SECURITY 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 June 30, 1995 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 1-10340
Allou Health & Beauty Care, Inc.
(Exact name of registrant as specified in its charter)
Delaware 11-2953972
(State or other jurisdiction (IRS Employer
of incorporation or organization) Identification No.)
50 Emjay Boulevard, Brentwood, NY 11717
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (516) 273-4000
______________________________________________________________________
(Former name, former address and former fiscal year, if changed since
last report)
Indicate by check mark whether the registrant (1) has filed all documents
and reports required to be filed by Section 13 or 15(d) of the Securities
Exchange Act of 1934 during the preceding twelve 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 August 7, 1995
Class A Common Stock, $.001 par value 4,461,725
Class B Common Stock, $.001 par value 1,200,000
10Q-2
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ALLOU HEALTH & BEAUTY CARE, INC.
INDEX
Page
Part I. Financial Information
Item 1. Consolidated Financial Statements
Consolidated Balance Sheet 3
Consolidated Statement of Incomer and Retained Earnings 4
Consolidated Statement of Cash Flows 5
Notes to Consolidated Financial Statements 6-11
Item 2. Managements' discussion and analysis of
financial condition and results of operations 12-13
Part II. Other Information 14-15
Signatures 16
-2-<PAGE>
ALLOU HEALTH & BEAUTY CARE, INC.
CONSOLIDATED BALANCE SHEET
ASSETS
June 30, March 31,
1995 1995
Current Assets
Cash $ 101,913 $ 126,237
Accounts Receivable (less allowance for
doubtful accounts of $364,165 at June 30,
1995 and $286,165 38,024,676 28,473,020
at March 31, 1995 (Note 5)
Inventories (Notes 1 & 5) 64,520,618 57,270,710
Other Current Assets (Note 2) 7,263,586 15,546,524
---------- ----------
Total Current Assets $109,910,793 $101,416,491
Fixed Assets, Less Accumulated Depreciation
(Notes 1 & 3) 2,862,738 2,186,968
Other Assets (Note 4) 3,161,634 2,610,504
----------- -----------
TOTAL ASSETS $115,935,165 $106,213,963
LIABILITIES & STOCKHOLDERS' EQUITY
Current Liabilities
Amounts Due Bank (Note 5) $ 60,554,287 $ 54,128,480
Current Portion of Long-Term Debt (Note 6) 241,554 245,116
Accounts Payable and Accrued 12,569,637 10,326,065
Expenses (Note 7)
Income Taxes Payable (Note 10) 557,925 524,187
---------- ----------
Total Current Liabilities $ 73,923,403 $ 65,223,848
Long Term Liabilities
Long-Term Debt, Less Current 616,601 751,783
Portion (Note 6)
Deferred Income Taxes (Note 1) 62,122 62,122
---------- ---------
Total Long Term Liabilities 678,723 813,905
---------- ---------
TOTAL LIABILITIES $ 74,602,126 $ 66,037,753
Commitments & Contingencies (Note 8)
Stockholders' Equity (Notes 1 & 9)
Preferred Stock, $.001 par value,
1,000,000 shares authorized, none
issued and outstanding
Class A Common Stock, $.001 par value;
10,000,000 shares authorized and
4,461,725 issued and outstanding
at June 30, 1995 and March 31, 1995,
respectively $ 4,462 $ 4,462
Class B Common Stock, $.001 par value;
1,700,000 authorized, 1,200,000 issued
and outstanding at June 30, 1995
and March 31, 1995 1,200 1,200
Additional Paid-In Capital 23,241,098 23,241,098
Retained Earnings 18,086,279 16,929,450
---------- ----------
TOTAL STOCKHOLDERS' EQUITY 41,333,039 40,176,210
---------- ----------
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY $115,935,165 $106,213,963
The accompanying notes are an integral part of this financial statement.
-3-<PAGE>
ALLOU HEALTH & BEAUTY CARE, INC.
CONSOLIDATED STATEMENT OF INCOME AND RETAINED EARNINGS
For The Three Months Ended
June 30,
1995 1994
Revenues $64,432,369 $55,345,135
Costs of Revenues 57,206,456 48,936,978
Gross Profit 7,225,913 6,408,157
Operating Expenses
Warehouse & Delivery 1,599,486 1,461,460
Selling, General & Administrative 2,494,334 2,613,054
Total Expenses 4,093,820 4,074,514
Income From Operations 3,132,093 2,333,643
Other Charges (Credits)
Interest 1,260,261 764,926
Other (6,997) (1,834)
Total 1,253,264 763,092
Income Before Income Taxes 1,878,829 1,570,551
Provision for Income Taxes (Note 10) 722,000 598,000
NET INCOME 1,156,829 972,551
RETAINED EARNINGS - BEGINNING 16,929,450 12,248,149
RETAINED EARNINGS - ENDING $18,086,279 $13,220,700
Net Income Per Common Share: (Note 1)
Primary and Fully Diluted $.20 $.17
-4-<PAGE>
ALLOU HEALTH & BEAUTY CARE INC.
CONSOLIDATED STATEMENT OF CASH FLOWS
For The Three Months Ended
June 30,
1995 1994
Cash Flows From Operating Activities
Net Income $ 1,156,829 $ 972,551
Adjustments to Reconcile Net Income to
Net Cash Used in Operating Activities:
Depreciation and Amortization 102,991 85,472
Decrease (Increase) In Assets:
Accounts Receivable (9,551,656) (6,392,288)
Inventory (7,249,908) (9,247,081)
Prepaid Purchases and Other Assets 7,731,808 876,709
Increase (Decrease) In Liabilities:
Accounts Payable and Accrued Expenses 2,243,572 2,875,714
Income Taxes Payable 33,738 316,826
Net Cash Used In Operating Activities (5,532,626) (10,512,097)
Cash Flows Used in Investing Activities
Acquisition of Fixed Assets (778,761) (235,405)
Cash Flows From Financing Activities
Net Increase in Amounts Due Bank 6,425,807 10,221,654
Repayment of Debt (138,744) (23,804)
Net Proceeds From Exercise of
Warrants & Options - 0 - 368,650
Net Cash Provided By Financing Activities 6,287,063 10,566,500
INCREASE (DECREASE) IN CASH (24,324) (181,002)
CASH AT BEGINNING OF PERIOD 126,237 351,047
CASH AT END OF PERIOD $ 101,913 $ 170,045
Supplemental Disclosures of Cash Flow Information:
Cash Paid For:
Interes $1,228,415 $724,839
Income Taxes $688,262 $281,174
The accompanying notes are an integral part of this financial statement.
-5-<PAGE>
ALLOU HEALTH & BEAUTY CARE, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:
A. Organization:
Allou Health & Beauty Care, Inc. (the "Company") was incorporated
on January 20, 1989 under the laws of the state of Delaware, on which
date it acquired all of the outstanding shares of Allou Distributors,
Inc. in exchange for 2,400,000 shares of (1,200,000 post-split) its
Class B common stock, thus making it a wholly-owned subsidiary.
Effective April 1, 1993, the Company acquired all of the
outstanding shares of M. Sobol, Inc., a wholesaler of pharmaceutical
products in a transaction accounted for under the purchase method.
The price for the stock was $1,472,382. The fair market value of the
assets acquired and liabilities assumed were as follows:
Cash $ 63,768
Accounts Receivable (net of
allowance for doubtful
accounts of $108,620) 1,483,925
Inventory 2,078,324
Other Current Assets 28,695
Accounts Payable (1,613,035)
Due to Bank (subsequently paid off) (2,100,000)
These financial statements include the consolidated operations of
the Company and its subsidiaries. All intercompany transactions have
been eliminated.
B. Description of Operations:
The Company is engaged in the business of distributing brand name
and Allou Brands health and beauty aids, cosmetics, fragrances,
grocery products and pharmaceuticals to independent retailers primarily
in the New York metropolitan area, as well as in the Pennsylvania and
Florida areas.
C. Revenue Recognition:
The Company recognizes revenue on its entire product line at the
time the products are shipped to the customer.
D. Inventories:
Inventories, which consist of cosmetics, fragrances, health and
beauty aids and pharmaceuticals, are stated at the lower of average cost or
market.
E. Fixed Assets:
Property and equipment are stated at cost. Depreciation is
provided for over the estimated useful lives of the assets by use of
straight-line and accelerated methods.
F. Deferred Taxes:
Deferred taxes represent the amount due on the cumulative effect of
change of inventory valuation from LIFO to Average Cost Method. As
permitted by applicable tax regulations, this amount can be included
in income for tax purposes ratably over six years.
-6-<PAGE>
ALLOU HEALTH & BEAUTY CARE, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
G. Earnings Per Share:
Primary and fully diluted earnings per share are computed on
weighted average number of shares actually outstanding, plus the
shares that would be outstanding assuming the exercise of the
Company's outstanding stock warrants and stock options, which are
considered to be common stock equivalents, in accordance with the
treasury stock method.
H. Accounts receivable and inventory at June 30, 1995 include
$4,571,417 and $6,698,070, respectively, attributable to M. Sobol
Inc., the Company's wholly-owned subsidiary.
2. OTHER CURRENT ASSETS:
Included in other current assets at June 30, 1995 are $4,803,852 of
prepayments on merchandise and $1,350,000 of non-interest bearing
officers loans.
3. PROPERTY AND EQUIPMENT:
June 30, March 31, Estimated
1995 1995 Useful Lives
Machinery & Equipment $1,031,474 $954,380 5 years
Furniture, Fixtures &
Office Equipment 1,901,495 1,782,192 5-10 years
Transportation Equipment 96,750 96,750 3-5 years
Leasehold Improvements 1,952,459 1,370,095 10 years
4,982,178 4,203,417
Less: Accumulated Depreciation 2,119,440 2,016,449
$2,862,738 $2,186,968
4. OTHER ASSETS:
Included in other assets is $1,429,405 of goodwill, net of
amortization, created upon the purchase of the shares of M. Sobol
Inc., the Company's wholly-owned subsidiary (see note 1-A). and
$1,438,120 of non-interest bearing officers loans. The goodwill is
being amortized over forty years.
5. AMOUNTS DUE BANK:
The Company has a secured line of credit with a consortium of
banks. The financing agreement provides for advances of up to 85% of
eligible receivables and 60% of eligible inventory with aggregate
maximum advances of up to $85,000,000, including a $4,500,000 sublimit
for overadvances. Interest on the loan balance is payable monthly at
3/8% above the prime rate or 2 1/8% above the Eurodollar rate, at the
option of the Company. The loan is collateralized by the Company's
accounts receivable and inventory and the overadvances are guaranteed
by the Company's principal stockholders. In addition, the Company is
required to abide by certain financial covenants. The effective
interest rate charged to the Company at June 30, 1995 was 8.27%, which
was based on a combination of 2 1/8% above the Eurodollar rate and
3/8% above the prime rate.
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ALLOU HEALTH & BEAUTY CARE, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
6. LONG-TERM DEBT:
Long-term debt consists of:
(a) notes collateralized by certain of the Company's equipment,
payable in aggregate monthly installments of approximately $13,000,
which include interest at rates varying from 1% above the prime rate
to 11.5%, for the three months ended June 30, 1995.
(b) a loan payable to the previous stockholder of M. Sobol, Inc.
(see note 1-A). Interest payable on the declining principal balance
has been calculated at 5.45% per annum, through April 1, 2000.
The aggregate long-term debt is payable as follows:
Year Ended
March 31,
1996 (9 months) $106,372
1997 222,393
1998 154,230
1999 140,332
2000-2001 234,828
-------
$858,155
7. ACCOUNTS PAYABLE AND ACCRUED EXPENSES:
June 30, March 31,
1995 1995
Cost of Revenues $11,397,450 $9,016,485
Selling, General & Administrative 590,421 621,734
Interest - Bank 288,164 313,525
Payroll 293,602 374,321
---------- ----------
$12,569,637 $10,326,065
8. COMMITMENTS AND CONTINGENCIES:
A. Operating Leases:
Effective April 1995, the Company's lease was renegotiated to
include additional space and the lease term was extended to May 2005.
As of June 30, 1995, the minimum annual rentals, excluding additional
payments for real estate taxes and certain expenses, are as follows:
Year Ended
March 31,
1996 (9 months) $ 410,098
1997 546,797
1998 546,797
1999 546,797
2000-2005 3,742,443
-8-
ALLOU HEALTH & BEAUTY CARE, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
A. Operating Leases: (Continued)
Rent expense for the three months ended June 30, 1995 and 1994
amounted to $154,168 and $108,875, respectively.
B. The Company uses an entity for its deliveries using the Company's
leased trucks and is charged on a per load basis. The Company
assigned the truck lease to this non-affiliated entity, however, the
Company has guaranteed payment and performance on all terms of the
lease through its expiration in 1997.
The Company owns a trailer truck which has been assigned to an
entity in exchange for such entity assuming the loan payments for such
truck, which remain an obligation of the Company.
C. Union:
The Company has an agreement with the National Organization of
Industrial Trade Unions which terminates on December 14, 1997. The
agreement covers all warehouse and receiving employees, excluding
supervisory personnel.
D. Stock Option Plans:
The Company has adopted Stock Option Plans which provide for the
granting of stock options to certain key employees and directors. An
aggregate of 1,300,000 shares of common stock are reserved for
issuance under the Plans. Incentive stock options are granted at no
less than fair market value of the shares on the date of grant.
Options granted to individuals owning more than 10% of the voting
power of the Company's capital stock are granted at no less than 110%
of the fair market value at the date of grant. As of June 30, 1995,
the Company had 1,176,950 of outstanding options at prices ranging
from $2.50 to $10.00.
E. The Company has three year employment agreements, which
commenced August 1, 1992, providing for salaries of $150,000 for three
of the officers and $225,000 for the fourth. In addition, three of
the officers receive bonuses of 2%, 4% and 6% of the Company's
earnings before interest and taxes for the fiscal year in excess of
$2,000,000, $3,000,000 and $4,000,000, respectively. For the three
months ended June 30, 1994, bonus expense amounted to $250,380. For
the three months ended June 30, 1995, three of the officers waived
their rights to their bonus and the fourth officer received a bonus of
$75,000.
F. Letter of Credit:
The Company has an irrevocable standby letter of credit in the sum
of $100,000 expiring on June 8, 1996.
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ALLOU HEALTH & BEAUTY CARE, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
9. STOCKHOLDERS' EQUITY:
During the year ended March 31, 1994, the stockholders of the
Company voted to reduce the number of shares of authorized Class A
common stock from 15,000,000 to 10,000,000 shares and increase the
number of authorized Class B common stock from 1,200,000 to 1,700,000
shares, both $.001 par value per share. The Company is also
authorized to issue 1,000,000 shares of preferred stock. Holders of
Class A and Class B common stock share pro rata in all dividends
declared by the Board of Directors. The holders of Class A and Class
B common stock are entitled to one and five votes per share,
respectively, for every matter on which the stockholders of the
Company are entitled to vote. Each share of Class B common stock is
convertible at the option of the holder to one share of Class A common
stock. Additionally, each share of Class B common stock shall be
automatically converted into one share of Class A common stock upon
its sale or transfer (including its transfer upon the death of the
holder thereof), except if such sale or transfer is to one or more
other holders of Class B common stock, certain family members of the
holders of Class B common stock or certain trusts for their benefit.
During the year ended March 31, 1990, the Company's public offering
became effective, whereby 460,000 units, which included 60,000 units
allotted to the underwriters, each consisting of three shares of the
Company's Class A common stock and three redeemable Class A warrants
were sold. Additionally, the underwriters were granted 40,000 units
of purchase warrants, each consisting of three shares Class A common
stock and three redeemable Class A and Class B warrants. Each Class A
warrant entitled the holder to purchase one share of Class A common
stock and one Class B warrant at an exercise price of $5.00. Each
Class B warrant entitles the holder to purchase for $7.50 one share of
common stock. The Class A and Class B warrants expired five years
from the date of issuance.
During the years ended March 31, 1992 and 1993, 1,367,726 Class A
warrants and 3,800 Class B warrants were exercised and 12,274 Class A
warrants were redeemed and cancelled.
During the year ended March 31, 1994, 1,351,716 Class B warrants
were exercised and the remaining 12,200 of unexercised Class B
warrants were redeemed and cancelled. The Company also issued 36,000
warrants which were exercised for 36,000 shares of Class A common
stock. In connection with the purchase of its wholly-owned subsidiary
M. Sobol, Inc., the Company issued 15,000 shares of Class A common
stock.
During the year ended March 31, 1995, the underwriters exercised
their 40,000 unit purchase warrants which consisted of 120,000 shares
of Class A common stock, 120,000 Class A warrants and 42,483 Class B
warrants. The remaining 77,517 of unexercised Class B warrants
expired and were cancelled on July 11, 1994.
-10-<PAGE>
ALLOU HEALTH & BEAUTY CARE, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
10. PROVISION FOR INCOME TAXES:
June 30,
1995 1994
Income Before Income Taxes $1,878,829 $1,580,017
Federal Income Tax $ 595,000 $ 491,000
State Income Taxes 127,000 107,000
Total Provision for Income Taxes $ 722,000 $ 598,000
The following is a reconciliation of the statutory income tax rate
to the total effective tax rates:
June 30,
1995 1994
Federal Statutory Income Tax Rate 34% 34%
Increase in Tax Rates Resulting from:
State Income Taxes, Net of Federal Tax
Benefits 4.4% 4.5%
Net Operating Loss Carryforward from Subsidiary - 0 - (.6%)
Total Effective Tax Rates 38.4% 37.9%
11. RELATED PARTY TRANSACTIONS:
For the three months ended June 30, 1994, the purchases from related
parties amounted to $372,881 with no outstanding amounts payable at
the end of the period. There were no purchases from related parties
during the three months ended June 30, 1995.
-11-<PAGE>
ITEM 2: MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS.
A. RESULTS OF OPERATIONS FOR THE THREE MONTHS ENDED
JUNE 30, 1995 AND 1994.
Revenues for the three months ended June 30, 1995 were $64,432,369,
representing a 16% increase over revenues of $55,345,135 for the three months
ended June 30, 1994.
This increase in revenues is attributable to an increase in sales
volume for each segment of the Company's business, an expanded customer base
and an increase in same store sales, which, together, have caused an increase
in the volume of products sold.
Contributions to this increase in revenues by product segment is as
follows:
Health and beauty aids increased 1.3% when compared to
the same period in the previous year due to an increase
in same store sales.
Prestige designer fragrances grew 5.9% when compared to
the same period in the prior year due to an expanded
customer base and increases in same store sales.
Nationally advertised non-perishable branded food
products grew 5.9% when compared to the same period in
the prior year due to an increase in the volume of
products sold.
Sales of prescription pharmaceuticals generated by the
Company's subsidiary, M. Sobol, Inc., increased 144%
when compared to the same period in the prior year due
to an expanded customer base.
Cost of revenues at June 30, 1995 increased by $2.4 million when
compared to cost of revenues at March 31, 1995. This increase represents
increased unpaid purchases of inventory due to greater sales for the period.
Gross profit as a percentage of revenues decreased to 11.2% for the
three months ended June 30, 1995 when compared to 11.6% for the same period in
the previous year. This decrease was due to lower profit margins realized in
the sales of prescription pharmaceuticals and grocery products during this
period. The Company expects that gross profit margins will continue to
decrease because of deteriorating profit margins associated with its fragrance
business due to increased competition.
Warehouse, delivery, selling, general and administrative expenses
decreased as a percentage of sales to 6.4% for the three months ended June 30,
1995 from 7.4% for the same period in the prior year. This decrease is due,
in part, to three officers of the Company waiving their rights to receive
a bonus during this period, as provided in their employment agreements, while
Selling, General and Administrative expenses during the quarter ended June 30,
1994 included $250,380 for bonuses paid to such officers. The Company also
benefited from increased revenues during this period without a proportional
-12-
increase in operating expenses. This is attributable to cost cuts and improved
operating efficiencies that have enabled the food business to impact favorably
on income from operations despite the lower gross profit margins contributed
by this segment of the business. Because the Company pre-sells food products
and then combines the food products with orders for the Company's other
products, which are delivered as one shipment, the Company incurs minimum
additional overhead expenses and realizes operating profit margins comparable
to other segments of its business. Operating efficiencies are further aided
by a computerized data base management system which enables the Company to
better manage its inventories and more closely align inventory purchases to
sales of its products.
Interest expense for the three months ended June 30, 1995 increased to
1.9% from 1.4% when compared to the three months ended June 30, 1994. This
increase is due to higher borrowing costs.
Net income for the three months ended June 30, 1995 was $1,156,829
representing a 19% increase over net income of $972,551 for the comparable
period in 1994. The improvement in net income is due primarily to cost
savings and for the other reasons discussed above.
LIQUIDITY AND CAPITAL RESOURCES
The Company meets its working capital requirements from internally
generated funds and from a financing agreement with a consortium of banks
led by the First National Bank of Boston for financing the Company's accounts
receivable and inventory. As of June 30, 1995, the Company had $60,554,287
outstanding under its $85,000,000 bank line of credit. The loan is collatera-
lized by the Company's inventory and accounts receivable. Interest on the loan
balance is payable monthly at 3/8% above the prime rate of 2 1/8% above the
Eurodollar rate, at the option of the Company. The effective interest rate
charged to the Company at June 30, 1995 was 8.27% which was based on a combi-
nation of 2 1/8% above the Eurodollar rate and 3/8% above the prime rate.
The Company utilizes cash generated from operations to reduce short-term
borrowings, which in turn acts to increase loan availability consistent with
the Company's financing agreement.
The Company's accounts receivable has increased from $30,339,902 at
June 30, 1994 to $38,024,676 at June 30, 1995 representing an increase of
25.3%. This increase in accounts receivable is due to increased sales for
the period and to customers which had previously paid the Company in an
average of 49 days at June 30, 1994 have been paying the Company in an average
of 53 days at June 30, 1995. The Company believes the slowness in collection
of accounts receivable is primarily a symptom of the poor regional economy.
The Company does not anticipate this trend to continue once economic
conditions improve.
The Company has minimal capital investment requirements and any signi-
ficant capital expenditures are financed through long term lease agreements
that would not adversely impact cash flow. The Company believes that its
internally generated funds and bank line of credit will be sufficient to
meet its currently anticipated cash and capital needs through the fiscal year
ending March 31, 1996.
-13-<PAGE>
Part II Other Information
Item 6(a) Exhibits
None.
-14-<PAGE>
EXHIBIT XI
ALLOU HEALTH & BEAUTY CARE, INC.
COMPUTATION OF PRIMARY AND FULLY DILUTED EARNINGS PER COMMON SHARE
FOR THE THREE MONTHS ENDED JUNE 30, 1995 AND 1994
1995 1994
Reconciliation of net income per
consolidated statement of operations
to amount used in earnings per
share calculation:
Net Income $1,156,829 $ 972,551
Reconciliation of weighted average
number of shares outstanding to amount
used in earnings per share calculation:
Weighted average number of
shares outstanding 5,661,725 5,370,800
Add: Shares issuable from assumed
exercise of options and warrants 248,704 422,557
Total Common Stock And Equivalents 5,910,429 5,793,357
Earnings per common share $.20 $.17
-15-<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.
/s/ Herman Jacobs
Herman Jacobs
(President and Chief Operating
Officer)
/s/ David Shamilzadeh
David Shamilzadeh
(Chief Financial Officer)
Dated: August 8, 1995
- 16 -
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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