<PAGE>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
***
FORM 10-Q
(Mark One)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 1995
--------------------------------------------
OR
[ ] 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 0-1649
--------
NEWPORT CORPORATION
- --------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Nevada 94-0849175
- ----------------------------------------------------- -------------------
(State or other Jurisdiction (I.R.S. Employer
of incorporation or organization) Identification No.)
1791 Deere Avenue, Irvine, CA 92714
- ----------------------------------------------------- -------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (714) 863-3144
--------------
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 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 outstanding of each of the issuer's classes of common stock
as of September 30, 1995, was 8,678,256
---------
Page 1 of 12 Pages
Exhibit Index on Sequentially Numbered Page 11
<PAGE>
NEWPORT CORPORATION
INDEX
<TABLE>
<CAPTION>
Page Number
<S> <C>
PART I. FINANCIAL INFORMATION
Item 1: Financial Statements:
Condensed Consolidated Statement of Operations and Condensed
Consolidated Statement of Stockholders' Equity for the Three
and Nine Months ended September 30, 1995 and 1994. 3
Condensed Consolidated Balance Sheet at September 30, 1995
and December 31, 1994. 4
Condensed Consolidated Statement of Cash Flows for
the Nine Months ended September 30, 1995 and 1994. 5
Notes to Condensed Consolidated Financial
Statements. 6
Item 2: Management's Discussion and Analysis of Financial
Condition and Results of Operations. 8
PART II. OTHER INFORMATION
Item 6: Exhibits and Reports on Form 8-K. 11
SIGNATURE 11
</TABLE>
2
<PAGE>
NEWPORT CORPORATION
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS AND
CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY
(UNAUDITED)
<TABLE>
<CAPTION>
(In thousands except Three Months Ended Nine Months Ended
per share amounts) September 30, September 30,
-------------------- -------------------
1995 1994 1995 1994
--------- -------- -------- --------
<S> <C> <C> <C> <C>
Net sales $24,253 $23,031 $74,094 $68,916
Cost of sales 13,079 12,441 40,527 37,857
------- ------- ------- -------
Gross profit 11,174 10,590 33,567 31,059
Selling, general and administrative expense 8,091 7,990 24,966 23,700
Research and development expense 1,491 1,319 4,940 3,983
------- ------- ------- -------
Income from operations 1,592 1,281 3,661 3,376
Interest expense (386) (455) (1,190) (1,351)
Other income/(expense), net (112) 226 1,095 1,264
------- ------- ------- -------
Income before income taxes 1,094 1,052 3,566 3,289
Income tax provision 350 354 1,141 1,197
------- ------- ------- -------
Net income $ 744 $ 698 $ 2,425 $ 2,092
======= ======= ======= =======
Net income per share $ 0.08 $ 0.08 $ 0.28 $ 0.25
======= ======= ======= =======
Average number of shares 8,808 8,482 8,665 8,455
======= ======= ======= =======
Stockholders' equity, beginning of period $49,589 $44,284 $46,651 $43,643
Net income 744 698 2,425 2,092
Dividends paid (171) (141) (312) (299)
Unrealized translation gain (loss) (51) 556 1,034 664
Reduction in unrealized gain on marketable securities -0- (17) (343) (745)
Unamortized deferred compensation 28 15 (217) (111)
Issuance of common shares 771 94 1,672 245
------- ------- ------- -------
Stockholders' equity, end of period $50,910 $45,489 $50,910 $45,489
======= ======= ======= =======
</TABLE>
See accompanying notes
3
<PAGE>
NEWPORT CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEET
<TABLE>
<CAPTION>
(In thousands) September 30, December 31,
1995 1994
-------------- -------------
ASSETS (Unaudited)
<S> <C> <C>
Current assets:
Cash and cash equivalents $ 2,296 $ 3,014
Marketable securities -- 610
Customer receivables, net 17,512 18,755
Other receivables 1,378 1,912
Inventories 21,850 21,432
Other current assets 2,782 2,600
------- -------
Total current assets 45,818 48,323
Investments, notes receivable and other assets 4,803 4,441
Property, plant and equipment, at cost, net 22,895 23,044
Goodwill, net 8,882 8,846
------- -------
$82,398 $84,654
======= =======
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 4,583 $ 5,393
Accrued payroll and related expenses 4,047 4,679
Taxes based on income 1,775 1,308
Accrued restructuring liabilities, net 609 2,364
Current portion of long-term debt 10,181 10,316
Other accrued liabilities 3,734 2,544
------- -------
Total current liabilities 24,929 26,604
Deferred taxes 267 282
Notes payable to banks-long term 6,292 11,117
Stockholders' equity:
Common stock, $.35 stated value, 20 million shares authorized;
8,678,000 shares issued and outstanding currently;
8,441,000 shares at December 31, 1994 3,037 2,954
Capital in excess of stated value 7,360 5,771
Unamortized deferred compensation (468) (251)
Unrealized gain on marketable securities -- 343
Unrealized translation loss (1,744) (2,778)
Retained earnings 42,725 40,612
------- -------
Total stockholders' equity 50,910 46,651
------- -------
$82,398 $84,654
======= =======
</TABLE>
See accompanying notes
4
<PAGE>
NEWPORT CORPORATION
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(UNAUDITED)
<TABLE>
<CAPTION>
Nine Months Ended
September 30,
-------------------
(In thousands) 1995 1994
-------- --------
<S> <C> <C>
OPERATING ACTIVITIES:
Net income $ 2,425 $ 2,092
Adjustments to reconcile net income to net cash
(used in) provided by operating activities:
Depreciation and amortization 3,351 2,744
Net gain from sales of investments (832) (778)
Increase in provision for losses
on receivables and inventories 405 148
Decrease in deferred income taxes (15) (130)
Net (gains) losses from sales of equipment (44) 122
Changes in operating assets and liabilities:
Decrease in receivables 2,295 682
(Increase) decrease in inventories (185) 961
Increase in prepaid expenses (97) (228)
Decrease in accounts payable &
other accrued expenses (2,686) (3,831)
Increase in accrued income taxes 465 718
Other 721 611
------- -------
Net cash provided by operating activities 5,803 3,111
------- -------
INVESTING ACTIVITIES:
Proceeds from sales of investments (net) 822 1,189
Purchases of property, plant and equipment (net) (1,834) (998)
Other 137 65
------- -------
Net cash provided by (used in) investing activities (875) 256
------- -------
FINANCING ACTIVITIES:
Decrease in short-term borrowings, net (579) (1,472)
Decrease in long-term borrowings, net (5,500) (2,042)
Cash dividends paid (312) (299)
Proceeds from issuance of common stock under
employee agreements 879 --
------- -------
Net cash used in financing activities (5,512) (3,813)
------- -------
Effect of foreign exchange rate changes on cash (134) 212
------- -------
NET DECREASE IN CASH AND CASH EQUIVALENTS (718) (234)
Cash and cash equivalents at beginning of period 3,014 2,614
------- -------
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 2,296 $ 2,380
======= =======
CASH PAID IN THE PERIOD FOR:
Interest $ 882 $ 928
Taxes 587 258
</TABLE>
See accompanying notes
5
<PAGE>
NEWPORT CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
SEPTEMBER 30, 1995
(UNAUDITED)
1. INTERIM REPORTING
GENERAL
The accompanying unaudited financial statements consolidate the accounts of the
Company and its wholly owned subsidiaries and have been restated to reflect the
acquisitions of RAM Optical Instrumentation, Inc. (ROI) and Light Control
Instruments, Inc. (LCI) (Note 2) which have been accounted for using the pooling
of interests method. The accounts of the Company's subsidiaries in Europe have
been consolidated using a one-month lag.
In the opinion of management, all adjustments necessary for a fair presentation
of the information in the unaudited condensed consolidated financial statements
have been made and consist of only normal recurring accruals. Certain
reclassifications have been made to prior period amounts to conform to current
year presentation. Although the Company believes that the disclosures in these
financial statements are adequate to make the information presented not
misleading, certain information and footnote disclosures normally included in
financial statements prepared in accordance with generally accepted accounting
principles have been condensed or omitted pursuant to rules and regulations of
the Securities and Exchange Commission, and consequently, these statements
should be read in conjunction with the Company's consolidated financial
statements and notes thereto, contained in the Company's Form 8-K dated May 17,
1995.
EARNINGS PER SHARE
Earnings per share is based on the weighted average number of shares of common
stock and the dilutive effects of common stock equivalents (stock options),
determined using the treasury stock method.
2. ACQUISITIONS
On February 28, 1995, the Company acquired all the outstanding capital stock of
ROI, a manufacturer of video inspection systems, in exchange for 1,251,000
shares of its common stock. Additionally, an option to purchase 3,500 ROI
common shares was exchanged for an option to purchase 72,975 Newport common
shares. On March 30, 1995, the Company acquired all the outstanding stock of
LCI, a manufacturer of laser-diode instruments, in exchange for 128,000 shares
of its common stock.
Net sales and net income (loss) of Newport, ROI and LCI were as follows for the
three- and nine-months ended September 30, 1994:
<TABLE>
<CAPTION>
(In thousands) Three Months Nine Months
------------ -----------
<S> <C> <C>
Net sales
Newport $20,992 $62,922
ROI 1,907 5,600
LCI 132 394
------- -------
Combined $23,031 $68,916
======= =======
Net income (loss)
Newport $ 743 $ 2,335
ROI (41) (232)
LCI (4) (11)
------- -------
Combined $ 698 $ 2,092
======= =======
</TABLE>
These transactions have been accounted for as poolings of interests. Costs
associated with these acquisitions totaling $0.1 million were charged to
operations in the first quarter of 1995.
6
<PAGE>
NEWPORT CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
SEPTEMBER 30, 1995
(UNAUDITED)
3. CUSTOMER RECEIVABLES
Customer receivables consist of the following:
<TABLE>
<CAPTION>
September 30, December 31,
(In thousands) 1995 1994
------------- ------------
<S> <C> <C>
Customer receivables $18,089 $19,215
Less allowance for doubtful accounts 577 460
------- -------
$17,512 $18,755
======= =======
</TABLE>
The Company maintains adequate reserves for potential credit losses. Such
losses have been minimal and within management's estimates. Receivables from
customers are generally unsecured.
4. INVENTORIES
Inventories are stated at cost, determined on either a first-in, first-out
(FIFO) or average cost basis and do not exceed net realizable value.
Inventories consist of the following:
<TABLE>
<CAPTION>
September 30, December 31,
(In thousands) 1995 1994
------------- ------------
<S> <C> <C>
Raw materials and purchased parts $ 7,476 $ 7,350
Work in process 3,733 3,541
Finished goods 10,641 10,541
------- -------
$21,850 $21,432
======= =======
</TABLE>
5. PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment consist of the following:
<TABLE>
<CAPTION>
September 30, December 31,
(In thousands) 1995 1994
------------- ------------
<S> <C> <C>
Land $ 2,233 $ 2,115
Buildings 13,338 12,671
Leasehold improvements 7,415 7,176
Machinery and equipment 19,657 19,119
Office equipment 8,506 7,596
------- -------
51,149 48,677
Less accumulated depreciation 28,254 25,633
------- -------
$22,895 $23,044
======= =======
</TABLE>
7
<PAGE>
NEWPORT CORPORATION
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
THREE AND NINE MONTHS ENDED SEPTEMBER 30, 1995 AND 1994
The following is management's discussion and analysis of certain significant
factors which have affected the earnings and financial position of the Company
during the period included in the accompanying financial statements. This
discussion includes the impact of the acquisition of RAM Optical Instrumentation
Inc. ("ROI") and Light Control Instruments Inc. ("LCI") and represents the
three- and nine-month periods ended September 30, 1995, compared with the three-
and nine-month periods ended September 30, 1994. This discussion should be read
in conjunction with the financial statements and associated notes. Prior period
financial statements have been restated to reflect the acquisitions of ROI and
LCI using the pooling of interests method.
ACQUISITIONS:
On February 28, 1995, the Company acquired all the outstanding capital stock of
ROI, a manufacturer of video inspection systems, in exchange for 1,251,000
shares of its common stock. Additionally, an option to purchase 3,500 ROI
common shares was exchanged for an option to purchase 72,975 Newport common
shares. On March 30, 1995, the Company acquired all the outstanding stock of
LCI, a manufacturer of laser-diode instruments, in exchange for 128,000 shares
of its common stock.
These transactions have been accounted for as poolings of interests. Costs
associated with these acquisitions totaling $0.1 million were charged to
operations in the first quarter of 1995.
RESTRUCTURING:
At December 31, 1994, $2.4 million remained of the restructuring reserves
established during 1992 and 1993. During the first three quarters of 1995, $1.8
million was charged to the reserve representing $0.6 million for severance and
$1.2 million to close facilities. It is expected that the remaining $0.6
million, principally severance and costs to close facilities, will be spent
during the remainder of 1995.
RESULTS OF OPERATIONS
FINANCIAL ANALYSIS:
<TABLE>
<CAPTION>
Period-to-Period
Increase (decrease)
Three Nine
Percentage of Net Sales Months Months
Three Months Ended Nine Months Ended Ended Ended
September 30, September 30, September 30,
1995 1994 1995 1994 1995 1994
----- ----- ----- ----- ------ -----
<S> <C> <C> <C> <C> <C> <C>
Net sales 100.0% 100.0% 100.0% 100.0% 5.3% 7.5%
Cost of sales 53.9 54.0 54.7 54.9 5.1 7.1
----- ----- ----- ----- ------ -----
Gross profit 46.1 46.0 45.3 45.1 5.5 8.1
------------
Selling, general and
administrative expense 33.4 34.7 33.7 34.4 1.3 5.3
Research and
development expense 6.1 5.7 6.7 5.8 13.0 24.0
----- ----- ----- ----- ------ -----
Income from operations 6.6 5.6 4.9 4.9 24.3 8.4
----------------------
Interest expense (1.6) (2.0) (1.6) (2.0) (15.2) (11.9)
Other income, net (0.5) 1.0 1.5 1.8 (149.6) (13.4)
----- ----- ----- ----- ------ -----
Income before income taxes 4.5 4.6 4.8 4.7 4.0 8.4
--------------------------
Income taxes 1.4 1.5 1.5 1.7 (1.1) (4.7)
----- ----- ----- ----- ------ -----
Net income 3.1 3.0 3.3 3.0 6.6 15.9
---------- ===== ===== ===== ===== ====== =====
</TABLE>
8
<PAGE>
NEWPORT CORPORATION
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
THREE AND NINE MONTHS ENDED SEPTEMBER 30, 1995 AND 1994
RESULTS OF OPERATIONS (CONT'D)
NET SALES:
Sales for the three- and nine-month periods ended September 30, 1995, were $24.3
million and $74.1 million, respectively, compared with $23.0 million and $68.9
million for the three- and nine-month periods ended September 30, 1994. The
current quarter increase is attributable to sales growth in U.S. domestic
markets ($0.8 million), Canada ($0.3 million), and Europe ($0.1 million)
combined with a favorable exchange rate effect ($0.8 million) on sales
denominated in foreign currencies, offset in part by declines in sales to the
Pacific Rim ($0.7 million). The year-to-date increase is attributable to sales
growth in U.S. domestic ($3.4 million) and European markets ($0.5 million) and a
favorable exchange rate effect ($3.1 million) on sales denominated in foreign
currencies offset in part by declines in sales to the Pacific Rim ($1.8
million).
The Company's domestic sales totaled $14.0 million and $40.5 million for the
three- and nine-month periods ended September 30, 1995, compared with $13.2
million and $37.1 million for the three- and nine-month periods ended September
30, 1994, a sales increase of 6.1% and 9.2%, respectively, for the quarter and
the nine-month period. The current quarter sales increases from the year ago
level was primarily attributable to increased sales revenue at ROI. The nine-
month sales increase from the year ago level was primarily the result of growth
across the core product lines and to increased sales revenue at ROI and LCI.
International sales of the company were $10.3 million and $33.6 million for the
three- and nine-month periods ended September 30, 1995, compared with $9.8
million and $31.8 million for the three- and nine-month periods ended September
30, 1994, a sales increase of 5.1% and 5.7% for the respective periods. The
increase for the three months ended September 30, 1995 resulted primarily from
the favorable exchange rate effect mentioned previously offset in part by
declines in the Pacific Rim. The year-to-date increase resulted from a
strengthening of sales in the major markets of Europe and the favorable exchange
rate effect mentioned previously offset in part by declines in the Pacific Rim.
The Company believes the international sales decline in the Pacific Rim from the
year ago level resulted primarily from the weak economic environment in Japan.
COST OF SALES:
Cost of sales when stated as a percentage of sales for the three- and nine-month
periods ended September 30, 1995, was 53.9% and 54.7%, respectively, a decrease
compared with 54.0% and 54.9% for the three- and nine-month periods ended
September 30, 1994. These results reflect continuation of gross margin
improvements following actions taken during the first quarter of 1994, when the
company initiated a number of cost saving measures in Europe.
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES:
Selling, general and administrative (SG&A) expenses for the three- and nine-
month periods ended September 30, 1995, increased 1.3% and 5.3%, respectively,
compared with the three- and nine-month periods ended September 30, 1994. SG&A
expenses when stated as a percentage of sales were 33.4% and 33.7%, compared
with 34.7% and 34.4% for the prior year periods. This improvement is
principally attributable to the favorable impact of increased sales volume.
9
<PAGE>
NEWPORT CORPORATION
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
THREE AND NINE MONTHS ENDED SEPTEMBER 30, 1995 AND 1994
RESULTS OF OPERATIONS (CONT'D)
RESEARCH AND DEVELOPMENT EXPENSES:
Research and development (R&D) expenses for the three- and nine-month periods
ended September 30, 1995, increased 13.0% and 24.0%, respectively, compared with
the three- and nine-month periods ended September 30, 1994. These R&D expenses
when stated as a percentage of sales were 6.1% and 6.7%, compared with 5.7% and
5.8% for the prior year periods. These increases are principally attributable
to costs associated with the development of new precision systems for niche
markets in the semiconductor, medical instrumentation and telecommunications
industries. During the current quarter the Company capitalized $0.1 million of
software development costs in accordance with the requirements of Statement of
Financial Accounting Standards No. 86.
INTEREST EXPENSE AND OTHER INCOME:
Interest expense for the three- and nine-month periods ended September 30, 1995,
was $0.4 million and $1.2 million, respectively, compared with $0.5 million and
$1.4 million for the three- and nine-month periods ended September 30, 1994.
The reduction resulting principally from a $6.1 million year-to-date reduction
of the Company's debt offset in part by increased interest expense caused by the
exchange rate impact of the strengthening over the year of the French franc
relative to the U.S. dollar. Other income and expense, consisting of interest
income, dividends and other income and expense was an expense of $0.1 million
and income of $1.1 million for the three-and nine-month periods ended September
30, 1995. This compares with income of $0.2 million and $1.3 million for the
three- and nine-month periods ended September 30, 1994.
The decrease in other income for the three-month period ended September 30, 1995
was primarily attributable to realized foreign currency losses. There was a
$0.1 million realized foreign currency loss for the three months ended September
30, 1995, compared with a gain totaling $0.1 million for the three-month period
ended September 30, 1994.
PROVISION FOR TAXES:
The tax provision for the three and nine-month periods ended September 30, 1995,
of $0.4 million and $1.1 million, respectively, is principally federal and state
taxes on domestic taxable income. Foreign net operating losses that occurred
during the periods have not been currently benefited in accordance with
Statement of Financial Accounting Standards No. 109.
LIQUIDITY AND CAPITAL RESOURCES:
During the nine months ended September 30, 1995, the Company generated $5.8
million cash from operations, $0.8 million from sales of investments and $0.9
million from exercises of stock options. These funds were used to reduce debt
by $6.1 million, acquire capital equipment with a cost of $1.8 million and pay
dividends totaling $0.3 million. At September 30, 1995, amounts available for
borrowing under the Company's credit lines totaled $6.2 million, an improvement
over the availability of $3.5 million at December 31, 1994.
The Company believes its current working capital position together with
estimated cash flows from operations, its existing credit availability and
anticipated refinancings are adequate for operations in the ordinary course of
business, anticipated capital expenditures as well as restructuring and debt
payment requirements through 1996.
10
<PAGE>
NEWPORT CORPORATION
PART II. OTHER INFORMATION
Item 6. Exhibits and reports on Form 8-K.
(a) Exhibits
Exhibit 27 Financial Data Schedule
(b) Reports on Form 8-K
The Company filed no Reports on Form 8-K during the quarter ended
September 30, 1995.
SIGNATURE
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.
NEWPORT CORPORATION
(Registrant)
Dated: November 13, 1995
By: /S/ROBERT C. HEWITT
-------------------------------------
Robert C. Hewitt, Principal Financial
Officer, duly authorized to sign
on behalf of the Registrant
11
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
COMPANY'S CONSOLIDATED STATEMENTS OF INCOME, CONSOLIDATED BALANCE SHEETS AND
CONSOLIDATED STATEMENTS OF CASH FLOWS AND IS QUALIFIED IN ITS ENTIRETY BY
REFERENCE TO SUCH FINANCIAL STATEMENTS CONTAINED WITHIN THE COMPANY'S FORM 10-Q
FOR THE PERIOD ENDED SEPTEMBER 30, 1995.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> SEP-30-1995
<CASH> 2,296
<SECURITIES> 0
<RECEIVABLES> 18,089
<ALLOWANCES> 577
<INVENTORY> 21,850
<CURRENT-ASSETS> 45,818
<PP&E> 51,149
<DEPRECIATION> 28,254
<TOTAL-ASSETS> 82,398
<CURRENT-LIABILITIES> 24,929
<BONDS> 6,292
<COMMON> 3,037
0
0
<OTHER-SE> 47,873
<TOTAL-LIABILITY-AND-EQUITY> 82,398
<SALES> 74,094
<TOTAL-REVENUES> 74,094
<CGS> 40,527
<TOTAL-COSTS> 24,881
<OTHER-EXPENSES> 4,940
<LOSS-PROVISION> 85
<INTEREST-EXPENSE> 1,190
<INCOME-PRETAX> 3,566
<INCOME-TAX> 1,141
<INCOME-CONTINUING> 2,425
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 2,425
<EPS-PRIMARY> 0.28
<EPS-DILUTED> 0.28
</TABLE>
