<PAGE>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
[X] Quarterly Report Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934 for the quarterly period ended
December 31, 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: 0-12697
Dynatronics Corporation
- ------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Utah 87-0398434
- ----------------------------------- -------------------
(State or other jurisdiction of (IRS Employer
incorporation or organization) Identification No.)
7030 Park Centre Drive, Salt Lake City, UT 84121
- ------------------------------------------- ----------
(Address of principal executive offices) (ZIP Code)
(801) 568-7000
- ---------------
(Registrant's telephone number, including area code)
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
requirements for the past 90 days.
X Yes No
------ ------
The number of shares outstanding of each of the issuer's
classes of common stock, as of the latest practicable date is:
Class Outstanding at December 31, 1995
- -------------------------- --------------------------------
Common Stock, No Par Value 7,964,397 shares
<PAGE>
DYNATRONICS CORPORATION
TABLE OF CONTENTS
Page Number
-----------
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
Condensed Balance Sheets
December 31, 1995, and June 30, 1995 1
Condensed Statements of Income
Three and Six Months Ended December 31, 1995,
and December 31, 1994 2
Condensed Statement of Stockholders' Equity
Six Months Ended December 31, 1995 3
Condensed Statements of Cash Flows
Six Months Ended December 31, 1995,
and December 31, 1994 4
Notes to Condensed Financial Statements 5
Item 2. Management's Discussion and Analysis
of Financial Condition and Results of Operations 8
Part II. OTHER INFORMATION 11
<PAGE>
<TABLE>
<CAPTION>
DYNATRONICS CORPORATION
Condensed Balance Sheets
December 31 June 30
ASSETS 1995 1995
----------- -------
<S> <C> <C>
Current assets:
Cash and cash equivalents 699,417 779,054
Trade accounts receivable, less allowance for doubtful
accounts of $60,838 in December and $50,729 in June 1,489,662 941,017
Income tax refund receivable 42,719 19,095
Related party and other receivables 41,397 236,021
Inventories (note 3) 1,560,138 1,767,030
Prepaid expenses 58,251 48,300
Deferred tax asset-current 128,065 53,006
--------- ---------
Total current assets 4,019,649 3,843,523
========= =========
Net property and equipment (note 4) 2,596,413 2,663,171
Excess of cost over book value of minority interest
acquired, net of accumulated amortization of
$109,737 in December and $105,348 in June 153,625 158,014
Deferred tax asset-noncurrent 202,462 178,123
Other assets 379,452 344,497
--------- ---------
7,351,601 7,187,328
========= =========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Current installments of long-term debt 105,181 101,345
Current installments of capital lease obligations 34,248 44,742
Accounts payable 132,865 131,138
Accrued expenses 294,180 247,026
------- -------
Total current liabilities 566,474 524,251
Long-term debt, excluding current installments 2,032,871 2,086,438
Capital lease obligations, excluding current installments 8,484 22,671
Deferred compensation 328,554 290,262
--------- ---------
Total long-term liabilities, excluding current installments 2,369,909 2,399,371
--------- ---------
Total liabilities 2,936,383 2,923,622
Stockholders' equity:
Common stock, no par value. Authorized 50,000,000
shares; issued and outstanding 7,964,397 shares in
December and 7,943,897 in June 1,675,082 1,653,818
Retained earnings 2,740,136 2,609,888
--------- ---------
Total stockholders' equity 4,415,218 4,263,706
--------- ---------
7,351,601 7,187,328
========= =========
See accompanying notes to condensed financial statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
DYNATRONICS CORPORATION
Condensed Statements Of Income
(Unaudited)
Three Months Ended Six Months Ended
December 31 December 31
1995 1994 1995 1994
--------- --------- --------- ---------
<S> <C> <C>
Net sales 1,995,379 1,476,514 3,325,318 3,248,930
Cost of sales 1,050,094 831,490 1,766,102 1,838,693
--------- --------- --------- ---------
Gross profit 945,285 645,024 1,559,216 1,410,237
Selling, general, and administrative expenses 500,638 438,774 965,942 905,747
Research and development expenses 136,199 138,946 293,011 308,999
--------- --------- --------- ---------
Operating income (loss) 308,448 67,304 300,263 195,491
Other income (expense):
Interest income 8,485 3,447 17,803 7,149
Interest expense (38,985) (41,331) (78,659) (83,879)
Other income, net 44,517 63,537 87,269 101,868
Write-off of ITEC note receivable (228,824) 0 (228,824) 0
--------- --------- --------- ---------
Total other income (expense) (214,807) 25,653 (202,411) 25,138
Income before income taxes 93,641 92,957 97,852 220,629
Income tax expense (benefit) (33,710) 31,121 (32,396) 83,165
--------- --------- --------- ---------
Net income 127,351 61,836 130,248 137,464
========= ========= ========= =========
Net income per common share and common
share equivalents (note 2): 0 0 0 0
--------- --------- --------- ---------
Weighted average number of common shares
and common share equivalents outstanding 7,964,397 8,153,440 7,954,704 8,100,527
See accompanying notes to condensed financial statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
DYNATRONICS CORPORATION
Condensed Statement of Stockholders' Equity
Six Months ended December 31, 1995
(Unaudited)
Total
Common Retained stockholders'
stock earnings equity
------------ ---------- -------------
<S> <C> <C> <C>
Balances at June 30, 1995 $ 1,653,818 2,609,888 4,263,706
Issuance of 20,500 shares of common stock
upon exercise of employee stock options 17,938 - 17,938
Income tax benefit from nonemployee
exercise of stock options 3,326 - 3,326
Net income - 130,248 130,248
------------ ---------- ----------
Balances at December 31, 1995 $ 1,675,082 2,740,136 4,415,218
============ ========== ==========
See accompanying notes to condensed financial statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
DYNATRONICS CORPORATION
Condensed Statements of Cash Flows
(Unaudited)
Six Months Ended
December 31
1995 1994
----------- --------
<S> <C> <C>
Cash flows from operating activities:
Net income $ 130,248 137,464
Adjustments to reconcile net income to net cash provided
by (used in) operating activities:
Depreciation and amortization of property and equipment 85,575 92,597
Other amortization 4,389 4,389
Provision for doubtful accounts 6,000 6,000
Provision for inventory obsolescence 48,000 48,000
Provision for warranty reserve 50,653 65,286
Decrease (increase) in deferred tax assets (99,398) 30,275
Decrease (increase) in operating assets:
Receivables (360,021) (692,932)
Inventories 158,892 (38,604)
Prepaid expenses and other assets (44,906) (47,496)
Increase (decrease) in operating liabilities:
Trade accounts payable and accrued expenses (1,772) (257,873)
Deferred compensation 38,292 36,630
Income taxes payable (20,298) 87,790
--------- ---------
Net cash provided by (used in) operating activities (4,346) (528,474)
--------- ---------
Cash flows from investing activities:
Capital (expenditures) source (18,816) (10,028)
Net cash provided by (used in) investing activities (18,816) (10,028)
--------- ---------
Cash flows from financing activities:
Principal payments under capital lease obligations (24,681) (37,602)
Principal payments on long-term debt (4,973) (46,174)
Proceeds from sale of common stock 17,938 23,572
--------- ----------
Net cash provided by (used in) financing activities (56,475) (60,204)
--------- ----------
Net increase (decrease) in cash and cash equivalents (79,637) (598,706)
Cash and cash equivalents at beginning of period 779,054 871,008
--------- ----------
Cash and cash equivalents at end of period $ 699,417 272,302
========= ==========
Supplemental cash flow information
Cash paid for interest (net of amounts capitalized) 78,659 83,879
Cash paid for income taxes 87,300 100
Supplemental disclosure of non-cash investing and financing activities
Long-term debt incurred for fixed assets
Capital lease obligations incurred for property and equipment
See accompanying notes to condensed financial statements.
</TABLE>
<PAGE>
DYNATRONICS CORPORATION
NOTES TO CONDENSED FINANCIAL STATEMENTS
December 31, 1995
(Unaudited)
NOTE 1. PRESENTATION
The financial statements as of December 31, 1995 and for the
six months then ended were prepared by the Company without
audit pursuant to the rules and regulations of the Securities
and Exchange Commission. Certain information and footnote
disclosures normally included in financial statements prepared
in accordance with generally accepted accounting principles
have been condensed or omitted pursuant to such rules and
regulations. In the opinion of management, all necessary
adjustments to the financial statements have been made to
present fairly the financial position and results of
operations and cash flows. All adjustments were of a normal
recurring nature. The results of operations for the
respective periods presented are not necessarily indicative of
the results for the respective complete years. The Company
has previously filed with the SEC an Annual Report on Form 10-
K under the name of Dynatronics Corporation and/or Dynatronics
Laser Corporation which included audited financial statements
for the three years ending June 30, 1995, 1994, and 1993. It
is suggested that the financial statements contained in this
filing be read in conjunction with the statements and notes
thereto contained in the Company's 10-K filing.
NOTE 2. EARNINGS PER SHARE
Earnings per common share and common share equivalents are
computed by dividing net income by the weighted average number
of shares of common stock and common stock equivalents
outstanding during the period. Common stock equivalents
include shares issuable upon exercise of the Company's stock
options.
<PAGE>
NOTE 3. INVENTORIES
Inventories consisted of the following:
<TABLE>
<CAPTION>
December 31 June 30
1995 1995
----------- ----------
<S> <C> <C>
Raw Materials $1,231,788 $1,201,587
Finished Goods 375,209 611,207
Inventory Reserve (46,859) (45,764)
---------- ----------
$1,560,138 $1,767,030
========== ==========
</TABLE>
NOTE 4. PROPERTY AND EQUIPMENT
Property and equipment were as follows:
<TABLE>
<CAPTION>
December 31 June 30
1995 1995
----------- ----------
<S> <C> <C>
Land $ 589,920 $ 589,920
Building 1,935,297 1,935,297
Machinery and equipment, and
equipment under capital lease 725,292 706,475
---------- ----------
3,250,509 3,231,692
Less accumulated depreciation
and amortization 654,096 568,521
---------- ----------
$2,596,413 2,663,171
========== ==========
</TABLE>
NOTE 5. INCOME TAXES
The Company reports the income tax expense (benefit) after
considering the provisions of Statement of Financial
Accounting Standards No. 109, "Accounting for Income Taxes."
Statement 109 requires the recognition of deferred tax
liabilities and assets for the temporary differences between
the financial reporting basis and tax basis of the Company's
assets and liabilities at enacted tax rates expected to be in
effect when such amounts are realized or settled.
For December 31, 1995 the Company recognized an income tax
benefit of $46,972 associated with a capital loss offset from
the write-off of the Company's tax basis in ITEC stock which
was deemed to have no value as determined by the filing of a
<PAGE>
bankruptcy petition by ITEC Attractions, under Chapter 11 of
the Federal Bankruptcy Code on January 25, 1996.
NOTE 6. STOCK OPTIONS GRANTED
At the November 28, 1995 Annual Shareholders Meeting, the
shareholders approved the Company's 1995 amended and restated
stock option plan authorizing an additional 500,000 options to
purchase common stock of the Company. A total of 1,000,000
options are authorized under the plan. In January 1996, the
Company granted 51,418 options to employees with an exercise
price of $1.27 which are exercisable after a minimum of one
year according to a vesting plan and expire five years from
date of grant. During 1994, 448,895 options under the 1992
plan were granted to employees, officers and directors of the
Company with an exercise price of $0.875 which became
exercisable after August 19, 1994 and expire five years from
date of grant. As of December 31, 1995, 57,440 of the above
options were exercised.
In 1994, the Board of Directors granted 1,350,075 options to
a nonemployee, 150,075 are exercisable at a price of $0.875
per share. In 1995, the remaining 1,200,000 options were
canceled.
NOTE 7. GUARANTEE OF PROMISSORY NOTE
In fiscal 1995 the board of directors voted to approve the
guarantee of a $500,000 bank loan to ITEC Attractions, the
Company's 36 percent owned subsidiary. At December 31, 1995
the loan balance of approximately $475,000 and the loan
guarantee remain outstanding. On January 25, 1996, ITEC filed
for Chapter 11 bankruptcy. Under the current provisions of
ITEC's proposed plan of reorganization, proceeds to
Dynatronics from the bankruptcy are anticipated to be
sufficient to repay the loan over a five year term.
NOTE 8. OTHER RECEIVABLES
Included in the $236,021 of related party and other
receivables at June 30, 1995 is $228,824 due from ITEC
Attractions related to unpaid amounts under services
agreement, loan guarantee fee, and other miscellaneous
expenses. Due to ITEC's Chapter 11 bankruptcy filing on
January 25, 1996 this $228,824 note receivable was written off
as of December 31, 1995 because the bankruptcy proceeds
payable to Dynatronics under the current provisions of ITEC's
plan of reorganization are not expected to be sufficient to
pay this debt.
<PAGE>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
Results of Operations
- ---------------------
With the overwhelming market response to the Company's new
Dynatron 650 Electrotherapy Device and the Dynatron 950
Electrotherapy/Ultrasound Combination Therapy Device which
were introduced the end of September, 1995, the Company has
experienced a notable increase in sales and operating profits.
Like all the "50 Series" products, these two devices
incorporate technology that significantly lowers the cost of
manufacturing as well as significantly reducing the physical
dimensions of the devices. The Dynatron 650 and 950 are the
premier "50 Series" products and represent the Company's most
technologically advanced products ever introduced.
Sales for the quarter ended December 31, 1995 increased 35
percent to $1,995,379 as compared to $1,476,514 in the same
quarter last year indicating the strong acceptance of the new
"50 Series" products. Sales for the six month period
increased two percent to $3,325,318 as compared to $3,248,930
in the prior year period.
Gross Margins as a percentage of sales increased to 47 percent
during the reporting quarter as compared to 44 percent in the
prior year period. This increase is due to the new "50
Series" products, which carry higher margins than the
Company's previous products. Management believes margins will
continue to improve as production of the new products becomes
more efficient.
Selling, General and Administrative (SG&A) expenses for the
reporting period increased $61,864 as compared to the same
quarter last year while SG&A expenses for the six month period
increased $60,195 over the prior year period. This increase
is directly related to higher labor expenses associated with
the production of the new "50 Series" products.
Research and development expenses in the reporting quarter and
for the six month reporting period were comparable to expenses
in the same periods last year reflecting the Company's
continuing commitment to technologically advanced devices that
will maintain the Company's competitive edge in the future.
Operating income for the reporting quarter totalled $308,448
as compared to $67,304 for the same quarter last year. This
358% increase is due to the higher margins associated with the
new "50 Series" products and the strong increase in sales
volume for the quarter, while maintaining expenses at
comparable levels to the prior year period. Year to date,
operating profits have increased 54% over the same six month
period last year.
<PAGE>
For the quarter ended December 31, 1995, the Company recorded
a write off of $228,824 related to a note receivable due from
ITEC Attractions. ITEC, a 36% owned affiliate of the Company,
filed a voluntary petition under Chapter 11 of the Federal
Bankruptcy Code on January 25, 1996. Based on the plan of
reorganization filed by ITEC, the Company does not expect
bankruptcy proceeds to be sufficient to pay the note
receivable owed to Dynatronics. Therefore, the Company has
chosen to write off the receivable at this time.
In prior years, the Company had, for purposes of financial
reporting, written off the value of its original investment in
ITEC. However, there remained a tax basis in the stock.
Since, according to the filed plan of reorganization by ITEC,
the stock has become worthless, the Company is able to
recognize a tax benefit associated with the write off of the
Company's tax basis in the ITEC stock.
The recognition of these write offs and tax benefits represent
the full impact of the ITEC bankruptcy filing on the Company
based on the plan of reorganization as filed. The net after-
tax effect of all aspects of the ITEC bankruptcy as reflected
in the financial statements of this quarter was to reduce net
earnings by approximately $68,000.
Income before tax for the reporting quarter, including the
write off of the $228,824 ITEC note receivable, equalled
$93,641 as compared to $92,957 during the same quarter of the
prior year. However, net income for the quarter more than
doubled to $127,351 as compared to $61,836 for the same
quarter last year due to the recognition of tax benefits
associated with the write off of the ITEC stock.
Liquidity and Capital Resources
- -------------------------------
The Company expects that revenues from operations, together
with available sources of borrowing, will be adequate to meet
its working capital needs related to its business and its
planned capital expenditures for the upcoming operating
period.
The Company continues to maintain a liquid position. The
current ratio at December 31, 1995 was 7.1 to 1 as compared to
7.3 to 1 at June 30, 1995. Current assets represent 55% of
total assets.
Trade accounts receivable are from the Company's dealer
network and are generally considered to be within term. All
accounts payable are within term with the Company continuing
its policy of taking advantage of any and all payment
discounts available.
<PAGE>
The Company maintains a revolving line of credit in the amount
of $1,000,000 with a commercial bank. No amounts were
outstanding on this line of credit at December 31, 1995.
However, $500,000 of the line of credit is restricted in
relation to a guarantee by Dynatronics of a loan from the
commercial bank to ITEC Attractions, the Company's 36 percent
owned affiliate. With the recent bankruptcy filing by ITEC,
it is anticipated that Dynatronics will be asked to perform on
this guarantee. However, based on the current plan of
reorganization filed with the bankruptcy court by ITEC,
proceeds from the bankruptcy are expected to be sufficient to
satisfy this obligation.
Inventory levels decreased by $206,892 to $1,560,138 at
December 31, 1995, as compared to $1,767,030 at June 30, 1995
due to the large increase in sales during the reporting
quarter.
Another direct effect of the sales increase is evidenced by
the higher Accounts Receivable of $1,489,662 at December 31,
1995 compared to $941,017 at June 30, 1995. At the same time,
cash balances decreased from $779,054 at June 30, 1995 to
$699,417 at December 31, 1995. This small decrease in cash
balances is expected to reverse as existing receivables are
collected.
Long-term debt and capital lease obligations at December 31,
1995 totalled $2,180,784, comprised primarily of the mortgage
loan on the Company's office and manufacturing facility.
Business Plan
- -------------
The Company developed the new "50 Series" product line to
address the specific market need for lower cost, high value
products while at the same time restoring more profitable
gross margins. The first in this series, the Dynatron 150
Ultrasound device, was introduced in February, 1994. The next
two devices, the Dynatron 550 and Dynatron 850 were introduced
in August, 1994. The new Dynatron 650 and Dynatron 950
complete the "50 Series" product
line. The "50 Series" devices are the primary reason for the
strong increases in the Company's sales and operating profits
over the past two years.
As expected, the "50 Series" is a particularly attractive
product line in the international market. Due to its low
price and compact size, the Company has received inquiries
from around the world. While international markets are slower
to cultivate and develop, the Company feels it can expand its
international presence significantly with the "50 Series". In
May, 1995, the Company announced the signing of an agreement
with a major Japanese distributor of medical devices. The
<PAGE>
Company has experienced difficulty in securing the necessary
government approvals to commence exporting to Japan. Efforts
continue, however, and management expects to begin shipment of
product before the end of the fiscal year. To boost sales
efforts internationally, the Company hired an experienced
manager of international sales at the end of the second
quarter. The addition of this experienced manager is expected
to expedite efforts internationally.
The Company recognizes the need to continually upgrade and re-
engineer existing products as well as introduce new products.
The ongoing effort to accomplish these objectives is reflected
in the Research and Development expenditures which are running
at approximately nine percent of sales for six months ended
December 31, 1995. As a result, the Company anticipates being
able to reduce costs of manufacturing without sacrificing
value or features. The continuing commitment to Research and
Development enables Dynatronics to be a technological leader
in the market. The quest to improve the product line is a
never ending project. New products and engineering
improvements are being constantly evaluated and developed.
The Company's marketing strategy includes the development of
niche markets, increased emphasis on international sales, lead
generation through direct marketing efforts as well as the
introduction of new products. The emphasis on introducing new
products specifically designed to lower costs of production
while providing leading-edge technology at competitive prices
has positioned the Company well for the future.
Another avenue to increase sales and profits being pursued by
management is that of strategic business alliances, mergers or
acquisitions. The Company continues to evaluate acquisition
opportunities which could enhance and broaden the Company's
product line.
The Company does continue to support research into areas of
potential efficacy of its low-power laser device. Should any
such research provide evidence deemed sufficient for
submission to the U.S. Food and Drug Administration, the
Company would give consideration to submitting a Pre-Market
Approval Application for the laser to the FDA.
PART II. OTHER INFORMATION
Item 1. Legal Proceedings
-----------------
There are no material legal proceedings pending to
which the Company or any of its subsidiaries is a
party or of which any of their property is the
subject which require disclosure in this statement.
<PAGE>
Item 2. Changes in Securities
---------------------
Not applicable.
Item 3. Defaults Upon Senior Securities
-------------------------------
Not applicable.
Item 4. Submission of Matters to a Vote of Security Holders
---------------------------------------------------
During the reporting quarter, shareholders approved
the Company's 1995 Amended and Restated Stock
Option Plan authorizing options to purchase up to
1,000,000 shares of common stock of the Company.
This plan was approved at the Annual Shareholders
Meeting held on November 28, 1995.
Item 5. Other Information
-----------------
Not applicable.
Item 6. Exhibits and Reports on Form 8-K
--------------------------------
A) Not applicable.
B) Not applicable.
<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 undersigned thereunto duly authorized.
DYNATRONICS CORPORATION
-----------------------
Registrant
Date 2/13/96 /s/ Kelvyn H. Cullimore, Jr.
------------------- ----------------------------
Kelvyn H. Cullimore, Jr.
President
Chief Executive Officer
Date 2/13/96 /s/ Keith E. Turner
------------------- -------------------------
Keith E. Turner
Treasurer
Chief Accounting Officer and
Principal Financial Officer
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED
FROM BALANCE SHEET AND STATEMENT OF INCOME 12-31-95 AND IS
QUALIFIED IN ITS ENTIRETY BY SUCH FINANCIAL STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> JUNE-30-1996
<PERIOD-START> OCT-01-1995
<PERIOD-END> DEC-31-1995
<CASH> 699,417
<SECURITIES> 0
<RECEIVABLES> 1,550,500
<ALLOWANCES> 60,838
<INVENTORY> 1,560,138
<CURRENT-ASSETS> 4,019,649
<PP&E> 3,250,509
<DEPRECIATION> 654,096
<TOTAL-ASSETS> 7,351,601
<CURRENT-LIABILITIES) 566,474
<BONDS> 2,041,355
<COMMON> 1,675,082
0
0
<OTHER-SE> 2,740,136
<TOTAL-LIABILITY-AND-EQUITY> 7,351,601
<SALES> 1,995,379
<TOTAL-REVENUES> 1,995,379
<CGS> 1,050,094
<TOTAL-COSTS> 1,050,094
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 10,109
<INTEREST-EXPENSE> 38,985
<INCOME-PRETAX> 93,641
<INCOME-TAX> (33,710)
<INCOME-CONTINUING> 127,351
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 127,351
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
