FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 2O549
(Mark One)
[ X ] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended _July 1, 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 __0-7166____________
DOUGHTIE'S FOODS, INC.
(Exact name of Registrant as specified in its charter)
VIRGINIA 54-0903892
(State or other jurisdiction of (I.R.S. employer
incorporation or organization) identification number)
2410 WESLEY STREET, PORTSMOUTH, VIRGINIA 23707
(Address of principal executive offices)
(804) 393-6007
(Registrant's telephone number, including area code)
______________________________________________________
(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 ____
APPLICABLE ONLY TO CORPORATE ISSUERS
Indicate the number of shares outstanding of each of the issuer's
classes of common stock, as of the latest practicable date.
Common Stock, $1 par value - 1,008,518 shares as of August 11, 1995.
<PAGE>
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
<TABLE>
DOUGHTIE'S FOODS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (Unaudited) <F1>
<CAPTION>
July 1, December 31,
1995 1994
_____________ ____________
<S> <C> <C>
ASSETS
CURRENT ASSETS:
Cash $ 315,218 $ 1,361,207
Accounts receivable, net:
Trade 5,528,516 4,839,764
Finance 1,092,577 1,279,467
Officers and employees 14,721 16,289
Inventories 4,934,834 4,521,753
Deferred income taxes 248,296 248,296
Prepaid expenses and other
current assets 453,414 139,886
_____________ ____________
Total Current Assets 12,587,576 12,406,662
_____________ ____________
PROPERTY, PLANT AND EQUIPMENT -
AT COST:
Land 283,304 283,304
Buildings 4,320,960 4,320,960
Delivery equipment 479,675 495,767
Plant and refrigeration equipment 4,358,729 4,057,168
Office equipment 970,628 951,842
Leasehold improvements 225,909 217,680
_____________ ____________
10,639,205 10,326,721
Less - accumulated depreciation 6,386,654 6,071,055
_____________ ____________
4,252,551 4,255,666
_____________ ____________
OTHER ASSETS 132,935 135,535
_____________ ____________
$ 16,973,062 $ 16,797,863
_____________ ____________
_____________ ____________
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Current portion of long-term debt $ 133,333 $ 133,333
Accounts payable 1,514,450 2,095,099
Income taxes payable 0 399,504
Accrued salaries, commissions and
bonuses 47,045 127,917
Accrued employee group insurance 220,070 215,409
Other accrued liabilities 319,373 45,603
_____________ ____________
Total Current Liabilities 2,234,271 3,016,865
LONG-TERM DEBT - less current portion 6,370,000 5,031,667
DEFERRED INCOME TAXES 48,900 48,900
_____________ ____________
Total Liabilities 8,653,171 8,097,432
_____________ ____________
STOCKHOLDERS' EQUITY:
Common stock - $1 par value;
authorized 2,000,000 shares, issued
and outstanding 1,008,518 shares 1,008,518 1,008,518
Additional paid-in capital 2,841,570 2,841,570
Retained earnings 4,469,803 4,850,343
_____________ ____________
Total Stockholders' Equity 8,319,891 8,700,431
_____________ ____________
$ 16,973,062 $ 16,797,863
_____________ ____________
_____________ ____________
<FN>
<F1>
See Notes to Consolidated Financial Statements.
</FN>
</TABLE>
<PAGE>
<TABLE>
DOUGHTIE'S FOODS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME (Unaudited) <F1>
<CAPTION>
QUARTERS ENDED SIX MONTHS ENDED
________________________________ _______________________________
July 1, June 25, July 1, June 25,
1995 1994 1995 1994
_____________ ____________ _____________ ____________
<S> <C> <C> <C> <C>
NET SALES $ 21,022,912 $ 19,538,624 $ 37,423,958 $ 35,348,807
COST OF GOODS SOLD 17,379,825 15,728,739 30,726,629 28,655,200
_____________ _____________ _____________ ____________
GROSS PROFIT 3,643,087 3,809,885 6,697,329 6,693,607
_____________ _____________ _____________ ____________
SELLING, GENERAL AND ADMINISTRATIVE
EXPENSES 3,509,822 3,354,496 6,784,852 6,368,316
INTEREST EXPENSE 128,373 75,312 217,936 124,557
_____________ _____________ _____________ ____________
3,638,195 3,429,808 7,002,788 6,492,873
_____________ _____________ _____________ ____________
INCOME (LOSS) BEFORE INCOME TAXES 4,892 380,077 (305,459) 200,734
INCOME TAX EXPENSE (BENEFIT) 46,600 142,600 (5,600) 75,300
_____________ _____________ _____________ ____________
NET INCOME (LOSS) $ (41,708) $ 237,477 $ (299,859) $ 125,434
_____________ _____________ _____________ ____________
_____________ _____________ _____________ ____________
NUMBER OF SHARES USED IN COMPUTING
EARNINGS AND CASH DIVIDENDS PER
SHARE 1,008,518 1,010,918 1,008,518 1,012,385
_____________ _____________ _____________ ____________
_____________ _____________ _____________ ____________
EARNINGS (LOSS) PER SHARE $ (.04) $ .23 $ (.30) $ .12
_____________ _____________ _____________ ____________
_____________ _____________ _____________ ____________
CASH DIVIDENDS PER SHARE $ .04 $ .04 $ .08 $ .08
_____________ _____________ _____________ ____________
_____________ _____________ _____________ ____________
<FN>
<F1>
See Notes to Consolidated Financial Statements.
</FN>
</TABLE>
<PAGE>
<TABLE>
DOUGHTIE'S FOODS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) <F1>
<CAPTION>
SIX MONTHS ENDED
____________________________________
July 1, June 25,
1995 1994
_____________ ____________
<S> <C> <C>
Cash flows from operating activities:
Net income (loss) $ (299,859) $ 125,434
Adjustments to reconcile net income
(loss) to net cash provided by
(used for) operations:
Depreciation 326,971 246,975
(Gain) loss on sale of property, plant
and equipment 471 (8,669)
(Increase) decrease in assets:
Accounts receivable, net (500,294) (158,456)
Inventories (413,081) (859,333)
Prepaid expenses and other current
assets (313,528) (203,028)
Other assets 2,600 12,719
Increase (decrease) in liabilities:
Accounts payable (580,649) 161,051
Income taxes payable (399,504) 46,158
Accrued salaries, commissions and
bonuses (80,872) 39,405
Accrued employee group insurance 4,661 25,222
Other accrued liabilities 273,770 220,043
_____________ ____________
(1,979,314) (352,479)
_____________ ____________
Cash flows from investing activities:
Additions to property, plant and
equipment (328,175) (235,387)
Proceeds from sale of property,
plant and equipment 3,848 8,668
_____________ ____________
(324,327) (226,719)
_____________ ____________
Cash flows from financing activities:
Changes in long-term debt, including
current portion 1,338,333 873,334
Acquisition of treasury stock 0 (11,003)
Cash dividends (80,681) (80,991)
_____________ ____________
1,257,652 781,340
_____________ ____________
Net increase (decrease) in cash (1,045,898) 202,142
Cash at beginning of period 1,361,207 238,286
_____________ ____________
Cash at end of period $ 315,218 $ 440,428
_____________ ____________
_____________ ____________
<FN>
<F1>
See Notes to Consolidated Financial Statements.
</FN>
</TABLE>
<PAGE>
DOUGHTIE'S FOODS, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
Note 1 -
The consolidated financial statements include the accounts of
Doughtie's Foods, Inc. (the "Company") and its two majority-owned
subsidiaries. All material intercompany accounts and transactions
have been eliminated in consolidation.
Although the accompanying financial statements are unaudited,
management believes that they contain all adjustments (consisting
only of normal recurring accruals) necessary to present fairly the
financial position as of July 1, 1995 and December 31, 1994, results
of operations for the quarters ended July 1, 1995 and June 25,1994
and the six months ended July 1, 1995 and June 25,1994, and cash
flows for the six months ended July 1, 1995 and June 25, 1994. The
results of operations for the periods cited above are not
necessarily indicative of the results to be expected for the full
year.
Note 2 -
Finance receivables, consisting of retail installment sales
contracts, include approximately $225,OOO and $200,OOO at July 1,
1995 and December 31, 1994, respectively, which will not become due
within one year of the balance sheet date.
Note 3 -
Inventories are stated at the lower of last-in, first-out (LIFO)
cost or market. Because inventory valuations under the LIFO method
are based on an annual determination, estimates must be made at
interim dates of year-end costs and levels of inventories. The possi-
bility of variations between estimated year-end costs and levels of
LIFO inventories and the actual year-end amounts may materially
affect the results of operations as finally determined for the full
year.
Note 4 -
Cash paid for interest totaled $128,373 and $79,409 for the quarters
ended July 1, 1995 and June 25, 1994 and $217,936 and $133,540 for
the six months ended July 1, 1995 and June 25, 1994, respectively.
Cash paid for income taxes totaled $217,000 and $42,641 for the
quarters ended July 1, 1995 and June 25, 1994 and $451,000 and
$46,741 for the six months ended July 1, 1995 and June 25, 1994,
respectively.
Note 5 -
During the third quarter of 1994, the Company entered into a
joint venture agreement with a gourmet food business. The Company
owns seventy percent of the joint venture, which did not commence
operations until the fourth quarter of 1994.
<PAGE>
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations
Results of Operations
Sales for the quarter ended July 1, 1995 were $21.0 million or
7.6% higher than sales for the prior year's second quarter of $19.5
million. Sales for the six months ended July 1, 1995 were $37.4
million or 5.9% higher than sales of $35.3 million for the prior
year's first six months. Steady improvement has been accomplished in
the commercial distribution and manufacturing sectors of the Company.
The Company's gross profit margin (gross profit as a percentage of
net sales) decreased from 19.5% in the quarter ended June 25, 1994 to
17.3% for the quarter ended July 1, 1995. The gross profit margin for
the six months decreased from 18.9% in 1994 to 17.9% in 1995. The
overhead costs associated with the start-up of the gourmet food operation
were the major cause of the decline in gross profit margin.
The Company's selling, general and administrative expenses,
expressed as a percentage of net sales remained relatively stable
for both the quarter and six months ended July 1, 1995 compared to
corresponding periods in 1994.
Interest expense for the quarter ended July 1, 1995 increased
to .61% of sales compared to .39% of sales for the second quarter
of 1994 and increased to .58% of sales for the six months ended
July 1, 1995 compared to .35% of sales for the first six months of
1994. Higher interest rates during 1995 together with increased
borrowing levels were the causes of the increased expense. As the
interest on the Company's debt is prime related, interest expense
will increase or decrease in subsequent periods based on fluctuations
in the prime rate and the borrowing levels of the Company.
Income tax benefit was $5,600 for the six months ended July 1, 1995
compared to an income tax expense of $75,300 for the corresponding
period of 1994. The lower effective tax rate in 1995 resulted from the
non-recognition of tax benefits for the net operating loss of a
subsidiary that is not a member of the controlled group for income tax
purposes.
The Company reported a net loss of $299,859 or $.30 per share
for the first six months of 1995 compared to net income of $125,434 or
$.12 per share in the first six months of 1994. Losses incurred by
TWB Gourmet Foods, Inc. accounted for $.29 of the 1995 per share net
loss.
Liquidity
The Company uses a number of liquidity indicators for internal
evaluation purposes. Certain of these measures as of July 1, 1995
and December 31, 1994 are set forth below:
July 1, December 31,
1995 1994
____________ ____________
Total Debt to Total Debt Plus
Stockholders' Equity .44 .37
Current Assets to Current
Liabilities 5.63 4.11
Inventory Turnover (The
Annualized Cost of Goods
Sold to Ending Inventory) 12.45 13.06
The ratio of current assets to current liabilities increased
to 5.63 at July 1, 1995 from 4.11 at December 31, 1994 primarily due
to a decrease in accounts payable and income taxes payable, along
with an increase in long-term debt and accounts receivable.
The decrease in the Company's inventory turnover ratio reflects
increased purchases of meat and other inventory in anticipation of
the historical increase in the volume of sales in the third quarter
of the year.
On April 1, 1994, the Company entered into an agreement to
sell certain properties in Carroll County, Maryland. The net book
values of these properties total approximately $250,000. If all
conditions of the sale are met, settlement will occur over a five-
year period with a total sale price of $1,200,000. If settlement
occurs, the Company intends to use the proceeds, net of applicable
income taxes, to reduce its long-term debt.
On July 20, 1995, the Company sold certain other properties
located in Carroll County, Maryland. The gross sale price was
$165,000, with net cash proceeds of $135,000. The cash was used to
reduce the Company's long-term debt.
Capital Resources
The Company's debt financing at July 1, 1995, consisted of
the following:
A $7,500,000 revolving bank note at prime. The prime rate at
July 1, 1995, was 8.75%. The note is due three years after the annual
renewal date, currently July, 1997, subject to annual renewal. As of
July 1, 1995, the Company had borrowed $5,570,000 against this credit
line and had $1,930,000 of additional borrowing capacity.
A $2,000,000 Industrial Revenue Bond from a bank for the purpose
of expanding the Company's plant and office facilities in Portsmouth,
Virginia at an annual interest rate of 91.50% of prime. As of July 1,
1995, the Company had fully utilized the Industrial Revenue Bond and
the outstanding balance was $933,333.
While the Company does not anticipate a material increase in its
capital requirements in the near future, such an increase, if it occurs,
is likely to be met through additional long-term debt financing.
<PAGE>
PART II. OTHER INFORMATION
Item 1. Legal Proceedings
There are no material pending legal proceedings, other than
ordinary routine litigation incidental to the business, to which the
Company or any of its subsidiaries is a party or to which any of
their property is the subject.
Item 2. Changes in Securities
Not applicable.
Item 3. Defaults upon Senior Securities
Not applicable.
Item 4. Submission of Matters to a Vote of Security Holders
Not applicable.
Item 5. Other Information
Not applicable.
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits
3(a). Articles of Incorporation of the Company
(incorporated by reference to Exhibit 3(a) to the Company's Annual
Report on Form 10-K for the year ended December 29, 1984).
3(b). Bylaws of the Company (incorporated by
reference to Exhibit 3(b) to the Company's Annual Report on Form
10-K for the year ended December 26, 1992).
4(a). Amended and Restated Revolving Credit Agreement
dated as of November 15, 1994, between the Company and Crestar Bank
relating to a $7,500,000 revolving credit commitment (incorporated
by reference to Exhibit 4(a) to the Company's Annual Report on Form
10-K for the year ended December 31, 1994).
4(b). Amended and Restated Promissory Note dated
November 15, 1994, made by the Company in favor of Crestar Bank in
the principal amount of $7,500,000 (incorporated by reference to
Exhibit 4(b) to the Company's Annual Report on Form 10-K for the
year ended December 31, 1994).
10(a)(1). Agreement dated October 24, 1992 between
the Company and the Bakery, Confectionery and Tobacco Workers'
International Union, Local No. 66 (incorporated by reference to
Exhibit 10(a)(1) to the Company's Annual Report on Form 10-K for
the year ended December 26, 1992).
10(b)(1). Lease dated June 9, 1989 between the
Company and Cardon Associates relating to premises located at
800-840 Florida Avenue, Portsmouth, Virginia (incorporated by
reference to Exhibit 10(b)(1) to the Company's Annual Report on
Form 10-K for the year ended December 30, 1989).
10(b)(2). Lease dated September 22, 1975 and Renewal
of Lease dated March 6, 1980 between Doughtie's Barbecue of
Maryland, Inc. and Tuxedo Properties relating to premises located
at 5111 Creston Street, Tuxedo, Maryland (incorporated by
reference to Exhibit 10 to the Company's Annual Report on Form
10-K for the year ended December 27, 1975 and Exhibit 10(b)(2)
to the Company's Annual Report on Form 10-K for the year ended
December 27, 1980). Doughtie's Barbecue of Maryland, Inc.,
a wholly-owned subsidiary of the Company, was dissolved in
December 1985.
10(b)(3). Sublease Agreement dated May 6, 1985 between
Doughtie's Barbecue of Maryland, Inc. and John Sexton & Co. relating
to premises located at 5111 Creston Street, Tuxedo, Maryland
(incorporated by reference to Exhibit 10(b)(3) to the Company's
Annual Report on Form 10-K for the year ended December 28, 1985).
Doughtie's Barbecue of Maryland, Inc., a wholly-owned subsidiary of
the Company, was dissolved in December 1985.
10(b)(4). Lease dated June 19, 1989 between Keen Leasing,
Inc. of Carlisle, Pennsylvania and Doughtie's Foods, Inc. and related
agreements relating to the sale and lease back of the Company's
existing fleet of trucks (incorporated by reference to Exhibit
10(b)(8) to the Company's Annual Report on Form 10-K for the year
ended December 30, 1989).
10(b)(5). Lease dated May 10, 1990 between Rouse-Teachers
Properties, Inc. and Dutterer's of Manchester Corporation relating to
premises located at 2700 Lord Baltimore Drive, Baltimore, Maryland
(incorporated by reference to Exhibit 10(b)(7) to the Company's Annual
Report on Form 10-K for the year ended December 29, 1990).
10(b)(6). Truck lease and Service Agreement dated May 2,
1991 between Lend Lease Trucks, Inc. and Dutterer's of Manchester
Corporation and certain amendments thereto relating to the leasing of
certain trucks (incorporated by reference to Exhibit 10(b)(10) to
the Company's Annual Report on Form 10-K for the year ended December
28, 1991).
10(b)(7). Industrial Lease Agreement dated as of August
17, 1994, between Wendell's Machine & Welding, Inc., lessor,
TWB Gourmet Foods, Inc., lessee, and Riddle Associates, Inc., agent,
relating to premises located at 2620 Elmhurst Lane, Portsmouth,
Virginia (incorporated by reference to Exhibit 10(b)(7) to the
Company's Annual Report on Form 10-K for the year ended December 31,
1994).
10(c)(1). Amended and Restated Security Agreement
dated as of November 15, 1994 made by the Company to Crestar Bank
granting a security interest in inventory and certain intangibles
(incorporated by reference to Exhibit 10(c)(1) to the Company's
Annual Report on Form 10-K for the year ended December 31, 1994).
10(c)(2). Security Agreement dated as of November 15,
1994, made by Dutterer's of Manchester Corporation to Crestar Bank
granting a security interest in inventory and certain intangibles
(incorporated by reference to Exhibit 10(c)(2) to the Company's
Annual Report on Form 10-K for the year ended December 31, 1994).
10(c)(3). Guaranty Agreement dated as of November 15,
1994, made by Dutterer's of Manchester Corporation for the benefit
of Crestar Bank (incorporated by reference to Exhibit 10(c)(3) to
the Company's Annual Report on Form 10-K for the year ended
December 31, 1994).
10(d)(1). Crestar Bank Defined Contribution Master
Plan and Trust Agreement, Basic Plan Document #01, an employee
benefit plan under which the Company became a participating
employer on January 1, 1992 (incorporated by reference to Exhibit
10(d)(1) to the Company's Annual Report on Form 10-K for the year
ended December 26, 1992).
10(d)(2). Crestar Bank Adoption Agreement #005, Non
Standardized Code 401(k) Profit Sharing Plan, an agreement by which
the Company became a participating employer in the Crestar Bank
Defined Contribution Master Plan and Trust Agreement dated June 5,
1992 (incorporated by reference to Exhibit 10(d)(2) to the
Company's Annual Report on Form 10-K for the year ended December
26, 1992).
10(e)(1). Stockholders' Agreement dated as of August
5, 1994, between TWB Gourmet Foods, Inc., the Company, and
Loetitia Adam-St. James and Chris L. St. James (incorporated
by reference to Exhibit 10(e)(1) to the Company's Annual Report
on Form 10-K for the year ended December 31, 1994).
10(e)(2). License Agreement dated as of August 5,
1994, between Chris L. St. James and Loetitia Adam-St. James,
licensors, and TWB Gourmet Foods, Inc., licensee (incorporated
by reference to Exhibit 10(e)(2) to the Company's Annual Report
on Form 10-K for the year ended December 31, 1994).
10(e)(3). Agreement dated as of August 5, 1994,
between the Company and TWB Gourmet Foods, Inc., establishing
a $600,000 line of credit (incorporated by reference to
Exhibit 10(e)(3) to the Company's Annual Report on Form 10-K for
the year ended December 31, 1994).
10(e)(4). Security Agreement dated as of August
5, 1994, made by TWB Gourmet Foods, Inc. to the Company
granting the Company a security interest in accounts, equipment,
inventory, and general intangibles (incorporated by reference
to Exhibit 10(e)(4) to the Company's Annual Report on Form 10-K
for the year ended December 31, 1994).
10(e)(5). Line of Credit Note dated August 5, 1994,
made by TWB Gourmet Foods, Inc. in favor of the Company in the
principal amount of $600,000 (incorporated by reference to
Exhibit 10(e)(5) to the Company's Annual Report on Form 10-K
for the year ended December 31, 1994).
10(f). Agreement of Sale dated as of April 1, 1994,
between Dutterer's of Manchester Corporation, seller, and
Westwood Development of Manchester, Inc., buyer, relating to
the sale of certain real property situated in Carroll County,
Maryland (incorporated by reference to Exhibit 10(f) to the
Company's Annual Report on Form 10-K for the year ended
December 31, 1994).
27. Financial Data Schedule.
(b) Reports on Form 8-K
The Company filed no reports on Form 8-K during the
quarter ended July 1, 1995.
<PAGE>
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.
DOUGHTIE'S FOODS, INC.
August 11, 1995 By: Marion S. Whitfield, Jr.
(Signature)
Senior Vice President
(Principal Financial and
Chief Accounting Officer)
<PAGE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED
FROM THE CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) OF
DOUGHTIE'S FOODS, INC. FOR THE SIX MONTHS ENDED JULY 1, 1995,
AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL
STATEMENTS.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-30-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> JUL-01-1995
<CASH> 315
<SECURITIES> 0
<RECEIVABLES> 7,099
<ALLOWANCES> 463
<INVENTORY> 4,935
<CURRENT-ASSETS> 12,588
<PP&E> 10,639
<DEPRECIATION> 6,387
<TOTAL-ASSETS> 16,973
<CURRENT-LIABILITIES> 2,234
<BONDS> 6,370
<COMMON> 1,009
0
0
<OTHER-SE> 7,311
<TOTAL-LIABILITY-AND-EQUITY> 16,973
<SALES> 37,424
<TOTAL-REVENUES> 37,424
<CGS> 30,727
<TOTAL-COSTS> 37,511
<OTHER-EXPENSES> 0
<LOSS-PROVISION> (1)
<INTEREST-EXPENSE> 218
<INCOME-PRETAX> (305)
<INCOME-TAX> (5)
<INCOME-CONTINUING> (300)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (300)
<EPS-PRIMARY> (.30)
<EPS-DILUTED> (.30)
</TABLE>
