<PAGE>
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR
15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended July 29, 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 1-258
----------------------------------------------------------
JG INDUSTRIES, INC.
--------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
ILLINOIS 36-1141010
------------------------------- ----------------------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
1615 WEST CHICAGO AVENUE CHICAGO, IL 60622
--------------------------------------------------------------------------------
(Address of principal executive offices)
(Zip Code)
(312) 850-8000
--------------------------------------------------------------------------------
(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 requirement for the past 90 days.
Yes X No
--- ---
Common Stock outstanding as of July 29, 1995 - 7,062,490 shares
---------------------------------------------------------------
1
<PAGE>
PART I - FINANCIAL INFORMATION
------------------------------
ITEM 1. FINANCIAL STATEMENTS
Company or group of companies for which report is filed:
JG INDUSTRIES, INC. AND SUBSIDIARIES (Company)
----------------------------------------------
In the opinion of management, all adjustments necessary to fairly present the
condensed consolidated financial position of the Company as of July 29, 1995,
January 28, 1995, and July 30, 1994 and the results of its operations and its
cash flows for the thirteen and twenty-six week periods ended July 29, 1995
(fiscal 1996) and July 30, 1994 (fiscal 1995) have been included. These
adjustments consist solely of normal recurring accruals. The results of
operations for such interim periods are not necessarily indicative of results
for the full year.
Certain information and footnote disclosures normally included in financial
statements prepared in accordance with generally accepted accounting principles
have been condensed or omitted, although the Company believes that the
disclosures are adequate to make the information presented not misleading. It is
suggested that these condensed consolidated financial statements be read in
conjunction with the consolidated financial statements and notes thereto in the
Company's latest Annual Report on Form 10-K.
2
<PAGE>
JG INDUSTRIES, INC. AND SUBSIDIARIES
------------------------------------
CONDENSED CONSOLIDATED BALANCE SHEETS
-------------------------------------
(IN THOUSANDS, EXCEPT SHARE DATA)
(UNAUDITED)
<TABLE>
<CAPTION>
July 29, January 28, July 30,
1995 1995 1994
-------- ----------- --------
<S> <C> <C> <C>
ASSETS
------
Current Assets:
Cash and cash equivalents $ 524 $ 2,048 $ 511
Receivables, net 20,685 23,983 21,874
Merchandise inventories 31,063 28,991 29,228
Other current assets 971 1,193 983
-------- ------- -------
Total current assets 53,243 56,215 52,596
-------- ------- -------
Land, buildings and
equipment, at cost 36,058 34,987 33,762
Less accumulated depreciation
and amortization 19,820 18,638 17,406
-------- ------- -------
16,238 16,349 16,356
-------- ------- -------
Deferred income taxes 626 626
Leasehold rights, net 706 813 884
Other assets 2,049 2,004 1,887
-------- ------- -------
$ 72,862 $76,007 $71,723
======== ======= =======
LIABILITIES, COMMON STOCK AND
-----------------------------
OTHER SHAREHOLDERS' EQUITY
--------------------------
Current Liabilities:
Notes payable $ 2,750 $ 1,200
Current portion of long-term debt 1,727 $ 2,382 3,842
Accounts payable 9,530 11,887 9,220
Accrued liabilities 10,751 11,499 10,734
Undelivered sales liability 7,837 8,983 7,995
Deferred income taxes 1,305 1,120
-------- ------- -------
Total current liabilities 33,900 35,871 32,991
-------- ------- -------
Long-term debt, less current portion 11,222 11,269 14,120
Minority interest 18,491 17,268 14,669
Redeemable preferred stock 3,183 3,183 3,183
Common stock and other shareholders' equity:
Common shares; no par value;
authorized 10,000,000 shares;
issued 7,217,311 shares 11,246 11,242 11,242
Paid-in capital 6,305 6,129 5,922
Accumulated deficit (10,205) (7,676) (9,126)
Treasury shares - 154,821, 154,438 and
154,153 shares at cost, respectively (1,280) (1,279) (1,278)
-------- ------- -------
6,066 8,416 6,760
-------- ------- -------
$ 72,862 $76,007 $71,723
======== ======= =======
</TABLE>
The accompanying notes are an integral part of these
condensed consolidated financial statements.
3
<PAGE>
JG INDUSTRIES, INC. AND SUBSIDIARIES
------------------------------------
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
-----------------------------------------------
FOR THE 13 AND 26 WEEK PERIODS ENDED JULY 29, 1995 AND JULY 30, 1994
--------------------------------------------------------------------
(UNAUDITED)
<TABLE>
<CAPTION>
13 WEEKS 26 WEEKS
ENDED ENDED
---------------------- ---------------------
July 29, July 30, July 29, July 30,
1995 1994 1995 1994
---------- --------- ---------- ---------
(in thousands, except share data)
<S> <C> <C> <C> <C>
Net sales $48,540 $49,351 $88,116 $90,526
Cost of sales 30,319 30,697 54,741 56,058
------- ------- ------- -------
Gross profit 18,221 18,654 33,375 34,468
Selling, general and
administrative expenses 18,158 17,902 34,671 34,005
------- ------- ------- -------
Operating income (loss) 63 752 (1,296) 463
Interest expense, net (327) (352) (623) (618)
Loss on sale of asset (3) (3)
Loss on subsidiary stock
transactions, net (19) (1) (22) (6)
------- ------- ------- -------
Income (loss) before income
tax provision and minority
interest (286) 399 (1,944) (161)
Income tax provision (389) (10) (207) (25)
------- ------- ------- -------
Income (loss) before
minority interest (675) 389 (2,151) (186)
Minority interest in net income
of subsidiaries (417) (815) (244) (897)
------- ------- ------- -------
Net loss $(1,092) $ (426) $(2,395) $(1,083)
======= ======= ======= =======
Net loss applicable to
common and common
equivalent shares $(1,159) $ (480) $(2,529) $(1,183)
======= ======= ======= =======
Per share loss applicable to
common and common
equivalent shares $ (.16) $ (.07) $ (.36) $ (.17)
======= ======= ======= =======
Average number of common
and common equivalent shares
outstanding 7,062,490 7,055,158 7,062,490 7,055,158
========= ========= ========= =========
</TABLE>
The accompanying notes are an integral part of these
condensed consolidated financial statements.
4
<PAGE>
JG INDUSTRIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMMON STOCK AND OTHER SHAREHOLDERS' EQUITY
FOR THE FISCAL YEAR ENDED JANUARY 28, 1995,
AND THE QUARTER ENDED JULY 29, 1995
(IN THOUSANDS, EXCEPT SHARE DATA)
(UNAUDITED)
------------
<TABLE>
<CAPTION>
Common Paid-In Accumulated Treasury
Shares Capital Deficit Stock Total
--------- -------- ------------ --------- -------
<S> <C> <C> <C> <C> <C>
Balances, January 29, 1994 $11,242 $ 4,589 $ (7,943) $(1,278) $6,610
Net income, fiscal 1995 487 487
Gains on sale of H-K stock
to Jupiter 1,540 1,540
Purchase of 285 common shares (1) (1)
Dividends accrued on
redeemable preferred stock (220) (220)
------- ------- -------- ------- ------
Balances, January 28, 1995 11,242 6,129 (7,676) (1,279) 8,416
Net loss, twenty-six week
period ended July 29, 1995 (2,395) (2,395)
Gain on sale of H-K stock
to Jupiter 176 176
Purchase of 244 common shares (1) (1)
Exercise of stock options 4 4
Dividends accrued on
redeemable preferred stock (134) (134)
------- ------- -------- ------- ------
Balances, July 29, 1995 $11,246 $ 6,305 $(10,205) $(1,280) $6,066
======= ======= ======== ======= ======
</TABLE>
The accompanying notes are an integral part
of these condensed consolidated financial statements.
5
<PAGE>
JG INDUSTRIES, INC. AND SUBSIDIARIES
------------------------------------
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
-----------------------------------------------
FOR THE QUARTERS ENDED JULY 29, 1995 AND JULY 30, 1994
------------------------------------------------------
(UNAUDITED)
-----------
<TABLE>
<CAPTION>
26 Weeks Ended
-------------------
July 29, July 30,
1995 1994
-------------------
(in thousands)
<S> <C> <C>
Cash flows from operating activities:
Net loss $(2,395) $(1,083)
Adjustments to reconcile net loss to net cash
used in operating activities:
Depreciation and amortization 1,345 1,230
Deferred income taxes 185
Minority interest 244 897
Loss on sale of asset 3
Loss on issuance of stock
by subsidiary 22 6
Changes in assets and liabilities:
Receivables 3,298 818
Merchandise inventories (2,072) (1,483)
Other assets (current) 222 150
Other assets (noncurrent) (64) 7
Accounts payable and accrued liabilities (4,339) (2,009)
------- -------
Net cash used in operating activities (3,551) (1,467)
------- -------
Cash flows from investing activities:
Proceeds from sale of assets 1,125
Capital expenditures (1,112) (844)
------- -------
Net cash provided by (used in)
investing activities 13 (844)
------- -------
Cash flows from financing activities:
Net short-term borrowings 2,750 1,200
Net borrowings (repayments) under
revolving credit loan 958 928
Principal payments of long-term debt (1,706) (1,224)
Proceeds from exercise of stock options 4
Proceeds from exercise of stock options
at subsidiary 9 4
Purchase of treasury shares (1)
------- -------
Net cash provided by financing activities 2,014 908
------- -------
Net decrease in cash and cash equivalents (1,524) (1,403)
Cash and cash equivalents at beginning of year 2,048 1,914
------- -------
Cash and cash equivalents at end of
twenty-six week period $ 524 $ 511
======= =======
</TABLE>
The accompanying notes are an integral part of these
condensed consolidated financial statements.
6
<PAGE>
JG INDUSTRIES, INC. AND SUBSIDIARIES
------------------------------------
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
----------------------------------------------------
(UNAUDITED)
-----------
1) Merchandise inventories are stated at the lower of cost or market. Cost is
determined on the last-in, first-out (LIFO) basis for approximately 96% of
the inventory as of July 29, 1995, January 28, 1995 and July 30, 1994, using
the retail method. The remaining inventory is valued on the first-in, first-
out (FIFO) basis using the retail method. If the FIFO method had been used
to value all inventories, cost would have been $1,945,000, $1,843,000, and
$1,544,000 higher at July 29, 1995, January 28, 1995 and July 30, 1994,
respectively.
2) Receivables are presented net of allowances for cancellation reserves and
doubtful accounts of approximately $307,000 at July 29, 1995, $384,000 at
January 28, 1995 and $474,000 at July 30, 1994.
3) Leasehold rights are shown net of accumulated amortization of $2,515,000 at
July 29, 1995, $2,409,000 at January 28, 1995 and $2,338,000 at July 30,
1994.
4) As previously reported, during fiscal 1995, Sussex Group, Ltd. ("Sussex", an
indirect majority owned subsidiary of the Company), transferred or sold a
total of 800,000 shares of Huffman Koos Inc. ("H-K") common stock to Jupiter
Industries, Inc. ("Jupiter"). The transfer of 700,000 shares of this stock
on February 4, 1994 was used to repay a $5,075,000 note payable to Jupiter.
The remaining 100,000 shares of H-K common stock was sold to Jupiter on
November 30, 1994 for $800,000. As a result of the transfer and sale of
these shares, the Company recognized a gain of $1,540,000 in fiscal 1995.
This gain was recorded as an increase to paid-in capital and represents the
difference between the amount of the note retired and cash received and the
proportionate share of H-K net equity represented by these shares.
Effective May 23, 1995, the Company through Sussex sold an additional
150,000 shares of H-K common stock to Jupiter for $1,125,000. As a result of
the sale of these shares, the Company recognized a gain of $176,000. This
gain was recorded as an increase to paid-in capital and represents the
difference between cash received and the proportionate share of H-K net
equity represented by these shares.
Pursuant to the terms of the various stock purchase agreements (the "Agree-
ments"), Sussex has been granted an option to repurchase any or all of the
950,000 H-K shares on or prior to February 4, 1996 for a purchase price
ranging from $7.25 to $8.00 per share plus interest on such amount. The
Agreements also contain a provision which requires Jupiter to vote the
950,000 H-K shares for the election of a majority of the Board of Directors
of H-K as Sussex shall direct. As a result of this voting provision, the
Company through Sussex, retains effective control of H-K.
As a result of the transactions described above, the Company and Jupiter now
own 29.9% and 24.2%, respectively, of H-K's outstanding common stock based
on the number of H-K shares currently outstanding.
5) The Company used $625,000 of the proceeds from the May 23, 1995 stock sale
(described in Note 4) to make payments on JG's $7,125,000 term loan.
6) HK has extended its Modified and Restated Loan and Security Agreement (the
"Agreement") with its financial institution to June 30, 1997. Under the
terms of the Agreement, the interest note on the revolving loan is .5% above
the prime rate.
7) During the first and second quarters of fiscal 1996 and 1995, options to
purchase 12,200 and 2,600 shares, respectively, of common stock of H-K were
exercised. Losses of $22,000 and $5,000, respectively, on the issuance of
these shares were recorded by the Company with an increase to minority
interest as H-K's net book value per share exceeded the option prices.
8) Loss per share applicable to common and common equivalent shares is computed
after recognition of the dividend requirements on redeemable preferred stock
of $134,000 in fiscal 1996 and $100,000 in fiscal 1995.
7
<PAGE>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF
-----------------------------------------------
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
---------------------------------------------
LIQUIDITY AND CAPITAL RESOURCES
-------------------------------
Cash and cash equivalents decreased by $1,524,000 during the six months ended
July 29, 1995 which included approximately $3,551,000 of net cash used in
operating activities. Accounts receivable decreased by $3,298,000 and the
undelivered sales liability decreased by $1,146,000 due to the record volume of
furniture delivery by Huffman Koos Inc. ("H-K") during the six months ended July
29, 1995. These deliveries generated cash receipts which were used to decrease
accounts payable and accrued expenses by $3,435,000. Inventory increased by
approximately $2,072,000 due to normal seasonal increases. Approximately
$1,112,000 of net cash was used in investing activities due solely to capital
expenditures as described below. Approximately $2,014,000 of net cash was
provided by financing activities due to net borrowings on lines of credit of
$3,708,000 offset by scheduled debt payments of $1,706,000.
Goldblatt's Department Stores, Inc. ("Goldblatt's") spent approximately $449,000
on capital expenditures during the first six months of fiscal 1996 related to
normal capital maintenance. Goldblatt's capital expenditures for the balance of
fiscal 1996 will be minimal as no new store openings or major store renovations
are planned. Goldblatt's had remaining availability of $750,000 under its line
of credit as of July 29, 1995. The Company believes that Goldblatt's working
capital and line of credit will be adequate to fund current operations and
service the Company's indebtedness through fiscal 1996.
H-K spent approximately $663,000 on capital expenditures during the first six
months of fiscal 1996, the majority of which related to the renovation of its
Bridgewater, New Jersey store. The remodeling was completed in May 1995 at a
total cost of approximately $410,000. This completes the refurbishing program
initiated in 1993 which encompassed the renovation of all of H-K's older stores.
H-K previously announced that it had executed a lease for a new store in
Norwalk, Connecticut. This store will open later this year. Total cost of
leasehold improvements for this location are expected to approximate $750,000
and will be funded from working capital. H-K had remaining availability of
$4,542,000 under its revolving line of credit at July 29, 1995. H-K's operations
and available line of credit are expected to adequately fund its working capital
requirements during the remainder of fiscal 1996. The assets of H-K are
restricted from transfer to the Company under the terms of its loan agreements.
As previously reported, during fiscal 1995, Sussex Group, Ltd. ("Sussex", an
indirect majority owned subsidiary of the Company), transferred or sold a total
of 800,000 shares of Huffman Koos Inc. ("H-K") common stock to Jupiter
Industries, Inc. ("Jupiter"). The transfer of 700,000 shares of this stock on
February 4, 1994 was used to repay a $5,075,000 note payable to Jupiter. The
remaining 100,000 shares of H-K common Stock was sold to Jupiter on November 30,
1994 for $800,000. As a result of the transfer and sale of these shares, the
Company recognized a gain of $1,540,000 in fiscal 1995. This gain was recorded
as an increase to paid-in capital and represents the difference between the
amount of the note retired and cash received and the proportionate share of H-K
net equity represented by these shares.
Effective May 23, 1995, the Company through Sussex sold an additional 150,000
shares of H-K common stock to Jupiter for $1,125,000. The Company recognized a
gain of $176,000 in the second quarter of fiscal 1996 related to this sale. This
gain was recorded as an increase to paid-in capital and represents the
difference between the cash received and the proportionate share of H-K net
equity represented by these shares.
The Company used $625,000 of the proceeds from the May 23, 1995 stock sale
(described in Note 4) to make payments on JG's $7,125,000 term loan.
Pursuant to the terms of the various stock purchase agreements (the
"Agreements"), Sussex has been granted an option to repurchase any or all of the
950,000 H-K shares on or prior to February 4, 1996 for a purchase price ranging
from $7.25 to $8.00 per share plus interest on such amount. The Agreements also
contain a provision which requires Jupiter to vote the 950,000 H-K shares for
the election of a majority of the Board of Directors of H-K as Sussex shall
direct. As a result of this voting provision, the Company through Sussex,
retains effective control of H-K. As a result of the transactions described
above, the Company and Jupiter now own 29.9% and 24.2%, respectively, of H-K's
outstanding common stock based on the number of H-K shares currently
outstanding.
HK has extended its Modified and Restated Loan and Security Agreement (the
"Agreement") with its financial institution to June 30, 1997. Under the terms of
the Agreement, the interest note on the revolving loan is .5% above the prime
rate. Available borrowings of up to $5,500,000 are predicted on 40% of eligible
inventory.
8
<PAGE>
RESULTS OF OPERATIONS
---------------------
THIRTEEN WEEKS ENDED JULY 29, 1995 (FISCAL 1996) VS.
----------------------------------------------------
THIRTEEN WEEKS ENDED JULY 30, 1994 (FISCAL 1995)
------------------------------------------------
Net sales decreased 1.6% over the prior year due to a 3.3% sales decline for the
quarter at H-K. H-K is currently experiencing the effects of poor economy as
evidenced by a significant decrease in the resale of existing homes and new home
starts in the Northern New Jersey area of approximately 26%. Goldblatt's sales
of $17,745,000 were up 1.4% against the prior year of $17,503,000.
The Company's gross profit percentage remained relatively constant at 37.5% of
sales, compared to 37.8% of sales in the prior year. H-K's gross profit
percentage increased to 41.1% of sales from 40.5% of sales due to lower
promotional markdowns. Goldblatt's gross margin percentage decreased to 31.4% of
sales from 32.8% of sales in the prior year. This decrease is the result of
higher than expected inventory shrinkage.
Selling, general and administrative expenses ("SG&A") increased to 37.4% of
sales from 36.3% of sales in the prior year. H-K's SG&A increased to 37.2% of
sales from 35.7% of sales in the prior year, while Goldblatt's SG&A increased to
35.8% of sales from 35.4% of sales in the prior year. The increase at H-K is the
result of increases in handling and delivery expenses due to higher deliveries
compared to the prior year, increased costs in the customer service department
where investments were made in order to improve customer service levels and
increased occupancy expense due to lease renewals.
Interest expense decreased because of lower indebtedness at JG resulting from
the fiscal 1995 and 1996 debt repayments.
TWENTY-SIX WEEKS ENDED JULY 29, 1995 (FISCAL 1996) VS.
------------------------------------------------------
TWENTY-SIX WEEKS ENDED JULY 30, 1994 (FISCAL 1995)
--------------------------------------------------
Net sales decreased 2.7% for the twenty-six weeks ended July 29, 1995 due to a
4.1% sales decline at Goldblatt's. This decrease was the result of cold and
rainy weather conditions during the first two months of the year and a general
slowing of the economy. H-K sales decreased 1.7% to $53,830,000 from $54,764,000
in the prior year. This decrease is due to an extremely soft economy during the
second quarter.
The Company's gross profit percentage remained relatively constant at 37.9% of
sales compared to 38.1% of sales in the prior year. H-K's gross margin
percentage increased slightly to 42.1% of sales from 41.8% of sales in the prior
year, while Goldblatt's gross margin percentage decreased to 31.2% of sales from
32.3% of sales in the prior year. The decrease in Goldblatt's gross margin
percentage is the result of higher markdowns and higher than expected inventory
shrinkage.
SG&A increased to 39.3% of sales from 37.6% of sales in the prior year. H-K's
SG&A increased to 40.4% of sales from 38.4% of sales in the prior year, while
Goldblatt's SG&A increased to 35.8% of sales from 34.4% of sales in the prior
year. The increase at H-K is the result of increases in handling and delivery
expenses due to higher deliveries compared to the prior year, increased costs in
the customer service department where investments were made in order to improve
customer service levels and increased occupancy expense due to lease renewals.
At Goldblatt's, the increase in SG&A expense as a percentage of sales was due to
the sales decline. Actual SG&A expense at Goldblatt's was down approximately
$21,000.
Interest expense increased because of increases in the prime rate of interest.
9
<PAGE>
PART II - OTHER INFORMATION
---------------------------
Item 5 - Other Information
None
Item 6 - Exhibits and Reports on Form 8-K
(a) Exhibits - None
(b) Reports on Form 8-K - None
10
<PAGE>
SIGNATURES
----------
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 under-
signed thereunto fully authorized.
JG INDUSTRIES, INC.
-------------------
(Registrant)
Date: September 11, 1995
------------------
/s/ Clarence Farrar
--------------------------
CLARENCE FARRAR
President and
acting Chief Financial Officer
11
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<LEGEND> THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
THE JG INDUSTRIES, INC. SECOND QUARTER 10Q FOR FISCAL 1996 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> JAN-27-1996
<PERIOD-START> JAN-29-1995
<PERIOD-END> JUL-29-1995
<CASH> 524
<SECURITIES> 0
<RECEIVABLES> 20,685
<ALLOWANCES> 0
<INVENTORY> 31,063
<CURRENT-ASSETS> 53,243
<PP&E> 36,058
<DEPRECIATION> 19,820
<TOTAL-ASSETS> 72,862
<CURRENT-LIABILITIES> 33,900
<BONDS> 11,222
<COMMON> 11,246
3,183
0
<OTHER-SE> (5,180)
<TOTAL-LIABILITY-AND-EQUITY> 72,862
<SALES> 88,116
<TOTAL-REVENUES> 88,116
<CGS> 54,741
<TOTAL-COSTS> 54,741
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 623
<INCOME-PRETAX> (1,944)
<INCOME-TAX> 207
<INCOME-CONTINUING> (1,092)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (1,092)
<EPS-PRIMARY> (.16)
<EPS-DILUTED> 0
</TABLE>
