<PAGE>
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 December 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 0-20274
-------
THE RIVAL COMPANY
- --------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 43-0794462
- ------------------------------- -------------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
800 E. 101st Terrace, Kansas City, MO 64131
- --------------------------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
(816) 943-4100
- --------------------------------------------------------------------------------
(Registrant's telephone number, including area code)
Not applicable
- --------------------------------------------------------------------------------
(Former name, former address and former fiscal year, if changed since last
report)
Indicate by check mark whether the registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the
Securities Exchange Act of 1934 during the preceding 12 months
(or for such shorter period that the registrant was required to
file such reports), and (2) has been subject to such filing
requirements for the past 90 days.
(l) Yes X No
----- -----
(2) Yes X No
----- -----
Indicate the number of shares outstanding of each of the issuer's
classes of common stock, as of the latest practical date.
As of January 16, 1998, the registrant had 9,390,187 shares
of common stock, par value $.01 per share, outstanding.
1
<PAGE>
THE RIVAL COMPANY
FORM 10-Q
QUARTER ENDED December 31,1997
INDEX
PART I. - FINANCIAL INFORMATION Page
ITEM 1. Financial Statements
(1) Condensed Consolidated Financial Statements (unaudited):
Condensed Consolidated Balance Sheets as of December 31,
1997, December 31, 1996 and June 30, 1997. 3
Condensed Consolidated Statements of Operations for the three
months and six months ended December 31, 1997 and 1996. 4
Condensed Consolidated Statements of Cash Flows for the
six months ended December 31, 1997 and 1996. 5
(2) Notes to Condensed Consolidated Financial Statements. 6-8
ITEM 2. Management's Discussion and Analysis of Financial Condition
and Results of Operations. 8-9
PART II. - OTHER INFORMATION
ITEM 4 Submission of Matters to a Vote of Security Holders 10
ITEM 6. Exhibits and Reports on Form 8-K 10
2
<PAGE>
PART I - FINANCIAL INFORMATION
THE RIVAL COMPANY AND SUBSIDIARIES
--------------------------------
CONDENSED CONSOLIDATED BALANCE SHEETS
December 31, 1997 and 1996 and June 30, 1997
(amounts in thousands)
(unaudited)
<TABLE>
<CAPTION>
12/31/97 12/31/96 06/30/97
-------- -------- --------
<S> <C> <C> <C>
ASSETS
Current assets:
Cash $ 59 $ 1,332 $ 194
Accounts receivable 106,905 98,439 74,663
Inventories 98,498 106,601 105,287
Deferred income taxes 2,549 1,602 2,584
Prepaid expenses 1,753 2,231 1,375
-------- -------- --------
Total current assets 209,764 210,205 184,103
Property, plant and equipment, net 45,790 41,757 46,695
Goodwill 61,538 59,029 62,314
Other assets 5,124 5,731 5,493
-------- -------- --------
$322,216 $316,722 $298,605
======== ======== ========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Notes payable to banks $ 69,233 $ 65,116 $ 65,075
Current portion of long-term debt 4,000 4,000 4,000
Trade accounts payable 19,283 18,152 15,477
Income taxes payable 5,068 4,380 1,231
Other payables and accrued expenses 14,537 13,895 13,501
-------- -------- --------
Total current liabilities 112,121 105,543 99,284
Long-term debt, less current portion 84,000 88,000 84,000
Deferred income taxes and other
liabilities 5,825 4,257 4,931
Stockholders' equity:
Common stock 98 98 98
Paid-in capital 45,656 45,577 45,656
Retained earnings 79,735 74,043 69,706
Treasury stock, at cost (4,952) (310) (4,438)
Foreign currency translation
adjustments (267) (486) (632)
-------- -------- --------
Total stockholders' equity 120,270 118,922 110,390
-------- -------- --------
$322,216 $316,722 $298,605
======== ======== ========
</TABLE>
See accompanying notes to condensed consolidated financial statements.
3
<PAGE>
THE RIVAL COMPANY AND SUBSIDIARIES
--------------------------------------------------
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Three months and six months ended December 31, 1997 and December 31, 1996
(amounts in thousands, except per share amounts)
(unaudited)
<TABLE>
<CAPTION>
Three months ended Six months ended
------------------ ----------------
12/31/97 12/31/96 12/31/97 12/31/96
-------- -------- -------- --------
<S> <C> <C> <C> <C>
Net sales $127,852 $121,566 $224,549 $221,216
Cost of sales 93,680 86,520 164,799 157,587
-------- -------- -------- --------
Gross profit 34,172 35,046 59,750 63,629
Selling expenses 15,056 14,205 28,055 27,514
General and administrative
expenses 3,624 3,411 6,879 6,717
Amortization of goodwill &
other intangible assets 706 748 1,485 1,488
-------- --------- -------- --------
Operating income 14,786 16,682 23,331 27,910
Interest expense 2,872 2,739 5,459 5,230
Other (income) expense, net (95) 12 (92) (6)
-------- --------- -------- --------
Earnings before income taxes
Income tax expense 12,009 13,931 17,964 22,686
4,572 5,337 6,801 8,816
-------- --------- -------- --------
Net earnings $ 7,437 $ 8,594 $ 11,163 $ 13,870
======== ========= ========= =========
Weighted average common
shares outstanding 9,446 9,734 9,448 9,732
======== ========= ========= =========
Net earnings per common
share (Basic EPS) $0.79 $0.88 $1.18 $1.43
======== ========= ========= =========
Weighted average common
and common equivalent
shares outstanding 9,598 9,973 9,631 9,961
======== ========= ========= =========
Net earnings per common
share (Diluted EPS) $0.77 $0.86 $1.16 $1.39
======== ========= ========= =========
</TABLE>
See accompanying notes to condensed consolidated financial statements.
4
<PAGE>
THE RIVAL COMPANY AND SUBSIDIARIES
__________________________________________________
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Six months ended December 31, 1997 and December 31, 1996
(amounts in thousands)
(unaudited)
<TABLE>
<CAPTION>
Six months ended
----------------
12/31/97 12/31/96
-------- --------
<S> <C> <C>
Cash flows from operating activities:
Net earnings $ 11,163 $ 13,870
Adjustments to reconcile net earnings to
net cash used by operating activities:
Depreciation and amortization 5,621 5,223
Other 144 138
Changes in assets and liabilities, net
of acquisitions:
Accounts receivable (32,242) (24,336)
Inventories 6,789 (4,571)
Prepaid expenses (378) (89)
Accounts payable and accruals 4,842 (1,844)
Deferred income taxes 35 --
Income taxes payable 3,837 4,183
-------- --------
Net cash used by operating activities (189) (7,426)
-------- --------
Cash flows from investing activities:
Capital expenditures (3,185) (5,065)
Other (21) 178
-------- --------
Net cash used by investing activities (3,206) (4,887)
-------- --------
Cash flows from financing activities:
Net borrowings under
working capital loans 4,158 13,220
Repurchase of common stock (514) --
Dividends paid (1,134) (1,168)
Other 750 90
-------- --------
Net cash provided by financing activities 3,260 12,142
-------- --------
Net decrease in cash (135) (171)
Cash at beginning of period 194 1,503
-------- --------
Cash at end of period $ 59 $ 1,332
======== ========
</TABLE>
See accompanying notes to condensed consolidated financial statements.
5
<PAGE>
THE RIVAL COMPANY AND SUBSIDIARIES
__________________________________________________
Notes to Condensed Consolidated Financial Statements
Six Months Ended December 31, 1997 and December 31, 1996
Note 1
- ------
In the opinion of Management, the accompanying unaudited condensed consolidated
financial statements reflect all adjustments (consisting of normal recurring
accruals) considered necessary to present fairly the financial position of the
Company as of December 31, 1997 and 1996 and the results of its operations and
its cash flows for the periods ended December 31, 1997 and 1996. The June 30,
1997 condensed consolidated balance sheet has been derived from the audited
consolidated financial statements as of that date. These financial statements
have been prepared in accordance with the instructions to Form 10-Q. To the
extent that information and footnotes required by generally accepted accounting
principles for complete financial statements are contained in or consistent with
the audited consolidated financial statements incorporated by reference in the
Company's Form 10-K for the year ended June 30, 1997, such information and
footnotes have not been duplicated herein.
Note 2 Seasonality
- -------------------
The results of operations for the six months ended December 31, are not
indicative of the results to be expected for the full year due to the seasonal
nature of the Company's operations.
Note 3 Inventories
- ------------------
The following is a summary of inventories at December 31, 1997 and 1996 and June
30, 1997 (in thousands):
<TABLE>
<CAPTION>
12/31/97 12/31/96 06/30/97
-------- -------- --------
<S> <C> <C> <C>
Raw Materials and
work in progress $ 43,968 $ 44,069 $ 52,933
Finished goods 60,420 67,525 57,794
--------- -------- --------
104,388 111,594 110,727
Less LIFO allowance (5,890) (4,993) (5,440)
--------- -------- --------
$ 98,498 $106,601 $105,287
========= ======== ========
</TABLE>
Note 4 Derivative Financial Instruments
- ----------------------------------------
In conjunction with the sale of $50 million in 7.21% unsecured notes in April
1996, the Company entered into a twelve year interest rate swap transaction with
Bank of America, N.A. (B of A) in the notional amount of $25 million. The effect
of the swap transaction was to convert the interest payment stream on $25
million of the notes to a variable rate which was approximately 0.45% above the
prevailing six-month LIBOR rate. During November 1997, the Company entered into
an agreement with B of A to terminate the interest rate swap agreement in
exchange for a payment by B of A to the Company in the amount of $750,000. The
Company will recognize the $750,000 gain as a reduction of interest expense
through the 2008 maturity of the underlying notes resulting in an effective
interest rate to maturity of 6.74% on $25 million of the notes.
6
<PAGE>
Note 5 Business Segments
- -------------------------
The Rival Company manages its operations through four business units: kitchen
electrics and personal care (kitchen electrics), home environment, industrial
and building supply (industrial) and international. The kitchen electrics
business unit sells products including Crock-Pot(R) slow cookers, toasters, ice
cream freezers, can openers and massagers to retailers throughout the U.S. The
home environment business unit sells products including fans, air purifiers,
humidifiers, electric space heaters, utility pumps and household ventilation to
retailers throughout the U.S. The industrial group sells products including
industrial fans and drum blowers, household ventilation, ceiling fans, door
chimes and electric heaters to electrical and industrial wholesale distributors
throughout the U.S. The international business unit sells the Company's products
outside the U.S.
The Company is reporting business segment information in accordance with the
provisions of Financial Accounting Standards No. 131, "Disclosures about
Segments of an Enterprise and Related Information" which was issued in June
1997.
The Rival Company evaluates performance based upon contribution margin, which it
defines as gross margin less selling expenses. Administrative functions such as
finance and management information systems are centralized and are not allocated
to the business units. The various business units share manufacturing and
distribution facilities. Costs of operating the manufacturing plants are
allocated to the business units through full-absorption standard costing and
distribution costs are allocated based upon volume shipped from each
distribution center.
Summary financial information for each reportable segment, together with non-
business unit results consisting of sales directly to consumers, for the three
month periods ended December 31, 1997 and 1996 is as follows (in thousands):
<TABLE>
<CAPTION>
December Kitchen Home Inter-
1997 Electrics Environment Industrial national Other Total
- --------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net sales $74,809 $26,097 $5,839 $19,163 $1,944 $127,852
Gross profit 20,347 6,079 1,251 5,431 1,064 34,172
Selling expenses 6,996 3,379 1,783 2,513 385 15,056
Contribution margin 13,351 2,700 (532) 2,918 679 19,116
December Kitchen Home Inter-
1996 Electrics Environment Industrial national Other Total
- --------------------------------------------------------------------------------------
Net sales $69,296 $30,138 $6,607 $14,180 $1,345 $121,566
Gross profit 21,524 5,637 1,614 5,381 890 35,046
Selling expenses 6,486 3,494 1,699 2,161 365 14,205
Contribution margin 15,038 2,143 (85) 3,220 525 20,841
</TABLE>
Summary financial information for the six-month periods ended December 31, 1997
and 1996 is as follows (in thousands):
<TABLE>
<CAPTION>
December Kitchen Home Inter-
1997 Electrics Environment Industrial national Other Total
- --------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net sales $124,410 $52,463 $14,915 $29,483 $3,278 $224,549
Gross profit 34,302 11,677 3,677 8,271 1,823 59,750
Selling expenses 12,710 6,455 3,926 4,196 768 28,055
Contribution margin 21,592 5,222 (249) 4,075 1,055 31,695
December Kitchen Home Inter-
1996 Electrics Environment Industrial national Other Total
- --------------------------------------------------------------------------------------
Net sales $119,698 $61,832 $16,291 $21,245 $2,150 $221,216
Gross profit 36,930 13,447 4,009 7,820 1,423 63,629
Selling expenses 11,929 6,772 4,391 3,740 682 27,514
Contribution margin 25,001 6,675 (382) 4,080 741 36,115
</TABLE>
7
<PAGE>
Note 6 Treasury Stock Purchases
During December 1997, the Company repurchased 37,700 shares of its common stock
at a price of $13.625 per share. In January 1998, the Company repurchased an
additional 50,000 shares of its common stock at a price of $13.125. The
purchases were financed through borrowings under the Company's revolving credit
agreement.
Note 7 Net Earnings Per Share
In February 1997, the Financial Accounting Standards Board issued Statement No.
128, "Earnings Per Share" which revises the calculation and presentation
provisions of Accounting Principles Board Opinion 15 ("APB 15") and related
interpretations. Statement No. 128 has been adopted in the accompanying
financial statements with retroactive application. Basic earnings per share
excludes dilution and is computed by dividing net earnings by the weighted
average number of common shares outstanding for the period. Diluted earnings per
share reflects the potential dilution that could occur if securities or other
contracts to issue common stock were exercised or converted into common stock.
Diluted earnings per share is computed based upon the weighted average number of
common shares and dilutive common equivalent shares outstanding. Common stock
options, which are common stock equivalents, have a dilutive effect on earnings
per share in all periods and are therefore included in the computation of
diluted earnings per share. Diluted earnings per share in the accompanying
statements of operations is identical to the primary earnings per share
previously presented in accordance with APB 15.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS
Results of Operations
Net sales were $127.9 million for the quarter ended December 31, 1997 compared
to $121.6 million in the prior year. For the first six months of the fiscal
year, sales were $224.5 million compared to $221.6 million in the prior year.
Sales growth for the quarter was due in part to later than normal ordering
patterns resulting in a shift of sales from the Company's first fiscal quarter
to its second quarter. Year to date sales increased 1.5% due to strong
international sales, primarily in Canada and Latin America. Kitchen electric
sales increased by 4% as strong demand for the Crock Pot(R) slow cooker and new
products from the Dazey acquisition more than offset declines in toasters and
novelty massagers. Sales in home environment declined by 15% due to reduced
retail placement of seasonal products including heaters and humidifiers.
Gross profit was $34.2 million (26.7% of sales) for the current year's quarter
compared to $35.0 million (28.8% of sales) in the prior year. For the six
months, gross profit decreased to $59.8 million (26.6% of sales) from $63.6
million (28.8% of sales) in the prior year. Approximately one half of the
decline in gross profit as a percentage of sales was the result of decreased
sales of the higher margin novelty massagers. The balance of the decrease was
due to a higher accrual for service cost and a competitive retail environment.
Selling expenses were $15.1 million (11.8% of sales) for the quarter compared to
$14.2 million (11.7% of sales) in the prior year. For the six months, selling
expenses were $28.1 million (12.5% of sales) compared to $27.5 million (12.4% of
sales) in the prior year. The increased selling expenses reflect higher
promotional and product development costs, partially offset by a decline in
fixed expenditures including lower personnel costs.
8
<PAGE>
General and administrative costs were $3.6 million for the quarter compared to
$3.4 million in the prior year. For the six months, general and administrative
costs increased 2% to $6.9 million. Substantial savings were achieved due to the
consolidation of certain administrative functions in Canada, however, these were
largely offset by increased legal and professional expenses incurred involving
the Company's intellectual property.
Interest expense increased from $5.2 million to $5.5 million for the six months
due to increased borrowings as the Company invested $10 million in the
acquisition of certain assets of Dazey Corporation and repurchased $4.6 million
of the Company's common stock during the past twelve months.
Net earnings for the quarter ended December 31, 1997 were $7.4 million ($0.77
per share) compared to $8.6 million ($0.86 per share) in the prior year. For the
six months, net earnings were $11.2 million ($1.16 per share) compared to $13.9
million ($1.39 per share) in the prior year.
Liquidity and Capital Resources
As of December 31, 1997 the Company had $88.0 million in long term debt
(including $4 million current portion) and $85 million in revolving loan
commitments. Revolving credit loans outstanding were $69.2 million as of such
date. The long-term debt requires periodic principal payments including $4.0
million in January 1998 and $6.0 million in January 1999 and has a final
maturity in 2008. The revolving credit facilities include a $75 million U.S.
bank line and a Canadian facility for the Canadian dollar equivalent of U.S.
$10.0 million. The U.S. revolving credit facility expires in June 1999 and
currently bears interest at a floating rate of LIBOR plus .75%.
During the six months ended December 31, 1997, the Company used $0.2 million of
cash for operating activities as compared to a use of $7.4 million of cash for
operating activities for the same period in the prior year. The Company
historically requires a significant amount of cash each fall to fund its build-
up in inventories and accounts receivable during its peak selling season. These
cash requirements are funded through borrowings on the working capital line. The
decrease in cash used in operating activities in the current year primarily
reflects a concerted effort by the Company to reduce inventory levels.
The Company plans to make capital expenditures of approximately $9.0 million
during fiscal 1998. Management believes that cash generated from operations and
its bank credit facility will be sufficient to meet its cash requirements for
the foreseeable future.
New Accounting Pronouncement
In 1997, the Financial Accounting Standard's Board issued Statement No. 130,
"Reporting Comprehensive Income". This statement, which is effective for fiscal
years beginning after December 15, 1997 expands disclosures and will have no
impact on the Company's reported financial position, results of operations or
cash flow.
Computer Systems and the Year 2000
During the past several years, the Company has replaced all of its computer
software applications and, as a result, all of its systems are Year 2000
compliant (i.e., support proper processing of transactions relating to the year
2000 and beyond.)
9
<PAGE>
PART II - OTHER INFORMATION
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
A regular annual meeting of shareholders was held on November 4, 1997.
Each of the Company's directors was elected to a one-year term. The
respective votes were as follows: Thomas K. Manning 7,591,481 shares
voted for election and 34,215 shares withheld votes; William S.
Endres, 7,591,691 shares voted for election and 34,005 shares withheld
votes; Darrel M. Sanders, 7,591,481 shares voted for election and
34,215 shares withheld votes; William L. Yager, 7,550,744 shares voted
for election and 74,952 shares withheld votes; Jack J. Culberg,
7,591,006 shares voted for election and 34,690 shares withheld votes;
Todd Goodwin 7,592,956 shares voted for election and 32,740 shares
withheld votes; John E. Grimm, III, 7,592,606 shares voted for
election and 33,090 shares withheld votes; Lanny R. Julian, 7,592,801
shares voted for election and 32,895 shares withheld votes; Beatrice
B. Smith, 7,592,481 shares voted for election and 33,215 shares
withheld votes; Noel Thomas Patton, 7,593,501 shares voted for
election and 32,195 shares withheld votes. Additionally, the
shareholders voted to ratify the appointment of KPMG Peat Marwick as
independent public accountants for the Company for the fiscal year
ending June 30, 1998. The vote was 7,599,476 shares voted for
ratification, 5,818 shares voted against ratification and 20,402
shares for which the vote was withheld.
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits.
11 Schedule regarding computation of per share earnings.
(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.
THE RIVAL COMPANY
Dated: January 23, 1998 By: /s/ William L. Yager
------------------------
William L. Yager
President and Chief
Operating Officer
(Duly Authorized Officer)
Dated: January 23, 1998 By: /s/ W. Mark Meierhoffer
-------------------------
W. Mark Meierhoffer
Senior Vice-President of
Finance and Administration,
Chief Financial Officer
10
<PAGE>
Exhibit 11
THE RIVAL COMPANY AND SUBSIDIARIES
Diluted Earnings Per Share
(in thousands except per share data)
<TABLE>
<CAPTION>
Three months ended Six months ended
--------------------- --------------------
12/31/97 12/31/96 12/31/97 12/31/96
-------- -------- -------- --------
<S> <C> <C> <C> <C>
Net earnings $ 7,437 $ 8,594 $ 11,163 $ 13,870
======== ======== ======== ========
Diluted Earnings Per Share
- --------------------------
Weighted average common and common
equivalent shares outstanding 9,598 9,973 9,631 9,961
======== ======== ======== ========
Earnings per common and common
equivalent share (diluted) $ 0.77 $ 0.86 $ 1.16 $ 1.39
======== ======== ======== ========
Share computation:
Average common shares
outstanding 9,446 9,734 9,448 9,732
Average number of options
outstanding 816 663 822 673
Less treasury shares acquired
with proceeds from exercise
of options (664) (424) (639) (444)
======== ======== ======== ========
Weighted average common and common
equivalent shares outstanding 9,598 9,973 9,631 9,961
======== ======== ======== ========
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<LEGEND> This schedule contains summary financial information extracted from
Form 10-Q for the six months ended December 31, 1997 and 1996 and is qualified
in its entirety by reference to such financial statements.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C> <C>
<PERIOD-TYPE> 6-MOS 6-MOS
<FISCAL-YEAR-END> JUN-30-1998 JUN-30-1997
<PERIOD-START> JUL-01-1997 JUL-01-1996
<PERIOD-END> DEC-31-1997 DEC-31-1996
<CASH> 59 1,332
<SECURITIES> 0 0
<RECEIVABLES> 109,820 101,581
<ALLOWANCES> 2,915 3,142
<INVENTORY> 98,498 106,601
<CURRENT-ASSETS> 209,764 210,205
<PP&E> 80,683 75,119
<DEPRECIATION> 34,893 33,362
<TOTAL-ASSETS> 322,216 316,722
<CURRENT-LIABILITIES> 112,121 105,543
<BONDS> 84,000 88,000
0 0
0 0
<COMMON> 98 98
<OTHER-SE> 120,172 118,824
<TOTAL-LIABILITY-AND-EQUITY> 322,216 322,216
<SALES> 224,549 221,216
<TOTAL-REVENUES> 224,549 221,216
<CGS> 164,799 157,587
<TOTAL-COSTS> 164,799 157,587
<OTHER-EXPENSES> 36,419 35,719
<LOSS-PROVISION> 562 232
<INTEREST-EXPENSE> 5,459 5,230
<INCOME-PRETAX> 17,964 22,686
<INCOME-TAX> 6,801 8,816
<INCOME-CONTINUING> 11,163 13,870
<DISCONTINUED> 0 0
<EXTRAORDINARY> 0 0
<CHANGES> 0 0
<NET-INCOME> 11,163 13,870
<EPS-PRIMARY> 0 0
<EPS-DILUTED> 1.16 1.39
</TABLE>
