<PAGE> 1
U.S. Securities and Exchange Commission
Washington, D.C. 20549
FORM 10-QSB
(Mark One)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended November 30, 1996.
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _______ to _______.
Commission file number 0-8532
OAKRIDGE ENERGY, INC.
(Exact name of small business issuer as specified in its charter)
Utah 87-0287176
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
4613 Jacksboro Highway
Wichita Falls, Texas 76302
(Address of principal executive offices)
(817) 322-4772
(Issuer's telephone number)
Not Applicable
(Former name, former address and former fiscal year, if changed
since last report)
Check whether the issuer (1) filed all reports required to be filed by Section
13 or 15(d) of the Exchange Act during the past 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 [ ]
Check whether the registrant filed all documents and reports required to be
filed by Section 12, 13 or 15(d) of the Exchange Act after the distribution of
securities under a plan confirmed by a court.
YES [ X ] NO [ ]
The number of shares outstanding of each of the issuer's classes of common
equity, as of November 30, 1996: Common Stock, $.04 par value - 5,102,270
shares
Transitional Small Business Disclosure Format (check one);
YES [ ] NO [ X ]
<PAGE> 2
INDEX
<TABLE>
<CAPTION>
Page #
------
<S> <C>
Part I - Financial Information
1. Financial Statements:
Condensed Balance Sheets at
February 29, 1996 and November 30, 1996 1
Condensed Statements of Operations
For the Three Months Ended November 30, 1995 and 1996 and
for the Nine Months Ended November 30, 1995 and 1996 2
Statements of Cash Flows
For the Nine Months Ended November 30, 1995 and 1996 3
Notes to Condensed Financial Statements 4
2. Management's Discussion and Analysis or Plan of Operation 6
Part II - Other Information
6. Exhibits and Reports on Form 8-K 9
Signatures 10
</TABLE>
(i)
<PAGE> 3
Part I - Financial Information
Item 1. Financial Statements.
Oakridge Energy, Inc.
CONDENSED BALANCE SHEETS
ASSETS
<TABLE>
<CAPTION>
As of As of
February 29, 1996 November 30, 1996
------------------ ------------------
<S> <C> <C>
Current assets: (Unaudited)
Cash and cash equivalents $ 44,300 $ 83,587
Trade accounts receivable 314,717 394,719
Other receivables 45,327 66,123
Investment securities (note 3) 2,506,448 2,939,382
Current maturities of long-term notes receivable 4,395 4,666
Federal income tax receivable 528,618 860,913
Prepaid expenses and other 26,675 10,315
------------ ------------
Total current assets 3,470,480 4,359,705
------------ ------------
Investment securities (note 3) 2,055,136 1,547,544
Long-term notes receivable, net of current maturities 32,654 29,120
Oil and gas properties, at cost using the successful efforts method of
accounting, net of accumulated depletion and depreciation of
$2,156,926 on February 29, 1996 and $2,630,432 on November 30, 1996 1,943,997 2,939,676
Coal and gravel properties, net of accumulated depletion and depreciation
of $8,316,008 on February 29, 1996 and $8,328,991 on November 30, 1996 395,153 404,609
Real estate held for development 2,129,819 2,243,081
Other property and equipment, net of accumulated depreciation
of $770,845 on February 29, 1996 and $749,116 on November 30, 1996 172,043 175,428
Other assets 888,994 1,191,392
------------ ------------
$ 11,088,276 $ 12,890,555
============ ============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 284,612 $ 361,800
Accrued expenses 67,735 37,539
Other liabilities 77,233 1,454,792
Deferred federal income taxes 50,915 76,617
------------ ------------
Total current liabilities 480,495 1,930,748
------------ ------------
Deferred federal income taxes 235,156 590,877
------------ ------------
Total liabilities 715,651 2,521,625
------------ ------------
Stockholders' equity:
Common stock, $.04 par value, 20,000,000 shares authorized,
10,157,803 shares issued 406,312 406,312
Additional paid-in capital 805,092 805,092
Retained earnings 16,688,947 16,692,079
Net unrealized gain on investment securities available for sale (note 3) 98,833 148,727
------------ ------------
17,999,184 18,052,210
Less treasury stock, at cost; 5,030,758 shares on February 29, 1996
and 5,055,533 on November 30, 1996 (7,626,559) (7,683,280)
------------ ------------
Total stockholders' equity 10,372,625 10,368,930
------------ ------------
$ 11,088,276 $ 12,890,555
============ ============
</TABLE>
The accompanying notes are an integral part of these financial statements.
1
<PAGE> 4
Oakridge Energy, Inc.
CONDENSED STATEMENTS OF OPERATIONS
(Unaudited)
<TABLE>
<CAPTION>
For 3 Months For 3 Months For 9 Months For 9 Months
Ended Ended Ended Ended
November 30, 1995 November 30, 1996 November 30, 1995 November 30, 1996
------------------ ----------------- ------------------ ------------------
<S> <C> <C> <C> <C>
Revenues:
Oil and gas $89,409 $538,242 $241,674 $1,323,561
Coal and gravel 22,317 17,382 63,356 47,161
Other 10,350 12,450 32,550 34,350
------------ ------------ -------------- -------------
Total revenues 122,076 568,074 337,580 1,405,072
------------ ------------ -------------- -------------
Operating expenses:
Oil and gas 798,372 355,799 1,290,262 1,071,563
Coal and gravel 25,900 33,298 71,154 84,409
Real estate development 3,317 31,884 8,806 47,248
General and administrative 155,543 118,245 404,206 354,404
------------ ------------ -------------- -------------
Total operating expenses 983,132 539,226 1,774,428 1,557,624
------------ ------------ -------------- -------------
Income (loss) from operations (861,056) 28,848 (1,436,848) (152,552)
------------ ------------ -------------- -------------
Other income (expense):
Interest income 108,922 72,598 349,903 221,937
Interest expense (767) (24,137) (767) (53,752)
Other, net 29,035 38,521 35,616 53,266
------------ ------------ -------------- -------------
Total other income 137,190 86,982 384,752 221,451
------------ ------------ -------------- -------------
Income (loss) before income taxes (723,866) 115,830 (1,052,096) 68,899
------------ ------------ -------------- -------------
Provision for (benefit of) income taxes (246,382) 39,383 (360,857) 65,767
------------ ------------ -------------- -------------
Net income (loss) ($477,484) $76,447 ($691,239) $3,132
============ ============ ============== =============
Net income (loss) per
common share ($0.09) $0.01 ($0.13) $0.00
============ ============ ============== =============
Weighted average shares outstanding 5,334,165 5,102,270 5,376,892 5,113,256
============ ============ ============== =============
</TABLE>
The accompanying notes are an integral part of these financial statements.
2
<PAGE> 5
Oakridge Energy, Inc.
STATEMENTS OF CASH FLOWS
(Unaudited)
<TABLE>
<CAPTION>
For 9 Months For 9 Months
Ended Ended
November 30, 1995 November 30, 1996
----------------- ------------------
<S> <C> <C>
Cash flows from operating activities:
Net income (loss) ($691,239) $3,132
Adjustments to reconcile net income (loss) to net cash used in
operating activities:
Depletion and depreciation 76,999 510,650
Abandoned leaseholds 132,060 0
Accretion on investment securities, net (54,660) (14,746)
Gain on sales of investments available for sale (15,309) 0
Gain on sales of oil and gas properties 0 (7,410)
Gain on sales of other property and equipment (16,333) (45,856)
Deferred federal income taxes (190,400) 355,721
Net changes in assets and liabilities:
Trade accounts receivable (55,774) (80,002)
Other accounts receivable 78,495 (20,796)
Federal income tax receivable (170,828) (332,295)
Prepaid expenses and other current assets (287,872) 16,360
Other assets 28,406 (302,398)
Accounts payable 69,900 77,188
Accrued expenses (31,228) (30,196)
State income taxes payable (817,116) 0
------------ ------------
Net cash provided by (used in) operating activities (1,944,899) 129,352
------------ ------------
Cash flows from investing activities:
Additions to oil and gas properties (647,720) (1,475,184)
Additions to coal and gravel properties 0 (22,439)
Additions to real estate held for development 0 (113,262)
Additions to other property and equipment (15,022) (31,284)
Proceeds from sale of oil and gas properties 0 13,410
Proceeds from sale of other property and equipment 20,000 49,593
Proceeds from sale of investments available for sale 1,861,741 0
Purchases of investments available for sale (536,311) 0
Maturities of investments held to maturity 350,000 165,000
Principal payments received on notes receivable 21,740 3,263
------------ ------------
Net cash provided by (used in) investing activities 1,054,428 (1,410,903)
------------ ------------
Cash flows from financing activities:
Other liabilities 330,217 1,377,559
Purchases of treasury stock (325,734) (56,721)
------------ ------------
Net cash provided by financing activities 4,483 1,320,838
------------ ------------
Net increase (decrease) in cash and cash equivalents (885,988) 39,287
Cash and cash equivalents at beginning of period 982,079 44,300
------------ ------------
Cash and cash equivalents at end of period $96,091 $83,587
============ ============
Supplemental disclosures of cash flow information:
Interest paid $0 $51,967
Income taxes paid $817,487 $42,340
</TABLE>
Recognition in Stockholders' Equity of the net unrealized holding gains on
available for sale securities of $179,348, net of tax effect of $92,392
during the nine months ended November 30, 1995 and $49,894, net of tax
effect of $25,702 during the nine months ended November 30, 1996.
The accompanying notes are an integral part of these financial statements.
3
<PAGE> 6
OAKRIDGE ENERGY, INC.
Notes to Condensed Financial Statements
(Unaudited)
(1) The accompanying unaudited financial statements for the three and
nine-month periods ended November 30, 1995 and 1996 reflect, in the
opinion of management, all adjustments, which are of a normal and
recurring nature, necessary for a fair presentation of the results for
such periods.
(2) The foregoing financial statements should be read in conjunction with
the annual financial statements and accompanying notes for the fiscal
year ended February 29, 1996.
The accompanying unaudited condensed statements of operations for the
three and nine months ended November 30, 1995 and the unaudited
statement of cash flows for the nine months ended November 30, 1995
have been adjusted to include the effects of certain fourth quarter
adjustments as noted in note 10 to the Company's annual financial
statements for the fiscal year ended February 29, 1996.
(3) Investment securities are accounted for in accordance with the
provisions of the Financial Accounting Standards Board's Statement of
Financial Accounting Standards No. 115, "Accounting for Certain
Investments in Debt and Equity Securities" ("Statement No. 115").
Statement No. 115 addresses the accounting and reporting for
investments in equity securities that have readily determinable fair
values and all investments in debt securities.
In accordance with Statement No. 115, these investments are classified
at the time of purchase into one of three categories as follows:
- Held to Maturity Securities - Debt securities that the Company
has the positive intent and ability to hold to maturity are
reported at amortized cost.
- Trading Securities - Debt and equity securities that are
bought and held principally for the purpose of selling them in
the near term are to be reported at fair value, with
unrealized gains and losses included in earnings.
- Available for Sale Securities - Debt and equity securities not
classified as either held to maturity securities or trading
securities are reported at fair value, with unrealized gains
and losses excluded from earnings and reported as a separate
component of stockholders' equity (net of tax effects).
4
<PAGE> 7
The Company does not have any securities classified as trading as of
November 30, 1996. In the case that investment securities are sold,
gains and losses are computed under the specific identification
method.
The amortized cost and fair values of investment securities as of
November 30, 1996 are as follows:
<TABLE>
<CAPTION>
Gross Gross
Amortized Unrealized Unrealized Fair
Cost Gains Losses Value
---------- ---------- ---------- ---------
<S> <C> <C> <C> <C>
Available for sale:
Equity mutual fund $999,989 184,271 - 1,184,260
Corporate notes 496,366 6,798 - 503,164
U.S. Treasury notes 999,946 1,934 - 1,001,880
U.S. Government agency
bonds 249,901 177 - 250,078
---------- ------- ----- ---------
Total current 2,746,202 193,180 - 2,939,382
---------- ------- ----- ---------
Corporate notes,
due within 5 years 1,295,988 24,727 - 1,320,715
U.S. Government agency
bonds, due within
5 years 219,395 7,434 - 226,829
---------- ------- ----- ---------
Total noncurrent 1,515,383 32,161 - 1,547,544
---------- ------- ----- ---------
Total $4,261,585 225,341 - 4,486,926
========== ======= ===== =========
</TABLE>
(4) The Company adopted the provisions of the Financial Accounting
Standards Board's Statement of Financial Accounting Standards No. 121,
"Accounting for the Impairment of Long-Lived Assets and for Long-Lived
Assets to be Disposed of" ("Statement No. 121") effective March 1,
1996. Statement No. 121 provides guidance for recognition and
measurement of impairment of long-lived assets, certain identifiable
intangibles and goodwill related both to assets to be held and used by
an entity and disposed of. The adoption of Statement No. 121 did not
have a material impact on the Company's financial position.
5
<PAGE> 8
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION.
The following discussion should be read in conjunction with
Items 6 and 7 of the Company's Annual Report on Form 10-KSB for the fiscal year
ended February 29, 1996 and the Notes to Condensed Financial Statements
contained in this report.
RESULTS OF OPERATIONS
During the three and nine-month periods ended November 30,
1996, the Company had net income of $76,447 ($.01 per share) and $3,132 ($.00
per share) compared to net losses of $477,484 ($.09 per share) and $691,239
($.13 per share) in the matching 1995 periods. The principal reason for the
improved performances in the 1996 periods was a substantial increase in oil and
gas revenues, primarily from the East Texas area.
Oil and gas revenues increased approximately $448,800 (502.0%)
and $1,081,900 (447.7%) during the three and nine months ended November 30,
1996, respectively. During the 1995 periods, the Company had only a small
amount of oil and gas revenues from the East Texas area. During the three and
nine-month 1996 periods, however, oil and gas revenues from such area totaled
approximately $433,500 and $958,500. These revenues resulted from 24 gross
(4.41 net) oil and gas wells in Limestone and Madison Counties in East Texas,
most of which were added subsequent to the 1995 periods. Oil and gas revenues
in the 1996 nine-month period were also aided by production from two gross (.49
net) wells in New Mexico, both of which were brought on stream subsequent to
the 1995 periods. At November 30, 1996, the Company had four additional gross
(.63 net) development wells drilling in the East Texas area.
Oil and gas revenues in the 1996 periods were also aided by
the receipt of significantly higher product prices. The Company's average oil
price received increased approximately $7.28 per barrel (44.6%) in the
three-month period and $5.10 per barrel (30.1%) in the nine-month period. In
addition, increases of approximately $.50 per MCF (36.5%) and $.79 per MCF
(63.2%) were sustained in the Company's average gas prices received during such
periods. The Company's new gas production in East Texas and New Mexico commands
substantially higher prices than the Company's minor other gas production in
the North Texas area.
Gravel revenues declined approximately $4,900 (22.1%) and
$16,200 (25.6%) during the three and nine months ended November 30, 1996,
respectively, due to decreased gravel sales from the Company's Colorado
property resulting from a decline in product demand in the area as rentals
received form the property remained constant at the 1995 levels. Other income
(overhead fees received by the Company as operator in the North Texas area)
increased slightly in both 1996 periods.
6
<PAGE> 9
The expenses of the Company's oil and gas operations (i.e.,
depletion and depreciation expense, lease operating expense, production taxes,
abandoned leaseholds and dry hole costs) decreased approximately $442,600
(55.4%) during the three months ended November 30, 1996 and $218,700 (16.9%) in
the nine-month period. During the 1995 periods, the Company incurred
approximately $560,000 in exploration expense to acquire almost 36 square miles
of three-dimensional seismic information pertaining to the area in which the
Company purchased an interest in new leases in New Mexico. See Note (2) of
Notes to Condensed Financial Statements. Pursuant to the successful efforts
method of accounting used by the Company, the cost of such information was
expensed as incurred rather than being capitalized. The Company incurred no
comparable amount of exploration expense in the 1996 periods, and this was the
principal reason for the decreases in the expenses of oil and gas operations
during such periods. Depletion and depreciation expense, lease operating
expense and production taxes increased significantly in both 1996 periods due
to the new operations being conducted in East Texas and New Mexico. The Company
did not incur any abandoned leaseholds expense in the 1995 three-month period
or in either of the 1996 periods but did incur approximately $132,100 of such
expense in the nine-month 1995 period. Dry hole costs declined approximately
$96,400 (55.9%) and $176,100 (42.1%) in the three and nine months ended
November 30, 1996, respectively, due to the higher amount of unsuccessful
drilling activity in the 1995 periods.
The expenses of the Company's coal and gravel operations
increased approximately $7,400 (28.6%) and $13,300 (18.6%) in the three and
nine-month 1996 periods, respectively, due to higher engineering and testing
and permitting expenses incurred to amend the amount of acreage included in the
Company's coal permit and greater ad valorem taxes.
In August 1996 La Plata County, Colorado granted the Company a
land use permit, with certain conditions attached, which allowed the Company to
commence preliminary site work on the golf course the Company is building on
approximately 170 acres of the Company's 2,025 acres of land in such county.
The permit is for construction of the golf course only, and clubhouse, pump and
waterline construction will require a revised permit and master plan approval
or annexation and approval by the City of Durango, Colorado. The Company plans
on using its existing heavy equipment and employees to perform as much of the
work as possible, and repair expenses incurred on such equipment to ready it
for such work were the principal reason for the approximately $28,600 and
$38,400 increases in the Company's real estate development expenses in the
three and nine-month 1996 periods, respectively. The Company does not expect to
expend significant funds on golf course construction during the remainder of
the fiscal year ending February 28, 1997 due to the winter season, which will
make any significant work on the golf course very difficult.
7
<PAGE> 10
General and administrative expense decreased approximately
$37,300 (24.0%) and $49,800 (12.3%) in the three and nine months ended November
30, 1996. Generally, in both periods, litigation and tax accounting expenses
were substantially lower. In the 1995 periods, the Company incurred litigation
expense pertaining to the fair value to be paid by the Company to certain
former shareholders who dissented from the sale of the Company's South Texas
gas properties in September 1993 for their common stock. The Company incurred
only minimal litigation expense in the three-month 1996 period, and the level
of such expense in the nine-month period declined approximately $12,900. In
addition, during the nine-month 1996 period payroll and general depreciation
expenses were also significantly lower.
Interest income decreased approximately $36,300 (33.3%) in the
1996 three-month period and approximately $128,000 (36.6%) in the 1996
nine-month period due to the lower level of funds the Company had invested
during the periods, as compared to the 1995 periods. The Company primarily
funded the deficit cash flow from its operations during the 1995 periods and
for the remainder of the 1995-1996 year from maturities and sales of its
investment securities. The Company incurred interest expense of approximately
$24,100 and $53,800 in the three and nine-month 1996 periods due to the
Company's election to fund its operations during such periods principally from
margin account borrowings against its investment securities available for sale
rather than from any further sale of such securities.
The Company's provision for income taxes in the nine months
ended November 30, 1996 constituted approximately 95% of its pre-tax income for
such period due to the payment of approximately $29,400 in state franchise
taxes and $12,900 in quarterly federal income tax estimates during such period.
The Company's average weighted shares outstanding declined
approximately 4.3% and 4.9%, respectively, in the three and nine-month 1996
periods primarily due to the Company's purchase of shares during and subsequent
to the 1995 periods. The Company did not purchase any shares during the 1996
three-month period but purchased 24,775 shares during the nine-month period.
FINANCIAL CONDITION AND LIQUIDITY
During the first nine months of fiscal 1997, the Company's
investing activities (principally additions to its oil and gas properties) used
approximately $1,410,900 in cash funds. The Company's financing activities
provided approximately $1,320,800 in funds during the period, and the Company's
operating activities provided an additional approximately $129,400 in funds.
Consequently, the Company's cash and cash equivalents increased by
approximately $39,300 at the end of the period.
8
<PAGE> 11
All of the funds provided by the Company's financing
activities were obtained through margin-account borrowings against certain of
the Company's investment securities available for sale. At November 30, 1996,
outstanding borrowings in the account totaled approximately $1,454,800 and the
Company had additional borrowing capacity of approximately $1,974,900 in such
account.
Given the increase in the Company's oil and gas revenues which
has occurred in fiscal 1997 and which the Company expects to continue, the
Company is currently unsure whether its activities in the oil and gas business
and in real estate development during the remainder of fiscal 1997 will be net
users of cash. If such activities do require a further infusion of cash, the
Company expects to fund them from a combination of further margin-account
borrowings and the sale or maturities of its investment securities. At November
30, 1996, the Company held total investment securities of approximately
$4,486,900.
PART II - OTHER INFORMATION
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K.
(a) Exhibits - Financial Data Schedule for the nine
months ended November 30, 1996 filed as Exhibit 27.
(b) Reports on Form 8-K - No reports on Form 8-K were
filed by the Company during the three months ended November 30, 1996.
9
<PAGE> 12
SIGNATURES
In accordance with the requirements of the Exchange Act, the
registrant caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.
OAKRIDGE ENERGY, INC.
(Registrant)
DATE: January 14, 1997 By /s/ Sandra Pautsky
-------------------------------------
Sandra Pautsky, Executive Vice
President and Chief Accounting Officer
10
<PAGE> 13
INDEX TO EXHIBITS
The exhibits filed herewith are filed in accordance with the
requirements of Item 601 to Regulation S-B for filings on Form 10-QSB. For
convenient reference, each exhibit is listed according to the number assigned
to it in the Exhibit Table of such Item 601.
(2) - Plan of acquisition, reorganization, arrangement,
liquidation or succession - not applicable.
(3) - (i) Articles of Incorporation - not applicable.
(ii) Bylaws - not applicable.
(4) - Instruments defining the rights of security
holders, including indentures - not applicable.
(10) - Material contracts - not applicable.
(11) - Statement re computation of per share earnings -
not applicable.
(15) - Letter on unaudited interim financial
information - not applicable.
(18) - Letter on change in accounting principles - not
applicable.
(19) - Reports furnished to security holders - not
applicable.
(22) - Published report regarding matters submitted
to vote - not applicable.
(23) - Consents of experts and counsel - not applicable.
(24) - Power of Attorney - not applicable.
(27) - Financial Data Schedule - filed herewith.
(99) - Additional exhibits - not applicable.
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FINANCIAL STATEMENTS OF OAKRIDGE ENERGY, INC. AS OF AND FOR THE NINE MONTHS
ENDED NOVEMBER 30, 1996 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> FEB-28-1997
<PERIOD-END> NOV-30-1996
<CASH> 83,587
<SECURITIES> 2,939,382
<RECEIVABLES> 465,508
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 4,359,705
<PP&E> 17,471,333
<DEPRECIATION> 11,708,539
<TOTAL-ASSETS> 12,890,555
<CURRENT-LIABILITIES> 1,930,748
<BONDS> 0
0
0
<COMMON> 406,312
<OTHER-SE> 9,962,618
<TOTAL-LIABILITY-AND-EQUITY> 12,890,555
<SALES> 1,405,072
<TOTAL-REVENUES> 1,405,072
<CGS> 1,203,220
<TOTAL-COSTS> 1,557,624
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 53,752
<INCOME-PRETAX> 68,899
<INCOME-TAX> 65,767
<INCOME-CONTINUING> 3,132
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 3,132
<EPS-PRIMARY> 0.00
<EPS-DILUTED> 0.00
</TABLE>
