FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
(Mark One)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the fiscal year ended December 1, 1994
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OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1943
For the transition period from to
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Commission file number 1-10658
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Micron Technology, Inc.
------------------------------------
(Exact name as specified in charter)
Delaware 75-1618004
------------------------------- -------------------------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
2805 East Columbia Road, Boise, Idaho 83707-0006
------------------------------------------------------------------
(Address of principal executive offices) zip code
Registrant's telephone number, including area code (208)368-4000
----------------
Indicate by check mark whether the registrant (1) has filed all reports
required to the 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.
Yes X No
----- -----
The number of outstanding shares of the registrant's Common
Stock as of December 15, 1994 was 102,148,061.
<PAGE>
Part I. FINANCIAL INFORMATION
Item 1. Consolidated Financial Statements
- ------------------------------------------
MICRON TECHNOLOGY, INC.
Consolidated Balance Sheets
(Dollars in millions)
<TABLE>
<CAPTION>
December 1, September 1,
As of 1994 1994
- ------------------------------------------------------------------------
(Unaudited)
<S> <C> <C>
ASSETS
Current assets:
Cash and equivalents $ 138.5 $ 78.4
Liquid investments 421.3 354.6
Receivables 284.0 235.7
Inventories 122.7 101.1
Prepaid expenses 4.4 3.3
Deferred income taxes 18.5 20.1
-------- --------
Total current assets 989.4 793.2
Product and process technology, net 46.0 48.2
Property, plant, and equipment, net 742.3 663.5
Other assets 28.9 24.8
-------- --------
Total assets $1,806.6 $1,529.7
======== ========
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued expenses $ 303.3 $ 200.2
Deferred income 13.8 13.0
Equipment purchase contracts 25.0 31.2
Current portion of long-term debt 25.4 29.8
-------- --------
Total current liabilities 367.5 274.2
Long-term debt 152.8 124.7
Deferred income taxes 53.9 54.1
Other liabilities 23.7 27.4
-------- --------
Total liabilities 597.9 480.4
-------- --------
Commitments and contingencies
Shareholders' equity:
Common stock, $.10 par value, authorized
150.0 million shares, issued and
outstanding 102.1 million and 100.7
million shares, respectively 10.2 10.2
Additional paid-in capital 376.8 369.7
Retained earnings 825.0 670.8
Unamortized stock compensation (3.3) (1.4)
-------- --------
Total shareholders' equity 1,208.7 1,049.3
-------- --------
Total liabilities and shareholders' equity $1,806.6 $1,529.7
======== ========
</TABLE>
See accompanying notes to consolidated financial statements.
1
<PAGE>
MICRON TECHNOLOGY, INC.
Consolidated Statements of Operations
(Dollars in millions, except for per share data)
(Unaudited)
<TABLE>
<CAPTION>
December 1, December 2,
For the quarter ended 1994 1993
- -------------------------------------------------------------------------
<S> <C> <C>
Net sales $ 535.0 $ 320.1
-------- --------
Costs and expenses:
Cost of goods sold 224.5 166.6
Selling, general, and administrative 38.2 34.1
Research and development 27.0 14.3
-------- --------
Total costs and expenses 289.7 215.0
-------- --------
Operating income 245.3 105.1
Interest income, net 3.6 0.4
-------- --------
Income before income taxes 248.9 105.5
Income tax provision 89.6 38.0
-------- --------
Net income $159.3 $67.5
======== ========
Earnings per share:
Primary $1.51 $0.65
Fully diluted 1.51 0.65
Number of shares used in per share calculations:
Primary 105.4 103.5
Fully diluted 105.6 103.5
Cash dividend declared per share $0.05 $0.02
</TABLE>
See accompanying notes to consolidated financial statements.
2
<PAGE>
MICRON TECHNOLOGY, INC.
Consolidated Statements of Cash Flows
(Dollars in millions)
(Unaudited)
<TABLE>
<CAPTION>
December 1, December 2,
For the three months ended 1994 1993
- -------------------------------------------------------------------------
<S> <C> <C>
Cash flows of operating activities
Net income $ 159.3 $ 67.5
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation 41.7 31.4
Decrease (increase) in receivables (48.3) 2.0
Increase in inventories (21.6) (14.7)
Increase in accounts payable and accrued
expenses 103.1 42.6
Other 1.8 8.1
-------- --------
Net cash provided by operating activities 236.0 136.9
-------- --------
Cash flows of investing activities
Purchase of investments (143.6) (78.3)
Proceeds from sale and maturity of investments 77.5 36.1
Property, plant, and equipment expenditures (90.8) (50.7)
Other 4.1 (0.2)
-------- --------
Net cash used for investing activities (152.8) (93.1)
-------- --------
Cash flows of financing activities
Payments on equipment purchase contracts (42.4) (28.2)
Repayments of debt (14.7) (13.6)
Proceeds from issuance of debt 38.0 --
Proceeds from issuance of common stock 3.7 2.4
Payment of dividends (5.1) --
Other (2.6) (0.1)
-------- --------
Net cash used for financing activities (23.1) (39.5)
-------- --------
Net increase in cash and equivalents 60.1 4.3
Cash and equivalents at beginning of period 78.4 47.5
-------- --------
Cash and equivalents at end of period $ 138.5 $ 51.8
======== ========
Supplemental disclosures
Income taxes paid, net $ (25.3) $ (25.3)
Interest paid (2.0) (1.9)
Noncash investing and financing activities:
Equipment acquisitions on contracts payable
and capital leases 36.2 31.9
</TABLE>
See accompanying notes to consolidated financial statements.
3
<PAGE>
Notes to Consolidated Financial Statements
(All tabular dollar amounts are stated in millions)
1. Unaudited Interim Financial Statements
In the opinion of management, the accompanying unaudited consolidated
financial statements contain all adjustments (consisting solely of normal
recurring adjustments) necessary to present fairly the consolidated financial
position of Micron Technology, Inc., and subsidiaries (the "Company"), and
their consolidated results of operations and cash flows.
This report on Form 10-Q for the first quarter ended December 1, 1994,
should be read in conjunction with the Company's Annual Report to Shareholders
and/or Form 10-K for the year ended September 1, 1994.
<TABLE>
<CAPTION>
2. Receivables December 1, September 1,
1994 1994
- --------------------------------------------------------------------------
<S> <C> <C>
Trade receivables $ 285.7 $ 227.6
Other 9.7 15.9
Allowance for returns and discounts (8.5) (4.9)
Allowance for doubtful accounts (2.9) (2.9)
-------- --------
$ 284.0 $ 235.7
======== ========
3. Inventories December 1, September 1,
1994 1994
- --------------------------------------------------------------------------
Finished goods $ 7.1 $ 5.2
Work in progress 68.7 64.2
Raw materials and supplies 46.9 31.7
-------- --------
$ 122.7 $ 101.1
======== ========
4. Product and process technology, net December 1, September 1,
1994 1994
- --------------------------------------------------------------------------
Product and process technology, at cost $ 149.1 $ 148.6
Less accumulated amortization (103.1) (100.4)
-------- --------
$ 46.0 $ 48.2
======== ========
5. Property, plant, and equipment, net December 1, September 1,
1994 1994
- --------------------------------------------------------------------------
Land $ 8.0 $ 7.9
Buildings 304.7 260.0
Machinery and equipment 911.6 825.5
Construction in progress 52.3 68.7
-------- --------
1,276.6 1,162.1
Less accumulated depreciation and
amortization (534.3) (498.6)
-------- --------
$ 742.3 $ 663.5
======== ========
4
<PAGE>
Notes to Consolidated Financial Statements, continued
6. Accounts payable and accrued expenses December 1, September 1,
1994 1994
- --------------------------------------------------------------------------
Accounts payable $ 61.2 $ 55.3
Salaries, wages, and benefits 68.5 63.5
Product and process technology 40.0 16.6
Income taxes payable 105.7 44.0
Commissions 4.9 4.5
Other 23.0 16.3
-------- --------
$ 303.3 $ 200.2
======== ========
7. Long-term debt December 1, September 1,
1994 1994
- --------------------------------------------------------------------------
Notes payable in monthly installments
through May 1999, weighted average
interest rate of 6.34% and 6.62 %,
respectively $ 149.8 $ 115.7
Capitalized lease obligations payable in
monthly installments through April
1998, weighted average interest rate
of 7.92% and 7.93%, respectively 11.5 12.4
Noninterest bearing obligation, due June
1997, original face amount $19.8
million (net of discount based on
imputed interest rate of 6.50%) 16.9 16.6
Noninterest bearing obligation, paid in
November 1994, original face amount
of $50.0 million (net of discount
based on imputed interest rate of
10.25%) -- 9.8
-------- --------
178.2 154.5
Less current portion (25.4) (29.8)
-------- --------
$ 152.8 $ 124.7
======== ========
</TABLE>
8. Earnings per share
Earnings per share is computed using the weighted average number of common
and common equivalent shares outstanding. Common equivalent shares result
from the assumed exercise of outstanding stock options and affect earnings per
share when they have a dilutive effect. Historical share and per share amounts
have been restated to reflect a 5 for 2 stock split effected in the form of a
stock dividend in fiscal 1994.
9. Income taxes
The effective income tax rate for the first fiscal quarters of 1995 and
1994 was 36% which primarily reflects the statutory corporate income tax rate
and the net effect of state taxation.
5
<PAGE>
Notes to Consolidated Financial Statements, continued
10. Commitments
As of December 1, 1994, the Company had commitments which extend through
approximately the next year and-a-half, of approximately $302.9 million for
equipment purchases and $70.8 million for the construction of buildings.
11. Contingencies
Periodically, the Company is made aware that technology used by the
company in the manufacture of some or all of its products may infringe on
product or process technology rights held by others. The Company has accrued
a liability and charged operations for the estimated costs of settlement or
adjudication of asserted and unasserted claims for infringement prior to the
balance sheet date. Management can give no assurance that the amounts accrued
have been adequate and cannot estimate the range of additional possible loss,
if any, from resolution of these uncertainties. Resolution of whether the
Company's manufacture of products has infringed on valid rights held by others
may have a material adverse effect on the Company's financial position or
results of operations, and may require material changes in production processes
and products. The Company has various product and process technology agreements
expiring in the remainder of fiscal 1995. The Company is not able to predict
whether these license agreements can be renewed on terms acceptable to the
Company.
The Company is a party to various legal actions arising out of the normal
course of business, none of which is expected to have a material effect on the
Company's financial position or results of operations.
6
<PAGE>
Item 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations
All period references are to the Company's fiscal periods ended December
1, 1994, and December 2, 1993, unless otherwise indicated. Historical share
and per share amounts have been restated to reflect a 5 for 2 stock split
effected in the form of a stock dividend during fiscal 1994. All tabular
dollar amounts are stated in millions.
Net sales for the Company's first quarter ended December 1, 1994, were
$535.0 million, compared to net sales of $320.1 million for the same quarter a
year ago. Net income for the first quarter was $159.3 million, or $1.51 per
fully diluted share, compared to net income of $67.5 million, or $0.65 per
fully diluted share, a year ago.
Increased net sales and profits primarily reflect improved productivity,
increased fab capacity, and favorable market conditions. The improved
productivity in the first quarter of 1995 was principally due to conversions
to further shrinks of the Company's primary memory products. The Company
benefited from strong market conditions for the 4 Meg DRAM, the product
responsible for a substantial portion of the Company's net sales and net
income.
On December 19, 1994, the Company declared a $0.05 per share cash dividend
to shareholders of record as of January 5, 1995, for payment on February 3,
1995. Future dividends, if any, will vary depending on the Company's
profitability and anticipated capital requirements.
Results of Operations
<TABLE>
<CAPTION>
First Quarter
---------------------------
1995 Change 1994
---------------------------
<S> <C> <C> <C>
Net sales $ 535.0 67.2% $ 320.1
</TABLE)
The substantial increase in net sales for the first quarter of 1995
compared to the same period in 1994 was principally due to increased volume of
semiconductor memory sold, favorable market conditions which resulted in
relatively stable memory product pricing, and increased sales of personal
computer systems. The Company's production of semiconductor memory, as
measured in megabits, increased substantially in the first quarter of 1995
compared to the same period of 1994. The increase in volume of semiconductor
memory sold during the first quarter of 1995 was principally due to
transitions to further shrinks of existing products; increased wafer capacity,
principally as a result of continued expenditures on equipment and facilities;
and improved manufacturing yields. Increased sales of personal computer
systems were primarily attributable to an increased name recognition and
relatively strong market conditions for the Company's PC systems.
The Company's principal product during the first quarter of 1995 was the
4 Meg DRAM, which accounted for a majority of the Company's net sales. Sales
of personal computer systems and board level products in the first quarter of
1995 accounted for approximately 8% and 3%, respectively, of total net sales,
excluding the value of the Company's memory components contained in such
products, compared to 3% and 3%, respectively, of total net sales during the
first quarter of 1994.
Efforts to merge Micron Custom Manufacturing Services, Inc. ("MCMS"), and
Micron Computer, Inc. ("MCI") into ZEOS International. Ltd., a personal
computer manufacturer ("ZEOS"), are continuing. Upon completion of the merger,
approximately 79% of the outstanding shares of the combined company's common
stock will be held by Micron Technology, Inc. In its third fiscal quarter
ended October 1, 1994, ZEOS reported net sales of approximately $66.2 million.
7
<PAGE>
</TABLE>
<TABLE>
<CAPTION>
First Quarter
---------------------------
1995 Change 1994
---------------------------
<S> <C> <C> <C>
Cost of goods sold $ 224.5 34.8% $ 166.6
Gross margin % 58.0% 48.0%
</TABLE>
The Company's overall gross margin percentage improved for the first
quarter of 1995 compared to the corresponding period of 1994 principally due
to reductions in cost per unit of memory sold for DRAM products and relatively
stable average selling prices. Reductions in cost per unit sold were realized
primarily from a combination of transitions to further shrinks of existing
products, increased wafer output, and yield improvements. Market conditions of
relatively stable semiconductor memory pricing for the past ten quarters
represent a significant deviation above the historical long-term trend line of
declining per megabit pricing. The Company is unable to predict when or how
quickly average selling prices per megabit may return to the historical
long-term trend line.
The Company's gross margin percentage has been negatively impacted as
sales of personal computer systems increased as a percentage of the Company's
total net sales. Upon completion of the merger of MCMS, MCI, and ZEOS, it is
anticipated that sales of personal computer systems will continue to increase
as a percentage of the Company's total net sales.
The Company believes the market transition to the 16 Meg DRAM as its
primary DRAM product will be largely driven by an increase in the
memory requirements of personal computer systems or by the availability of
the 1 Meg x 16 configuration part. The 1 Meg x 16 configuration of the 16 Meg
DRAM allows personal computer manufacturers to increase memory densities in
smaller increments, thereby offering more cost effective memory solutions for
present software requirements. The 1 Meg x 16 configuration is more complex,
is presently more costly to produce than the 4 Meg x 4 configuration and is
not widely available in the industry. When the 1 Meg x 16 configuration part
becomes readily available, or when memory requirements for PC systems
significantly increase, there may be an erosion in demand for 4 Meg devices
with declining average selling prices of 4 Meg DRAM products. The Company
continues to limit its production of 16 Meg DRAMs in order to maximize 4 Meg
DRAM production consistent with existing customer preferences. The transition
from the 4 Meg DRAM to the 16 Meg DRAM may cause an erosion in the Company's
gross margin percentage as production capacity is shifted from a relatively
mature device to a next generation device.
Cost of goods sold includes estimated costs of settlement or adjudication
of asserted and unasserted claims for patent infringement prior to the balance
sheet date, and costs of product and process technology licensing arrangements.
The charges for product and process technology have decreased as a percentage
of net sales in the first quarter of 1995 compared to the first quarter of
1994 primarily as a paid-up license agreement became fully amortized late in
fiscal 1994. Future product and process technology charges may increase as a
result of claims asserted or licenses acquired in the future. See "Certain
Factors".
8
<PAGE>
<TABLE>
<CAPTION>
First Quarter
---------------------------
1995 Change 1994
---------------------------
<S> <C> <C> <C>
Selling, general, and administrative $ 38.2 12.0% $ 34.1
as a % of net sales 7.1% 10.7%
</TABLE>
Selling, general, and administrative expenses increased slightly during
the first quarter of 1995 compared to the first quarter of 1994, but decreased
as a percentage of net sales. The higher level of selling, general, and
administrative expense during the first quarter of 1995 as compared to 1994
reflects a higher level of personnel costs principally due to the Company's
profit sharing programs and a reduction of legal fees resulting from
settlement of the Company's shareholders' suit and patent litigation.
<TABLE>
<CAPTION>
First Quarter
---------------------------
1995 Change 1994
---------------------------
<S> <C> <C> <C>
Research and development $ 27.0 88.8% $ 14.3
as a % of net sales 5.0% 4.5%
</TABLE>
Research and development expenses, which vary primarily with the number of
wafers and personnel dedicated to new product and process development, were
higher, both in absolute dollars and as a percentage of net sales, for the
first quarter of 1995 compared to the first quarter of 1994. Efforts in the
current quarter were focused primarily on design and development of the 64 Meg
DRAM, further development of the 16 Meg DRAM, and design and development of
the 4 Meg and 16 Meg SRAMs. The Company expects research and development
expense for fiscal 1995 to be significantly higher than fiscal 1994 as
additional resources are dedicated to development of the 64 Meg DRAM, design and
development of the 256 Meg DRAM, as well as design and development of new
technologies including radio frequency identification products, nonvolatile
semiconductor memory devices, and field emission flat panel displays.
Liquidity and Capital Resources
The Company had cash and liquid investments of $559 million as of December
1, 1994, representing an increase of $127 million during the first quarter of
1995. The Company's principal sources of liquidity during the first quarter
of 1995 were cash flows from operations of $236 million, issuance of long-term
debt of $38 million, and equipment financing of $36 million. The principal
uses of funds in the first quarter of 1995 were $91 million for property,
plant, and equipment, $42 million for payments on equipment contracts, $15
million for payments on long-term debt. The Company expects a significant
reduction in cash and liquid investment through the remainder of the fiscal
year as capital expenditures exceed cash flows from operations.
As of December 1, 1995, the Company had commitments which extend through
approximately the next year and-a-half, of approximately $303 million for
equipment purchases and approximately $71 million for the construction of
buildings. Anticipated capital expenditures include upgrading manufacturing
equipment to 8-inch wafer processing capability, completion of an additional
assembly and test facility, and remodels and upgrades of existing fabrication
facilities. The Company also began the site selection process for a
proposed semiconductor memory manufacturing complex. Capital expenditures
associated with construction and equipment for of this complex are expected to
exceed $1 billion. Completion of this long-term expansion project could take
as long as three to four years. Recognizing the significant historical
volatility of the semiconductor industry, the Company proceeds with capital
improvement projects in defined stages. Initiation of each stage will depend on
market conditions and cash and liquidity resources at the time.
The Company's bank credit agreement provides for borrowings of up to $120
million under a revolving loan expiring January 1997. Substantially all of
the tangible assets of the Company's semiconductor memory operations not
otherwise pledged as collateral for other notes payable and capital leases are
pledged as collateral under the agreement. The agreement contains certain
financial covenants. As of December 1, 1994, the Company had no borrowings
outstanding under the agreement.
9
<PAGE>
The Company believes continuing investments in manufacturing technology,
facilities and capital equipment, research and development, and product and
process technology are necessary to support future growth, achieve operating
efficiencies, and maintain product quality. Although the Company has recently
been able to fund its liquidity needs through cash flows from operations and
equipment financings, external sources of cash have been required historically
to supplement the Company's cash flows from operations to fund these ongoing
investments. In order to fund the Company's current capital development program
as scheduled, the Company will likely be required to pursue external sources
of liquidity. There can be no assurance that external funds will be available
to fund the Company's ongoing operations or capital development on terms
acceptable to the Company.
Certain Factors
The semiconductor memory industry is characterized by rapid technological
change, frequent product introductions and enhancements, difficult product
transitions, relatively short product life cycles, and volatile market
conditions. These characteristics historically have made the semiconductor
industry highly cyclical, particularly in the market for DRAMs, which are
the Company's primary products. Demand for semiconductor memory products has
grown, fueled primarily by growth in the personal computer industry. Many of
the Company's competitors are adding new facilities designed to process 8-inch
wafers, which have approximately 84% greater usable surface area than the 6-inch
wafer currently used by the Company. In addition, many competitors are
currently believed to be running their 16 Meg DRAM manufacturing operations at
significantly lower yields than could be expected when such products mature.
Yield improvements by these competitors would dramatically increase worldwide
semiconductor memory capacity. Excess supply as a result of increased
semiconductor manufacturing capacity, adverse market conditions, or currency
fluctuation resulting in a strengthening dollar against the yen, could result
in downward pricing pressure. A decline in the current favorable product
pricing would have a material adverse effect on the Company's results of
operations.
The manufacture of the Company's semiconductor memory products is a
complex process and involves a number of precise steps, including wafer
fabrication, assembly in a variety of packages, burn-in, and final test.
From time to time, the Company has experienced volatility in its manufacturing
yields, as it is not unusual to encounter difficulties in ramping shrink
versions of existing devices or new generation devices to commercial volumes.
The Company's net sales and operating results are highly dependent on
increasing yields at an acceptable rate and to an acceptable level, of which
there can be no assurance. Future results of operations may be adversely
impacted if the Company is unable to transition to future generation products,
in a timely fashion or at gross margin rates comparable to the Company's
current primary products.
Periodically, the Company is made aware that technology used by the
Company in the manufacture of some or all of its products may infringe on
product or process technology rights held by others. The Company has accrued
a liability and charged operations for the estimated costs of settlement or
adjudication of asserted and unasserted claims for infringement prior to the
balance sheet date. Management can give no assurance that the amounts accrued
have been adequate and cannot estimate the range of additional possible loss,
if any, from resolution of these uncertainties. Resolution of whether the
Company's manufacture of products has infringed on valid rights held by others
may have a material adverse effect on the Company's financial position or
results of operations, and may require material changes in production
processes and products. The Company has various product and process
technology agreements expiring in the remainder of fiscal 1995. The Company
is not able to predict whether these license agreements can be renewed on
terms acceptable to the Company.
10
<PAGE>
Part II. OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K
- -----------------------------------------
(a) The following are filed as a part of this report:
<TABLE>
<CAPTION>
Exhibit Page
Number Description of Exhibit Number
------- -------------------------------------------------- ------
<S> <C> <C>
11 Computation of per share earnings for the quarters
ended December 1, 1994 and December 2, 1993 13
</TABLE>
(b) The registrant filed a Report on Form 8-K dated September 19, 1994,
announcing certain changes in the directors and officers of the company.
11
<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.
Micron Technology, Inc.
------------------------------
(Registrant)
Dated: December 19, 1994 /s/ Wilbur G. Stover, Jr.
------------------------------
Wilbur G. Stover, Jr. Vice President,
Finance, and Chief Financial Officer
(Principal Financial and Accounting
Officer)
12
MICRON TECHNOLOGY, INC.
Exhibit 11
Computation of Per Share Amounts
(Amounts in millions except for per share amounts)
<TABLE>
<CAPTION>
December 1, December 2,
Quarter Ended 1994 1993
- -------------------------------------------------------------------------
<S> <C> <C>
PRIMARY
Weighted average shares
outstanding 102.0 100.5
Stock options using average market price 3.4 3.0
-------- --------
Total shares 105.4 103.5
======== ========
Net income $ 159.3 $ 67.5
======== ========
Per share amount $1.51 $0.65
===== =====
FULLY DILUTED
Weighted average shares outstanding 102.0 100.5
Stock options using greater of average or
ending market price 3.6 3.0
-------- --------
Total shares 105.6 103.5
======== ========
Net income $ 159.3 $ 67.5
======== ========
Per share amount $1.51 $0.65
===== =====
</TABLE>
13
