SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
Quarterly Report Under Section 13 or 15(d) of
The Securities Exchange Act of 1934
For quarter ended: September 30, 1995 Commission File No. 0-11178
UTAH MEDICAL PRODUCTS, INC.
---------------------------
(Exact name of Registrant as specified in its charter)
UTAH 87-0342734
---- ----------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
7043 South 300 West
Midvale, Utah 84047
--------------------
Address of principal executive offices
Registrant's telephone number: (801) 566-1200
--------------
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Sections 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports) and; (2) has been subject to such
filing requirements for the past 90 days. Yes X No
-
The number of shares outstanding of the registrant's common stock as of
November 10, 1995: 9,821,170
---------
<PAGE>
UTAH MEDICAL PRODUCTS, INC.
---------------------------
INDEX TO FORM 10-Q
------------------
PART I - FINANCIAL INFORMATION PAGE
----
Item 1. Financial Statements
Balance Sheets as of September 30, 1995
and December 31, 1994 1
Statements of Operations for the three and nine months
ended September 30, 1995 and September 30, 1994 2
Statements of Cash Flows for the nine months ended
September 30, 1995 and September 30, 1994 3
Notes to Financial Statements 4
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of Operations 5
PART II - OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K 8
SIGNATURES 8
<PAGE>
PART I - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
<TABLE>
<CAPTION>
UTAH MEDICAL PRODUCTS, INC.
---------------------------
BALANCE SHEETS AS OF SEPTEMBER 30, 1995 AND
-------------------------------------------
DECEMBER 31, 1994
-----------------
(unaudited)
SEPTEMBER DECEMBER
30, 1995 31, 1994
------------ ------------
ASSETS
- ------
<S> <C> <C>
CURRENT ASSETS:
Cash $4,397,979 $ 1,579,121
Investments 8,040,195 5,572,048
Accounts receivable - net 6,089,925 6,389,357
Inventories 3,670,871 4,023,939
Prepaid expenses 162,011 113,173
Other current assets 238,859 213,030
Deferred income taxes 365,512 390,941
------------ -----------
Total current assets 22,965,352 18,281,609
PROPERTY AND EQUIPMENT - NET 8,355,583 8,137,248
INTANGIBLE ASSETS - NET 737,336 946,326
------------ -----------
TOTAL $32,058,271 $27,365,183
============ ===========
LIABILITIES AND STOCKHOLDERS' EQUITY
- ------------------------------------
CURRENT LIABILITIES:
Accounts payable $ 1,645,492 $ 1,821,302
Accrued expenses:
Payroll and payroll taxes 1,419,102 1,000,946
Other 526,401 502,591
Deferred revenue 85,600 85,600
------------ -----------
Total current liabilities 3,676,595 3,410,439
DEFERRED REVENUE 194,457 258,204
DEFERRED INCOME TAXES 252,373 256,220
------------ -----------
Total liabilities 4,123,425 3,924,863
------------ -----------
STOCKHOLDERS' EQUITY:
Preferred stock - $.01 par value;
authorized - 5,000,000
shares; no shares issued or outstanding
Common stock - $.01 par value; authorized -
50,000,000
shares; issued - September 30, 1995,
9,838,684 shares
December 31, 1994, 9,993,559 shares 98,387 99,935
Unrealized loss on investments
available-for-sale, net of tax - (101,815)
Retained earnings 27,836,459 23,442,200
------------ -----------
Total stockholders' equity 27,934,846 23,440,320
------------ -----------
TOTAL $32,058,271 $27,365,183
============ ===========
</TABLE>
see notes to financial statements
<PAGE>
<TABLE>
<CAPTION>
UTAH MEDICAL PRODUCTS, INC.
---------------------------
STATEMENTS OF OPERATIONS FOR THE THREE AND NINE MONTHS
------------------------------------------------------
ENDED SEPTEMBER 30, 1995 AND SEPTEMBER 30, 1994
-----------------------------------------------
(unaudited)
THREE MONTHS ENDED NINE MONTHS ENDED
SEPTEMBER 30, SEPTEMBER 30,
---------------------------- ---------------------------
1995 1994 1995 1994
------------ ----------- ----------- ------------
<S> <C> <C> <C> <C>
NET SALES $10,715,736 $10,018,705 $31,181,752 $29,487,035
COST OF SALES 5,699,886 5,590,034 16,789,520 16,373,756
------------ ----------- ----------- ------------
GROSS MARGIN 5,015,850 4,428,671 14,392,232 13,113,279
------------ ----------- ----------- ------------
EXPENSES:
Selling, general and administrative 1,514,299 1,468,982 4,543,143 4,479,756
Research & development 463,719 331,173 1,335,311 1,073,954
------------ ----------- ----------- ------------
Total 1,978,018 1,800,155 5,878,454 5,553,710
------------ ----------- ----------- ------------
INCOME FROM OPERATIONS 3,037,832 2,628,516 8,513,778 7,559,569
OTHER INCOME 285,704 210,916 826,588 607,379
------------ ----------- ----------- ------------
INCOME BEFORE INCOME TAX EXPENSE 3,323,536 2,839,432 9,340,366 8,166,948
INCOME TAX EXPENSE 1,163,237 991,537 3,269,126 2,871,108
------------ ----------- ----------- ------------
NET INCOME $ 2,160,299 $ 1,847,895 $ 6,071,240 $ 5,295,840
============ =========== =========== ============
EARNINGS PER COMMON AND
COMMON EQUIVALENT SHARE $ 0.21 $ 0.18 $ 0.60 $ 0.50
============ =========== =========== ============
EARNINGS PER COMMON SHARE
ASSUMING FULL DILUTION $ 0.21 $ 0.18 $ 0.60 $ 0.50
============ =========== =========== ============
WEIGHTED AVERAGE NUMBER OF COMMON
AND COMMON EQUIVALENT SHARES 10,069,410 10,162,528 10,036,615 10,541,245
============ =========== =========== ============
WEIGHTED AVERAGE NUMBER OF COMMON
SHARES ASSUMING FULL DILUTION 10,093,855 10,196,305 10,143,691 10,597,406
============ =========== =========== ============
</TABLE>
see notes to financial statements
<PAGE>
<TABLE>
<CAPTION>
UTAH MEDICAL PRODUCTS, INC.
---------------------------
STATEMENTS OF CASH FLOWS
------------------------
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1995 AND SEPTEMBER 30, 1994
-------------------------------------------------------------------
(unaudited)
SEPTEMBER 30,
------------------------------
CASH FLOWS FROM OPERATING ACTIVITIES: 1995 1994
------------- --------------
<S> <C> <C>
Net income $ 6,071,240 $ 5,295,840
------------ ------------
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization 1,245,398 885,474
Provision for losses on accounts receivable 5,709 22,000
Deferred income taxes (40,031) 47,757
Loss on disposal of assets 37,523 32,964
Tax benefit attributable to exercise and disposition
of incentive stock options and stock purchase rights 244,501 8,216
Changes in operating assets and liabilities:
Accounts receivable - trade 293,722 433,796
Inventories 353,068 (10,856)
Prepaid expenses (48,841) 247,988
Other current assets (25,829) (26,464)
Accounts payable (175,810) (401,573)
Accrued expenses 441,967 101,996
Deferred revenue (63,747) (64,197)
------------ ---------
Total adjustments 2,267,630 1,277,101
------------ ---------
Net cash provided by operating activities 8,338,870 6,572,941
------------ ---------
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures for:
OB Tech acquisition - (500,000)
Property and equipment (1,192,645) (1,409,495)
Intangible assets (48,564) (40,418)
Purchases of investments (4,740,807) (2,333,220)
Proceeds from sale of investments 2,394,223 6,150,588
------------ -----------
Net cash provided by (used in) investing activities (3,587,793) 1,867,455
--------------- -----------
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of common stock 670,504 128,027
Common stock purchased and retired (2,602,723) (7,663,561)
------------ -----------
Net cash used in financing activities (1,932,219) (7,535,534)
------------ -----------
NET INCREASE IN CASH 2,818,858 904,861
CASH AT BEGINNING OF PERIOD 1,579,121 830,724
------------ -------
CASH AT END OF PERIOD $ 4,397,979 $ 1,735,585
============ ============
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during the period for income taxes: $3,069,260 $2,757,327
</TABLE>
see notes to financial statements
<PAGE>
UTAH MEDICAL PRODUCTS, INC.
---------------------------
NOTES TO FINANCIAL STATEMENTS
-----------------------------
(unaudited)
(1) The unaudited financial statements presented above have been prepared in
accordance with the instructions to form 10-Q and do not include all of the
information and note disclosures required by generally accepted accounting
principles. These statements should be read in conjunction with the financial
statements and notes included in the Utah Medical Products, Inc. ("UTMD", or
"the Company") annual report on form 10-K for the year ended December 31, 1994.
The accompanying financial statements have not been examined by independent
accountants in accordance with generally accepted auditing standards, but in the
opinion of management such financial statements include all adjustments
(consisting only of normal recurring adjustments) necessary to summarize fairly
the Company's financial position and results of operations.
(2) Inventories at September 30, 1995 and December 31, 1994 consisted of the
following:
September 30, December 31,
1995 1994
------------- -----------
Finished goods $ 785,471 $ 789,924
Work-in-process 811,936 822,102
Raw materials 2,073,464 2,411,913
------------ ---------
Total $ 3,670,871 $ 4,023,939
============== ===========
(3) The Company adopted SFAS No. 115 "Accounting for Certain Investments in
Debt and Equity Securities" in 1994. All investments are classified as
available-for-sale, and resulting adjustments are included in the accompanying
financial statements.
(4) In January 1995, the Company entered into two new purchase and distribution
agreements with Baxter Healthcare Corporation. The new agreements supersede
previous agreements with Baxter and are designed to increase the predictability
of orders and to lower administrative costs for both companies.
<PAGE>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS
Results of Operations
Because of the relatively short span of time, results for any given three
or nine month period in comparison with a previous three or nine month period
may not be indicative of results for the year as a whole.
a) Overview
In third quarter (3Q) 1995 the Company set new income statement performance
records for the second straight quarter. In 3Q 1995, sales and gross profits
were up 7% and 13%, respectively, over 3Q 1994. Operating income, income before
taxes and net profits were 16%, 17% and 17% higher, respectively, over the same
quarter of 1994. EPS moved up 18% in 3Q 1995 over 3Q 1994.
b) Revenues
UTMD divides revenues into three product-line categories: 1) critical care,
which is comprised primarily of components used in invasive blood pressure
monitoring; 2) obstetrics, comprised mainly of devices for monitoring
intrauterine pressure during labor and delivery; and 3) gynecology products
including an electrosurgery system used in a procedure called LETZ , a uterine
manipulator called LUMIN that is used during laproscopic procedures, and
LIBERTY , an electrical stimulation device for controlling incontinence. In the
three general product categories, UTMD's primary products sold in the U.S.: 1)
are the accepted standard of care, 2) enjoy a number one or number two market
share position, and 3) have important product features protected by patents.
New products, including Lumin and Liberty, did not make a significant
contribution to revenue in 3Q 1995.
In the third quarter, the Company continued to increase its obstetrics and
gynecology product revenues at a faster rate than critical care product
revenues, causing an improvement in overall gross profit margins. Critical care
product revenues represented 52% of total revenue in 3Q 1995 and 55% of revenue
in the first nine months (3Qytd) of 1995, compared with 60% of 3Q 1994 and total
1994 revenue. In the U.S., this is a mature business dominated by two large
suppliers, Baxter and Abbott. About 40% of the blood pressure monitoring market
is made up of disposable pressure transducers ("DPT") and accessories which UTMD
manufactures with the balance catheters. UTMD does not presently make or sell
the catheters. Overseas, the market is much more fragmented with DPTs still
growing in acceptance.
Revenues from UTMD's largest OEM customer, Baxter, declined from 3Q 1994.
As a percentage of total revenues, UTMD's Baxter revenues (all of which are
included in the critical care category) declined to 34% in 3Q 1995 from 38% in
3Q 1994 and 39% in all of 1994. Sales of critical care products in 3Q 1995 were
$5,610,000, compared with $5,965,000 in 3Q 1994. Sales to Baxter in 3Q 1995
were $3,634,000 compared to $3,823,000 in 3Q 1994. During the first nine months
of 1995, total critical care sales were $17,055,000 compared with $17,612,000 in
3Qytd 1994. Sales to Baxter were $11,074,000 in 3Qytd 1995, compared to
$11,508,000 in 3Qytd 1994.
The obstetrics revenue category grew 26% and 21% during 3Q and 3Qytd 1995,
respectively, over the same periods of 1994. Obstetrics revenue represented 40%
of total sales in 3Q 1995 and 39% of total sales in 3Qytd 1995. New contracts
with Group Purchasing Organizations (GPOs) and continued selective conversion
from distributors to direct sales employees in the U.S. continue to contribute
to obstetrics revenue growth. UTMD will begin marketing CORDGUARD II when the
FDA's concurrence is received on its recent 510(k) submission for the product.
Sales of obstetrics products in 3Q 1995 were $4,322,000 compared to $3,424,000
in 3Q 1994. For the first nine months of the year, obstetric sales were
$12,018,000 in 1995 compared to $9,940,000 in 1994. The third category,
gynecology products, increased 23% in 3Q 1995 over 3Q 1994, and represented 7%
of total revenues. Gynecology product sales in 3Q 1995 were $786,000 compared
to $639,000 in 3Q 1994, and were $2,117,000 for 3Qytd 1995 compared to
$1,961,000 in 3Qytd 1994. UTMD's success and dominant market share position
with its Finesse equipment and disposable electrodes is due to providing
equipment that is custom designed for the LETZ gynecological procedure.
<PAGE>
Third quarter and first nine months 1995 foreign sales were $2,507,000 and
$7,744,000, respectively, compared to $2,845,000 and $7,727,000, respectively,
in the same periods of 1994. Practically all international sales continue to be
critical care products, for which sales the Company has relied heavily on the
efforts of other medical device companies and distributors. Critical care
products represented 96% of international sales in 3Q 1995 compared to 95% in 3Q
1994.
UTMD believes it has substantial sales potential for its products in
international markets, and therefore will continue to commit resources to
international business expansion.
c) Gross Profit
Gross margins (profit after subtracting costs of manufacturing products from
revenues) in 3Q 1995 were 46.8% compared to 44.2% in 3Q 1994. For the first
nine months of 1995, gross margins were 46.2% compared to 44.5% in 1994. The
primary cause of gross margin improvement continues to be product mix, as
obstetric and gynecology products both increased as a percentage of sales, while
critical care products declined. Because UTMD anticipates a continuation of
this trend (obstetrics and gynecology product lines have higher margins than
critical care products), and because of more sales productivity from its
directly employed sales representatives, the Company foresees continued gross
margin improvements.
d) Income from Operations
Operating profit, or income from operations, is the profit achieved after
subtracting operating expenses from gross profit.
As a percentage of sales, operating expenses increased to 18.5% in 3Q 1995
compared to 18.0% in 3Q 1994, and increased to 18.9% in 3Qytd 1995 compared to
18.8% in 3Qytd 1994. Selling, general and administrative (SG&A) expenses
decreased to 14.1% of sales in 3Q 1995 compared to 14.7% of sales in 3Q 1994,
and decreased to 14.6% of sales in 3Qytd 1995 from 15.2% of sales in 3Qytd 1994.
Due to costs associated with introducing new products (Cordguard II, Liberty and
Lumin) in the near future, sales and marketing expenses may increase as a
percentage of sales.
Third quarter 1995 R&D expenses were 4.3% of sales compared to 3.3% in 3Q
1994. For 3Qytd, R&D expenses were 4.3% of sales in 1995 compared to 3.6% of
sales in 1994. R&D expenses fluctuate based on the different stages that
various projects are in, and the costs associated with preparing products for
market.
Third quarter 1995 income from operations was $3,038,000 compared to
$2,629,000 in 3Q 1994. Third quarter 1995 operating margins were 28.3% compared
to 26.2% for the same quarter in 1994. First nine months 1995 operating income
was $8,514,000 compared to $7,560,000 in 1994, while operating margins were
27.3% and 25.6% for the same periods, respectively.
e) Non-operating Income
Non-operating income, or other income, for UTMD includes principally
royalties from licensing UTMD's technology to other companies and interest and
capital gains from investing the Company's cash. Third quarter 1995 other
income was $286,000 compared to $211,000 in 3Q 1994. Royalties from other
medical device companies comprise about 60% of the total, representing about 1
cents per share earnings in the quarter. The other 40% of non-operating income
is essentially investment income from cash balances. For 3Qytd 1995, other
income was $827,000, compared to $607,000 in 3Qytd 1994. Most of this increase
is from interest and dividends on higher cash balances in 1995 from 1994.
<PAGE>
f) Net Income and EPS
After income taxes, 3Q 1995 net income was $2,160,299, compared to
$1,847,895 in 3Q 1994. Net income for 3Qytd 1995 was $6,071,240 compared to
$5,295,840 in 3Qytd 1994. The effective income tax rate was 35% in all periods
of 1995 (to date) and 1994.
Fully diluted 3Q 1995 EPS were up 18.1% to $.214 compared to $.181 in 3Q
1994. Third quarter 1995 ending weighted average number of common shares
assuming full dilution (the number used to calculate EPS) were 10,093,855 shares
compared to 10,196,305 in 3Q 1994. For the first nine months, EPS were up 19.8%
in 1995 over 1994 to $.599 from $.500. Actual outstanding common shares as of
September 30, 1995 were 9,838,684. Fully diluted shares outstanding were
impacted by the recent increase in UTMD stock price (from $12 on June 30, 1995
to $16 at September 30). The dilution calculation added about 280,000 shares to
weighted actual shares outstanding for the nine months ended 9/30/95, compared
to about 194,000 for the six months ended 6/30/95, and just 96,000 for the three
months ended 3/31/95. If the share price continues to appreciate during the
fourth quarter, the impact of the dilution calculation may result in total year
1995 EPS a full penny-per-share less than the sum of the four quarters EPS.
g) Return on Equity
Net income divided by average accumulated shareholders' equity during the
period is return on shareholders' equity (ROE). This ratio determines how fast
the Company can afford to grow without external financing. ROE in 3Qytd 1995
(annualized) was 31.5%, and has averaged 30% during the last 7 years. It is
management's objective to maintain ROE in excess of the 25% per annum EPS growth
target so that UTMD can afford to grow at a 25% rate without diluting
shareholders' interests. External financing would only be considered if an
exceptional business growth opportunity presented itself that would allow long
term increased EPS.
h) Cash Flows
Cash and investments balances were $12.4 million at the end of 3Q 1995, an
increase of $5.3 million from December 31, 1994. Cash provided by operating
activities, including adjustments for depreciation and other non-cash operating
expenses, along with changes in working capital, totaled $8,338,870 in 3Qytd
1995, up from $6,572,941 in 3Qytd 1994. Apart from net income, which
contributed 73% of the 3Qytd 1995 total, a total of nearly $1,250,000 in
depreciation and amortization, an increase of $442,000 in accrued expenses, and
a total decrease of $650,000 in accounts receivable and inventories were
predominately responsible for the additional cash generated in 3Qytd 1995
compared to 3Qytd 1994. As of September 30, 1995, accounts receivable balances
were $6.1 million which equates to about 52 days in receivables (based on 3Q
sales), compared to end-of-year accounts receivable of $6.4 million which
equates to about 58 days in receivables. Receivables over 90 days from invoice
continue to represent less than 1% of the total. Inventory balances are
$353,000 lower than at the end of 1994, with inventory turns now at 5.5 times
based on 3Q cost of sales.
Cash of $1.2 million was used for capital expenditures in property and
equipment, nearly equal to the amount of depreciation and amortization for the
period. Accordingly, net property and equipment, along with intangibles, were
$9.1 million at both 9/30/95 and 12/31/94. The expected $4 million capital
investment to build a plant in Ireland (as announced on May 5, 1995) is now
beginning, and a substantial amount of cash can be expected to be used in the
next six months. Capital expenditures for property and equipment during 3Qytd
1995 were made, in part, in automation of key assembly operations and for new
product tooling and equipment. Net purchases and sales of investments
used $2.3 million in 3Qytd cash.
First nine months 1995 financing activities used net cash of $1,932,000
after repurchases of shares are netted against sales of shares from option
exercises, compared to $7,536,000 in the same period of 1994. The Company
repurchased its own common stock during 3Q 1995 in the amount of $296,000, for a
total of $2,603,000 for the first nine months of 1995. This is down from
$7,664,000 used in 3Qytd 1994. To September 30, 1995, UTMD has invested about
$19.3 million in repurchasing 2,334,000 of its common shares since November
1992. In 3Qytd 1995, the Company received $671,000 from issuing stock (on
exercise of employee options), compared to $128,000 in 3Qytd 1994. Since there
are now outstanding employee options issued in 1990 with a remaining exercisable
balance of nearly 60,000 shares that expire in December 1995, proceeds from
issuing stock will continue to exceed those of 1994.
<PAGE>
The Company did not enter into any long term debt agreements during the
first nine months of 1995.
Management believes that current cash balances plus future income from
operations will provide the liquidity needed to finance current growth plans.
UTMD plans to use cash during the remainder of 1995 for investing in its new
Ireland manufacturing facility, continued automation and other manufacturing
improvements in Utah, tooling for new products, selective infusions of
technological, marketing or product manufacturing rights to broaden the
Company's product offerings, and for continued share repurchases.
<PAGE>
PART II - OTHER INFORMATION
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
a) Exhibits: None
b) Reports on Form 8-K: None
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
undersigned thereunto duly authorized.
UTAH MEDICAL PRODUCTS, INC.
---------------------------
REGISTRANT
Date: 11/13/95 By: /s/ Kevin L. Cornwell
-------------- ---------------------
Kevin L. Cornwell
President and CEO
Date: 11/13/95 By: /s/ Kevin L. Cornwell
-------------- ---------------------
Kevin L. Cornwell
Secretary and CFO
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM BALANCE
SHEETS AS OF SEPTEMBER 30, 1995 AND STATEMENTS OF OPERATIONS FOR THE NINE MONTHS
ENDED SEPTEMBER 30, 1995 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS
</LEGEND>
<S> <C>
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> SEP-30-1995
<PERIOD-TYPE> 9-MOS
<CASH> 4,397,979
<SECURITIES> 8,040,195
<RECEIVABLES> 6,173,296
<ALLOWANCES> (83,371)
<INVENTORY> 3,670,871
<CURRENT-ASSETS> 22,965,352
<PP&E> 14,038,198
<DEPRECIATION> (5,682,615)
<TOTAL-ASSETS> 32,058,271
<CURRENT-LIABILITIES> 3,676,595
<BONDS> 0
<COMMON> 98,387
0
0
<OTHER-SE> 27,836,459
<TOTAL-LIABILITY-AND-EQUITY> 32,058,271
<SALES> 31,181,752
<TOTAL-REVENUES> 31,181,752
<CGS> 16,789,520
<TOTAL-COSTS> 5,878,454
<OTHER-EXPENSES> (460,201)
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> (366,387)
<INCOME-PRETAX> 9,340,366
<INCOME-TAX> 3,269,126
<INCOME-CONTINUING> 6,071,240
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 6,071,240
<EPS-PRIMARY> 0.60
<EPS-DILUTED> 0.60
</TABLE>
