- -------------------------------------------------------------------------------
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended MARCH 31, 1997
--------------
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from _______________to__________________
Commission File number 1-9487
ATLANTIS PLASTICS, INC.
(Exact name of registrant as specified in its charter)
FLORIDA 06-1088270
(State or other jurisdiction (I.R.S. Employer Identification No.)
of incorporation or organization)
1870 THE EXCHANGE, SUITE 200, ATLANTA, GEORGIA 30339
-----------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
(Registrant's telephone number, including Area Code) (800) 497-7659
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 [ ].
Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date.
CLASS SHARES OUTSTANDING AT MARCH 31, 1997
------------- -----------------------------
A, $.10 par value 4,197,528
B, $.10 par value 2,861,979
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<PAGE>
ATLANTIS PLASTICS, INC.
TABLE OF CONTENTS
PAGE NO.
--------
PART I. FINANCIAL INFORMATION
Consolidated Income Statements (Unaudited)
for the three months ended March 31, 1997 and 1996............. 1
Consolidated Balance Sheets (Unaudited)
as of March 31, 1997 and December 31, 1996.................... 2
Consolidated Statements of Cash Flows (Unaudited)
for the three months ended March 31, 1997 and 1996............. 3
Notes to Consolidated Financial Statements (Unaudited)......... 4
Management's Discussion and Analysis
of Financial Condition and Results of Operations............... 6
PART II. OTHER INFORMATION
Item 1 - Legal Proceedings.................................... 9
Item 6 - Exhibits and Reports on Form 8-K..................... 9
SIGNATURES......................................................... 10
<PAGE>
<TABLE>
<CAPTION>
ATLANTIS PLASTICS, INC. AND SUBSIDIARIES
CONSOLIDATED INCOME STATEMENTS
(UNAUDITED - IN THOUSANDS, EXCEPT PER SHARE DATA)
-------------------------------
THREE MONTHS ENDED
MARCH 31,
-------------------------------
1997 1996
-------------------------------
<S> <C> <C>
Net sales ......................................................... $64,323 $64,273
Cost of sales...................................................... 55,106 52,772
-------------- --------------
GROSS PROFIT................................................ 9,217 11,501
Selling, general and administrative expenses....................... 6,460 7,480
Impairment of long-lived assets and restructuring charges.......... 960 -
-------------- --------------
OPERATING INCOME............................................ 1,797 4,021
Net interest expense............................................... (2,837) (3,250)
-------------- --------------
INCOME (LOSS) BEFORE INCOME TAXES........................... (1,040) 771
Income tax (provision) benefit..................................... 327 (436)
-------------- --------------
NET INCOME (LOSS).......................................... (713) 335
Preferred stock dividends.......................................... - (36)
-------------- --------------
Income (loss) applicable to
common shares and equivalents................................... ($713) $299
============== ==============
INCOME (LOSS) PER COMMON SHARE:
NET INCOME (LOSS)................................................. ($0.10) $0.04
============== ==============
Weighted average shares outstanding............................... 7,075 7,425
============== ==============
</TABLE>
SEE ACCOMPANYING NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED).
1
<PAGE>
<TABLE>
<CAPTION>
ATLANTIS PLASTICS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(UNAUDITED - IN THOUSANDS)
-------------- --------------
MARCH 31, DECEMBER 31,
1997 1996
-------------- --------------
ASSETS
<S> <C> <C>
Cash and equivalents............................................................ $5,762 $15,905
Accounts receivable, net........................................................ 29,604 28,364
Inventories..................................................................... 17,984 16,984
Other current assets............................................................ 4,511 4,825
------------- ------------
Current assets.............................................................. 57,861 66,078
Property and equipment, net..................................................... 57,884 58,523
Goodwill, net of accumulated amortization....................................... 50,138 50,532
Other assets.................................................................... 2,599 2,768
------------- ------------
$168,482 $177,901
============= ============
LIABILITIES AND SHAREHOLDERS' EQUITY
Accounts payable and accrued expenses........................................... $21,964 $27,131
Current portion of long-term debt............................................... 2,527 2,517
------------- ------------
Current liabilities......................................................... 24,491 29,648
Long-term debt, less current portion............................................ 104,690 105,365
Deferred income taxes........................................................... 7,015 6,886
Other liabilities............................................................... 1,021 1,093
------------- ------------
Total liabilities........................................................... 137,217 142,992
------------- ------------
Commitments and contingencies
Shareholders' equity:
Series A convertible preferred stock, $1.00 par value, 20,000 shares
authorized, issued and outstanding in 1996................................ - 2,000
Class A common stock, $.10 par value, 20,000,000 shares authorized,
4,197,528 and 4,225,823 shares issued and outstanding in 1997 and 1996...... 420 423
Class B common stock, $.10 par value, 7,000,000 shares authorized,
2,861,979 and 2,899,977 shares issued and outstanding in 1997 and 1996...... 286 290
Additional paid-in capital.................................................... 6,949 6,968
Retained earnings............................................................. 23,610 25,228
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Total shareholders' equity.................................................. 31,265 34,909
------------- ------------
$168,482 $177,901
============= ============
</TABLE>
SEE ACCOMPANYING NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED).
2
<PAGE>
<TABLE>
<CAPTION>
ATLANTIS PLASTICS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED - IN THOUSANDS)
-------------------------------
THREE MONTHS ENDED
MARCH 31,
-------------------------------
1997 1996
-------------------------------
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss).............................................................. ($713) $335
----------- -----------
Adjustments to reconcile net income (loss) to
net cash used in operating activities:
Depreciation.................................................................. 1,792 1,963
Amortization of goodwill...................................................... 399 404
Loan fee and other amortization............................................... 141 132
Changes in assets and liabilities:
Increase in accounts receivable............................................. (1,240) (3,155)
Increase in inventories..................................................... (1,000) (1,086)
Decrease in other current assets............................................ 314 1,010
Decrease in accounts payable and accrued expenses........................... (5,167) (1,390)
Increase in deferred income taxes........................................... 129 26
Decrease in other liabilities............................................... (72) (68)
Other, net.................................................................. 277 71
----------- -----------
Total adjustments........................................................... (4,427) (2,093)
----------- -----------
Net cash used in operating actitities.................................. (5,140) (1,758)
----------- -----------
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from disposition of assets.......................................... - 475
Capital expenditures......................................................... (1,408) (980)
----------- -----------
Net cash used in investing activities.................................. (1,408) (505)
----------- -----------
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings under revolving credit agreements................................. - 8,541
Repayments under revolving credit agreements................................. - (6,770)
Payments on long-term debt................................................... (665) (704)
Purchases of common stock.................................................... (2,994) -
Proceeds from exercise of stock options...................................... 64 115
----------- -----------
Net cash (used in) provided by financing activities.................... (3,595) 1,182
----------- -----------
Net decrease in cash and equivalents........................................... (10,143) (1,081)
Cash and equivalents at beginning of period.................................... 15,905 1,255
----------- -----------
Cash and equivalents at end of period.......................................... $5,762 $174
=========== ===========
</TABLE>
SEE ACCOMPANYING NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED).
3
<PAGE>
ATLANTIS PLASTICS, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
1. The accompanying unaudited consolidated financial statements
of Atlantis Plastics, Inc. ("Atlantis" or the "Company"), which are for
interim periods, do not include all disclosures provided in the annual
consolidated financial statements. These unaudited consolidated
financial statements should be read in conjunction with the
consolidated financial statements and the footnotes thereto contained
in the Company's Annual Report on Form 10-K for the year ended December
31, 1996 as filed with the Securities and Exchange Commission. The
December 31, 1996 balance sheet, included herein, was derived from
audited financial statements, but does not include all disclosures
required by generally accepted accounting principles.
Atlantis Plastic Films accounts for approximately two-thirds
of the Company's net sales and produces stretch films (multilayer
plastic films that are used principally to wrap pallets of materials
for shipping or storage), and custom film products which include
high-grade laminating films, embossed films and specialty film products
targeted primarily to industrial and packaging markets.
Atlantis Molded Plastics accounts for approximately one-third
of the Company's net sales and employs two principal technologies: (i)
injection molded thermoplastic parts that are sold primarily to
original equipment manufacturers and used in major household
appliances, agricultural and automotive products, and (ii) a variety of
extruded plastic parts for trim and functional applications (profile
extrusion) that are incorporated into a broad range of consumer and
commercial products such as recreational vehicles, residential windows
and doors, office furniture, and retail store fixtures. Plastic
Containers, Inc. ("PCI"), the Company's manufacturer of blow molded
milk, juice, water and industrial containers, was sold in November
1996. See Note 4 of Notes to the Consolidated Financial Statements for
information regarding the fourth quarter 1996 disposition of PCI.
All material intercompany balances and transactions have been
eliminated. Certain amounts included in prior period financial
statements have been reclassified to conform with the current period
presentation.
2. In the opinion of the Company, the accompanying unaudited
consolidated financial statements contain all adjustments (which are of
a normal recurring nature) necessary for a fair presentation of the
financial statements. The results of operations for the three months
ended March 31, 1997 are not necessarily indicative of the results to
be expected for the full year.
3. Net income (loss) per common share was computed by dividing net income
(loss), after deducting dividends applicable to preferred stock for
1996, by the weighted average number of shares and dilutive share
equivalents outstanding during the period. Fully diluted net income
(loss) per common share is substantially equivalent to primary net
income (loss) per common share.
4
<PAGE>
4. As previously disclosed, during the fourth quarter of 1996 the
Company completed the following transactions, generating a total pretax
gain of $6.7 million: (i) in November, the Company sold PCI for
approximately $8.3 million, generating a pretax gain of approximately
$1.4 million, and an after tax gain of approximately $1.9 million, (ii)
in December, the Company sold its Tulsa custom manufacturing facility
for $1.5 million, generating a pretax gain of approximately $350,000,
and an after tax gain of approximately $210,000, and (iii) also during
December, the Company sold its investment in Winsloew Furniture, Inc.
stock to Winsloew for approximately $9.3 million, generating a pretax
gain of approximately $4.9 million, and an after tax gain of
approximately $2.9 million.
5. During the first quarter of 1997, the Company recorded
impairment of long-lived assets and other restructuring charges of
approximately $1.0 million, or $586,000 after taxes, related to: (i)
the closing of the Company's Nashville, Tennessee injection molding
facility, including approximately $250,000 in non-cash charges for the
write-down of fixed assets and leasehold improvements associated with
that facility, and (ii) restructuring expenses associated with recently
announced management changes in the Company's stretch film unit.
6. In November 1996, the Board of Directors authorized the
repurchase of up to 1,000,000 shares of Atlantis Class A common stock,
or 14% of the 7.1 million Class A and Class B common stock then
outstanding. In January 1997, the Company issued a mandatory conversion
notice to the holder of the 20,000 outstanding shares of the Company's
Series A Convertible Preferred Stock ("Preferred Stock"). The Preferred
Stock was convertible into 210,244 shares of Class A common stock.
After issuing the mandatory conversion notice, the Company reached an
agreement with the Preferred Stock holder to repurchase all of the
common shares resulting from the conversion notice for $2 million (the
original price paid for the Preferred Stock by the holder), and
completed the repurchase in late March, 1997.
Through March, 1997 the Company has repurchased 320,344
shares (including the 210,244 common shares issued in connection with
the conversion of Preferred Stock, as described above), and options for
55,125 shares, for total consideration of approximately $3.3 million.
The Company intends to continue buying its shares in the open market,
or in privately negotiated transactions, at times and prices deemed
advantageous.
7. In February 1997, SFAS No. 128, "Earnings Per Share" and
SFAS No. 129, "Disclosure of Information About Capital Structure" were
issued. SFAS No. 128 specifies the computation, presentation, and
disclosure requirements for Earnings Per Share ("EPS"), and is designed
to improve the EPS information provided in financial statements by
simplifying the existing computational guidelines, revising the
disclosure requirements, and increasing the comparability of EPS data
on an international basis. The Company has not yet determined the
effect on operating results of implementing SFAS 128, however, the
adoption of this statement is not expected to have a materially adverse
effect on consolidated financial position. SFAS No. 129 consolidates
the existing requirements to disclose certain information about an
entity's capital structure and is not expected to change the Company's
current capital structure disclosures. SFAS 128 and 129 must be
implemented no later than fiscal year 1997.
5
<PAGE>
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
GENERAL
Atlantis is a leading U.S. manufacturer of polyethylene stretch and
custom films used in a variety of industrial and consumer applications and
molded plastic products for the appliance, agricultural, automotive,
recreational vehicle, and residential window industries.
Selected income statement data for the quarterly periods ended March
31, 1996 through March 31, 1997 are as follows:
($ IN MILLIONS)
1997 1996
----- --------------------------------
NET SALES: Q1 Q4 Q3 Q2 Q1
- ---------- ----- ---- ---- ---- ----
PLASTIC FILMS $45.7 $44.0 $45.3 $46.8 $41.7
MOLDED PLASTICS 18.6 20.1 22.9 23.8 22.5
----- ---- ---- ---- ----
TOTAL $64.3 $64.1 $68.2 $70.6 $64.2
===== ===== ===== ===== =====
GROSS PROFIT: PERCENTAGE OF NET SALES
- ------------- -----------------------
PLASTIC FILMS 13% 14% 17% 17% 18%
MOLDED PLASTICS 18% 18% 17% 20% 18%
TOTAL 14% 15% 17% 18% 18%
OPERATING INCOME:
- -----------------
PLASTIC FILMS 3%(a) 4% 7% 6% 6%
MOLDED PLASTICS 8%(a) 7% 10% 12% 8%
TOTAL 4%(a) 5% 8% 8% 6%
NET INTEREST EXPENSE: $2.8 $2.9 $3.2 $3.2 $3.3
- ---------------------
(a) Amounts exclude the effects of the first quarter 1997 impairment of
long-lived assets and restructuring charges, which totalled approximately $1
million for the Company. Including these charges, the Plastic Films, Molded
Plastics and Total Operating Income percentages are 2%, 5% and 3%, respectively.
RESULTS OF OPERATIONS
The Company's first quarter 1997 sales of $64.3 million were comparable
to last year's sales for the same period, with increased Atlantis Plastic Film
sales offset by lower Atlantis Molded Plastics sales. Atlantis Plastic Films net
sales for the first three months of 1997 totaled $45.7 million, or 10% higher
than last year's first quarter sales of $41.7 million, due to an 8% increase in
film volume combined with higher average custom film selling prices. First
quarter 1997 Atlantis Molded Plastics sales of $18.6 million were $3.9 million
lower than last year's first quarter sales of $22.5 million, primarily due to
the November 1996 sale of PCI (see Note 4 of Notes to the Consolidated Financial
Statements). Sales in this Segment excluding PCI were 4% below prior year's
levels primarily due to lower injection molding volume.
6
<PAGE>
First quarter 1997 gross profit as a percentage of sales equaled 14%
compared to 18% for the same period during 1996. Four of the Company's five
business units posted strong operating results for the first quarter of 1997,
with the total gross profit margin for these units comparable to the first
quarter of 1996. However, the stretch film unit, which comprised approximately
43% of the Company's first quarter 1997 sales, continued to experience margin
pressures due to competitive market forces.
The Atlantis Plastic Films first quarter 1997 gross profit percentage
equaled 13%, compared to last year's percentage of 18%. Stretch film gross
profit continued to be adversely impacted by intense price competition resulting
primarily from industry-wide over capacity. Efforts to improve the future
profitability of this unit include the second half 1996 introduction of three
new machine wrap stretch film products offering high performance characteristics
while utilizing more cost effective materials and manufacturing processes, as
well as continued cost reductions in the areas of production and overhead
expense. The Atlantis Molded Plastics first quarter 1997 and 1996 gross profit
percentages equaled 18%, with gross margins remaining consistent within both the
injection molding and profile extrusion units for the two periods.
The Company's first quarter 1997 selling, general and administrative
expenses were $6.5 million, approximately $1.0 million or 14% lower than the
$7.5 million for the same period in 1996, primarily due to the various cost
reduction programs initiated by the Company during 1995 and 1996.
First quarter 1997 impairment of long-lived assets and other
restructuring charges equaled approximately $1.0 million, or $586,000 after
taxes, related to: (i) the closing of the Company's Nashville, Tennessee
injection molding facility, including approximately $250,000 in non-cash charges
for the write-down of fixed assets and leasehold improvements associated with
that facility, and (ii) restructuring expenses associated with recently
announced management changes in the Company's stretch film unit.
Regarding the closure of the Nashville facility, Atlantis' injection
molding unit was recently awarded $6.2 million in new business by Whirlpool
Corporation, a major, long-term customer. Partly in connection with this award,
Atlantis will close its Nashville injection molding facility by the end of June
1997 due to a shift in Whirlpool and other customer business away from the
Nashville area, and due to productivity improvements which have increased
manufacturing capacity in the Company's other injection molding facilities. The
Company will be transitioning the majority of its Nashville business to its
other injection molding facilities over the next several months.
First quarter 1997 interest expense of $2.8 million was 13% lower than
the $3.3 million posted for the same period last year, due to reduced debt
levels during the first three months of 1997. The Company's effective tax rates
differed from the applicable statutory rates during the first quarter of 1997
and 1996 primarily due to nondeductible goodwill amortization.
LIQUIDITY AND CAPITAL RESOURCES
The Company's working capital at March 31, 1997 totaled approximately
$33.4 million (including cash and equivalents of $5.8 million), compared to
$36.4 million (including cash and equivalents of $15.9 million) at December 31,
1996. On March 31, 1997, there were no borrowings on the Company's revolving
credit facility and gross availability equaled $30.0 million. Unused
availability, net of outstanding letters of credit of approximately $1.5
million, equaled $28.5 million. In addition, the Company had approximately $6.1
million of unused availability under an existing equipment financing program.
Covenants relating to the Company's 11% Senior Notes indebtedness
restrict the Company from taking certain actions unless specified interest
coverage ratio and other tests are met. The Company met the interest coverage
ratio requirement for the trailing four quarters ended March 31, 1997. Also, see
Note 6 of the Notes to the Consolidated Financial Statements for information
regarding the Company's common stock repurchase program.
7
<PAGE>
The Company's principal needs for liquidity, on both a short- and
long-term basis, relate to working capital (principally accounts receivable and
inventories), debt service, and capital expenditures. The Company presently does
not have any material commitments for future capital expenditures, and expects
to meet its short- and long-term liquidity needs with cash on hand, funds
generated from operations, and funds available under its revolving credit
facility.
CASH FLOWS FROM OPERATING ACTIVITIES
In the first three months of 1997, net cash used in operating
activities was approximately $5.1 million, compared to $1.8 million for the same
period last year. Accounts receivable increased by $1.2 million during the first
three months of 1997 primarily due to record March sales volume in stretch films
driven by customer purchases in advance of announced price increases.
Inventories increased $1.0 million during the first quarter of 1997 due to
month-end March 1997 inventory purchases by Atlantis Plastic Films in advance of
announced price increases by the Company's resin suppliers.
Accounts payable and accrued expenses at March 31, 1997 decreased by
$5.2 million compared to the 1996 year-end balance primarily due to lower
accrued interest on the Company's 11% Senior Notes (semi-annual payments due
February 15 and August 15) and incentive compensation payments during the first
quarter of 1997 related to 1996 operating results.
CASH FLOWS FROM INVESTING ACTIVITIES
Net cash used in investing activities during the first three months of
1997, consisting of capital expenditures, equaled $1.4 million compared to
capital expenditures of $1.0 million for the same period last year.
CASH FLOWS FROM FINANCING ACTIVITIES
Net cash used in financing activities for the first three months of
1997 was $3.6 million, compared to $1.2 million provided by financing activities
during the first three months of 1996. Cash was used during 1997 to repurchase
approximately $3.0 million of common stock (see Note 6 of Notes to the
Consolidated Financial Statements), with the balance used for principal payments
on long-term debt.
ACCOUNTING PRONOUNCEMENTS
In February 1997, SFAS No. 128, "Earnings Per Share" and SFAS No. 129,
"Disclosure of Information About Capital Structure" were issued. SFAS No. 128
specifies the computation, presentation, and disclosure requirements for
Earnings Per Share ("EPS"), and is designed to improve the EPS information
provided in financial statements by simplifying the existing computational
guidelines, revising the disclosure requirements, and increasing the
comparability of EPS data on an international basis. The Company has not yet
determined the effect on operating results of implementing SFAS 128, however,
the adoption of this statement is not expected to have a materially adverse
effect on consolidated financial position. SFAS No. 129 consolidates the
existing requirements to disclose certain information about an entity's capital
structure and is not expected to change the Company's current capital structure
disclosures. SFAS 128 and 129 must be implemented no later than fiscal year
1997.
8
<PAGE>
Part II. OTHER INFORMATION
- --------------------------
ITEM 1. LEGAL PROCEEDINGS.
------------------
The Company is not a party to any legal proceeding other than
routine litigation incidental to its business, none of which
is material.
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K.
---------------------------------
(a) Exhibits
27.1 Financial Data Schedule
- ----------------
(b) Reports on Form 8-K:
During the quarter for which this Quarterly Report on Form 10-Q is
filed, no reports on Form 8-K were filed by the Registrant.
9
<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.
ATLANTIS PLASTICS, INC.
Date: May 8, 1997 /S/ ANTHONY F. BOVA
-------------------
ANTHONY F. BOVA
President and Chief Executive Officer
Date: May 8, 1997 /S/ PAUL RUDOVSKY
-------------------
PAUL RUDOVSKY
Executive Vice President, Finance and
Administration
10
<PAGE>
INDEX TO EXHIBIT
EXHIBIT
NUMBER DESCRIPTION
- ------- -----------
27.1 Financial Data Schedule
<TABLE> <S> <C>
<ARTICLE> 5
<MULTIPLIER> 1,000
<CURRENCY> DOLLARS
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> MAR-31-1997
<EXCHANGE-RATE> 1
<CASH> 5,762
<SECURITIES> 0
<RECEIVABLES> 30,296
<ALLOWANCES> 692
<INVENTORY> 17,984
<CURRENT-ASSETS> 57,861
<PP&E> 111,239
<DEPRECIATION> 53,355
<TOTAL-ASSETS> 168,482
<CURRENT-LIABILITIES> 24,491
<BONDS> 104,690
0
0
<COMMON> 706
<OTHER-SE> 30,559
<TOTAL-LIABILITY-AND-EQUITY> 168,482
<SALES> 64,323
<TOTAL-REVENUES> 64,323
<CGS> 55,106
<TOTAL-COSTS> 55,106
<OTHER-EXPENSES> 7,420
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 2,837
<INCOME-PRETAX> (1,040)
<INCOME-TAX> (327)
<INCOME-CONTINUING> (713)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (713)
<EPS-PRIMARY> (0.10)
<EPS-DILUTED> (0.10)
</TABLE>
