UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-QSB/A
AMENDMENT 2
(Mark One)
[x] QUARTERLY REPORT PURSUANT TO SECTION 13 or 15 (d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended - August 31, 1995
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE EXCHANGE ACT
For the transition period from to
Commission File Number 0-18299 NEWS
COMMUNICATIONS, INC.
(Exact name of small business issuer as specified in its charter)
Nevada 13-3346991
- ------------------------------- ---------------------------------
(State or other jurisdiction of (IRS Employer Identification No.)
incorporation or organization)
174-15 Horace Harding Expwy., Fresh Meadows, New York 11365
-----------------------------------------------------------
(Address of principal executive offices)
(718) 357-3380
---------------------------
(Issuer's telephone number)
----------------------------------------------
(Former name, former address and former fiscal
if changed since last report)
Check whether the issuer (1) filed all reports required to be filed by Section
12, 13 or 15 (d) of the Exchange Act during the past 12 months (or such shorter
period that the registrant was required to file such reports), and (2) has been
subject to such filing requirements for the past 90 days. Yes |X| No|_|
APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
PROCEEDINGS DURING THE PRECEDING FIVE YEARS
Check whether the registrant filed all documents and reports required to be
filed by Section 12, 13 or 15(d) of the Exchange Act after the distribution of
securities under a plan confirmed by a court. 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 October 13, 1995: 7,793,426 shares $ .01 par value common stock
<PAGE>
FORM 10-QSB
NEWS COMMUNICATIONS, INC. AND SUBSIDIARIES
TABLE OF CONTENTS
PAGE
PART I. Financial Information
Item 1. Financial Statements
Unaudited Consolidated Balance Sheet
at August 31, 1995...................................... 3
Unaudited Consolidated Statements of
Operations for the three and nine months
ended August 31, 1995 and August 31, 1994............... 5
Unaudited Consolidated Statements of Cash
Flows for nine months ended
August 31, 1995 and August 31, 1994..................... 6
Notes to Consolidated Financial Statements.............. 8
Item 2. Management's Discussion and Analysis
or Plan of Operation.................................... 9
PART II. Other Information....................................... 14
Item 6. Exhibits and Reports on Form 8-K
Signatures.............................................................. 15
2
<PAGE>
PART I-ITEM 1
NEWS COMMUNICATIONS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET AS OF AUGUST 31, 1995
(UNAUDITED)
Assets:
Current Assets:
Cash and Cash Equivalents $ 32,586
Accounts Receivable [Less: Allowance for
Doubtful Accounts of $1,068,307] 4,980,544
Due From Related Parties 76,266
Other Current Assets 374,975
---------
Total Current Assets 5,464,371
Property and Equipment at Cost- Net of
Accumulated Depreciation of $644,844 663,831
Goodwill - Net 3,699,030
Other Assets 169,884
---------
Total Assets $ 9,997,116
=========
3
<PAGE>
NEWS COMMUNICATIONS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET AS OF AUGUST 31, 1995
(UNAUDITED)
Liabilities and Stochholders' Equity:
Current Liabilities:
Accounts Payable $ 457,407
Accrued Expenses 697,509
Accrued Payroll and Payroll Taxes 357,252
Notes Payable - Bank 480,000
Other Current Liabilities 154,956
---------
Total Current Liabilities 2,147,124
Stockholders' Equity:
Preferred Stock, $1.00 Par Value; 500,000 Shares Authorized:
10% Convertible Preferred Stock, 1,250 Shares Authorized;
32 Issued and Outstanding, $500 Per Share Per Annum
Cumulative Dividends, $160,000 Liquidation Value $ 32
8% Convertible Preferred Stock, 500 Shares Authorized,
217 Issued and Outstanding, $80 Per Share Per Annum
Cumulative Dividends, $217,000 Liquidation Value 217
12% Convertible Preferred Stock, 200 Shares Authorized,
200 Issued and Outstanding, $120 Per Share Per Annum
Cumulative Dividends, $200,000 Liquidation Value 200
Common Stock, $.01 Par Value; Authorized 100,000,000
Shares; 7,934,376 Shares Issued 79,344
Paid-in-Capital Preferred Stock 519,873
Paid-in-Capital Common Stock 13,677,385
(Deficit) (6,018,330)
---------
Total $8,258,721
Less: Treasury Stock [151,000 Shares]-
At Cost (408,729)
---------
Total Stockholders' Equity 7,849,992
-----------
Total Liabilities and Stockholders' Equity $ 9,997,116
==========
4
<PAGE>
NEWS COMMUNICATIONS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
<TABLE>
<CAPTION>
Three Months Ended August 31, Nine Months Ended August 31,
----------------------------- ----------------------------
1995 1994 1995 1994
---- ---- ---- ----
Unaudited
<S> <C> <C> <C> <C>
Net Revenues $5,397,654 $3,928,040 $13,252,732 $9,185,739
--------- --------- ---------- ---------
Expenses:
Direct Mechanical Costs 1,942,749 1,344,106 4,824,076 3,013,444
Salaries, Benefits and
Outside Labor Costs 2,529,690 1,547,640 7,091,294 4,178,834
Rent, Occupancy & Utilities 232,017 140,408 619,679 367,210
Provisions for Doubtful Accounts 87,000 84,000 159,000 173,000
General and Administrative 527,734 354,359 1,659,468 1,011,701
--------- --------- --------- ---------
Total Expenses 5,319,190 3,470,513 14,353,517 8,744,189
--------- --------- ---------- ---------
Operating Income (Loss) Before Interest
Expense and Interest Income 78,464 457,527 (1,100,785) 441,550
Interest Expense (6,803) (13,339) (13,278) (69,829)
Interest Income 13 3,802 31,591 36,441
--------- -------- --------- --------
Net Income (Loss) $ 71,674 $ 447,990 $ (1,082,472) $ 408,162
========= ========= =========== =========
Net Income (Loss) Per Share $ .01 $ .06 $(.14) $ .06
========= ========= =========== =========
Weighted Average Shares
Outstanding 7,783,376 7,632,549 7,776,286 7,434,227
========= ========= =========== =========
</TABLE>
5
<PAGE>
NEWS COMMUNICATIONS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
<TABLE>
<CAPTION>
Nine Months Ended August 31,
1995 1994
---- ----
Unaudited
<S> <C> <C>
Operating Activities:
Net Income (Loss) $ (1,082,472) $ 408,162
----------- ---------
Adjustments to Reconcile Net
(Loss) to Net Cash Provided
by Operating Activities:
Depreciation and Amortization 373,077 257,558
Provision for Losses on Accounts
Receivable 159,000 173,000
Change in Assets and Liabilities:
(Increase) Decrease in Accounts
Receivable (1,375,859) (1,382,553)
(Increase) Decrease in Other Current
Assets (212,772) (702,988)
(Increase) Decrease in Due from Related Parties 3,856 --
Decrease (Increase) in Other Assets 23,153 (18,063)
(Increase) Decrease in Goodwill (24,033) --
Increase (Decrease) in Accounts Payable
and Accrued Expenses (255,951) 218,707
Increase (Decrease) in Payroll Taxes Payable 226,383 (79,409)
Increase (Decrease) in Other Current Liabilities 148,516 (67,314)
---------- ----------
Total Adjustments (934,630) (1,601,062)
---------- ----------
Net (Deficit) - Operating Activities - (2,017,102) (1,192,900)
Forward
</TABLE>
6
<PAGE>
NEWS COMMUNICATIONS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
<TABLE>
<CAPTION>
Nine Months Ended August 31,
1995 1994
---- ----
Unaudited
<S> <C> <C>
Net (Deficit) - Operating Activities -
Forwarded (2,017,102) (1,192,900)
========= =========
Investing Activities:
Purchase of the Nassau Newspapers -- (313,000)
Purchase of Brooklyn Skyline -- (25,000)
Purchase of Bronx Press Review -- (17,551)
Sale of Marketable Securities 924,633 --
Capital Expenditures (120,009) (136,583)
--------- ---------
Net Cash Provided (Used) by Investing Activities 804,624 (492,134)
--------- ---------
Financing Activities:
Principal Payments Long-Term Debt (75,747) (470,250)
Proceeds from Exercise of Warrants 9,216 2,055,709
Dividend on Preferred Stock (31,020) (31,020)
Proceeds from Notes Payable - Bank 480,000 --
Proceeds from Exercise of Stock Options 19,758 1,000
Payment of Notes Payable -- (81,254)
-------- ---------
Net Cash Provided by Financing Activities 402,207 1,474,185
-------- ---------
Net Increase (Decrease) in Cash (810,271) (210,849)
Cash - Beginning of Periods 842,857 2,832,858
---------- ---------
Cash - End of Periods $ 32,586 $2,622,009
========= =========
Supplemental Disclosures of Cash Flow Information:
Cash paid during the period for:
Interest $ 9,547 $ 10,754
Income Taxes -- --
</TABLE>
Supplemental Schedule of Non-Cash Investing and Financing Activities:
On August 18, 1994 the Company acquired certain assets of Brooklyn Skyline
Publications, Inc. ("Brooklyn Skyline"). The net purchase price consisted of
cash and stock valued at approximately $110,000. On December 9, 1993 the Company
acquired certain assets of Long Island News Group and MB Publishing Co.,
publishers of eight paid weekly newspapers in Nassau County, New York (the
"Nassau Newspapers"). The net purchase price consisted of cash and stock valued
at approximately $655,000. The cash portion ($313,000) was paid at the time of
acquisition with the stock to be issued in annual installments beginning in
December 1996.
7
<PAGE>
NEWS COMMUNICATIONS, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
A. Basis of Presentation:
The Consolidated Balance Sheet as of August 31, 1995 and the Consolidated
Statements of Operations for the three and nine-month periods ended August 31,
1995 and August 31, 1994, and the Consolidated Statements of Cash Flows have
been prepared by the company without audit. In the opinion of management, all
adjustments (which include only normal recurring adjustments) necessary to
present fairly the financial position, results of operations and cash flow have
been made. The results for the interim periods are not necessarily indicative of
the results for a full year.
Certain information and footnote disclosures normally included in financial
statements prepared in accordance with generally accepted accounting principles
have been consolidated or omitted. These consolidated financial statements
should be read in conjunction with the Company's annual report Form 10-KSB for
the fiscal year ended November 30, 1994 and the related audited financial
statements included therein.
B. Income/Loss per Share:
Loss per share is based on the weighted average number of shares outstanding
during the periods.
C. The results of operations for 1995 and 1994 been restated to reflect
additional expenses and loss.
8
<PAGE>
PART I-ITEM 2
NEWS COMMUNICATIONS, INC. AND SUBSIDIARIES
MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION
News Communications, Inc. publishes various weekly community newspapers and
related targeted audience publications.
The Company publishes the Dan's Papers, and the Montauk Pioneer, Our Town,
the Manhattan Spirit, the Chelsea Clinton News, and the Westsider, the Queens
Tribune, the Bronx Press Review, (and the Riverdale Review and Westchester
Lifestyles), the Nassau Newspapers, (including Lynbrook USA, Malverne Times,
Rockville Centre New & Owl, Valley Stream MAILeader, Independent Voice of Long
Beach, Oceanside & Island Park, Rockville CentreOceanside Beacon, Baldwin
Citizen, East Rockaway Observer, six editions of the Long Island Market and Long
Island Lifestyles) and the Brooklyn Skyline - all weekly regional newspapers.
The Company also publishes a monthly glossy magazine, Manhattan File, and The
Hill, a weekly newspaper devoted to coverage of the United States Congress. The
following table sets forth, for the periods indicated, certain information
relating to each of the Company's publications and to certain expenses incurred
by the parent company, News Communications, Inc. The numbers set forth below
reflect the operations of the following acquired or start-up publications from
the dates indicated: Bronx Press Review - December 1992; Nassau Newspapers -
December 1993; Brooklyn Skyline - August 1994; Manhattan File - August 1994; The
Hill - September 1994; Westside Publications - September 1994. The information
for the three and nine months ended August 31, 1995 and August 31, 1994 is
unaudited.
9
<PAGE>
<TABLE>
<CAPTION>
Three Months Ended August 31, Nine Months Ended August 31,
1995 (3) 1994 (3) 1995 (3) 1994 (3)
----- ----- ----- -----
Unaudited
<S> <C> <C> <C> <C> <C> <C>
Net Revenues:
Existing Publications:
Queens Tribune $ 820,876 $ 884,551 $2,320,369 $2,207,199
Dan's Papers 1,621,268 1,423,318 2,535,152 2,203,808
Manhattan Spirit 387,993 424,938 1,226,334 1,295,716
Our Town 348,883 392,495 1,136,363 1,185,317
The Bronx Press Review 257,748 231,309 731,827 750,611
Nassau Newspapers 619,948 559,536 1,722,871 1,531,195
--------- --------- --------- ---------
Total Net Revenues - Existing Publications 4,056,716 3,916,147 9,672,916 9,173,846
--------- --------- --------- ---------
Acquisitions and Start-ups:
The Hill 403,379 -- 1,019,990 --
Manhattan File 365,629 -- 1,041,547 --
Brooklyn Skyline 300,915 11,893 752,111 11,893
Westside Publications 271,015 -- 766,168 --
--------- -------- --------- ---------
Total Net Revenues Acquisitions and Start-ups 1,340,938 11,893 3,579,816 11,893
--------- --------- ---------- ---------
Total Net Revenues $5,397,654 $3,928,040 $13,252,732 $ 9,185,739
========= ========= ========== ==========
Income (Loss) Publications Before Goodwill:
Existing Publications:
Queens Tribune $ 81,579 $ 169,888 375,422 490,614
Dan's Papers 558,027 575,612 672,997 655,005
Manhattan Spirit (10,421) 16,693 10,102 53,871
Our Town 11,088 28,964 91,180 166,231
The Bronx Press Review (21,350) 9,657 (36,271) 61,442
Nassau Newspapers (14,439) (3,726) (199,570) (37,496)
--------- --------- ---------- ----------
Income - Existing Publications 604,484 797,088 913,860 1,389,667
--------- --------- ---------- ----------
Acquisitions and Start-ups:
The Hill (67,448) -- (407,556) --
Manhattan File (75,392) -- (320,323) --
Brooklyn Skyline (17,813) (670) (102,539) (670)
Westside Publications 13,237 -- 31,551 --
--------- --------- --------- ----------
Income (Loss) Acquisitions and Start-ups (147,416) (670) (798,867) (670)
--------- --------- --------- -------------
Income (Loss) - Publications $ 457,068 $ 796,418 $ 114,993 $1,388,997
========= ========= ========== ==========
Income (Loss) Publications After Goodwill (1):
Existing Publications:
Queens Tribune $ 54,862 $ 143,171 295,271 410,463
Dan's Papers 545,352 562,937 634,971 616,979
Manhattan Spirit (10,421) 16,693 10,102 53,871
Our Town (2,373) 15,503 50,797 125,849
The Bronx Press Review (24,912) 7,157 (46,956) 53,942
Nassau Newspapers (22,188) (11,226) (222,817) (59,996)
--------- -------- --------- ---------
Income - Existing Publications 540,320 734,235 721,368 1,201,108
--------- --------- --------- ---------
</TABLE>
10
<PAGE>
<TABLE>
<S> <C> <C> <C> <C>
Acquisitions and Start-ups:
The Hill (67,448) -- (407,556) --
Manhattan File (75,392) (670) (320,323) (670)
Brooklyn Skyline (19,207) -- (106,721) --
Westside Publications 9,976 -- 21,768 --
--------- -------- --------- ---------
Income (Loss) Acquisitions and Start-ups (152,071) (670) (812,832) (670)
--------- -------- --------- ---------
Income (Loss)-Publications $ 388,249 $ 733,565 $ (91,464) $1,200,438
========= ========= ========= =========
Parent Company Expenses:
Personnel, Rent, General and Administrative 309,785 279,840 1,009,322 797,077
Interest (2) 6,790 5,735 (18,314) (4,801)
--------- --------- --------- ---------
Total Parent Company Expenses 316,575 285,575 991,008 792,276
--------- --------- --------- ---------
Net Income (Loss) $ 71,674 $ 447,990 $(1,082,472) $ 408,162
========= ========= ========== =========
</TABLE>
(1) Reflects expense for amortization of goodwill by publication as follows:
<TABLE>
<CAPTION>
Three Months Ended August 31, Nine Months Ended August 31,
1995 1994 1995 1994
---- ---- ---- ----
<S> <C> <C> <C> <C>
Queens Tribune $26,717 $26,717 $80,151 $ 80,151
Dan's Papers 12,675 12,675 38,026 38,026
Our Town 13,461 13,461 40,383 40,383
The Bronx Press Review 3,562 2,500 10,685 7,500
Nassau Newspapers 7,749 7,500 23,247 22,500
Brooklyn Skyline 1,394 -- 4,182 --
Westside Publications 3,261 -- 9,783 --
------ ------ ------- ------
$68,819 $62,853 $206,457 $188,560
====== ====== ======= =======
</TABLE>
(2) Net of interest income of $13 and $3,802 for the three months ended August
31, 1995 and 1994 respectively and $31,592 and $38,189 for the nine months
ended August 31, 1995 and 1994 respectively.
(3) The results of operations for 1995 and 1994 have been restated to reflect
additional expenses and loss.
Results of Operations:
The following discussion compares results of operations for the three months
ended and nine months ended August 31, 1995 and August 31, 1994.
Three Months Ended August 31, 1995 and August 31, 1994
Net Revenues:
Total revenues from existing publications were up almost 4%. The Queens
Tribune had a decrease of 7% due to the "Official Guide to Queens" being
11
<PAGE>
published in the fourth quarter of this year as compared to the third quarter
last year and a reduction in political printing, offset by a ditional revenues
from its new "Bayside Trib at Home" edition. The addition of Long Island
Lifestyles, a four color lifestyle section which is included in all the existing
Nassau Newspapers publications has enabled advertisers to make an effective
regional buy and helped increase revenues for the Nassau Newspapers by 11%.
Dan's Papers has continued to expand its geographic base to the North Fork of
Long Island and further west in the Hamptons, increasing its revenues by 14%.
There were decreases in revenues at both the Manhattan Spirit (8%) and Our Town
(11%), attributed in part to a change in sales management and a shift away from
lower margin sales. The Bronx Press Review revenues were up by 11% as a result
of increased sales efforts. The additional revenues generated by the
acquisitions and start-ups has brought the total revenues for the quarter to
almost $5,400,000, an increase of 37%.
Income (Loss) - Publications:
The dec ease in income for the Queens Tribune is attributed to the
shifting of its "Official Guide to Queens" to the fourth quarter, and start-up
costs related to the expansion with the "Bayside Trib at Home" edition. Dan's
Papers income had a small decrease as a result of the increase in revenues
offset by increased printing costs. The Bronx Press Review had a loss compared
to last year as a result of a change in management, repositioning it for growth.
Nassau Newspapers had an increased loss as a result of its expansion with Long
Island Lifestyles. The loss for Manhattan Spirit and the decrease in income for
Our Town were a result of lower sales and increased print costs. Acquisitions
and start-ups continued their move towards profitability. As newsprint prices
have continued increasing, the Company has been engaging in ongoing negotiations
with paper suppliers and reviewing contracts with printers which has enabled it
to continue to mitigate the effect on profits. The Company is continuing to
focus on increasing sales and controlling costs.
Parent Company Expenses:
The increase in parent company expenses of 11% was primarily a result of
increased rent and personnel costs required for the continuing corporate growth
and expansion.
Nine Months Ended August 31, 1995 and August 31, 1994
Net Revenues:
Total revenues from existing publications were up over 5%. The addi ion
of Long Island Lifestyles, a four color lifestyle section which is included in
all the existing Nassau Newspapers publications has enabled advertisers to make
12
<PAGE>
an effective regional buy and helped increase revenues for the Nassau Newspapers
by 13%. The Queens Tribune has expanded with an edition in the affluent Bayside
section of Queens and will be realizing additional revenues in future periods.
Dan's Papers has continued to expand its geographic base to the North Fork of
Long Island and further west in the Hamptons, increasing its revenues by 15%.
The additional revenues generated by the acquisitions and start-ups has brought
the total revenues for the six months to over $13,000,000, an increase of 44%.
Income (Loss) - Publications:
Dan's Papers had an increase of 3% as a result of the increase in
revenues and tighter financial controls. The Bronx Press Review had a loss
compared to a profit last year as a result of the sale of its buildi g last
year. The increase in sales for Nassau Newspapers was offset by start-up costs
related to its expansion with Long Island Lifestyles resulted in an increased
loss. The decrease income for the Queens Tribune is attributed to the shifting
of its "Official Guide to Queens" to the fourth quarter, and start-up costs
related to the expansion with the "Bayside Trib at Home" edition. The decrease
in income for Our Town and Manhattan Spirit were a result of lower sales and
increased print costs. As newsprint prices have increased, the Company continues
to engage in ongoing negotiations with paper suppliers and review contracts with
printers in order to continue to mitigate the effect on profits. The Company is
continuing to focus on increasing sales and controlling costs.
Parent Company Expenses:
The increase in parent company expenses of 24% was primarily a result of
increased rent and personnel costs required for the continuing corpor te growth
and expansion.
Liquidity and Capital Resources:
At August 31, 1995, the Company had an excess of current assets over
current liabilities in the amount of approximately $3,317,000. In January 1995,
$85,000 was used to pay notes and accrued interest incurr d with the acquisition
of the Bronx Press Review. In May 1995 the Company obtained a $500,000 working
capital line of credit, from a bank, to be used to offset seasonal fluctuations
in cashflow.
Although there can be no assurance, management believes that the Company's
operation will generate positive cash flow for the fiscal year ending November
30, 1995. It is the opinion of management that the line of credit and cash on
hand from operations are expected to be sufficient to meet the Company's cash
needs on an ongoing basis.
13
<PAGE>
Part II. OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K
A. Exhibits - None
B. Reports on Form 8-K - None
14
<PAGE>
SIGNATURES
In accordance with the requirements of the Exchange Act, the registrant caused
th s report to be signed on its behalf by the undersigned, thereunto duly
authorized.
NEWS COMMUNICATIONS, INC.
(Registrant)
Date: August 11, 1996 By: /s/ Michael Schenkler
----------------------------
Michael Schenkler, President
Date: August 11, 1996 By: /s/ Robert Berkowitz
----------------------------
Robert Berkowitz, Controller
15
<PAGE>
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> NOV-30-1995
<PERIOD-END> AUG-31-1995
<CASH> 32,586
<SECURITIES> 0
<RECEIVABLES> 6,048,851
<ALLOWANCES> 1,068,307
<INVENTORY> 0
<CURRENT-ASSETS> 5,464,371
<PP&E> 1,308,675
<DEPRECIATION> 644,844
<TOTAL-ASSETS> 9,997,116
<CURRENT-LIABILITIES> 2,147,124
<BONDS> 0
<COMMON> 79,344
0
449
<OTHER-SE> 7,709,199
<TOTAL-LIABILITY-AND-EQUITY> 9,997,116
<SALES> 13,252,732
<TOTAL-REVENUES> 13,252,732
<CGS> 0
<TOTAL-COSTS> 14,353,517
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> (13,278)
<INCOME-PRETAX> (1,082,472)
<INCOME-TAX> 0
<INCOME-CONTINUING> (1,082,472)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (1,082,472)
<EPS-PRIMARY> (.14)
<EPS-DILUTED> (.14)
</TABLE>
