SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended: April 30, 1997
or
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF SECURITIES EXCHANGE ACT OF 1934
Commission file number: 1-7643
WASHINGTON HOMES, INC.
(Exact name of registrant as specified in its charter)
MARYLAND 52-0818872
(State or other jurisdiction of (IRS Employer
Incorporation or organization) Identification No.)
1802 Brightseat Road, Landover, MD 20785-4235
(Address of principal executive offices) (Zip Code)
(301) 772-8900
(Registrant's telephone number including area code)
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 X NO
--- ---
Number of shares of each of the registrant's classes of common stock outstanding
at April 30, 1997:
Class Number of Shares
----- ----------------
Common Stock (voting), $.01 par value 7,015,025
Common Stock (non-voting), $.01 par value 927,738
<PAGE>
WASHINGTON HOMES, INC.
FORM 10-Q
TABLE OF CONTENTS
Page
----
PART I. FINANCIAL INFORMATION
ITEM 1. Financial Statements
Condensed Consolidated Balance Sheets
- April 30, 1997 and July 31, 1996 (Unaudited) 3
Condensed Consolidated Statements of Net Earnings
- Three Months and Nine Months Ended April 30, 1997 and 1996 (Unaudited) 4
Condensed Consolidated Statement of Shareholders' Equity
- Nine Months Ended April 30, 1997 (Unaudited) 5
Condensed Consolidated Statements of Cash Flows
- Nine Months Ended April 30, 1997 and 1996 (Unaudited) 6
Notes to Condensed Consolidated Financial Statements (Unaudited) 7
ITEM 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations 9
PART II. OTHER INFORMATION
ITEM 1. Legal Proceedings 12
ITEM 4. Submission of Matters to a Vote of Security Holders 12
ITEM 6. Exhibits and Reports on Form 8-K 12
SIGNATURES 13
2
<PAGE>
PART 1. ITEM 1. Financial Statements
WASHINGTON HOMES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
ASSETS April 30, July 31,
1997 1996
---- ----
(in thousands)
Cash and cash equivalents $ 9,833 $ 15,384
Residential inventories 121,597 125,033
Excess of costs over net assets acquired, net 6,266 16,553
Investment in joint ventures 2,997 2,751
Other 10,861 10,506
-------- --------
Total Assets $151,554 $170,227
======== ========
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Notes and loans payable $ 80,398 $ 74,282
Trade accounts payable 14,343 17,572
Income taxes 945 5,641
Other 3,348 4,963
-------- --------
Total Liabilities 99,034 102,458
Shareholders' Equity
Common Stock
15,000,000 shares voting common stock authorized,
7,015,025 shares issued and outstanding; 70 70
1,100,000 shares non-voting common stock authorized,
927,738 shares issued and outstanding; 9 9
Additional paid - in capital 35,147 35,147
Retained earnings 17,294 32,543
-------- --------
Total Shareholders' Equity 52,520 67,769
-------- --------
Total Liabilities and Shareholders' Equity $151,554 $170,227
======== ========
See accompanying Notes.
3
<PAGE>
WASHINGTON HOMES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(in thousands except per share amounts)
<TABLE>
<CAPTION>
Three Months Ended Nine Months Ended
April 30, April 30,
------------------ ------------------
1997 1996 1997 1996
---- ---- ---- ----
<S> <C> <C> <C> <C>
Revenues
Homebuilding $ 41,431 $36,908 $131,787 $108,483
Land sales 914 1,714 4,320 2,074
Other income 456 782 2,036 1,556
-------- ------- -------- --------
Total revenues 42,801 39,404 138,143 112,113
Expenses
Cost of sales - homebuilding 34,465 29,629 108,445 86,674
Cost of sales - land sales 821 1,515 3,785 1,850
Cost of sales - impairment loss 9,200 0 9,200 0
Selling, general and administrative 7,498 5,773 20,186 16,527
Write-down in carrying value of goodwill 9,981 0 9,981 0
Interest 979 999 2,955 2,853
Financing fees 197 200 575 599
Amortization and depreciation expense 115 199 497 563
-------- ------- -------- --------
Total expenses 63,256 38,315 155,624 109,066
-------- ------- -------- --------
Earnings (loss) before income taxes and
extraordinary item (20,455) 1,089 (17,481) 3,047
Income tax expense (benefit) (4,011) 475 (2,622) 1,338
-------- ------- -------- --------
Net earnings (loss) before extraordinary
item (16,444) 614 (14,859) 1,709
Extraordinary item (390) 0 (390) 0
-------- ------- -------- --------
Net earnings (loss) $(16,834) $ 614 $(15,249) $ 1,709
======== ======= ======== ========
Earnings (loss) per common share, before
extraordinary item $ (2.07) $ 0.08 $ (1.87) $ 0.22
======== ======= ======== ========
Earnings (loss) per common share,
7,942,763 shares outstanding $ (2.12) $ 0.08 $ (1.92) $ 0.22
======== ======= ======== ========
</TABLE>
See accompanying Notes.
4
<PAGE>
WASHINGTON HOMES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY
Nine Months Ended April 30, 1997
(Unaudited)
(in thousands)
Common Stock Additional Total
------------------ Paid-in Retained Shareholders'
Voting Non voting Capital Earnings Equity
------ ---------- ------- -------- ------
Balance, August 1, 1996 $70 $9 $35,147 $ 32,543 $ 67,769
Net earnings (loss) -- -- -- (15,249) (15,249)
Balance, April 30, 1997 $70 $9 $35,147 $ 17,294 $ 52,520
=== == ======= ======== ========
See accompanying Notes.
5
<PAGE>
WASHINGTON HOMES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Nine Months Ended April 30,
---------------------------
1997 1996
---- ----
(in thousands)
Cash flows from operating activities:
Net earnings (loss) $(15,249) $ 1,709
Adjustments to reconcile net earnings to
net cash used in operating activities:
Amortization and depreciation 497 564
Write-down of goodwill 9,981 0
Impairment loss 9,200 0
Changes in assets and liabilities:
Residential inventories (5,764) (7,445)
Other assets (515) (1,951)
Trade accounts payable (3,229) (4,178)
Income taxes (4,694) (946)
Other liabilities (1,616) (1,057)
-------- --------
Net cash used in operating activities (11,389) (13,304)
Cash flows from investing activities:
Purchases of property and equipment, net of disposals (31) (266)
Advances to joint ventures (247) (399)
-------- --------
Net cash used in investing activities (278) (665)
Cash flows from financing activities:
Proceeds from notes and loans payable 80,803 80,773
Repayments of notes and loans payable (74,687) (72,972)
-------- --------
Net cash provided by financing activities 6,116 7,801
Net decrease in cash and cash equivalents (5,551) (6,168)
Cash and cash equivalents, beginning of period 15,384 15,111
-------- --------
Cash and cash equivalents, end of period $ 9,833 $ 8,943
======== ========
See accompanying Notes.
6
<PAGE>
WASHINGTON HOMES, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
1. Organization and Basis of Presentation
The unaudited condensed consolidated financial statements include the
accounts of Washington Homes, Inc. and its wholly-owned subsidiaries (the
"Company").
The Company is principally engaged in the business of the construction
and sale of residential housing. All significant intercompany balances and
transactions have been eliminated in consolidation.
The accompanying unaudited condensed consolidated financial statements
have been prepared in accordance with generally accepted accounting principles
for interim financial information and SEC regulations. Accordingly, they do not
include all of the information and notes required by generally accepted
accounting principles for complete financial statements. In the opinion of
management, all adjustments (consisting only of normal recurring accruals)
considered necessary for a fair presentation have been included. These condensed
consolidated financial statements should be read in conjunction with the
financial statements and notes thereto in the Company's Annual Report for the
year ended July 31, 1996. Operating results for the three and nine months ended
April 30, 1997 are not necessarily indicative of the results that may be
expected for the year ending July 31, 1997.
2. Shareholders' Equity
Common Stock. The Company has 15,000,000 shares of Common Stock
(voting) authorized of which 7,015,025 shares were outstanding at April 30,
1997. Such shares entitle the holder to one vote for each share of Common Stock
held.
Non-voting Common Stock. The Company has 1,100,000 shares of non-voting
common stock authorized of which 927,738 were outstanding at April 30, 1997.
Except for voting rights, the non-voting common stock is substantially the same
as the Company's voting common stock. The non-voting common stock can be
converted into voting common stock on a share-for-share basis. During the
quarter, 15,025 shares of non-voting common stock was converted to voting common
stock.
3. Earnings Per Share
Earnings per common share are based on the weighted average number of
shares of common stock and common stock equivalents outstanding during each
period.
4. Notes and Loans Payable
Notes and loans payable consist of the following:
April 30, July 31,
1997 1996
---- ----
(dollars in thousands)
Senior Notes $43,000 $43,000
Revolving Credit Facilities 33,842 23,759
Land Acquisition and Other 3,556 7,523
------- -------
$80,398 $74,282
======= =======
7
<PAGE>
Senior Notes. In April 1994, the Company issued $43,000,000 principal
amount of Senior Notes. Two series of Senior Notes were issued: $30,000,000 with
a fixed rate of 8.61% per annum, with interest payable semi-annually beginning
in October 1994 and $13,000,000 with a floating rate of LIBOR plus 2.4% (8.22%
at April 30, 1997), with interest payable July 1994 and either quarterly or
semi-annually thereafter at the option of the Company. Principal repayments are
due in three equal annual installments commencing in October 1998 and continuing
to October 2000.
Revolving Credit Facilities. Revolving Credit Facilities at April 30,
1997, consist of three secured seasonal revolving loan commitments totaling
$51,200,000 to fund acquisition of finished building lots, home construction and
model homes. In addition, the Revolving Credit Facilities provide aggregate
letters of credit in the amount of $8,000,000 principally for finished building
lot contract deposits and bonding to municipalities for land development. The
facilities have maturity dates (which may be extended) of June 1997, July 1997
and October 1997. Borrowings under the facilities bear interest at prime (8.50%
at April 30, 1997), prime plus 1% or LIBOR (30 day LIBOR at April 30, 1997 was
5.69) plus either 1.97% or 2.50% and are collateralized by inventory. The
Company is currently working with the lenders to extend the Revolving Credit
Facilities and does not anticipate any problem.
Land Acquisition Loans. The Company has loans with various land sellers
and lenders for the acquisition of land which bear interest at fixed rates
ranging from 8.0% to 10% or variable rates of prime to prime plus 1% and are
collateralized by the related land under development.
5. Income Taxes
The Internal Revenue Service has examined the Company's tax return for
the years ended July 31, 1992, 1993 and 1994. The IRS has raised issues
primarily related to matters having to do with the Company's recapitalization in
1992 and 1993 including a $20.0 million gain on debt forgiveness which the
Company treated as non-taxable under the provisions of Section 108 of the
Internal Revenue Code and the timing of taxable income related to discontinued
subsidiaries which were distributed out of the consolidated group in December
1992.
In March 1997, the Company reached a settlement with the IRS for all
items in question. As a result, the Company recognized an extraordinary loss of
$390,000 or $0.05 per share which relates to the extraordinary gain on debt
forgiveness associated with the exchange of subordinated debt during the tax
year 1992.
6. Write-down of Assets
In the quarter ended April 30, 1997, the Company wrote down to fair
value the carrying value of goodwill by $10.0 million and certain land inventory
by $9.2 million which resulted in an aggregate after tax charge of $15.8
million, or $1.99 per share. The goodwill resulted from the acquisition of
Washington Homes in 1988. The properties affected by the write-down are
principally development land, certain communities being closed out, and certain
condominium properties in the Maryland suburban areas of Washington, D.C.
The Company reviewed its long-lived assets, including goodwill, for
possible impairment. The circumstances which indicated impairment included a
decline in margins in the Washington market, increased governmental regulations
and fees, along with the continued competitiveness of the Washington market.
A significant portion of the land inventory write-down was attributable
to two long term development projects, which the Company has owned for more than
twenty years. The remainder of the write-down related to six close-out and three
condominium communities. The Company has made a decision to phase out its
condominium operations which have had results well below management's
expectations.
8
<PAGE>
ITEM 2. Management's Discussion and Analysis of Financial Condition and Results
of Operations
Annual Operating Cycle
The homebuilding industry in general and the operations of the Company
are seasonal in nature. The number of new orders signed is generally higher in
the period from February through May compared to the balance of the year.
Deliveries peak in the fiscal quarter ending July 31 as a substantial portion of
homes for which contracts are written during the fiscal quarter ending April 30
are delivered. Delivery volume is relatively constant during the remainder of
the year. Backlog is the number of homes under contract but not delivered at the
end of the period. Revenue is recognized upon the delivery of finished homes.
The following table, which sets forth the quarterly operating results for the
Company during the last five fiscal quarters illustrates this cycle:
<TABLE>
<CAPTION>
Three Months Ended
--------------------------------------------------------------
April 30, July 31, October 31, January 31, April 30,
1996 1996 1996 1997 1997
---- ---- ---- ---- ----
(dollars in thousands)
<S> <C> <C> <C> <C> <C>
Selected Operating Data
- -----------------------
Revenues-homebuilding $ 36,908 $59,337 $ 44,020 $ 46,336 $ 41,431
Number of homes delivered 245 377 281 298 258
Number of net new orders 410 248 327 312 438
Number of homes in backlog 730 601 647 661 841
Sales value of backlog $119,188 $97,625 $107,881 $109,436 $135,042
</TABLE>
Geographic Breakdown of Operations
Set forth below is information for the Company's operations by
geographic markets:
Three Months Ended Nine Months Ended
April 30, April 30,
------------------ ------------------
Net New Orders 1997 1996 1997 1996
- -------------- ---- ---- ---- ----
Washington/Baltimore 219 255 589 521
North Carolina 180 142 389 332
Nashville 23 4 58 4
Pittsburgh 16 9 41 22
--- --- ----- ---
438 410 1,077 879
=== === ===== ===
9
<PAGE>
Three Months Ended Nine Months Ended
April 30, April 30,
------------------ ------------------
Homes Delivered 1997 1996 1997 1996
- --------------- ---- ---- ---- ----
Washington/Baltimore 152 153 490 447
North Carolina 79 79 273 248
Nashville 16 0 43 0
Pittsburgh 11 13 31 15
--- --- --- ---
258 245 837 710
=== === === ===
April 30,
------------------
Backlog of Sold Homes 1997 1996
- --------------------- ---- ----
Washington/Baltimore 510 498
North Carolina 267 208
Nashville 32 4
Pittsburgh 32 20
--- ---
841 730
=== ===
Results of Operations
Three Months Ended April 30, 1997 Compared to Three Months Ended April 30, 1996
Total revenues from homes delivered increased by 12.2% to $41.4 million
during the three months ended April 30, 1997, compared to $36.9 million during
the same three month period ended April 30, 1996 as the number of homes
delivered increased to 258 homes in the third quarter of fiscal 1997 from 245
homes in the third quarter of fiscal 1996. The average sales price of homes
delivered also increased to $160,600 for the third quarter of fiscal 1997 from
$150,600 for the third quarter of fiscal 1996. Changes in the average selling
price of homes delivered may vary from period to period based on product mix and
pricing of specific communities.
Revenues and gross profit from land sales were $914,000 million and
$93,000 respectively, for the three months ended April 30, 1997, compared to
$1.7 million and $199,000, respectively during the same three month period in
fiscal 1996.
Other income decreased $326,000 to $456,000 during the three months
ended April 30, 1997, from $782,000 in the same three month period in fiscal
1996, principally due to water and sewer income received last year but not this
year and completion cost income on development property that was sold, received
last year but not this year.
Gross profit as a percentage of revenues from homes delivered decreased
to 16.8% during the three months ended April 30, 1997 compared to 19.7% during
the same three month period in fiscal 1996. The decrease in gross profit margins
is primarily due to implementation during the fourth quarter of fiscal 1996 of a
more aggressive competitive pricing strategy intended to increase inventory
turnover in the Washington, D.C. market and incentive pricing in opening new
communities principally in North Carolina and other markets.
10
<PAGE>
Selling, general and administrative expenses increased $1.7 million to
$7.5 million during the three month period ended April 30, 1997, compared to
$5.8 million in the same three month period in fiscal 1996, primarily due to
costs associated with increased activities in the expansion cities of Nashville,
Charlotte and Pittsburgh. In addition, selling, general and administrative
expenses increased as a percentage of homebuilding revenues to 18.1% in the
three months ended April 30, 1997 compared to 15.6% for the same period in
fiscal 1996.
As a result of the increase in S,G&A and lower gross margins on homes
delivered operating income (earnings before extraordinary item, impairment loss,
write-down of goodwill, interest, financing fees and taxes) decreased to $98,000
in the three months ended April 30, 1997 compared to $2.3 million for the same
period in fiscal 1996 and decreased as a percentage of homebuilding revenues to
0.2% from 6.2% for the same period in fiscal 1996.
Interest and financing fees were flat at $1.2 million during the three
months ended April 30, 1997 compared to the same three month period in fiscal
1996.
Excluding the write-down of goodwill and land inventory discussed in
Note 6 and the effect of the tax settlement discussed in Note 5, the net loss
for the three months ended April 30, 1997 would have been $667,000 or $0.08 per
share.
Nine Months Ended April 30, 1997 Compared to Nine Months Ended April 30, 1996
Total revenues from homes delivered increased $23.3 million (21.5%) to
$131.8 million during the nine months ended April 30, 1997 compared to $108.5
million during the same nine month period ended April 30, 1996. The number of
homes delivered increased 17.9% to 837 homes in the first nine months of fiscal
1997 from 710 homes in the first nine months of fiscal 1996. The average sales
price of homes delivered also increased to $157,500 in fiscal 1997 from $152,800
in the fiscal 1996 period. Changes in the average selling price of homes
delivered may vary from period to period based on product mix and pricing of
specific communities.
Revenues and gross profit from land sales were $4.3 million and
$535,000 for the nine months ended April 30, 1997 compared to $2.1 million and
$224,000 respectively during the same nine month period in fiscal 1996.
Gross profit as a percentage of revenues from homes delivered decreased
to 17.7% during the nine months ended April 30, 1997 compared to 20.1% during
the same nine month period in fiscal 1996. The decrease is primarily due to the
implementation during the fourth quarter of fiscal 1996 of a more aggressive
competitive pricing strategy intended to increase inventory turnover in the
Washington, DC market and incentive pricing in North Carolina and other markets.
Selling, general and administrative expenses increased $3.7 million to
$20.2 million during the nine month period ended April 30, 1997 as compared to
$16.5 million for the same nine month period in fiscal 1996 related to the
increased costs associated with expansion and various costs associated with
increased revenues. In addition, selling, general and administrative expenses
increased slightly as a percentage of homebuilding revenues to 15.3% in the nine
months ended April 30, 1997 compared to 15.2% for the same period in fiscal
1996.
As a result of the increase on S,G,&A and lower gross margins on homes
delivered, operating income (earnings before extraordinary items, impairment
loss, write-down of goodwill, interest, financing fees and taxes) decreased to
$5.2 million in the nine months ended April 30, 1997 as compared to $6.5 million
for the same period in fiscal 1996 and decreased as a percentage of homebuilding
revenues to 4.0% from 6.0% for the same period in fiscal 1996.
Interest and financing fees were flat at $3.5 million during the nine
months ended April 30, 1997 compared to the same nine month period in fiscal
1996.
11
<PAGE>
Excluding the write-down of goodwill discussed in Note 6 and the effect
of the tax settlement discussed in Note 5, the net earnings for the nine months
ended April 30, 1997 would have been $918,000 or $0.12 per share.
Capital Resources and Liquidity
Funding for the Company's residential building and land development
activities is provided principally by cash flows from operations and borrowings
from banks and other financial institutions. The Company's capital needs depend
upon its sales volume, asset turnover, land purchases and inventory levels.
At April 30, 1997, the Company had cash and cash equivalents of $9.8
million of which $450,000 was restricted to collateralize customer deposits and
other escrows. The remaining $9.3 million was available to the Company.
The Company had $97.9 million in borrowing availability from various
lending institutions and land sellers of which $80.4 million was outstanding at
April 30, 1997.
The Company believes that it will be able to fund its activities
through fiscal 1997 through a combination of operating cash flow, existing cash
balances and borrowings from banks and other lending institutions. The Company
is currently in the process of revising and extending its revolving credit
facilities. Except for ordinary expenditures for the construction of homes and
acquisition and development of land, the Company does not have any material
commitments for capital expenditures at the present time.
PART II. OTHER INFORMATION
ITEM 1. Legal Proceedings
The Internal Revenue Service has examined the Company's tax returns for
the years ended July 31, 1992, 1993 and 1994. The IRS has raised issues
primarily related to matter having to do with the Company's recapitalization in
1992 and 1993 including a $20.0 million gain on debt forgiveness which the
Company treated as non-taxable under the provisions of Section 108 of the
Internal Revenue Code and the timing of taxable income related to discontinued
subsidiaries which were distributed out of the consolidated group in December
1992.
In March 1997, the Company reached a settlement with IRS for all items
in questions. As a result, the Company recognized an extraordinary loss of
$390,000 or $0.05 per share which relates to the extraordinary gain on debt
forgiveness associated with the exchange of subordinated debt during the tax
year 1992.
ITEM 6. Exhibits and Reports on Form 8-K
(a) Exhibits
27. Financial Data Schedule
(b) Reports on Form 8-K
The registrant did not file any reports on Form 8-K during the quarter
ended April 30, 1997.
12
<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.
WASHINGTON HOMES, INC.
(Registrant)
Date: June 11, 1997 By: /s/ GEATON A. DECESARIS, JR.
--------------------------------
Geaton A. DeCesaris, Jr.
President and Chief Executive Officer
Date: June 11, 1997 By: /s/ CLAYTON W. MILLER
--------------------------------
Clayton W. Miller
Principal Accounting Officer
13
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
REGISTRANT'S CONDENSED CONSOLIDATED BALANCE SHEET AND CONDENSED CONSOLIDATED
STATEMENT OF NET EARNINGS AT AND FOR THE PERIOD ENDED APRIL 30, 1997 AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> Jul-31-1997
<PERIOD-END> Apr-30-1997
<CASH> 9,833
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 121,597
<CURRENT-ASSETS> 0
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 151,554
<CURRENT-LIABILITIES> 0
<BONDS> 0
0
0
<COMMON> 79
<OTHER-SE> 52,441
<TOTAL-LIABILITY-AND-EQUITY> 151,554
<SALES> 42,345
<TOTAL-REVENUES> 42,801
<CGS> 35,286
<TOTAL-COSTS> 42,899
<OTHER-EXPENSES> 19,181
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 1,176
<INCOME-PRETAX> (20,455)
<INCOME-TAX> (4,011)
<INCOME-CONTINUING> (16,444)
<DISCONTINUED> 0
<EXTRAORDINARY> (390)
<CHANGES> 0
<NET-INCOME> (16,834)
<EPS-PRIMARY> (2.12)
<EPS-DILUTED> (2.12)
</TABLE>
