<PAGE> 1
Form 10-Q
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
Quarterly report pursuant to section 13 or 15(d) of the
Securities Exchange Act of 1934
For the quarterly period Commission file number:
ended JUNE 30, 1996 0-18826
------------- ----------------------
ALLIED CAPITAL ADVISERS, INC.
------------------------------------------------------------
(exact name of Registrant as specified in its charter)
MARYLAND 52-0812307
- ----------------------- ---------------------
(State or jurisdiction of (IRS Employer
incorporation or organization) Identification No.)
1666 K STREET, N.W.
9TH FLOOR
WASHINGTON, DC 20006
---------------------------------------
(Address of principal executive offices)
Registrant's telephone number, including area code: (202) 331-1112
--------------
Indicate by check mark whether the Registrant (1) has filed all reports
required to be filed by Section 12 of 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter periods as 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 August 5, 1996 there were 8,990,349 shares outstanding of the Registrant's
common stock, $0.001 par value.
<PAGE> 2
ALLIED CAPITAL ADVISERS, INC. AND SUBSIDIARY
FORM 10-Q INDEX
<TABLE>
<S> <C>
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
Consolidated Balance Sheet as of June 30, 1996
and December 31, 1995 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1
Consolidated Statement of Income - For the Three and Six Months Ended
June 30, 1996 and 1995 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2
Consolidated Statement of Cash Flows - For the Six Months Ended
June 30, 1996 and 1995 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3
Notes to the Consolidated Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
Item 2. Management's Discussion and Analysis of Financial Condition
and Results of Operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
PART II. OTHER INFORMATION
Item 1. Legal Proceedings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
Item 2. Changes in Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
Item 3. Defaults Upon Senior Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
Item 4. Submission of Matters to a Vote of Security Holders . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
Item 5. Other Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
Item 6. Exhibits and Reports on Form 8-K . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
Signatures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10
</TABLE>
<PAGE> 3
PART I - Financial Information
Item 1. Financial Statements
ALLIED CAPITAL ADVISERS, INC. AND SUBSIDIARY
CONSOLIDATED BALANCE SHEET
(in thousands, except share amounts)
<TABLE>
<CAPTION>
June 30, 1996 December 31, 1995
------------- -----------------
(unaudited)
<S> <C> <C>
ASSETS
Current assets:
Cash and cash equivalents . . . . . . . . . . . . . . . . . . . . . . $ 4,571 $ 4,386
Investment advisory fees receivable . . . . . . . . . . . . . . . . . 4,078 4,067
Other current assets . . . . . . . . . . . . . . . . . . . . . . . . 1,162 1,099
------- --------
Total current assets . . . . . . . . . . . . . . . . . . . . . . . 9,811 9,552
Property and equipment, net . . . . . . . . . . . . . . . . . . . . . . 4,369 4,273
Deferred income taxes . . . . . . . . . . . . . . . . . . . . . . . . . 793 706
Other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 247 245
------- --------
Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 15,220 $ 14,776
======= ========
LIABILITIES AND SHAREHOLDERS EQUITY
Current Liabilities:
Accrued salaries and employee benefits . . . . . . . . . . . . . . . $ 1,498 $ 2,483
Accounts payable and accrued expenses . . . . . . . . . . . . . . . . 660 929
------- --------
Total current liabilities . . . . . . . . . . . . . . . . . . . . . 2,158 3,412
Deferred compensation . . . . . . . . . . . . . . . . . . . . . . . . . 2,555 2,377
------- --------
Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . 4,713 5,789
------- --------
Contingencies
Shareholders' Equity:
Common stock, $0.001 par value; 20,000,000 shares
authorized; 8,990,349 shares issued and
outstanding as of 6/30/96 and 12/31/95 . . . . . . . . . . . . . .
9 9
Additional paid-in capital . . . . . . . . . . . . . . . . . . . . . 5,674 5,674
Retained earnings . . . . . . . . . . . . . . . . . . . . . . . . . . 4,824 3,304
------- --------
Total shareholders' equity . . . . . . . . . . . . . . . . . . . . 10,507 8,987
------- --------
Total liabilities and shareholders' equity . . . . . . . . . . . . $ 15,220 $ 14,776
======= ========
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS
1
<PAGE> 4
ALLIED CAPITAL ADVISERS, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENT OF INCOME
(in thousands, except per share amounts)
(unaudited)
<TABLE>
<CAPTION>
For the Three Months Ended For the Six Months Ended
June 30, June 30,
---------------------------- ---------------------------
1996 1995 1996 1995
----------- ---------- ---- ----------
<S> <C> <C> <C> <C>
Revenue:
Investment advisory and management fees . . . . . . . . . . . . $ 3,902 $ 3,633 $ 7,787 $ 6,990
Rental and other income . . . . . . . . . . . . . . . . . . . . 292 241 580 464
------ --------- --------- ---------
Total revenue . . . . . . . . . . . . . . . . . . . . . . . 4,194 3,874 8,367 7,454
------ -------- -------- --------
Expenses:
Salary and employee benefit expenses . . . . . . . . . . . . . 2,050 2,039 4,267 4,095
Rent . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 161 160 321 319
General and administrative . . . . . . . . . . . . . . . . . . 629 633 1,181 1,108
----- --------- --------- --------
Total Expenses . . . . . . . . . . . . . . . . . . . . . . . 2,840 2,832 5,769 5,522
------- -------- -------- --------
Income before income taxes . . . . . . . . . . . . . . . . . . . 1,354 1,042 2,598 1,932
Income tax expense . . . . . . . . . . . . . . . . . . . . . . . 566 431 1,078 798
------- -------- -------- --------
Net income . . . . . . . . . . . . . . . . . . . . . . . . . . $ 788 $ 611 $ 1,520 $ 1,134
======== ======= ====== =======
Net income per share . . . . . . . . . . . . . . . . . . . . . . $ 0.08 $ 0.06 $ 0.15 $ 0.12
======== ======== ======== ========
Weighted average number of shares and share
equivalents outstanding . . . . . . . . . . . . . . . . . . . 9,909 9,595 9,866 9,530
======== ======= ======= =======
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS
2
<PAGE> 5
ALLIED CAPITAL ADVISERS, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENT OF CASH FLOWS
(in thousands)
(unaudited)
<TABLE>
<CAPTION>
For the Six Months Ended June 30,
---------------------------------
1996 1995
----------- ----------
<S> <C> <C>
Cash Flows from Operating Activities:
Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,520 $ 1,134
Adjustments to reconcile net income to net cash
used in operating activities:
Depreciation and amortization . . . . . . . . . . . . . . . . . . 186 141
Deferred income taxes . . . . . . . . . . . . . . . . . . . . . . (87) (89)
Changes in assets and liabilities . . . . . . . . . . . . . . . . . . (1,152) (616)
--------- --------
Net cash used in operating activities . . . . . . . . . . . . . . . . 467 570
-------- ------
Cash Flows from Investing Activities:
Expenditures for property and equipment . . . . . . . . . . . . . (282) (175)
------- ----------
Net cash used in investing activities . . . . . . . . . . . . . . . . (282) (175)
------- ----------
Cash Flows from Financing Activities:
Issuance of common stock . . . . . . . . . . . . . . . . . . . . -- 228
------- --------
Net cash provided by financing activities . . . . . . . . . . . . . . -- 228
------- --------
Net decrease in cash and cash equivalents . . . . . . . . . . . . . . 185 623
Cash and cash equivalents - beginning of period . . . . . . . . . . . 4,386 1,955
------- --------
Cash and cash equivalents - end of period . . . . . . . . . . . . . . $ 4,571 $ 2,578
====== ========
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS
3
<PAGE> 6
ALLIED CAPITAL ADVISERS, INC. AND SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
JUNE 30, 1996
(UNAUDITED)
NOTE 1. GENERAL
In the opinion of management, the accompanying unaudited
consolidated financial statements of Allied Capital Advisers, Inc.
and Subsidiary (the Company) contain all adjustments (consisting of
only normal recurring accruals) necessary to present fairly the
Company's financial position as of June 30, 1996 and the results of
operations, and cash flows for the periods indicated. Certain
information and footnote disclosures normally included in the
financial statements prepared in accordance with generally accepted
accounting principles have been condensed or omitted. It is
suggested that these financial statements be read in conjunction
with the financial statements and notes thereto included in the
Company's December 31, 1995 Annual Report. The results of
operations for the six months ended June 30, 1996 are not
necessarily indicative of the operating results to be expected for
the full year. Certain reclassifications have been made to the 1995
financial statements in order to conform to the 1996 presentation.
NOTE 2. INVESTMENT ADVISORY SERVICES
The Company has investment advisory or management agreements to
manage the assets of certain companies. The Company charges a
management fee for managing the day-to-day activities of these
companies pursuant to those agreements.
In May 1996, the Company reached an agreement with Allied Capital
Commercial Corporation ("Allied Commercial"), a commercial mortgage
real estate investment trust whose assets are managed by the
Company, to revise the fee schedule under the investment management
agreement between those entities. As of June 30, 1996 and December
31, 1995, the assets of Allied Commercial represented approximately
$343 million, or 47%, and $298 million, or 44%, of the assets under
management of the Company, respectively. Fees earned from managing
Allied Commercial's assets represented approximately 42% and 39% of
the Company's total revenue for the six months ended June 30, 1996
and for the year ended December 31, 1995, respectively. The revised
fee schedule applies to fees payable by Allied Commercial beginning
with the quarter ended March 31, 1996, and only applies to loans
originated or purchased by Allied Commercial on or after January 1,
1996. All other loans in Allied Commercial's portfolio remain
subject to the prior fee schedule of approximately 2.5% per annum on
invested assets.
The revised fee schedule reflects three tiers of management fee
percentages payable to the Company, based upon a classification of
the outstanding loans (i.e., "Invested Assets") held in Allied
Commercial's investment portfolio. This three-tiered schedule is
intended to allow Allied Commercial to enter into two new business
areas. First, Allied Commercial will seek to originate or purchase
high credit quality, lower interest rate loans and to be more cost
competitive on these types of loans. Second, it will seek to
originate or otherwise invest, on a limited basis, in loans secured
by real estate with more difficult credit situations that may offer
a higher return to the portfolio.
Class A loans, which have loan-to-value, debt service coverage, and
payment history characteristics that generally are superior to those
of Allied Commercial's loan portfolio at December 31, 1995, will
incur management fees, payable quarterly in arrears, at a rate of
1.25% per annum, subject to adjustment by the Company to a rate of
1.00% per annum under certain circumstances.
Class B loans, which have credit characteristics that generally are
comparable to those of the majority of loans held in Allied
Commercial's loan portfolio at December 31, 1995, will incur
management fees, payable quarterly in arrears, at a rate of 2.50%
per annum. Most small loans fall into this category, which reflects
the prior fee structure for Allied Commercial's portfolio of
Invested Assets.
Class C loans, which have credit characteristics that generally are
inferior to those of Allied Commercial's existing loan portfolio,
will incur management fees, payable quarterly in arrears, at a rate
of 3.50% per annum. These loans are "out of the ordinary," and
therefore require more sophisticated underwriting and/or closer
monitoring than the majority of Allied Commercial's existing loans.
Class C loans either represent "turnaround financing" investments or
have a non-performing or sub-performing payment history.
4
<PAGE> 7
ALLIED CAPITAL ADVISERS, INC. AND SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
JUNE 30, 1996
(UNAUDITED)
Similar to the previous fee arrangement, the revised fee schedule
places a quarterly cap, at a rate of 2.50% per annum, on the total
management fees payable to the Company with respect to Allied
Commercial's holdings of Invested Assets.
Management fees payable to the Company with respect to Allied
Commercial's holdings of cash, cash equivalents, and short-term U.S.
government or agency securities and repurchase agreements
collateralized thereby (i.e., "Cash and Interim Investments") are
not affected by the revised fee schedule. Rather, Cash and Interim
Investments will continue to incur management fees, payable
quarterly in arrears, at a rate of 0.50% per annum.
NOTE 3. REVOLVING LINE OF CREDIT AGREEMENT
The Company renewed its revolving line-of-credit agreement (the
"Agreement") with a bank whereby the Company may borrow the lesser
of 70% of the accrued advisory fee receivable or $1,000,000 with the
same terms. The renewed Agreement expires May 31, 1997.
5
<PAGE> 8
Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
RESULTS OF OPERATIONS
FOR THE SECOND QUARTER ENDED JUNE 30, 1996 AND 1995
Net income increased 29% to $788,000 or $0.08 per share for the
second quarter of 1996 from $611,000 or $0.06 per share in the
second quarter of 1995. Total revenue increased 8.3% to $4,194,000
from the same quarter a year ago. Total revenue is comprised of
investment advisory and management fees and rental and other income.
The increase in investment advisory and management fee revenue
resulted from the increase in assets under management. Assets
under management equaled $728 million and $612 million as of June
30, 1996 and 1995, respectively. This represents a 19% increase.
In addition, rental and other income increased 22% to $293,000 from
$241,000 for the three months ended June 30, 1996 and 1995,
respectively. This increase resulted from the increase in rental
income generated from the office building owned by the Company's
subsidiary. As of June 30, 1996, the office building was fully
leased.
The Company has been able to control its operating expenses as it
continues to increase its assets under management. Total operating
expenses for the second quarter of 1996 remained at the same levels
for the comparable period in 1995. The effective tax rate in
determining net income remained consistent at approximately 42% for
three months ended June 30, 1996 and 1995.
FOR THE SIX MONTHS ENDED JUNE 30, 1996 AND 1995
Net income for the six months ended June 30, 1996 was $1.52 million
or $0.15 per share, an improvement of $386,000 or 34% over the
comparable six-month period of the prior year. The growth in assets
under management, as discussed above, resulted in an increase of
11.4% in investment advisory and management fee revenue over the
comparable period last year, and this combined with the moderate
growth in operating expenses in 1996 as compared with the
corresponding period in 1995, is the primary reason for this
increase.
The Company's total revenue for the six months ended June 30, 1996
was $8,367,000, as compared to $7,454,000 for the same period in
1995. Assets under management increased by approximately $57
million during the six months ended June 30, 1996 with a total
increase of approximately $116 million since the end of the second
quarter of 1995. Total assets under management at June 30, 1996
were approximately $728 million. The growth in assets during the
six months ended June 30, 1996 was largely due to the purchase and
originations of commercial real estate loans for Allied Commercial
and Business Mortgage Investors, Inc. Allied Commercial began to
offer two new products in 1996. One product is a stronger credit
quality loan that offers a more competitive interest rate, and
Allied Commercial was able to purchase and originate loans
aggregating $66 million of these loans in the six months ended June
30, 1996. As discussed in Note 2 to the financial statements, the
Company has revised its fee schedule with Allied Commercial for
these higher-credit quality loans, and the Company charges a fee
ranging from approximately 1% to 1.25% per annum on these loans.
Cash and temporary investments in the aggregate for the funds under
the Company's management increased by approximately $14 million
largely due to the successful completion of rights offerings to the
shareholders of Allied Capital Corporation and Allied Capital
Lending Corporation that generated approximately $8.2 million and
$6.8, respectfully, in new equity for those funds during the second
quarter ended June 30, 1996.
Income before income taxes increased $666,000 to $2,598,000 for the
six months ended June 30, 1996, over the same period in 1995. Total
operating expenses were 69% and 74% of total revenue for the six
months ended June 30, 1996 and 1995, respectively.
Income before income taxes includes the operations of the office
building purchased in September of 1994. During the six months
ended June 30, 1996, the building generated rental income of
$446,000, as compared to $396,000 for the same period in 1995. For
the same periods, the building's total expenses were $257,000 and
$243,000, respectively.
LIQUIDITY AND CAPITAL RESOURCES
As of June 30, 1996, the Company had $4,571,000 in cash and cash
equivalents as compared to $4,386,000 at December 31, 1995. The
Company does not have any short or long-term debt obligations as of
June 30, 1996.
6
<PAGE> 9
The Company's primary source of funds is its advisory and management
agreements with the companies it manages. The Company believes that
cash flow generated from operations will be sufficient to fulfill
its working capital requirements. The Company renewed its revolving
line-of-credit with a bank whereby the Company may borrow the lesser
of 70% of the accrued advisory fees receivable or $1,000,000. The
revolving line-of-credit was renewed with the same terms as before
and expires May 31, 1997.
7
<PAGE> 10
Part II. OTHER INFORMATION
Item 1. LEGAL PROCEEDINGS
The Company is not a defendant in any material pending legal
proceeding and no such material proceedings are known to be
contemplated.
Item 2. CHANGES IN SECURITIES
No material changes have occurred in the securities of the
Registrant.
Item 3. DEFAULTS UPON SENIOR SECURITIES
Not applicable
Item 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
Allied Capital Advisers, Inc. held its annual meeting of
shareholders on May 3, 1996 in Washington, DC. The following
directors were elected as proposed in the proxy material to serve
until the next annual shareholders meeting:
<TABLE>
<CAPTION>
DIRECTOR FOR WITHHELD
-------- --- --------
<S> <C> <C>
David Gladstone 7,696,387 83,199
George C. Williams, Jr. 7,696,287 83,299
Brooks H. Browne 7,694,387 85,199
Robert E. Long 7,692,930 86,656
Joan M. Sweeney 7,634,179 145,407
William L. Walton 7,694,930 84,656
</TABLE>
Shareholders ratified the selection of Arthur Andersen LLP to
serve as independent accountants until the next shareholders meeting
The Company received 7,742,902 shares voting for the ratification,
20,423 shares voting against the ratification, and, 18,058 shares
that abstained from voting on the ratification.
Shareholders also ratified a proposed amendment to the Company's
Incentive Stock Option Plan. The Company received 6,284,046 shares
voting for the amendment, 790,496 shares voting against the amendment,
and 114,435 shares abstaining from voting.
Item 5. OTHER INFORMATION
Not applicable
Item 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) List of Exhibits
11 Statement of Computation of Earnings Per Share
(b) Reports on Form 8-K
The Company filed a report on Form 8-K on May 6, 1996 to disclose a
revision to its investment management fee schedule for Allied Capital
Commercial Corporation (Allied Commercial). The revised fee schedule
allows for fees as low as 1.0% per annum on high quality loans to
approximately 3.5% per annum for those that require more sophisticated
underwriting, closer monitoring or carry loan characteristics that are
generally inferior to loans currently
8
<PAGE> 11
in the portfolio. However, the new fee schedule imposes a quarterly
cap on the investment management fee equal to approximately
approximately 2.5% per annum on the total invested assets of Allied
Commercial. The revised fee schedule applies to loans originated or
purchased on or after January 1, 1996. All other loans in Allied
Commercial's Portfolio remain subject to the existing fee schedule.
9
<PAGE> 12
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 thereunder duly authorized.
ALLIED CAPITAL ADVISERS, INC.
-----------------------------
(Registrant)
/s/Jon A. DeLuca
-------------------------------
Date: August 12, 1996 Jon A. DeLuca
Executive Vice President and
Chief Financial Officer
10
<PAGE> 1
Allied Capital Advisers, Inc.
Exhibit 11 Computation of Earnings Per Common Share
Form 10-Q
June 30, 1996
<TABLE>
<CAPTION>
For the Three Months Ended For the Six Months Ended
June 30, June 30,
---------------------------- ------------------------------
1996 1995 1996 1995
---------------------------- ------------------------------
<S> <C> <C> <C> <C>
Primary Earnings Per Common Share:
Net Income $788,000 $611,000 $1,520,000 $1,134,000
============================ ====================================
Weighted average of common
shares outstanding 8,990,349 8,903,792 8,990,349 8,879,177
Weighted average of common
shares issuable on exercise
of outstanding stock options 918,872 691,122 875,282 650,729
---------------------------- ------------------------------------
Weighted average of common
shares outstanding, as adjusted 9,909,221 9,594,914 9,865,631 9,529,906
============================ ====================================
Net Income per share $0.08 $0.06 $0.15 $0.12
============================ ====================================
Fully Diluted Earnings Per Common Share:
Net Income $788,000 $611,000 $1,520,000 $1,134,000
============================ ====================================
Weighted average common
shares and common share
equivalents as computed for
primary earnings per share 9,909,221 9,594,914 9,865,631 9,529,906
Weighted average of additional
shares issuable on exercise
of outstanding stock options 19,905 99,374 63,495 149,955
---------------------------- ------------------------------------
Weighted average of common
shares outstanding, as adjusted 9,929,126 9,694,288 9,929,126 9,679,861
============================ ====================================
Net Income assuming full dilution $0.08 $0.06 $0.15 $0.12
============================ ====================================
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from the
consolidated balance sheet, statement of operations and cash flows and is
qualified in its entirety by reference to such Form 10-Q for the quarter ended
June 30, 1996.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> JUN-30-1996
<CASH> 4,571
<SECURITIES> 0
<RECEIVABLES> 4,078
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 9,811
<PP&E> 5,833
<DEPRECIATION> 1,464
<TOTAL-ASSETS> 15,220
<CURRENT-LIABILITIES> 2,158
<BONDS> 0
0
0
<COMMON> 9
<OTHER-SE> 10,498
<TOTAL-LIABILITY-AND-EQUITY> 15,220
<SALES> 0
<TOTAL-REVENUES> 8,367
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 5,769
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 2,598
<INCOME-TAX> 1,078
<INCOME-CONTINUING> 1,520
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 1,520
<EPS-PRIMARY> 0.15
<EPS-DILUTED> 0.15
</TABLE>
