INFODATA SYSTEMS INC
10QSB, 1997-08-14
PREPACKAGED SOFTWARE
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                    U.S. SECURITIES AND EXCHANGE COMMISSION

                            WASHINGTON, D.C. 20549

                           ------------------------

                                  FORM 10-QSB

               [X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF
                      THE SECURITIES EXCHANGE ACT OF 1934

                      FOR THE QUARTER ENDED JUNE 30, 1997

              [ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF
                      THE SECURITIES EXCHANGE ACT OF 1934

                        Commission File Number 0-10416

                           ------------------------

                             INFODATA SYSTEMS INC.
       (Exact name of small business issuer as specified in its charter)

           12150 Monument Drive, Suite 400, Fairfax, Virginia 22033
             (Address of registrant's principal executive office)

                                (703) 934-5205
                        (Registrant's telephone number)

                VIRGINIA                             16-0954695
        (State of Incorporation)        (I.R.S. Employer Identification No.)


                          --------------------------


Check whether the issuer (1) filed all reports required to be filed by Section
13 or 15(d) of the  Exchange  Act  during  the past 12 months and (2) has been
subject to such filing requirements for the past 90 days. Yes [X]    No [ ]

The  number of shares of  common  stock  outstanding  as of August 4, 1997 was
2,720,207.

Transitional Small Business Disclosure Format:  Yes [ ]      No [X]

<PAGE>

                    INFODATA SYSTEMS INC. AND SUBSIDIARIES


<TABLE>
                                     INDEX


<CAPTION>
                                                                       Page(s)
<S>                                                                    <C>
PART I.  FINANCIAL INFORMATION

Item 1.  Financial Statements  (Unaudited)

         Condensed Consolidated Statements of Operations
            Three Months Ended June 30, 1997 and 1996                     3

         Condensed Consolidated Statements of Operations
            Six Months Ended June 30, 1997 and 1996                       4

         Condensed Consolidated Balance Sheets
            June 30, 1997 and December 31, 1996                         5-6

         Condensed Consolidated Statements of Cash Flows
            Six Months Ended June 30, 1997 and 1996                       7

         Notes to Condensed Consolidated Financial Statements             8

Item 2.  Management's Discussion and Analysis                          9-10

PART II. OTHER INFORMATION

Item 6.  Exhibits and Reports on Form 8-K                                11


SIGNATURES                                                               12
</TABLE>

                                       2

<PAGE>

PART I--FINANCIAL INFORMATION
ITEM 1


                    INFODATA SYSTEMS INC. AND SUBSIDIARIES

                CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
             (DOLLAR AMOUNTS IN THOUSANDS, EXCEPT PER SHARE DATA)
                                  (UNAUDITED)

<TABLE>
                                                           Three Months Ended
                                                                 June 30,
                                                           1997             1996
                                                        ---------------------------
<S>                                                      <C>              <C>
Revenues............................................     $1,956           $2,360

Cost of revenues....................................      1,066            1,410
                                                         -------          -------

Gross profit........................................        890              950
                                                         -------          -------

Operating expenses:
Research and development............................        578              199
Selling, general and administrative.................      1,295              623
                                                         -------          -------
                                                          1,873              822
                                                         -------          -------
Operating income (loss):............................       (983)             128

Interest income.....................................         15               27
Interest expense....................................         (5)              (3)
                                                         -------          -------

Income (loss) before income taxes...................       (973)             152

Provision for income taxes..........................         --                4
                                                         -------          -------

Net income (loss)...................................     $ (973)          $  148
                                                         =======          =======

Preferred dividends.................................         --              (28)

Income (loss) applicable to common shares...........     $ (973)          $  120
                                                         =======          =======

Per share data (primary and fully diluted):
    Net income (loss) per common share                   $ (.37)          $  .06
                                                         =======          =======

Weighted average shares outstanding.................      2,625            2,017
                                                         =======          =======
</TABLE>

The accompanying notes are an integral part of these consolidated statements.


                                       3

<PAGE>

                    INFODATA SYSTEMS INC. AND SUBSIDIARIES

                CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
             (DOLLAR AMOUNTS IN THOUSANDS, EXCEPT PER SHARE DATA)
                                  (UNAUDITED)

<TABLE>
<CAPTION>
                                                             Six Months Ended
                                                                 June 30,
                                                           1997             1996
                                                        ---------------------------
<S>                                                      <C>              <C>

Revenues............................................     $ 3,997          $ 4,853

Cost of revenues....................................       2,416            3,078
                                                         --------          -------

Gross profit........................................       1,581            1,775
                                                         --------          -------

Operating expenses:
Research and development............................         945              256
Selling, general and administrative.................       2,502            1,268
                                                         --------          -------
                                                           3,447            1,524
                                                         --------          -------



Operating income (loss):............................      (1,866)             251

Interest income.....................................          40               47
Interest expense....................................          (7)              (7)
                                                         --------          -------

Income (loss) before income taxes...................      (1,833)             291

Provision for income taxes..........................          (5)               7
                                                         --------          -------


Net income (loss)...................................     $ (1,828)         $  284
                                                         =========        ========

Preferred dividends.................................           -              (58)

Income (loss) applicable to common shares...........     $ (1,828)        $   226
                                                         =========        ========

Per share data (primary and fully diluted):
       Net income (loss) per common share                $  (.69)         $   .11
                                                         =========        ========

Weighted average shares outstanding.................       2,653            1,973
                                                         =========        ========
</TABLE>

The accompanying notes are an integral part of these consolidated statements.


                                       4

<PAGE>

                    INFODATA SYSTEMS INC. AND SUBSIDIARIES

<TABLE>
                     CONDENSED CONSOLIDATED BALANCE SHEETS
                         (DOLLAR AMOUNTS IN THOUSANDS)
                                  (UNAUDITED)

<CAPTION>
                                                                                June 30,         December 31,
                                                                                 1997               1996
                                                                                 ----               ----
<S>                                                                            <C>                  <C>
ASSETS
Current assets:
         Cash and cash equivalents........................................     $   629              $ 1,266
         Short-term investments...........................................         419                  947
         Accounts receivable, net of allowance of $80 and $30                    1,076                1,522
         Other current assets.............................................         308                  185
                                                                               --------             --------
                  Total current assets....................................       2,432                3,920
                                                                               --------             --------

Property and equipment, at cost:
         Furniture and equipment..........................................       2,644                2,373
         Less accumulated depreciation and amortization                         (2,053)              (1,897)
                                                                               --------             --------
                                                                                   591                  476

Goodwill, net.............................................................         259                  274

Other assets..............................................................         153                  137


Software development costs, net...........................................          63                   84
                                                                               --------             --------

Total assets..............................................................     $ 3,498              $ 4,891
                                                                               ========             ========
</TABLE>

The  accompanying  notes are an integral  part of these  consolidated  balance
sheets.


                                       5

<PAGE>

                    INFODATA SYSTEMS INC. AND SUBSIDIARIES

<TABLE>
                     CONDENSED CONSOLIDATED BALANCE SHEETS
                         (DOLLAR AMOUNTS IN THOUSANDS)
                                  (Unaudited)


<CAPTION>
                                                                                June 30,         December 31,
                                                                                 1997               1996
                                                                                 ----               ----
<S>                                                                            <C>                  <C>
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Current portion of capital lease obligations                                   $    37              $    46
Short-term debt .......................................................            176                   --
Accounts payable.......................................................            430                  327
Accrued expenses.......................................................            880                  823
Deferred revenue.......................................................          1,070                1,079
Current portion of deferred rent.......................................             33                   33
                                                                               --------             --------
Total current liabilities..............................................          2,626                2,308

Capital lease obligations..............................................             19                   33
Deferred revenue.......................................................             75                   75
Deferred rent..........................................................              3                   19
                                                                               --------             --------

Total liabilities .....................................................          2,723                2,435
                                                                               --------             --------
Shareholders' equity:
Common stock...........................................................             69                   68
Additional paid-in capital.............................................          9,201                9,055
Accumulated deficit....................................................         (8,495)              (6,667)
                                                                               --------             --------
Total shareholders' equity.............................................            775                2,456
                                                                               --------             --------
Total liabilities and shareholders' equity                                     $ 3,498              $ 4,891
                                                                               ========             ========
</TABLE>

The  accompanying  notes  are an  integral  part of the  consolidated  balance
sheets.


                                       6

<PAGE>

                    INFODATA SYSTEMS INC. AND SUBSIDIARIES

<TABLE>
                CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                         (DOLLAR AMOUNTS IN THOUSANDS)
                                  (UNAUDITED)
<CAPTION>
                                                                                     Six Months Ended
                                                                                         June 30,
                                                                                 1997               1996
                                                                                 ----               ----
<S>                                                                            <C>                  <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
         Net (loss) income.............................................       $ (1,828)             $   284
         Adjustments to reconcile net income to net cash provided by 
             operating activities:
            Depreciation and amortization..............................            156                  131
            Software amortization......................................             21                   21
            Goodwill and other intangible amortization                              24                   23
            Other......................................................             --                   --

         Changes in operating assets and liabilities:
            Accounts receivable........................................            446                  339
            Other current assets.......................................           (123)                  (7)
            Other assets ..............................................            (25)                  --
            Accounts payable...........................................             53                 (163)
            Accrued expenses...........................................             57                  145
            Deferred revenue...........................................             (9)                (269)
            Deferred rent..............................................            (16)                 (22)
                                                                               --------             --------
                  Net cash (used in) provided by operating activities..         (1,244)                 482
                                                                               --------             --------

CASH FLOWS FROM INVESTING ACTIVITIES:
         Purchases of property and equipment, net(used in).............           (221)                 (73)
         Business acquisition..........................................             --                  (12)
         Proceeds from maturity of short term investments..............            528                   29
                                                                               --------             --------

                  Net cash provided by (used in) investing activities..            307                  (56)
                                                                               --------             --------

CASH FLOWS FROM FINANCING ACTIVITIES:
         Payments on capital lease obligations.........................            (23)                 (67)
         Payments of notes payable.....................................             --                   (2)
              Net proceeds from short-term borrowings                              176                   --
         Preferred stock dividends.....................................             --                  (59)
                         Issuance of common stock .....................            147                   --
                                                                               --------             --------

                  Net cash provided by (used in) financing activities..            300                 (128)
                                                                               --------             --------

         Net change in cash and cash equivalents.......................           (637)                 298

         Cash and cash equivalents at beginning of period                        1,266                1,476
                                                                               --------             --------

         Cash and cash equivalents at end of period                            $   629              $ 1,774
                                                                               ========             ========
</TABLE>


The accompanying notes are an integral part of these consolidated statements.


                                       7

<PAGE>

                    INFODATA SYSTEMS INC. AND SUBSIDIARIES

             NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS



NOTE A-- BASIS OF PRESENTATION

The accompanying  unaudited condensed  consolidated  financial statements have
been prepared in accordance with generally accepted accounting  principles for
interim  financial  information  and with the  instructions to Form 10-QSB and
Item 310(b) of  Regulation  S-B.  Accordingly,  they do not include all of the
information and footnotes required by generally accepted accounting principles
for  complete  financial  statements.  In  the  opinion  of  management,   all
adjustments (consisting of normal recurring accruals) considered necessary for
a fair  presentation  have been included.  Operating results for the three and
six month periods ended June 30, 1997, are not  necessarily  indicative of the
results for the year ending December 31, 1997. For further information,  refer
to the consolidated financial statements and footnotes thereto included in the
Company's annual report on Form 10-KSB for the year ended December 31, 1996.

NOTE B--NEW ACCOUNTING PRONOUNCEMENT

Statement of Financial  Accounting  Standards  No. 128,  "Earnings per Share",
changes the reporting  requirements  for earnings per share (EPS) for publicly
traded  companies  by  replacing  primary EPS with basic EPS and  changing the
disclosures associated with this change. The Company is required to adopt this
standard for its December 31, 1997  year-end and is currently  evaluating  the
impact of this standard.

NOTE C--LINE OF CREDIT

The Company  maintains a line of credit with Merrill Lynch Business  Financial
Services,  Inc. for up to $1,000,000 based upon eligible  receivables at a per
annum  rate equal to the sum of 2.9% plus the 30-day  commercial  paper  rate.
Currently,  this per annum rate  approximates  prime.  The facility expires in
November 1997, and is contingent upon the Company  meeting  certain  financial
covenants. The Company has outstanding borrowings of $176,000 at June 30, 1997
under this line of credit.

NOTE D--SUPPLEMENTAL CASH FLOW INFORMATION

Cash paid for  interest  expense was $5,000 and $7,000 for the  periods  ended
June 30,  1997 and 1996,  respectively.  No cash was paid for income  taxes in
either period.

NOTE E--SUBSEQUENT EVENT

On July 22, 1997, the Company  acquired all of the stock of AMBIA  Corporation
for  400,000  shares  of the  Company's  common  stock.  The  acquisition  was
accomplished by means of a merger of a wholly-owned  subsidiary of the Company
into AMBIA. AMBIA develops, markets and sells software products and consulting
services, which are complementary to those being developed,  marketed and sold
by the Company.

NOTE F--RISKS AND UNCERTAINTIES

The Company is developing the Virtual File  Cabinet(TM)  (VFCTM),  a family of
new proprietary software products.  The Company has incurred significant costs
related  to these  products  and will  continue  to incur  these  costs in the
future.  Although  management  expects to generate  revenues from this line of
products in the future,  no revenues were  generated  from the VFC products in
the first six months of 1997. Also, there can be no assurance as to the amount
of VFC revenues in the future. Management has identified potential contingency
plans to mitigate


                                       8

<PAGE>

the  Company's  future  liquidity  risk and  believes  that such plans will be
effective.  Furthermore,  the Board of Directors and management have initiated
discussions with various sources regarding additional financing to support the
VFC business.

In 1996,  a customer  asserted  that the Company did not perform on a contract
and sought a $90,000 refund.  The Company  vigorously denies the assertion and
management  believes that based upon the current facts it is not probable that
a loss will  incur.  Accordingly,  no accrual  has been made for this claim at
June 30, 1997.

ITEM 2--MANAGEMENT'S DISCUSSION AND ANALYSIS

RESULTS OF OPERATIONS

REVENUES

Revenues for the three and six months  ended June 30, 1997 totaled  $1,956,000
and  $3,997,000,  respectively,  reflecting  decreases  of $404,000  (17%) and
$856,000  (18%)  from the three and six month  periods  ended  June 30,  1996,
respectively.  The Company's  revenues  have been derived from three  sources:
INQUIRE(R) related services,  products and maintenance;  services and products
provided to the intelligence  community;  and other client/server products and
services.

INQUIRE  related  revenue  decreased  $175,798 (20%) and $132,055 (8%) for the
three and six months  ended June 30,  1997,  respectively,  as compared to the
same time period in 1996. The Company expects that INQUIRE related maintenance
revenues will continue to decline over time due to the maturity of the market.

Intelligence  related revenues increased $163,453 (26%) and $271,533 (21%) for
the three and six months ended June 30, 1997, respectively, as compared to the
same  time  period  in 1996.  The  increase  is due to  significant  growth in
client/server  consulting and product sales,  partially offset by a decline in
INQUIRE related consulting to the intelligence community.

Client/server  product  and  service  revenues  including  training  decreased
$392,036  (45%) for the  three-month  period  ended June 30, 1997 and $996,388
(52%) for the six-month period ended June 30, 1997. This reflects the shift of
sales and engineering resources from services to the development and marketing
of  Virtual  File  Cabinet (TM) (VFC(TM)).  The  Company  expects  to  see  an
improvement  in these service  revenues  beginning  later in 1997 as sales and
technical resources are replenished.

GROSS PROFIT

Gross profit decreased to $890,000 and $1,581,000 for the three and six months
ended June 30, 1997, respectively. This compares to a gross profit of $950,000
and  $1,775,000  for the same periods ended June 30, 1996,  respectively.  The
decreases  are due to a decline in  revenues  in  client/server  products  and
services. As discussed above, key sales and engineering resources were shifted
to the  Company's  VFC products from the  client/server  area.  The Company is
seeking to replace  these  resources by the end of the third  quarter of 1997.
The  Company  expects to see an  improvement  in  revenues  and gross  profits
beginning later in 1997.

RESEARCH AND DEVELOPMENT EXPENSE

The  Company  continues  to invest  heavily in the  development  of VFC.  This
resulted in research and development  expense increases of $379,000 (190%) and
$689,000   (269%)  for  the  three  and  six  months   ended  June  30,  1997,
respectively,  compared  to the three and  six-month  expenses  ended June 30,
1996, respectively. The Company expects this investment to increase throughout
1997 and beyond as VFC product enhancements and capabilities are added.


                                       9

<PAGE>

SELLING, GENERAL AND ADMINISTRATIVE EXPENSES

Selling,  general and  administrative  expenses  increased to  $1,295,000  and
$2,502,000  for the three and six months  ended June 30,  1997,  respectively,
from  $623,000  and  $1,268,000  for the same  periods  ended  June 30,  1996,
respectively.  The  increase  for this  period is due  almost  entirely  to an
expansion of the sales and  marketing  staff and an increase in the  marketing
expenses  associated  with VFC. The Company expects these expenses to increase
throughout  1997 as new versions of VFC are released,  new sales  channels are
established and potential markets are explored.

INTEREST INCOME AND EXPENSE

Interest  income was $15,000  and $40,000 for the three and six month  periods
ended June 30,  1997,  respectively,  and  $27,000  and  $47,000  for the same
periods  ended June 30,  1996,  respectively.  The  decrease  was due to lower
balances of cash, cash equivalents and short-term investments during the three
and six month  periods  ended June 30, 1997 than in the same  periods in 1996.
The Company invested only in short-term,  highly liquid instruments.  Interest
expense  increased to $5,000 from $3,000 for the three month period ended June
30, 1997 compared to the same period in 1996.  This was due to the utilization
of a line of credit  during the second  quarter of 1997.  Interest  expense of
$7,000 for the six months ended June 30, 1997  remained  unchanged as compared
to the same period in 1996.  This  expense  consists  primarily of interest on
certain capital equipment leases that expire during 1998.

NET INCOME OR LOSS

As a result of the above,  the  Company  reported a net loss of  $973,000  and
$1,828,000 for the three and six months ended June 30, 1997, respectively,  as
compared to net income of $148,000  and  $284,000  for the same  periods  last
year.

LIQUIDITY AND CAPITAL RESOURCES

At June 30, 1997, the Company had  $1,048,000 in cash,  cash  equivalents  and
short-term investments compared to $2,213,000 as of December 31, 1996.

At June 30, 1997, the Company had a deficit in working capital of $194,000, as
compared to working  capital of $1,612,000 at December 31, 1996.  The decrease
in working  capital is due primarily to losses  incurred  during the first two
quarters of 1997.

Net cash flow from operating activities for the six months ended June 30, 1997
was not sufficient to fund the operations of the business. However, based upon
the Company's  expectations of future revenue from both the Company's existing
products and services and based upon new revenues  expected to be generated by
the AMBIA  acquisition  (see Note E to the  Condensed  Consolidated  Financial
Statements  contained  elsewhere in this report) and VFC,  management believes
that available and projected  resources will be sufficient to meet its working
capital requirements for the foreseeable future.  Management is in discussions
to procure  additional  financing  to support the VFC business and to mitigate
any future liquidity risk (see Note F to the Condensed  Consolidated Financial
Statements contained elsewhere in this report).

The Company  maintains a line of credit with Merrill Lynch Business  Financial
Services,  Inc. for up to $1,000,000 based upon eligible  receivables at a per
annum  rate equal to the sum of 2.9% plus the 30-day  commercial  paper  rate.
Currently,  this per annum rate  approximates  prime.  The facility expires in
November 1997. As of June 30, 1997, the Company had outstanding  borrowings of
$176,000 under this line of credit.

On July 22, 1997, the Company  acquired all of the stock of AMBIA  Corporation
for  400,000  shares  of the  Company's  common  stock.  The  acquisition  was
accomplished by means of a merger of a wholly-owned  subsidiary of the Company
into AMBIA. AMBIA develops, markets and sells software products and consulting
services, which are complementary to those being developed,  marketed and sold
by the Company.


                                      10

<PAGE>

     FORWARD-LOOKING  STATEMENTS  CONTAINED IN THIS FORM 10-QSB RELATING
     TO PRODUCT  DEVELOPMENT  AND  REVENUE  AND THE  ADEQUACY OF WORKING
     CAPITAL   ARE   BASED  ON   CURRENT   EXPECTATIONS   THAT   INVOLVE
     UNCERTAINTIES AND RISKS ASSOCIATED WITH NEW PRODUCTS INCLUDING, BUT
     NOT LIMITED TO, MARKET CONDITIONS,  SUCCESSFUL PRODUCT  DEVELOPMENT
     AND ACCEPTANCE, THE INTRODUCTION OF COMPETITIVE PRODUCTS,  ECONOMIC
     CONDITIONS,  AND THE TIMING OF ORDERS FOR  PRODUCTS.  THE COMPANY'S
     ACTUAL  RESULTS MAY DIFFER  MATERIALLY  FROM CURRENT  EXPECTATIONS.
     READERS ARE CAUTIONED NOT TO PUT UNDUE RELIANCE ON  FORWARD-LOOKING
     STATEMENTS.  THE  COMPANY  DISCLAIMS  ANY INTENT OR  OBLIGATION  TO
     UP-DATE  PUBLICLY THESE  FORWARD-LOOKING  STATEMENTS,  WHETHER AS A
     RESULT OF NEW INFORMATION, FUTURE EVENTS OR OTHERWISE.


PART II. OTHER INFORMATION

ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K

<TABLE>
(a)  EXHIBITS.
<CAPTION>
                    Exhibit No.                  Document
                    -----------                  --------
<S>                     <C>                  <C>
                        27                   Financial Data Schedule
</TABLE>


(b)  REPORTS ON FORM 8-K.  No reports on Form 8-K were filed  during the
three months ended June 30, 1997. The Company filed a Form 8-K on August
6, 1997,  relating to the  acquisition of AMBIA  Corporation on July 22,
1997.


                                   11

<PAGE>

                               SIGNATURES


Pursuant to the requirements of Section 13 or 15(d) 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.


                                              INFODATA SYSTEMS INC.

                                              BY:/s/HARRY KAPLOWITZ
                                              ---------------------
Date:  August 14, 1997                        Harry Kaplowitz
                                              President


                                              BY: /s/CHRISTOPHER P. DETTMAR
                                              -----------------------------
                                              Christopher P. Dettmar
                                              Chief Financial Officer


                                   12


<TABLE> <S> <C>

<ARTICLE> 5
<CIK> 0000050420
<NAME> INFODATA SYSTEMS INC
<MULTIPLIER> 1,000
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          DEC-31-1997
<PERIOD-END>                               JUN-30-1997
<CASH>                                             629
<SECURITIES>                                       419
<RECEIVABLES>                                    1,076
<ALLOWANCES>                                        80
<INVENTORY>                                          0
<CURRENT-ASSETS>                                 2,432
<PP&E>                                           2,644
<DEPRECIATION>                                   2,053
<TOTAL-ASSETS>                                   3,498
<CURRENT-LIABILITIES>                            2,626
<BONDS>                                              0
                                0
                                          0
<COMMON>                                            69
<OTHER-SE>                                         706
<TOTAL-LIABILITY-AND-EQUITY>                     3,498
<SALES>                                          1,956
<TOTAL-REVENUES>                                 1,956
<CGS>                                            1,066
<TOTAL-COSTS>                                    2,939
<OTHER-EXPENSES>                                     0
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                                   5
<INCOME-PRETAX>                                    973
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                                973
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                       973
<EPS-PRIMARY>                                    (.37)
<EPS-DILUTED>                                    (.37)
        

</TABLE>


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