SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported):
January 19, 1999
AMSOUTH BANCORPORATION
(Exact name of registrant as specified in its charter)
DELAWARE 1-7476 63-0591257
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
AmSouth-Sonat Tower
1900 Fifth Avenue North
Birmingham, Alabama 35203
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (205) 320-7151
N/A
(Former name or former address, if changed since last report)
<PAGE>
Item 5. Other Events.
AmSouth Bancorporation ("AmSouth") is filing this Current Report on
Form 8-K to report its preliminary results of operations for the fourth quarter
of 1998 and for the fiscal year ended December 31, 1998. On January 19, 1999,
AmSouth issued a press release describing its results of operations for the
fourth quarter of 1998 and for the fiscal year ended December 31, 1998. The
press release (as corrected) is attached hereto as Exhibit 99 and is
incorporated as part of this Current Report on Form 8-K.
Item 7. Financial Statements, Pro Forma Financial Information
and Exhibits.
The following exhibit is filed as part of this Current Report on Form
8-K:
Exhibit No. Exhibit
----------- -------
99 Press Release of January 19, 1999.
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<PAGE>
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 hereunto duly authorized.
AMSOUTH BANCORPORATION
By /s/ Carl L. Gorday
----------------------------
Name: Carl L. Gorday
Title: Assistant Secretary
Date: February 23, 1999
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Exhibit 99
FOR IMMEDIATE RELEASE
Contact: (Investment Community) List Underwood (205) 801-0265
(News Media) Jim Underwood (205) 326-5184
AMSOUTH REPORTS RECORD FOURTH QUARTER AND FULL YEAR EARNINGS
Earnings per share up 18.8 percent; ROE exceeds 19 percent
BIRMINGHAM, ALABAMA, JANUARY 19, 1999 --- AmSouth Bancorporation
announced today record fourth quarter earnings of $68.4 million, or $.57 per
diluted share ($.58 basic), and full-year earnings of $262.7 million, or $2.17
per diluted share ($2.20 basic).
Fourth quarter 1998 earnings per share of $.57 increased 18.8 percent
over the $.48 recorded in the fourth quarter of 1997, while net income of $68.4
million increased 16.1 percent over the $58.9 million earned in the fourth
quarter of 1997. AmSouth's fourth quarter 1998 performance resulted in a return
on average equity of 19.12 percent, the highest quarterly return on equity since
the company was founded, and a return on average assets of 1.37 percent.
For the year, AmSouth's earnings represent a 16.2 percent increase over
1997 net income of $226.2 million and a 19.2 percent increase over 1997 diluted
earnings per share of $1.82. AmSouth's 1998 performance resulted in a return on
average equity for the year of 18.56 percent, the highest annual return on
equity in the company's history,
<PAGE>
and a return on average assets of 1.35 percent. The company's efficiency ratio
for the year was 55.37 percent.
"We are delighted that AmSouth's strong performance continues to create
superior returns for our shareholders," said C. Dowd Ritter, chairman, president
and chief executive officer of AmSouth Bancorporation and AmSouth Bank. AmSouth
shareholders realized a total gain, including stock price appreciation and
dividends, of 28.7 percent during 1998.
"Our shareholder return outperformed the S&P 500 during 1998 and is
almost three times higher than the S&P Major Regional Bank Index," Ritter said,
adding that AmSouth's total return for the four-year period ended December 31,
1998, was 355 percent.
AmSouth's record fourth quarter net income maintains the company's
strong financial performance record that now extends to 16 consecutive quarters
of increased earnings per share and 14 consecutive quarters of higher return on
equity. "For the four-year period ending on December 31, 1998, AmSouth's
earnings per share have grown at a compounded annual rate of 22.0 percent,"
Ritter said.
This success, along with AmSouth's attractive Southeast market, also
creates a solid foundation for future growth, according to Ritter. "Our 6,500
highly skilled employees are meeting more of our customers' needs and building
stronger customer relationships today than ever before, and we are confident
that our employees can maintain that momentum in the years ahead," Ritter said.
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<PAGE>
AmSouth's confidence is reflected in new, higher goals set by senior
management in October 1998. "Our previous goals included achieving an 18 percent
return on equity by the end of 1999. We surpassed that performance level in the
second quarter of 1998, so we have raised the bar even higher," Ritter states.
AmSouth will now focus on achieving a return on equity of 20 to 22
percent, sustaining annual earnings per share growth averaging at least 12 to 15
percent over the long term, and improving the company's efficiency ratio to 50
percent or lower, according to Ritter. "Taken as a set, these goals are the most
aggressive publicly stated financial goals of any bank in the nation," Ritter
said.
Fourth quarter highlights cited by Ritter include increasing the
corporation's quarterly dividend 25 percent to $.25 per share. AmSouth holds
Moody's Investors Service's "Dividend Achiever" designation for increasing
dividends for 26 consecutive years. In addition, Standard & Poor's includes
AmSouth among its list of 32 "dividend aristocrats," defined as companies that
offer above average long-term total return potential as well as a measure of
stability and security.
The company also repurchased approximately 1.0 million shares during
the fourth quarter, increasing the total stock repurchased during 1998 to 3.5
million shares and the total repurchased since January 1, 1995 to 18.8 million
shares.
"AmSouth made outstanding progress during 1998 toward our goal of
addressing year 2000," Ritter said. AmSouth successfully completed comprehensive
off-site testing
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<PAGE>
of all its mission-critical computer systems in October and ended the year well
ahead of the regulatory schedule for year 2000 testing, according to Ritter.
Compared with the fourth quarter of 1997, fourth quarter 1998 net
interest income increased 5.4 percent, reflecting growth in average
interest-earning assets of 8.5 percent. Average managed loans net of unearned
income excluding residential first mortgages and other loans sold increased 23.1
percent over a year ago led by an 18.5 percent increase in average home equity
lending, a 32.6 percent increase in average dealer indirect loans, and a 25.7
percent increase in average managed commercial loans. AmSouth's Florida
franchise, located primarily in areas projected to rank among the fastest
growing in the nation, led the company in commercial, commercial real estate and
home equity lending growth.
Total fourth quarter noninterest income, which includes earnings from
trust, investment management services and other sources of fee income, was $85.3
million, an increase of $14.3 million, or 20.2 percent, compared with the fourth
quarter of 1997. Fourth quarter 1998 noninterest expenses were $147.7 million,
an increase of 9.3 percent over last year's fourth quarter.
Net charge-offs were .35 percent of average net loans in the fourth
quarter of 1998 compared to .51 percent in the fourth quarter of 1997. At
December 31, 1998, total nonperforming assets were $77. 1 million, or .60
percent of loans net of unearned income, foreclosed properties and
repossessions, a decline from .68 percent the previous year.
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<PAGE>
AmSouth is a regional bank holding company headquartered in Birmingham.
At December 31, the company reported assets of $19.9 billion, ranking it among
the top 50 banking institutions in the U.S. AmSouth operates more than 270
banking offices and 600 ATMs in Alabama, Florida, Tennessee and Georgia. AmSouth
and its subsidiaries provide a full line of traditional and nontraditional
financial services including consumer and commercial banking, small business
banking, mortgage loans, trust services and investment management.
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<PAGE>
<TABLE>
<CAPTION>
AMSOUTH BANCORPORATION
(UNAUDITED)
(IN THOUSANDS EXCEPT PER SHARE DATA)
Three Months Twelve Months
Ended December 31 Ended December 31
--------------------------- ----------------------------
% %
EARNINGS SUMMARY 1998 1997 Change 1998 1997 Change
---------------------------------------- -----------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net interest income $ 179,167 $ 170,022 5.4 $ 698,970 $ 676,277 3.4
Provision for loan losses 12,300 15,780 (22.1) 58,134 67,399 (13.7)
----------- ------------ ------------ ------------
Net interest income after provision 166,867 154,242 8.2 640,836 608,878 5.2
Noninterest revenues 85,252 70,949 20.2 346,626 266,004 30.3
Noninterest expenses 147,673 135,101 9.3 582,117 526,192 10.6
----------- ------------ ------------ ------------
Income before income taxes 104,446 90,090 15.9 405,345 348,690 16.2
Income taxes 36,071 31,198 15.6 142,633 122,523 16.4
----------- ------------ ------------ ------------
Net Income $ 68,375 $ 58,892 16.1 $ 262,712 $ 226,167 16.2
=========== ============ ============ ============
Earnings per common share $ 0.58 $ 0.49* 18.4 $ 2.20 $ 1.84* 19.6
Earnings per common share-diluted 0.57 0.48* 18.8 2.17 1.82* 19.2
Average common shares outstanding 118,089 120,866* 119,384 123,059*
Average common shares outstanding-
diluted 119,843 122,088* 121,281 124,120*
End of period common shares
outstanding 118,391 120,805*
</TABLE>
<TABLE>
<CAPTION>
Average for Average for
Three Months Twelve Months
Ended December 31 Ended December 31
----------------------------- ---------------------------
% %
BALANCE SHEET SUMMARY 1998 1997 Change 1998 1997 Change
------------------------------------------- ---------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Loans net of unearned income $12,787,915 $12,168,038 5.1 $12,475,539 $12,059,249 3.5
Total investment securities** 5,238,096 4,476,940 17.0 5,383,911 4,564,575 17.9
Interest-earning assets** 18,164,849 16,738,128 8.5 17,978,996 16,696,385 7.7
Total assets 19,796,296 18,145,256 9.1 19,524,206 18,042,143 8.2
Noninterest-bearing deposits 2,143,062 1,867,575 14.8 2,012,403 1,820,387 10.5
Interest-bearing deposits 10,984,320 10,858,650 1.2 10,938,134 10,743,810 1.8
Total deposits 13,127,382 12,726,225 3.2 12,950,537 12,564,197 3.1
Shareholders' equity 1,418,840 1,362,506 4.1 1,415,619 1,369,777 3.3
Ending
Balance
December 31
-----------------------------
%
1998 1997 Change
--------------------------------------------
Loans net of unearned income $12,869,863 $12,237,668 5.2
Total investment securities** 5,106,995 4,737,074 7.8
Interest-earning assets** 18,164,348 17,075,968 6.4
Total assets 19,901,679 18,622,256 6.9
Noninterest-bearing deposits 2,215,887 2,062,906 7.4
Interest-bearing deposits 11,067,917 10,882,291 1.7
Total deposits 13,283,804 12,945,197 2.6
Shareholders' equity 1,427,629 1,385,245 3.1
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
1998 1997
--------------------------------------------------------- ------------
SELECTED RATIOS 4th Qtr 3rd Qtr 2nd Qtr 1st Qtr 4th Qtr
-------------- --------------- ------------- ------------ ------------
<S> <C> <C> <C> <C> <C>
Average shareholders' equity to average total assets 7.17% 7.16% 7.27% 7.42% 7.51%
End of period shareholders' equity to end of period
total assets 7.17 7.30 7.11 7.36 7.44
Tier 1 capital to risk-adjusted assets 6.55** 6.91 6.83 7.22 7.16
Total capital to risk-adjusted assets 10.80** 11.40 11.27 11.95 10.38
Loans net of unearned income to total deposits 96.88 96.24 95.97 93.97 94.53
Net income (annualized) to average total assets 1.37 1.34 1.34 1.33 1.29
Net income (annualized) to average shareholders' 19.12 18.65 18.48 17.97 17.15
equity
Book value per common share $ 12.06 $ 12.06 $ 11.83 $ 11.78 $ 11.47*
Tangible book value per common share $ 10.07 $ 10.05 $ 9.81 $ 9.73 $ 9.38*
Efficiency ratio 55.58% 55.25% 55.65% 54.97% 55.72%
<FN>
* Restated for three-for-two stock split in April 1998
** Excludes adjustment for market valuation on available-for-sale securities and certain noninterest-earning equity securities
*** Estimated
</FN>
</TABLE>
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<PAGE>
<TABLE>
<CAPTION>
AMSOUTH BANCORPORATION
(UNAUDITED)
(DOLLARS IN THOUSANDS)
12/31/98 12/31/97 % Change
------------ ------------ -----------
LOANS NET OF UNEARNED INCOME
<S> <C> <C> <C> <C> <C>
Commercial $ 3,683,340 $ 3,737,550 (1.5)
Commercial real estate - owner
occupied 829,538 749,541 10.7
Commercial real estate -
nonowner occupied 2,445,834 1,828,807 33.7
Consumer:
Residential first mortgages 2,163,797 2,603,474 (16.9)
Other residential mortgages 1,302,015 1,114,133 16.9
Dealer indirect 1,735,619 1,242,771 39.7
Revolving credit 265,809 454,889 (41.6)
Other consumer 443,911 506,503 (12.4)
------------ ------------
Total consumer 5,911,151 5,921,770 (0.2)
------------ ------------
Total loans net of unearned income $ 12,869,863 $ 12,237,668 5.2
============ ============
1998 1997
-----------------------------------------------------------------------------------------
Dec 31 Sep 30 Jun 30 Mar 31 Dec 31
-----------------------------------------------------------------------------------------
NONPERFORMING ASSETS
Nonaccrual loans $ 66,072 $ 74,141 $ 75,501 $ 88,760 $ 71,358
Foreclosed properties 10,237 9,225 8,035 9,902 11,433
Repossessions 828 967 761 1,154 632
------------ ------------ ----------- --------- ---------
Total nonperforming assets $ 77,137 $ 84,333 $ 84,297 $ 99,816 $ 83,423
============ ============ =========== ========= =========
Nonperforming assets to loans net
of unearned income, foreclosed
properties and repossessions 0.60% 0.67% 0.68% 0.82% 0.68%
Accruing loans 90 days past due $ 23,832 $ 29,586 $ 25,701 $ 32,363 $ 37,797
============ ============ =========== ========= =========
1998 1997
-----------------------------------------------------------------------------------------
Dec 31 Sep 30 Jun 30 Mar 31 Dec 31
-----------------------------------------------------------------------------------------
ALLOWANCE FOR LOAN LOSSES
Balance at beginning of period $ 175,046 $ 174,079 $ 179,347 $ 179,197 $ 179,126
Loans charged off (16,553) (12,584) (19,248) (20,880) (22,864)
Recoveries of loans previously
charged off 5,282 5,551 5,446 6,630 7,155
------------ ------------ ----------- --------- ---------
Net charge-offs (11,271) (7,033) (13,802) (14,250) (15,709)
Addition to allowance charged to
expense 12,300 8,000 23,434 14,400 15,780
Allowance sold, net -0- -0- (14,900) -0- -0-
------------ ------------ ----------- --------- ---------
Balance at end of period $ 176,075 $ 175,046 $ 174,079 $ 179,347 $ 179,197
============ ============ =========== ========= =========
Allowance for loan losses to loans
net of unearned income 1.37% 1.40% 1.40% 1.47% 1.46%
Net charge-offs to average loans
net of unearned income* 0.35% 0.22% 0.45% 0.47% 0.51%
Allowance for loan losses to
nonperforming loans 266.49% 236.10% 230.57% 202.06% 251.12%
Allowance for loan losses to
nonperforming assets 228.26% 207.57% 206.51% 179.68% 214.81%
<FN>
* Annualized
</FN>
</TABLE>
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<PAGE>
<TABLE>
<CAPTION>
AMSOUTH BANCORPORATION
QUARTERLY CONSOLIDATED AVERAGE DAILY BALANCES,
REVENUE AND EXPENSE SUMMARY, YIELDS AND RATES
(UNAUDITED)
Quarter Ended December 31
1998 1997
------------------------------------ ------------------------------------
(Taxable Equivalent Basis - Average Revenue/ Yield/ Average Revenue/ Yield/
Dollars in Thousands) Balance Expense Rate Balance Expense Rate
------------------------------------ ------------------------------------
<S> <C> <C> <C> <C> <C> <C>
ASSETS
Interest-earning assets:
Loans net of unearned income $ 12,787,915 $276,196 8.57% $ 12,168,038 $268,361 8.75%
Available-for-sale securities* 3,044,713 52,318 6.82 2,202,087 40,488 7.29
Held-to-maturity securities:
Taxable 2,079,172 34,403 6.56 2,151,095 36,486 6.73
Tax-free 114,211 2,672 9.28 123,758 3,376 10.82
-------------- --------- ------------ ----------
Total held-to-maturity securities 2,193,383 37,075 6.71 2,274,853 39,862 6.95
-------------- --------- ------------ ----------
Total investment securities 5,238,096 89,393 6.77 4,476,940 80,350 7.12
Other interest-earning assets 138,838 1,615 4.61 93,150 987 4.20
-------------- --------- ------------ ----------
Total interest-earning assets 18,164,849 367,204 8.02 16,738,128 349,698 8.29
Cash and other assets 1,768,281 1,541,105
Allowance for loan losses (176,519) (179,095)
Market valuation on AFS securities 39,685 45,118
-------------- ------------
$ 19,796,296 $ 18,145,256
============== ============
LIABILITIES AND SHAREHOLDERS' EQUITY
Interest-bearing liabilities:
Interest-bearing demand deposits $ 4,340,072 36,582 3.34 3,871,949 32,925 3.37
Savings deposits 981,293 6,107 2.47 1,029,337 7,455 2.87
Time deposits 4,641,398 64,825 5.54 5,050,259 70,969 5.58
Certificates of deposit of $100,000
or more 1,021,557 14,126 5.49 907,105 12,978 5.68
Federal funds purchased and securities
sold under agreements to repurchase 1,478,217 17,693 4.75 1,497,408 20,083 5.32
Other interest-bearing liabilities 3,436,194 47,407 5.47 2,284,497 33,784 5.87
-------------- --------- ------------ ----------
Total interest-bearing liabilities 15,898,731 186,740 4.66 14,640,555 178,194 4.83
--------- --------- ---------- ---------
Net interest spread 3.36% 3.46%
========= =========
Noninterest-bearing demand deposits 2,143,062 1,867,575
Other liabilities 335,663 274,620
Shareholders' equity 1,418,840 1,362,506
-------------- ------------
$ 19,796,296 $ 18,145,256
-------------- ------------
Net interest income/margin on a
taxable equivalent basis 180,464 3.94% 171,504 4.07%
========= =========
Taxable equivalent adjustment:
Loans 410 364
Securities 887 1,118
--------- ----------
Total taxable equivalent adjustment 1,297 1,482
--------- ----------
Net interest income $179,167 $170,022
========= ==========
<FN>
*Excludes certain noninterest-earning marketable equity
securities
</FN>
</TABLE>
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<PAGE>
<TABLE>
<CAPTION>
AMSOUTH BANCORPORATION
YTD CONSOLIDATED AVERAGE DAILY BALANCES,
REVENUE AND EXPENSE SUMMARY, YIELDS AND RATES
(UNAUDITED)
Twelve Months Ended December 31
1998 1997
------------------------------------ ------------------------------------
(Taxable Equivalent Basis - Average Revenue/ Yield/ Average Revenue/ Yield/
Dollars in Thousands) Balance Expense Rate Balance Expense Rate
------------------------------------ ------------------------------------
<S> <C> <C> <C> <C> <C> <C>
ASSETS
Interest-earning assets:
Loans net of unearned income $ 12,475,539 $ 1,087,602 8.72% $ 12,059,249 $ 1,053,837 8.74%
Available-for-sale securities* 3,029,719 212,583 7.02 2,113,217 155,600 7.36
Held-to-maturity securities:
Taxable 2,242,931 150,045 6.69 2,305,336 156,138 6.77
Tax-free 111,261 11,790 10.60 146,022 15,989 10.95
------------ ----------- ------------ ------------
Total held-to-maturity
securities 2,354,192 161,835 6.87 2,451,358 172,127 7.02
------------ ----------- ------------ ------------
Total investment securities 5,383,911 374,418 6.95 4,564,575 327,727 7.18
Other interest-earning assets 119,546 6,161 5.15 72,561 3,265 4.50
------------ ----------- ------------ ------------
Total interest-earning assets 17,978,996 1,468,181 8.17 16,696,385 1,384,829 8.29
Cash and other assets 1,680,706 1,490,195
Allowance for loan losses (175,954) (179,656)
Market valuation on AFS securities 40,458 35,219
------------ ------------
$ 19,524,206 $ 18,042,143
============ ============
LIABILITIES AND SHAREHOLDERS' EQUITY
Interest-bearing liabilities:
Interest-bearing demand deposits $ 4,084,906 143,144 3.50 $ 3,727,911 123,586 3.32
Savings deposits 1,013,201 28,395 2.80 1,045,121 29,928 2.86
Time deposits 4,804,976 269,111 5.60 5,109,045 281,838 5.52
Certificates of deposit of $100,000
or more 1,035,051 58,389 5.64 861,733 48,735 5.66
Federal funds purchased and securities
sold under agreements to repurchase 1,403,501 71,821 5.12 1,478,394 78,461 5.31
Other interest-bearing liabilities 3,445,465 192,711 5.59 2,390,758 138,963 5.81
------------ ----------- ------------ ------------
Total interest-bearing liabilities 15,787,100 763,571 4.84 14,612,962 701,511 4.80
----------- ----- ------------ -----
Net interest spread 3.33% 3.49%
===== =====
Noninterest-bearing demand deposits 2,012,403 1,820,387
Other liabilities 309,084 239,017
Shareholders' equity 1,415,619 1,369,777
------------ ------------
$ 19,524,206 $ 18,042,143
============ ============
Net interest income/margin on a
taxable equivalent basis 704,610 3.92% 683,318 4.09%
===== =====
Taxable equivalent adjustment:
Loans 1,756 1,712
Securities 3,884 5,329
----------- ------------
Total taxable equivalent adjustment 5,640 7,041
----------- ------------
Net interest income $ 698,970 $ 676,277
=========== ============
<FN>
*Excludes certain noninterest-earning marketable equity
securities
</FN>
</TABLE>
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<PAGE>
<TABLE>
<CAPTION>
AMSOUTH BANCORPORATION
(UNAUDITED)
(DOLLARS IN THOUSANDS)
Three Months Twelve Months
Ended December 31 Ended December 31
----------------------- -----------------------
% %
1998 1997 Change 1998 1997 Change
---------------------------------- ----------------------------------
<S> <C> <C> <C> <C> <C> <C>
NONINTEREST REVENUES
Service charges on deposit accounts $ 26,473 $ 25,233 4.9 $104,709 $ 98,546 6.3
Trust income 15,627 16,563 (5.7) 66,473 62,094 7.1
Consumer investment services income 8,043 5,950 35.2 31,191 23,500 32.7
Credit card income 3,713 3,992 (7.0) 14,906 15,063 (1.0)
Mortgage income 5,537 1,809 206.1 18,346 6,583 178.7
Interchange income 4,296 3,454 24.4 15,469 12,155 27.3
Other noninterest revenues 21,563 13,948 54.6 67,558 48,063 40.6
-------- -------- -------- --------
Subtotal $ 85,252 $ 70,949 20.2 $318,652 $266,004 19.8
Net gain on sale of businesses -0- -0- -- 27,974 -0- --
-------- -------- -------- --------
Total $ 85,252 $ 70,949 20.2 $346,626 $266,004 30.3
======== ======== ======== ========
NONINTEREST EXPENSES
Salaries and employee benefits $ 74,820 $ 64,638 15.8 $290,261 $249,655 16.3
Net occupancy expense 13,754 14,077 (2.3) 56,278 55,791 0.9
Equipment expense 15,287 15,150 0.9 62,245 57,033 9.1
Marketing expense 6,000 4,455 34.7 21,306 18,055 18.0
Postage and supplies expense 5,996 5,336 12.4 24,013 22,199 8.2
Communications expense 5,676 5,396 5.2 22,926 20,665 10.9
Professional fees 3,456 4,339 (20.4) 12,134 12,459 (2.6)
Amortization expense 4,166 4,672 (10.8) 17,054 18,561 (8.1)
Other noninterest expenses 18,518 17,038 8.7 75,900 71,774 5.7
-------- -------- -------- --------
Total $147,673 $135,101 9.3 $582,117 $526,192 10.6
======== ======== ======== ========
INTANGIBLE ASSETS 12/31/98 12/31/97
-------- --------
Goodwill $234,688 $250,922
Core deposit intangibles 627 831
</TABLE>
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