<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 JUNE 30, 1996
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 0-12734
Stanford Telecommunications, Inc.
---------------------------------
(Exact name of registrant as specified in its charter)
Delaware 94-2207636
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(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
1221 Crossman Avenue, Sunnyvale, CA 94089
------------------------------------------
(Address of principal executives offices)
(Zip Code)
408/745-0818
------------
(Registrant's telephone number, including area code)
------------
(Former name, former address and former fiscal year, if changed
since last report)
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.
Yes/X/ No/ /
APPLICABLE ONLY TO CORPORATE USERS:
Indicate the number of outstanding shares of each of the issuer's classes
of common stock, as of the latest practical date.
6,373,917 as of July 10, 1996
<PAGE>
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
STANFORD TELECOMMUNICATIONS, INC.
CONDENSED FINANCIAL STATEMENTS
(Unaudited)
The condensed financial statements included herein have been 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, although the Company believes the disclosures which are made are
adequate to make the information presented not misleading. Further, the
condensed financial statements have been prepared in all material respects in
conformity with the standards of accounting measurement set forth in Accounting
Principles Board Opinion No. 28 and reflect, in the opinion of management, all
adjustments (which include only normal recurring adjustments) necessary to
present fairly the financial position and results of operations as of and for
the periods indicated.
It is suggested that these condensed financial statements be read in conjunction
with the financial statements and the notes thereto included in the Stanford
Telecommunications, Inc. 1996 Annual Report.
The results of operations for the first three months of fiscal year 1997 ended
June 30, 1996 are not necessarily indicative of results to be expected for the
entire year ending March 31, 1997.
<PAGE>
<TABLE>
<CAPTION>
STANFORD TELECOMMUNICATIONS, INC.
CONDENSED BALANCE SHEETS
(IN THOUSANDS, EXCEPT PER SHARE AMOUNT)
ASSETS June 30, March 31,
1996 1996
---------- ---------
<S> <C> <C>
Current assets: (Unaudited)
Cash and cash equivalents $ 7,756 $ 4,409
Short-term investments 15,095 14,127
Accounts receivable 23,864 22,018
Unbilled receivables 13,792 11,993
Inventories, net of related progress billings 15,869 18,702
Prepaid expenses 5,123 4,903
-------- --------
Total current assets 81,499 76,152
-------- --------
Property and equipment at cost:
Electronic test equipment 40,644 39,541
Furniture and fixtures 3,032 2,967
Leasehold improvements 3,759 3,657
-------- --------
47,435 46,165
Less: Accumulated depreciation and amortization (32,909) (31,665)
-------- --------
Net property and equipment 14,526 14,500
-------- --------
Other assets 337 296
-------- --------
$ 96,362 $ 90,948
--------- ---------
--------- ---------
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Current maturities of long-term obligations $ 70 $ 80
Accounts payable 9,070 6,097
Advance payments from customers 2,231 515
Accrued liabilities 8,198 10,044
Accrued and current deferred income taxes 2,905 2,921
--------- ---------
Total current liabilities 22,474 19,657
--------- ---------
Long-term obligations, less current maturities 70 85
--------- ---------
Other long-term liabilities 967 986
--------- ---------
Deferred income taxes 634 631
--------- ---------
Shareholders' equity:
Common shares - par value $.01; 25,000 shares authorized
Outstanding - 6,373 shares at June 30, 1996 64 63
- 6,328 shares at March 31, 1996
Paid-in capital 39,107 38,369
Retained earnings 33,046 31,158
--------- ---------
Total shareholders' equity 72,217 69,589
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$ 96,362 $ 90,948
--------- ---------
--------- ---------
</TABLE>
See accompanying notes.
<PAGE>
STANFORD TELECOMMUNICATIONS, INC.
CONDENSED STATEMENTS OF INCOME (UNAUDITED)
(IN THOUSANDS, EXCEPT PER SHARE AMOUNT)
Three Months
Ended June 30,
1996 1995
------ ------
Revenues $40,843 $35,952
Cost of revenues 31,993 29,876
------- -------
Gross profit 8,850 6,076
Expenses
Research and development 2,229 1,793
Marketing and administrative 4,022 2,659
------- -------
Total expenses 6,251 4,452
Operating income 2,599 1,624
Interest income, net 284 178
------- -------
Income before income taxes 2,883 1,802
(Provision) for income taxes (995) (676)
------- -------
Net income (loss) $ 1,888 $ 1,126
------- -------
------- -------
Weighted average common shares
and equivalents 6,524 6,272
Net income per share $ 0.29 $ 0.18
------- -------
------- -------
See accompanying notes
<PAGE>
STANFORD TELECOMMUNICATIONS, INC.
CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED)
(IN THOUSANDS)
<TABLE>
<CAPTION>
Three Months Ended
June 30,
-----------------------
1996 1995
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<S> <C> <C>
Cash flows from operating activities:
Net income $ 1,888 $ 1,126
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization 1,244 1,190
Issuances of stock to employees under bonus and award plans 27 47
Provision for losses on receivables and contracts 472 65
Loss on retirements of property and equipment - 15
(Increase) decrease in assets:
Receivables billed and unbilled (3,790) 2,129
Inventories 2,506 (3,446)
Prepaid expenses and other assets (261) (662)
Increase (decrease) in liabilities:
Accounts payable, advance payments, and accrued expenses 2,843 (1,218)
Other long-term liabilities (19) (29)
Accrued and deferred income taxes (13) (486)
------ ------
Net cash provided by (used in) operating activities 4,897 (1,269)
------ ------
Cash flows from investing activities:
Purchase of short-term investments (5,853) -
Proceeds from maturities of short-term investments 4,885 1,009
Purchase of property and equipment (1,269) (1,632)
------ ------
Proceeds from sale of property and equipment 0 90
Net cash used in investing activities (2,237) (533)
------ ------
Cash flows from financing activities:
Payments on capital lease obligations (25) (38)
Proceeds from transactions under stock plans 712 154
------ ------
Net cash provided by financing activities 687 116
------ ------
Net increase (decrease) in cash and cash equivalents 3,347 (1,686)
Cash and cash equivalents at beginning of period 4,409 2,910
------ ------
Cash and cash equivalents at end of period $7,756 $1,224
------ ------
------ ------
</TABLE>
See accompanying notes.
<PAGE>
STANFORD TELECOMMUNICATIONS, INC.
NOTES TO CONDENSED INTERIM FINANCIAL STATEMENTS
(UNAUDITED)
JUNE 30, 1996
1. Net income per share
Net income per share is computed using the weighted average number of
shares of common stock and common stock equivalents outstanding during the
periods. Common stock equivalents consist of the dilutive effect of
outstanding options to purchase common stock. Fully diluted net income per
share is substantially the same as reported net income per share.
2. Inventories
Inventories are stated at the lower of cost (first-in, first-out) or
market. Cost includes materials, labor and related indirect expenses.
General and administrative costs are only included in inventory for
government contracts, as such costs are reimbursed by the government.
The components of inventory are (in thousands):
June 30, 1996 March 31, 1996
Raw materials and supplies $ 249 $ 158
Work-in-progress 15,200 18,615
Finished goods 2,630 1,850
Allocated general and administrative costs 130 808
Less: progress billings (2,340) (2,729)
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$15,869 $18,702
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------- -------
3. Capital Stock
On June 26, 1996, the Company's stockholders approved an amendment to
Article 4 of the Company's Certificate of Incorporation to increase the
number of authorized shares of common stock par value $0.01 per share
("common stock"), from 15,000,000 to 25,000,000.
<PAGE>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
OVERVIEW
Since the Company's inception in 1973, revenues have been generated primarily
from sales to agencies of the U.S. Government, including the DoD, the U.S.
Air Force, Army and Navy, NASA and the FAA, or their prime contractors. Such
revenues are generated from many contracts including programs requiring
multi-year hardware and software development and limited production of
products and systems. The Company's contracts often require the design,
production, operation and maintenance of sophisticated equipment and systems
and provision of system integration services in the digital
telecommunications and satellite communications fields. A substantial
portion of the digital telecommunications and satellite communications
research and development performed by the Company since its inception has
been funded by its customers and recorded as revenues by the Company.
Accordingly, the cost of performing this customer-funded research and
development is included in "Cost of Revenues" in the Company's financial
statements. The Company's government contracts are generally
cost-reimbursement plus profit or fixed-price contracts. The Company
generally recognizes revenues from its long-term government contracts on a
percentage-of-completion basis, or a unit shipped basis for production
contracts.
Commencing in the late 1980's, the Company began to pursue commercial
opportunities utilizing its digital telecommunications technology developed and
enhanced by the Company since its inception. Commercial revenues have risen
from less than 6% of total revenues in fiscal year 1989 to approximately 46% of
total revenues in fiscal year 1996. During fiscal year 1996, commercial
revenues which amounted to approximately $66.3 million included: (i) contract
manufacturing revenues from the Company's electronics assembly business ($29.1
million); (ii) sales of ASICs, circuit boards and subsystems to the
telecommunications industry ($13.3 million); (iii) development programs for
INTELSAT and DSC Communications Corporation ($14.7 million); (iv) sales of
off-the-shelf products for secure voice transmissions and GPS instrumentation
($3.3 million); and (v) other commercial systems and product business ($5.9
million). During the first quarter of fiscal 1997, commercial revenues
amounted to approximately $19.2 million or 47% of total revenues reported.
The Company includes in commercial revenues sales of standardized or
off-the-shelf products such as the digital interfaces for secure voice
transmissions or GPS simulators to any customers, including government
customers.
The Company's operating results have from time to time been adversely affected
by non-recoverable cost overruns on certain fixed-price contracts, primarily
fixed-price development contracts which have included significant software and
hardware development. The Company has instituted additional management
controls to more closely monitor its bidding process and costs incurred on
fixed-price development contracts, however, no assurance can be given that
the Company will not incur losses on future fixed-price contracts or
additional losses on existing contracts. The Company believes that
development contracts are an important element in maintaining its
technological leadership position in digital telecommunications. The Company
plans to selectively bid on programs where it would be the sole provider or
its technology leadership provides a competitive advantage. In addition, in
order to position itself in the commercial marketplace, the Company may
selectively enter into contracts with customers to deliver products where the
Company will be funding a portion of the development costs. As a result, the
Company may incur losses on certain fixed-price contracts. Such losses will
be charged against results of operations in the period when they first become
known, typically near the initiation of the contract and may have a material
adverse effect on the Company's results of operations.
<PAGE>
CAUTIONARY STATEMENTS
In the interest of providing the Company's shareholders and potential investors
with certain Company information, including management's assessment of the
Company's future potential, certain statements set forth herein contain or are
based on projections of revenue, income, earnings per share and other financial
items or relate to management's future plans and objectives or to the Company's
future economic performance. Such statements are "forward-looking statements"
within the meaning of Section 27A(i) of the Securities Act of 1933, as amended,
and in Section 21E(i) of the Securities Exchange Act of 1934, as amended.
Although any forward-looking statements contained herein or otherwise expressed
by or on behalf of the Company are to the knowledge and in the judgment of the
officers and directors of the Company, expected to prove true and to come to
pass, management is not able to predict the future with absolute certainty.
Accordingly, shareholders and potential investors are hereby cautioned that
certain events or circumstances could cause actual results to differ materially
from those projected or predicted herein. In addition, the forward-looking
statements herein are based on management's knowledge and judgment as of the
date hereof, and the Company does not intend to update any forward-looking
statements to reflect events occurring or circumstances existing hereafter.
For further information on the foregoing, reference is made to the Company's
Securities and Exchange Commission report on Form 10-K.
QUARTERLY RESULTS
The following table presents the Company's financial results by quarter for
fiscal 1996 and the first quarter of fiscal 1997. These quarterly financial
results are unaudited. In the opinion of management, however, they have been
prepared on the same basis as the audited financial information and include all
adjustments necessary for a fair presentation of the information set forth
therein. The operating results for any quarter are not necessarily indicative
of the results that may be expected for any future period.
QUARTER ENDED
STATEMENT OF OPERATIONS DATA
(IN THOUSANDS, EXCEPT PER SHARE DATA)
<TABLE>
<CAPTION>
FISCAL 1996 FISCAL 1997
--------------------------------------
JUNE 30 SEPT. 30 DEC. 31 MAR. 31 JUNE 30
------- -------- ------- ------- -------
<S> <C> <C> <C> <C> <C>
Revenues $35,952 $35,597 $36,384 $37,168 $40,843
Cost of revenues 29,876 28,215 28,922 29,001 31,993
------- ------- ------- ------- -------
Gross profit 6,076 7,382 7,462 8,167 8,850
------- ------- ------- ------- -------
Expenses:
Research and development 1,793 2,050 2,046 2,541 2,229
Marketing and administrative 2,659 3,239 3,104 3,211 4,022
------- ------- ------- ------- -------
Total expenses 4,452 5,289 5,150 5,752 6,251
Operating income 1,624 2,093 2,312 2,415 2,599
Interest income, net 178 152 164 345 284
------- ------- ------- ------- -------
Income before provision for income taxes 1,802 2,245 2,476 2,760 2,883
Provision for income taxes (676) (842) (863) (729) (995)
------- ------- ------- ------- -------
Net income $ 1,126 $ 1,403 $ 1,613 $ 2,031 $ 1,888
------- ------- ------- ------- -------
------- ------- ------- ------- -------
Net income per share $ 0.18 $ 0.22 $ 0.25 $ 0.32 $ 0.29
------- ------- ------- ------- -------
------- ------- -------- ------- -------
Weighted average common
shares and equivalents
6,272 6,346 6,361 6,409 6,524
</TABLE>
<PAGE>
The Company's revenues and results of operations are subject to fluctuation
from period to period. Factors that could cause the Company's revenues and
operating results to vary from period to period include: underestimating
costs on fixed-price contracts particularly for software and hardware
development; timing, bidding activity and delivery of significant contracts
and orders; termination of contracts; mix of products and systems sold, and
services provided; historically reduced levels of operation during the
holidays which occur primarily in the Company's third fiscal quarter;
disruptions in delivery of components or subsystems; regulatory developments;
and general economic conditions. Revenues have generally increased on a
quarterly basis since fiscal year 1994 as a result of increasing commercial
activities during the past three years and increased government related
activities experienced during fiscal year 1995. Revenues are generally lower
during the third fiscal quarter ending December 31 because the Company
reduces operations during the holiday period, and it expects to continue to
reduce activities in future holiday periods. The Company's result of
operations are adversely affected by losses on fixed-price development
contracts. Direct and indirect costs were adversely affected throughout
fiscal year 1994 and 1995 by cost overruns on certain fixed-price development
contracts. Research and development expenses include both research and
development costs as well as bid and proposal expenses. Bid and proposal
expenses vary significantly from period to period based on the number of
proposals being prepared at any time. These requests for proposals are not
received evenly during the year or in any predictable pattern.
COMPARISON OF THE FIRST QUARTER ENDED JUNE 30, 1996 AND 1995
REVENUES. Revenues for the first quarter of fiscal 1997 increased by 14% to
$40.8 million from the first quarter of the previous fiscal year. The increase
was attributable to growth in both commercial and government contracts.
Commercial revenues during the first quarter of fiscal 1997 increased to
approximately $19.2 million from approximately $15.3 million achieved during the
first quarter of fiscal 1996. During the first quarter of fiscal 1997, the
Company recognized approximately $12 million in revenues from its commercial
contract manufacturing services and approximately $4.5 million from sales of
commercial telecommunication chip and board level products. Revenues recognized
on government contracts increased approximately $0.9 million from the comparable
quarter of the previous fiscal year.
COST OF REVENUES. Cost of revenues were $32.0 million and $29.9 million for the
first quarter of fiscal 1997 and 1996, respectively, representing a 7% increase.
The increase during the first quarter of fiscal 1997 was the result of the
recognition of costs on a higher revenue base. Higher margin product sales
comprised a larger proportion of total revenues and cost of revenues during the
first quarter of fiscal 1997 compared to the first quarter of fiscal 1996. In
addition, the Company experienced fewer low or no margin contracts during the
first quarter of fiscal 1997 as compared to the first quarter of the previous
fiscal year.
RESEARCH AND DEVELOPMENT. During recent quarters, the Company has focused its
available research and development funds on the development of commercial
products. Research and development expenses, including bid and proposal
expenses were $2.2 million and $1.8 million during the first quarter of fiscal
1997 and 1996, respectively. Excluding bid and proposal expenses, the Company's
research and development expenses applied to the development of its products
were $1.8 million and $1.0 million during the first quarter of fiscal 1997 and
1996, respectively. Bid and proposal expenses are largely the initial advanced
technology development efforts directed toward a specific product or technical
task for which the Company must show technical viability. The Company expects
research and development expenses to increase in the future as it pursues
additional commercial activities.
MARKETING AND ADMINISTRATIVE. Marketing and Administrative expenses were $4.0
million and $2.7 million for the first quarter of fiscal 1997 and 1996,
respectively. This increase is primarily a result of personnel additions to its
technical marketing staff, its executive staff as well as
<PAGE>
increased marketing expenses in pursuit of commercial opportunities and
increased commissions paid resulting from growth in its commercial sales.
OPERATING INCOME. Operating income was $2.6 million and $1.6 million for the
first quarter of fiscal 1997 and 1996, respectively. The increase in operating
income during the first quarter of fiscal 1997 was primarily attributable to
higher gross margins on an expanded revenue base.
INTEREST INCOME. Interest income for the first quarter of fiscal 1997 was $345
thousand versus $178 thousand for the first quarter of the previous fiscal year.
The increase in interest income is primarily a result of the Company
increasing its net cash provided by operating activities and investing that
cash in short-term investments.
PROVISION FOR INCOME TAXES. Provision for income taxes was $995 thousand and
$676 thousand for the first quarter of fiscal years 1997 and 1996, respectively.
This represents a provisional tax rate of 34.5% and 37.5% for the first quarter
of fiscal 1997 and 1996, respectively.
BOOKINGS AND BACKLOG
Funded bookings were $41.2 million and $38.6 million for the first quarter of
fiscal 1997 and 1996, respectively, representing an increase of 7%. The
increase in bookings has resulted in the Company's backlog increasing from $75.1
million at the end of the first quarter of fiscal 1996 to a record high $82.9
million at the end of the first quarter of fiscal 1997.
LIQUIDITY AND CAPITAL RESOURCES
Working capital increased from $48.8 million to $59.0 million at June 30, 1995
and 1996, respectively, and increased by $2.5 million from the end of fiscal
1996.
Net cash provided by operating activities for the quarter ended June 30, 1996
was $4.9 million. During the first quarter of fiscal 1997, the Company realized
net income of $1.9 million, decreased its inventories by $2.5 million, increased
its billed and unbilled receivables by $3.8 million and increased its accounts
payable, advance payments and accrued expenses by $2.8 million. Net cash used
in operating activities for the quarter ended June 30, 1995 was $1.3 million.
During the first quarter of fiscal 1996, the Company realized net income of $1.1
million, increased its inventories by $3.4 million, decreased its billed and
unbilled receivables by $2.1 million and decreased its accounts payable, advance
payments and accrued expenses by $1.2 million.
The Company utilized its cash for the purchase of property and equipment
totaling $1.3 million and $1.6 million during the first quarter of fiscal 1997
and 1996, respectively. The Company has a bank credit commitment of $15.0
million which it can utilize to augment cash flow needs and to secure standby
letters of credit. Available borrowings under this line at June 30, 1996 were
$15.0 million. Under this line of credit the Company must maintain certain
financial covenants, including a covenant prohibiting the Company from
incurring a quarterly loss in any two consecutive quarters. The Company was
in compliance with all covenants throughout the first quarter of fiscal 1997.
The credit agreement expires on December 19, 1996. At June 30, 1996, the
Company's long-term obligations (including current maturities) and other
long-term liabilities totaled approximately $1.0 million. At June 30, 1996,
cash and cash equivalents of $7.8 million were held in money market accounts
and U.S. treasury investments with maturities less than ninety days and short
term investments of $15.1 million were held in U.S. treasury instruments with
maturities of between ninety-one and not greater than 365 days.
The Company believes that its current cash position, funds generated from
operations and funds available from its existing bank credit agreement, will be
adequate to meet the Company's requirements for working capital, capital
expenditures and debt service for the next several fiscal quarters.
<PAGE>
PART II. OTHER INFORMATION
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
On June 6, 1996 the Company held its annual meeting of shareholders. The
following directors were elected to serve for the ensuing year:
Michael Berberian
John W. Brownie
Dr. P. Marshall Fitzgerald
Milton W. Holcombe
Dr. Val P. Peline
Leonard Schuchman
Dr. James J. Spilker, Jr.
Dr. C. J. Waylan
The proposal to amend the Company's Certificate of Incorporation to increase the
number of authorized shares of Common Stock, par value $.01 per share, from
15,000,000 to 25,000,000 was approved by the shareholders.
In addition, Arthur Andersen LLP was ratified as the Company's independent
auditors for the current fiscal year.
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
No current Reports on Form 8-K were filed with the Securities and Exchange
Commission during the period covered by this Form 10-Q.
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.
Stanford Telecommunications, Inc.
(Registrant)
/s/ Gary Wolf
- -------------------------------------------
Gary Wolf
Vice-President and Chief Financial Officer
(Principal Financial and Accounting Officer)
July 19, 1996
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
CONSOLISATED STATEMENT OF INCOME AND THE CONSOLIDATED BALANCE SHEET AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> MAR-31-1997
<PERIOD-START> JUN-30-1996
<PERIOD-END> JUN-30-1996
<CASH> 7,756
<SECURITIES> 15,095
<RECEIVABLES> 37,656
<ALLOWANCES> 0
<INVENTORY> 15,896
<CURRENT-ASSETS> 81,499
<PP&E> 47,435
<DEPRECIATION> 32,909
<TOTAL-ASSETS> 96,362
<CURRENT-LIABILITIES> 22,474
<BONDS> 0
0
0
<COMMON> 64
<OTHER-SE> 72,217
<TOTAL-LIABILITY-AND-EQUITY> 96,362
<SALES> 40,843
<TOTAL-REVENUES> 40,843
<CGS> 31,993
<TOTAL-COSTS> 38,244
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 2,883
<INCOME-TAX> 995
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 1,888
<EPS-PRIMARY> 0
<EPS-DILUTED> 0.29
</TABLE>
