<PAGE> 1
SCHEDULE 14A
(RULE 14A-101)
INFORMATION REQUIRED IN PROXY STATEMENT
SCHEDULE 14A INFORMATION
PROXY STATEMENT PURSUANT TO SECTION 14(A) OF THE SECURITIES
EXCHANGE ACT OF 1934 (AMENDMENT NO. )
Filed by the registrant /X/
Filed by a party other than the registrant / /
Check the appropriate box:
/ / Preliminary proxy statement / / Confidential, for Use of the
Commission Only (as permitted by
Rule 14a-6(e)(2))
/X/ Definitive proxy statement
/ / Definitive additional materials
/ / Soliciting material pursuant to Rule 14a-11(c) or Rule 14a-12
COACHMEN INDUSTRIES, INC.
--------------------------------------------------------------------------------
(Name of Registrant as Specified in Its Charter)
--------------------------------------------------------------------------------
(Name of Person(s) Filing Proxy Statement, if other than the Registrant)
Payment of filing fee (Check the appropriate box):
/X/ $125 per Exchange Act Rule 0-11(c)(1)(ii), 14a-6(i)(1), or 14a-6(i)(2)
or Item 22(a)(2) of Schedule 14A.
/ / $500 per each party to the controversy pursuant to Exchange Act Rule
14a-6(i)(3).
/ / Fee computed on table below per Exchange Act Rules 14a-6(i)(4) and
0-11.
(1) Title of each class of securities to which transaction applies:
--------------------------------------------------------------------------------
(2) Aggregate number of securities to which transaction applies:
--------------------------------------------------------------------------------
(3) Per unit price or other underlying value of transaction computed
pursuant to Exchange Act Rule 0-11 (Set forth the amount on which the filing fee
is calculated and state how it was determined):
--------------------------------------------------------------------------------
(4) Proposed maximum aggregate value of transaction:
--------------------------------------------------------------------------------
(5) Total fee paid:
--------------------------------------------------------------------------------
/ / Fee paid previously with preliminary materials.
--------------------------------------------------------------------------------
/ / Check box if any part of the fee is offset as provided by Exchange Act
Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid
previously. Identify the previous filing by registration statement number, or
the form or schedule and the date of its filing.
(1) Amount previously paid:
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(2) Form, schedule or registration statement no.:
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(3) Filing party:
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(4) Date filed:
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<PAGE> 2
COACHMEN INDUSTRIES, INC.
P. O. BOX 3300
ELKHART, INDIANA 46515
219-262-0123
------------------
NOTICE OF ANNUAL MEETING OF SHAREHOLDERS
TO BE HELD MAY 4, 1995
------------------
To the Shareholders of
COACHMEN INDUSTRIES, INC.
NOTICE IS HEREBY GIVEN that the annual meeting of shareholders of COACHMEN
INDUSTRIES, INC., an Indiana corporation, will be held at the Quality Hotel, 300
South Main Street, Elkhart, Indiana, on May 4, 1995 at 10:00 A.M., for the
following purposes:
1. To elect nine directors of the Company to hold office for the ensuing
year.
2. To transact such other business as may properly come before the meeting
or any adjournment thereof.
Only shareholders of record at the close of business on March 21, 1995, are
entitled to notice of and to vote at the meeting. Each such shareholder is
entitled to one vote per share on all matters to be voted on at the meeting.
Whether or not you expect to attend the meeting, please sign, date and
return the enclosed proxy in the enclosed envelope.
By Order of the Board of Directors,
GARY L. GROOM
Secretary
March 27, 1995
PLEASE DATE, SIGN AND MAIL THE ENCLOSED PROXY IN THE ENVELOPE PROVIDED
WHICH REQUIRES NO POSTAGE FOR MAILING IN THE UNITED STATES. A PROMPT RESPONSE IS
HELPFUL AND YOUR COOPERATION WILL BE APPRECIATED.
<PAGE> 3
COACHMEN INDUSTRIES, INC.
P. O. BOX 3300
ELKHART, INDIANA 46515
219-262-0123
------------------
PROXY STATEMENT
ANNUAL MEETING OF SHAREHOLDERS
TO BE HELD MAY 4, 1995
------------------
This Proxy Statement is being mailed to shareholders of COACHMEN
INDUSTRIES, INC. (the "Company") on or about March 27, 1995, and is furnished in
connection with the Board of Directors' solicitation of proxies to be used at
the annual meeting of shareholders to be held on May 4, 1995, at the time and
place and for the purposes set forth in the Notice of Annual Meeting of
Shareholders accompanying this Proxy Statement. The shareholder executing the
proxy has the power to revoke it at any time prior to the voting thereof. The
Annual Report to Shareholders for the year 1994 accompanies this Proxy
Statement. Additional copies of the Report may be obtained by writing to the
Secretary of the Company.
The expenses in connection with the solicitation of the enclosed form of
proxy, including postage, printing and handling, and actual expenses incurred by
brokerage houses, custodians, nominees and fiduciaries in forwarding documents
to beneficial owners, will be paid by the Company. It is also expected that
solicitation in person or by telephone will be made of some shareholders by
certain directors, officers and employees of the Company without extra
compensation.
VOTING INFORMATION
Each shareholder is entitled to one vote for each share of the Company's
Common Stock held as of the record date. For purposes of the meeting, a quorum
means a majority of the outstanding shares. As of the close of business on March
21, 1995, the record date for shareholders entitled to vote at the annual
meeting, there were outstanding 7,430,224 shares of Common Stock, entitled to
one vote each. In determining whether a quorum exists at the meeting, all shares
represented in person or by proxy will be counted. A shareholder may, with
respect to the election of directors, (i) vote for the election of all named
director nominees, (ii) withhold authority to vote for all named director
nominees or (iii) vote for the election of all named director nominees other
than any nominee with respect to whom the shareholder withholds authority to
vote by so indicating in the appropriate space on the proxy. Proxies properly
executed and received by the Company prior to the meeting and not revoked will
be voted as directed therein on all matters presented at the meeting. In the
absence of a specific direction from the shareholder, proxies will be voted for
the election of all named director nominees.
The affirmative vote of the holders of a majority of the shares present in
person or by proxy at the meeting and entitled to vote is required in the
election of directors and for any other matter which may properly come before
the meeting. Withholding authority to vote for a director nominee will in effect
count as a vote against the director nominee. Broker nonvotes will have no
effect on any matter at the Annual Meeting.
The Board of Directors knows of no other matter which may come up for
action at the meeting. However, if any other matter properly comes before the
meeting, the persons named in the proxy form enclosed will vote in accordance
with their judgment upon such matter.
<PAGE> 4
Shareholders wishing to include proposals in the Company's Proxy Statement
and form of proxy for the next Annual Meeting of Shareholders must submit such
proposals so that they are received by the Secretary of the Company at the
address indicated on page 1 by no later than November 28, 1995.
The Company's Bylaws provide that notice of proposed shareholder
nominations for election of directors must be given to the Secretary of the
Company not less than 60 days prior to the meeting at which directors are to be
elected. Such notice must contain certain information about each proposed
nominee, including his age, business and residence addresses and principal
occupation, the number of shares of Common Stock beneficially owned by him and
such other information as would be required to be included in a proxy statement
soliciting proxies for the election of such proposed nominee. If the Chairman of
the meeting of shareholders determines that a nomination was not made in
accordance with the foregoing procedures, such nomination is void. The advance
notice requirement affords the Board of Directors the opportunity to consider
the qualifications of all proposed nominees and, to the extent deemed necessary
or desirable by the Board, inform shareholders about such qualifications.
STOCK OWNERSHIP INFORMATION
The following table sets forth, as of the record date, information
concerning the only parties known to Coachmen having beneficial ownership of
more than 5 percent of its outstanding Common Stock and information with respect
to the stock ownership of all directors and executive officers of the Company as
a group.
<TABLE>
<CAPTION>
NUMBER OF
SHARES
NAME AND ADDRESS BENEFICIALLY PERCENT
OF BENEFICIAL OWNER OWNED OF CLASS
------------------------------------------------------------------ ------------ --------
<S> <C> <C>
First Pacific Advisors, Inc. 855,900 11.5%
10301 West Pico Boulevard
Los Angeles, California 90064
Brinson Partners 614,400 8.3%
209 South LaSalle
Chicago, Illinois 60604
Thomas H. Corson 340,240 4.6%
Chairman of the Board
P.O. Box 504
Middlebury, Indiana 46540
Dorthy S. Corson 299,970 4.0%
(Wife of Thomas H. Corson)
P.O. Box 504
Middlebury, Indiana 46540
Directors and Executive Officers as a group (10 persons) 864,815 11.6%(1)
</TABLE>
---------------
(1) The stock ownership of the executive officers named in the Summary
Compensation Table is set forth under the heading "Election of Directors"
except for Gene E. Stout, Executive Vice President, Corporate Development,
who owns 7,750 shares of which 4,750 are held under options exercisable
within 60 days of the record date for the annual meeting.
2
<PAGE> 5
ELECTION OF DIRECTORS
At the meeting, nine directors, constituting the entire Board of Directors
of the Company, are to be elected to hold office until the next annual meeting
of shareholders or until their successors are elected and qualified. Unless
otherwise indicated on the proxy form, the authority conferred by the proxy will
be used for the purpose of voting in favor of the nine nominees listed below. If
any such nominee shall be unable to serve, the proxies will be voted to fill any
vacancy so arising in accordance with the discretionary authority of the persons
named in the proxies. The Board of Directors has no reason to believe that any
such nominee will be unable to serve. The following information concerning the
nominees and the number of shares of Common Stock of the Company owned of record
and beneficially as of March 21, 1995 has been furnished by the nominees:
<TABLE>
<CAPTION>
YEAR FIRST COMMON STOCK
ELECTED OWNED
NAME AND AGE PRINCIPAL OCCUPATION(1) DIRECTOR MARCH 21, 1995
---------- ----------------
<S> <C> <C> <C> <C> <C>
Thomas H. Corson (67) Chairman of the Board and 1965 640,210 (8.6%)(3)
Chief Executive Officer
Keith D. Corson (59) President and Chief Operating 1991 40,200 (2)(3)(4)
Officer
(Brother of Thomas H. Corson)
Gary L. Groom (49) Executive Vice President, Finance 1981 14,560 (2)(4)
and Secretary
Claire C. Skinner (40) Executive Vice President 1993 108,881 (1.5%)(2)(3)
(Daughter of Thomas H. Corson and
Niece of Keith D. Corson)
Philip C. Barker (68) Attorney, Hartzog, Barker, Hepler 1969 2,800 (4)
& Saunders
R. James Harring (71) Retired Vice President and Director 1978 2,800 (4)
of
Corporate Planning, Motorola,
Inc. (diversified electronics
manufacturer)
William P. Johnson (53) Chairman of the Board of 1978 6,800 (4)
Goshen Rubber Co., Inc.
(manufacturer of synthetic
rubber products)
Philip G. Lux (66) Retired President of the Company 1979 61,964 (4)
William G. Milliken (72) Retired Governor of State of 1985 2,100 (4)
Michigan; Director of Total
Petroleum (NA) Ltd. and a former
Trustee of
The Ford Foundation
</TABLE>
---------------
(1) All of the nominees have held the positions set opposite their names for
more than the past five years except K. D. Corson. Mr. Corson was owner and
President of Koszegi Products, a soft case manufacturer, for eight years
prior to being elected President and a Director of the Company on October
29, 1991. He was employed by the Company on June 1, 1991 in the position of
Office of the President.
(2) Includes 15,000 shares held under options exercisable within 60 days of the
record date for the annual meeting by K.D. Corson, 1,500 shares by G.L.
Groom, and 2,000 shares by C.C. Skinner.
(3) Includes shares, as to which beneficial ownership is disclaimed, held by or
for the benefit of family members as follows: T.H. Corson, 306,970 shares,
K.D. Corson, 18,200 shares, and C.C. Skinner, 17,431 shares.
(4) Less than 1.0%.
3
<PAGE> 6
COMPENSATION OF EXECUTIVE OFFICERS AND DIRECTORS
SUMMARY COMPENSATION TABLE
<TABLE>
<CAPTION>
LONG-TERM
COMPENSATION
ANNUAL COMPENSATION ---------------------
NAME AND ------------------------------ SECURITIES UNDERLYING ALL OTHER
PRINCIPAL POSITION YEAR SALARY BONUS(1) OPTIONS(#)(2) COMPENSATION(3)
------------------------------ ----- -------- -------- --------------------- ---------------
<S> <C> <C> <C> <C> <C>
Thomas H. Corson 1994 $207,000 $207,000 20,000 $15,976
Chairman of the Board and 1993 207,000 207,000 -- 35,447
Chief Executive Officer 1992 207,000 207,000 -- 22,953
Keith D. Corson 1994 172,800 172,800 5,000 4,842
President and Chief 1993 168,000 168,000 -- 4,871
Operating Officer 1992 162,000 162,000 5,000 --
Gary L. Groom 1994 152,500 114,375 3,000 5,073
Executive Vice President, 1993 148,200 111,150 -- 9,606
Finance and Secretary 1992 143,000 107,250 5,000 5,657
Claire C. Skinner 1994 150,000 131,404 5,000 3,325
Executive Vice President 1993 127,200 107,656 -- 6,222
1992 120,000 100,800 8,000 3,611
Gene E. Stout 1994 121,700 73,020 2,000 2,153
Executive Vice President, 1993 118,200 70,920 -- 3,905
Corporate Development 1992 114,000 68,400 5,000 2,178
</TABLE>
---------------
(1) The Company has incentive bonus plans for both designated officers and key
management personnel. Under these plans and subject to certain limitations
and exceptions, bonus payments are made from an amount equal to a maximum
of 20% of the result reached by subtracting 6% of the previous year-end net
worth from annual earnings, before the bonuses described herein and income
taxes.
(2) The options are for a term of five years and become exercisable at the rate
of 25% per year at the end of the first year. The option plan permits the
optionee to pay for exercise with common stock and to pay withholding tax
with shares acquired on exercise.
(3) The Compensation Committee has approved executive deferred compensation
agreements for certain corporate and subsidiary officers. These agreements
provide monthly payments to executives upon retirement and provide for
monthly payments to the executive's beneficiaries should the executive die
prematurely. The benefits are funded by the Company's purchase of insurance
on the lives of the executive officers. These agreements provide for
twenty-year payments upon retirement and are fully funded by the life
insurance purchased. The amounts in this column represent the Company's
contributions under the deferred compensation plan and interest earned
above 120% of the applicable federal rate.
STOCK OPTION GRANTS TABLE
The following table shows as to the executive officers named above
information with respect to options for the Company's Common Stock (without par
value) granted under the Company's Key Employees Incentive Stock Option Plan.
OPTION GRANTS IN LAST FISCAL YEAR
<TABLE>
<CAPTION>
POTENTIAL
REALIZABLE
% OF TOTAL VALUE
OPTIONS OPTIONS GRANTED EXERCISE EXPIRATION ------------------
GRANTED(#) TO EMPLOYEES PRICE DATE 5% 10%
----------- --------------- -------- ---------- ------- --------
<S> <C> <C> <C> <C> <C> <C>
Thomas H. Corson................ 20,000 22.9% $ 12.875 7/29/99 $71,143 $157,206
Keith D. Corson................. 5,000 5.7 16.875 1/26/99 23,311 51,512
Gary L. Groom................... 3,000 3.4 16.875 1/26/99 13,987 30,907
Claire C. Skinner............... 5,000 5.7 16.875 1/26/99 23,311 51,512
Gene E. Stout................... 2,000 2.3 16.875 1/26/99 9,325 20,605
</TABLE>
4
<PAGE> 7
STOCK OPTION EXERCISES AND VALUES TABLE
The following table shows information with respect to options for the
Company's Common Stock either exercised or having value outstanding under the
Company's Key Employees Incentive Stock Option Plan.
AGGREGATED OPTION EXERCISES IN FISCAL 1994
AND YEAR END OPTION VALUES
<TABLE>
<CAPTION>
NUMBER OF
OPTIONS EXERCISED SECURITIES UNDERLYING VALUE OF UNEXERCISED
IN 1994 UNEXERCISED OPTIONS IN-THE-MONEY OPTIONS
---------------------------- AT DECEMBER 31, 1994 AT DECEMBER 31, 1994*
SHARES ACQUIRED VALUE ---------------------------- ----------------------------
NAME ON EXERCISE REALIZED* EXERCISABLE UNEXERCISABLE EXERCISABLE UNEXERCISABLE
--------------------- --------------- --------- ----------- ------------- ----------- -------------
<S> <C> <C> <C> <C> <C> <C>
Thomas H. Corson..... 30,000 $ 198,750 -- 20,000 $ -- $50,000
Keith D. Corson...... -- -- 12,500 7,500 121,250 69,688
Gary L. Groom........ 2,500 17,219 -- 2,500 -- 16,750
Claire C. Skinner.... 1,000 6,750 8,000 4,000 65,813 25,563
Gene E. Stout........ 4,000 16,000 4,000 2,500 32,563 16,750
</TABLE>
---------------
*Market value of the underlying securities at exercise date or year-end as the
case may be, minus the exercise price of the options.
BOARD OF DIRECTORS
The Company's Board of Directors has an Audit Committee consisting of
William P. Johnson, Philip C. Barker and Philip G. Lux. The functions of the
Audit Committee are to review and approve in advance the scope of the annual
audit by the Company's independent public accountants, to review internal audit
procedures, to review all matters having a material effect upon the Company's
financial operations and to discuss fees paid to the Company's independent
public accountants. The committee met three times in 1994.
The Board of Directors has established a Compensation Committee consisting
of Philip C. Barker, William P. Johnson and Philip G. Lux. This committee
reviews and approves compensation plans for all senior corporate officers, stock
option grants and profit sharing awards. The committee met four times in 1994.
The Board of Directors had four meetings in 1994. All directors attended at
least three meetings. Non-employee directors are paid $8,000 annually, and
$1,000 annually for serving on an official committee of the Board. Employee
directors receive no compensation as such.
The Board has no nominating committee, such functions being performed by
the entire Board.
COMPENSATION COMMITTEE REPORT
This report of the Compensation Committee and the following Performance
Graph shall not be deemed incorporated by reference by any general statement
incorporating by reference this Proxy Statement into any filing under the
Securities Act of 1933 or under the Securities Exchange Act of 1934, except to
the extent that the Company specifically incorporates this information by
reference, and shall not otherwise be deemed filed under such Acts.
COMPENSATION PHILOSOPHY
In designing its compensation programs, the Company follows its belief that
compensation should reflect the value created for shareholders while supporting
the Company's strategic goals. In doing so, the compensation programs reflect
the following themes:
- Compensation should be meaningfully related to the value created for
shareholders.
- Compensation programs should support the short- and long-term strategic
goals and objectives of the Company.
5
<PAGE> 8
- Compensation programs should reflect and promote the Company's values,
and reward individuals for outstanding contributions to the Company's
success.
- Short- and long-term compensation play a critical role in attracting and
retaining well qualified executives.
- In 1993, Congress enacted the Omnibus Reconciliation Act of 1993 (OBRA)
which, among other things, establishes certain requirements in order for
compensation exceeding $1 million earned by certain senior executives to
be deductible. The Committee will attempt to conform executive
compensation programs and payments to OBRA's deductibility requirements.
PAY MIX AND MEASUREMENT
Coachmen's executive compensation is based on three components, each of
which is intended to serve the overall compensation philosophy.
BASE SALARY levels for the Company's executive officers are competitively
set relative to companies in the recreational vehicle and manufactured housing
industries and other comparable companies. In determining salaries, the
Committee also takes into account individual experience and performance. The
base salary of the Chairman and Chief Executive Officer has remained at $207,000
for the years 1992, 1993 and 1994.
ANNUAL INCENTIVES for executives are intended to reflect the Company's
belief that management's contribution to shareholder returns comes from
maximizing earnings and the quality of those earnings. Accordingly, the annual
incentive compensation plan is funded from a pre-set portion of the Company's
net income which exceeds a threshold return on equity. See footnote 1 to the
Summary Compensation Table. The Compensation Committee believes that this
program provides an excellent link between the value created for shareholders
and the incentives paid to executives. The Chairman and CEO received an annual
incentive of $207,000 for each of the years 1992, 1993 and 1994.
In addition to the incentive compensation described above, certain
employees engaged in running specific lines of business receive incentive pay
which is tied to the business results of such lines of business. Accordingly,
Ms. Skinner is entitled to participate in an incentive pool funded by the
profits of the business line she manages, after allowing the Company to achieve
what the Committee deems to be an acceptable rate of return from the business.
In addition, she receives an incentive bonus based on the return on assets
earned by each of the business units she oversees.
LONG-TERM INCENTIVES, provided through grants of stock options to the named
executives and others, are intended to retain and motivate executives to improve
long-term stock market performance. Stock options are granted at the prevailing
market price and will only have value if the Company's stock price increases.
Generally, grants vest in equal amounts annually over four years. Executives
must be employed by the Company at the time of vesting in order to exercise the
options.
Stock options are granted to the Chairman and CEO, and to other executives,
primarily based on the executive's ability to influence the Company's long-term
growth and profitability. In 1994 the CEO was granted an option for 20,000
shares at an option price of $12.875. The only other option granted to the CEO
was in January of 1990 when 30,000 shares were granted at an option price of
$6.75. This option was exercised in 1994 resulting in a gain of $198,750 based
on the market price of the stock at the time of exercise.
Since all options are granted at the current market price, the value of the
option bears a direct relationship to the Company's stock price and is an
effective incentive for executives to create value for shareholders. The
Committee therefore views stock options as an important component of its
long-term performance-based compensation philosophy.
Philip C. Barker, Chairman, William P. Johnson, Member
Compensation Committee Philip G. Lux, Member
6
<PAGE> 9
COMPENSATION COMMITTEE INTERLOCKS AND INSIDER PARTICIPATION
Philip G. Lux was President and Chief Operating Officer of the Company
prior to his retirement on December 31, 1991.
PERFORMANCE GRAPH
The stock price performance shown on the graph below is not necessarily
indicative of future price performance. The companies comprising the Peer Group
are Fleetwood Enterprises, Skyline Corporation, Thor Industries, Inc. and
Winnebago Industries, Inc. The total return of each company in the Peer Group
has been weighted according to Coachmen's stock market capitalization.
COMPARATIVE FIVE-YEAR TOTAL RETURNS*
COACHMEN IND., S&P 500, PEER GROUP
(PERFORMANCE RESULTS THROUGH 12/31/94)
<TABLE>
<CAPTION>
COACHMEN
MEASUREMENT PERIOD INDUSTRIES S&P 500 IN-
(FISCAL YEAR COVERED) INC DEX PEER GROUP
<S> <C> <C> <C>
1989 100 100 100
1990 57.12 96.89 90.36
1991 91.99 126.42 139.57
1992 278.78 136.05 210.75
1993 266.04 149.76 214.76
1994 255.85 151.74 182.88
</TABLE>
Assumes $100 invested at the close of trading on the last trading day preceding
the first day of the fifth preceding fiscal year in COA common stock, S&P 500,
and Peer Group.
* Cumulative total return assumes reinvestment of dividends.
7
<PAGE> 10
ACCOUNTING INFORMATION
The Company's certified public accountants for the year 1994 were Coopers &
Lybrand L.L.P. Such accounting firm is expected to have a representative at the
annual meeting of shareholders and will be available to respond to appropriate
questions at that time and have an opportunity to make a statement if they
desire to do so.
By Order of the Board of Directors,
GARY L. GROOM
Secretary
Dated: March 27, 1995
8
<PAGE> 11
--------------------------------------------------------------------------------
COACHMEN INDUSTRIES, INC. PROXY
P. O. BOX 3300
ELKHART, INDIANA 46515
THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS
The undersigned hereby appoints Thomas H. Corson, Keith D.
Corson and Gary L. Groom, and each of them, as his proxies,
each with full power of substitution, to represent and to
vote, as designated below, all of the undersigned's Common
Stock of Coachmen Industries, Inc. at the annual meeting of
shareholders of Coachmen Industries, Inc. to be held on May 4,
1995, and at any adjournment thereof, with the same authority
as if the undersigned were personally present.
<TABLE>
<S> <C> <C>
1. ELECTION OF DIRECTORS FOR all nominees listed below (except as WITHHOLD AUTHORITY to vote for
marked to the contrary below) / / all nominees listed below / /
</TABLE>
Thomas H. Corson, Keith D. Corson, Gary L. Groom, Claire C.
Skinner, Philip C. Barker,
R. James Harring, William P. Johnson, Philip G. Lux, William
G. Milliken.
INSTRUCTION: To withhold authority to vote for any individual
nominee, write that nominee's name on the space provided
below:
--------------------------------------------------------------
2. In their discretion, the Proxies are authorized to vote
upon such other business as may properly come before the
meeting.
(Continued and to be signed on the reverse side.)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
THIS PROXY WHEN PROPERLY EXECUTED WILL BE VOTED IN THE MANNER
DIRECTED BY THE UNDERSIGNED SHAREHOLDER. IF NO DIRECTION IS
MADE, THIS PROXY WILL BE VOTED FOR PROPOSAL 1.
THE UNDERSIGNED HEREBY REVOKES ANY PROXY HERETOFORE GIVEN AND
ACKNOWLEDGES RECEIPT OF THE NOTICE AND PROXY STATEMENT FOR THE
ANNUAL MEETING.
<TABLE>
<S> <C>
Dated: , 1995 ---------------------------------------------
----------------------------- (Signature)
---------------------------------------------
(Signature)
(If the stock is registered in the name of
more than one person, the proxy should be
signed by all named holders. If signing as
attorney, executor, administrator, trustee,
guardian, corporate official, etc., please
give full title as such.)
</TABLE>
--------------------------------------------------------------------------------
