)
Capital expenditures (328,309) (382,091)
------------- -----------
Net cash used in investing activities (328,309) (402,046)
------------- -----------
Cash flows from financing activities:
Issuance of common stock 25,826,451 2,440
Issuance of preferred stock - 1,911,879
Payment of dividends on preferred stock (560,346) -
Proceeds from bank loan - 300,000
Repayments of bank loan (283,333) (148,000)
Payments of capital lease obligations (398,101) (62,264)
Issuance of loans to stockholders - (33,085)
Payments received on officer loans 2,914 -
Deferred Registration Costs 746,462 -
------------ ----------
Net cash provided by financing activities 25,334,047 1,970,970
------------ ----------
Net increase in cash and cash equivalents 5,264,165 1,433,225
Cash and cash equivalents at beginning of period 1,512,695 615,317
------------ ----------
Cash and cash equivalents at end of period $6,776,860 $2,048,542
============ ==========
</TABLE>
See accompanying notes to condensed financial statements
5
<PAGE>
IMPATH INC.
CONDENSED STATEMENT OF STOCKHOLDERS' EQUITY
Nine months ended September 30,1996
(UNAUDITED)
<TABLE>
<CAPTION>
Nonredeemable
Convertible
Common stock preferred stock Additional
------------ --------------- paid-in Accumulated
Shares Amount Shares Amount capital deficit
------ ------ ------ ------ --------- ----------
<S> <C> <C> <C> <C> <C> <C>
Balance at December 31, 1995 455,007 $2,275 7,192,724 $6,565,285 11,447 (548,672)
Common shares issued upon
initial public offering 2,242,500 11,212 25,726,054
Common shares issued upon
exercise of stock options 53,807 269 88,916
Conversion of preferred shares into common
shares upon initial public offering 2,548,933 12,745 (7,192,724) (6,565,285) 6,552,540
Accrual of preferred stock dividends (82,346)
Amortization of deferred compensation
Repayments of loans to officers
Net income for the period ended
September 30, 1996 1,269,938
---------- ------- ----------- ----------- ---------- ---------
Balance at September 30, 1996 5,300,247 26,501 - - 32,296,611 721,266
========== ======= =========== =========== ========== =========
<CAPTION>
Notes
receivable Deferred
Treasury from compen-
stock officers sation Total
-------- ----------- --------- -----------
<S> <C> <C> <C> <C>
Balance at December 31, 1995 (100) (31,335) (343,907) 5,654,993
Common shares issued upon 25,737,266
initial public offering
Common shares issued upon 89,185
exercise of stock options
Conversion of preferred shares into common
shares upon initial public offering -
Accrual of preferred stock dividends (82,346)
Amortization of deferred compensation 95,688 95,688
Repayments of loans to officers 2,914 2,914
Net income for the period ended
September 30, 1996 1,269,938
-------- ----------- ---------- -----------
Balance at September 30, 1996 (100) (28,421) (248,219) 32,767,638
======== =========== ========== ===========
</TABLE>
6
<PAGE>
IMPATH INC.
Notes to Condensed Financial Statements
(unaudited)
NOTE 1 - GENERAL
The accompanying unaudited condensed financial statements have been prepared by
management in accordance with the rules and regulations of the United States
Securities and Exchange Commission.
In the opinion of Impath Inc. (the "Company" or "IMPATH"), the accompanying
unaudited condensed financial statements contain all adjustments, consisting
only of normal recurring adjustments necessary for the fair presentation of the
financial information for all periods presented. Results for the interim periods
are not necessarily indicative of the results for an entire year and do not
include all of the information and footnotes required by generally accepted
accounting principles for complete financial statements. These financial
statements should be read in conjunction with the financial statements and the
notes thereto contained in the Company's Annual Report on Form 10-K for the year
ended December 31, 1995.
NOTE 2 - PRO FORMA NET INCOME PER SHARE
Pro forma net income per share for the nine months ended September 30, 1996 and
September 30, 1995 and for the three months ended September 30, 1995 is based on
the weighted average number of shares of common stock outstanding after giving
effect to the conversion (calculated using the as-converted method) of the
convertible preferred stock that converted upon the completion of the Company's
initial public offering in February 1996. Common equivalent shares from stock
options and warrants are included in the computation using the treasury stock
method to the extent their effect is dilutive. All stock options and warrants
issued within a one year period prior to the initial public offering have been
treated as outstanding for all reported periods.
NOTE 3 - INITIAL PUBLIC OFFERING
On October 13, 1995 the Board of Directors authorized the Company to file a
registration statement with the Securities and Exchange Commission to register
shares of its common stock in connection with an initial public offering. Such
offering was consummated on February 26, 1996, for a total of 2,242,500 common
shares at an offering price of $13 per share. The net proceeds to the Company
amounted to approximately $26,062,000.
NOTE 4 - INVESTMENTS
The Company invested approximately $20,000,000 of the net proceeds from its
initial public offering in a portfolio of short term fixed income securities
that are actively traded by an investment manager. In accordance with Statement
of Financial Accounting Standards No. 115, the Company's investments are being
recorded at fair value with gains and losses reported in the Statement of
Operations. At September 30, 1996, approximately $2,600,000 of securities with
original maturities of three months or less were included as cash equivalents.
The remaining securities included in the investment portfolio with original
maturities that exceed three months are included in current assets.
7
<PAGE>
MANAGEMENT'S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Three Months Ended September 30, 1996 Compared with Three Months
- --------------------------------------------
Ended September 30, 1995
- --------------
The Company's total revenues for the three months ended September 30, 1996 and
1995 were $5,370,000 and $3,817,000, respectively, representing an increase of
$1,553,000, or 40.7%, in 1996. This growth was primarily attributable to a
25.8% increase in case volume resulting from increased sales and marketing
activities. In addition, revenue realization per case increased due to product
mix changes toward cases which carry higher reimbursement rates.
Salaries and related costs for the three months ended September 30, 1996 and
1995 were $2,252,000 and $1,783,000, respectively, representing an increase of
$469,000, or 26.3%, in 1996. The 1996 figure was primarily due to an increase
in personnel costs necessitated by increasing case volume. Salaries and related
costs, as a percentage of total revenues decreased to 42.0% in 1996 from 46.8%
in 1995.
Selling, general and administrative expenses for the three months ended
September 30, 1996 and 1995 were $2,343,000 and $1,826,000, respectively,
representing an increase of $517,000, or 28.4%, in 1996. The largest component
of this increase was an increase in bad debt expense of approximately $213,000
associated with higher revenues, and a shift to more revenues requiring
copayments. The Company also incurred higher supply costs due to its increased
volume as well as higher travel related expenses associated with expanded sales
and marketing activities. Selling, general and administrative expenses as a
percentage of total revenues decreased to 43.7% in 1996 from 47.9% in 1995.
Income from operations for the three months ended September 30, 1996 and 1995
was $775,000 and $208,000, respectively, representing an increase of $567,000,
or 272.6%, in 1996. The 1996 figure reflects the effect on earnings of
increasing revenue growth and a decrease in operating expenses as a percentage
of revenue from 94.6% in the 1995 period to 85.6% in the 1996 period.
Interest income, net for the three months ended September 30, 1996 and 1995 was
$277,000 and $11,000, respectively, representing an increase of $266,000 in
1996. The increase was the result of increased interest income generated from
the proceeds of the Company's initial public offering of common stock in
February 1996, partially offset by increased interest expense due to additional
capital lease obligations.
The tax provision for the three months ended September 30, 1996 of approximately
$450,000 reflects federal, state and local income tax expense. The Company has
estimated its annual effective tax rate for 1996 to be approximately 43% which
is in line with the provision. For 1995, the Company had recorded deferred tax
assets to the extent of taxes that it expected to pay on estimated 1995 taxable
earnings. Management believes that realization of such deferred assets was more
likely than not. As such, it estimated its annual effective tax rate for 1995 to
be zero.
As a result, net income for the three months ended September 30, 1996 and 1995
was $602,000 and $218,000, respectively, representing an increase of $384,000 or
176.2% in 1996. As a percentage of total revenues, net income increased to
11.3% in 1996 from 5.8% in 1995.
8
<PAGE>
Nine Months Ended September 30, 1996 Compared with Nine Months
- --------------------------------------------
Ended September 30, 1995
- --------------
The Company's total revenues for the nine months ended September 30, 1996 and
1995 were $15,192,000 and $10,531,000, respectively, representing an increase of
$4,661,000 or 44.3%, in 1996. This growth was primarily due to a 25.7% increase
in case volume and an increase in revenue realization per case resulting from
product mix changes toward cases with higher reimbursement rates.
Salaries and related costs for the nine months ended September 30, 1996 and 1995
were $6,765,000 and $4,932,000, respectively, representing an increase of
$1,833,000 or 37.2%, in 1996. This increase was due to an increase in personnel
costs associated with case volume growth. Salaries and related costs, as a
percentage of total revenues decreased to 44.6% in 1996 from 46.9% in 1995.
Selling, general and administrative expenses for the nine months ended September
30, 1996 and 1995 were $6,844,000 and $4,770,000, respectively, representing an
increase of $2,074,000 or 43.5% in 1996. This increase was due to an increase
in bad debt expense of approximately $511,000 associated with higher revenues,
as well as a shift to more revenues requiring copayments. The Company also
incurred higher supply costs due to increasing case volume and higher travel
related expenses associated with expanded sales and marketing activities.
Selling, general and administrative expenses as a percentage of total revenues
decreased to 45.1% in 1996 from 45.3% in 1995.
Income from operations for the nine months ended September 30, 1996 and 1995 was
$1,582,000 and $829,000, respectively, representing an increase of $753,000 or
91%, in 1996. As a percentage of total revenues, income from operations
increased to 10.5% in 1996 from 7.9% in 1995.
Interest income, net for the nine months ended September 30, 1996 and 1995 was
$641,000 and $35,000, respectively, representing an increase of $606,000 in
1996. The increase was the result of increased interest income generated from
the proceeds of the Company's initial public offering of common stock in
February 1996, partially offset by increased interest expense due to additional
capital lease obligations.
The tax provision for the nine months ended September 30, 1996 of approximately
$954,000 reflects federal, state and local income tax expense. The Company has
estimated its annual effective tax rate for 1996 to be approximately 43% which
is in line with its provision. For 1995, the Company had recorded deferred tax
assets to the extent of taxes that it expected to pay on estimated 1995 taxable
earnings. Management believes that realization of such deferred assets was more
likely than not. As such, it estimated its annual effective tax rate for 1995 to
be zero.
As a result, net income for the nine months ended September 30, 1996 and 1995
was $1,270,000 and $864,000, respectively, representing an increase of $406,000
or 47%, in 1996. As a percentage of total revenues, net income increased to
8.4% in 1996 from 8.2% in 1995.
9
<PAGE>
Liquidity and Capital Resources
- -------------------------
The Company's cash and cash equivalent balances at September 30, 1996 and
December 31, 1995 were $6,777,000 and $1,513,000, respectively, representing an
increase of $5,264,000 in 1996. This increase was primarily attributable to
approximately $26,000,000 of net proceeds from the initial public offering of
the Company's common stock, which was consummated on February 26, 1996. In
addition, the Company has invested approximately $17,803,000 of the net proceeds
in marketable securities.
For the nine months ended September 30, 1996, the Company used net cash in
operating activities of approximately $19,742,000. This utilization of net
operating cash was the result of an increase in investments of approximately
$17,803,000 and an increase in accounts receivable of approximately $3,910,000
due to rapid sales growth.
At September 30, 1996, the Company had working capital of approximately
$30,813,000. The Company's capital expenditures through September 30, 1996 in
connection with the establishment of its California facility were approximately
$1,331,000, which were partially financed through capital equipment leases, a
$300,000 secured term loan, and a $145,200 leasehold improvement allowance from
the landlord. The Company prepaid the balance of the $300,000 secured term loan
with the proceeds from the initial public offering.
The Company's growth strategy is anticipated to be financed through the net
proceeds from the initial public offering, its current cash resources and
existing third party credit facilities. The Company believes the combination of
these sources will be sufficient to fund its operations and satisfy the
Company's cash requirements for the next 12 months and the foreseeable future.
There may be circumstances, however, that would accelerate the Company's use of
proceeds from the initial public offering. If this occurs, the Company may,
from time to time, incur additional indebtedness or issue, in public or private
transactions, equity or debt securities. However, there can be no assurance
that suitable debt or equity financing will be available to the Company.
10
<PAGE>
Item 6 Exhibits and Reports on Form 8-K
--------------------------------
(a) The exhibits required to be filed as part of this Quarterly Report on
Form 10-Q are listed in the attached Index to Exhibits.
(b) No reports on Form 8-K were filed during the quarter for which this
Quarterly Report on Form 10-Q is filed.
11
<PAGE>
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.
Date: November 14, 1996 IMPATH INC.
----------------------- -----------
(Registrant)
Date: November 14, 1996 By /s/ ANU D. SAAD
----------------------- ------------------
Anu D. Saad, Ph.D.
President and Chief
Executive Officer
Date: November 14, 1996 By /s/ JOHN P. GANDOLFO
----------------------- -----------------------
John P. Gandolfo
Executive Vice President,
Chief Financial Officer
and Principal Accounting
Officer
12
<PAGE>
INDEX TO EXHIBITS
-----------------
Exhibit Page
Number Description Number
------ ----------- ------
11 Statement re Computation of Per Share Earnings
for the Three Months and Nine Months Ended
September 30, 1996 and 1995 14
27 Financial Data Schedule 15
13
<PAGE>
EXHIBIT 11
STATEMENT RE COMPUTATION OF PER SHARE EARNINGS
<TABLE>
<CAPTION>
Three Months Nine Months
Ended September 30, Ended September 30,
------------------------ ------------------------
1996 1995 1996 1995
(Unaudited) (Unaudited) (Unaudited)
------ ------ ------ ------
<S> <C> <C> <C> <C>
Net income available to common stockholders $602,351 $218,355 $1,269,938 $864,203
Accrued dividends on preferred stock - (87,720) - (343,000)
---------- ---------- ---------- ----------
Net income for computing pro forma net income per share 602,351 130,635 1,269,938 521,203
========== ========== ========== ==========
Pro forma weighted average common shares outstanding 5,282,517 2,986,239 4,848,039 2,898,354
Shares of common stock assumed to be issued upon
exercise of common stock options and warrants to
purchase common stock using treasury stock method,
including "cheap" options and warrants as outstanding
for all periods 424,483 412,761 510,961 413,646
---------- ---------- ---------- ----------
Weighted average number of common and common
equivalent shares outstanding during the period 5,707,000 3,399,000 5,359,000 3,312,000
========== ========== ========== ==========
Pro forma net income per share $0.11 $ .06 $0.24 $0.26
========== ========== ========== ==========
</TABLE>
14
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<S> <C> <C>
<PERIOD-TYPE> 3-MOS 9-MOS
<FISCAL-YEAR-END> DEC-31-1996 DEC-31-1996
<PERIOD-START> JUL-01-1996 JAN-01-1996
<PERIOD-END> SEP-30-1996 SEP-30-1996
<CASH> 24,579,578 24,579,578
<SECURITIES> 0 0
<RECEIVABLES> 8,568,442 8,568,442
<ALLOWANCES> 2,484,844 2,484,844
<INVENTORY> 138,895 138,895
<CURRENT-ASSETS> 32,396,746 32,396,746
<PP&E> 4,499,677 4,499,677
<DEPRECIATION> 1,364,525 1,364,525
<TOTAL-ASSETS> 35,659,722 35,659,722
<CURRENT-LIABILITIES> 1,584,295 1,584,295
<BONDS> 0 0
26,501 26,501
0 0
<COMMON> 0 0
<OTHER-SE> 33,017,877 33,017,877
<TOTAL-LIABILITY-AND-EQUITY> 35,659,722 35,659,722
<SALES> 5,370,034 15,191,956
<TOTAL-REVENUES> 5,370,034 15,191,956
<CGS> 1,954,383 5,909,335
<TOTAL-COSTS> 4,594,985 13,609,501
<OTHER-EXPENSES> 2,640,602 7,700,166
<LOSS-PROVISION> 500,867 1,633,492
<INTEREST-EXPENSE> 141,082 231,829
<INCOME-PRETAX> 1,052,022 2,223,486
<INCOME-TAX> 449,671 953,548
<INCOME-CONTINUING> 775,048 1,582,455
<DISCONTINUED> 0 0
<EXTRAORDINARY> 0 0
<CHANGES> 0 0
<NET-INCOME> 602,351 1,269,938
<EPS-PRIMARY> 0.11 0.24
<EPS-DILUTED> 0.11 0.24
</TABLE>
