SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10Q-SB
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For Quarter Ended August 31, 1995
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM _____ to _____
Commission File No. 0-12231
BIO-LOGIC SYSTEMS CORP.
(Exact name of small business issuer as specified in its charter)
Delaware 36-3025678
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification Number)
One Bio-logic Plaza, Mundelein, Illinois 60060
(Address of principal executive offices) (zip code)
Registrant's telephone number, including area code (708-949-5200)
(Former address, if changed since last report): not applicable
Check whether the issuer (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 issuer was required to file such
reports), and (2) has been subject to such filing requirements for the past 90
days. YES X NO____
State the number of shares outstanding of each of the issuer's classes of common
stock, as of the latest practicable date.
Class Outstanding at October 10, 1995
Common Stock $.01 par value 4,159,493 shares
Traditional Small Business Disclosure Format
Yes X No _____
<PAGE>
BIO-LOGIC SYSTEMS CORP
FORM 10Q-SB
TABLE OF CONTENTS
PART I. FINANCIAL INFORMATION Page
ITEM 1. FINANCIAL STATEMENTS (UNAUDITED)
Condensed Consolidated Balance Sheets at August 31, 1995
and February 28, 1995 3
Condensed Consolidated Statements of Operations and
Retained Earnings for the three and six months ended
August 31, 1995 and 1994 4
Condensed Consolidated Statements of Cash Flows for the
six months ended August 31, 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 9
PART II. OTHER INFORMATION
ITEM 4. Submission of Matters to a Vote of Security Holders 11
ITEM 6. Exhibits and Reports on Form 8-K 12
Signatures
2
<PAGE>
BIO-LOGIC SYSTEMS CORP
FORM 10-QSB
PART 1. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
CONDENSED CONSOLIDATED BALANCE SHEETS
August 31, 1995 February 28, 1995
--------------- -----------------
(Unaudited)
ASSETS
CURRENT ASSETS
Cash and cash equivalents $ 959,168 $ 1,187,388
Marketable securities 1,627,509 1,627,660
Accounts receivable, net 3,093,094 3,105,769
Inventories 3,077,252 2,895,987
Prepaid expenses 120,080 91,144
Deferred income taxes 139,442 139,251
---------- -----------
Total current assets 9,016,545 9,047,199
PROPERTY, PLANT AND EQUIPMENT - Net 1,952,410 2,012,121
MARKETABLE SECURITIES 1,719,600 1,727,440
OTHER ASSETS 864,360 712,924
---------- -----------
TOTAL ASSETS $ 13,552,915 $ 13,499,684
---------- -----------
---------- -----------
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Current maturities of long-term debt $ 114,380 $ 110,649
Accounts payable 424,201 698,410
Accrued salaries & payroll taxes 501,737 513,558
Accrued interest & other expenses 298,347 445,065
Accrued income taxes 152,524 162,274
Deferred revenue 214,348 191,701
---------- -----------
Total current liabilities 1,705,537 2,121,657
LONG-TERM DEBT - Less current maturities 750,287 808,726
DEFERRED INCOME TAXES 200,048 200,048
---------- -----------
Total liabilities 2,655,872 3,130,431
---------- -----------
SHAREHOLDERS' EQUITY:
Capital stock, $.01 par value. Authorized
10,000,000 shares, issued and outstanding
4,157,968 shares at August 31, 1995 and
4,146,949 at February 28, 1995. 41,579 41,469
Additional paid-in capital 5,352,178 5,342,371
Retained Earnings 5,503,286 4,985,413
---------- -----------
Total shareholders' equity 10,897,043 10,369,253
TOTAL LIABILITIES AND SHAREHOLDERS'
EQUITY $ 13,552,915 $ 13,499,684
---------- -----------
---------- -----------
See accompanying notes to condensed consolidated financial statements.
3
<PAGE>
BIO-LOGIC SYSTEMS CORP.
FORM 10Q-SB
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND RETAINED EARNINGS
(UNAUDITED)
<TABLE>
Three Months Ended Six Months Ended
August 31, August, 31
------------------------------------- -------------------------------
1995 1994 1995 1994
-------------- ------------- -------------- ------------
<S> <C> <C> <C> <C>
NET SALES $3,444,762 $2,612,127 $7,111,749 $5,065,755
COST OF SALES 1,112,070 954,638 2,425,332 1,851,892
Gross Profit 2,332,692 1,657,489 4,686,417 3,213,863
-------------- ------------- -------------- ------------
OPERATING EXPENSES;
Selling, general & administrative 1,636,222 1,319,725 3,234,996 2,545,030
Research & development 370,438 375,015 746,282 768,532
-------------- ------------- -------------- ------------
Total operating expenses 2,006,660 1,694,740 3,981,278 3,313,562
-------------- ------------- -------------- ------------
OPERATING INCOME (LOSS) 326,032 (32,251) 705,139 (99,699)
OTHER INCOME (EXPENSE)
Interest income 44,820 51,788 90,795 103,291
Interest expense (14,777) (16,051) (33,739) (28,043)
Miscellaneous (2,666) 223 (2,222) 467
-------------- ------------- -------------- ------------
TOTAL OTHER INCOME $ 27,337 $ 35,960 $ 54,834 $ 75,715
INCOME (LOSS)
BEFORE INCOME TAXES 353,409 (1,291) 759,973 (23,984)
PROVISION (BENEFIT)
FOR INCOME TAXES 113,100 0 242,100 (3,000)
-------------- ------------- -------------- ------------
NET INCOME (LOSS) $ 240,309 $ (1,291) $ 517,873 $ (20,984)
-------------- ------------- -------------- ------------
-------------- ------------- -------------- ------------
RETAINED EARNINGS,
BEGINNING OF PERIOD 5,262,977 4,225,308 4,985,413 4,245,001
-------------- ------------- -------------- ------------
RETAINED EARNINGS,
END OF PERIOD $5,503,286 $4,224,017 $5,503,286 $4,224,017
-------------- ------------- -------------- ------------
-------------- ------------- -------------- -------------
EARNINGS PER SHARE;
Primary and Fully Diluted $0.06 $0.00 $0.12 $0.00
-------------- ------------- -------------- ------------
-------------- ------------- -------------- ------------
</TABLE>
See accompanying notes to condensed consolidated financial statements
4
<PAGE>
BIO-LOGIC SYSTEMS CORP
FORM 10Q-SB
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
<TABLE>
Six Months Ended August 31,
--------------------------------------
1995 1994
--------------- ---------------
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income (Loss) $ 517,873 $ (20,984)
Adjustments to reconcile net income (loss) to net cash flows from
operating activities:
Depreciation and amortization 177,111 158,974
Provision for bad debts 6,000 3,000
Provision for inventory valuation 78,677 42,422
Deferred income taxes 0 0
(Increases) decreases in assets:
Accounts receivable 6,675 (103,213)
Inventories (259,942) (395,084)
Income taxes receivable 0 (50,923)
Prepaid expenses (29,127) (42,626)
Increases (decreases) in liabilities:
Accounts payable (274,209) 83,241
Accrued liabilities and deferred revenue (135,892) (65,877)
Accrued income taxes (9,750) (69,522)
---------------- ---------------
Net cash flows from operating activities 77,416 (460,592)
---------------- ---------------
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures (74,014) (101,130)
Investments in other assets (194,822) (160,195)
Purchases of investments held to maturity (730,198) 0
Proceeds from sales of investments 0 217,429
Proceeds from maturities of investments 738,189 0
---------------- ----------------
Net cash flows from investing activities (260,845) (43,896)
---------------- ----------------
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from exercise of stock options 9,917 24,070
Payments of long-term debt (54,708) (51,199)
---------------- ----------------
Net cash flows from financing activities (44,791) (27,129)
---------------- ----------------
DECREASE IN CASH AND CASH EQUIVALENTS (228,220) (531,617)
CASH AND CASH EQUIVALENTS - Beginning of period 1,187,388 1,010,329
---------------- ----------------
CASH AND CASH EQUIVALENTS - End of period $ 959,168 $ 478,712
---------------- ----------------
---------------- ----------------
SUPPLEMENTAL DISCLOSURES OF CASH FLOWS:
Cash paid during the period for:
Interest $ 35,164 $ 33,191
---------------- ----------------
---------------- ----------------
Income Taxes $ 251,850 $ 128,100
---------------- ----------------
---------------- ----------------
</TABLE>
See accompanying notes to condensed consolidated financial statements
5
<PAGE>
BIO-LOGIC SYSTEMS CORP
FORM 10-QSB
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
1. The information furnished in this report reflects all adjustments which
are, in the opinion of management, necessary to a fair statement of the
results for the interim periods. The results of operations for the three and
six months ended August 31, 1995 are not necessarily indicative of the
results to be expected for the full year. Inventories
2. INVENTORIES
Inventories principally consist of components, parts and supplies.
3. NET INCOME PER SHARE
Primary earnings per share are based on the weighted average number of
common and dilutive common equivalent shares outstanding during each
quarter. The weighted average shares for computing primary earnings per
share were 4,354,131 and 4,231,430 for the quarters ended August 31, 1995
and 1994, respectively, and 4,284,691 and 4,229,018 for the six months ended
August 31,1995 and 1994, respectively.
Fully diluted earnings per share are based on the weighted average number of
common and dilutive common equivalent shares calculated at quarter-end
market prices. The weighted average for computing fully diluted earnings per
share were 4,361,289 and 4,239,911 for the quarters ended August 31, 1995,
and 1994, respectively, and 4,310,625 and 4,237,499 for the six months ended
August 31, 1995 and 1994, respectively.
4. ACCOUNTING FOR INCOME TAXES
The Company adopted Statement of Financial Accounting Standards (SFAS) No.
109, "Accounting for Income Taxes," effective March 1, 1993. This standard
requires an asset and liability approach of accounting for income taxes.
Deferred tax assets and liabilities are computed annually for differences
between financial statement basis and tax basis of assets, liabilities and
available general business tax credit carry-forwards. A valuation allowance
is established when necessary to reduce deferred tax assets to the amount
expected to be realized.
6
<PAGE>
BIO-LOGIC SYSTEMS CORP
FORM 10-QSB
Deferred tax assets and liabilities as of August 31, 1995 are
comprised of the following:
Deferred tax liabilities:
Depreciation $ 76,802
Research and Development 123,246
------------
Total Deferred Tax Liabilities 200,048
Deferred tax assets:
Accounts Receivable 51,318
Inventory 70,813
Vacation 12,601
Warranty 60,774
Other 4,327
Tax credit carry-forwards 11,586
Less: current deferred tax-
DISC income deferral (72,292)
------------
Total deferred current tax
assets - net 139,442
Net deferred tax liability $ 60,606
------------
------------
5. MARKETABLE SECURITIES
Effective March 1, 1994, the company adopted Statement of Financial
Accounting Standards No.115, "Accounting for Certain Investments in Debt and
Equity Securities" (SFAS No. 115.)
As required by SFAS 115, securities are classified into three categories:
trading, held-to-maturity, and available for sale. Debt securities that the
Company has the positive intent and ability to hold to maturity are
classified as held-to-maturity debt securities. The entire Company's
portfolio of debt securities has been classified as held-to-maturity and are
stated at cost, with premiums amortized and discounts accreted using the
simple-interest method.
7
<PAGE>
BIO-LOGIC SYSTEMS CORP
FORM 10-QSB
Investment Securities Held-To-Maturity
The amortized cost, unrealized gains, unrealized losses and estimated fair
values of investment securities are summarized as follows:
<TABLE>
Gross Gross Estimated
Amortized Unrealized Unrealized Fair
Cost Gains Losses Value
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
August 31, 1995
- ----------------
US Government securities $ 3,347,109 $ 0 $ 6,823 $ 3,340,286
August 31, 1994
- ----------------
US Government securities $ 4,125,572 $ 0 $ 44,277 $ 4,081,295
</TABLE>
At August 31, 1995, the maturities of marketable securities held to maturity are
as follows:
Amortized Estimated Fair
Cost Value
-------------- --------------
Term to Maturity
- ------------------
Due one year or less $ 1,627,509 $ 1,625,411
Due after one year through
five years 1,719,600 1,714,875
-------------- --------------
Total $ 3,347,109 $ 3,340,286
-------------- --------------
-------------- --------------
6. STOCK REPURCHASE
On June 1, 1995 the Board of Directors of the Company authorized the
repurchase, from time to time, of up to 100,000 shares of the Company's
common stock. As of the date of this report, the Company had made no
repurchases of its common stock.
8
<PAGE>
BIO-LOGIC SYSTEMS CORP
FORM 10-QSB
Item 2. Management's Discussion and Analysis of Financial Condition
and Results of Operations
LIQUIDITY AND CAPITAL RESOURCES
As of August 31, 1995, Bio-logic Systems Corp., (the "Company") had working
capital of $7,311,008 including $2,586,677 in cash, cash equivalents and
short-term investments. In addition, as of August 31, 1995, the Company has
long-term investments of $1,719,600 in US Government Treasury Notes. The Company
believes its capital and liquidity requirements for the foreseeable future will
be satisfied by available and internally generated funds. To the extent the
Company's capital and liquidity requirements are not satisfied internally, the
Company may utilize a $1,000,000 unsecured bank line of credit, all of which is
currently available. Borrowings under this line will bear interest at the bank's
prime rate.
RESULTS OF OPERATIONS
Net sales for the three and six month periods ended August 31, 1995 ("1995
three and six months") increased by approximately 32% and 40% to $3,444,762 and
$7,111,749, respectively, as compared to $2,612,127 and $5,065,755 for the three
and six month periods ended August 31, 1994 ("1994 three and six months"),
respectively. Domestic sales increased 42% and 47% for the 1995 three and six
months to $2,515,617 and $5,188,940, respectively, from $1,771,128 and
$3,524,289 for the 1994 three and six months, respectively. These increases
reflect higher net sales in the majority of the Company's product lines,
particularly the CeegraphTM, Navigator(R) and Traveler(R) models.
Foreign sales for the 1995 three and six months were $929,145 and $1,922,809,
respectively, compared to $840,999 and $1,541,466 for the 1994 three and six
months, respectively, an increase of 10% and 25%, respectively. As a percentage
of net sales, foreign sales contributed 27% for the 1995 three and six months, a
decrease of 5% and 3%, respectively, from comparable 1994 periods.
Cost of equipment sold as a percentage of net sales decreased to 32% and 34%
in the 1995 three and six months, respectively, compared to 37% for the 1994
three and six months. This decrease in cost of sales is attributable to
increased sales of higher margin products and increased efficiencies in the
manufacturing processes.
Selling, general and administrative expenses were $1,636,222 and $3,234,996
for the 1995 three and six months, respectively, compared to $1,319,725 and
$2,545,030 for the 1994 three and six months, respectively. As a percentage of
net sales , selling, general and administrative expenses decreased to 47% and
45% for the 1995 three and six months, respectively, from 51% and 50% for the
1994 three and six months, respectively. These increases in the 1995 three and
six months reflect additional sales expenses, such as sales commissions and
travel, plus additional costs associated with expanded sales activities.
Research and development costs decreased by 1% and 3% to $370,438 and
$746,282 for the 1995 three and six months, respectively, from $375,015 and
$768,532 for the 1994 three and six months, respectively. As a percentage of net
sales, total research and development costs decreased to 11% and 10% for the
1995 three and six months, respectively, compared to 14% and 15% for the 1994
three and six months, respectively. These decreases in the 1995 three and six
months are attributable to the capitalization of approximately $76,400 and
$135,000, respectively, in certain research and development costs associated
with specific identifiable future products.
<PAGE>
BIO-LOGIC SYSTEMS CORP
FORM 10-QSB
The Company had operating income of $326,032 and $705,139 for the 1995 three
and six months, respectively, compared to operating loss of $37,251 and $99,699
for the 1994 three and six months, respectively. Operating profits for the 1995
three and six months were the result of significantly higher net sales and
increased profit margins, which were slightly offset by higher selling, general
and administrative expenses.
Net interest income decreased to $57,056 from $75,248 for the six month
periods ended August 31, 1995 and 1994, respectively. This decrease reflects
lower investment returns and higher interest rates on long-term debt.
The income tax provision of $113,100 and $242,100 or 32% of income before
taxes for both the three and six month periods ended August 31, 1995,
respectively, and the income tax benefit of $3,000, for the six month period
ended August 31, 1994 or 13% of loss before income tax benefit differ from the
federal statutory rate of 35% due to the differences between financial statement
basis and tax basis of assets, liabilities and available general business tax
credit carry-forwards.
The Company had net income of $240,309 and $517,873 or $0.06 and $0.12 per
share for the 1995 three and six months, respectively, compared to net loss of
$1,291 and $20,984 or $0.00 per share for the 1994 three and six months,
respectively, resulting primarily from increased net sales, as previously
discussed.
<PAGE>
BIO-LOGIC SYSTEMS CORP
FORM 10-QSB
Part II. OTHER INFORMATION
Item 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
(a) The Company's 1995 Annual Meeting of Shareholders (the "1995 Annual
Meeting") was held on August 25, 1995.
(b) The following directors were elected at the 1995 Annual Meeting:
Gabriel Raviv, Ph.D.
Craig W. Moore
The following are the other directors of the Company whose term of
office continued after the 1995 Annual Meeting:
Gil Raviv
Charles Z. Weingarten, M.D.
Albert Milstein
Irving Kupferberg
1. The following votes were cast in connection with the election of
directors at the 1995 Annual Meeting:
FOR WITHHELD
Gabriel Raviv, Ph.D. 3,694,200 28,256
Craig W. Moore 3,693,203 28,909
2. The following votes were cast with respect to the adoption of an
amendmentto the Company's 1994 Stock Option plan, which increased
the number of the Company's Common Stock which may be subject to
options granted to any person in a calendar year to 100,000:
FOR AGAINST ABSTAIN
3,551,203 151,023 20,230
<PAGE>
BIO-LOGIC SYSTEMS CORP
FORM 10-QSB
Item 6. Exhibits and Reports on 8-K
(a) EXHIBITS
3.1 Certificate of Incorporation, Certificate of Amendment to
Certificate of Incorporation, Agreement of Merger and Certificate
of Merger and By-Laws (1)
3.2 Certificate of Amendment to Certificate of Incorporation (7)
10.1 Lease between the Company and Harris Trust & Savings Bank
dated August 9, 1983 (2)
10.2 Technology License Agreement between the Company and Neurographic
Technologies dated August 13, 1984 (3)
10.3 Real Estate Sale Contract between the Company and First National
Bank of Lake Forest, as Trustee, dated December 23, 1985 (4)
10.4 Loan Agreement between the Company and Village of Mundelein,
Illinois dated as of December 1, 1985 (4)
10.5 Mortgage and Security Agreement between the Company and Village
of Mundelein, Illinois dated as of December 1, 1985 (4)
10.6 Bond Purchase Agreement between the Company and First American
Bank of Dundee dated as of December 1, 1985 (4)
10.7 Agreement among Gabriel Raviv, Gil Raviv, Charles Z. Weingarten
and the Company (5)
10.8 Employment Agreement between the Company and Gabriel Raviv (5)
10.9 Employment Agreement between the Company and Gil Raviv (5)
10.10 Form of Export Property Sale, Commission and Lease Agreement
between the Company and Bio-logic International Corporation (6)
10.11 Agreement and General Release between the Company and Gil Raviv
(9)
10.12 Letter dated May 2, 1994 from First American Bank to the Company
(10)
10.13 Letter of Intent dated June 30, 1994 by and among the Company,
Luther Medical Products, Inc. and Neuro Diagnostics, Inc. (11)
10.14 Asset Purchase Agreement dated as of July 1, 1994 by and among
the Company, NDI Acquisition Corp., Luther Medical Products, Inc.
and Neuro Diagnostics, Inc. (12)
21. Subsidiaries of the Company (8)
23. Consent of Independent Auditors (13)
27. Financial Data Schedule
<PAGE>
BIO-LOGIC SYSTEMS CORP
FORM 10-QSB
- -------------------------
(1) Incorporated by reference from the Company's Registration
Statement on Form S-18 filed on August 7, 1981 (File No.
2-73587-C).
(2) Incorporated by reference from the Company's Report on Form 10-Q
for the quarter ended August 31, 1983.
(3) Incorporated by reference from the Company's Annual Report on
Form 10-K for the year ended February 28, 1985.
(4) Incorporated by reference from the Company's Report on Form 10-Q
for the quarter ended November 30, 1985.
(5) Incorporated by reference from the Company's Registration
Statement on Form S-1 (File No. 33-5471).
(6) Incorporated by reference from the Company's Report on Form 10-Q
for the quarter ended May 31, 1986.
(7) Incorporated by reference from the Company's Annual Report on
Form 10-K for the Fiscal Year ended February 28, 1987.
(8) Incorporated by reference from the Company's Annual Report on
Form 10-K for the Fiscal Year ended February 28, 1990.
(9) Incorporated by reference from the Company's Annual Report on
Form 10-K for the Fiscal Year ended February 28, 1993.
(10) Incorporated by reference from the Company's Annual Report on
Form 10-K for the Fiscal Year ended February 28, 1994.
(11) Incorporated by reference from the Company's Report on Form 10-Q
for the quarter ended May 31, 1994.
(12) Incorporated by reference from the Company's Report on Form 10-Q
for the quarter ended August 31, 1994.
(13) Incorporated by reference from the Company's Annual Report on
Form 10K-SB for the Fiscal Year ended February 28, 1995.
(b) The Registrant did not file any reports on Form 8-K during the three
months ended August 31, 1995.
<PAGE>
BIO-LOGIC SYSTEMS CORP
FORM 10-QSB
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
Date: October 10, 1995 By: /s/ Gabriel Raviv
-----------------------
Gabriel Raviv, President
Date: October 10, 1995 By: /s/ William K. Roenitz
-----------------------
William K. Roenitz,
Controller and Treasurer
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> FEB-22-1996
<PERIOD-END> AUG-31-1995
<CASH> 959,168
<SECURITIES> 3,347,109
<RECEIVABLES> 3,232,192
<ALLOWANCES> 139,098
<INVENTORY> 3,077,252
<CURRENT-ASSETS> 9,016,545
<PP&E> 4,309,495
<DEPRECIATION> 2,357,085
<TOTAL-ASSETS> 13,552,915
<CURRENT-LIABILITIES> 1,705,537
<BONDS> 864,667
<COMMON> 41,579
0
0
<OTHER-SE> 10,855,464
<TOTAL-LIABILITY-AND-EQUITY> 13,552,915
<SALES> 7,111,749
<TOTAL-REVENUES> 7,111,749
<CGS> 2,425,332
<TOTAL-COSTS> 2,425,332
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 6,000
<INTEREST-EXPENSE> 33,739
<INCOME-PRETAX> 759,973
<INCOME-TAX> 242,100
<INCOME-CONTINUING> 517,873
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 517,873
<EPS-PRIMARY> 0.12
<EPS-DILUTED> 0.12
</TABLE>
