SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 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 SEPTEMBER 27 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 0-16059
JASON INCORPORATED
(Exact name of registrant as specified in its charter)
WISCONSIN 39-1756840
(State or other jurisdiction of (IRS Employer Identification No.)
incorporation or organization)
411 EAST WISCONSIN AVENUE, SUITE 2500, MILWAUKEE, WI 53202
(Address of principal executive offices)
(414) 277-9300
(Registrant's telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Sections 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 ___
On September 27, 1996 there were outstanding 20,139,673 shares of the
Registrant's $.10 par value common stock.
JASON INCORPORATED
FORM 10-Q
SEPTEMBER 27, 1996
INDEX
PART I. FINANCIAL INFORMATION PAGE NO.
Statements of Income for the Three Months
Ended September 27, 1996 and September 29, 1995 ................ 3
Statements of Income for the Nine Months
Ended September 27, 1996 and September 29, 1995 ................ 4
Balance Sheets as at September 27, 1996 and
December 29, 1995 .............................................. 5
Statements of Cash Flows for the Nine Months
Ended September 27, 1996 and September 29, 1995 ................ 6
Notes to Financial Statements .................................... 7 - 8
Management's Discussion and Analysis of
Results of Operations and Financial Condition .................. 9 - 12
PART II. OTHER INFORMATION
Item 1 Legal Proceedings ......................................... 13
Item 2 Changes in Securities ..................................... 13
Item 3 Defaults Upon Senior Securities ........................... 13
Item 4 Submission of Matters to a Vote of
Security Holders ....................................... 13
Item 5 Other Information ......................................... 13
Item 6 (a) Exhibits ............................................. 13
(b) Reports on Form 8-K .................................. 13
Signatures ....................................................... 13
<TABLE>
<CAPTION>
JASON INCORPORATED
STATEMENTS OF INCOME
(Dollars In Thousands, Except Earnings Per Share)
-------------------------------------------------
FOR THE THREE MONTHS ENDED
-----------------------------------
SEPTEMBER 27, SEPTEMBER 29,
1996 1995
------------- --------------
(UNAUDITED)
-----------
<S> <C> <C>
NET SALES $ 106,730 $ 96,453
COST OF SALES 85,408 77,450
------- -------
Gross Profit 21,322 19,003
SELLING AND ADMINISTRATIVE EXPENSES 15,266 14,046
------- -------
Operating Income 6,056 4,957
INTEREST EXPENSE 2,396 2,579
OTHER EXPENSE 58 43
------- -------
Income Before Income Taxes 3,602 2,335
PROVISION FOR INCOME TAXES 1,332 929
------- -------
NET INCOME $ 2,270 $ 1,406
======= =======
NET INCOME PER SHARE $ 0.11 $ 0.07
======= =======
AVERAGE SHARES OUTSTANDING 20,604,000 20,691,000
========== ==========
</TABLE>
<TABLE>
<CAPTION>
JASON INCORPORATED
STATEMENTS OF INCOME
(Dollars In Thousands, Except Earnings Per Share)
-------------------------------------------------
FOR THE NINE MONTHS ENDED
-----------------------------------
SEPTEMBER 27, SEPTEMBER 29,
1996 1995
------------- -------------
(UNAUDITED)
-----------
<S> <C> <C>
NET SALES $ 322,395 $ 312,352
COST OF SALES 256,501 246,028
------- -------
Gross Profit 65,894 66,324
SELLING AND ADMINISTRATIVE EXPENSES 45,845 44,380
------- -------
Operating Income 20,049 21,944
INTEREST EXPENSE 7,166 7,521
OTHER (INCOME) EXPENSE 2 249
------- -------
Income Before Income Taxes 12,881 14,174
PROVISION FOR INCOME TAXES 5,136 5,889
------- -------
NET INCOME $ 7,745 $ 8,285
======= =======
NET INCOME PER SHARE $ 0.38 $ 0.40
======= =======
AVERAGE SHARES OUTSTANDING 20,571,000 20,653,000
========== ==========
</TABLE>
<TABLE>
<CAPTION>
JASON INCORPORATED
BALANCE SHEETS
(Dollars in Thousands)
----------------------
SEPTEMBER 27, DECEMBER 29,
1996 1995
------------- ------------
(Unaudited)
ASSETS -----------
- ------
<S> <C> <C>
Current Assets
Cash $ 1,992 $ 1,890
Accounts Receivable 71,799 54,819
Inventories (Note 3) 35,490 35,602
Costs And Earnings In Excess Of
Billings On Uncompleted Contracts 17,672 9,999
Deferred Income Taxes 8,045 8,045
Other Current Assets 6,301 4,179
-------- --------
Total Current Assets 141,299 114,534
-------- --------
Property, Plant and Equipment
Cost 137,017 124,322
Less - Accumulated Depreciation (64,350) (55,512)
--------- ---------
Net Property, Plant and Equipment 72,667 68,810
-------- --------
Intangible Assets 90,759 94,171
Other Assets 1,820 2,012
-------- --------
$ 306,545 $ 279,527
======== ========
JASON INCORPORATED
BALANCE SHEETS
(Dollars In Thousands)
----------------------
SEPTEMBER 27, DECEMBER 29,
1996 1995
------------- ------------
(Unaudited)
-----------
LIABILITIES AND SHAREHOLDERS' EQUITY
- ------------------------------------
Current Liabilities
Current Portion of Long-Term Debt $ 3,250 $ 3,386
Accounts Payable 31,159 27,361
Accrued Compensation & Employee Benefits 11,924 12,553
Accrued Warranty 3,836 3,289
Accrued Interest 2,289 1,275
Accrued Income Taxes 229 1,968
Other Current Liabilities 8,198 8,037
Billings In Excess Of Costs And
Earnings On Uncompleted Contracts 16,109 8,995
-------- --------
Total Current Liabilities 76,994 66,864
Revolving Loan 35,840 27,010
Other Long-Term Debt 83,057 83,057
Deferred Income Taxes 8,708 8,062
Other Long-Term Liabilities 1,993 2,448
Postemployment & Postretirement Health
And Other Benefits 5,942 5,868
-------- --------
Total Liabilities 212,534 193,309
-------- --------
Commitments and Contingencies --- ---
SHAREHOLDERS' EQUITY
- --------------------
Common Stock & Additional
Contributed Capital 34,619 34,535
Retained Earnings 59,502 51,757
Foreign Currency Translation Adjustment (110) (74)
--------- ---------
Total Shareholders' Equity 94,011 86,218
-------- --------
$ 306,545 $ 279,527
======== ========
</TABLE>
<TABLE>
<CAPTION>
JASON INCORPORATED
STATEMENTS OF CASH FLOWS
(Dollars in Thousands)
For The Nine Months Ended
-------------------------
September September
27, 1996 29, 1995
--------- ---------
(UNAUDITED)
-----------
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income $ 7,745 $ 8,285
Adjustments To Reconcile Net Income To Net Cash
Provided By Operating Activities:
Depreciation 9,287 9,701
Amortization 4,215 4,483
Deferred Income Taxes 646 (797)
Increase (Decrease) In Cash, Excluding Effects Of
Acquisitions, Due To Changes In:
Accounts Receivable (16,980) (1,134)
Inventories 112 (1,266)
Cost And Earnings In Excess Of Billings
On Uncompleted Contracts (7,673) (9,165)
Other Current Assets (2,122) 5,468
Other Assets (611) 878
Accounts Payable 3,798 (1,661)
Accrued Compensation & Employee Benefits (629) (126)
Accrued Warranty 547 (1,571)
Accrued Interest 1,014 1,352
Accrued Income Taxes (1,739) (311)
Billings In Excess Of Costs And Earnings
On Uncompleted Contracts 7,114 (6,332)
Other Liabilities (220) 904
------- -------
Total Adjustments (3,241) 423
------- -------
Net Cash Provided By Operations 4,504 8,708
------- -------
JASON INCORPORATED
STATEMENTS OF CASH FLOWS
(Dollars In Thousands)
For The Nine Months Ended
-------------------------
September September
27, 1996 29, 1995
--------- ---------
(UNAUDITED)
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisition Of Net Assets (45,123)
Acquisition Of Property, Plant And Equipment (13,178) (11,827)
Disposal Of Property, Plant And Equipment - Net 34 232
Other Net (36) 42
-------- --------
Net Cash Used For Investing Activities (13,180) (56,676)
-------- --------
Net Cash Used Before Financing Activities (8,676) (47,968)
------- --------
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds From Revolving Loan 98,070 108,818
Repayments Of Revolving Loan (89,240) (98,118)
Proceeds (Repayments) Of Other Long Term Debt (136) 19,293
Proceeds From Convertible Notes 17,057
Issuance Of Common Stock - Net 84 134
------- -------
Net Cash Provided By Financing Activities 8,778 47,184
------- -------
Net Increase (Decrease) In Cash 102 (784)
Cash Beginning of Period 1,890 1,069
------- -------
Cash End of Period $ 1,992 $ 285
======= =======
Cash Paid For:
Interest 6,073 6,014
Income Taxes 6,231 6,946
</TABLE>
JASON INCORPORATED
NOTES TO FINANCIAL STATEMENTS
NOTE 1 - BASIS OF FINANCIAL STATEMENTS
The Company operates in three primary business segments: power generation
products, motor vehicle products, and industrial products. Power generation
products include the design and manufacture of silencing equipment, waste heat
recovery boilers, and other auxiliary equipment for the gas turbine and other
industries and the design and fabrication of electromagnetic shielding products
for medical and other electronic equipment applications. Motor vehicle products
include the manufacture and marketing of nonwoven needled fiber insulation,
mastic insulation, dielectric padding and other interior trim products primarily
for the automotive industry but also for furniture and industrial uses, plus
seating products for motorcycles, construction, agricultural and lawn/turf care
equipment. Industrial products include the manufacture and marketing of
industrial brushes, buffing wheels and compound used by manufacturers to finish
a wide variety of manufactured products, plus the manufacture and marketing of
precision components such as precision stampings, wire form components and
expanded metal products.
The financial statements at September 27, 1996 and September 29, 1995 and for
the three and nine month periods then ended are unaudited, however, in the
opinion of management, all adjustments (consisting only of normal recurring
accruals) necessary for a fair presentation of the financial position at these
dates and the results of operations and cash flows for these periods have been
included. The results for the three and nine month periods ended September 27,
1996 are not necessarily indicative of the results that may be expected for the
full year or any other interim period.
Earnings per share are computed using the weighted average number of common and
common equivalent shares outstanding during the period. The weighted average
number of common and common equivalent shares outstanding during the third
quarters of 1996 and 1995 amounted to 20,604,000 and 20,691,000, respectively.
The weighted average number of common and common equivalent shares outstanding
during the first nine months of 1996 and 1995 amounted to 20,571,000 and
20,653,000, respectively. Shares issuable under employee stock option plans are
included in the earnings per share computations for all periods presented.
NOTE 2 - ACQUISITIONS
On January 3, 1995, the Company completed the acquisition of Milsco
Manufacturing company for $45.5 million, including acquisition costs. Milsco is
a designer and manufacturer of seating for motorcycles, construction equipment,
agricultural equipment and lawn/turf care equipment.
The aforementioned acquisition has been accounted for using the purchase method
and, as such, the operating results have been included in the Company's
financial statements since the acquisition date.
NOTE 3 - INVENTORIES
Inventories are stated at the lower of cost (first-in, first-out) or market and
consisted of the following (in thousands of dollars):
SEPTEMBER 27, DECEMBER 29,
1996 1995
------------ ------------
(Unaudited)
Raw materials $17,583 $18,134
Work in process 5,465 4,519
Finished goods 12,442 12,949
------- -------
$35,490 $35,602
======= =======
JASON INCORPORATED
MANAGEMENT'S DISCUSSION AND ANALYSIS
OF RESULTS OF OPERATIONS AND FINANCIAL CONDITION
RESULTS OF OPERATIONS
Three months ended September 27, 1996 compared to the three months ended
September 29, 1995:
Sales for the three months ended September 27, 1996 increased by 11% from
$96,453,000 for the three months ended September 29, 1995 to $106,730,000.
Sales of power generation products increased by 18% from $31,309,000 to
$37,012,000. Sales of motor vehicle products increased by 12% from $33,337,000
to $37,176,000. Sales of industrial products increased by 2% from $31,807,000
to $32,542,000.
The higher power generation sales for the third quarter of 1996 compared to last
year was a result of a higher power generation backlog at the beginning of the
third quarter of 1996 which was $101 million compared to $74 million a year
earlier. Bookings in the third quarter of 1996 of $30 million were up 50%
compared to $20 million in the third quarter of 1995. Sales in the third
quarter of 1996 of $37 million compared to $31 million in the third quarter of
1995 leaving a backlog at the end of the third quarter of 1996 of $94 million
compared to $63 million a year ago. With this significant increase in backlog,
management believes power generation sales for the remainder of the year will
exceed that of last year.
The higher motor vehicle products sales were a result of the U.S. automobile
industry building 7% more vehicles in the third quarter of 1996 than they did
last year. In addition, an increase in the sales of the Company's Marabond_
moldable insulation product created greater content per vehicle and resulted in
an 11% increase in sales of the Company's automotive products. Sales for Milsco
also increased in the third quarter compared to last year due to higher sales
of original equipment and parts and accessories items for Harley-Davidson as
well as higher sales of lawn and turf care and agricultural equipment. The U.S.
automotive industry has announced a production schedule for the fourth quarter
of 1996 that is above the production level in the fourth quarter of 1995.
Dealer inventories are down to 60 days compared to 68 days at the end of the
third quarter of 1995. Whether or not the industry will build the number of
units called for in the schedule depends on retail vehicle sales during the
fourth quarter.
Industrial products sales in the third quarter of 1996 were up compared to last
year with the Osborn brush and JacksonLea buff and compound businesses and the
Koller expanded metal, wire form, stamped components and assembled products
operations all showing increases in the quarter compared to last year. With the
improvement in the economy, it is expected that sales for the industrial
products segment for the fourth quarter will be up compared to the prior year.
Operating income declined in the third quarter of 1996 from $4,957,000 in the
third quarter of 1995 to $6,056,000.
Operating income for the power generation products segment declined from
$1,944,000 in the third quarter of 1995 to $1,572,000. The decline in
operating income is the result of lower price levels and a less profitable
product mix.
Operating income for the motor vehicle products segment improved from $1,930,000
in the third quarter of 1995 to $3,025,000 due primarily to higher volume
and improved operating margins at the automotive operations which is a result
of a more favorable product mix and the elimination of start up costs associated
with the start up of a new plant last year. Operating earnings at Milsco also
increased as a result of the above mentioned higher volume.
Operating income for the industrial products segment improved from $1,676,000 in
the third quarter of 1995 to $2,073,000. This increase in operating income was
a result of an improvement in sales volume and margins at JacksonLea and Koller.
Corporate expenses for the third quarter of 1996 were $614,000 compared to
$593,000 last year.
Interest expense declined in the third quarter of 1996 from $2,579,000
in the third quarter of 1995 to $2,396,000 due to lower average debt outstanding
and slightly lower interest rates.
Other expense in the third quarter of 1996 and 1995 represents deferred
financing cost amortization offset by royalty income from foreign licensees of
the Company's finishing products.
Nine months ended September 27, 1996 compared to the nine months ended
September 29, 1995:
Sales for the nine months ended September 27, 1996 increased by 3% from
$312,352,000 for the nine months ended September 29, 1995 to $322,395,000.
Sales of power generation products increased by 1% from $103,395,000 to
$104,662,000. Sales of motor vehicle products increased by 6% from $110,778,000
to $117,117,000. Sales of industrial products increased by 2% from $98,179,000
to $100,616,000.
The approximately equal level of power generation sales for the first nine
months of 1996 compared to last year was a result of a lower power generation
backlog at the beginning of 1996 which was $69 million compared to $74 million
a year earlier offset by significantly higher bookings in the first nine months
of $130 million, up 40% compared to $92 million in the first nine months of
1995. Sales in the first nine months of $105 million compared to $103 million
in the first nine months of 1995 leaving a backlog at the end of the first nine
months of 1996 of $94 million compared to $63 million a year ago. With the
significant increase in bookings in the first nine months of 1996 compared to
last year and the higher ending backlog, management believes power generation
sales for the remainder of the year will exceed that of last year.
Motor vehicle products sales increased in the first nine months of 1996 compared
to last year even though the U.S. automobile industry built 1% fewer vehicles in
the first nine months of 1996 than they did last year. However, sales of the
Company's automotive products were up compared to last year due to a greater
content per vehicle which is a result of improved sales of the Company's
Marabond_ moldable insulation product. Sales for Milsco also increased compared
to last year due to higher sales of original equipment and parts and accessories
items for Harley-Davidson as well as higher sales of lawn and turf care and
agricultural equipment. This favorable trend is expected to continue in the
fourth quarter. The U.S. automotive industry has announced a production
schedule for the fourth quarter of 1996 that is above the production level in
the fourth quarter of 1995. Dealer inventories are down to 60 days compared to
68 days at the end of the third quarter of 1995. Whether or not the industry
will build the number of units called for in the schedule depends on retail
vehicle sales during the fourth quarter.
Industrial products sales in the first nine months of 1996 were up compared to
last year with the Osborn brush and JacksonLea buff and compound businesses
showing increases in the first nine months compared to last year and the Koller
expanded metal, wire form, stamped components and assembled products operations
generating sales at about the same level as last year. With the improvement in
the economy, it is expected that sales for the industrial products segment for
the fourth quarter will be up compared to the prior year.
Operating income declined in the first nine months of 1996 from $21,944,000 in
the first nine months of 1995 to $20,049,000.
Operating income for the power generation products segment declined from
$7,884,000 in the first nine months of 1995 to $3,753,000. The decline in
operating income is the result of lower price levels and a less profitable
product mix which included start up costs associated with the Company's new
inlet filter product line.
Operating income for the motor vehicle products segment improved from
$10,364,000 in the first nine months of 1995 to $11,205,000 due primarily to
improved operating income at Milsco which generated higher sales of original
equipment and parts and accessories items for Harley-Davidson as well as higher
sales of lawn and turf care and agricultural equipment. Automotive operating
income was up slightly in the first nine months of 1996 compared to last year.
Operating income for the industrial products segment improved from $5,480,000 in
the first nine months of 1995 to $6,720,000. This increase in operating income
was a result primarily of an improvement in sales volume and operating income at
JacksonLea as well as improvements in operating income at Koller and Osborn.
Corporate expenses for the first nine months of 1996 were $1,629,000 compared to
$1,785,000 last year. This decrease is primarily due to a decrease in
management incentive compensation.
Interest expense declined in the first nine months of 1996 from $7,521,000 in
the first nine month of 1995 to $7,166,000 due to lower average debt outstanding
and slightly lower interest rates. Other expense in the first nine months of
1996 represents deferred financing cost amortization offset by royalty income
from foreign licensees of the Company's finishing products and income from
foreign joint ventures. Other expense in the first nine months of 1995
represents deferred financing cost amortization and peso devaluation losses,
partially offset by royalty income.
LIQUIDITY AND CAPITAL RESOURCES
During the first nine months of 1996, the Company satisfied the capital
requirements of its operations with internally generated funds. For the
foreseeable future, the Company believes it will generate funds from operations
to meet the capital requirements of its existing operations. As of September
27, 1996, the Company had available unused borrowing capacity of $39,171,000
under its bank revolving loan facility.
During the first nine months of 1995, the Company also satisfied the capital
requirements of its operations with internally generated funds. In the first
quarter of 1995, the purchase price for Milsco amounting to $45.5 million was
financed by an extension of the Company's bank revolving loan facility and $17
million of proceeds from the issuance of convertible notes to several of the
former shareholders of Milsco. In May 1995, the Company completed a $20 million
private debt placement with an insurance company, the proceeds of which were
used to pay down the revolving loan. The revolving loan commitment was then
reduced from $115 million to $95 million.
During the first nine months of 1996, working capital increased by $16,635,000
from $47,670,000 at December 29, 1995 to $64,305,000 at September 27, 1996.
This increase was a result of strong bookings in the first nine months,
particularly in power generation, requiring an increase in working capital for
new jobs in progress. During the first nine months of 1996, the Company
generated $4,504,000 in cash from operations. The Company anticipates
generating additional cash flow from operations during the balance of the year.
In the first nine months of 1996 and 1995, the Company made capital expenditures
of $13,178,000 and $11,827,000, respectively. The major 1996 expenditures were
in the motor vehicle segment for equipment to support new Marabond_ programs at
Janesville Products and for plant and office additions to support an increased
level of business at Milsco. The major 1995 expenditures were in the motor
vehicle products segment for equipment at Janesville Products to support new
molded Marabond_ programs and to improve efficiency and at Koller, Milsco and
Sackner to support new programs at those locations. Capital expenditures for
1996 are anticipated to approximate $20 million. No significant commitments
are outstanding as of September 27, 1996.
SEASONALITY
U.S. auto makers traditionally shut down for the annual model changeover in the
third quarter. In addition, adjustments to production schedules are made
throughout the year based on retail auto sales and the level of dealer
inventories. These seasonal patterns affect the Company's motor vehicle
products operations most significantly but also have somewhat of an impact on
industrial products due to the effect on automotive suppliers which use the
Company's precision components and finishing products.
FORWARD LOOKING STATEMENTS
Except for the historical information contained herein, this report contains
certain forward-looking statements and is subject to certain risks and
uncertainties that could cause actual future results and developements to differ
materially from those currently projected. Such risks and uncertainties
include, but are not limited to, changes in auto maker production schedules,
delays in customer delivery requirements and general economic conditions in the
Company's market segments.
PART II
OTHER INFORMATION
ITEM 1 Legal Proceedings - None
ITEM 2 Changes in Securities - None
ITEM 3 Defaults Upon Senior Securities - None
ITEM 4 Submission of Matters to a vote of Security Holders - None
ITEM 5 Other information - None
ITEM 6 (a) Exhibits:
Financial Data Schedule
(b) Reports on Form 8-K - None
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.
JASON INCORPORATED (Registrant)
by ________________________
Mark Train
President
(Chief Financial Officer)
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from Jason
Incorporated's consolidated balance sheet at September 27, 1996 and consolidated
statements of income for the nine month period ended September 27, 1996 and is
qualified in its entirety by reference to such financial statements.
</LEGEND>
<CIK> 0000813471
<NAME> JASON INCORPORATED
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-27-1996
<PERIOD-START> DEC-30-1995
<PERIOD-END> SEP-27-1996
<CASH> 1992
<SECURITIES> 0
<RECEIVABLES> 71799
<ALLOWANCES> 0<F1>
<INVENTORY> 35490
<CURRENT-ASSETS> 141299
<PP&E> 137017
<DEPRECIATION> 64350
<TOTAL-ASSETS> 306545
<CURRENT-LIABILITIES> 76994
<BONDS> 118897<F2>
0
0
<COMMON> 34619
<OTHER-SE> 59392
<TOTAL-LIABILITY-AND-EQUITY> 306545
<SALES> 322395
<TOTAL-REVENUES> 322395
<CGS> 256501
<TOTAL-COSTS> 256501
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 7166
<INCOME-PRETAX> 12881
<INCOME-TAX> 5136
<INCOME-CONTINUING> 7745
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 7745
<EPS-PRIMARY> .38
<EPS-DILUTED> 0<F3>
<FN>
<F1>Company presents receivables on a net basis in compliance with Article 10
Regulation S-X.
<F2>Includes all non-current portion of debt obligations.
<F3>Not Reported.
</FN>
</TABLE>
