<PAGE> 1
THIS PAPER DOCUMENT IS BEING SUBMITTED PURSUANT TO RULE 901(d) 0F
REGULATION S-T
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 March 31, 1997.
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 0-31986 (82-689)
GLAMIS GOLD LTD.
- --------------------------------------------------------------------------------
(Exact name of Registrant as specified in its charter)
British Columbia, Canada None.
- --------------------------------------------------------------------------------
(Jurisdiction of incorporation (IRS Employer Identification No.)
or organization)
3324 Four Bentall Centre, 1055 Dunsmuir Street, Vancouver, B.C. Canada, V7X 1L3
- --------------------------------------------------------------------------------
(Address of Principal Executive Offices)
604-681-3541
------------
(Registrant's telephone number, including area code)
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 180 days. Yes X No .
----- -----
The number of shares outstanding of the Registrant's common stock, as of
May 9, 1997, was 31,092,707.
<PAGE> 2
GLAMIS GOLD LTD.
INDEX
<TABLE>
<CAPTION>
Page
----
<S> <C>
Part I - Financial Information
Item 1. Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1
Consolidated Balance Sheets as at March 31, 1997
and December 31, 1996 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1
Consolidated Statements of Earnings for the three months ended
March 31, 1997 and 1996 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2
Consolidated Statements of Retained Earnings for the three months
ended March 31, 1997 and 1996 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2
Consolidated Statements of Changes in Financial Position for the
three months ended March 31, 1997 and 1996 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3
Notes to Interim Consolidated Financial Statements . . . . . . . . . . . . . . . . . . . . . . 4
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations . . . . . . . 6
Part II - Other Information
Item 1. Legal Proceedings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
Item 2. Changes in Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10
Item 3. Defaults Upon Senior Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10
Item 4. Submission of Matters to a Vote of Security Holders . . . . . . . . . . . . . . . . . . . . . . . . 10
Item 5. Other Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10
Item 6. Exhibits and Reports on Form 8-K . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10
Signatures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11
Exhibit Index . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12
</TABLE>
<PAGE> 3
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CONSOLIDATED BALANCE SHEETS
(Expressed in thousands of U.S. dollars)
<TABLE>
<CAPTION>
-----------------------------
ASSETS MARCH 31, December 31,
1997 1996
-----------------------------
<S> <C> <C>
Cash $ 23,863 $ 26,493
Other current assets (note 3) 16,066 16,588
------------ ------------
Current assets 39,929 43,081
Plant and equipment and mine development costs 62,776 59,898
Other assets 5,005 4,995
------------ ------------
$ 107,710 $ 107,974
------------ ------------
LIABILITIES
Current liabilities $ 3,826 $ 4,357
Long term liabilities 2,855 2,729
SHAREHOLDERS' EQUITY
Share capital (note 4):
Authorized:
50,000,000 common shares without par value
5,000,000 preferred shares, $10 par valuable,
issuable in Series
Issued and fully paid:
31,092,707 common shares (1996 - 31,004,707) 88,820 88,296
Contributed surplus 63 63
Cumulative translation adjustment - -
Retained earnings 12,146 12,529
------------ ------------
101,029 100,888
------------ ------------
$ 107,710 $ 107,974
------------ ------------
</TABLE>
Prepared by Management without audit
Approved by the Directors:
/s/ J.R. BILLINGSLEY /s/ A. DAN ROVIG
- -------------------------------- -------------------------------------
Director Director
<PAGE> 4
- 2 -
CONSOLIDATED STATEMENTS OF EARNINGS
(Expressed in thousands of U.S. dollars)
(Except per share amounts)
<TABLE>
<CAPTION>
----------------------------
THREE MONTHS ENDED MARCH 31,
1997 1996
------------- ------------
<S> <C> <C>
Revenue from gold production $ 11,359 $ 9,954
Cost of production 5,549 5,579
------------- ------------
5,810 4,375
------------- ------------
Expenses
Depreciation & depletion 2,923 2,306
Royalties 819 440
Selling, general & administrative 810 674
Exploration 33 884
------------- ------------
4,585 4,304
------------- ------------
Earnings from operations 1,225 71
Interest expense 25 39
Other (income) expense (356) (83)
------------- ------------
Earnings before income taxes 1,556 115
Provision for income taxes 405 41
------------- ------------
Net earnings $ 1,151 $ 74
------------- ------------
Earnings per share $ 0.04 $ -
------------- ------------
</TABLE>
CONSOLIDATED STATEMENTS OF RETAINED EARNINGS
<TABLE>
<CAPTION>
THREE MONTHS ENDED MARCH 31,
1997 1996
--------- ----------
<S> <C> <C>
Retained earnings, beginning of period $ 12,529 $ 8,470
Net earnings 1,151 74
Dividends (1,534) -
--------- ----------
Retained earnings, end of period $ 12,146 $ 8,544
--------- ----------
</TABLE>
<PAGE> 5
- 3 -
CONSOLIDATED STATEMENTS OF CHANGES IN FINANCIAL POSITION
(Expressed in thousands of U.S., dollars)
<TABLE>
<CAPTION>
------------------------------------
THREE MONTHS ENDED MARCH 31,
1997 1996
--------------- ---------------
<S> <C> <C>
OPERATING ACTIVITIES
Net earnings $ 1,151 $ 74
Adjustment for items not affecting working capital 3,058 2,400
Net changes in non-cash working capital (10) (2,635)
--------------- ---------------
Net cash provided by operations 4,199 (161)
NET INVESTMENT ACTIVITIES (5,819) (2,262)
--------------- ---------------
FINANCING ACTIVITIES
Stock issues 524 511
Dividends paid (1,534) -
Other financing activities - 268
--------------- ---------------
Net financing activities (1,010) 779
--------------- ---------------
Decrease in cash (2,630) (1,644)
Cash, beginning of period 26,493 4,162
--------------- ---------------
Cash, end of period $ 23,863 $ 2,518
--------------- ---------------
</TABLE>
<PAGE> 6
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GLAMIS GOLD LTD.
Notes to Interim Consolidated Financial Statements
(tables expressed in thousands of United States Dollars)
March 31, 1997
1. GENERAL
In the opinion of management, the accompanying unaudited consolidated balance
sheets and consolidated statements of earnings, retained earnings and changes
in financial position contain all adjustments, consisting only of normal
recurring accruals, necessary to present fairly the financial position of
Glamis Gold Ltd. (the "Company") as of March 31, 1997 and December 31, 1996 and
the results of its operations and changes in its financial position for the
three months ended March 31, 1997 and 1996. The results of operations for the
three months ended March 31, 1997, are not necessarily indicative of the
results to be expected for the entire fiscal year.
The unaudited financial statements presented herein have been prepared in
accordance with the instructions to Form 10-Q and do not include all the
information and note disclosures required by generally accepted accounting
principles for annual financial statements. These financial statements should
be read in conjunction with the Company's audited consolidated financial
statements and related footnotes included in the Company's Form 10-K for the
year ended December 31, 1996.
The financial statements are prepared in accordance with accounting principles
generally accepted in Canada which conform, in all material respects, with
accounting principles generally accepted in the United States, except as
described in note 5 hereof.
Effective December 31, 1995, the Company changed its year end from June 30 to
December 31.
2. FOREIGN CURRENCY TRANSLATION
The Canadian operations of the Company are considered "self-sustaining" and its
accounts are translated into U.S. dollars using the current rate method under
which assets and liabilities are translated at the rate of exchange at the end
of the period. Revenues and expenses are translated at the average exchange
rate for the period. Exchange gains and losses are deferred and included as a
separate component of shareholders equity.
The Mexican subsidiary of the Company is treated as an integrated operation and
its accounts are translated into U.S. dollars using the temporal method whereby
monetary items are translated at exchange rates prevailing at the balance sheet
date and non-monetary items at historical exchange rates. Revenue and expenses
are translated at average exchange rates for the period. Translation gains or
losses are included in the determination of net income.
<PAGE> 7
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3. OTHER CURRENT ASSETS
Included in other current assets are the following inventories:
<TABLE>
<CAPTION>
March 31, December 31,
1997 1996
<S> <C> <C>
---------- -------------
Finished goods $ 3,577 $ 3,612
Work-in-progress 10,769 9,949
Supplies and spare parts 715 866
---------- -------------
$15,061 $14,427
========== =============
</TABLE>
4. SHARE CAPITAL
<TABLE>
<CAPTION>
Three Months Ended Three Months Ended
March 31, 1997 March 31, 1996
--------------------------- ----------------------------
# of Shares Amount # of Shares Amount
(000) (000)
----------- ---------- ------------- ----------
<S> <C> <C> <C> <C>
Issued and fully paid:
Balance beginning of period 31,004,707 $88,296 26,386,707 $56,076
Issued during the period:
For cash consideration under
the terms of
directors' and 88,000 524 80,800 511
employees' stock
options
----------- ---------- ------------- ----------
Balance end of period 31,092,707 $88,820 26,467,507 $56,587
=========== ========== ============ ==========
</TABLE>
5. DIFFERENCES BETWEEN CANADIAN AND UNITED STATES GENERALLY ACCEPTED
ACCOUNTING PRINCIPLES
Accounting in these interim consolidated financial statements under Canadian
and United States generally accepted accounting principles is substantially the
same except for accounting for income taxes and investments in equity
securities.
(a) Income Taxes:
Under United States accounting principles there would be no deferred income tax
liability at December 31, 1996 and 1995; the amount reported for earnings for
the December 31, 1996 fiscal year would be decreased by $311,000; the amount
reported for loss for the six months ended December 31, 1995 would be increased
by $131,000; the amount reported for earnings for the fiscal year ended June
30, 1995 would be reduced by $86,000; and the amount reported for earnings for
the fiscal year ended June 30, 1994 would be increased by
<PAGE> 8
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$1,679,000. It is not expected that there would be a material difference in
the consolidated statements of operations and changes in financial position for
the three months ended March 31, 1997 if they were prepared under United States
generally accepted accounting principles.
(b) Accounting For Investments in Equity Securities
United States accounting principles require that investments that have readily
determinable fair values that are not held principally for the purpose of
selling them in the near term, but are available-for-sale, be presented at fair
value with their holding gains and losses reported in a separate component of
shareholders' equity until realized.
Accordingly, under United States accounting principles, other assets and
unrealized holding gains in shareholders' equity at March 31, 1997 would each
be increased by $638,000 (December 31, 1996-$2,672,000).
ITEM 2 MANAGEMENT DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
SPECIAL NOTE CONCERNING FORWARD-LOOKING STATEMENTS
Except for the statements of historical fact contained herein, the information
presented constitutes "forward-looking statement" within the meaning of the
Private Securities Litigation Reform Act of 1995. Such forward-looking
statements involve known and unknown risks, uncertainties, and other factors
which may cause the actual results, performance or achievements of the Company
to be materially different from any future results, performance or achievements
expressed or implied by such forward-looking statements. Such factors include,
among others, the factual results of current exploration activities,
conclusions of feasibility studies now underway, changes in project parameters
as plans continue to be refined, future prices of gold, as well as those
factors discussed in the section entitled "Other Considerations" in the
Company's Annual Report on Form 10-K.
MANAGEMENT DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS
The following information should be read in conjunction with the unaudited
consolidated financial statements and related notes included herein which are
prepared in accordance with generally accepted accounting principles in Canada
for interim financial information. In all material respects, they conform with
those principles generally accepted in the United States, except as described
in note 5 of Item 1.
Gold production for the three-month period ended March 31, 1997 was 32,954
ounces, which produced revenues of $11.359 million. This compares with
production of 24,629 ounces of gold and revenues of $9.954 million for the
three-month period ended March 31,
<PAGE> 9
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1996. The gold production for the three-month period ended March 31, 1997
represents an increase of 34% over the same three-month period ended March 31,
1996. The average realized price for gold for the three-month period ended
March 31, 1997 was $345 per ounce compared to $404 per ounce for the same
period of the prior year. The decrease in the price realized per ounce reduced
revenue in the quarter by approximately $1.5 million compared to last year,
while the 8,325 ounce increase in production increased revenue by approximately
$2.9 million. The Rand Mine produced 6,712 more ounces of gold during the
quarter ended March 31, 1997, while the Picacho Mine experienced an increase of
1,626 ounces of gold during the period. The net effect of these two items
resulted in an increase in revenue of $1.4 million for the period as compared
to that for the same period during the prior year.
The increase in production at the Rand Mine was the result of mining only at
the Yellow Aster Pit and being in full scale operation at the Rand Facilities
during the quarter, which resulted in higher grades being placed on the heap
and a higher flow rate of leach solutions. Because of the foregoing there was a
significant increase in recovery rates compared to the same quarter in 1996.
The Picacho Mine production level increased as a result of good water
availability and the higher grades of ore being mined and processed in the
current three-month period as compared to the same period in the prior year.
The Company's cost of production of $5.5 million for the three-month period
ended March 31, 1997 compared with March 31, 1996 was essentially unchanged.
Since production was significantly higher, the result was a decrease in the
average cash cost per ounce of production of approximately $60 with decreases
in the per ounce cash cost of production being experienced at both mines.
For the quarter ended March 31, 1997 compared to the same period in 1996,
depreciation and depletion charges and royalties increased because of the
higher production levels. The major expense decrease during the current period
was exploration expense, which included the write-off of $879,000 for the La
Jojoba property in the three-month period ended March 31, 1996 because it did
not meet the Company's project parameters after the exploration and
metallurgical tests had been completed.
Net earnings for the quarter ended March 31, 1997 was $1.151 million ($0.04 per
share), compared with $74,000 ($0.00 per share) for the same period last
year.
OPERATIONS REVIEW
PICACHO MINE, IMPERIAL COUNTY, CALIFORNIA
Production of 9,368 ounce of gold for the three-months ended March 31, 1997 was
21% greater than the 7,742 ounces of gold produced in the same quarter of
fiscal 1996. Average cash cost per ounce of gold produced at the Picacho Mine
for the three-month period ended
<PAGE> 10
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March 31, 1997 was $131 per ounce, compared to $165 for the three months ended
March 31, 1996 and total costs were $245 per ounce in the current period
compared to $252 per ounce for the same period in 1996. The reduction in cost
on a per ounce basis is a reflection of increased production. During the three
months ended March 31, 1997, 300,200 tons of ore grading 0.041 ounces of gold
per ton compared with 376,300 tons of ore grading .031 ounces of gold per ton
during the same period of the last year were placed on the heap leach pad.
211,600 tons of waste was mined during the period ended March 31, 1997, which
produced a stripping ratio of 0.7 tons of waste to one ton of ore. The
stripping ratio in the prior year was 2.32 tons of waste to one ton of ore.
The Picacho Mine is expected to produce in excess of 28,000 ounces of gold for
the year ended December 31, 1997, at which time all known reserves on the
property will have been mined out.
RAND MINE, KERN COUNTY, CALIFORNIA
Production from the Rand Mine was 23,513 ounce of gold for the period ended
March 31, 1997 compared with 16,801 ounces for the same period in 1996. This
increase in production is the result of loading a significant amount of tons of
Yellow Aster Pit ore at the Rand Facilities over the past year. This loading
of the heap leach pad was begun during the quarter ended March 31, 1996.
Average cash cost per ounce of gold produced at the Rand Mine was $181 per
ounce of gold for the three months ended March 31, 1997 compared with $247 per
ounce of gold production for the same period in 1996. Total cost per ounce of
gold production were $256 for the current quarter compared with $342 for the
same period a year ago. The higher costs of a year ago resulted from the
re-wetting of the Yellow Aster heap leach and the start up of the new Rand
Facilities, with the increase in production coming later in the year and
continuing throughout the current quarter.
During the three months ended March 31, 1997, 1,391,300 tons of ore grading
0.024 ounces of gold per ton compared with 2,384,600 tons of ore grading 0.020
ounces of gold per ton during the same period of the last year were placed on
the heap leach pad. 3,330,000 tons of waste was mined during the period ended
March 31, 1997, which produced a stripping ratio of 2.4 tons of waste to one
ton of ore. The stripping ratio in the prior year was 0.6 tons of waste to one
ton of ore.
It is expected that the Rand Mine will achieve its production target of
approximately 90,000 ounces of gold for the year ended December 31, 1997.
IMPERIAL PROJECT, IMPERIAL COUNTY, CALIFORNIA
The permitting process is continuing at the Imperial Project with the Bureau of
Land Management expected to issue a Record of Decision on the Company's
Environmental
<PAGE> 11
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Impact Statement no earlier than August 1, 1997 and a Conditional Use Permit is
expected to be issued immediately thereafter. There is a 30 day appeal period
after the Record of Decision is issued, therefore construction is anticipated
to begin on or after September 1, 1997. Based upon a timely conclusion of the
permitting process, first production from this project is expected in the first
quarter of 1998. The Company has already placed the order and made progress
payments on a P&H 4100A electric shovel which will be available for delivery to
the mine site anytime after August 1, 1997. The Company has also ordered 6
Haulpak 930E haul trucks, a 300 ton class of haul truck for delivery in
September 1997. Mine engineering and plant design work continue.
CIENEGUITA PROJECT, CHIHUAHUA, MEXICO
During the three months ended March 31, 1997, the Company was credited with 73
ounces of gold production compared with 86 ounce of gold from the three months
ended March 31, 1996. During the quarter, the Company reloaded the two heap
leach pads at the site with approximately 30,000 tons of new ore and began
leaching it in late March 1997. It is expected that the Company will be
credited with approximately 1,500 ounces of production from this project during
the year ended December 31, 1997.
GUNUNG PANI PROJECT, SULAWESI ISLAND, INDONESIA
On May 8, 1997 the Company elected to terminate its option to earn 50% of the
interest of Paramount Ventures & Finance Inc. in the Gunung Pani Project
situated on the island of Sulawesi, Indonesia. The Company continues to hold
2,000,000 common shares of Paramount Ventures & Finance Inc.
LIQUIDITY AND CAPITAL RESOURCES
The Company had working capital of $36.1 million at March 31, 1997 compared to
$38.7 million at December 31, 1996. The long-term liabilities consisting of
reserves for reclamation and deferred taxes totalled $2.8 million at March 31,
1997 and $2.7 million at December 31, 1996. Included in the working capital at
March 31, 1997 was cash of $24.0 million, while there was $26.5 million in cash
at December 31, 1996.
The Company's major capital expenditures during the three months ended March
31, 1997 were $4.4 million in progress payments on the electric shovel for the
Imperial project and $0.6 million spent on exploration activities in Indonesia.
During the remainder of 1997, the permitting and construction of the Imperial
Project will require approximately $47.6 million, while pre-production
stripping of the Randsburg Butte at the Rand Mine will require approximately
$4.3 million.
<PAGE> 12
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Estimated cashflow from operations of $9.0 million, cash on hand of $24.0
million and the funds available from the bank line of credit of $18.5 million
should be sufficient to fund the capital expenditures for the year ended
December 31, 1997.
A dividend of $0.05 per share was paid on March 28, 1997 to shareholders of
record at March 14, 1997.
HEDGING
The Company's current policy is not to engage in hedging practices. As at
March 31, 1997, the Company had call options outstanding for 12,150 ounces of
gold at $415 per ounce expiring through December 1997. These remaining call
options result from previous banking arrangements.
PART II - OTHER INFORMATION
ITEM 1 LEGAL PROCEEDINGS:
The Company is defending an action, initiated on September 22, 1995 against
Rand and Glamis Gold, Inc. by Rand Communities Water District in the Kern
County, California Superior Court, for Declaratory and Injunctive Relief.
There have been no material changes in the matter from that disclosed in Item 3
of the Company's Form 10-K dated March 26, 1997.
David Robert Johnson served Rand and Glamis Gold, Inc. on February 26, 1996
with notice of an action commenced by him in the Kern County, California
Superior Court against Rand and Glamis Gold, Inc. for injunctive relief and
damages. There have been no material changes in the matter from that disclosed
in Item 3 of the Company's Form 10-K dated March 26, 1997.
ITEM 2 CHANGES IN SECURITIES: None
ITEM 3 DEFAULTS UPON SENIOR SECURITIES: None
ITEM 4 SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS: None.
ITEM 5 OTHER INFORMATION: None
ITEM 6 EXHIBITS AND REPORTS ON FORM 8-K:
(a) Exhibits
Exhibit No. Exhibit Description
27 Financial Data Schedule
(b) Reports on Form 8-K: None
<PAGE> 13
- 11 -
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.
GLAMIS GOLD LTD.
-------------------------------------
(Registrant)
May 13, 1997
/s/ LORNE B. ANDERSON
-------------------------------------
LORNE B. ANDERSON
Chief Financial Officer & Treasurer
(Principal Accounting and Financial
Officer)
<PAGE> 14
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EXHIBIT INDEX
<TABLE>
<CAPTION>
Exhibit No. Description Page No.
- ----------- ----------- --------
<S> <C> <C>
27 Financial Data Schedule 13
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM GLAMIS GOLD
LTD - CONSOLIDATED FINANCIAL STATEMENTS FOR THE THREE MONTH PERIOD ENDED MARCH
31, 1997 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH 10Q.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> MAR-31-1997
<CASH> 23,863
<SECURITIES> 0
<RECEIVABLES> 621
<ALLOWANCES> 0
<INVENTORY> 15,061
<CURRENT-ASSETS> 39,929
<PP&E> 119,556
<DEPRECIATION> (56,779)
<TOTAL-ASSETS> 107,710
<CURRENT-LIABILITIES> 3,826
<BONDS> 2,855
0
0
<COMMON> 88,820
<OTHER-SE> 12,209
<TOTAL-LIABILITY-AND-EQUITY> 107,710
<SALES> 11,359
<TOTAL-REVENUES> 11,359
<CGS> 5,549
<TOTAL-COSTS> 5,549
<OTHER-EXPENSES> 4,229
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 25
<INCOME-PRETAX> 1,556
<INCOME-TAX> 405
<INCOME-CONTINUING> 1,151
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 1,151
<EPS-PRIMARY> 0.04
<EPS-DILUTED> 0.04
</TABLE>
