<PAGE>
<PAGE>
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
- - - - ----------------------------------------------------------------------
FORM 10-Q
QUARTERLY REPORT
- - - - ----------------------------------------------------------------------
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
For the Quarter Ended Commission File No.
January 31, 1995 0-10146
- - - - --------------------- -------------------
ABRAMS INDUSTRIES, INC.
------------------------------------------------------
(Exact name of Registrant as specified in its charter)
Georgia 58-0522129
- - - - ------------------------------- ------------------------------------
(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization)
5775-A Glenridge Drive, N.E., Suite 202, Atlanta, Georgia 30328
----------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
(404) 256-9785
--------------------------------------------------
(Registrant's telephone number, including area code)
N/A
- - - - ---------------------------------------------------------------------
(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
and 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
--- ---
The number of shares of $1.00 par value Common Stock of the Registrant
outstanding as of February 15, 1995, was 2,993,540.
<PAGE>
<PAGE>
PART 1. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
<TABLE>
<CAPTION>
ABRAMS INDUSTRIES, INC.
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
January 31, 1995 APRIL 30, 1994
---------------- --------------
<S> <C> <C>
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 6,035,294 $ 7,127,188
Receivables (note 2) 12,056,649 14,051,256
Less: Allowance for doubtful receivables (151,486) (1,089)
Inventories (note 3) 2,444,756 2,362,231
Costs and earnings in excess of billings 2,853,235 1,489,344
Deferred income taxes 754,625 754,625
Income taxes receivable 233,359 -
Other 253,661 372,639
------------ -------------
Total current assets 24,480,093 26,156,194
------------ -------------
INCOME-PRODUCING PROPERTIES, net 51,305,601 52,737,696
PROPERTY, PLANT AND EQUIPMENT, net 4,288,986 4,180,725
OTHER ASSETS:
Land held for investment, net 4,950,292 5,231,272
Notes receivable 868,340 1,405,000
Cash surrender value of life insurance on officers, net 841,018 820,554
Deferred loan costs, net 1,190,619 1,334,697
Other 944,922 866,429
------------ ------------
$ 88,869,871 $ 92,732,567
============ =============
CURRENT LIABILITIES:
Accounts payable $ 8,518,508 $ 8,368,374
Billings in excess of costs and earnings 1,160,702 699,558
Accrued expenses 3,319,008 5,282,352
Current maturities of long-term debt 1,595,572 1,595,572
Income taxes payable - 765,265
------------- ------------
Total current liabilities 14,593,790 16,711,121
------------- ------------
DEFERRED INCOME TAXES 1,821,869 1,821,869
MORTGAGE NOTES AND BONDS PAYABLE, less current maturities 40,902,587 41,704,344
OTHER LONG-TERM DEBT, less current maturities 10,689,434 10,932,954
------------- ------------
Total liabilities 68,007,680 71,170,288
------------- ------------
SHAREHOLDERS' EQUITY:
Common stock, $1 par value; authorized 5,000,000 shares;
3,010,039 issued and 2,993,540 outstanding 3,010,039 3,010,039
Additional paid-in capital 2,012,190 2,012,190
Retained earnings 15,896,395 16,596,483
------------- -----------
Total paid-in capital and retained earnings 20,918,624 21,618,712
Less cost of treasury stock (16,499 shares) (56,433) (56,433)
------------- -----------
Total shareholders' equity 20,862,191 21,562,279
------------- ------------
$ 88,869,871 $ 92,732,567
============= ============
</TABLE>
See accompanying notes to consolidated financial statements.
<PAGE>
<PAGE>
<TABLE>
ABRAMS INDUSTRIES, INC.
CONSOLIDATED STATEMENTS OF EARNINGS
(UNAUDITED)
<CAPTION>
THIRD QUARTER ENDED NINE MONTHS ENDED
JANUARY 31, JANUARY 31,
---------------------------- -----------------------------
1995 1994 1995 1994
---------------------------- -----------------------------
<S> <C> <C> <C> <C>
REVENUES:
Construction $ 23,644,923 $ 21,839,159 $ 76,544,283 $ 66,877,516
Manufacturing 3,838,651 3,756,631 13,044,425 13,636,644
Real estate 2,941,010 4,457,314 8,889,367 13,877,299
------------ ------------ ------------ ------------
30,424,584 30,053,104 98,478,075 94,391,459
Less: Intersegment eliminations - (72,712) - (993,741)
------------ ------------ ------------ ------------
30,424,584 29,980,392 98,478,075 93,397,718
Interest 96,950 85,541 293,787 203,232
Other 10,822 6,449 34,321 89,505
------------ ------------ ------------ ------------
30,532,356 30,072,382 98,806,183 93,690,455
COSTS AND EXPENSES:
Applicable to REVENUES-
Construction 22,627,247 20,393,408 73,346,030 63,506,560
Manufacturing 3,091,120 2,951,752 10,164,067 9,501,933
Real estate, exclusive of interest 1,686,205 2,953,557 4,832,224 8,958,416
------------ ------------ ------------ ------------
27,404,572 26,298,717 88,342,321 81,966,909
Less: Intersegment eliminations - (55,966) - (780,688)
------------ ------------ ------------ ------------
27,404,572 26,242,751 88,342,321 81,186,221
------------ ------------ ------------ ------------
Selling, shipping, general and administrative:
Construction 654,474 862,495 1,679,249 1,735,565
Manufacturing 916,823 892,254 3,028,421 3,223,916
Real estate 436,010 376,034 1,257,268 1,345,664
Parent 535,819 469,122 1,545,001 1,376,811
------------ ------------ ------------ ------------
2,543,126 2,599,905 7,509,939 7,681,956
------------ ------------ ------------ ------------
Interest costs incurred, less interest
capitalized 1,214,348 1,395,099 3,625,562 3,323,558
------------ ------------ ------------ ------------
31,162,046 30,237,752 99,477,822 92,191,735
------------ ------------ ------------ ------------
EARNINGS (LOSS) BEFORE INCOME TAXES (629,690) (165,370) (671,639) 1,498,720
INCOME TAX EXPENSE (BENEFIT) (227,000) (63,000) (241,000) 596,000
------------ ------------ ------------ ------------
NET EARNINGS (LOSS) $ (402,690) $ (102,370) $ (430,639) $ 902,720
============ ============ ============ ============
NET EARNINGS (LOSS) PER SHARE $ (.13) $ (.04) $ (.14) $ .30
============ ============ ============ ============
DIVIDENDS PER SHARE $ .03 $ .03 $ .09 $ .08
============ ============ ============ ============
WEIGHTED AVERAGE SHARES
OUTSTANDING 2,993,540 2,978,409 2,993,540 2,977,836
============ ============ ============ ============
</TABLE>
See accompanying notes to consolidated financial statements.
2
<PAGE>
<PAGE>
<TABLE>
ABRAMS INDUSTRIES, INC.
CONSOLIDATED STATEMENT OF CASH FLOWS
(UNAUDITED)
<CAPTION>
NINE MONTHS ENDED JANUARY 31,
-----------------------------
1995 1994
------------ ----------
<S> <C> <C>
Cash flows from operating activities:
Net earnings (loss) $ (430,639) $ 902,720
Adjustments to reconcile net earnings (loss) to net cash
provided by (used in) operating activities-
Depreciation and amortization 2,337,876 2,031,794
Gain on sales of real estate (317,330) (1,177,713)
Decrease (increase) in receivables 2,145,004 (4,444,509)
Decrease (increase) in inventories (82,525) 310,031
Increase in costs and earnings
in excess of billings (1,363,891) (731,443)
Increase in income taxes receivable (233,359) -
Decrease (increase) in other current assets 118,978 (46,644)
Decrease (increase) in other assets 437,703 (1,218,602)
Increase in accounts payable 150,134 2,076,628
Increase in billings in excess
of costs and earnings 461,144 313,345
Decrease in accrued expenses (1,963,344) (187,604)
Increase (decrease) in income taxes payable (765,265) 210,384
---------- -----------
Net cash provided by (used in) operating activities 494,486 (1,961,613)
---------- -----------
Cash flows from investing activities:
Proceeds from sale of real estate 630,000 6,313,923
Additions to properties, property, plant and
equipment, net (840,070) (2,446,919)
---------- -----------
Net cash provided by (used in) investing activities (210,070) 3,867,004
---------- ------------
Cash flows from financing activities:
Debt proceeds 4,942,000 7,399,110
Debt repayments (5,987,277) (9,098,271)
Additions to deferred loan costs (61,584) (976,676)
Cash dividends (269,449) (238,204)
Proceeds from exercise of stock options - 46,000
---------- ------------
Net cash used in financing activities (1,376,310) (2,868,041)
Net decrease in cash and cash equivalents (1,091,894) (962,650)
Cash and cash equivalents at beginning of period 7,127,188 6,904,261
---------- -----------
Cash and cash equivalents at end of period $ 6,035,294 $ 5,941,611
=========== ===========
Supplemental schedule of cash flow information:
Interest paid, net of amounts capitalized $ 3,746,270 $ 3,454,794
Income taxes paid $ 846,737 $ 395,744
=========== ===========
</TABLE>
See accompanying notes to consolidated financial statements.
3
<PAGE>
<PAGE>
ABRAMS INDUSTRIES, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
JANUARY 31, 1995 AND APRIL 30, 1994
(UNAUDITED)
NOTE 1. UNAUDITED STATEMENTS
- - - - -----------------------------
The accompanying unaudited consolidated financial statements have
been prepared by the Company in accordance with generally accepted
accounting principles, pursuant to the rules and regulations of the
Securities and Exchange Commission. Certain information and footnote
disclosures normally included in financial statements have been
condensed or omitted pursuant to such rules and regulations, although
management believes that the disclosures are adequate to make the
information presented not misleading. In the opinion of management,
the accompanying financial statements contain all adjustments, which
consist solely of normal recurring accruals, necessary for a fair
statement of the results for the interim periods presented. These
financial statements should be read in conjunction with the
consolidated financial statements and the notes thereto included in
the Company's Annual Report to Shareholders for the year ended April
30, 1994. Results of operation for interim periods are not
necessarily indicative of annual results.
NOTE 2. RECEIVABLES
- - - - --------------------
All contract receivables are expected to be collected within one
year.
NOTE 3. INVENTORIES
- - - - --------------------
The classes of inventory are as follows:
<TABLE>
<CAPTION>
January 31, 1995 April 30, 1994
---------------- --------------
<S> <C> <C>
Finished goods $ 1,632,747 $ 1,270,903
Work in process 390,470 479,631
Raw materials 421,539 611,697
------------ ------------
$ 2,444,756 $ 2,362,231
============ ============
</TABLE>
4
<PAGE>
<PAGE>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
- - - - --------------------------------------------------------------------
AND RESULTS OF OPERATIONS.
- - - - --------------------------
Changes in CONSOLIDATED BALANCE SHEETS between April 30, 1994, and
- - - - ------------------------------------------------------------------
January 31, 1995.
- - - - -----------------
Cash and cash equivalents decreased by $1,091,894 because of the
need for working capital to fund the Company's activities. Costs and
earnings in excess of billings increased $1,363,891 and receivables
decreased $2,145,004 primarily because of the timing of the submission
of invoices by the Construction Segment and the decreased sales of the
Manufacturing Segment. Accrued expenses decreased by $1,963,344
primarily because of the payment of year-end accruals.
Results of operations of third quarter and first nine months of fiscal
- - - - ----------------------------------------------------------------------
1995 compared to third quarter and first nine months of fiscal 1994.
- - - - -------------------------------------------------------------------
REVENUES
For the third quarter 1995, Consolidated REVENUES, including
Interest income and Other income, were $30,532,356, compared to
$30,072,382 for the third quarter 1994. Interest income was $96,950
for the third quarter 1995, compared to $85,541 for the third quarter
1994.
For the first nine months 1995, Consolidated REVENUES, including
Interest income and Other income were $98,806,183, compared to
$93,690,455 for the first nine months 1994. Interest income was
$293,787 for the first nine months 1995, compared to $203,232 for the
first nine months 1994. Other income was $34,321 for the first nine
months 1995, compared to $89,505 for the first nine months 1994.
The figures in Chart A are before Intersegment eliminations and
do not include Interest income or Other income.
<TABLE>
CHART A
REVENUE SUMMARY BY SEGMENT
(In Thousands, Except Percentages)
<CAPTION>
Third Quarter Ended Nine Months Ended
January 31, Amount Percent January 31, Amount Percent
--------------------- Increase Increase -------------------- Increase Increase
1995 1994 (Decrease) (Decrease) 1995 1994 (Decrease) (Decrease)
-----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Construction <F1> $ 23,645 $ 21,839 $ 1,806 8 $ 76,544 $ 66,877 $ 9,667 14
Manufacturing <F2> 3,839 3,757 82 2 13,045 13,637 (592) (4)
Real Estate <F3> 2,941 4,457 (1,516) (34) 8,889 13,877 (4,988) (36)
-------- -------- -------- --- -------- -------- ------ ---
$ 30,425 $ 30,053 $ 372 1 $ 98,478 $ 94,391 $ 4 087 4
======== ======== ======== === ======== ======== ======= ===
NOTES TO CHART A
- - - - --------------------
<FN>
<F1> The growth in revenues in the third quarter and first nine months
1995 as compared to the third quarter and first nine months 1994 is
the result of increased levels of activity in the construction of new
buildings and expansions of others for existing customers. The
amounts reported in the current periods include no intercompany
REVENUES compared to $72,712 and
5
<PAGE>
$993,741 for the third quarter and first nine months 1994,
respectively. The intercompany REVENUES in the third quarter and
first nine months 1994 are related to construction work performed for
the Real Estate Segment in regard to a shopping center. These
REVENUES are eliminated in the CONSOLIDATED STATEMENTS OF EARNINGS
under the caption, Intersegment eliminations.
<F2> REVENUES for the first nine months 1995 were lower than those of
the first nine months 1994. While sales to four of the Company's
customers increased approximately $2,900,000, these sales were more
than offset by decreased sales of approximately $3,400,000 to two
other customers.
<F3> REVENUES for the third quarter and first nine months 1995 were
lower than those of the third quarter and first nine months 1994
because of decreased land sales.
</FN>
</TABLE>
The following table shows the backlog of contracts and orders by
segment:
<TABLE>
<CAPTION>
January 31,
------------------------------
1995 1994
------------------------------
<S> <C> <C>
Construction $ 29,927,000 $ 19,111,000
Manufacturing 6,478,000 8,340,000
Real Estate 10,132,000 10,773,000
------------ ------------
Total Backlog $ 46,537,000 $ 38,224,000
============ ============
</TABLE>
COSTS AND EXPENSES: Applicable to REVENUES
As a percentage of Segment REVENUES (See Chart A) for the third
quarter 1995 and 1994, the applicable COSTS AND EXPENSES (See Chart B)
were 90% and 88%, respectively. As a percentage of Segment REVENUES
(See Chart A) for the first nine months 1995 and 1994, the applicable
COSTS AND EXPENSES (See Chart B) were 90% and 87%, respectively. The
figures in Chart B are prior to Intersegment eliminations.
<TABLE>
CHART B
COSTS AND EXPENSES APPLICABLE TO REVENUES SUMMARY BY SEGMENT
(In Thousands, Except Percentages)
<CAPTION>
Percent of Segment Revenues Percent of Segment Revenues
Third Quarter Ended For Third Quarter Ended Nine Months Ended For Nine Months Ended
January 31, January 31, January 31, January 31,
-------------------------------------------------------------------------------------------------------------
1995 1994 1995 1994 1995 1994 1995 1994
-------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Construction <F1> $ 22,628 $ 20,393 96 93 $ 73,346 $ 63,507 96 95
Manufacturing <F2> 3,091 2,952 81 79 10,164 9,502 78 70
Real Estate <F3> 1,686 2,954 57 66 4,832 8,958 54 65
-------- -------- --- --- -------- -------- --- ---
$ 27,405 $ 26,299 90 88 $ 88,342 $ 81,967 90 87
======== ======== === === ======== ======== === ===
NOTES TO CHART B
- - - - ----------------------
<FN>
<F1> The increase in the percentage of COSTS AND EXPENSES: Applicable
to REVENUES for the third quarter and first nine months 1995 compared
to the third quarter and first nine months
6
<PAGE>
<PAGE>
1994 is attributable to a very competitive market that has resulted in
lower gross profit margins.
<F2> The increase in the percentage of COSTS AND EXPENSES: Applicable
to REVENUES for the third quarter and first nine months 1995 compared
to the third quarter and first nine months 1994 is primarily
attributable to (1) increased labor and material costs; (2) the
product mix of fixtures sold; (3) underabsorption of plant overhead;
and (4) increased aged inventory reserves.
<F3> The dollar amount of COSTS AND EXPENSES: Applicable to REVENUES
decreased for the first nine months 1995 compared to the first nine
months 1994 because of the sale of an 11.5 acre tract of land in 1994.
There was no such comparable sale in 1995.
</FN>
</TABLE>
SELLING, SHIPPING, GENERAL AND ADMINISTRATIVE EXPENSES
For the third quarter 1995 and for the third quarter 1994,
Selling, shipping, general and administrative expenses were $2,543,126
and $2,599,905, respectively. As a percentage of Consolidated
REVENUES, these expenses were 8% and 9%, respectively. For the first
nine months 1995 and for the first nine months 1994, Selling,
shipping, general and administrative expenses were $7,509,939 and
$7,681,956, respectively. As a percentage of Consolidated REVENUES
these expenses were 8% in each period. In reviewing Chart C, the
reader should recognize that the volume of revenues generally will
affect the amounts and percentages. The percentages in Chart C are
based upon expenses as they relate to Segment REVENUES prior to
Intersegment eliminations (Chart A), except that Parent and Total
expenses relate to Consolidated REVENUES.
<TABLE>
CHART C
SELLING, SHIPPING, GENERAL AND ADMINISTRATIVE EXPENSES BY SEGMENT
(In Thousands, Except Percentages)
<CAPTION>
Percent of Segment Revenues Percent of Segment Revenues
Third Quarter Ended For Third Quarter Ended Nine Months Ended For Nine Months Ended
January 31, January 31, January 31, January 31,
-------------------------------------------------------------------------------------------------------------
1995 1994 1995 1994 1995 1994 1995 1994
-------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Construction <F1> $ 654 $ 863 3 4 $ 1,679 $ 1,735 2 3
Manufacturing <F2> 917 892 24 24 3,029 3,224 23 24
Real Estate <F3> 436 376 15 8 1,257 1,346 14 10
Parent <F4> 536 469 2 2 1,545 1,377 2 2
------ ------ --- --- ------- ------- --- ---
$2,543 $2,600 8 9 $ 7,510 $ 7,682 8 8
====== ====== === === ======= ======= === ===
NOTES TO CHART C
- - - - ----------------------
<FN>
<F1> On a dollar basis, Selling, shipping, general and administrative
expenses were lower for the third quarter and first nine months 1995
compared to the third quarter and first nine months 1994
because of decreased incentive plan expenses, which is a function of
decreased segment profits.
<F2> On a dollar basis, Selling, shipping, general and administrative
expenses were lower for the first nine months 1995 as compared to the
first nine months 1994 because of decreased incentive plan expenses,
which is a function of decreased segment profits.
<F3> On a dollar and percentage basis, Selling, shipping, general and
administrative expenses were higher for the third quarter 1995
compared to the third quarter 1994 primarily because of real estate
taxes paid on a developed tract of land that had previously been
classified and assessed as
7<PAGE>
<PAGE>
an undeveloped tract. On a dollar basis, Selling, shipping, general
and administrative expenses were lower for the first nine months
1995 compared to the first nine months 1994 because of decreased
incentive plan expenses, which is a function of decreased segment profits.
<F4> On a dollar basis, Selling, shipping, general and administrative
expenses were higher for the first nine months 1995 as compared to the
first nine months 1994 because of increased personnel costs.
</FN>
</TABLE>
INTEREST EXPENSE.
Interest expense for the first nine months 1995 increased over
that of the first nine months 1994 by $302,004. In the summer of 1994
the Company completed development of a shopping center. At that time
the Company, pursuant to generally accepted accounting principles,
ceased capitalizing interest and began expensing same. This gave rise
to the increase in interest expense in the current year as compared to
the prior year.
INTEREST RATE SWAP AGREEMENT.
The Company entered into an interest rate swap agreement with
Trust Company Bank effective January 4, 1994, and which terminates
July 1, 1997. The notional amount reduces monthly from approximately
$10.1 million at January 31, 1995, to $9.5 million prior to expiration
of the agreement. The agreement effectively caps and sets a floor
interest rate of 8% and 6%, respectively, on the construction loan
which had an outstanding balance of $9,627,011 at January 31, 1995,
and carries a floating interest rate of prime plus 3/8%. The Company
expects the counterparty to the Agreement to abide by the terms of the
agreement. A determination is made each reporting period whether
amounts are receivable from or payable to the counterparty under the
agreement and such accrual is made in the financial statements.
LIQUIDITY AND CAPITAL RESOURCES.
Between April 30, 1994, and January 31, 1995, working capital
increased by $441,230. Operating activities provided cash of
$494,486. Investing activities used cash of $210,070 primarily for
purchasing new equipment and computers to increase productivity.
Financing activities used cash of $1,376,310 primarily for debt
repayment. At January 31, 1995, the Company and its subsidiaries had
available unsecured committed lines of credit totaling $13,000,000,
against which $91,000 was outstanding.
PART II. OTHER INFORMATION
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) None
(b) The Registrant has not filed any reports on form 8-K during the
quarter ended January 31, 1995.
8
<PAGE>
<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.
ABRAMS INDUSTRIES, INC.
-----------------------
(Registrant)
Date: February 27 , 1995 /s/ Bernard W. Abrams
------------------------
Bernard W. Abrams
Chairman of The Board and
Chief Executive Officer
Date: February 27, 1995 /s/ Joseph H. Rubin
------------------------
Joseph H. Rubin
Executive Vice President and
Secretary (Principal Financial
and Accounting Officer)
9
<PAGE>
EXHIBIT INDEX
Exhibit Number Description
- - - - --------------- ---------------
27 Financial Data Schedule
<TABLE> <S> <C>
<ARTICLE> 5
<CIK> 0000001923
<NAME> ABRAMS INDUSTRIES, INC.
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> APR-30-1995
<PERIOD-START> MAY-01-1994
<PERIOD-END> JAN-31-1995
<CASH> 6,035,294
<SECURITIES> 0
<RECEIVABLES> 12,056,649
<ALLOWANCES> 151,486
<INVENTORY> 2,444,756
<CURRENT-ASSETS> 24,480,093
<PP&E> 55,594,587
<DEPRECIATION> 0
<TOTAL-ASSETS> 88,869,871
<CURRENT-LIABILITIES> 14,593,790
<BONDS> 51,592,021
<COMMON> 3,010,039
0
0
<OTHER-SE> 17,852,152
<TOTAL-LIABILITY-AND-EQUITY> 88,869,871
<SALES> 98,478,075
<TOTAL-REVENUES> 98,806,183
<CGS> 88,342,321
<TOTAL-COSTS> 88,342,321
<OTHER-EXPENSES> 7,509,939
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 3,625,562
<INCOME-PRETAX> (671,639)
<INCOME-TAX> (241,000)
<INCOME-CONTINUING> (430,639)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (430,639)
<EPS-PRIMARY> (0.14)
<EPS-DILUTED> 0
</TABLE>
