______________________________________________________________________
______________________________________________________________________
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 Quarterly Period Ended July 31, 1997
OR
[ ] Transition Report Under Section 13 or 15(d)
of the Securities Exchange Act of 1934
Commission file number 1-9115
COMPUTRAC, INC.
(Exact name of small business issuer as specified in its charter)
TEXAS 75-1540265
(State or other (I.R.S. Employer
jurisdiction of Identification No.)
incorporation or
organization)
222 Municipal Drive
Richardson, Texas 75080
(Address of principal executive offices)
Telephone No. (972) 234-4241
________________
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 (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 _____
As of August 29, 1997 there were 6,309,683 shares of the registrant's
$.01 par value common stock outstanding.
Transitional Small Business Disclosure Format (Check One):
Yes ___ No X
______________________________________________________________________
______________________________________________________________________
<PAGE>
CompuTrac, Inc.
INDEX
PART I. FINANCIAL INFORMATION
Page No.
Item 1. Financial Statements:
Consolidated Balance Sheets
(unaudited) - July 31, 1997 and
January 31, 1997 3-4
Consolidated Statements of Operations
(unaudited) - Three-month and six-month
periods ended July 31, 1997 and 1996 5
Consolidated Statements of Cash Flows
(unaudited) - Six-month period ended
July 31, 1997 and 1996 6-7
Notes to Consolidated Financial Statements
(unaudited) 8
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of
Operations 9-11
Item 3. Exhibit I - Annual Report to Shareholders
for the fiscal year ended January 31, 1997
PART II. OTHER INFORMATION
Item 4. Submission of Matters to a Vote of Security
Holders 12
Item 6(a) Exhibits 12
Item 6(b) Reports on Form 8-K 12
Signatures 13
______
Note: Items 1 through 3 and Item 5 of Part II are omitted because
they are not applicable.
<PAGE>
<TABLE>
CompuTrac, Inc.
CONSOLIDATED BALANCE SHEETS (unaudited)
ASSETS
<CAPTION>
July 31, January 31,
1997 1997
<S> <C> <C>
Current assets:
Cash and cash equivalents $ 698,933 $ 449,304
Short-term investments 3,727,097 4,334,869
Accounts receivable, net of
allowance of $155,000
and $180,000, respectively 593,944 722,683
Unbilled revenue 70,042 122,584
Other current assets
334,812 304,211
Total current assets 5,424,828 5,933,651
Property, furniture and equipment,
net of accumulated depreciation of
$7,889,858 and $7,724,185,
respectively 1,864,708 1,881,348
Capitalized software, net of
Accumulated amortization of
$2,539,791 and $2,250,935,
Respectively 1,748,169 1,637,025
Other assets 451,294 429,898
Total assets $ 9,488,999 $ 9,881,922
See accompanying Notes to Financial Statements (unaudited) and
Management's Discussion and Analysis of Financial Condition and
Results of Operations.
</TABLE>
<PAGE>
<TABLE>
CompuTrac, Inc.
CONSOLIDATED BALANCE SHEETS (unaudited)
LIABILITIES AND SHAREHOLDERS' EQUITY
<CAPTION>
July 31, January 31,
1997 1997
<S> <C> <C>
Current liabilities:
Accounts payable $ 183,226 $ 191,349
Accrued expenses 216,039 247,424
Accrued contract completion costs 60,000 110,400
Deferred systems revenues 86,694 90,744
Short-term portion of mortgage note payable 80,132 76,429
Total current liabilities 626,091 716,346
Long-term portion of mortgage note payable 158,547 199,561
Total liabilities 784,638 915,907
Shareholders' equity:
Preferred stock, $1.00 par value, 2,000,000
shares authorized, no shares issued and
outstanding
Common stock, $.01 par value, 13,000,000
shares authorized, 6,988,706 shares
issued, respectively 69,887 69,887
Additional paid-in capital 9,770,808 9,846,543
Retained earnings 1,183,847 1,503,255
Less: treasury stock, 683,312 and 722,631
shares, respectively (2,320,181) (2,453,670)
Total shareholders' equity 8,704,361 8,966,015
Total liabilities and shareholders' equity $ 9,488,999 $ 9,881,922
See accompanying Notes to Financial Statements (unaudited) and
Management's Discussion and Analysis of Financial Condition and
Results of Operations.
</TABLE>
<PAGE>
<TABLE>
CompuTrac, Inc.
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
<CAPTION>
Three-month period Six-month period
Ended July 31, ended July 31,
1997 1996 1997 1996
<S> <C> <C> <C> <C>
Operating revenues:
System sales $ 570,604 $ 225,008 $ 713,614 $ 344,831
Services and support 1,027,247 1,053,258 1,997,581 2,107,584
1,597,851 1,278,266 2,711,195 2,452,415
Costs and expenses:
Cost of system sales 447,908 167,317 525,654 251,764
Cost of services and support 80,160 76,126 151,335 148,154
Operating expenses 313,974 485,628 584,914 822,789
Selling, general and
administrative expenses 710,026 683,155 1,429,918 1,246,098
Amortization of capitalized
software 144,012 81,983 288,856 165,983
Software research and
development costs 88,963 100,532 175,872 188,532
1,785,043 1,594,741 3,156,549 2,823,320
Operating loss (187,192) (316,475) (445,354) (370,905)
Interest income, net 59,351 40,107 125,946 95,703
Loss before income taxes (127,841) (276,368) (319,408) (275,202)
Income taxes - - - -
Net loss $(127,841) $(276,368) $(319,408) $(275,202)
Net loss per common share $ (0.02) $ (0.04) $ (0.05) $ (0.04)
Weighted average shares
outstanding 6,299,288 6,231,922 6,286,732 6,223,009
See accompanying Notes to Financial Statements (unaudited) and Management's
Discussion and Analysis of Financial Condition and Results of Operations.
</TABLE>
<PAGE>
<TABLE>
CompuTrac, Inc.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
<CAPTION>
Six-month period
ended July 31,
1997 1996
<S> <C> <C>
Cash flows from operating activities:
Net loss $(319,408) $(275,202)
Adjustments to reconcile net loss to net
cash provided by operating activities:
Depreciation of property, furniture and
equipment 222,293 478,125
Amortization of capitalized software costs 288,856 165,983
Changes in assets and liabilities:
Accounts receivable 128,739 196,389
Unbilled revenue 52,542 140,241
Other current assets (30,601) (77,731)
Accounts payable and accrued expenses (89,908) 71,925
Deferred systems revenues (4,050) (23,313)
Net cash provided by operating activities $ 248,463 $ 676,417
See accompanying Notes to Financial Statements (unaudited) and
Management's Discussion and Analysis of Financial Condition and Results
of Operation.
</TABLE>
<PAGE>
<TABLE>
CompuTrac, Inc.
CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)
(unaudited)
<CAPTION>
Six-month period
ended July 31,
1997 1996
<S> <C> <C>
Cash flows from investing activities:
Additions to property, furniture and
equipment $(205,653) $(267,538)
Additions to capitalized software (400,000) (404,528)
Sale (purchase) of certificates of deposit 282,000 (164,976)
Sale (purchase) of U.S. Treasury Bills 325,772 (84,341)
Additions to other assets (21,396) (21,319)
Other - 8,366
Net cash used in investing activities (19,277) (934,336)
Cash flows from financing activities:
Issuance of common stock from treasury 57,754 45,655
Payments of mortgage note payable (37,311) (32,161)
Net cash provided by financing activities 20,443 13,494
Net increase (decrease) in cash 249,629 (244,425)
Cash and cash equivalents at beginning of
period 449,304 807,965
Cash and cash equivalents at end of period $ 698,933 $ 563,540
Supplemental disclosures of cash flow
information:
Interest expense paid $ 12,431 $ 19,692
See accompanying Notes to Financial Statements (unaudited) and
Management's Discussion and Analysis of Financial Condition and Results of
Operation.
</TABLE>
<PAGE>
CompuTrac, Inc.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(1) The unaudited consolidated financial information furnished herein
reflects all adjustments which in the opinion of management are
necessary to fairly state the Company's financial position, the
changes in its financial position and the results of its
operations for the periods presented. This report on Form 10-QSB
should be read in conjunction with the Company's consolidated
financial statements and notes thereto included on pages 15
through 23 of the Company's Annual Report on Form 10-KSB for the
fiscal year ended January 31, 1997. The Company presumes that
users of the interim financial information herein have read or
have access to the audited financial statements for the preceding
fiscal year and that the adequacy of additional disclosure needed
for a fair presentation may be determined in that context.
Accordingly, footnote disclosure which would substantially
duplicate the disclosure contained in the Company's Annual Report
on Form 10-KSB for the fiscal year ended January 31, 1997 has
been omitted. The results of operations for the three and six-
month periods ended July 31, 1997 are not necessarily indicative
of results for the entire year ending January 31, 1998.
(2) The Company capitalizes software production costs and the costs
incurred in testing new or significantly enhanced software
products in accordance with the provisions of Statement of
Financial Accounting Standards No. 86, _Accounting for the Costs
of Computer Software to be Sold, Leased or Otherwise Marketed_.
(3) Included in accrued expenses at July 31, 1997 are sales taxes
totaling $60,000.
(4) The unaudited interim consolidated financial statements reflect
all adjustments which are, in the opinion of management,
necessary to ensure a fair statement of the results for the
interim periods presented.
<PAGE>
CompuTrac, Inc.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Results of Consolidated Operations
This Form 10-QSB contains historical information and forward-
looking statements. Statements looking forward in time are included in
this Form 10-QSB pursuant to the _safe harbor_ provision of the Private
Securities Litigation Reform Act of 1995. They involve known and
unknown risks and uncertainties including, but not limited to, the
timely availability of new products, market acceptance of the Company's
new products and products under development, the impact of competing
products and pricing, and quarterly fluctuations in operating results.
The Company's actual results in future periods may be materially
different from any future performance suggested herein. In the context
of the forward-looking information provided in this Form 10-QSB, please
refer to the discussion of risk factors detailed in, as well as the
other information contained in, the Company's Form 10-KSB and the
Company's other filings with the Securities and Exchange Commission.
Total reve nues from operation s i ncreased $319,5 85, or 25%,
from $ 1,278,266 fo r the quarte r ended July 31, 1996 to $1,59 7,851
for the curr ent compa rable qua rter. For the six month period ended
July 31, 1997, operating revenues increased $258,780, or 11%, from
$2,452,415 at July 31, 1996 to $2,711,195 at July 31, 1997. System
sales revenues increased $345,596, or 154%, from $225,008 for the
quarter ended July 31, 1996 to $570,604 for the current comparable
quarter. System sales for all periods presented were primarily
comprised of upgrade sales, sales of hardware, software and various
other third party software products the Company is authorized to resell
to its clients. To date, sales of the Company's Dimension software
product have been minimal. In July 1997, the Company announced
completion of version 2.1 of its Dimension time and billing system,
offering full integration with general ledger and accounts payable
modules, a data import program and custom report writer utility. With
the completion of the integrated product, coupled with the Company's
current efforts aimed at reevaluating its Dimension sales and marketing
activities, the Company believes that Dimension revenues will begin to
improve with the anticipated realignment in sales and marketing
strategies. Although Dimension product demonstrations have received
favorable response from attendees at recent conventions and tradeshows,
there can be no assurance that the new Dimension products will
successfully compete with competitive products or that the Company's
revenues or results of operations will improve in future periods with
the introduction of the Dimension product line.
Servic es and s upport re venues de creased a nominal $26 ,011,
or 2%, from $1,053,25 8 for the quart er e nded July 31, 1996 to
$1,027 ,247 for t he quarter ended J uly 31, 1997. For the six month
period, services and support revenues decreased $110,003, or 5%, from
$2,107,584 at July 31, 1996 to $1,997,581 at July 31, 1997. The
decrease in services and support revenues relates primarily to reduced
maintenance revenues associated with maintenance contract cancellations
initiated by clients opting to continue maintenance on a _time and
materials_ basis only. In addition, overall reduced services and
support revenues are reflective of diminished new sales activities for
the first half of the current fiscal year.
Costs of system sales as a percentage of system sales revenue rose
from 74% for the quarter ended July 31, 1996 to 78% for the quarter
ended July 31, 1997 due primarily to reduced volume discounts from the
Company's supplier of hardware components. Cost of services and support
as a percentage of services and support revenues was 8% for the three
month period ended July 31, 1997 compared with 7% for the quarter ended
<PAGE>
July 31, 1996. Cost of services and support is primarily comprised of
personnel costs directly associated with the performance of client
services, and certain third party costs associated with maintenance
revenue included in services and support revenue.
Operating expenses for the three months ended July 31, 1997
decreased $171,654, or 35%, from $485,628 at July 31, 1996 to $313,974
at July 31, 1997. The decrease in operating expenses for the three
month and s ix month p eriods endi ng July 31 , 1997 and 1996 prim arily
relate s to a one-t ime char ge recorded at July 31, 1996 of
approximately $200,000 to reflect management's estimate of reduced
computer equipment residual values on older or obsolete equipment. This
decrease is partially offset by marginal increases in operating salary
expense in the current period. Selling, general and administrative
expenses increased a nominal $26,871, or 4%, from $683,155 for the three
months ended July 31, 1996 to $710,026 for the three months ended July
31, 1997. For the six month period, selling, general and administrative
expenses increased $183,820, or 15%, from $1,246,098 at July 31, 1996 to
$1,429,918 at July 31, 1997. The increase in selling, general and
administrative expenses is primarily a result of increases in Dimension
advertising and marketing activities and other miscellaneous expenses
associated with the Company's current business activities.
Amortization of capitalized software increased $62,029, or 76%,
from $81,983 for the quarter ended July 31, 1996 to $144,012 for the
quarter ended July 31, 1997. The increase in amortization expense is
primarily due to the recognition of approximately $93,000 in
amortization expense associated with capitalized Dimension software
production costs, off-set by approximately $31,000 in decreased
amortization expense associated with fully amortized software products.
Software research and development costs for the three months decreased
$11,569, or 12%, from $100,532 at July 31, 1996 to $88,963 at July 31,
1997. For the six month period, software research and development costs
decreased $12,660, or 7%, from $188,532 at July 31, 1996 to $175,872 at
July 31, 1997.
Interest income increased $19,244, or 48%, from $40,107 for the
three months ended July 31, 1996 to $59,351 for the three months
ended July 31, 1997. Interest income for the quarter ended
July 31, 1996 was comprised of $64,255 in interest income and $24,148 in
interest expense. Interest income for the quarter ended July 31, 1997
is comprised of $65,337 in interest income and $5,986 in interest
expense.
The Company reported a net loss of $127,841 for the quarter ended
July 31, 1997 versus a net loss of $276,368 for the quarter ended July
31, 1996. For the six month period, the Company reported a net loss of
$319,408 at July 31, 1997 versus a net loss of $275,202 at July 31,
1996. Although the Company experienced an increase in operating
revenues for the three and six month periods ending July 31, 1997, this
increase was more than offset by increased expenses associated with the
Company's Dimension sales and marketing efforts.
Recent Accounting Pronouncements
In February 1997, Statement of Financial Accounting Standards
No. 1 28, _Earnings per Share_ (FAS 128) was issued. FAS 128 specifies
the computation, presentation and disclosure requirements for earnings
per share (EPS) for entities with publicly held common stock or poten-
tial common stock. FAS 128 simplifies the standards for computing EPS
previously found in Accounting Principles Board Opinion No. 15,
_Earnings per Share_ (APB 15) and makes them comparable to intern-
ational EPS standards. It replaces the presentation of primary EPS
with a presentation of basic EPS. It also requires dual presentation of
basic and dilutive EPS on the face of the statement of operations for all
entities with complex capital structures and requires a reconciliation
of the numerator and denominator of the basic EPS computation to the
numerator and denominator of the dilutive EPS computation. FAS 128 is
effective for financial statements issued for periods ending after
<PAGE>
December 15, 1997, including interim periods; earlier application is not
permitted. FAS 128 requires restatement of all prior-period EPS data
presented. The Company plans to adopt FAS 128 in its financial
statements as of and for the year ended January 31, 1998.
Fluctuations in Interim Period Operating Results
Management believes that, historically, interim results and period-
to-period comparisons have been neither predictable nor an accurate
measure of the annual performance of the Company. The Company has
experienced and expects to continue to experience period-to-period
fluctuations in systems sales, revenues and net income. Recent
operating revenues of the Company have primarily been derived from
services and support revenues. Fluctuations in system sales revenues
have historically resulted from the revenues of the Company being
generated principally by the sale of a small number of relatively
expensive systems, as well as the policy of the Company of recognizing
revenue upon delivery of the hardware, delivery and acceptance of the
software, the equipment availability of hardware from the Company's
hardware supplier, and the desire of the customer to accelerate or delay
the date of delivery. These factors tend to distort the operating
results of an interim period. Additionally, sales have not occurred or
been recognized evenly throughout the fiscal year or any interim period,
thus making meaningful interim period comparisons difficult. These
fluctuations may also have a significant impact on profitability in any
interim period as a result of the relatively fixed nature of operating
costs and selling, general and administrative expenses.
Liquidity and Capital Resources
The Company's financial position remains strong with cash, cash
equivalents and short-term investments of $4.4 million, or 47% of total
assets at July 31, 1997, compared to $5.5 million, or 51%, of total
assets at July 31, 1996. Net ca sh provided by operat ing
activi ties de creased 63%, or $4 27,954, from $676,417 at July 31,
1996 to $248,463 at July 31, 1997. Although the Company experienced an
11% increase in operating revenues between the July 31, 1996 six month
period and the July 31, 1997 six month period, the gross margin on
operating revenues dropped from 84% for the six month period ended July
31, 1996 to 75% for the six month period ended July 31, 1997. This
fluctuation was primarily a result of increased costs associated with
reduced volume discounts from the Company's supplier of hardware. In
addition, increased costs associated with the Company's Dimension
product marketing efforts further contributed to the decrease in cash
provided by operating activities. Liquidity was further reduced by
capital expenditures of $205,653 and by capitalized software development
expenditures of $400,000. The sale of $607,772 in available investment
funds was made to satisfy short-term working capital needs. Cash flows
from financing activities for both periods consisted of cash receipts
obtained from employee common stock purchases and cash disbursements
made on the Company's mortgage note payable. The Company anticipates
significant expenditures to continue for the remainder of fiscal year
1998 in the areas of development, sales, marketing and support of its
Dimension software products.
<PAGE>
PART II. OTHER INFORMATION
Items 1 through 3 are not applicable.
Item 4. Submission of Matters to a Vote of Security Holders
The Annual Meeting of Stockholders of CompuTrac, Inc. was held on
July 15, 1997. The record date for stockholders entitled to notice
of, and to vote at, the meeting was May 28, 1997. The purpose of the
meeting was to elect five directors for the ensuing year and to
transact such other business as might properly come before the meeting
or any adjournment thereof.
At the meeting, the following matters were submitted to and
approved by the shareholders:
(1) The stockholders elected the persons set forth in the table
below to serve as directors of the Company until the next Annual
Meeting of Stockholders and until their successors have been elected
and qualified:
Nominee Votes For Votes Withheld
Harry W. Margolis 5,564,980 2,100
Dana E. Margolis 5,563,480 3,600
Cesar L. Alvarez 5,562,880 4,200
Kenneth R. Nicholas 5,562,880 4,200
Gerald D. Harris 5,562,880 4,200
(2) The stockholders approved and ratified the Company's 1990
Stock Option Plan, as amended to increase from 500,000 to 800,000 the
aggregate number of shares of Common Stock that may be issued
thereunder. The shares at the Annual Meeting on this proposal were
voted as follows:
Votes for: 5,096,462
Votes Against: 197,376
Abstentions: 31,300
Non-Votes 241,942
There being no other matters presented for a vote, the meeting
was duly adjourned.
Item 5 is not applicable.
Item 6(a): Exhibits
Exhibit 11 (Page 14-15) - Computation of Earnings per Common and
Common Equivalent Share during the three-month and six-month periods
ended July 31, 1997 and 1996.
Item 6(b): Reports on Form 8-K
No reports on form 8-K have been filed during the quarter ended
July 31, 1997.
<PAGE>
CompuTrac, Inc.
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.
Date: September 12, 1997
/s/ CompuTrac, Inc.
(Registrant)
/s/ Harry W. Margolis
Harry W. Margolis
Chief Executive Officer
(Principal Executive Officer)
/s/ George P. McGraw
George P. McGraw
President
(Principal Operating Officer)
/s/ Cheri L. White
Cheri L. White
Vice President of Finance and
Chief Financial Officer
<PAGE>
<TABLE>
EXHIBIT 11.1
CompuTrac, Inc.
COMPUTATION OF EARNINGS PER COMMON AND
COMMON EQUIVALENT SHARE
<CAPTION>
1997 1996
<S> <C> <C>
Primary Calculation
Three-month period ended:
July 31,
Net loss $(127,841) $(276,368)
Shares issued and outstanding at
beginning of period 6,279,355 6,223,368
Issuance of common stock 8,554
19,933
Primary weighted average number of
shares outstanding 6,299,288 6,231,922
Earnings Per Share:
Net loss $ (.02) $ (.04)
Six-month period ended:
July 31,
Net loss $(319,408) $(275,202)
Shares issued and outstanding at
beginning of period 6,266,075 6,206,841
Issuance of common stock 20,657 16,168
Primary weighted average
number of shares outstanding 6,286,732 6,223,009
Earnings Per Share:
Net loss $ (.05) $ (.04)
</TABLE>
<PAGE>
<TABLE>
EXHIBIT 11.2
CompuTrac, Inc.
COMPUTATION OF EARNINGS PER COMMON AND
COMMON EQUIVALENT SHARE
<CAPTION>
1997 1996
<S> <C> <C>
Fully Diluted Calculation
Three-month period ended:
July 31,
Net loss $(127,841) $(276,368)
Shares issued and outstanding at
beginning of period 6,279,355 6,223,368
Issuance of common stock 19,933 8,554
Fully diluted weighted average number
of shares outstanding 6,299,288 6,231,922
Earnings Per Share:
Net loss $ (.02) $ (.04)
Six-month period ended:
July 31,
Net loss $(319,408) $(275,202)
Shares issued and outstanding at
beginning of period 6,266,075 6,206,841
Issuance of common stock 20,657 16,168
Fully diluted weighted average number
of shares outstanding 6,286,732 6,223,009
Earnings Per Share:
Net loss $ (.05) $ (.04)
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> JAN-31-1998
<PERIOD-END> JUL-31-1997
<CASH> 698,933
<SECURITIES> 3,727,097
<RECEIVABLES> 748,944
<ALLOWANCES> 155,000
<INVENTORY> 0
<CURRENT-ASSETS> 5,424,828
<PP&E> 14,042,526
<DEPRECIATION> 10,429,649
<TOTAL-ASSETS> 9,488,999
<CURRENT-LIABILITIES> 626,091
<BONDS> 158,547
0
0
<COMMON> 69,887
<OTHER-SE> 8,634,474
<TOTAL-LIABILITY-AND-EQUITY> 9,488,999
<SALES> 1,597,851
<TOTAL-REVENUES> 1,597,851
<CGS> 528,068
<TOTAL-COSTS> 528,068
<OTHER-EXPENSES> 1,256,975
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 12,431
<INCOME-PRETAX> (127,841)
<INCOME-TAX> 0
<INCOME-CONTINUING> (127,841)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (127,841)
<EPS-PRIMARY> (.02)
<EPS-DILUTED> (.02)
</TABLE>
