UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarter Ended Commission File No.
June 30, 1997 0-15443
THERAGENICS CORPORATION
(Exact name of registrant as specified in its charter)
Delaware 58-1528626
(State of incorporation) (I.R.S. Employer Identification Number)
5325 Oakbrook Parkway
Norcross, Georgia 30093
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (770) 381-8338
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
As of August 11, 1997 the aggregate market value of the common stock of the
registrant held by non-affiliates of the registrant as determined by reference
to the closing price of Common Stock as reported on the Nasdaq National Market
System, was $399,806,904. As of August 11, 1997 the number of shares of common
stock, $.01 par value, outstanding was 14,407,456.
<PAGE>
THERAGENICS CORPORATION
TABLE OF CONTENTS
PART I - FINANCIAL INFORMATION:
ITEM 1. FINANCIAL STATEMENTS Page No.
Balance Sheets - December 31, 1996 and June 30, 1997
(unaudited)........................................... 3
Statements of Earnings for the Three Months and Six
Months Ended June 30, 1996 and 1997 (unaudited)...... 5
Statements of Cash Flows for the Three Months and Six
Months Ended June 30, 1996 and 1997 (unaudited)...... 6
Statements of Changes in Stockholders' Equity for the
Three Months and Six Months Ended June 30, 1997
(unaudited).......................................... 7
Notes to Financial Statements........................ 9
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS.................................. 11
PART II - OTHER INFORMATION
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K..................... 15
SIGNATURE........................................................... 16
<PAGE>
<TABLE>
PART I - FINANCIAL INFORMATION
Item 1. - Financial Statements
--------------------
THERAGENICS CORPORATION
BALANCE SHEETS
DECEMBER 31, 1996 AND June 30, 1997
ASSETS
<CAPTION>
December 31, June 30,
1996 1997
------------ ------------
(Unaudited)
<S> <C> <C>
CURRENT ASSETS
Cash and short-term investments $ 2,986,123 $ 36,342,099
Trade accounts receivable 2,258,936 4,384,588
Inventories 229,298 413,228
Prepaid expenses and other current assets 133,625 195,433
TOTAL CURRENT ASSETS ------------ ------------
5,607,982 41,335,348
PROPERTY AND EQUIPMENT
Building 3,333,728 3,333,728
Leasehold improvement 138,978 138,978
Machinery and equipment 11,522,064 14,614,660
Office furniture and equipment 65,057 69,057
------------ ------------
15,059,827 18,156,423
Less accumulated depreciation
and amortization (3,237,684) ( 4,007,183)
------------ ------------
11,822,143 14,149,240
------------ ------------
Land 525,372 525,372
Construction in progress 5,238,056 6,604,662
------------ ------------
TOTAL PROPERTY & EQUIPMENT 17,585,571 21,279,274
OTHER ASSETS
Deferred tax asset 360,000 --
Patent Costs
Patent costs 80,685 76,260
Other 55,183 6,424
------------ ------------
TOTAL OTHER ASSETS 495,868 82,684
------------ ------------
TOTAL ASSETS $ 23,689,421 $ 62,697,306
============ ============
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
THERAGENICS CORPORATION
BALANCE SHEETS
(Continued)
DECEMBER 31, 1996 AND JUNE 30, 1997
LIABILITIES AND STOCKHOLDERS' EQUITY
December 31, June 30,
1996 1997
-------------- --------------
(Unaudited)
<S> <C> <C>
CURRENT LIABILITIES:
Current portion of long term debt $ 3,458,436 $ --
Trade accounts payable
Trade accounts payable 330,375 772,895
Accrued salaries, wages, and payroll taxes 459,421 386,319
Income taxes payable -- 732,126
Other current liabilities 56,677 229,779
------------ ------------
TOTAL CURRENT LIABILITIES 4,304,909 2,121,119
DEFERRED INCOME TAX -- 535,000
STOCKHOLDERS' EQUITY:
Common stock, $.01 par value,
50,000,000 shares authorized; 11,814,278
and 14,399,456 shares had been issued
as of December 31, 1996 and June 30, 1997,
respectively. 118,143 143,994
Additional paid-in capital 17,616,560 54,956,058
Retained earnings 1,649,809 4,941,135
------------ ------------
TOTAL STOCKHOLDERS' EQUITY 19,384,512 60,041,187
------------ ------------
TOTAL LIABILITIES/STOCKHOLDERS' EQUITY $ 23,689,421 $ 62,697,306
============ ============
</TABLE>
The accompanying notes are an integral part of these statements.
<PAGE>
<TABLE>
<CAPTION>
THERAGENICS CORPORATION
STATEMENTS OF EARNINGS
FOR THE THREE MONTHS AND SIX MONTHS ENDED JUNE 30, 1996 AND 1997
(Unaudited)
Three Months Six Months
Ended June 30 Ended June 30
------------------------------------- -------------------------------------
1996 1997 1996 1997
------------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
REVENUES:
Sales.......................... $ 2,726,535 $ 6,147,499 $ 5,423,569 $ 10,229,857
Licensing fee.................. -- 25,000 101,322 50,000
----------- ----------- ----------- -----------
2,726,535 6,172,499 5,524,891 10,279,857
COSTS & EXPENSES:
Cost of sales............... 886,988 1,559,340 1,640,611 2,704,701
Selling, general and
administrative............ 770,828 1,390,978 1,463,600 2,576,106
Research and development 1,085 30,112 2,174 34,477
----------- ----------- ----------- -----------
1,658,901 2,980,430 3,106,385 5,315,284
OTHER INCOME (EXPENSE):
Interest income............. 34,262 381,488 72,157 394,719
Interest expense............ ( 9,580) ( 7,992) (12,669) (14,621)
Other....................... 908 (45,676) ( 7,065) (36,081)
----------- ----------- ----------- -----------
25,590 327,820 52,423 344,017
NET EARNINGS BEFORE
INCOME TAXES.................. $ 1,093,224 $ 3,519,889 2,470,929 5,308,590
Income tax expense............. 415,425 1,337,558 938,953 2,017,264
----------- ----------- ----------- -----------
NET EARNINGS................... $ 677,799 $ 2,182,331 $ 1,531,976 $ 3,291,326
=========== =========== =========== ===========
NET EARNINGS PER COMMON SHARE
(Note B)....................... $ .06 $ .15 $ .13 $ .24
=========== =========== =========== ===========
WEIGHTED AVERAGE SHARES 12,203,945 14,762,729 12,170,261 13,586,435
=========== =========== =========== ===========
</TABLE>
The accompanying notes are an integral part of these statements.
<PAGE>
<TABLE>
<CAPTION>
THERAGENICS CORPORATION
STATEMENTS OF CASH FLOWS
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 1996 AND 1997
(Unaudited)
Three Months Six Months
Ended June 30 Ended June 30
1996 1997 1996 1997
---------------- ---------------- ---------------- ----------------
<S> <C> <C> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net earnings....................................... $ 677,799 $ 2,182,332 $ 1,531,976 $ 3,291,326
Adjustments to reconcile net earnings
to net cash provided by operating
activities:
Depreciation and amortization.................... 227,053 425,478 444,618 773,924
Changes in assets and liabilities:
Accounts receivable.............................. 107,987 (1,639,921) (397,415) (2,125,652)
Inventories...................................... ( 39,085) ( 100,435) ( 692) ( 183,930)
Prepaid expenses and other current assets........ 63,443 4,687 ( 42,179) ( 61,808)
Deferred tax asset............................... ( 93,443) -- 426,067 360,000
Other assets..................................... 538 -- ( 3,729) --
Trade accounts payable........................... 310,038 179,961 356,460 442,520
Accrued salaries, wages and payroll taxes........ 89,574 223,369 4,960 ( 73,102)
Income taxes payable............................. -- 662,558 -- 732,126
Other current liabilities........................ 11,090 59,021 24,653 173,102
Deferred tax liability........................... -- 535,000 -- 535,000
---------- ---------- ---------- ----------
Total Adjustments 677,195 349,718 812,743 572,180
---------- ---------- ---------- ----------
Net cash provided by
operating activities........................ 1,354,994 2,532,050 2,344,719 3,863,506
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases and construction of property
and equipment.................................. (1,912,690) (1,077,414) (3,716,749) (4,463,202)
---------- ---------- ---------- ----------
Net cash used by investing
activities.................................. (1,912,690) (1,077,414) (3,716,749) (4,463,202)
</TABLE>
<PAGE>
<TABLE>
<S> <C> <C> <C> <C>
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayment of term loan ........................... ( 126,246) -- ( 250,205) --
Net borrowing (repayment) of revolving line
of credit....................................... -- (5,626,267) -- (3,458,436)
Exercise of stock options and warrants (net)...... 669,290 1,500 844,389 348,051
Secondary Stock Offering (net).................... -- 32,155,201 -- 32,017,298
Stock purchased for Marketing & Sales Agreement -- 5,000,000 -- 5,000,000
with Indigo Medical, Inc.(Johnson & Johnson
Development Corp.)..............................
Debt issue costs.................................. -- 50,889 -- 48,759
---------- ---------- ---------- ----------
Net cash (used) provided by
financing activities........................ 543,044 31,581,323 594,184 33,955,672
NET INCREASE (DECREASE) IN CASH AND
SHORT-TERM INVESTMENTS............................ ( 14,652) 33,035,959 ( 777,846) 33,355,976
CASH AND SHORT-TERM INVESTMENTS AT
BEGINNING OF PERIOD............................... 2,503,144 3,306,140 3,266,338 2,986,123
---------- ---------- ---------- ----------
CASH AND SHORT-TERM INVESTMENTS AT
END OF PERIOD..................................... $ 2,488,492 $ 36,342,099 $ 2,488,492 $ 36,342,099
========== ========== ========== ==========
</TABLE>
The accompanying notes are an integral part of these statements.
<PAGE>
<TABLE>
THERAGENICS CORPORATION
STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY
FOR THE SIX MONTHS ENDED JUNE 30, 1997
(Unaudited)
Common Stock
------------------------- Additional
Number of Par Value Paid-in Retained
shares $.01 Capital Earnings Total
------------ ------------ ------------- ------------- -------------
<S> <C> <C> <C> <C> <C>
BALANCE, December 31, 1996........ 11,814,278 $ 118,143 $ 17,616,560 $ 1,649,809 $ 19,384,512
Exercise of stock options........ 30,725 307 97,605 97,912
Secondary Stock Offering (net)... 2,300,000 23,000 31,994,298 32,017,298
Johnson & Johnson Development
Corp. stock purchase........... 254,453 2,544 4,997,456 5,000,000
Income tax benefit from stock
options exercised............... 250,139 250,139
Net earnings for the period...... 3,291,326 3,291,326
BALANCE, June 30, 1997............ 14,399,456 $ 143,994 $54,956,058 $ 4,941,135 $ 60,041,187
</TABLE>
The accompanying notes are an integral part of these statements.
<PAGE>
THERAGENICS CORPORATION
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 1997
(Unaudited)
NOTE A - BASIS OF PRESENTATION
The interim financial statements included herein have been prepared by the
Company without audit. These statements reflect all adjustments which are, in
the opinion of management, necessary to present fairly the financial position as
of June 30, 1997, and the results of operations, cash flows, and changes in
shareholders equity for the three and six months ended June 30, 1997. All such
adjustments are of a normal recurring nature. Certain information and footnote
disclosures normally included in financial statements prepared in accordance
with generally accepted accounting principles have been condensed or omitted.
The Company believes that the disclosures are adequate to make the information
presented not misleading. It is suggested that these financial statements and
notes be read in conjunction with the audited financial statements and notes for
the year ended December 31, 1996, included in the Form 10-K filed by the
Company.
NOTE B - NEW ACCOUNTING PRONOUNCEMENT
The FASB (Financial Accounting Standards Board) has issued Statement of
Financial Accounting Standards No. 128, Earnings Per Share, which is effective
for financial statements issued after December 15, 1997. Early adoption of the
new standard is not permitted. The new standard eliminates primary and fully
diluted earnings per share and requires presentation of basic and diluted
earnings per share together with disclosure of how the per share amounts were
computed. The adoption of this new standard is not expected to have a material
impact on the disclosure of earnings per share in the financial statements.
NOTE C - HEDGING ACTIVITIES
The Company enters into foreign exchange forward contracts to hedge the price
risks associated with equipment purchase commitments denominated in foreign
currencies. These contracts reduce currency risk from exchange rate movements.
The company does not hold foreign exchange forward contracts for trading
purposes. Gains and losses are deferred and accounted for as part of the
underlying transaction. Deferred gains and losses were not significant at June
30, 1997.
<PAGE>
NOTE D - AGREEMENT WITH INDIGO MEDICAL, INC.
On May 30, 1997, the Company reached an agreement with Indigo Medical, Inc.
(Indigo), a subsidiary of Johnson & Johnson, granting Indigo the exclusive
worldwide right to market and sell Theraseed(R) for the treatment of prostate
cancer for a period of seven years with a provision for successive three year
renewals. Commencing with this transition, all Theraseed(R) products used for
the treatment of prostate cancer will be sold to Indigo.
<PAGE>
Item 2. - Management's Discussion and Analysis of
---------------------------------------
Financial Condition and Results of Operations
---------------------------------------------
Results of Operations
Revenues - Revenues for the quarter were up 126% over the second quarter of 1997
contributing to Y-T-D revenues ($10,279,857) being 86% higher than the first six
months of last year. As in the first quarter of this year, the increase can be
primarily attributed to an increase in the number of TheraSeed(R) procedures
being performed for the treatment of prostate cancer. Second quarter revenues
also increased as a result of a twenty-one percent price increase per seed in
May of 1997. Manufacturing continued to provide a consistent flow of product to
make the sales gains possible.
The Company's net profit improved 222% to $2,182,331 or $.15 per share in
the second quarter of 1997, from $677,799 or $.06 per share for the same period
in 1996. Y-T-D profits grew 115% to $3,291,326 from $1,531,976 with earnings per
share of $.24 versus $.13.
On May 30, 1997, the Company reached an agreement with Indigo Medical Inc., a
Johnson & Johnson subsidiary, granting Indigo the exclusive worldwide right to
market and sell TheraSeed(R) for the treatment of prostate cancer. Management
believes that as a result of this agreement; i)future margins will be
temporarily depressed because the Theraseed(R) transfer price to Indigo will
be less than the $38 per seed price for Theraseed(R) charged prior to the
recent price increase, ii)as production capacity is added Indigo will be able to
increase sales beyond that which Theragenics could accomplish on its own, iii)
Theragenics will be able to avoid making the large investment in building a
sales, training and marketing organization necessary if Theragenics were to try
to continue to market Theraseed(R) independently and iv)ultimately by
leveraging Johnson & Johnson's marketing muscle and international presence,
Theragenics will be able to generate higher sales and profits than it could
independently. Transition of sales and marketing responsibility to Indigo
occurred in July at which time Theragenics began selling Theraseed(R) for
prostate cancer to Indigo and Indigo in turn began selling to the end user.
Cost and Expenses - Cost of sales for the second quarter of 1997 increased over
the second quarter of 1996 by $672,332 primarily due to costs associated with
the 126% increase in sales. Year to date 1997 cost of sales increased almost 65%
or $1,064,090 over the same period last year reflecting the 86% increase in
sales for the same period and the increase in the Company's fixed cost base as a
cyclotron was added in the first quarter.
<PAGE>
S,G&A expenses for the second quarter of 1997 increased 80% or $620,150 over
S,G&A expenses for the second quarter of 1996. As the number of employees grew
to support overall increases in the scope of the Company's operations and
efforts to attract and retain qualified employees continued, compensation levels
and related expenses increased. These expenses accounted for an increase of
approximately $219,000 for the second quarter of 1997 compared to the same
period in 1996 and a $431,000 increase for 1997 Y-T-D versus 1996 Y-T-D. As a
result of negotiations on the sales and marketing agreement with the Johnson &
Johnson subsidiary, Indigo Medical, Inc., legal and other professional fees
increased by approximately $259,000 in the second quarter 1997 versus 1996 while
1997 Y-T-D spending increased $412,000 over 1996 Y-T-D. Due to the nature of
these expenses, however, these charges will be non-recurring. In a direct
relationship to the increasing number of shareholders eligible to vote at
Theragenics' annual meeting, costs for annual meeting materials and mailing
increased by $69,000 for second quarter 1997 over second quarter 1996. Insurance
premiums and property taxes increased by $32,000 in second quarter 1997 versus
second quarter 1996 and $65,000 for 1997 Y-T-D over 1996 Y-T-D reflecting the
higher asset values of the Company to be insured and taxed. Other S,G&A expenses
increased a net of approximately $40,000 for 1997 second quarter over 1996
second quarter and $75,000 for 1997 Y-T-D over 1996 Y-T-D in response to the
volume increase of workload associated with increased sales.
Investments in research and development increased approximately $32,000 in 1997
over the same six month period in 1996. As the Company grows, the Company
expects to continue to increase investments in research and development to
improve existing processes and explore other areas of opportunity.
Increases in other income and expense for the second quarter of 1997 and year to
date 1997 reflect interest received from short term investments.
Liquidity and Capital Resources
The Company had cash, cash equivalents and short-term investments of $36.3
million on June 30, 1997 compared to $3.0 million on December 31, 1996.
Operations generated $3.9 million in cash. The following items contributed to
this increase. Net earnings accounted for $3.3 million supplemented by the
utilization of the $360,000 deferred tax asset, the recognition of a deferred
tax liability of $535,000 and the accounting for the current income tax payable
at $732,126. In addition, non-cash depreciation expense was $773,924, trade
accounts payable increased by $442,520 and other current liabilities increased
by $173,126. This was primarily offset by a $2 million increase in accounts
receivable and small inventory and prepaid expense increases and payment of
accrued salaries.
During the first half of 1997, the Company used $4.5 million for progress
payments on the Company's current capacity expansion project. This expansion
project, which management now estimates will cost approximately $22 million,
includes a manufacturing facility and four cyclotrons. Spending on the project
to date has been approximately $6.2 million.
Early in the second quarter the entire outstanding amount, $3.5 million, from
Theragenics' credit facility was repaid effectively closing the credit facility.
Consequently, all remaining lump sum issue costs (approximately $51,000) related
to the credit facility that were to be amortized over the life of the loan were
expensed in the second quarter.
Early in the second quarter, the Company completed a underwritten public
offering of 2,300,000 shares of common stock generating approximately $32.1
million in net proceeds to the Company after commissions and other expenses. The
Company has utilized and will continue to utilize the proceeds for the capacity
expansion project mentioned previously. The Company has and will continue to
invest unused portions of the proceeds in short-term, liquid, investment grade
instruments, certificates of deposit or direct or guaranteed obligations of the
United States or its agencies. Exercise of options and warrants generated an
additional $.3 million for the Company in the first six month of 1997.
In connection with the definitive sales and marketing agreement between
Theragenics and Indigo, Johnson & Johnson, through the Johnson & Johnson
Development Corporation, also acquired 254,453 shares of Theragenics common
stock through a private placement for an aggregate purchase price of $5.0
million. The share price was established by averaging the average of the high
and low daily sales prices of Theragenics common stock over the 20 trading days
prior to issuance.
Management believes existing cash and short-term investments together with funds
generated from operations will be sufficient to meet the Company's operating
requirements through 1998. In the event additional financing becomes necessary,
management may choose to raise those funds through other forms of financing as
appropriate.
This document contains certain forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995 including, without
limitation, statements regarding possible benefits associated with the alliance
with Indigo Medical Inc., future costs of sales, S,G&A expenses, research and
development, costs of capacity expansion and the sufficiency of the Company's
liquidity and capital resources. From time to time, the Company may also make
other forward-looking statements relating to such matters as well as anticipated
financial performance, business prospects, technological developments, research
and development activities and similar matters. These forward-looking statements
<PAGE>
are subject to certain risks, uncertainties and other factors which could cause
actual results to differ materially from those anticipated, including risks
associated with the management of growth, government regulation of the
therapeutic radiological pharmaceutical and device business, dependence on
health care professionals, and competition from conventional and newly developed
methods of treating localized cancer.
<PAGE>
PART II - OTHER INFORMATION
Item 2.- Changes in Securities
On May 30, 1997, the Company issued 254,453 shares of common stock
to Johnson & Johnson Development Corporation for proceeds of $5.0 million to the
Company in reliance upon the exemption from the registration requirements of the
Securities Act of 1933 provided by Section 4(2) thereof.
Item 4.- Submission of Matters to a Vote of Security Holders
(a) The annual meeting of shareholders was held June 6, 1997;
(b) Charles M. Klimkowski and Otis W. Brawley, M.D. were reelected to
the board of directors and will each serve for a three-year term.
Mr. Klimkowski received 11,132,885 votes for his election and
35,747 votes withheld authority. Dr. Brawley received 11,132,815
votes for his election and 35,817 votes withheld authority.
The appointment of Grant Thornton as independent accountants for
the Company for the fiscal year ending December 31, 1997, was
ratified and approved by a vote of 11,107,586 shares for and 26,475
shares against, with 34,571 shares abstaining from voting.
An amendment to the Company's 1995 Stock Option Plan to limit
individual annual awards thereunder was approved by a vote of
10,766,717 shares for and 307,884 shares against, with 94,031
shares abstaining.
The Company's 1997 Stock Incentive Plan was approved by a vote of
10,476,878 shares for and 590,781 shares against, with 100,973
shares abstaining.
Item 6.- Exhibits and Reports on Form 8-K
(a) Exhibit 27 - Financial Data Schedule
(b) Reports on Form 8-K.
No reports on Form 8-K were filed during the quarter ended
June 30, 1997
<PAGE>
SIGNATURE
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.
REGISTRANT:
THERAGENICS CORPORATION
By: /s/ M. Christine Jacobs
----------------------------
M. Christine Jacobs
President
/s/ Bruce W. Smith
----------------------------
Bruce W. Smith
Treasurer and
Chief Financial Officer
Dated: August 15, 1997
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> JUN-30-1997
<CASH> $ 36,342,099
<SECURITIES> 0
<RECEIVABLES> 4,428,877
<ALLOWANCES> (44,289)
<INVENTORY> 413,228
<CURRENT-ASSETS> 41,335,348
<PP&E> 25,286,457
<DEPRECIATION> 4,007,183
<TOTAL-ASSETS> 62,697,306
<CURRENT-LIABILITIES> 2,121,119
<BONDS> 0
0
0
<COMMON> 143,994
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 62,697,306
<SALES> 10,279,857
<TOTAL-REVENUES> 10,279,857
<CGS> 2,704,701
<TOTAL-COSTS> 5,315,284
<OTHER-EXPENSES> 344,017
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 14,621
<INCOME-PRETAX> 5,308,590
<INCOME-TAX> 2,017,264
<INCOME-CONTINUING> 3,291,326
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 3,291,326
<EPS-PRIMARY> .24
<EPS-DILUTED> .24
</TABLE>
