<PAGE>
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 January 4, 1996
-----------------------------------------------
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 1-11556
--------------------------------------------------------
UNI-MARTS, INC.
- --------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 25-1311379
- --------------------------------------------------------------------------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
477 East Beaver Avenue, State College, PA 16801-5690
- --------------------------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
(814) 234-6000
- --------------------------------------------------------------------------------
(Registrant's telephone number, including area code)
- --------------------------------------------------------------------------------
(Former name, former address and former fiscal year, if changed since last
report.)
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
----- -----
6,451,308 Common Shares were outstanding at February 8, 1996.
This Document Contains 17 Pages.
-1-
<PAGE>
<TABLE>
UNI-MARTS, INC. AND SUBSIDIARIES
INDEX
<CAPTION>
PART I. FINANCIAL INFORMATION
- ------------------------------
PAGE(S)
<S> <C>
Item 1. Financial Statements
Consolidated Balance Sheets -
January 4, 1996 and September 30, 1995 3-4
Consolidated Statements of Earnings -
Quarters Ended January 4, 1996 and
December 29, 1994 5
Consolidated Statements of Cash Flows -
Quarters Ended January 4, 1996 and
December 29, 1994 6-7
Notes to Consolidated Financial Statements 8-10
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations 11-13
PART II. OTHER INFORMATION
- --------------------------
Item 6. Exhibits and Reports on Form 8-K 13
Exhibit Index 15
</TABLE>
-2-
<PAGE>
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
<TABLE>
UNI-MARTS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
<CAPTION>
January 4, September 30,
1996 1995
------------ -------------
(Unaudited)
ASSETS
<S> <C> <C>
CURRENT ASSETS:
Cash $ 7,175,364 $ 7,325,513
Marketable equity securities (at
market in 1995, cost $483,800) 434,508
Accounts receivable, less allowances
of $86,000 and $123,800 2,675,071 2,411,984
Inventories 17,963,845 15,564,752
Prepaid expenses and other 2,300,750 2,449,354
----------- -----------
TOTAL CURRENT ASSETS 30,115,030 28,186,111
PROPERTY, EQUIPMENT AND IMPROVEMENTS -
at cost, less accumulated depreciation and
amortization of $38,537,700 and $37,414,200 60,350,067 60,258,913
NET INTANGIBLE AND OTHER ASSETS 7,277,068 7,224 839
----------- -----------
TOTAL ASSETS $97,742,165 $95,669,863
=========== ===========
</TABLE>
-3-
<PAGE>
<TABLE>
UNI-MARTS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(CONTINUED)
<CAPTION>
January 4, September 30,
1996 1995
------------ -------------
(Unaudited)
LIABILITIES AND STOCKHOLDERS' EQUITY
<S> <C> <C>
CURRENT LIABILITIES:
Accounts payable $17,822,690 $15,915,088
Accrued expenses 6,765,048 6,560,360
Current maturities of long-term debt 3,272,957 3,272,958
Current obligations under capital leases 105,614 108,053
----------- -----------
TOTAL CURRENT LIABILITIES 27,966,309 25,856,459
LONG-TERM DEBT, less current maturities 31,031,367 32,616,236
OBLIGATIONS UNDER CAPITAL LEASES,
less current maturities 701,932 726,545
DEFERRED TAXES 3,012,900 2,876,400
DEFERRED INCOME AND OTHER LIABILITIES 1,030,139 1,015,521
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY:
Common Stock, par value $.10 a share:
Authorized 15,000,000 shares
Issued 7,079,444 and 7,042,886 shares,
respectively 707,944 704,289
Additional paid-in capital 23,317,216 23,134,580
Retained earnings 13,717,477 12,494,863
----------- -----------
37,742,637 36,333,732
Less Treasury Stock, at cost -
693,534 and 697,421 shares of
Common Stock, respectively ( 3,743,119) ( 3,755,030)
----------- -----------
33,999,518 32,578,702
----------- -----------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $97,742,165 $95,669,863
=========== ===========
</TABLE>
See notes to consolidated financial statements
-4-
<PAGE>
<TABLE>
UNI-MARTS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EARNINGS
(Unaudited)
<CAPTION>
QUARTER ENDED
January 4, December 29,
1996 1994
------------ ------------
<S> <C> <C>
REVENUES:
Merchandise sales $46,362,304 $43,608,429
Gasoline sales 37,219,136 35,748,315
Other income 553,171 547,088
----------- -----------
84,134,611 79,903,832
----------- -----------
COSTS AND EXPENSES:
Cost of sales 61,192,407 58,420,760
Selling 16,833,562 15,628,450
General and administrative 1,653,084 1,631,334
Depreciation and amortization 1,452,925 1,337,032
Interest 784,905 786,930
----------- -----------
81,916,883 77,804,506
----------- -----------
EARNINGS BEFORE INCOME TAXES 2,217,728 2,099,326
INCOME TAXES 819,500 755,800
----------- -----------
NET EARNINGS $ 1,398,228 $ 1,343,526
=========== ===========
EARNINGS PER SHARE $ 0.22 $ 0.21
=========== ===========
DIVIDENDS PER SHARE $ 0.0275 $ 0.0275
=========== ===========
WEIGHTED AVERAGE NUMBER OF
COMMON SHARES OUTSTANDING 6,367,878 6,279,096
=========== ===========
</TABLE>
See notes to consolidated financial statements
-5-
<PAGE>
<TABLE>
UNI-MARTS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
<CAPTION>
QUARTER ENDED
January 4, December 29,
1996 1994
------------- -------------
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Cash received from customers and others $83,790,697 $79,982,515
Cash paid to suppliers and employees ( 79,450,335) ( 72,173,074)
Net receipts for sales and purchases
of trading equity securities 455,332 92,964
Dividends and interest received 15,984 48,977
Interest paid ( 1,039,672) ( 1,121,868)
Income taxes paid ( 709,000) ( 849,400)
----------- -----------
NET CASH PROVIDED BY OPERATING ACTIVITIES 3,063,006 5,980,114
CASH FLOWS FROM INVESTING ACTIVITIES:
Receipts from sale of capital assets 17,768 11,062
Purchase of property, equipment and
improvements ( 1,427,325) ( 1,271,424)
Cash advanced for intangible and
other assets ( 228,483) ( 16,187)
Cash received for intangible and
other assets 44,438 26,208
----------- -----------
NET CASH USED IN INVESTING ACTIVITIES ( 1,593,602) ( 1,250,341)
CASH FLOWS FROM FINANCING ACTIVITIES:
Payments under revolving credit
agreement ( 3,000,000)
Principal payments on debt ( 1,611,922) ( 1,674,619)
Proceeds from issuance of common stock 167,983 3,000
Dividends paid to stockholders ( 175,614) ( 172,781)
----------- -----------
NET CASH USED BY FINANCING ACTIVITIES ( 1,619,553) ( 4,844,400)
----------- -----------
NET DECREASE IN CASH ( 150,149) ( 114,627)
CASH:
Beginning of period 7,325,513 8,533,265
----------- -----------
End of period $ 7,175,364 $ 8,418,638
=========== ===========
</TABLE>
-6-
<PAGE>
<TABLE>
UNI-MARTS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(CONTINUED)
(Unaudited)
<CAPTION>
QUARTER ENDED
January 4, December 29,
1996 1994
------------ ------------
<S> <C> <C>
RECONCILIATION OF NET EARNINGS TO NET
CASH PROVIDED BY OPERATING ACTIVITIES:
NET EARNINGS $1,398,228 $1,343,526
ADJUSTMENTS TO RECONCILE NET EARNINGS TO
NET CASH PROVIDED BY OPERATING ACTIVITIES:
Depreciation and amortization 1,452,925 1,337,032
Net unrealized holding loss on
trading securities 34,841
Loss on sale of capital assets and other 27,513 45,838
Change in assets and liabilities:
(Increase) decrease in:
Marketable equity securities 434,508 95,858
Accounts receivable ( 263,087) 134,196
Inventories ( 2,399,093) ( 935,384)
Prepaid expenses 174,604 91,535
Increase (decrease) in:
Accounts payable and accrued expenses 2,112,290 3,946,523
Deferred income taxes and other
liabilities 125,118 ( 113,851)
---------- ----------
TOTAL ADJUSTMENTS TO NET EARNINGS 1,664,778 4,636,588
---------- ----------
NET CASH PROVIDED BY OPERATING ACTIVITIES $3,063,006 $5,980,114
========== ==========
</TABLE>
See notes to consolidated financial statements
-7-
<PAGE>
UNI-MARTS, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
A. FINANCIAL STATEMENTS:
The consolidated balance sheet as of January 4, 1996, the consolidated
statements of earnings and the consolidated statements of cash flows for the
quarters ended January 4, 1996 and December 29, 1994 have been prepared by
Uni-Marts, Inc. (the "Company") without audit. In the opinion of
management, all adjustments (which include only normal recurring
adjustments) necessary to present fairly the financial position of the
Company at January 4, 1996 and the results of operations and cash flows
for all periods presented have been made.
Certain information and footnote disclosures normally included in financial
statements prepared in accordance with generally accepted accounting
principles have been condensed or omitted. It is suggested that these
consolidated financial statements be read in conjunction with the financial
statements and notes thereto included in the Company's Annual Report on Form
10-K for the fiscal year ended September 30, 1995. The results of
operations for the interim periods are not necessarily indicative of the
results to be obtained for the full year.
B. INTANGIBLE AND OTHER ASSETS:
Intangible and other assets consist of the following:
January 4, September 30,
1996 1995
------------ -------------
Goodwill $ 6,498,671 $ 6,498,671
Lease acquisition costs 1,545,714 1,639,505
Non-competition agreements 1,213,040 1,213,040
Other 1,900,516 1,694,767
----------- -----------
11,157,941 11,045,983
Less accumulated amortization 3,880,873 3,821,144
----------- -----------
$ 7,277,068 $ 7,224,839
=========== ===========
Goodwill represents the excess of costs over the fair value of net assets
acquired in business combinations and is amortized on a straight-line basis
over periods of 4 to 40 years. Lease acquisition costs are the bargain
element of acquired leases and are being amortized on a straight-line basis
over the related lease terms. Non-competition agreements are amortized over
the terms of the particular agreements. It is the Company's policy to
periodically review and evaluate the recoverability of the intangible assets
by assessing current and future profitability and cash flows and to
determine whether the amortization of the balances over their remaining
lives can be recovered through expected future results and cash flows.
-8-
<PAGE>
C. INTERIM CREDIT FACILITIES:
The Company has a $13.5 million revolving credit agreement with a bank group
at the bank's prime rate or a fixed rate option at the Company's election,
with a maximum of $3.5 million available for issuance of letters of credit.
The revolving credit facility is committed for a two-year period expiring
February 28, 1997 or a later date as approved by the bank group. At January
4, 1996, borrowings of $6.0 million and letters of credit of $2.7 million
were outstanding under the agreement.
D. LONG-TERM DEBT:
January 4, September 30,
1996 1995
------------ -------------
Term Loan. Interest is paid at least
quarterly. Principal on the note will
be repaid in 16 quarterly installments
beginning October 31, 1997. The interest
rate was 8.240% at January 4, 1996. $16,741,488 $16,741,488
Senior Notes of the Company. Interest
is paid in semiannual installments
at a blended rate of 10.500%. Principal
on the notes will be repaid in six
semiannual installments. 9,103,402 10,636,735
Revolving Credit Agreement. Interest is
paid quarterly. The interest rate was
8.500% at January 4, 1996. (See Note C) 6,000,000 6,000,000
Mortgage Loans Payable. Paid in monthly
installments expiring in years 1997
through 2010 with interest ranging
from the bank's prime rate to the
bank's prime rate plus one-half percent.
The blended interest was 8.833% at
January 4, 1996. 2,459,434 2,510,971
----------- -----------
34,304,324 35,889,194
Less current maturities 3,272,957 3,272,958
----------- -----------
$31,031,367 $32,616,236
=========== ===========
The mortgage loans are collateralized by $7,070,200 of property, at cost.
-9-
<PAGE>
Aggregate maturities of long-term debt during the next five years, including
payments due in connection with the senior notes and the term loan, are as
follows:
September 30, 1996 $ 1,688,200
1997 10,138,700
1998 7,443,400
1999 6,071,100
2000 4,605,100
-----------
$29,946,500
===========
Certain of the Company's debt agreements contain covenants which provide for the
maintenance of minimum working capital and net worth as well as limitations on
future indebtedness, sales and leasebacks and dispositions of assets. These
agreements may restrict the Company's ability to declare and pay dividends on
common stock. The amount of retained earnings available for such dividends at
January 4, 1996 was $5,829,900.
-10-
<PAGE>
ITEM 2.
<TABLE>
UNI-MARTS, INC. AND SUBSIDIARIES
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Set forth below are selected unaudited consolidated financial data of the
Company for the periods indicated:
<CAPTION>
QUARTER ENDED
January 4, December 29,
1996 1994
------------ -----------
<S> <C> <C>
STATEMENTS OF EARNINGS DATA:
Sales and other income by the
Company and its franchisees:
Merchandise sales $46,362,304 $43,608,429
Gasoline sales 37,219,136 35,748,315
Other income 553,171 547,088
----------- -----------
Total 84,134,611 79,903,832
Cost of sales 61,192,407 58,420,760
----------- -----------
Gross profit 22,942,204 21,483,072
Selling 16,833,562 15,628,450
General and administrative 1,653,084 1,631,334
Depreciation and amortization 1,452,925 1,337,032
Interest 784,905 786,930
----------- -----------
Earnings before income taxes 2,217,728 2,099,326
Income taxes 819,500 755,800
----------- -----------
Net earnings $ 1,398,228 $ 1,343,526
=========== ===========
Earnings per share $ 0.22 $ 0.21
=========== ===========
OPERATING DATA (CONVENIENCE STORES ONLY):
Average, per store, for stores open two
full comparable periods:
Merchandise sales $ 114,694 $ 115,438
Gasoline sales $ 123,190 $ 127,551
Gallons of gasoline sold 126,474 125,323
Total gallons of gasoline sold 38,107,369 34,862,100
Gross profit per gallon
of gasoline $ 0.122 $ 0.149
Stores at beginning of period 414 417
Stores added
Stores closed 2
Stores at end of period 414 415
Company-operated stores 376 372
Franchisee-operated stores 38 43
Locations with self-service
gasoline 300 300
</TABLE>
-11-
<PAGE>
RESULTS OF OPERATIONS:
Total revenues in the first quarter of fiscal year 1996 were $84.1 million
compared to $79.9 million in the same quarter of fiscal year 1995, an increase
of $4.2 million, or 5.3%.
Merchandise sales increased $2.8 million, or 6.3%, from $43.6 million in the
first quarter of fiscal year 1995 to $46.4 million in the same quarter of the
current year. This increase is a result of six additional days in the current
year first quarter compared to the same quarter in fiscal year 1995.
Merchandise sales at comparable stores decreased by 0.6%, primarily the result
of severe winter weather in the Company's market areas.
Gasoline sales in the first quarter of fiscal year 1996 were $37.2 million, an
increase of $1.5 million, or 4.1%, compared to gasoline sales in the first
quarter of fiscal year 1995. This increase was the result of an additional 3.2
million gallons sold. While the increase in gallons sold was primarily the
result of sales in the six additional days in the first quarter of fiscal 1996,
the average retail price per gallon sold at the Company's convenience stores
declined by $.047 per gallon, from $1.003 in the first quarter of fiscal year
1995 to $.956 in the current year.
Gross profits on merchandise sales increased by $2.0 million, or 12.6%, as a
result of increased sales and higher gross profit rates from sales of higher
profit products, such as branded fast foods. As a percentage of merchandise
sales, the gross profit rate on merchandise sales was 37.9% in the first quarter
of fiscal year 1996 compared to 35.8% in the first quarter of fiscal year 1995.
Gross profits on gasoline sales declined by $511,000, or 9.6%, primarily as a
result of a $.027 decline in the gross profit per gallon sold at the Company's
convenience stores from $.149 in the first quarter of fiscal year 1995 to $.122
in the first quarter of fiscal year 1996. This decline is the result of
increased price competition necessitated by reduced consumer demand caused by
the severe winter weather in the Company's market area.
Selling expenses increased in the first quarter of fiscal year 1996 by $1.2
million, or 7.7%, compared to the fiscal year 1995 first quarter. This increase
is partially due to the additional six days in the current fiscal year first
quarter. Wages and maintenance costs also increased due to additional sales
staff for branded fast-food locations and for snow removal. General and
administrative expense increased by $22,000, or 1.3%. Depreciation and
amortization increased by $116,000, or 8.7%, as a result of additional
depreciation of convenience store improvements. Interest expense remained level
for the two comparable periods.
Earnings before income taxes in the first quarter of fiscal year 1996 were $2.2
million compared to $2.1 million in the prior year's first quarter. Income
taxes increased by $64,000 due to higher income levels and reduced tax credits.
Net earnings increased by $55,000.
The severe winter weather that negatively impacted sales, gross profits and
operating expenses in the first quarter of fiscal year 1996 continued through
January in the second quarter of the fiscal year. Management is currently
unable to determine the ultimate effect, if any, of such conditions on results
of operations for the second fiscal quarter. The foregoing expectation of
possible future results constitutes a forward-looking statement. Actual results
could differ significantly.
-12-
<PAGE>
LIQUIDITY AND CAPITAL RESOURCES:
Most of the Company's sales are for cash and its inventory turns over rapidly.
As a result, the Company's daily operations do not require large amounts of
working capital. From time to time, the Company utilizes substantial portions
of its cash and interim credit facilities to acquire and construct new stores
and renovate existing locations.
Capital requirements for the balance of fiscal year 1996 include debt and
capital lease payments of approximately $1.8 million and capital expenditures of
approximately $15.6 million. The Company anticipates that cash presently
available and cash generated from operations will be sufficient to fulfill its
cash requirements.
On January 22, 1996, the Company elected to increase the regular quarterly cash
dividend on its common stock to the rate of $.03 per share. The increased
dividend will be paid to holders of record at the close of business on March 27,
1996.
PART II. OTHER INFORMATION
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) EXHIBITS
11 Statement regarding computation of per share earnings.
27 Financial Data Schedule
(b) REPORTS ON FORM 8-K
The Company did not file any reports on Form 8-K
during the quarter ended January 4, 1996.
-13-
<PAGE>
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.
Uni-Marts, Inc.
--------------------------------------
(Registrant)
Date February 16, 1996 /S/ HENRY D. SAHAKIAN
----------------- --------------------------------------
Henry D. Sahakian
Chairman of the Board
(Principal Executive Officer)
Date February 16, 1996 /S/ J. KIRK GALLAHER
----------------- --------------------------------------
J. Kirk Gallaher
Executive Vice President, Director
and Chief Financial Officer
(Principal Accounting Officer)
(Principal Financial Officer)
-14-
<PAGE>
UNI-MARTS, INC. AND SUBSIDIARIES
EXHIBIT INDEX
Number Description Page(s)
- ------ ----------- -------
11 Statement regarding computation of
per share earnings. 16
27 Financial Data Schedule 17
-15-
<PAGE>
<TABLE>
EXHIBIT 11
STATEMENT REGARDING COMPUTATION OF PER SHARE EARNINGS
(A) Computation of the weighted average number of shares of common stock outstanding
for the periods indicated:
<CAPTION> WEIGHTED
SHARES OF NUMBER OF DAYS NUMBER OF SHARES
COMMON STOCK OUTSTANDING SHARE DAYS OUTSTANDING
------------ -------------- ---------- -----------
<S> <C> <C> <C> <C>
Quarter Ended January 4, 1996
- -------------------------------
October 1 - January 4 6,345,465 96 609,164,680
Shares Issued 40,445 Various 2,151,590
--------- -----------
6,385,910 611,316,270 6,367,878
========= =========== =========
Quarter Ended December 29, 1994
- -------------------------------
October 1 - December 29 6,274,260 90 564,683,429
Shares Issued 8,619 Various 435,255
--------- -----------
6,282,879 565,118,684 6,279,096
========= =========== =========
</TABLE>
<TABLE>
(B) Computation of earnings per share:
Computation of earnings per share is net earnings divided by the weighted average
number of shares of common stock outstanding for the periods indicated:
<CAPTION>
QUARTER ENDED
January 4, December 29,
1996 1994
---------- ------------
<S> <C> <C>
Net Earnings $1,398,228 $1,343,526
Weighted average number of shares of
common stock outstanding 6,367,878 6,279,096
Earnings Per Share $ 0.22 $ 0.21
========== ==========
</TABLE>
-16-
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE BALANCE
SHEET DATED JANUARY 4, 1996 AND THE STATEMENT OF EARNINGS FOR THE QUARTER ENDED
JANUARY 4, 1996 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL
STATEMENTS.
</LEGEND>
<CIK> 0000805020
<NAME> UNI-MARTS, INC.
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-START> OCT-01-1995
<PERIOD-END> JAN-04-1996
<CASH> 7,175,364
<SECURITIES> 0
<RECEIVABLES> 2,761,071
<ALLOWANCES> 86,000
<INVENTORY> 17,963,845
<CURRENT-ASSETS> 30,115,030
<PP&E> 98,887,767
<DEPRECIATION> 38,537,700
<TOTAL-ASSETS> 97,742,165
<CURRENT-LIABILITIES> 27,966,309
<BONDS> 31,733,299
0
0
<COMMON> 707,944
<OTHER-SE> 33,291,574
<TOTAL-LIABILITY-AND-EQUITY> 97,742,165
<SALES> 83,581,440
<TOTAL-REVENUES> 84,134,611
<CGS> 61,192,407
<TOTAL-COSTS> 81,916,883
<OTHER-EXPENSES> 0
<LOSS-PROVISION> (30,500)
<INTEREST-EXPENSE> 784,905
<INCOME-PRETAX> 2,217,728
<INCOME-TAX> 819,500
<INCOME-CONTINUING> 1,398,228
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 1,398,228
<EPS-PRIMARY> .22
<EPS-DILUTED> .22
</TABLE>
