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 March 31, 1994
--------------
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 1-5440
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AZTAR CORPORATION
- - ---------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 86-0636534
- - ----------------------------------- -------------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
2390 East Camelback Road, Suite 400, Phoenix, Arizona 85016
- - --------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (602) 381-4100
----------------
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
----- -----
At April 28, 1994, the registrant had outstanding 37,370,189 shares of
its common stock, $.01 par value.
<PAGE>
AZTAR CORPORATION AND SUBSIDIARIES
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
Page
----
Consolidated Balance Sheets at March 31, 1994 and
December 30, 1993 3
Consolidated Statements of Operations for the quarters
ended March 31, 1994 and April 1, 1993 5
Consolidated Statements of Cash Flows for the quarters
ended March 31, 1994 and April 1, 1993 6
Consolidated Statements of Shareholders' Equity for the
quarters ended March 31, 1994 and April 1, 1993 8
Notes to Consolidated Financial Statements 9
2
<PAGE>
AZTAR CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (unaudited)
---------------------------------------
(in thousands, except share data)
March 31, December 30,
1994 1993
------------ ------------
Assets
Current assets:
Cash and cash equivalents $ 35,020 $ 39,551
Accounts receivable, net 19,673 19,170
Refundable income taxes 1,009 2,062
Inventories 5,466 5,564
Prepaid expenses 7,803 9,206
Deferred income taxes 6,498 6,566
---------- ----------
Total current assets 75,469 82,119
Investments in and advances to
unconsolidated partnership 13,460 13,776
Other investments 22,820 22,131
Property and equipment:
Buildings and equipment, net 640,639 648,139
Land 81,795 81,795
Construction in progress 19,674 6,701
Leased under capital leases, net 972 1,043
---------- ----------
743,080 737,678
Other assets 20,527 21,467
---------- ----------
$ 875,356 $ 877,171
========== ==========
The accompanying notes are an integral part of these financial statements.
3
<PAGE>
AZTAR CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (unaudited) (continued)
---------------------------------------
(in thousands, except share data)
March 31, December 30,
1994 1993
------------- ------------
Liabilities and Shareholders' Equity
Current liabilities:
Accounts payable and accruals $ 32,531 $ 39,515
Accrued payroll and employee benefits 17,209 15,823
Accrued interest payable 13,489 13,714
Income taxes payable 2,644 2,633
Current portion of long-term debt 2,503 2,499
---------- ----------
Total current liabilities 68,376 74,184
Long-term debt 404,033 404,086
Other long-term liabilities 22,368 21,882
Deferred income taxes 25,047 26,126
Contingencies and commitments
Series B ESOP convertible preferred stock
(redemption value $4,335 and $4,295) 4,129 3,905
Shareholders' equity:
Common stock, $.01 par value (37,368,426
and 37,359,011 shares outstanding) 414 414
Paid-in capital 346,965 346,965
Retained earnings 20,956 16,559
Less: Treasury stock (16,885) (16,885)
Unearned compensation (47) (65)
---------- ----------
Total shareholders' equity 351,403 346,988
---------- ----------
$ 875,356 $ 877,171
========== ==========
The accompanying notes are an integral part of these financial statements.
4
<PAGE>
AZTAR CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)
For the periods ended March 31, 1994 and April 1, 1993
------------------------------------------------------
(in thousands, except per share data)
First Quarter
------------------
1994 1993
Revenues -------- --------
Casino $106,972 $104,359
Rooms 10,056 7,343
Food and beverage 10,577 8,487
Other 2,961 2,133
-------- --------
130,566 122,322
Costs and expenses
Casino 48,610 51,299
Rooms 5,892 4,186
Food and beverage 9,421 7,942
Other 1,842 1,485
Marketing 11,442 11,550
General and administrative 11,694 11,060
Utilities 3,156 2,677
Repairs and maintenance 4,567 4,463
Provision for doubtful accounts 1,051 452
Property taxes and insurance 4,416 4,183
Net rent 2,345 12,547
Depreciation and amortization 9,286 6,961
-------- --------
113,722 118,805
-------- --------
Operating income 16,844 3,517
Interest income 556 11,719
Interest expense (11,822) (11,727)
-------- --------
Income before other items and income taxes 5,578 3,509
Equity in unconsolidated partnership's loss (940) (967)
-------- --------
Income before income taxes 4,638 2,542
Income taxes (85) (958)
-------- --------
Net income $ 4,553 $ 1,584
======== ========
Net income per common and common equivalent share $ .11 $ .04
Net income per common share assuming full dilution $ .11 $ .04
Weighted average common shares applicable to:
Net income per common and common equivalent share 38,261 38,291
Net income per common share assuming full dilution 39,292 39,341
The accompanying notes are an integral part of these financial statements.
5
<PAGE>
AZTAR CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)
For the periods ended March 31, 1994 and April 1, 1993
-------------------------------------------------------
(in thousands)
First Quarter
---------------------
1994 1993
Cash Flows from Operating Activities --------- ---------
Net income $ 4,553 $ 1,584
Adjustments to reconcile net income
to net cash provided by operating activities:
Depreciation and amortization 9,810 7,416
Provision for losses on accounts receivable 1,051 452
Loss on reinvestment obligation 131 243
Interest income -- 1,460
Rent expense 237 (782)
Distribution in excess of equity in income
of partnership 316 323
Deferred income taxes (1,011) 585
Change in assets and liabilities:
(Increase) decrease in accounts receivable (1,754) 1,253
(Increase) decrease in refundable income taxes 1,053 90
(Increase) decrease in inventories and
prepaid expenses 1,417 984
Increase (decrease) in accounts payable,
accrued expenses and income taxes payable (5,010) (17,047)
Other items, net 212 368
--------- ---------
Net cash provided by (used in) operating activities 11,005 (3,071)
--------- ---------
Cash Flows from Investing Activities
Payments received on TropWorld second mortgage -- 21,300
Payments received on other notes receivable 454 873
Increase in TropWorld second mortgage -- (21,300)
Increase in other notes receivable -- (239)
Purchases of property and equipment (14,140) (16,974)
Additions to other long-term assets (1,307) (1,719)
--------- ---------
Net cash provided by (used in) investing activities (14,993) (18,059)
--------- ---------
Cash Flows from Financing Activities
Proceeds from issuance of long-term debt 10,000 --
Proceeds from issuance of common stock -- 2,048
Principal payments on long-term debt (10,117) (1,016)
Preferred stock dividend (389) (395)
Redemption of preferred stock (37) (17)
--------- ---------
Net cash provided by (used in) financing activities (543) 620
--------- ---------
Net increase (decrease) in cash and cash equivalents (4,531) (20,510)
Cash and cash equivalents at beginning of period 39,551 100,403
--------- ---------
Cash and cash equivalents at end of period $ 35,020 $ 79,893
========= =========
The accompanying notes are an integral part of these financial statements.
6
<PAGE>
AZTAR CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)(continued)
For the periods ended March 31, 1994 and April 1, 1993
-------------------------------------------------------
(in thousands)
First Quarter
-------------------
1994 1993
-------- --------
Supplemental Cash Flow Disclosures
Summary of non-cash investing and financing activities:
Capital lease obligations incurred for property
and equipment $ -- $ 247
Tax benefit from stock options and preferred stock
dividend 43 277
Cash paid (refunded) during the period for the following:
Interest, net of amount capitalized $ 11,542 $ 22,097
Income taxes (11) 122
The accompanying notes are an integral part of these financial statements.
7
<PAGE>
AZTAR CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (unaudited)
For the periods ended March 31, 1994 and April 1, 1993
------------------------------------------------------------
(in thousands, except number of shares)
First Quarter
---------------------
1994 1993
---------- ---------
Common stock:
Beginning balance $ 414 $ 410
Stock options exercised for 321,808 shares
in 1993 -- 3
-------- --------
Ending balance 414 413
-------- --------
Paid-in capital:
Beginning balance 346,965 344,574
Stock options exercised -- 2,045
Tax benefit from stock options exercised -- 233
-------- --------
Ending balance 346,965 346,852
-------- --------
Retained earnings:
Beginning balance 16,559 5,787
Preferred stock dividend, net of income tax
benefit of $43 and $44 (156) (154)
Net income 4,553 1,584
-------- --------
Ending balance 20,956 7,217
-------- --------
Treasury stock:
Beginning and ending balance (16,885) (16,885)
--------- ---------
Unearned compensation:
Beginning balance (65) (137)
Amortization 18 19
-------- --------
Ending balance (47) (118)
-------- --------
$351,403 $337,479
======== ========
The accompanying notes are an integral part of these financial statements.
8
<PAGE>
AZTAR CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)
Note 1: General
- - ----------------
The consolidated financial statements reflect all adjustments, such adjust-
ments being normal recurring accruals, which are necessary, in the opinion of
management, for the fair presentation of the results of the interim periods;
interim results, however, may not be indicative of the results for the full
year.
The notes to the interim consolidated financial statements are presented to
enhance the understanding of the financial statements and do not necessarily
represent complete disclosures required by generally accepted accounting
principles. Capitalized interest was $495,000 and $712,000 for the quarters
ended 1994 and 1993, respectively. For additional information regarding
significant accounting policies, long-term debt, lease obligations, and other
matters applicable to the Company, reference should be made to the Company's
Annual Report to Shareholders for the year ended December 30, 1993.
Note 2: Investments in and Advances to Unconsolidated Partnership
- - -----------------------------------------------------------------
Following are summarized operating results for the Company's unconsolidated
partnership, accounted for using the equity method for the periods ended
March 31, 1994 and April 1, 1993 (in thousands):
First Quarter
----------------------
1994 1993
-------- --------
Revenues $ 3,582 $ 3,152
Operating expenses (683) (694)
-------- --------
Operating income 2,899 2,458
Interest expense (923) (967)
-------- --------
Net income $ 1,976 $ 1,491
======== ========
Note 3: Other Long-term Liabilities
- - -------------------------------------
At March 31, 1994 and December 30, 1993, other long-term liabilities
consisted of (in thousands):
1994 1993
-------- --------
Accrued rent expense $ 13,921 $ 13,684
Deferred compensation and retirement plans 8,293 8,044
Deferred income 154 154
-------- --------
$ 22,368 $ 21,882
======== ========
9
<PAGE>
AZTAR CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited) (continued)
Note 4: Income Taxes
- - ----------------------
The Company is responsible, with certain exceptions, for the taxes of Ramada
through December 20, 1989. The Internal Revenue Service has completed its
examination of the years 1986 and 1987. Ramada has signed a partial
agreement for those two years and has filed a petition with the U.S. Tax
Court for two remaining issues. The Internal Revenue Service is examining
the income tax returns for the years 1988 through 1991. The New Jersey
Division of Taxation is examining the income tax returns for the years 1983
through 1988. Management believes that adequate provision for income taxes
and interest has been made in the financial statements.
The December 30, 1993 valuation allowance was reduced during the 1994 first
quarter due to the generation of taxable income that resulted in the
utilization of a portion of the net operating loss carryforward. The effect
of this reduction was to decrease the 1994 first quarter income tax expense
by $1,604,000.
Note 5: Net Income Per Share
- - -----------------------------
Net income per common and common equivalent share is computed based on the
weighted average number of common shares outstanding after consideration of
the dilutive effect of stock options. Net income per common share, assuming
full dilution, is computed based on the weighted average number of common
shares outstanding after consideration of the dilutive effect of stock
options and the assumed conversion of the preferred stock at the stated rate.
Net income for both computations is adjusted for dividends on the preferred
stock.
Note 6: Contingencies and Commitments
- - --------------------------------------
The Company agreed to indemnify Ramada against all monetary judgments in
lawsuits pending against Ramada and its subsidiaries as of the conclusion of
the restructuring of Ramada (the "Restructuring") on December 20, 1989, as
well as all related attorneys' fees and expenses not paid at that time,
except for any judgments, fees or expenses accrued on the hotel business
balance sheet and except for any unaccrued and unreserved aggregate amount up
to $5 million of judgments, fees or expenses related exclusively to the hotel
business. Aztar is entitled to the benefit of any crossclaims or
counterclaims related to such lawsuits and of any insurance proceeds
received. In addition, the Company agreed to indemnify Ramada for various
lease guarantees made by Ramada relating to the restaurant business conducted
through its Marie Callender Pie Shops, Inc. ("MCPSI") subsidiary. In
connection with these matters, the Company has an accrued liability of
$3,978,000 and $3,980,000 at March 31, 1994 and December 30, 1993,
respectively.
The Company is a party to various other claims, legal actions and complaints
arising in the ordinary course of business or asserted by way of defense or
counterclaim in actions filed by the Company. Management believes that its
defenses are substantial in each of these matters and that the Company's
legal posture can be successfully defended without material adverse effect on
its consolidated financial statements.
The Company had commitments for capital expenditures of approximately
$20,000,000 at March 31, 1994.
10<PAGE>
AZTAR CORPORATION AND SUBSIDIARIES
Item 2. Management's Discussion and Analysis
Financial Condition
On April 5, 1994, a Missouri statewide election defeated a proposed
constitutional amendment that would have allowed games of chance, such as
slot machines, on riverboats. The Company's application, filed with the
Missouri Gaming Commission, for a gaming license to operate a casino
riverboat in Caruthersville, Missouri is pending. The Company intends to
proceed with this project utilizing games as approved by the Missouri Gaming
Commission.
On April 21, 1994, the Company was ranked first among six applicants by the
citizen selection committee of the City of Evansville, Indiana, to operate
the only riverboat gaming facility planned to be licensed in the Evansville
market. The Company, along with the second and third choices of the
committee, will enter into negotiations with the City for a development
agreement. Such negotiations are expected to be completed by July 1, 1994.
Aztar's application for an Indiana gaming license is pending. The Indiana
Gaming Commission has indicated that it anticipates issuing a license for
Evansville this fall. Evansville, on the Ohio River in southwestern Indiana,
is a market of 650,000 persons within 50 miles and 2.5 million within 100
miles, including the metropolitan Louisville, Kentucky area. Aztar's
proposed project, at an estimated cost of $100 million, would include a
replica of the historic "Robert E. Lee" racing sidewheel steamboat. The boat
will have a 37,000-square-foot casino with 1,250 slot machines and 70 table
games and will have a capacity of 2,500 passenger guests and a crew of 300.
The project would also include, among other things, a 250-room hotel and a
44,000-square-foot entertainment complex for pre-boarding facilities,
restaurants, lounge and retail shops. With the boat due for delivery by
April 1995, operations could commence in the summer of 1995 utilizing
permanent docking facilities and interim boarding facilities, with all
permanent facilities in place by December 1995. A number of approvals are
required, among which are approval of elements of the project by the U.S.
Army Corps of Engineers and the U.S. Coast Guard.
In the event that the Company is granted approval by the applicable
jurisdictions to proceed with one or both of these riverboat projects,
financing may be required to fund the related capital expenditures. The
Company is continuing its efforts to explore opportunities in new
jurisdictions in which the likelihood of legalization of gaming in the near
term is high and where the potential markets meet our standards for sound,
meaningful long-term opportunities.
At March 31, 1994, the Company had commitments of $20,000,000 for the
purchase of fixed assets.
Results of Operations
Quarter Ended March 31, 1994 Compared to Quarter Ended April 1, 1993
The Company's consolidated revenues were $130.6 million for the 1994 first
quarter, a 7% increase over $122.3 million for the 1993 first quarter, as
increases in total revenues at Ramada Express and Tropicana more than offset
a decrease in total revenues at TropWorld. Consolidated operating income was
$16.8 million in the 1994 first quarter compared with $3.5 million in the
1993 first quarter. The primary reason for the increase in consolidated
11<PAGE>
AZTAR CORPORATION AND SUBSIDIARIES
operating income is a reduction in net rent at TropWorld. This reduction was
principally caused by the purchase in July 1993 of the partnership interests
in Ambassador Real Estate Investors, L.P. ("AREI") and Ambassador General
Partnership ("AGP"). AREI owned a 99.9% general partnership interest in AGP,
which acquired a substantial interest in TropWorld in a sale-leaseback
transaction in 1984. The reduction in consolidated net rent was partially
offset by an increase in consolidated depreciation and amortization that was
caused in large part by this purchase, combined with higher depreciation and
amortization at Ramada Express due to the major expansion of that facility
completed in September 1993. The Ramada Express expansion was the primary
cause for an increase in the consolidated utilities expense in the 1994 first
quarter. Consolidated casino costs were lower in the 1994 first quarter
compared to last year's first quarter largely as a result of a reduction in
complimentaries and coin redemptions at TropWorld.
Consolidated interest income was $11.2 million lower in the 1994 first
quarter compared to last year's first quarter principally as a result of the
replacement on Aztar's balance sheet of the AGP notes receivable with the
assets acquired in the AREI/AGP acquisition.
For a discussion of income taxes, refer to "Note 4: Income Taxes".
RAMADA EXPRESS At Ramada Express, revenues and operating income for the 1994
first quarter increased substantially over last year's first quarter due to
the major expansion of that facility completed in September 1993. Total
revenues were $21.8 million in the 1994 first quarter, a 70% increase over
$12.8 million in the 1993 first quarter, reflecting increases in all revenue
components. Hotel occupancy was 92% on a 1,500-room base for the 1994 first
quarter compared to 94% on a 400-room base for the 1993 first quarter.
Operating income was $5.5 million in the first quarter of 1994 compared to
$2.7 million in last year's first quarter, a 106% increase. Operating income
is after net rent and depreciation and amortization expenses. Net rent was
insignificant in both quarters. As a result of the expanded facility,
depreciation and amortization was $1.9 million in the 1994 first quarter
compared to $1.1 million in last year's first quarter.
TROPICANA Total revenues at Tropicana were $36.7 million in the 1994 first
quarter, up 11% from $33.0 in last year's first quarter. The increase in
revenues reflects significant pedestrian walk-in business being generated by
the new properties recently opened at the intersection of Las Vegas Boulevard
and Tropicana Avenue, commonly referred to as "The New Four Corners" of Las
Vegas. Management believes that walk-in business will be further enhanced
upon completion of construction by the State of Nevada of the pedestrian
skywalks which will connect the four corners at this intersection. The
skywalks connecting Tropicana with the two neighboring properties opened in
April 1994, and the remainder are scheduled for completion by May 15, 1994.
Casino revenues were up 10% primarily as a result of a 16% increase in table
games revenue due to a higher hold percentage. In addition, slot revenue
improved 6% in the 1994 versus 1993 first quarter. Rooms revenue was 16%
higher principally because of higher room rates combined with higher
occupancies during the first quarter of 1994 compared to last year's first
quarter. The higher hotel occupancies, combined with the additional
pedestrian walk-in business mentioned previously, caused a 15% increase in
food and beverage revenue.
12<PAGE>
AZTAR CORPORATION AND SUBSIDIARIES
Tropicana's operating income improved 90% to $4.1 million for the first
quarter of 1994 from $2.2 million for the first quarter of 1993. Operating
income is after net rent and depreciation and amortization expenses. Net
rent was $1.9 million in the 1994 first quarter versus $1.7 million in the
1993 first quarter. Depreciation and amortization was $1.6 million in both
quarterly periods. Total costs and expenses increased by a modest 6% in
comparison to the 11% increase in total revenues. Since there is more credit
business associated with table games revenue than with slot revenue, the
increase in table games revenue caused an increase in the provision for
doubtful accounts.
TROPWORLD Total revenues at TropWorld were $72.1 million in the 1994 first
quarter compared to $76.5 million in the 1993 first quarter, a 6% decrease
primarily as a result of lower casino revenue. The decline in casino revenue
was caused by a reduction in the use of complimentary rooms and food and
beverage service as a means of promoting casino activity. In addition, there
was a decrease in coin redemptions in this year's first quarter compared to
last year's first quarter. Severe weather conditions in the East were, in
large part, the cause of declines in the market's growth rate for casino
revenue during January and February.
TropWorld had operating income of $9.5 million in the 1994 first quarter
compared to $0.8 million in last year's first quarter. The increase in
TropWorld's operating income was largely due to the effects of the AREI/AGP
acquisition which resulted in a reduction in net rent expense, partially
offset by higher depreciation and amortization expense. Net rent declined
from $10.7 million in the 1993 first quarter to $0.3 million in the 1994
first quarter. Depreciation and amortization increased from $4.2 million in
the 1993 first quarter to $5.7 million in the 1994 first quarter. In
addition to the effects of the AREI/AGP acquisition, operating costs
decreased at TropWorld as a result of a $5.0 million or 14% reduction in
casino costs attributable to the decrease in complimentaries and coin
redemptions.
PART II - OTHER INFORMATION
Item 1. Legal Proceedings
There have been no recent developments in legal proceedings.
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits
Page No.
----------
11 Statement regarding computation of net income per share *
* See exhibit index at page E-1 of this report for
a listing of exhibits filed with this report.
All other exhibits have been omitted because the
information is either not required or not
applicable.
(b) The Company did not file any report on Form 8-K
during the quarter ended March 31, 1994.
13
<PAGE>
AZTAR CORPORATION AND SUBSIDIARIES
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.
AZTAR CORPORATION
------------------------------
(Registrant)
Date May 2, 1994 By /s/ Robert M. Haddock
-------------------------- ---------------------------
Robert M. Haddock
Executive Vice President and
Chief Financial Officer
14
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AZTAR CORPORATION AND SUBSIDIARIES
Exhibit Index
- - -------------
11. Statement regarding computation of net income per share.
E-1
Exhibit 11
AZTAR CORPORATION AND SUBSIDIARIES
STATEMENT REGARDING COMPUTATION OF NET INCOME PER SHARE
For the periods ended March 31, 1994 and April 1, 1993
-------------------------------------------------------
(in thousands, except per share data)
First Quarter
-------------------
1994 1993
-------- ---------
Net income $ 4,553 $ 1,584
Deduct: preferred stock dividend
(net of income taxes credited to
retained earnings) (156) (154)
-------- --------
Net income applicable to computation $ 4,397 $ 1,430
======== ========
Weighted average common shares
assuming no dilution 37,364 37,181
Stock options that had a dilutive
effect on net income (based on
relationship of market value to
exercise price), assumed to have
been exercised on the first day
of each period (or date of grant,
if later), less number of shares
which could have been purchased
from the proceeds of such assumed
exercise:
Number of shares using the
weighted average market price
for the assumed purchase of
shares described above 897 1,110
-------- --------
Weighted average common shares
applicable to net income per
common and common equivalent share 38,261 38,291
Additional shares using the market
close price at the end of the period
for the assumed purchase of shares
described above -- 5
Conversion of preferred stock at
the stated rate assumed to have
been converted at the beginning
of the earliest period reported
1,031 1,045
-------- --------
Weighted average common shares
assuming full dilution 39,292 39,341
======== ========
Net income per common and common equivalent share $ .11 $ .04
Net income per common share assuming full dilution $ .11 $ .04
