<PAGE>
<PAGE> FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
(Mark One)
[x] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 1994
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d)
SECURITIES EXCHANGE ACT OF 1934
Commission file number: 1-9934
ICN BIOMEDICALS, INC.
------------------------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 33-0004340
------------------------------ ----------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification)
3300 Hyland Avenue
Costa Mesa, California 92626
----------------------------------------
(Address of principal executive offices)
714 545-0100
----------------------------------------------------
(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 90 days.
Yes [ X ] No [ ]
The number of outstanding shares of the Company's Common Stock, $.01 Par
value, as of August 10, 1994 was 9,033,873.
<PAGE>
<PAGE> ICN BIOMEDICALS, INC.
INDEX
PART I -- FINANCIAL INFORMATION
Page
Number
------
Financial Information (unaudited):
Consolidated Condensed Balance Sheets -
June 30, 1994 and December 31, 1993 3
Consolidated Condensed Statements of Operations -
For the three and six months ended June 30, 1994 and 1993 4
Consolidated Condensed Statements of Cash Flows -
For the six months ended June 30, 1994 and 1993 5
Management's Statement Regarding Unaudited Consolidated
Condensed Financial Statements 6
Notes to Consolidated Condensed Financial Statements 6
Management's Discussion and Analysis of Financial
Condition and Results of Operations 10
PART II -- OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K 13
SIGNATURES OF REGISTRANT 14
<PAGE>
<PAGE>3
ICN BIOMEDICALS, INC.
CONSOLIDATED CONDENSED BALANCE SHEETS
June 30, 1994 and December 31, 1993
(Unaudited - 000's omitted except for per share amounts)
<TABLE>
<CAPTION> ASSETS
<S> <C> <C>
June 30, December 31,
1994 1993
--------- ------------
Current assets:
Cash and cash equivalents $ 850 $ 509
Restricted cash -- 256
Receivables, net 13,173 11,574
Inventories, net 15,473 15,601
Prepaid expenses and other current assets 2,602 3,241
-------- --------
Total current assets 32,098 31,181
Property, plant and equipment, net 15,388 15,728
Other assets and deferred charges 2,305 2,342
Excess of cost over net assets
of purchased businesses, net 2,404 2,580
-------- --------
Total Assets $ 52,195 $ 51,831
======== ========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Notes payable $ 1,845 $ 1,926
Current maturities of capital lease
obligations and long-term debt 1,254 1,379
Accounts payable and accrued liabilities 15,340 17,120
-------- ---------
Total current liabilities 18,439 20,425
Long-term debt and capital lease obligations 10,768 10,567
Deferred income taxes and other liabilities 2,339 2,266
Payable to ICN 7,738 5,932
Stockholders' equity:
Preferred stock, $.01 par value:
1,000,000 shares authorized; issued:
Series A, 300,000 shares ($30,000,000
involuntary liquidation preference) 3 3
Series B, 390,000 shares ($39,000,000
involuntary liquidation preference) 4 4
Common Stock, $.01 par value:
30,000,000 shares authorized;
9,033,873 shares issued and outstanding at
June 30, 1994 and December 31, 1993,
respectively. 90 90
Additional capital: Preferred 61,928 61,928
Additional capital: Common 43,072 43,072
Deficit (88,875) (89,540)
Foreign currency translation adjustments (3,311) (2,916)
-------- --------
Total stockholders' equity 12,911 12,641
-------- --------
$ 52,195 $ 51,831
======== ========
The accompanying notes are an integral part of these consolidated
condensed financial statements.
</TABLE> <PAGE>
<PAGE>4
ICN BIOMEDICALS, INC.
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
For the three and six months ended June 30, 1994 and 1993
(Unaudited - 000's omitted except for per share amounts)
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
Three months ended Six months ended
--------------------- --------------------
June 30, June 30,
1994 1993 1994 1993
-------- -------- -------- --------
Net sales $ 15,171 $ 15,415 $ 30,658 $ 31,224
Cost of sales 6,660 6,957 13,500 14,333
-------- -------- -------- -------
Gross profit 8,511 8,458 17,158 16,891
Selling, general and
administrative expenses 6,848 6,745 13,750 13,277
Interest expense, net 580 532 1,066 1,266
Foreign currency
transaction losses (gains) 389 (106) 802 (328)
Other (income) expense, net 247 (1,597) 592 (1,259)
-------- -------- ------- -------
Income before provision
for income taxes and
extraordinary income 447 2,884 948 3,935
Provision (benefit) for
income taxes (89) 127 (102) 162
-------- ------- ------- -------
Income before extra-
ordinary income 536 2,757 1,050 3,773
Extraordinary income -- 627 -- 627
-------- ------- ------- -------
Net income $ 536 3,384 1,050 4,400
======== ======= ======= =======
Per share information:
Income before extra-
ordinary income $ .06 $ .12 $ .12 $ .17
Extraordinary income - .03 -- .03
======== ======== ======= =======
Net income $ .06 $ .15 $ .12 $ .20
======== ======== ======= =======
Shares used in computing per
share information 9,061 22,461 9,128 22,440
======== ======= ======= =======
Dividends per common share $ -- $ .0425 $ -- $ .085
======== ======== ====== =======
The accompanying notes are an integral part of these consolidated
condensed financial statements.
/TABLE
<PAGE>
<PAGE>5
ICN BIOMEDICALS, INC.
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
For the six months ended June 30, 1994 and 1993
(Unaudited - 000's omitted)
<TABLE>
<CAPTION>
<S> <C> <C>
June 30, June 30,
1994 1993
--------- ---------
Cash flows from operating activities:
Net income $ 1,050 $ 4,400
Adjustments to net income:
Depreciation and amortization 1,629 1,518
Foreign currency transaction losses (gains) 802 (328)
Gain on sale of assets held for disposition -- (278)
Gain on settlement of certain leasing contracts -- (938)
Extraordinary income -- (627)
Change in assets and liabilities, net (4,059) (9,249)
--------- ---------
Net cash used in operations (578) (5,502)
--------- ---------
Cash flows from investing activities:
Capital expenditures (300) (610)
Proceeds from sale of asset held
for disposition -- 4,543
Other, net -- 65
--------- ---------
Net cash (used in) provided by
investing activities (300) 3,998
--------- ---------
Cash flows from financing activities:
Repayments of long-term debt, net (726) (785)
Repayments of short-term debt, net (81) (1,260)
Decrease in restricted cash 256 --
Cash dividends paid (118) (117)
Cash received from ICN, net 1,806 3,600
--------- ---------
Net cash provided by
financing activities 1,137 1,438
--------- ---------
Effect of exchange rate changes on cash 82 (87)
--------- ---------
Increase (decrease) in cash and equivalents 341 (153)
Cash and equivalents at beginning of period 509 2,204
--------- ---------
Cash and equivalents at end of period $ 850 $ 2,051
========= =========
The accompanying notes are an integral part of these consolidated
condensed financial statements.
</TABLE>
<PAGE>
<PAGE>6 ICN BIOMEDICALS, INC.
MANAGEMENT'S STATEMENT REGARDING
UNAUDITED CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
The consolidated 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 omitted pursuant to
such rules and regulations. The results of operations presented herein are
not necessarily indicative of the results to be expected for a full year.
Although the Company believes that all adjustments necessary (consisting only
of normal recurring adjustments) for a fair presentation of the interim
periods presented are included and that the disclosures are adequate to make
the information presented not misleading, it is suggested that these
consolidated condensed financial statements be read in conjunction with the
consolidated financial statements and notes thereto included in the Company's
Annual Report on Form 10-K and Form 10-K/A Amendment Number 1 for the year
ended December 31, 1993.
ICN BIOMEDICALS, INC.
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
(Unaudited)
1. Relationship with ICN Pharmaceuticals, Inc., SPI Pharmaceuticals, Inc.
and Viratek, Inc.
ICN Biomedicals, Inc. (the "Company") was incorporated in September, 1983
as a wholly-owned subsidiary of ICN Pharmaceuticals, Inc. ("ICN"). As of
June 30, 1994, the Company was a 69%-owned subsidiary of ICN. SPI
Pharmaceuticals, Inc. ("SPI") and Viratek, Inc. ("Viratek") were 38% and
63%-owned by ICN, respectively.
2. Inventories
Inventories are carried at the lower of cost or market using the first-in
first-out (FIFO) method and are comprised of the following: (000's omitted)
<TABLE>
<CAPTION> June 30, December 31,
1994 1993
------------ ------------
<S> <C> <C>
Raw materials and supplies $ 3,461 $ 3,422
Work-in-process 488 610
Finished goods, net 11,524 11,569
----------- ------------
Inventories, net $ 15,473 $ 15,601
=========== ============
</TABLE>
<PAGE>
<PAGE>7
ICN BIOMEDICALS, INC.
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS - Continued
(Unaudited)
3. Related Party Transactions
General
The Company has obtained a written agreement from ICN that ICN is prepared,
if needed, to provide financial support to the Company in order to meet its
financial obligations through April 15, 1995.
Cost Allocations
The Company subleases space on a year-to-year basis in Costa Mesa,
California, from ICN. The cost of common services used by the Company,
SPI, Viratek and ICN are allocated by SPI based upon various formulas.
Effective January 1, 1993, ICN reimburses the Company for those allocations
which are in excess of the amounts determined by management using competitive
data, as approved by the Oversight Committee, that would have been incurred
by the Company if it operated in a facility suited solely to its require-
ments. Rent and common services charges for the three and six months ended
June 30, 1994 and 1993 were $213,000 and $425,000, and $213,000 and $426,000,
respectively.
4. Long-term Debt
As of June 30, 1994, the accompanying consolidated condensed financial
statements include total outstanding Swiss Franc convertible debt of SFr.
11,488,000, ($8,615,000) which represents the present value of the Company's
obligation to pay the Zero Coupon Guaranteed Bonds. As of June 30, 1994,
SFr. 39,615,000 principal of the Company's 5 1/2% Exchangeable Certificates
were outstanding which, if exchanged for common stock, would result in the
issuance of 2,608,241 shares of common stock, a reduction of long-term debt
of SFr. 10,201,000 ($7,650,000) a reduction of SFR 1,286,000 ($965,000) of
current maturities of long-term debt, and an increase in marketable securi-
ties of SFr. 20,204,000 ($15,150,000) from the release by Bio Capital of
the Danish Bonds to the Company. The Company does not hedge the exchange
risk associated to the Swiss Franc convertible debt. Consequently, the
Company incurred approximately $451,000 and $844,000 of exchange losses
related to the Swiss Franc convertible debt during the three and six months
periods ended June 30, 1994, respectively, as compared to gains of $136,000
and $334,000 for the same periods in 1993.
<PAGE>
<PAGE>8
ICN BIOMEDICALS, INC.
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS - Continued
(Unaudited)
5. Common Stock
As of June 30, 1994, there were 2,608,241 shares of common stock issuable
upon conversion of the Company's 5 1/2% Exchangeable Certificates, and
1,961,485 shares of common stock issuable upon the exercise of stock
options, of which 1,102,025 options are exercisable at June 30, 1994 at
prices ranging from $.83 to $10.50 per share.
6. Supplemental Cash Flow Disclosures
Supplemental disclosures required by Statement of Financial Accounting
Standards No. 95, "Statement of Cash Flows" are as follows: (000's omitted)
<TABLE>
<CAPTION>
Six months ended
---------------------------
June 30, June 30,
1994 1993
----------- -----------
<S> <C> <C>
Interest paid $ 1,043 $ 1,121
Taxes paid $ 194 $ 177
</TABLE>
7. Other (Income) Expense, Net
Other (income) expense, net was $247,000 and $592,000 for the three and six
months ended June 30, 1994, respectively, compared to $(1,597,000) and
$(1,259,000) for the same periods in 1993.
Other (income) expense for the three months ended June 30, 1994 includes a
$(210,000) gain on settlement of an escrow account related to the sale of the
Company's Irvine, Scotland facility in 1993, offset by costs incurred in
connection with the closure of a foreign facility of $204,000. Other
(income) expense for the three months ended June 30, 1994, also includes
$125,000 of amortization of goodwill and other intangibles.
For the six months ended June 30, 1994, other (income) expense includes the
aforementioned gain on settlement of an escrow account of $(210,000), foreign
facility closure costs of $204,000 and amortization of goodwill of $251,000.
Additionally, other (income) expense for the six months ended June 30, 1994
includes severance and termination costs of $250,000, offset by a
reevaluation of certain foreign allowances, primarily related to accounts
receivable of $(300,000).
<PAGE>
<PAGE>9
ICN BIOMEDICALS, INC.
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS - Continued
(Unaudited)
Other (income) expense for the three and six months ended June 30, 1993,
includes a gain of $(938,000) realized by the Company's Italian operation on
the favorable termination of certain leasing contracts, a gain of
$(1,000,000) representing certain liabilities accrued during 1992 which were
settled for less than the original estimate and a gain of $(278,000) on the
sale of the Company's Irvine, Scotland facility.
Amortization of goodwill and other intangibles was $129,000 and $251,000 for
the three and six months ended June 30, 1993, respectively.
8. Subsequent Event
On August 1, 1994, the Company and its three affiliated corporations (ICN,
SPI and Viratek, entered into a merger agreement to combine the four
companies into a newly formed corporation (which will be renamed ICN
Pharmaceuticals, Inc.)(the "Merger"). Under the terms of the merger agreement,
all outstanding shares of common stock of the four companies (other than shares
held by ICN) will be exchanged for shares of common stock of the new company
pursuant to the following exchange ratios: ICN: 1 to .512, SPI: 1 to 1;
Viratek: 1 to .499; and Biomedicals: 1 to .197. The proposed Merger is
subject to various conditions, including approval by the stockholders of each
of the four companies, issuance of $150 million of convertible debenture to
refinance a substantial portion of the long-term indebtedness of the four
companies (a waivable condition), appropriate regulatory approvals and
certain other conditions. Assuming these conditions are satisfied, the
transaction is expected to close during the fall of 1994.
Three lawsuits have been filed by stockholders of SPI and, in one of these
lawsuits, Viratek, with respect to the Merger in the Court of Chancery of the
State of Delaware against ICN, SPI, Viratek (with respect to one of such
lawsuits) and certain directors and officers of ICN, SPI and/or Viratek
(including Milan Panic). The lawsuits, entitled HELMUT KLING v. MILAN PANIC,
ET AL., JALLATH v. MILAN PANIC, ET AL., and AMY HOFFMAN v. MILAN PANIC, ET
AL., purport to be class actions on behalf of all persons who hold shares of
SPI Common Stock and, in one lawsuit, Viratek Common Stock. These suits
allege that the consideration to be provided to the public stockholders of
SPI and Viratek (with respect to one of such lawsuits) in the Merger is
unfair and inadequate, and that the defendants have breached their fiduciary
duties in approving the proposed Merger and otherwise.
<PAGE>
<PAGE>10
ICN BIOMEDICALS, INC.
MANAGEMENT'S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Liquidity and Capital Resources
Working Capital. Working capital was $13,659,000 at June 30, 1994, an
increase of $2,903,000 from December 31, 1993. The increase is primarily
due to an increase in accounts receivable and a reduction in accounts
payable and accrued liabilities, partially offset by reductions in other
current assets.
Management believes that cash generated from operations and, if needed,
additional borrowings from ICN will provide sufficient cash to meet its
normal operating requirements.
The Company has obtained a written agreement from ICN that ICN is prepared,
if needed, to provide financial support to the Company in order to meet its
financial obligations through April 15, 1995.
The Company may issue additional shares of its Common Stock, refinance its
current obligations or re-negotiate certain terms of existing indebtedness,
depending on market conditions.
Debt. Total debt (Current Maturities, Notes Payable and Long-term debt)
during the six month period ending June 30, 1994 decreased to $13,867,000
from $13,872,000 on December 31, 1993, primarily as a result of principal
payments, offset by an increase of $844,000 due to foreign exchange, on the
Company's Swiss Franc debt.
Product Liability Insurance. The Company and certain of its subsidiaries
do not maintain product liability insurance. While the Company has never
experienced a material adverse claim for personal injury resulting from
allegedly defective products, a successful claim could have a material
adverse effect on the Company's liquidity and financial performance.
Results of Operations
Net Sales. Net sales were $15,171,000 and $30,658,000 for the three and six
months ended June 30, 1994, respectively, compared to $15,415,000 and
$31,224,000 for the same periods in 1993, respectively. As compared to 1993,
sales have declined 2% for the three and six months ended June 30, 1994,
respectively.
<PAGE>
<PAGE>11
ICN BIOMEDICALS, INC.
MANAGEMENT'S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS - Continued
The Company continues to actively work on the introduction of new products
primarily related to its Diagnostic product line, and on the expansion of
the Dosimetry product line into foreign markets. These two actions, combined
with the launch of the Company's 1994 catalog which began distribution during
the first quarter of 1994 should help to contribute to increased sales in the
remaining quarters of the year.
Cost of Sales. Product cost as a percentage of sales decreased to 44% from
45% and to 44% from 46% for the three and six months ended June 30, 1994 and
1993, respectively. The Company continues to focus on the elimination of
high cost products and on improving purchasing and manufacturing processes.
Gross Profit. Gross profit as a percentage of sales was 56% and 56% for the
three and six months ended June 30, 1994, respectively, compared to 55% and
54% for the same periods in 1993. The impact of the actions taken in regards
to sales and product costs, specifically the discontinuance of low gross
profit margin products and the introduction of new products with high
margins, have been reflected by an improvement in gross profit margins.
Selling, General and Administrative Expenses. Selling, general and
administrative expenses were $6,848,000 or 45% of sales and $13,750,000 or
45% of sales for the three and six months ended June 30, 1994, respectively,
compared to $6,745,000 or 44% of sales and $13,277,000 or 43% of sales for
the same periods in 1993. The increase in expenses in 1994 reflects
primarily the impact of catalog amortization costs partially offset by
certain reserve reevaluations.
Interest Expense, Net. Net interest expense was $580,000 and $1,066,000 for
the three and six months ended June 30, 1994, respectively, compared to
$532,000 and $1,266,000 for the same periods in 1993. The net decrease for
the six months ended June 30, 1994 compared to the same period in 1993
resulted primarily from the reduction in short and long term debt of the
Company.
Foreign Currency Transaction Losses (Gains). Transaction losses (gains) were
$389,000 and $802,000 for the three and six months ended June 30, 1994 and
$(106,000) and $(328,000) for the three and six months ended June 30, 1993,
respectively. The Company has a SFr. liability of SFr. 11,488,000
($8,615,000), which is not hedged and subject to foreign exchange gains or
losses during the year.
Other (Income) Expense, Net. Other (income) expense, net was $247,000 and
$592,000 for the three and six months ended June 30, 1994, respectively,
compared to $(1,597,000) and $(1,259,000) for the same periods in 1993.
<PAGE>
<PAGE>12
ICN BIOMEDICALS, INC.
MANAGEMENT'S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS - Continued
Other (income) expense for the three months ended June 30, 1994 includes a
$(210,000) gain on settlement of an escrow account related to the sale of the
Company's Irvine, Scotland facility in 1993, offset by costs incurred in
connection with the closure of a foreign facility of $204,000. Other
(income) expense for the three months ended June 30, 1994, also includes
$125,000 of amortization of goodwill and other intangibles.
For the six months ended June 30, 1994, other (income) expense includes the
aforementioned gain on settlement of an escrow account of $(210,000), foreign
facility closure costs of $204,000 and amortization of goodwill of $251,000.
Additionally, other (income) expense for the six months ended June 30, 1994
includes severance and termination costs of $250,000, offset by a
reevaluation of certain foreign allowances, primarily related to accounts
receivable of $(300,000).
Other (income) expense for the three and six months ended June 30, 1993,
includes a gain of $(938,000) realized by the Company's Italian operation on
the favorable termination of certain leasing contracts, a gain of
$(1,000,000)representing certain liabilities accrued during 1992 which were
settled for less than the original estimate and a gain of $(278,000) on the
sale of the Company's Irvine, Scotland facility.
Amortization of goodwill and other intangibles was $129,000 and $251,000 for
the three and six months ended June 30, 1993, respectively.
Extraordinary Income. During the second quarter of 1993, the Company's
Italian operation negotiated settlements with certain of its suppliers and
banks resulting in extraordinary income for the three and six months ended
June 30, 1993 of $627,000 or $.03 per share.
<PAGE>
<PAGE>13
ICN BIOMEDICALS, INC.
PART II -- OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K.
---------------------------------
a. Exhibits
--------
(11) Statement re: Computation of Per Share Earnings.
b. Reports on Form 8-K
-------------------
No report on Form 8-K was filed by the Company during the quarter
ended June 30, 1994.
<PAGE>
<PAGE>14
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
ICN BIOMEDICALS, INC.
(Registrant)
Date: August 10, 1994 /s/ Bill A. MacDonald
--------------------------------
President
Date: August 10, 1994 /s/ John E. Giordani
---------------------------------
Senior Vice President and Chief
Financial Officer
Exhibit 11. STATEMENT RE: COMPUTATION OF PER SHARE EARNINGS
The computation of net income per share for the three and six months ended
June 30, 1994 and 1993 is as follows:(000's omitted except per share amounts)
<TABLE>
<CAPTION> Three months ended Six months ended
------------------ -------------------
<S> <C> <C> <C> <C>
June 30, June 30, June 30, June 30,
1994 1993 1994 1993
-------- -------- --------- ---------
Primary:
Net income $ 536 $ 3,384 $ 1,050 $ 4,400
======== ======== ======== ========
Average common shares
outstanding 9,034 22,400 9,034 22,399
Dilutive common equivalent
shares issuable upon the
exercise of options
currently outstanding to
purchase common shares 27 61 94 41
-------- -------- -------- --------
9,061 22,461 9,128 22,440
======== ======== ======== ========
Net income per share $ .06 $ .15 $ .12 $ .20
======== ======== ======== ========
Fully diluted:
Net income $ 536 $ 3,384 $ 1,050 $ 4,400
Add back: Interest expense,
net of tax, applicable to
convertible debt 159 156 327 324
Accretion, net of tax, on
Danish bonds acquired if
debt converted 139 130 279 261
-------- -------- -------- -------
$ 834 $ 3,670 $ 1,656 $ 4,985
======== ======== ======== =======
Average common shares
outstanding 9,034 22,400 9,034 22,399
Dilutive common equivalent
shares issuable upon the
exercise of options currently
outstanding to purchase
common shares 27 61 94 41
Shares issuable upon
conversion of debt 2,608 2,608 2,608 2,608
-------- ------- ------- -------
11,669 25,069 11,736 25,048
======== ======= ======== =======
Net income per share $ .07 $ .15 $ .14 $ .20
======== ======= ======== =======
</TABLE>
