FORM 10-Q/A
AMENDMENT NO. 1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
[X] QUARTERLY REPORT UNDER SECTION 13 OR 15 (d) OF THE
SECURITIES EXCHANGE ACT OF 1934
FOR THE QUARTER ENDED: JUNE 30, 1995
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE
SECURITIES EXCHANGE ACT OF 1934
FOR THE TRANSITION PERIOD FROM ________TO________
COMMISSION FILE NUMBER..................................0-7513
ARTISTIC GREETINGS INCORPORATED
(Exact name of registrant as specified in its charter.)
DELAWARE 16-0909929
(State or other jurisdiction (I.R.S. Employer
incorporation of organization.) Identification Number)
1 KOMER CENTER, ELMIRA, NY 14902
(Address of Principal Executive Offices)
(607) 737-5235
(Registrant's telephone number, including area code)
Indicate by check mark (x) whether the registrant: (1) has filed all
reports required to be filed by Section 13 or 15 (d) of the Securities
Exchange Act of 1934 during the preceding 12 months (or for such shorter
period that the registrant was required to file such reports) and, 2) has
been subject to such filing requirements for the past 90 days.
X YES NO
APPLICABLE ONLY TO CORPORATE ISSUERS:
As of August 15, 1995, the Registrant had issued and outstanding
6,537,720 shares of its $.10 par value Common Stock.
<TABLE>
<CAPTION>
ARTISTIC GREETINGS INCORPORATED
BALANCE SHEETS
<S> <C> <C>
JUNE 30, 1995 DECEMBER 31, 1994
(Unaudited) (Audited)
ASSETS -------------- ---------
Cash $ 119,078 $148,681
Investment securities - trading, net of allowance for unrealized 2,141,718 985,565
gains of $139,184 in 1995, losses of $8,120 in 1994
Investment securities - available for sale, net of allowance for 980,693 6,207,611
unrealized losses of $105,422 in 1995, $280,091 in 1994
Accounts receivable - net 1,718,794 1,555,759
Inventories:
Finished Goods 1,273,635 1,481,423
Work-in-process 848,356 570,839
Raw materials and supplies 4,940,375 3,776,407
Catalog and promotional materials 7,455,330 3,421,387
Deferred advertising costs 5,209,027 6,717,466
Prepaid expenses 184,985 213,846
Income tax receivable 1,068,245 913,816
------------- --------
Total current assets 25,940,236 25,992,800
-------------- ---------
Property, plant, and equipment 22,513,350 18,302,663
Less: accumulated depreciation (7,687,026) (6,634,426)
-------------- ---------
Net property, plant and equipment 14,826,324 11,668,237
Cash surrender value - life insurance 280,245 242,090
Other assets 76,932 5,477
-------------- ---------
TOTAL ASSETS $41,123,737 $37,908,604
============== =========
LIABILITIES AND SHAREHOLDERS' EQUITY
Notes payable to bank $3,100,000 $4,868,000
Bank Overdraft 0 930,531
Accounts payable - trade 8,323,200 7,659,638
Accrued liabilities 792,288 1,231,803
Customer advances 877,937 183,499
Current portion long-term debt 1,285,830 296,145
Current portion deferred income taxes 1,280,231 1,682,401
-------------- ---------
Total current liabilities 15,659,486 16,852,017
Long-term debt 5,177,565 1,559,416
Deferred income taxes 247,594 189,614
Common stock subject to put option - 500,000 shares 1,875,000
-------------- ---------
TOTAL LIABILITIES 22,959,645 18,601,047
-------------- ---------
SHAREHOLDERS' EQUITY
Common stock, par value $.10
Authorized 10,000,000 shares;
Issued 6,537,720 shares in 1995;
6,036,820 shares in 1994 603,772 603,682
Additional paid-in capital 11,027,993 11,030,837
Unrealized losses on investment securities
held as available-for-sale (68,524) (184,860)
Retained earnings 7,537,178 8,803,085
-------------- ---------
19,100,419 20,252,744
Less: Treasury stock, at Cost ; 216,427 shares
in 1995 and 217,790 shares in 1994 (936,327) (945,187)
-------------- ---------
Total shareholders' equity 18,164,092 19,307,557
-------------- ---------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $41,123,737 $37,908,604
============== =========
</TABLE>
<TABLE>
<CAPTION>
ARTISTIC GREETING INCORPORATED
STATEMENTS OF INCOME
<S> <C> <C> <C> <C>
QUARTER ENDED QUARTER ENDED SIX MONTHS SIX MONTHS
JUNE 30, 1995 JUNE 30, 1994 ENDED ENDED
JUNE 30, 1995 JUNE 30, 1994
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
Net sales $18,981,530 $18,190,018 $40,469,156 $41,329,375
Cost of sales 7,354,126 6,702,276 15,328,188 14,794,672
Gross profit 11,627,404 11,487,742 25,140,968 26,534,703
Selling, general and 11,879,346 12,151,151 26,927,178 25,640,843
administrative expense
Other (income) expense 131,903 (20,800) 163,697 (106,559)
Total expense 12,011,249 12,130,351 27,090,875 25,534,284
Net (loss) income before income (383,845) (642,609) (1,949,907) 1,000,419
taxes
Income taxes (147,000) (262,500) (684,000) 187,500
NET (LOSS) INCOME ($236,845) ($380,109) ($1,265,907) $812,919
Net (loss) income per share ($0.04) ($0.06) ($0.21) $0.14
Weighted average number of common
and
common equivalent shares 6,008,564 5,864,413 5,926,939 5,934,574
outstanding
</TABLE>
<TABLE>
<CAPTION>
ARTISTIC GREETINGS INCORPORATED
STATEMENTS OF CASH FLOWS
<S> <C> <C>
Six Months Ended Six Months Ended
June 30, 1995 June 30, 1994
(Unaudited) (Unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (loss) income ($1,265,907) $812,919
Adjustments to reconcile net (loss) income to net cash
(used) provided by operating activities:
Depreciation 1,052,600 841,911
Increase in cash surrender value (38,155) (27,600)
Proceeds from sale of trading securities 262,042 0
Purchase of trading securities 1,270,890 (177,790)
Net unrealized and realized (gains) losses on investments (147,305) 21,020
(Increase) decrease in assets:
Receivables (163,035) 7,726
Inventories (1,233,696) (727,833)
Catalog and promotional materials (4,033,944) (598,060)
Deferred advertising costs 1,508,439 (986,000)
Prepaid expenses 28,861 45,074
Income taxes receivable (154,429) -
Other assets (71,455) 71,450
Increase (decrease) in liabilities:
Bank Overdraft (930,531) -
Accounts payable,trade 663,562 762,238
Accrued liabilities (439,515) 61,288
Customer advances 694,438 (283,817)
Federal and state income taxes payable - 162,715
Deferred income taxes (344,190) -
Net cash (used in) provided by operating activities (5,883,110) (14,759)
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from sale of investment securities 6,180,020 1,275,959
Purchase of investment securities (836,766) (1,157,607)
Net unrealized and realized (gains) losses - investments - (230)
Purchase of property, plant,and equipment, net (4,210,687) (1,603,687)
Net cash (used in) provided by investing activities 1,132,567 (1,485,565)
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayment of amounts received under lines of credit (21,185,000) (7,636,000)
Proceeds received under lines-of-credit 19,417,000 9,236,000
Proceeds received under equipment lines-of-credit 5,000,000 -
Proceeds from issuance of common stock
and options exercised (2,754) 14,290
Issuance of common stock subject to put option, 500,000 shares 1,875,000
Payment of long-term debt (392,166) (131,298)
Payment of dividends - (290,410)
Purchase of Treasury stock and other transactions 8,860 (11,664)
Net cash (used in) provided by financing activities 4,720,940 1,180,918
Net (decrease) in cash (29,603) (319,406)
CASH AT BEGINNING OF PERIOD 148,681 549,589
CASH AT END OF PERIOD $ 119,078 $230,183
SUPPLEMENTAL DISCLOSURES
OF CASH FLOW INFORMATION:
Cash paid (received) during the year for:
Interest $359,709 $105,087
Income taxes ($131,306) $24,785
</TABLE>
ARTISTIC GREETINGS INCORPORATED
NOTES TO CONDENSED FINANCIAL STATEMENTS
JUNE 30, 1995
1) STATEMENT OF MANAGEMENT
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 that the disclosures are adequate to make the information
presented not misleading. The Company incorporated reclassifications of
1994 information to conform to the current presentation of its financial
statements included herein. It is suggested that these condensed financial
statements be read in conjunction with the financial statements and the
notes thereto included in the Company's latest Annual Report on Form 10-K.
In the opinion of management, the information contained herein
reflects all adjustments that are of a normal recurring nature and necessary
to a fair statement of the results of operations for the periods presented
in the income statement included herein.
2) FORM 10-K
Reference is made to the following footnotes included in the Company's
1994 Annual Report on Form 10-K:
1) Description Of Operations and Significant
Accounting Policies
2) Marketable Securities
3) Inventories
4) Property, Plant and Equipment
5) Accrued Liabilities
6) Income Taxes
7) Leases
8) Debt
9) Defined Contribution Savings Plan
10) Stock Options
11) Stockholders' Equity
12) Significant Business Relationships
13) Commitments and Contingencies
3) NET INCOME PER SHARE
Net income or loss per common and common equivalent share is computed
on the basis of the weighted average of common and common equivalent shares
outstanding during the period. The average number of shares outstanding is
computed as follows:
For the Quarter For the Six Months
Ended June 30, Ended June 30,
--------------------- ------------------
1995 1994 1995 1994
AVERAGE NUMBER
OUTSTANDING:
COMMON SHARES 6,008,415 5,809,037 5,926,806 5,884,739
COMMON EQUIV. SHARES 149 55,376 133 49,835
AVG. NO. OUTSTANDING 6,008,564 5,864,413 5,926,939 5,934,574
Fully diluted income per share did not differ materially from the
primary data.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF
OPERATIONS AND FINANCIAL CONDITION.
RESULTS OF OPERATIONS:
Net sales were $18,981,530 for the three months ended June 30, 1995
compared with $18,190,018 for the same period of 1994, an increase of
$791,512, or 4.3%. Net sales were $40,469,156 for the six months ended
June 30, 1995 compared to $41,329,375 for the same period of 1994, an
decrease of $860,219, or 2.1%.
In the domestic direct mail/free standing insert category, sales for
the quarter ended June 30, 1995 decreased by 15.1% from the same period of
1994. Direct Mail/free standing insert sales for the six month period
ended June 30, 1995 decreased by 20.1% from the same period of 1994. This
decrease is reflective of the continuing management effort to limit
advertising and generate sales in mediums where the advertising cost to
sales response rate meets the Company's targeted expectations. Another
portion of this shortfall is attributable to a series of failed
advertisements promoting a smaller size label which the marketplace
rejected. The remaining shortfall is attributable to poor ad selection,
improper timing of licensed product advertising and the apparent market
saturation of a supplementary product, a miniprinter. These problems had a
large effect on the first quarter's sales, but a lesser effect on the
second quarter results due to the elimination of poor ads and offerings in
April and May.
Second quarter 1995 catalog sales decreased 29.3% from the second
quarter of 1994 catalog sales. Sales for the six month period of 1995
decreased 21.0% from the same period of 1994. Second quarter and six month
totals for 1994 catalog sales included sales from catalogs that were not
mailed during the first quarter and second quarter of 1995. Results from
one catalog, "Personal Touch" were better than expectations, while
results from the other two catalogs offset this gain. "Personal Touch's"
improvement in response rates is attributable to a revamping of the
catalog, better product selection, and a more managed and focused
circulation policy put into place by the new marketing management team. The
Company made the decision in December, 1994 to terminate the "Amy Allison"
catalog upon the conclusion of the last mailing on December 31, 1994. The
Company is evaluating the continuance of the "Initials" catalog and has not
mailed any catalogs this Spring.
1995 international operations for the second quarter decreased by
43.2% from the same period last year. Sales for the six month period were
45.1% less than a year ago. As a result of disappointing response rates,
the Company ceased direct operations in the United Kingdom effective June
30, 1994 and negotiated a licensing arrangement with a organization headed
by the Company's former agent in the United Kingdom. Results are now
profitable but at a scaled down rate. In addition, during the restructuring
period started last November, management elected to significantly scale
back operations in Canada and eliminate unprofitable programs. Results at
this lesser level of operations are now profitable.
In the check printing category, sales for the quarter ended June 30,
1995 increased by 78.0% from the same period of 1994. Check printing sales
for the six month period ended June 30, 1995 increased by 87.0% from the
same period of 1994. 53.4% of the increase for the quarter and 24.4% of the
increase for the six month period this year is attributable to the
inclusion of the Valcheck operation acquired on May 31, 1995. The response
rates and sales attributable to the Company's check printing operation are
in line with the Company's expectations at this point in time.
The Company's cost of sales for the second quarter of 1995 was
$7,354,126, or 38.7% of sales, versus $6,702,276, or 36.8% of sales, for
the same period of 1994, a 1.9% increase. The Company's cost of sales for
the six month period ended June 30, 1995 was $15,328,188, or 37.9% of
sales, versus $14,794,672, or 35.7% of sales, for the same period of 1994,
a 2.2% increase. The major components of cost of goods sold are material
cost, direct labor and manufacturing overhead.
For the first six months of 1995 and 1994, material costs, as a
percentage of sales, remained at 18.9%. The quarter's material cost as a
percentage of sales dropped slightly from 19.3% to 19.1%. Paper cost
increases detrimentally affected these results. These increases, however
were offset by improvements in scrap rates and the redesigning of certain
manufacturing processes.
For the second quarter of 1995 and 1994, direct labor costs, as a
percentage of sales, increased to 8.0% from 6.5%, or an increase of 1.5%.
For the six months ended June 30, 1995 and 1994, direct labor costs, as a
percentage of sales, increased to 7.6% from 6.5%, or an increase of 1.1%.
The check printing operation represents 39.6% of the Company's volume this
quarter as compared to 23.2% of the volume a year ago. Direct labor
represents a larger component of check operations than label or catalog
operations, with the principal difference being a greater level of
telemarketing support.
For the second quarter of 1995 and 1994, overhead costs, as a
percentage of sales, increased to 11.7% from 11.3%, or an increase of 0.4%.
For the six months ended June 30, 1995 and 1994, overhead costs, as a
percentage of sales, increased to 11.4% from 10.5%, or an increase of 0.9%.
Overhead costs as a percentage of sales were affected by the expansion of
the check printing operation with its attendant higher depreciation costs
and the higher level of telephone support.
Selling, general and administrative (SG&A) expenses were $11,879,346,
or 62.6% of sales, for the second quarter of 1995, compared with
$12,151,151, or 66.8% of sales, for the second quarter of 1994. Selling,
general and administrative expenses were $26,927,178, or 66.5% of sales,
for the six months ended June 30,1995, compared with $25,640,843, or 62.0%
of sales, for the six months ended June 30,1994. The three largest
components of SG&A expenses are advertising, postage and wages.
For the three months ended June 30, 1995 advertising expense was
$8,595,888, or 45.3% of sales, as compared to $8,736,105, or 48.0% of
sales, for the same quarter in 1994 and as compared to $11,382,549, or
53.0% of sales for the first quarter of 1995. For the six months ended
June 30, 1995 advertising expense was $19,978,437, or 49.4% of sales, as
compared to $17,719,746, or 42.9% of sales, for 1994. Marketing management
was changed in the beginning of March and immediately restructured
advertising and placement policies. These changes are reflecting positive
results from mid quarter forward.
For the second quarter of 1995, total postage expense amounted to
$1,649,947, or 8.7% of sales, as compared with $1,332,902, or 7.3% of
sales, in 1994. For the six months ended June 30, 1995, total postage
expense amounted to $3,622,159, or 9.0% of sales, as compared with
$3,174,147, or 7.7% of sales, in 1993. Several factors have contributed to
this shift in costs from the previous year. The first issue is the increase
in postal rates effective January 1, 1995. Postage and handling charges
were increased by approximately $.25 per order to cover this rate increase,
however, this increase was not fully implemented until March, 1995.
Postage costs for the check printing operation, as a percentage of sales,
are higher than the Company's other product lines and will be
proportionately higher as the volume of check sales increases.
Administrative costs totaled $1,633,511 or 8.6% of sales for the
second quarter of 1995, as compared to $2,082,144 or 11.4% of sales in
1994. Administrative costs totaled $3,326,582 or 8.2% of sales for the six
months ended June 30, 1995, as compared to $4,746,950 or 11.5% of sales in
1994. This reduction in costs is the result of aggressive cost cutting
measures implemented by the Company in the fourth quarter of 1994.
The Company's income taxes for the second quarter of 1994 were
($147,000), as compared to ($262,500) for 1994. This is an effective tax
benefit of 38.3% of income for this quarter as compared to an effective tax
benefit of 40.8% for the same quarter last year. The Company's income tax
benefit for the six months ended June 30,1995 was ($684,000), as compared
to an expense of $187,500 for 1994. This is an effective tax rate benefit
of 35.1% of income for this six month period as compared to an effective
tax rate of 18.7% for the same period last year. Differences are
attributable to the utilization of certain state income tax credits
associated with the high investment in new equipment and increased
employment levels associated with the expansion of the check printing
operation.
Due primarily to more effective advertising, and the continuation
of effective cost containment programs, the net loss for the three months
ended June 30, 1994 was ($236,845), or ($.04) per share, as compared to a
net loss of ($380,109), or ($.06) per share, for the quarter ended June 30,
1994. The net loss for the six months ended June 30, 1995 was ($1,265,907)
or ($.21) per share, as compared to a net income of $812,919 or $.14 per
share for the six months ended a year ago.
FINANCIAL CONDITION
Working capital increased $1,139,967 for the six month period ended
June 30, 1995.
As of June 30, 1995, net cash used by operating activities amounted to
$5,883,110. Increases in inventories used $1,233,696, and increases in
prepaid advertising, catalogs and promotional material totaled $4,033,944,
while deferred advertising costs provided $1,508,439. The inventory
acquired from Valcheck on May 31, 1995 totaled $361,483, and $3,000,000 of
the increase in prepaid advertising is related to the Valcheck acquisition.
Decreases in bank overdraft, accrued liabilities and changes in income
taxes utilized $1,714,236. As of June 30, 1995, net cash provided by
investing activities totaled $1,132,567. During the first six months of
1995, the Company purchased property, plant and equipment totaling
$4,210,687. Of this amount, $1,480,479 of equipment was acquired from
Valcheck. Cash provided by financing activities amounted to a net of
$4,720,940. The balance of short term borrowings at the end of the quarter
amounted to $3,100,000. Payments of long term debt totaled $392,166. In
addition, at the end of March, the Company borrowed $5,000,000 on the
equipment lines of credit.
As of June 30, 1995, the Company had total borrowing capacity of
$14,500,000 in secured and unsecured lines of credit with its banks, of
which total approximately $6,400,000 remained available for borrowing as of
such date.
The Company has sufficient resources from its present cash and cash
equivalent position, cash flow from operations and its existing lines of
credit to meet its current obligations. The Company also believes that its
cash and cash equivalent position, combined with operating revenues and
existing credit lines, will be sufficient to finance its internal growth
and capital expenditure needs for at least the next 12 months.
PART II - OTHER INFORMATION
ITEM 2. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
The Company held its Annual Meeting of Shareholders on May 3, 1995.
At that Meeting, there were two proposals acted upon. The first was the
election of the Company's Board of Directors. Stuart Komer, Bernard M.
Komer, Lyndon E. Goodridge, Norman S. Edelcup, Irving Stone and Morry Weiss
were each re-elected as Directors of the Company for a one-year term. The
detail concerning the votes cast for, against, and withheld from voting
with respect to each such Director is as follows:
VOTES:
NAME: FOR AGAINST WITHHELD
S. Komer 5,366,561 1,250 69,805
B. Komer 5,351,951 15,860 69,805
L. Goodridge 5,367,611 200 69,805
N. Edelcup 5,367,611 200 69,805
I. Stone 5,367,011 800 69,805
M. Weiss 5,367,261 550 69,805
There were no other Directors whose terms of office continued after
this Meeting.
Also at this Meeting, the Company's shareholders ratified the
selection of Arthur Andersen LLP as the Company's independent auditors
for its 1995 fiscal year. The detail concerning the votes cast for,
against, and abstaining from voting with respect to this Proposal is as
follows:
VOTES:
FOR AGAINST ABSTAINING
5,393,851 27,025 16,740
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K.
(a) EXHIBITS. See Exhibit Index.
(b) REPORTS ON FORM 8-K. On June 15, 1995, the registrant filed a
report on Form 8-K to report under the heading of Item 5, Other Events, on
its May 31, 1995 purchase from Valcheck Company of various assets related
to Valcheck's mail order check business. Pursuant to the terms of this
transaction, Valcheck is entitled to nominate one representative to the
Company's Board of Director's so long as Valcheck owns at least 300,000
shares of the Company's Common Stock. On June 21, 1995, at Valcheck's
request, the Board elected Alan F. Schultz, an Executive Vice President of
Valassis Communications, Inc. as Valcheck's representative on the Company's
Board.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the Registrant has duly caused this Amendment No. 1 to this Report to
be signed on its behalf by the undersigned thereunto duly authorized.
ARTISTIC GREETINGS INCORPORATED
(Registrant)
Dated: September 25, 1995 /s/ Stuart Komer
Stuart Komer, Chairman
Dated: September 25, 1995 /s/William D. Banfield
William Banfield, Controller
EXHIBIT INDEX
EXHIBIT NUMBER DESCRIPTION LOCATION
11 Statement re: computation See Note 3 to
of per share earnings the Financial
Statements contained
in this Report
27 Financial Data Schedule Filed only with EDGAR
filing, per Reg.S-K,
Rule 601(c)(1)(v)
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED
FROM THE
COMPANY'S FORM 10-Q FOR ITS QUARTER ENDED JUNE 30, 1995 AND IS
QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000007610
<NAME> ARTISTIC GREETINGS INCORPORATED
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-1-1995
<PERIOD-END> JUN-30-1995
<EXCHANGE-RATE> 1
<CASH> 119,078
<SECURITIES> 3,122,411
<RECEIVABLES> 1,718,794
<ALLOWANCES> 0
<INVENTORY> 7,062,366
<CURRENT-ASSETS> 25,940,236
<PP&E> 22,513,350
<DEPRECIATION> 7,687,026
<TOTAL-ASSETS> 41,123,737
<CURRENT-LIABILITIES> 15,659,486
<BONDS> 5,177,565<F1>
<COMMON> 603,772
0
0
<OTHER-SE> 17,560,320
<TOTAL-LIABILITY-AND-EQUITY> 41,123,737
<SALES> 40,469,156
<TOTAL-REVENUES> 40,469,156
<CGS> 15,328,188
<TOTAL-COSTS> 26,927,178
<OTHER-EXPENSES> 163,697
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 359,709
<INCOME-PRETAX> (1,949,907)
<INCOME-TAX> (684,000)
<INCOME-CONTINUING> (1,265,907)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (1,265,907)
<EPS-PRIMARY> (0.21)
<EPS-DILUTED> (0.21)
<FN>
<F1>Total long term debt.
</FN>
</TABLE>
