<PAGE>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
---------------
(MARK ONE)
/X/ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (D) OF THE
SECURITIES AND EXCHANGE ACT OF 1934
FOR THE QUARTERLY PERIOD ENDED MARCH 29, 1998
OR
/ / TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (D) OF THE
SECURITIES AND EXCHANGE ACT OF 1934
FOR THE TRANSITION PERIOD FROM ______________ TO ______________.
COMMISSION FILE NO. O-29454
------------------------
POWER-ONE, INC.
(Exact name of registrant as specified in its charter)
DELAWARE 77-0420182
(State or other jurisdiction of (I.R.S. Employer Identification
incorporation or organization) No.)
740 CALLE PLANO, CAMARILLO, CA 93012
(Address of principle executive offices) (Zip code)
(805) 987-8741
Registrant's telephone number, including area code
NOT APPLICABLE
(Former name, former address and former fiscal year, if changed since last
report)
------------------------
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 a 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 11th there were outstanding 17,059,585 shares of common stock,
$.001 par value.
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<PAGE>
POWER-ONE, INC.
INDEX
<TABLE>
<CAPTION>
PAGE
---------
<S> <C> <C>
PART I--FINANCIAL INFORMATION
Item 1. Consolidated Financial Statements:
Consolidated Balance Sheets--
March 31, 1998 and December 31, 1997.................................................. 3
Consolidated Statements of Operations--
for the Three Months ended March 31, 1998 and 1997.................................... 4
Consolidated Statements of Cash Flows--
for the Three Months Ended March 31, 1998 and 1997.................................... 5
Notes to Consolidated Financial Statements.............................................. 6
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations... 8
PART II--OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K........................................................ 11
SIGNATURES ........................................................................................ 12
</TABLE>
2
<PAGE>
PART I--FINANCIAL INFORMATION
ITEM 1--FINANCIAL STATEMENTS
POWER-ONE, INC.
CONSOLIDATED BALANCE SHEETS
UNAUDITED
(DOLLARS IN THOUSANDS)
<TABLE>
<CAPTION>
MAR. 31, DEC. 31,
1998 1997
---------- ----------
<S> <C> <C>
ASSETS
CURRENT ASSETS
Cash and Cash Equivalents............................................................... $ 35,196 $ 32,018
Accounts Receivable:
Trade (net of allowance).............................................................. 12,874 13,268
Other................................................................................. 165 328
Inventories............................................................................. 21,369 22,369
Refundable Income Taxes................................................................. 1,234 2,411
Deferred Taxes--Current................................................................. 975 976
Prepaid Expenses and Other Current Assets............................................... 514 467
---------- ----------
Total Current Assets................................................................ 72,327 71,837
PROPERTY & EQUIPMENT...................................................................... 13,972 11,898
INTANGIBLE ASSETS, NET.................................................................... 26,674 27,181
OTHER ASSETS.............................................................................. 1,664 1,721
---------- ----------
TOTAL ASSETS.............................................................................. $ 114,637 $ 112,637
---------- ----------
---------- ----------
LIABILITIES & STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Current Portion License Obligation...................................................... $ 326 $ 326
Accounts Payable........................................................................ 3,147 4,465
Accrued Payroll and Related Expenses.................................................... 1,044 652
Other Accrued Expenses.................................................................. 4,877 5,031
---------- ----------
Total Current Liabilities........................................................... 9,394 10,474
---------- ----------
LONG TERM DEBT............................................................................ -- --
---------- ----------
OTHER LIABILITIES......................................................................... 1,949 1,949
---------- ----------
STOCKHOLDERS' EQUITY
Common Stock............................................................................ 17 17
Additional Capital...................................................................... 92,234 92,227
Retained Earnings....................................................................... 11,043 7,970
---------- ----------
Total Stockholders' Equity.......................................................... 103,294 100,214
---------- ----------
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY.................................................. $ 114,637 $ 112,637
---------- ----------
---------- ----------
</TABLE>
3
<PAGE>
POWER-ONE, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
UNAUDITED
(DOLLARS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
<TABLE>
<CAPTION>
THREE MONTHS ENDED
------------------------
MARCH 31, MARCH 31,
1998 1997
----------- -----------
<S> <C> <C>
NET SALES.................................................................................. $ 26,380 $ 17,617
COST OF GOODS SOLD......................................................................... 15,570 10,602
----------- -----------
GROSS PROFIT........................................................................... 10,810 7,015
GENERAL AND ADMINISTRATIVE
Selling.................................................................................. 2,390 1,690
Administrative........................................................................... 2,157 1,325
Engineering.............................................................................. 1,153 761
Quality Assurance........................................................................ 515 437
Amortization of Intangibles.............................................................. 507 507
----------- -----------
Total Expenses......................................................................... 6,722 4,720
INCOME FROM OPERATIONS..................................................................... 4,088 2,295
OTHER INCOME (EXPENSE)
Interest Expense......................................................................... (92) (987)
Interest Income.......................................................................... 406 5
Other Expense, Net....................................................................... 21 20
----------- -----------
Total Other Income (Expense)........................................................... 335 (962)
INCOME BEFORE TAXES........................................................................ 4,423 1,333
INCOME TAXES............................................................................... 1,350 336
----------- -----------
NET INCOME................................................................................. 3,073 997
----------- -----------
PREFERRED STOCK DIVIDENDS AND ACCRETION.................................................... -- 411
----------- -----------
NET INCOME ATTRIBUTABLE TO COMMON SHARES................................................... $ 3,073 $ 586
----------- -----------
----------- -----------
BASIC EARNINGS PER COMMON SHARE............................................................ $ 0.18 $ 0.06
----------- -----------
----------- -----------
DILUTED EARNINGS PER COMMON SHARE.......................................................... $ 0.18 $ 0.06
----------- -----------
----------- -----------
BASIC SHARES OUTSTANDING................................................................... 17,060 10,000
----------- -----------
----------- -----------
DILUTED SHARES OUTSTANDING................................................................. 17,345 10,261
----------- -----------
----------- -----------
PRO FORMA EARNINGS PER SHARE DATA (Note 3):
Basic and Diluted Earnings per Common Share.............................................. $ 0.09
-----------
-----------
</TABLE>
4
<PAGE>
POWER-ONE, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
UNAUDITED
(DOLLARS IN THOUSANDS)
<TABLE>
<CAPTION>
THREE MONTHS ENDED
------------------------
MARCH 31, MARCH 31,
1998 1997
----------- -----------
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income............................................................................... $ 3,073 $ 997
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation and amortization............................................................ 1,113 1,030
Deferred income taxes.................................................................... 1 (77)
Changes in operating assets and liabilities:
Accounts receivable, net............................................................... 557 (1,609)
Inventories............................................................................ 1,000 (499)
Refundable income taxes................................................................ 1,177 2
Prepaid expenses and other current assets.............................................. (47) 61
Accounts payable....................................................................... (1,318) 603
Accrued expenses....................................................................... 238 1,538
Other liabilities...................................................................... -- 109
----------- -----------
Net cash provided by operating activities.............................................. 5,794 2,155
----------- -----------
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisition of property and equipment.................................................... (2,673) (245)
Other assets............................................................................. 57 40
----------- -----------
Net cash used in investing activities.................................................... (2,616) (205)
----------- -----------
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayments of note payable to bank....................................................... -- (1,893)
Bank overdraft........................................................................... -- (134)
----------- -----------
Net cash used in financing activities.................................................... -- (2,027)
----------- -----------
INCREASE (DECREASE) IN CASH................................................................ 3,178 (77)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD............................................. 32,018 1,684
----------- -----------
CASH AND CASH EQUIVALENTS, END OF PERIOD................................................... $ 35,196 $ 1,607
----------- -----------
----------- -----------
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid for:
Interest............................................................................... $ 23 $ 987
Income taxes........................................................................... $ -- $ 175
</TABLE>
5
<PAGE>
POWER-ONE, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
NOTE 1--BASIS OF PRESENTATION
The accompanying unaudited Consolidated Financial Statements have been
prepared in accordance with generally accepted accounting principles for interim
financial information and with the instructions to Form 10-Q and Rule 10-01 of
Regulation S-X. In the opinion of management, adjustments (consisting of normal
recurring accruals) considered necessary for a fair presentation have been
included. Operating results for the period ended March 31, 1998 are not
necessarily indicative of the results that may be expected for the year. For
further information, refer to the consolidated financial statements and notes
thereto for the year ended December 31, 1997, included in the Company's 1997
Annual Report on Form 10-K.
The Company's reporting period coincides with the 52- to 53-week period
ending on the Sunday closest to December 31 and its fiscal quarters are the 13
and 14 week periods ending on the Sunday nearest to March 31, June 30, September
30 and December 31. For simplicity of presentation, the Company has described
its year-ended December 28, 1997 as December 31 and the three-month periods
ended March 29, 1998 and March 30, 1997 as March 31.
NOTE 2--INVENTORIES
Inventories consist of the following (in thousands):
<TABLE>
<CAPTION>
MARCH 31, DECEMBER 31,
1998 1997
----------- ------------
<S> <C> <C>
Raw materials....................................................... $ 10,144 $ 11,809
Subassemblies-in-process............................................ 3,588 3,343
Finished goods...................................................... 7,637 7,217
----------- ------------
$ 21,369 $ 22,369
----------- ------------
----------- ------------
</TABLE>
6
<PAGE>
POWER-ONE, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
(UNAUDITED)
NOTE 3--EARNINGS PER SHARE
The following is a reconciliation of the earnings per share data (in
thousands, except per share data):
<TABLE>
<CAPTION>
MARCH 31, 1998 MARCH 31, 1997
------------------------------- -------------------------------
AVERAGE PER AVERAGE PER
INCOME SHARES SHARE INCOME SHARES SHARE
--------- --------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C> <C>
Income attributable to common stockholders................ $ 3,073 $ 586
Basic EPS:
Shares outstanding beginning of period.................. 17,060 10,000
--------- --------- --------- ---------
Basic EPS............................................... 3,073 17,060 $ 0.18 586 10,000 $ 0.06
--------- ---------
--------- ---------
Dilutive securities--Stock options........................ 285 261
--------- --------- --------- ---------
Diluted EPS............................................... $ 3,073 17,345 $ 0.18 586 10,261 $ 0.06
--------- --------- --------- ---------
--------- --------- --------- ---------
Pro Forma--Assumed conversion:
Preferred stock......................................... 405 1,254
Obligation to officers.................................. 10 56
--------- ---------
Pro forma diluted EPS..................................... 1,001 11,571 $ 0.09
---------
---------
Dilutive securities--Stock options........................ (261)
--------- ---------
Pro forma basic EPS....................................... $ 1,001 11,310 $ 0.09
--------- --------- ---------
--------- --------- ---------
</TABLE>
Pro forma earnings per share for 1997 have been determined based on assuming
the redeemable preferred stock and other liabilities owed to certain officers
was converted into common stock as of January 1, 1997. Accordingly, the
applicable portions of the accrued preferred stock dividends and net interest
costs have been added back to income attributable to common stockholders in the
computation.
7
<PAGE>
ITEM 2-- MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS
NET SALES. Net sales increased $8.8 million, or 49.7% to $26.4 million for
the three months ended March 31, 1998 from $17.6 million for the three months
ended March 31, 1997. The increase in net sales resulted primarily from strong
growth in unit shipments of standard and modified standard power supplies,
particularly in high-range power configurations. Sales of high power conversion
products increased primarily as a result of the expanded focus by the Company's
strategic national accounts program ("SNAP") on key OEM customers. For the three
months ended March 31, 1998, the top ten OEM customers contributed $6.0 million,
or 68%, to the $8.8 million total sales growth attained. The balance of the
sales increase was attributable to continued growth in existing OEM customer
accounts and distributor sales.
First quarter 1997 sales were adversely affected by the downturn in certain
electronic equipment markets, especially in the semiconductor industry, which
began in the second half of 1996. In 1998, certain economic indicators for the
electronics industry show a recent softening trend in the demand for products
within the electronics sector. Mirroring this trend, the Company's backlog on
March 31, 1998, was $27.9 million compared to $32.2 million on December 31,
1997. The Company's order backlog has historically been a reliable indicator of
future financial results, although backlog may be less reliable an indicator as
customers switch more orders to just-in-time deliveries.
GROSS PROFIT. Gross profit increased $3.8 million, or 54.1%, to $10.8
million for the three months ended March 31, 1998 from $7.0 million for the
three months ended March 31, 1997. As a percent of net sales, gross margin
increased to 41.0% for the first quarter of 1998 from 39.8% for the same period
in 1997. The improvement in gross profit margin primarily resulted from higher
sales and a shift in sales mix toward sales of high power conversion products,
which typically have higher gross margins than custom and low-power
configurations.
SELLING EXPENSE. Selling expense increased $700,000, or 41.4%, to $2.4
million for the three months ended March 31, 1998 from $1.7 million for the
comparable period in 1997. As a percent of net sales, selling expense decreased
to 9.1% for the first quarter of 1998 from 9.6% for the comparable period in
1997. The increase of $700,000 was primarily due to higher employee costs of
$428,000, and increased advertising, outside sales commissions and other
variable selling costs aggregating $272,000, to support the increase in sales
volume.
ADMINISTRATIVE EXPENSE. Administrative expense increased $832,000, or
62.8%, to $2.2 million for the three months ended March 31, 1998 from $1.3
million for the comparable period in 1997. As a percent of net sales,
administrative expense increased to 8.2% for the first quarter of 1998 from 7.5%
for the first quarter of 1997. The increase of $832,000 was primarily
attributable to a $430,000 increase in employee performance bonuses related to
the strong first quarter 1998 operating performance, higher employee costs of
$232,000, as well as other operating costs aggregating $170,000, to support the
growth in business volume.
ENGINEERING EXPENSE. Engineering expense increased $392,000, or 51.5%, to
$1.2 million for the three months ended March 31, 1998 from $0.8 million for the
three months ended March 31, 1997. As a percent of net sales, engineering
expense increased to 4.4% for the first quarter of 1998 from 4.3% for the
comparable period in 1997. Certain engineering expenses, primarily those related
to personnel and consultants, were lower in the first quarter of 1997 due to
expense reduction measures taken in the last half of 1996 as sales declined. The
Company began to refill many of these positions during the second half of 1997
which caused the engineering expense increase of $392,000 in the first quarter
of 1998. Furthermore, management continues to expect its investment in research
and development efforts to continue to increase in order to support business
growth and be approximately 4.0% to 5.0% of sales.
8
<PAGE>
ITEM 2-- MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS (CONTINUED)
QUALITY ASSURANCE EXPENSE. Quality Assurance expense increased $78,000, or
17.8%, to $515,000 for the three months ended March 31, 1998 from $437,000 for
the three months ended March 31, 1997. As a percent of net sales, quality
assurance expense decreased to 2.0% for the three months ended March 31, 1998
from 2.5% for the comparable period in 1997. The $78,000 increase was primarily
due to increased employee costs related to the additional demand for quality
assurance resources created by increased sales.
INCOME FROM OPERATIONS. As a result of the above factors, income from
operations increased $1.8 million, or 78.1%, to $4.1 million for the three
months ended March 31, 1998 from $2.3 million for the comparable period in 1997.
As a percent of net sales, income from operations increased to 15.5% for the
first quarter of 1998 from 13.0% for the equivalent period in 1997.
INTEREST EXPENSE. Interest expense decreased $895,000, or 90.7%, to $92,000
for the three months ended March 31, 1998 from $987,000 for the comparable
period in 1997. This decrease was the result of the repayment of all bank
borrowings under the Company's existing bank credit facility with the net
proceeds from the Company's initial public offering completed in the fourth
quarter of 1997. Interest expense in 1998 is primarily comprised of bank fees
related to the revolving credit facility.
INTEREST INCOME. Interest income increased $401,000, to $406,000 for the
three months ended March 31, 1998 from $5,000 for the three months ended March
31, 1997. This increase is attributable to the interest income derived from
investment of a portion of the net proceeds from the Company's initial public
offering in short-term and medium-term, interest bearing investment-grade
financial instruments.
INCOME TAXES. The provision for income taxes increased to $1.4 million for
the three months ended March 31, 1998 from $336,000 for the comparable period in
1997. The increase in income taxes reflects an increase in the effective tax
rate to 30.5% for the first quarter in 1998 from 25.2% for the equivalent period
in 1997 and the impact of the $3.1 million, or 231.8%, increase in income before
income taxes. The increase in the effective tax rate reflects the higher
percentage of the Company's operating income being generated from increased
sales of high-range power products, which are primarily assembled and configured
in the U.S. and Mexico, which experience higher tax rates than the Company's
Puerto Rico operations.
LIQUIDITY AND CAPITAL RESOURCES
At March 31, 1998, the Company's balance of cash and cash equivalents was
$35.2 million compared to $32.0 million at December 31, 1997, an increase of
$3.2 million, or 10.0%. Net cash provided by operating activities increased to
$5.8 million, or $3.6 million, for the three months ended March 31, 1998, from
$2.2 million for the three months ended March 31, 1997. This increase was
primarily due to higher net income, a decrease of $557,000 in accounts
receivable, a $1.0 million decrease in inventory and a $1.2 million receipt of
refundable income taxes, which were partially offset by a $1.3 million decrease
in accounts payable.
The decrease in accounts receivable primarily resulted from a greater focus
on improved collection efforts in conjunction with the shift in product mix
toward more sales of high-range power configurations to key OEM customers in the
first quarter of 1998, which typically have shorter collection cycles. The
decrease in inventory at March 31, 1998, is the result of a comparatively higher
inventory balance at December 31, 1997, which was due to a modest inventory
buildup in anticipation of the Company's planned holiday shutdown at the end of
December 1997. The decrease in accounts payable is due to the corresponding
decrease in inventory along with additional discount terms offered by vendors.
9
<PAGE>
ITEM 2-- MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS (CONTINUED)
Net cash used in investing activities increased $2.4 million to $2.6 million
for the three months ended March 31, 1998, from $205,000 for the three months
ended March 31, 1997. This increase is due to cash expenditures of $1.7 million
for the new manufacturing facility in Mexico, with the remainder of the increase
related to purchases of property, plant and capital equipment consistent with
supporting business growth targets. Depreciation and amortization was $1.1
million for the three months ended March 31, 1998, compared with $1.0 million
for the three months ended March 31, 1997. The Company anticipates that its
capital expenditures for 1998 will be approximately $8.9 million, of which
approximately $4.5 million represents the cost of the new manufacturing facility
in Mexico.
The Company intends to use the remaining net proceeds from its initial
public offering completed in the fourth quarter of 1997, approximately $31.5
million, for general corporate purposes, including capital expenditures, working
capital and possible future acquisitions. Pending use of the net proceeds for
the above purposes, the Company has invested such funds in short-term and
medium-term, interest-bearing investment-grade obligations.
The Company's revolving line of credit bears interest on amounts outstanding
payable quarterly based on the Company's leverage ratio and one of the following
rates as selected by the Company: LIBOR plus 1.0% to 2.25%, or the bank's base
rate plus 0% to 1.25%. As of March 31, 1998, no amounts were outstanding under
the credit agreement. Borrowings are collateralized by substantially all of the
Company's assets.
The credit agreement (i) provides for restrictions on additional borrowings,
dividends, leases and capital expenditures; (ii) prohibits the Company, without
prior approval, from paying dividends, liquidating, merging, consolidating or
selling its assets or business; and (iii) requires the Company to maintain a
specified net worth, minimum working capital and certain ratios of current
liabilities and total debt to net worth. At March 31, 1998, the Company was in
compliance with all debt covenants.
Based on current plans and business conditions, the Company believes its
existing working capital and borrowing capacity, coupled with the funds
generated from the Company's operations, will be sufficient to fund its
anticipated working capital, capital expenditures and outstanding lease
commitments for the foreseeable future. However, if the Company makes a large
acquisition, it may be necessary to raise debt or equity in the private or
public securities markets.
10
<PAGE>
PART II OTHER INFORMATION
ITEMS 1 THROUGH 5--NOT APPLICABLE
ITEM 6--EXHIBITS AND REPORTS ON FORM 8-K
(a) EXHIBITS
EXHIBIT 27 FINANCIAL DATA SCHEDULE
(b) REPORTS ON FORM 8-K
During the three months ended March 31, 1998, the registrant did not file
any reports on Form 8-K.
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.
<TABLE>
<S> <C> <C>
Dated: May 11, 1998 POWER-ONE, INC.
By: /s/ STEVEN J. GOLDMAN
-----------------------------------------
Steven J. Goldman
CHAIRMAN OF THE BOARD, CHIEF EXECUTIVE
OFFICER AND PRESIDENT
By: /s/ EDDIE K. SCHNOPP
-----------------------------------------
Eddie K. Schnopp
VICE PRESIDENT, FINANCE AND LOGISTICS,
CHIEF FINANCIAL OFFICER AND SECRETARY
</TABLE>
12
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
COMPANY'S UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS FOR THE THREE MONTHS
ENDED MARCH 31, 1998 AND CONSOLIDATED BALANCE SHEET AS OF MARCH 31, 1998 AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> MAR-31-1998
<CASH> 35,196
<SECURITIES> 0
<RECEIVABLES> 13,781
<ALLOWANCES> 907
<INVENTORY> 21,369
<CURRENT-ASSETS> 72,327
<PP&E> 19,191
<DEPRECIATION> 5,219
<TOTAL-ASSETS> 114,637
<CURRENT-LIABILITIES> 9,394
<BONDS> 0
0
0
<COMMON> 17
<OTHER-SE> 103,277
<TOTAL-LIABILITY-AND-EQUITY> 114,637
<SALES> 26,380
<TOTAL-REVENUES> 26,380
<CGS> 15,570
<TOTAL-COSTS> 15,570
<OTHER-EXPENSES> 6,722
<LOSS-PROVISION> 90
<INTEREST-EXPENSE> 92
<INCOME-PRETAX> 4,423
<INCOME-TAX> 1,350
<INCOME-CONTINUING> 3,073
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 3,073
<EPS-PRIMARY> 0.18
<EPS-DILUTED> 0.18
</TABLE>
