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 Quarter Ended: November 30, 1999
OR
_ Transition Report Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Commission File Number: 0-14820
IMMUCOR, INC.
(Exact name of registrant as specified in its charter)
Georgia 22-2408354
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
3130 Gateway Drive P.O. Box 5625 Norcross, Georgia 30091-5625
(Address of principal executive offices) (Zip Code)
Registrant's telephone number: (770) 441-2051
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
Indicate the number of shares outstanding of each of the issuer's classes
of common stock, as of the latest practicable date.
As of January 3, 2000: Common Stock, $. 10 Par Value - 7,790,930
<PAGE>
IMMUCOR, INC.
Condensed Consolidated Balance Sheets
November 30, 1999 May 31, 1999
ASSETS (Unaudited) (Audited)
--------------- --------------
Current assets:
Cash and cash equivalents $ 2,993,923 $ 2,793,592
Accounts receivable, net 23,907,672 21,573,846
Accounts receivable from
former officer and director - 140,946
Inventories 17,913,479 16,065,190
Income taxes receivable 373,418 553,451
Deferred income taxes 926,771 907,530
Prepaid expenses and other 1,645,680 1,587,817
--------------- --------------
Total current assets 47,760,943 43,622,372
Long-term investment, at cost 1,000,000 1,000,000
Property and equipment, at cost 21,092,389 20,195,158
less accumulated depreciation (6,364,084) (5,068,996)
--------------- --------------
14,728,305 15,126,162
Deferred income taxes 1,382,594 1,108,279
Other assets, net 2,993,901 2,934,409
Deferred licensing costs, net 2,415,131 2,307,837
Excess of cost over net tangible
assets acquired, net 32,866,990 33,634,458
--------------- --------------
Total Assets $ 103,147,864 $ 99,733,517
=============== ==============
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Current portion of borrowings under
bank line of credit agreements $ 1,277,327 $ 1,619,312
Current portion of long-term debt 4,113,447 5,000,062
Note payable to related party 1,637,939 1,637,495
Current portion of capital lease obligations 178,409 194,476
Accounts payable 9,014,732 10,039,489
Income taxes payable 607,307 27,739
Accrued salaries and wages 1,270,306 1,125,216
Deferred income taxes 118,280 118,280
Other accrued liabilities 3,303,255 2,719,496
--------------- --------------
Total current liabilities 21,521,002 22,481,565
Long-term debt, including borrowings
under bank line of credit agreements 30,756,959 30,747,855
Capital lease obligations 821,246 800,117
Deferred income taxes 3,032,812 3,024,550
Other liabilities 2,587,426 2,626,763
Shareholders' equity:
Common stock, $.10 par value 774,754 748,841
Additional paid-in capital 18,982,021 16,945,885
Retained earnings 28,157,912 25,498,721
Accumulated other comprehensive loss (3,486,268) (3,140,780)
--------------- --------------
Total shareholders' equity 44,428,419 40,052,667
--------------- --------------
Total Liabilities and Shareholders' equity $ 103,147,864 $ 99,733,517
=============== ==============
See accompanying notes.
<PAGE>
IMMUCOR, INC.
Condensed Consolidated Statements of Income
(Unaudited)
<TABLE>
<CAPTION>
Three Months Ended Six Months Ended
November 30, November 30, November 30, November 30,
1999 1998 1999 1998
--------------- -------------- --------------- --------------
<S> <C> <C> <C> <C>
Net sales $20,249,819 $13,665,490 $39,179,786 $24,023,955
Cost of sales 9,268,872 6,316,043 18,223,299 10,968,726
--------------- -------------- --------------- --------------
Gross profit 10,980,947 7,349,447 20,956,487 13,055,229
Research and development 371,569 297,345 730,257 587,372
Selling and marketing 2,912,990 2,343,582 5,920,087 4,291,329
Distribution 1,463,690 735,198 2,998,960 1,298,149
General and administrative 2,858,310 2,069,043 5,239,288 3,769,533
Merger-related expenses - 312,361 - 312,361
Amortization expense 439,348 239,098 900,248 381,234
--------------- -------------- --------------- --------------
Total operating expenses 8,045,907 5,996,627 15,788,840 10,639,978
--------------- -------------- --------------- --------------
Income from operations 2,935,040 1,352,820 5,167,647 2,415,251
Interest income 6,098 110,901 10,615 285,933
Interest expense (790,192) (252,392) (1,439,526) (386,479)
Other income 60,033 44,037 150,087 51,452
--------------- -------------- --------------- --------------
Total other (724,061) (97,454) (1,278,824) (49,094)
--------------- -------------- --------------- --------------
Income before income taxes 2,210,979 1,255,366 3,888,823 2,366,157
Income taxes 770,934 539,298 1,229,632 1,022,078
--------------- -------------- --------------- --------------
Net income $1,440,045 $716,068 $2,659,191 $1,344,079
=============== ============== =============== ==============
Earnings per share:
Basic $0.19 $0.09 $0.35 $0.17
=============== ============== =============== ==============
Diluted $0.17 $0.09 $0.31 $0.17
=============== ============== =============== ==============
Weighted average shares outstanding:
Basic 7,725,678 7,672,725 7,665,335 7,837,394
=============== ============== =============== ==============
Diluted 8,627,333 7,939,810 8,692,140 8,111,689
=============== ============== =============== ==============
</TABLE>
See accompanying notes.
<PAGE>
IMMUCOR, INC.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
Six Months Ended
November 30, November 30,
1999 1998
---------------- ----------------
OPERATING ACTIVITIES:
Net income $2,659,191 $1,344,079
Adjustments to reconcile net income to
net cash provided by operating activities:
Depreciation 1,373,395 721,694
Amortization 900,248 381,234
Changes in assets and liabilities:
Accounts receivable (2,288,361) (2,292,611)
Accounts receivable from former
officer and director 140,946 552,315
Income tax receivable 180,033 (9,046)
Inventories (1,848,289) (1,127,536)
Other current assets (247,574) 163,603
Accounts payable (1,070,224) 1,643,098
Income taxes payable 579,568 (105,686)
Other current liabilities 509,612 618,935
---------------- ----------------
Cash provided by operating activities 888,545 1,890,079
INVESTING ACTIVITIES:
Purchase of/deposits on property
and equipment (1,088,497) (1,472,477)
Cash paid for acquisitions (212,204) (25,102,864)
Acquisition-related severance (79,019) (2,116,909)
Decrease in other assets (263,337) -
---------------- ----------------
Cash used in investing activities (1,643,057) (28,692,250)
FINANCING ACTIVITIES:
Borrowings under line of credit agreements 166,172 20,600,000
Repayment of notes payable (1,375,836) (838,371)
Exercise of stock options and warrants
(259,131 and 167,587 shares, respectively) 2,062,049 1,259,194
Purchase and retirement of stock
(721,200 shares) - (6,453,961)
---------------- ----------------
Cash provided by (used in) financing activities 852,385 14,566,862
EFFECT OF EXCHANGE RATE CHANGES ON CASH 102,458 392,295
---------------- ----------------
INCREASE IN CASH AND CASH EQUIVALENTS 200,331 (11,843,014)
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 2,793,592 15,816,217
---------------- ----------------
CASH AND CASH EQUIVALENTS $2,993,923 $3,973,203
================ ================
AT END OF PERIOD
Noncash investing and financing activities:
Fair value of assets acquired, net of cash $17,757,750
Cost in excess of assets acquired 16,523,461
Liabilities assumed (9,178,347)
----------------
Net cash paid for acquisition $25,102,864
<PAGE>
IMMUCOR, INC.
Notes to Condensed Consolidated Financial Statements
(Unaudited)
1. BASIS OF PRESENTATION
The accompanying unaudited condensed consolidated financial statements have been
prepared in accordance with generally accepted accounting principles for interim
financial information and the instructions to Form 10-Q and Article 10 of
Regulation S-X. Accordingly, they do not include all of the information and
footnotes required by generally accepted accounting principles for complete
financial statements. However, there has been no material change in the
information disclosed in the Company's annual financial statements dated May 31,
1999, except as disclosed herein. In the opinion of management, all adjustments
(consisting of normal recurring accruals) considered necessary for a fair
presentation have been included. Operating results for the six month period
ended November 30, 1999 are not necessarily indicative of the results that may
be expected for the year ending May 31, 2000. For further information, refer to
the consolidated financial statements and footnotes thereto included in the
Company's Annual Report on Form 10-K for the year ended May 31, 1999.
2. INVENTORIES
Inventories are stated at the lower of first-in, first-out cost or market:
As of As of
November 30, 1999 May 31, 1999
------------------ ------------------
Raw materials and supplies $5,018,557 $3,856,309
Work in process 947,396 967,889
Finished goods 11,947,526 11,240,992
================== ==================
$17,913,479 $16,065,190
================== ==================
3. EARNINGS PER SHARE
The following table sets forth the computation of basic and diluted earnings per
share in accordance with Statement of Financial Accounting Standards No. 128,
Earnings per Share.
<TABLE>
<CAPTION>
Three Months Ended Six Months Ended
November 30, November 30, November 30, November 30,
1999 1998 1999 1998
---------------- --------------- ---------------- ---------------
<S> <C> <C> <C> <C>
Numerator for basic and diluted earnings per share:
Income available to common shareholders $ 1,440,045 $ 716,068 $2,659,191 $1,344,079
================ =============== ================ ===============
Denominator:
For basic earnings per share - weighted
average basis 7,725,678 7,672,725 7,665,335 7,837,394
Effect of dilutive stock options and warrants 901,655 267,085 1,026,805 274,295
---------------- --------------- ---------------- ---------------
Denominator for diluted earnings per share -
adjusted weighted-average shares 8,627,333 7,939,810 8,692,140 8,111,689
================ =============== ================ ===============
Basic earnings per share $0.19 $0.09 $0.35 $0.17
================ =============== ================ ===============
Diluted earnings per share $0.17 $0.09 $0.31 $0.17
================ =============== ================ ===============
</TABLE>
<PAGE>
4. DOMESTIC AND FOREIGN OPERATIONS
Information concerning the Company's domestic and foreign operations is
summarized below (in 000s):
<TABLE>
<CAPTION>
Three Months Ended November 30, 1999
----------------------------------------------------------------------------------------------------
U.S. Germany Italy Canada Other Eliminations Consolidated
<S> <C> <C> <C> <C> <C> <C> <C>
Net sales:
Unaffiliated customers $12,751 $2,757 $1,751 $1,415 $1,576 $ - $20,250
Affiliates 1,731 147 - 80 949 (2,907) -
---------- ---------- ---------- ---------- --------- ------------ --------------
Total 14,482 2,904 1,751 1,495 2,525 (2,907) 20,250
Income from operations 2,024 372 168 452 (81) - 2,935
Three Months Ended November 30, 1998
----------------------------------------------------------------------------------------------------
U.S. Germany Italy Canada Other Eliminations Consolidated
Net sales:
Unaffiliated customers $7,550 $2,656 $1,884 $1,029 $546 $ - $13,665
Affiliates 1,069 78 - 26 - (1,173) -
---------- ---------- ---------- ---------- --------- ------------ --------------
Total 8,619 2,734 1,884 1,055 546 (1,173) 13,665
Income from operations 277 440 264 284 82 6 1,353
----------------------------------------------------------------------------------------------------
Six Months Ended November 30, 1999
----------------------------------------------------------------------------------------------------
U.S. Germany Italy Canada Other Eliminations Consolidated
Net sales:
Unaffiliated customers $24,985 $4,875 $3,419 $2,497 $3,404 $ - $39,180
Affiliates 3,253 248 - 151 1,329 (4,981) -
---------- ---------- ---------- ---------- --------- ------------ --------------
Total 28,238 5,123 3,419 2,648 4,733 (4,981) 39,180
Income from operations 3,656 598 330 719 (127) (8) 5,168
----------------------------------------------------------------------------------------------------
Six Months Ended November 30, 1998
----------------------------------------------------------------------------------------------------
U.S. Germany Italy Canada Other Eliminations Consolidated
Net sales:
Unaffiliated customers $12,498 $5,079 $3,398 $2,216 $833 $ - $24,024
Affiliates 2,047 166 - 93 - (2,306) -
---------- ---------- ---------- ---------- --------- ------------ --------------
Total 14,545 5,245 3,398 2,309 833 (2,306) 24,024
Income from operations 539 800 386 623 95 (28) 2,415
</TABLE>
The Company's U.S. operation made net export sales to unaffiliated customers of
approximately $1,733,000 and $1,213,000 for the three months ended November 30,
1999 and 1998, respectively and $3,481,000 and $2,043,000 for the six months
ended November 30, 1999 and 1998, respectively. The Company's German operation
made net export sales to unaffiliated customers of approximately $245,000 and
$86,000 for the three months ended November 30, 1999 and 1998, respectively and
$495,000 and $374,000 for the six months ended November 30, 1999 and 1998,
respectively. The Company's Canadian operation made net export sales to
unaffiliated customers of approximately $560,000 and $596,000 for the three
months ended November 30, 1999 and 1998, respectively and $1,091,000 and
$1,407,000 for the six months ended November 30, 1999 and 1998, respectively.
Product sales to affiliates are valued at market prices.
5. COMPREHENSIVE INCOME
The components of comprehensive income for the three-month and six-month periods
ended November 30, 1999 and 1998 are as follows:
<TABLE>
<CAPTION>
Three Months Ended Six Months Ended
November 30, November 30, November 30, November 30,
1999 1998 1999 1998
---------------- ---------------- ------------------ -----------------
<S> <C> <C> <C> <C>
Net income $ 1,440,045 $716,068 $2,659,191 $1,344,079
Net foreign currency translation (735,902) 777,732 (345,488) 724,045
---------------- ---------------- ----------------- -----------------
Comprehensive income $ 704,143 $1,493,800 $2,313,703 $2,068,124
================ ================ ================== =================
</TABLE>
Accumulated comprehensive loss as of November 30, 1999 and May 31, 1999 was
($3,486,268) and ($3,140,780), respectively. The balance consists of net losses
on foreign currency translation adjustments and has been disclosed in the
shareholders' equity section of the condensed consolidated balance sheet.
6. CONTINGENCIES
When the Company acquired Gamma Biologicals, Inc. ("Gamma Biologicals") in
October 1998, Gamma Biologicals was a party to an existing legal proceeding. On
May 12, 1998, Gamma Biologicals received notification that a claim of patent
infringement had been filed on that date in U.S. District Court, Southern
District of Florida, Miami Division, by Micro Typing Systems, Inc. and Stiftung
fur Diagnostiche Forschung (the Foundation). Subsequently, in February 1999 the
Company received notification that a second claim was filed in the U.S. District
Court for the Northern District of Georgia, against Immucor, Inc. and Gamma
Biologicals for patent infringement on the first patent described above and a
second patent recently granted to the Foundation. The claim alleges that the
recently introduced Gamma ReACT Test System infringes U.S. patent No. 5,512,432
granted to the Foundation April 30, 1996 and U.S. patent No. 5,863,802 granted
to the Foundation on January 26, 1999. The plaintiffs seek a preliminary and
permanent injunction against the continued alleged infringement by Gamma
Biologicals and Immucor, and an award of treble damages, with interest and costs
and reasonable attorney's fees. Management is confident that ReACT technology
does not infringe the Foundation's patents; however, an unfavorable outcome in
this action could have a material adverse effect upon the business and the
results of operations in a given reporting period. Since this matter is in the
earliest stage of proceedings and due to uncertainties involved in litigation,
management cannot predict the likelihood of a particular outcome. Management
believes it has a meritorious defense against the alleged infringement.
<PAGE>
IMMUCOR, INC.
ITEM 2. Management's Discussion and Analysis of Financial Condition and Results
of Operations.
Any statements contained herein that are not historical fact are
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995, and involve risks and uncertainties. All
forward-looking statements included in this document are based on information
available to the Company on the date hereof, and the Company assumes no
obligation to update any such forward-looking statements. Further risks are
detailed in the Company's filings with the Securities and Exchange Commission,
including those set forth in its Annual Report on Form 10-K for the fiscal year
ended May 31, 1999.
Financial Condition and Liquidity:
During the six months ended November 30, 1999, the Company increased its
profitability, generated positive cash flow from operations, and maintained
positive working capital. As of November 30, 1999, the Company's cash position
totaled $2,994,000. For the three months ended November 30, 1999, the Company
generated cash from operating activities of $889,000, repaid $1,376,000 of bank
debt in France, Belgium and the U.S. and purchased property and equipment of
$1,088,000. The exercise of approximately 259,000 stock options and warrants
provided $2,062,000 in cash.
Management believes that the Company's current cash and cash equivalents
balance, internally generated funds, and amounts available under the lines of
credit should be more than sufficient to support operations to support planned
product introduction and continued improvement and development of products
during the next 12 months. Management also believes additional credit lines
would be available should the need arise for capital improvements, acquisitions
or other corporate purposes.
Results of Operations:
Net sales
Net sales for the three months ended November 30, 1999 totaled
$20,250,000 an increase of $6,585,000 (48%) over last year's $13,665,000.
Current year three-month results included $4,607,000 in net sales from Gamma
Biologicals, Inc. ("Gamma Biologicals") acquired on October 27, 1998 and
$829,000 in net sales from Medichim and Immunochim acquired on March 15, 1999.
The remaining increase in sales was generated in the U.S. and was primarily due
to net sales of approximately $1,200,000 from BCA, a division of Biopool,
acquired on April 30, 1999 and instrumentation sales. The Company generated
instrument revenues of $3,589,000 for the quarter compared to $1,583,000 for the
same period last year. Sales by the Company's Canadian and European subsidiaries
combined increased 23% over last year's total excluding acquisitions. However,
when translated into US dollars, there was an increase of only 10% due to
unfavorable exchange rates in Europe. The Company's German subsidiary had a
slight increase in sales of 4% due to instrument sales but sales from its base
business of reagents were down 13% when compared to last year. For the six
months ended November 30, 1999, net sales were $39,180,000 (including Gamma
Biologicals' $9,660,000) compared to $24,024,000 in the prior year.
Gross profit
As a percent of sales, gross profit for the three months ended November
30, 1999 totaled 54.2% versus 53.8% for the same period in 1998. The increase in
gross profit margin was primarily caused by increased reagent sales when
compared to last year. Gross profit for the six months ended November 30, 1999
totaled 53.5% versus 54.3% for the same period in 1998.
Operating expenses
When compared to the prior year, three and six month periods ended
November 30, 1999, research and development costs increased $74,000 and $143,000
with $57,000 additional research expenses year to date resulting from prior year
acquisitions and on-going research projects.
Selling and marketing expenses for the three and six month periods ended
November 30, 1999, increased $569,000 and $1,629,000 as compared to the same
periods last year. Approximately $608,000 of the increase year to date was due
to the inclusion of prior year acquisitions of Gamma Biologicals and Medichim
and Immunochim. The remainder of the increase is primarily due to the effect of
higher payroll expense due to additional personnel required for the Company's
instrumentation strategy and expansion of its Spanish operation.
Distribution expenses increased $728,000 for the three month period and
$1,701,000 for the six month period of which prior year acquisitions account for
$359,000 for the quarter. The remaining increase relates to increased shipping
activity.
General and administrative expenses for the three and six month periods
increased $789,000 and $1,470,000 with additional expenses of $283,000 year to
date resulting from the purchase of Gamma Biologicals and Medichim and
Immunochim and the remainder due to higher expenses as we expand operations
worldwide.
Merger-related expenses for the prior year are one-time expenses related
to the Gamma Biologicals and BCA acquisitions.
Amortization expense for the three and six months periods ended November
30, 1999, increased $200,000 and $519,000 due to goodwill recorded in the
acquisitions of Gamma Biologicals on October 27, 1998, Medichim and Immunochim
on March 15, 1999 and BCA, a division of Biopool, on April 30, 1999.
Interest income
Interest income decreased $105,000 for the quarter and $275,000 for the
six month period due to lower cash balances as compared to last year caused by
the purchase of treasury stock and the purchase of Gamma Biologicals and other
acquisitions which were partially funded by the use of the Company's cash.
Interest expense
When compared to the prior year three and six month periods, interest
expense increased $538,000 and $1,053,000. This is a result of the purchase of
Gamma Biologicals and other acquisitions which were primarily financed with the
proceeds of a bank loan.
Other income
Other income increased $16,000 for the three month period and $99,000 for
the six month period as compared to the prior year due to foreign currency
transaction gains in the current period versus losses in the same period last
year.
Income taxes
Income tax expense as a percent of pretax income, decreased during the
three month period ended August 31, 1999, and six month period ended November
30, 1999, due to lower taxes provided in Germany and the United States as
compared to the prior period. This is a result of the Company's ongoing
implementation of tax planning strategies.
<PAGE>
Year 2000
As of the date of this filing, January 14, 1999, the Company has not yet
incurred any significant business disruptions as a result of year 2000 issues.
However, while no such occurrence has developed as of the date of this filing,
year 2000 issues that may arise related to third parties may not become apparent
immediately and therefore, there is no assurance that the Company will not be
affected by third party noncompliance in the future. The Company will continue
to monitor the issue diligently and work to address any issues that may arise.
In order to become year 2000 compliant, the Company set up a project team to
address the issue and has taken the following steps:
Impact Assessment - Instances where electronics are used in the Company
and the associated potential risks have been identified. The Company believes
that non-information technology systems and its products are not significantly
impacted. However, internal business information software was affected and the
Company has implemented program changes in order to become year 2000 compliant.
Third Party Impact Assessment - The Company has substantially completed
the verification of the readiness of its significant suppliers and customers
through the distribution of a questionnaire. Based on information available, the
Company has no reason to believe that any year 2000 problems encountered by
customers and suppliers will have a significant effect on the Company's
operations.
Project Plan - Based on the impact assessment, the need to make software
program changes to the Company's internal business information software has been
identified. In Europe, minor software program changes to existing systems have
been made at a nominal cost making them year 2000 compliant before December
1999. In North America, the Company had planned to complete implementation of a
year 2000 compliant enterprise wide internal business information software
system by December 31, 1999. The Company is continuing to implement the system
but has decided to reschedule the operational date of the new enterprise wide
internal business information software system for March 2000. Therefore, the
Company's initial contingency plan was put into effect under which changes to
the existing internal business software were made making it year 2000 compliant
at a cost of approximately $20,000 which was expensed as incurred.
The Company believes that it is diligently addressing the year 2000 issue
and expects that through its actions year 2000 problems are not reasonably
likely to have a material adverse effect on the Company's operations. There can
be no assurance that such problems will not arise.
ITEM 3. Quantitative and Qualitative Disclosures About Market Risk
There have been no material changes regarding the Company's market risk
position from the information provided in its Annual Report on Form 10-K for the
fiscal year ended May 31, 1999. The quantitative and qualitative disclosures
about market risk are discussed in Item 7A- Quantitative and Qualitative
Disclosures About Market Risk, contained in the Company's Form 10-K.
<PAGE>
PART 11 - OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K.
(a) The Company has filed the following exhibits with this report:
27 Financial data schedule.
(b) The Company did not file any reports on Form 8-K during the three
months ended November 30, 1999.
<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.
IMMUCOR, INC.
(Registrant)
Date: January 14, 2000
/s/ Edward L. Gallup Edward L. Gallup, President
- -------------------------
/s/ Steven C. Ramsey Steven C. Ramsey, Senior Vice President - Finance
- ------------------------- (Principal Accounting Officer)
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAY-31-2000
<PERIOD-END> NOV-30-1999
<CASH> 2993923
<SECURITIES> 0
<RECEIVABLES> 23907672
<ALLOWANCES> 0
<INVENTORY> 17913479
<CURRENT-ASSETS> 47760943
<PP&E> 21092389
<DEPRECIATION> 6364084
<TOTAL-ASSETS> 103147864
<CURRENT-LIABILITIES> 21521002
<BONDS> 31578205
0
0
<COMMON> 774754
<OTHER-SE> 43653665
<TOTAL-LIABILITY-AND-EQUITY> 103147864
<SALES> 39179786
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<CGS> 18223299
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<OTHER-EXPENSES> 15788840
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</TABLE>
