UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
(Mark One) Form 10-QSB
[X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
For the quarterly period ended March 31, 1999
[ ]TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT
For the transition period from to .
Commission file number 0-1937
OAKRIDGE HOLDINGS, INC.
(Exact name of Registrant as specified in its charter)
MINNESOTA 41-0843268
(State or other jurisdiction of (I.R.S. Employer
Incorporation or organization) Identification Number)
4810 120TH STREET WEST, APPLE VALLEY, MINNESOTA 55124
(Address of principal executive offices) (Zip Code)
(Issuer's telephone number) (612) 686-5495
_________________________________________________________________
(Former name, former address and former fiscal year,
if changed since last report)
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. {X}Yes { }No
APPLICABLE ONLY TO CORPORATE ISSUERS
State the number of shares outstanding of each of the issuer's classes of common
equity, as of the latest practicable date:
1,343,003
Transitional Small Business Disclosure Format (Check One):
{ )Yes {X}No
OAKRIDGE HOLDINGS, INC.
FORM 10-QSB
For the quarter ended March 31, 1999
TABLE OF CONTENTS
PART I. FINANCIAL INFORMATION
ITEM 1. Condensed Consolidated Financial Statements:
(a) Condensed Consolidated Balance Sheets as of March 31, 1999
(unaudited) and June 30, 1998
(b) Condensed Consolidated Statements of Operations for the three
months ended March 31, 1999 and 1998 (unaudited) and nine months
ended March 31, 1999 and 1998 (unaudited)
(c) Condensed Consolidated Statements of Cash Flows for the nine
months ended March 31, 1999 (unaudited) and June 30, 1998
(d) Notes to Condensed Consolidated Financial Statements
ITEM 2. Management s Discussion and Analysis of Financial Condition and
Results of Operations
PART II. OTHER INFORMATION
ITEM 1. Legal Proceedings
ITEM 2. Changes in Securities and Use of Proceeds
ITEM 3-5. Not Applicable
ITEM 6. Exhibits and Reports on Form 8-K
SIGNATURES
PART I - FINANCIAL INFORMATION FORM 10-QSB
ITEM 1 - FINANCIAL STATEMENTS
<TABLE>
OAKRIDGE HOLDINGS, INC.
CONSOLIDATED BALANCE SHEET
(UNAUDITED)
<CAPTION>
ASSETS March 31,1999 June 30,1998
_____________ ____________
<S> <C> <C>
Cash and cash equivalents $852,497 $823,458
Trade receivable, net of allowance 1,528,533 2,567,392
Inventories:
Production 2,076,729 2,829,142
Cemetery and mausoleum space 644,141 663,791
Markers, urns & flowers 40,672 24,388
Deferred income taxes 130,591 245,000
Other current assets 73,616 10,731
---------- ----------
Total current assets 5,346,779 7,163,902
---------- ----------
Property and equipment 4,230,050 3,632,908
Allowance for depreciation (1,486,937) (1,347,698)
---------- ----------
2,743,113 2,285,210
---------- ----------
Other assets 53,462 60,191
---------- ----------
$8,143,354 $9,509,303
========== ==========
</TABLE>
PART I - FINANCIAL INFORMATION FORM 10-QSB
ITEM 1 - FINANCIAL STATEMENTS
<TABLE>
OAKRIDGE HOLDINGS, INC.
CONSOLIDATED BALANCE SHEET
(UNAUDITED)
<CAPTION>
LIABILITIES March 31,1999 June 30,1998
_____________ ____________
<S> <C> <C>
Note payable & current maturities $1,249,223 $2,378,250
Accounts payable 344,444 950,791
Accrued customer deposits 156,250 329,914
Accrued compensation 288,733 469,980
Accrued perpetual care fund 222,569 226,858
Accrued deferred revenue 495,646 452,661
Accrued marker & inscription costs 74,310 98,676
Accrued warranty 5,361 138,883
Income tax payable 152,593 -
Other current liabilities 97,785 140,944
---------- ----------
Total current liabilities 3,086,914 5,186,957
---------- ----------
Long-term debt 3,123,833 3,123,833
---------- ----------
Total liabilities 6,210,747 8,310,790
---------- ----------
STOCKHOLDERS' EQUITY
Common stock and additional
paid-in-capital 2,133,550 2,071,468
Accumulated deficit (200,943) (872,955)
---------- ----------
1,932,607 1,198,513
---------- ----------
$8,143,354 $9,509,303
========== ==========
</TABLE>
PART I - FINANCIAL INFORMATION FORM 10-QSB
ITEM 1 - FINANCIAL STATEMENTS
<TABLE>
OAKRIDGE HOLDINGS, INC.
CONSOLIDATED STATEMENT OF OPERATIONS AND ACCUMULATED DEFICIT
(UNAUDITED)
<CAPTION>
Three Months Ended March 31, Nine Months Ended March 31,
1999 1998 1999 1998
_____________________________ _____________________________
<S> <C> <C> <C> <C>
Revenue, net:
Cemetery $ 647,260 $ 640,680 $1,860,836 $1,906,286
Aviation 2,072,601 - 7,618,530 -
Interest - Care Funds 65,334 59,849 162,831 151,703
Other 56,691 7,420 189,191 7,570
---------- ---------- ---------- ----------
Total revenue 2,841,886 707,949 9,831,388 2,065,559
---------- ---------- ---------- ----------
Operating expenses:
Cost of aviation sales 1,880,677 - 6,410,782 -
Cost of cemetery sales 331,575 304,964 979,756 946,976
Sales and marketing 112,620 53,410 385,206 176,295
General and administrative 331,438 178,520 820,737 502,477
---------- ---------- ---------- ----------
Total operating expenses 2,656,310 536,894 8,596,481 1,625,748
---------- ---------- ---------- ----------
Income from operations 185,576 171,055 1,234,907 439,811
Interest expense 87,086 21,024 290,187 56,429
---------- ---------- ---------- ----------
Income from continuing operations
before income taxes 98,490 150,031 944,720 383,382
Provision for income taxes 24,524 45,000 272,708 115,000
---------- ---------- ---------- ----------
Net income before
extraordinary item 73,966 105,031 672,012 268,382
Extraordinary item
(Net of tax credit) - (175,000) - (175,000)
---------- ---------- ---------- ----------
Net income or loss $ 73,966 $(69,969) $672,012 $93,382
========== ========== ========== ==========
Net income per common
share - basic $ .055 $(.053) $ .497 $ .071
========== ========== ========== ==========
Weighted average number of common
shares outstanding - basic 1,344,078 1,309,670 1,351,213 1,309,670
========== ========== ========== ==========
Net income per common
share - diluted $ .044 $(.053) $ .346 $ .070
========== ========== ========== ==========
Weighted average number of common
shares outstanding - diluted 2,098,985 1,309,170 2,099,671 1,343,011
========== ========== ========== ==========
</TABLE>
PART I - FINANCIAL INFORMATION FORM 10-QSB
ITEM 1 - FINANCIAL STATEMENTS
<TABLE>
OAKRIDGE HOLDINGS, INC.
CONSOLIDATED STATEMENT OF CASH FLOWS
(UNAUDITED)
<CAPTION>
Nine Months Ended March 31,
1999 1998
___________________________
<S> <C> <C>
Cash flows from operating activities:
Net income $672,012 $93,382
Adjustments to reconcile net income to
cash flows from operating activities:
Depreciation & Amortization 143,897 52,645
Gain on settlement agreement (47,918) -
Common Stock issued for services 30,000 -
Change in receivables 1,038,859 14,202
Change in inventories 755,779 (2,035)
Change in deferred income taxes 114,409 -
Change in prepaid and other assets (51,498) (8,688)
Change in accounts payable (606,347) 32,733
Change in accrued liabilities (364,669) 49,887
Change in investment in land - 250,000
---------- ----------
Net cash from operating activities 1,675,208 522,126
---------- ----------
Cash flows from investing activities:
Purchase of property and equipment (597,142) (119,334)
---------- ----------
Net cash from investing activities (597,142) (119,334)
---------- ----------
Cash flows from financing activities:
Repayments on long-term debt (62,438) (29,801)
Repayment on short-term borrowing (1,066,589) -
Proceeds from issuance of common stock 80,000 -
---------- ----------
Net cash from financing activities (1,049,027) (29,801)
---------- ----------
Net increase (decrease) in cash: 29,039 372,991
Cash at beginning of period 823,458 382,287
---------- ----------
Cash at end of period $852,497 $755,278
========== ==========
</TABLE>
PART I - FINANCIAL INFORMATION FORM 10-QSB
ITEM 1 - FINANCIAL STATEMENTS
OAKRIDGE HOLDINGS, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
A. BASIS OF PRESENTATION
The condensed consolidated financial statements include the accounts of Oakridge
Holdings, Inc. (the "Company") and its wholly-owned subsidiaries. All
significant intercompany transactions and balances have been eliminated. In the
opinion of management, the accompanying unaudited condensed consolidated
financial statements include all adjustments, consisting only of normal
recurring adjustments, necessary to present such information fairly. 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 Securities and Exchange Commission rules and
regulations. These condensed consolidated financial statements should be read
in conjunction with the consolidated financial statements and related notes
included in the Company s Annual Report on Form 10-KSB for the fiscal year ended
June 30, 1998. Operating results for the nine month period ended March 31, 1999
may not necessarily be indicative of the results to be expected for any other
interim period or for the full year.
The preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities and disclosure of
contingent assets and liabilities at the date of the financial statements, and
the reported amounts of revenues and expenses during the reporting period. The
most significant estimates in the financial statements include but are not
limited to accounts receivable, sales, and accruals. Actual results could
differ from those estimates.
The Company adopted Statement of Financial Accounting Standards No. 131 (SFAS
131)Disclosures about Segments of an Enterprise and Related Information (SFAS
131), effective July 1, 1998. SFAS 131 does not need to be applied to interim
financial statements in the initial year of its application, but comparative
information for interim periods in the initial year of application is to be
reported in financial statements for interim periods in the second year of
application. SFAS 131 establishes standards for the way that public business
enterprises report selected information about operating segments in annual
financial statements and requires that those enterprises report selected
information about operating segments in interim financial reports issued to
shareholders. SFAS 131 also establishes standards for related disclosures about
products and services, geographic areas and major customers. The Company will
make the necessary disclosures in conjunction with the filing of their annual
report and form 10-KSB for the year ended June 30, 1999.
The Company s Consolidated Statements of Operations for the nine month period
ended March 31, 1999, reflect all components of Comprehensive Income as defined
by SFAS No. 130,Reporting Comprehensive Income. Accordingly, no separate
Consolidated Statement of Comprehensive Income is presented as would otherwise
be required.
<TABLE>
B. Reconciliation of Basic and Diluted Shares
<CAPTION>
Nine Months Ended March 31,
1999 1998
---------- ----------
<S> <C> <C>
Income from continuing operations $ 672,012 $ 93,382
Average shares of common stock
outstanding used to compute basic
earnings per common share 1,351,213 1,309,670
Additional common shares to be issued
assuming exercise of stock options, and
conversion of convertible debentures 748,458 33,341
Additional income from continuing
operations, assuming conversion of
convertible debentures at the beginning
of the period $54,351 -
Shares used to compute dilutive effect
of stock options and convertible
debentures 2,099,671 1,343,011
Basic earnings per common share
from continuing operations $.497 $.071
Diluted earnings per common share
from continuing operations $.346 $.070
</TABLE>
ITEM 2. MANAGEMENT S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
OVERVIEW
Management s Discussion and Analysis of Financial Condition and Results of
Operations, as well as other portions of this document, include certain forward-
looking statements about the Company s business and products, revenues,
expenditures and operating and capital requirements. The Private Securities
Litigation Reform Act of 1995 contains certain safe harbors regarding forward-
looking statements. From time to time, information provided by the Company or
statements made by its directors, officers or employees may contain forward-
looking information subject to numerous risks and uncertainties. Any statements
made herein that are not statements of historical fact are forward-looking
statements including, but not limited to, statements concerning the
characteristics and growth of the Company s markets and customers, the Company s
objectives and plans for the future operations and products and the Company s
expected liquidity and capital resources. Such forward-looking statements are
based on a number of assumptions and involve a number of risks and
uncertainties, and, accordingly, actual results could differ materially.
OAKRIDGE HOLDINGS, INC. AND SUBSIDIARIES
PART I - FINANCIAL STATEMENTS
ITEM 2. MANAGEMENT S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
MANAGEMENT S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
FINANCIAL CONDITION AND LIQUIDITY
The Company s liquidity needs arise from its acquisition-related activity, debt
service, working capital and capital expenditures. The Company has historically
funded its liquidity needs with proceeds from equity contributions, bank
borrowing, cash flow from operations and the offering of its subordinated
debentures. The Company for the first nine months of fiscal year 1999 had a
increase in cash of $ 29,039 compared to a cash increase in the same period in
fiscal year 1998 of $327,991. As of March 31, 1999, the Company held cash and
cash equivalents of $852,497.
During the nine month period ended March 31, 1999, the Company recorded net
income of $672,012. The Company s net cash provided by operating activities was
$1,675,208 in the nine months of fiscal year 1999 compared to $522,126 in the
same period in fiscal year 1998. The increase was due to net income of $672,012
and decrease in inventory of $755,779 due to implementing a just in time
inventory method of purchasing for the aviation ground support equipment
business, decrease in accounts receivable of $1,038,859 due to improved
collection procedures and reduction of accounts payable of $606,347 due to
improved cash flow. Cash flows used in investing activities increased $597,142
primarily due to the paving of roads at the cemetery operations and upgrading
the plant facility of the aviation ground support business. Net cash used in
financing activities was $1,049,029 due to the repayment of short term debt
incurred to acquire the aviation ground support equipment business. The
remaining increases and decreases in the components of the Company s financial
position reflect normal operating activity.
The Company continues to maintain a good financial position, with net working
capital of $2,259,865, an increase of $282,920 since June 30, 1998. Current
assets amounted to $5,346,779 and current liabilities were $3,086,914, resulting
in a current ratio of 1.73 to 1, compared with 1.38 to 1 at June 30, 1998. Total
liabilities to equity was 3.2 to 1 at March 31, 1999 compared to 6.9 to 1 at
June 30, 1998.
The Company s present working capital has continued to improve and is sufficient
to meet current operating needs.
Capital expenditures for the nine months of fiscal year 1999 were $597,142
compared with $119,334 the same period in fiscal year 1998. With capital
expenditures of $366,169 occurring at the aviation ground support operations to
upgrade the manufacturing facility,computer hardware and software, and $230,973
for paving of roads, and equipment at the cemetery operations. These
investments reflect the Company's continuing program to achieve business growth
and upgrade its facilities. The Company anticipates that it will spend
approximately $75,000 on capital expenditures during the last quarter of fiscal
year 1999. The Company intends to finance these capital expenditures primarily
from cash flow from operations.
The Company's stock price ranged from $2.00 to $3.87 per share during the nine
months of Company s fiscal year 1999. The Company s book value per share at
March 31, 1998 was $1.44 compared with $.92 at June 30, 1998. The Company s
annualized return from continuing operations on average equity for the nine
months of fiscal year 1999 was 57% compared with 12% for the same nine months
fiscal year 1998. The annualized return from continuing operations on average
assets was 10% for the nine months of fiscall 1999 compared with 5% for the same
nine months of fiscal year 1998.
The Company has available through two banks, a aggregrate revolving credit
facilities of $3,225,000. As of March 31, 1999 there was $1,840,052 in
aggregate borrowing outstanding under these facilities.
As indicated by the above, the Company s financial position and borrowing
capacity should enable it to meet its current and reasonably foreseeable future
requirements. As additional resources are needed, the Company should be able to
obtain funds readily and at competitive costs.
INFLATION
Because of the relatively low levels of inflation experienced so far during this
fiscal year, as of March 31, 1999, inflation did not have a significant effect
on the Company s results in the nine months of fiscal year 1999.
YEAR 2000
The Company utilizes management information systems and software technology that
may be affected by Year 2000 issues throughout its businesses. During fiscal
year 1998, the Company began to implement plans to ensure those systems will
continue to meet its internal and external requirements. During fiscal year
1999, the Company will continue to complete the modifications and testing of its
information systems to ensure it is Year 2000 compliant. The Company has
developed questionnaires and contacted key suppliers and customers regarding
their Year 2000 compliance to determine any impact on its operations. In
general, the suppliers and customers have developed or are in the process of
developing plans to address Year 2000 issues. The Company will continue to
monitor and evaluate the progress of its suppliers and customers on this
critical matter.
The Year 2000 is not expected to have a material impact on the Company s current
information systems as a result of the steps already completed to make the
Company s systems Year 2000 compliant. Based on the nature of the Company s
business, the Company anticipates it is not likely to experience material
business interruption due to the impact of Year 2000 compliance on its customers
and vendors. As a result, the Company does not anticipate that incremental
expenditures to address Year 2000 compliance will be material to the Company s
liquidity, financial position or results of operations.
RESULTS OF OPERATIONS
NINE MONTHS OF FISCAL YEAR 1999 COMPARED
WITH NINE MONTHS OF FISCAL YEAR 1998
Revenue for the nine months ended March 31, 1999 was $9,831,388 or 375% above
1998's comparable period. The increase was due to the inclusion of aviation
ground support equipment business acquired on the last day of fiscal year 1998.
Cemetery revenue decreased $45,450 or 3% over the prior comparable period
primarily due to an extraordinary sale of a marker in fiscal year 1998.
Cost of products and services sold increased 3% for the cemetery business
primarily due to the mix of sales products, and 3% increase in grounds crew
wages and related benefits. Cost of sales averaged 51% for the past years, but
increased to 53% for the nine month period. Cost of sales for the aviation
ground support equipment business was 84%.
Interest from care funds increased $11,128 or 7% due to the timing of interest
payments and recognition of trust income.
Other income increased $181,621, and included $132,500 from the Illinois
Department of Transportation in condemnation proceeds for taking of land for an
easement and partial settlement with the former chairman of the board of the
company for return of 16,667 common shares valued of litigation at $47,918.
Selling expenses for the cemetery business in relation to sales decreased from
9.2% in fiscal year 1998 to 8.0% in fiscal year 1999. The decrease of 1.2% is
due to lower commissions caused by the sales mix of products. Selling expenses
for the aviaiton ground support equipment business in relation to sales was 3%
for the nine months of fiscal year 1999.
General and administrative expenses arise in connection with supporting the
Company's day-to-day management of its existing businesses and the holding
company. General and administrative expenses for the cemetery business increased
$7,028 or 2%, the increase is due to increased wages and benefits. General and
administrative expenses for the aviation ground support equipment business in
relation to sales was 2.4% or $190,173 for the nine months of fiscal year 1999.
The holding company general and administrative expense increased $91,059. The
increase is due to professional fees related to the acquisition and audit of the
aviation ground support present business.
Depreciation and amortization expenses increased 173% to $143,897 for the nine
month period ended March 31, 1999. The increase is a result of the acquisition
of the aviation ground support equipment business.
Interest expense increased $233,758 for the nine month period ended March 31,
1999 in comparison to the prior fiscal period of 1998. The increase in interest
expense was attributable to increased borrowings associated with the Company's
acquisition during the fiscal year 1998.
RESULTS OF OPERATIONS
THIRD QUARTER OF FISCAL YEAR 1999 COMPARED
WITH THIRD QUARTER OF FISCAL YEAR 1998
Third quarter revenues of $2,841,886 were 301% above 1998's comparable period.
The increase was due to the inclusion of aviation ground support equipment
business acquired on the last day of fiscal year 1998. Cemetery revenue
increased $6,580 or 1% over the prior comparable period.
Cost of products and services sold increased 3% for the cemetery business
primarily to the mix of sales products. Cost of sales was 48% for the comparable
period, but increased to 51% for the third quarter of fiscal year 1999. Cost of
sales for the aviation ground support equipment business was 91% for the third
fiscal quarter of 1999.
Interest from care funds increased $5,485 or 9% due to timing of interest
payments and recognition of trust income.
Other income increased $49,271, with $47,918 attributable to retirement of stock
received from the Company's former chairman, Lee Brukman. The stock is part of
a on going settlement litigation negotiated out with former members of the board
of director memebers.
Selling expenses for the cemetery business in relation to sales decreased from
9.2% in the third quarter of fiscal year 1998 to 7.0% in the third quarter of
fiscal year 1999. The decrease of 1.2% is due to lower commissions caused by
the mix of sales products. Selling expenses for the aviation ground support
equipment business in relation to sales were 3% for the third fiscal quarter of
1999.
General and administrative expenses, which are expenses associated with
supporting the Company s day-to-day management of its existing businesses and
the holding company, increased $152,918 in comparison to prior period. The
cemetery business increased $8,465 or 2% due to wages and benefits, and the
holding company increased $ 5,081 or 8% due to increased professional fees
related to the acquisition of the aviation ground support business. The other
increase of $132,372 is related to the aviation ground support equipment
company.
Interest expense increased $66,062 for the period ended March 31, 1999 in
comparison to the period ended March 31, 1998. The increase in interest expense
was attributable to increased borrowing associated with the Company s
acquisition during fiscal year 1998.
PART II OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
The Company is from time to time involved in litigation incidental to the
conduct of its businesses. The Company believes that none of its pending
litigation will have a material adverse effect on the Company s businesses,
financial condition or results of operations.
ITEM 2. CHANGES IN SECURITIES AND USE OF PROCEEDS
In July 1998 the Company sold 40,000 shares of unregistered common stock to a
director of the Company at a purchase price of $2.00 per share resulting in net
proceeds to the Company of $80,000. The common stock was issued in reliance on
an exemption provided by Section 4(2) of the Securities Act of 1933.
The Company issued a total of 10,000 shares of unregistered common stock valued
at $3.00 per share to two officers of the Company for services rendered.
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
Not applicable.
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
Not applicable.
ITEM 5. OTHER INFORMATION
Not applicable.
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) No exhibits are included herein
(b) None.
SIGNATURES
In accordance with the requirements of the Exchange Act, the Registrant has
duly caused this report to be signed on its behalf by the undersigned thereunto
duly authorized.
Oakridge Holdings, Inc.
/s/ Robert C. Harvey
Robert C. Harvey
Chief Executive Officer
Date: May 14, 1999
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> JUN-30-1999
<PERIOD-END> MAR-31-1999
<CASH> 852,497
<SECURITIES> 0
<RECEIVABLES> 2,262,729
<ALLOWANCES> 186,000
<INVENTORY> 2,761,542
<CURRENT-ASSETS> 5,346,779
<PP&E> 4,230,050
<DEPRECIATION> 1,486,937
<TOTAL-ASSETS> 8,143,354
<CURRENT-LIABILITIES> 3,086,914
<BONDS> 0
0
0
<COMMON> 133,301
<OTHER-SE> 1,970,249
<TOTAL-LIABILITY-AND-EQUITY> 8,143,354
<SALES> 9,479,366
<TOTAL-REVENUES> 9,831,388
<CGS> 7,390,538
<TOTAL-COSTS> 1,205,943
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 290,187
<INCOME-PRETAX> 944,720
<INCOME-TAX> 272,708
<INCOME-CONTINUING> 672,012
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 672,012
<EPS-PRIMARY> .497
<EPS-DILUTED> .346
</TABLE>
