<PAGE>
United States
Securities and Exchange Commission
Washington, D.C. 20549
FORM 10-QSB
(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, 1999
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 0-28920
ACCESS SOLUTIONS INTERNATIONAL, INC.
-----------------------------------------------------------------
(Exact name of small business issuer as specified in its charter)
Delaware 05-0426298
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
650 Ten Rod Road
NORTH KINGSTOWN, RI 02852
----------------------------------------
(Address of principal executive offices)
(401) 295-2691
---------------------------
(Issuer's telephone number)
Check whether the issuer (1) has filed all reports required to be filed by
Section 13 or 15(d) of the Securities Exchange Act of 1934 during the past 12
months (or for such shorter period that the issuer was required to file such
reports), and (2) has been subject to such filing requirements for the past 90
days. Yes X No
The number of shares of the issuer's Common Stock, $.0l par value, outstanding
as of April 15, 1999 was 3,963,940.
<PAGE>
ACCESS SOLUTIONS INTERNATIONAL, INC.
INDEX
<TABLE>
<CAPTION>
PAGE
----
<S> <C> <C>
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
Balance sheets--March 31, 1999 (unaudited)
and June 30, 1998 3
Statements of operations (unaudited) --Three
months and nine months ended March 31, 1999 and 1998 5
Statements of cash flows (unaudited) -- Nine
months ended March 31, 1999 and 1998 6
Notes to unaudited financial statements 7
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations 8
Part II. OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K 14
Signatures 15
</TABLE>
<PAGE>
ACCESS SOLUTIONS INTERNATIONAL, INC.
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
ACCESS SOLUTIONS INTERNATIONAL, INC.
BALANCE SHEETS
<TABLE>
<CAPTION>
MARCH 31, JUNE 30,
1999 1998
--------- --------
(UNAUDITED)
<S> <C> <C>
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 53,148 $ 238,459
Trade accounts receivable, net of allowance for
doubtful accounts of $13,167. 64,900 341,926
Inventories 98,925 112,855
Prepaid expenses and other current assets 77,160 96,088
-------- ----------
TOTAL CURRENT ASSETS 294,133 789,328
PROPERTY AND EQUIPMENT, NET 129,187 281,240
OTHER ASSETS:
Deposits and other assets 124,726 51,308
Service Contract Inventory -- 1,980
-------- ----------
TOTAL OTHER ASSETS 124,726 53,288
-------- ----------
TOTAL ASSETS $548,046 $1,223,856
-------- ----------
-------- ----------
</TABLE>
SEE NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS.
3
<PAGE>
ACCESS SOLUTIONS INTERNATIONAL, INC.
BALANCE SHEETS
<TABLE>
<CAPTION>
MARCH 31, JUNE 30,
--------- --------
1999 1998
(UNAUDITED)
<S> <C> <C>
LIABILITIES AND STOCKHOLDERS' DEFICIT
CURRENT LIABILITIES:
Current installments of capital lease obligations -- $ 6,716
Accounts payable 648,445 922,077
Accrued salaries and wages 60,933 74,053
Accrued expenses 390,672 174,701
Deferred revenue-prepaid service contracts 467,754 476,153
----------- -----------
TOTAL CURRENT LIABILITIES 1,567,804 1,653,700
CONVERTIBLE NOTES PAYABLE 650,000 650,000
TOTAL LIABILITIES 2,217,804 2,303,700
----------- -----------
STOCKHOLDERS' DEFICIT:
Common Stock, $.01 par value, 13,000,000
shares authorized, 3,965,199 shares issued 39,652 39,652
Additional paid-in capital 17,637,694 17,637,694
Accumulated deficit (19,329,048) (18,839,134)
----------- -----------
TOTAL (1,651,702) (1,161,788)
Treasury stock, at cost (1,259 shares) (18,056) (18,056)
----------- -----------
TOTAL STOCKHOLDERS' DEFICIT (1,669,758) (1,179,844)
----------
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $548,046 $ 1,223,856
----------- -----------
----------- -----------
</TABLE>
Note: The balance sheet at June 30, 1998 has been derived from the audited
financial statements at that date but does not include all of the information
and footnotes required by generally accepted accounting principles for complete
financial statements.
SEE NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS.
4
<PAGE>
ACCESS SOLUTIONS INTERNATIONAL, INC.
STATEMENTS OF OPERATIONS (UNAUDITED)
<TABLE>
<CAPTION>
FOR THE THREE MONTHS FOR THE NINE MONTHS
ENDED MARCH 31, ENDED MARCH 31,
1999 1998 1999 1998
---- ---- ----- ----
<S> <C> <C> <C> <C>
NET SALES:
Products $4,380 $14,880 $ 46,546 $ 539,771
Services 207,551 279,373 603,165 629,214
--------- --------- --------- ---------
TOTAL NET SALES 211,931 294,253 649,711 1,168,985
--------- --------- --------- ---------
COST OF SALES:
Products 2,237 7,458 26,514 220,395
Services 58,679 119,324 181,616 274,189
------ ------- ------- -------
TOTAL COST OF SALES 60,916 126,782 208,130 494,584
--------- --------- --------- ---------
GROSS PROFIT 151,015 167,471 441,581 674,401
--------- --------- --------- ---------
OPERATING EXPENSES:
Selling expense 44,104 105,647 138,896 481,393
General and administrative expense 148,437 346,492 462,442 909,636
Research and development expense 23,890 198,204 99,436 842,571
--------- --------- --------- ---------
TOTAL OPERATING EXPENSES 216,431 650,343 700,774 2,233,600
------- ------- ------- ---------
LOSS FROM OPERATIONS (65,416) (482,872) (259,193) (1,559,199)
--------- --------- --------- ---------
OTHER INCOME AND (EXPENSES):
Interest and other income 34 9,465 2,369 98,259
Interest expense (30,875) (10,501) (94,109) (14,346)
Other expense -- -- (138,981) --
--------- --------- --------- ---------
TOTAL OTHER INCOME/(EXPENSES) (30,841) (1,036) (230,721) 83,913
--------- --------- --------- ---------
NET LOSS (96,257) (483,908) (489,914) (1,475,286)
Net loss per common share (0.02) (0.12) (0.12) (0.37)
Weighted average number of
common shares 3,963,940 3,963,940 3,963,940 3,963,940
</TABLE>
SEE NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS.
5
<PAGE>
ACCESS SOLUTIONS INTERNATIONAL, INC.
STATEMENTS OF CASH FLOWS
FOR THE NINE MONTHS ENDED MARCH 31,
(UNAUDITED)
<TABLE>
1999 1998
---- ----
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Loss ($489,914) ($1,475,287)
-------- ---------
Adjustments to reconcile net loss to net cash used by
operating activities:
Depreciation and amortization 128,158 116,697
Provision for doubtful accounts (21,946) (8,810)
Changes in assets and liabilities:
(INCREASE) DECREASE IN:
Trade accounts receivable 298,973 37,167
Inventories 15,911 42,145
Deposits 1,450 (40)
Prepaid expenses and other current assets (102,235) (22,945)
INCREASE (DECREASE) IN:
Accounts payable (273,632) 573,511
Accrued expenses 202,852 21,610
Deferred revenue - Prepaid service contracts (8,398) 182,751
-------- ---------
NET CASH PROVIDED/USED BY OPERATING ACTIVITIES (248,781) (533,201)
-------- ---------
CASH FLOWS FROM INVESTING ACTIVITIES:
Additions/disposals to property and equipment 70,187 (136,334)
Loans and advances to PaperClip (138,981) (922,603)
Loans and advances written off relating to PaperClip merger termination 138,981 --
Deferred merger costs -- (302,121)
-------- ---------
NET CASH (USED) FOR INVESTING ACTIVITIES 70,187 (1,361,058)
-------- ---------
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from related party loans -- 58,822
Repayments on capital lease obligations (6,716) (18,705)
-------- ---------
NET CASH PROVIDED BY FINANCING ACTIVITIES (6,716 40,117
- ----------------------------------------- -------- ---------
NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS (185,310) (1,854,142)
CASH EQUIVALENTS, BEGINNING OF PERIOD 238,459 1,889,446
-------- ---------
CASH AND CASH EQUIVALENTS, END OF PERIOD $ 53,149 $ 35,304
-------- ---------
-------- ---------
</TABLE>
SEE NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS.
6
<PAGE>
ACCESS SOLUTIONS INTERNATIONAL, INC.
NOTES TO UNAUDITED FINANCIAL STATEMENTS
1. BASIS OF PRESENTATION
The accompanying unaudited condensed financial statements have been prepared in
accordance with generally accepted accounting principles for interim financial
information and with the instructions to Form 10-QSB and Article 10-01 of
Regulation S-B. Accordingly, they do not include all of the information and
footnotes required by generally accepted accounting principles for annual
financial statements. In the opinion of management, all adjustments (consisting
of normal recurring accruals) considered necessary for a fair presentation have
been included. Operating results for the three months and nine months ended
March 31, 1999 are not necessarily indicative of the results that may be
expected for the year ended June 30, 1999. For further information, refer to the
financial statements and footnotes thereto included in the Access Solutions
International, Inc. ("ASI" or the "Company") Form 10-KSB for the period ended
June 30, 1999.
2. LEGAL PROCEEDINGS
On August 29, 1997, the Company filed a complaint in the United States District
Court for the District of Rhode Island against Data/Ware Development, Inc.
("Data/Ware") and Eastman Kodak Company, Inc. ("Kodak") alleging infringement of
the Company's patents. The claim states that Data/Ware and Kodak collectively
manufacture, use and/or sell equipment for recording data on optical media and
alleges that the manufacture and sale of such equipment, and use by purchasers
thereof, infringes one or more of the Company's patents. The claim calls for an
order enjoining the defendants from further infringement of its patents, damages
and interest for infringement and reasonable attorney's fees and such other
relief that the court deems proper. The outcome of this claim cannot be
determined at this time.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS
OVERVIEW
The Company's sales consist of sales of products and services. Products sold by
the Company consist of COLD systems, software and hardgoods including
replacement disk drives, subassemblies and miscellaneous peripherals. Services
rendered by the Company include post-installation maintenance and support. The
Company recognizes revenue from customers upon installation of COLD systems and,
in the case of COLD systems installed for evaluation, upon acceptance by such
customers of the products. The Company sells extended service contracts on the
majority of the products it sells. Such contracts are one year in duration with
payments received either annually in advance of the commencement of the contract
or quarterly in advance. The Company recognizes revenue from service contracts
on a straight line basis over the term of the contract. The unearned portion of
the service revenue is reflected as deferred revenue. As of March 31, 1999, the
Company had deferred revenue in the amount of $467,754.
7
<PAGE>
The Company's operating results have in the past and may in the future fluctuate
significantly depending upon a variety of factors which vary substantially over
time, including industry conditions; the timing of orders from customers; the
timing of new product introductions by the Company and competitors; customer
acceleration, cancellation or delay of shipments; the length of sales cycles;
the level and timing of selling, general and administrative and research and
development expenses; specific feature needs of customers; and production
delays. A substantial portion of the Company's quarterly revenues are derived
from the sale of a relatively small number of COLD systems which range in price
from approximately $150,000 to $900,000. As a result, the timing of recognition
of revenue from a single product order has in the past and may in the future
have a significant impact on the Company's net sales and operating results for
particular financial periods. This volatility is counter-balanced by the
increase in sales of annual service contracts which generally accompanies an
increase in systems sales.
The Company's primary operating expenses include selling expenses, general and
administrative expenses and research and development expenses. General and
administrative expenses consist primarily of employee compensation and certain
internal office and support expenses. Research and development expenses include
compensation paid to internal research and development staff members and
expenses incurred in connection with the retention of independent research and
development consultants
The Company's total expenditures for research and development for Fiscal 1998
and Fiscal 1997 were $921,537 and $1,651,322, respectively. Due to the
completion of all customer commitments to the GIGAPAGE product in the second
quarter of Fiscal 1998, it is anticipated that development costs for Fiscal 1999
will be substantially reduced from prior levels.
ASI has historically incurred net losses and anticipates that further net losses
will be incurred prior to the time, if ever, that ASI achieves profitability.
However, ASI has taken certain steps intended to limit incurring future net
losses. Such steps include: (i) the reduction of personnel from 14 to 4
full-time and two part-time employees during Fiscal year ending 1998 and the
first quarter of Fiscal 1999 which is expected to reduce overhead by
approximately $50,000 per quarter (ii) reduction of ASI's operating facilities
by 60% which is expected to save approximately $40,000 per year and (iii) joint
development and marketing agreements which are expected to increase sources of
revenues at minimum cost. While no assurance can be given that such steps will
be sufficient to limit losses, which may be incurred in the future, ASI believes
that such steps, when fully implemented, may enable ASI to realize improved
operating results. Of the 10 employees terminated or reclassified, one was field
support, two were product development personnel, four were administrative staff,
two were sales and one was production. Of the above, one employee each from
administrative staff and product development were reclassified from full-time to
part-time employees. Many of the product development personnel were employed in
enhancing ASI's GIGAPAGE product, which has now been substantially completed.
ASI does not believe that these steps, particularly the reduction in the
workforce, have to date or will in the future materially adversely impact ASI's
revenues and earnings.
8
<PAGE>
RESULTS OF OPERATIONS
The following discussion should be read in conjunction with the unaudited
condensed financial statements and notes thereto of Access Solutions
International, Inc. contained elsewhere herein.
THREE MONTHS AND NINE MONTHS ENDED MARCH 31, 1999 COMPARED TO THREE MONTHS
AND NINE MONTHS ENDED MARCH 31, 1998
NET SALES
Net sales for the three months ended March 31, 1999 were $211,931 compared with
$294,253 for the three months ended March 31, 1998, a decrease of $82,322 or
28%, and $649,711 for the nine months ended March 31, 1999, compared with
$1,168,985 for the nine months ended March 31, 1998, a decrease of $519,274 or
44%. Product sales were $4,380 for the third quarter of Fiscal 1999 compared
with $14,880 for the third quarter of Fiscal 1998, a decrease of $10,500 or 71%,
and $46,546 for the nine months ended March 31, 1999 compared with $539,771 for
the nine months ended March 31, 1998, a decrease of $493,225 or 91%. Product
sales decreased for the third quarter of Fiscal 98 because shipment of the
second phase of a customer's optical archiving system in Fiscal 98 was not
repeated in Fiscal 99. Service revenues were $207,551 for the third quarter of
Fiscal 1999, compared with $279,373 for the third quarter of Fiscal 1998, a
decrease of $71,822 or 26%, and $603,165 for the nine months ended March 31,
1999 compared with $629,214 for the nine months ended March 31, 1998, a decrease
of $26,049 or 4%.
Cost of Sales
Cost of sales includes component costs, firmware license costs, labor, travel
and certain overhead costs. Costs of sales in the aggregate decreased 52% to
$60,916 for the three months ended March 31, 1999 from $126,782 for the three
months ended March 31, 1998 and decreased 58% to $208,130 for the nine months
ended March 31, 1999 from $494,584 for the nine months ended March 31, 1998, in
each case as a result of lower sales. In addition, the gross margin percentage
increased to 71% for the three months ended March 31, 1999 from 57% for the
three months ended March 31, 1998 and increased to 68% for the nine months ended
March 31, 1999 from 58% for the nine months ended March 31, 1998.
SELLING EXPENSES
Selling expenses decreased by $61,543 or 58% to $44,104 for the three months
ended March 31, 1999 from $105,647 for the three months ended March 31, 1998 and
decreased by $342,497 or 71% to $138,896 for the nine months ended March 31,
1999 from $481,393 for the nine months ended March 31, 1998. The decreases were
primarily the result of lower payroll expenses and travel expenses which were
partially offset by increased commissions expense and investor relations costs
which were not incurred in the first half of Fiscal 1997.
GENERAL AND ADMINISTRATIVE EXPENSES
General and administrative expenses consist of administrative expenses and
certain internal office and support expenses. General and administrative
expenses decreased 57% or $198,055 to
9
<PAGE>
$148,437 for the three months ended March 31, 1999 from $346,492 for the three
months ended March 31, 1998 and decreased 49% or $447,194 to $462,442 for the
nine months ended March 31, 1999 from $909,636 for the nine months ended
March 31, 1998. The decreases were primarily due to reductions in legal
and personnel expenses.
RESEARCH AND DEVELOPMENT EXPENSES
Research and development expenses decreased by 88% or $174,314 to $23,890 for
the three months ended March 31, 1999 from $198,204 for the three months ended
March 31, 1998 and decreased by 88% or $743,135 to $99,436 for the nine months
ended March 31, 1999 from $842,571 for the nine months ended March 31, 1998. The
decrease in research and development expenses was primarily due to staff
reductions of development personnel resulting in lower payroll expenses during
Fiscal 1998 and Fiscal 1999.
OTHER INCOME AND EXPENSES
Other income and expenses consisted of interest expense which increased $20,374
to $30,875 for the three months ended March 31, 1999 from $10,501 for the three
months ended March 31, 1999 and increased $79,763 to $94,109 for the nine months
ended March 31, 1999 from $14,346 for the nine months ended March 31, 1998.
Other expenses increased by $138,891 as a result of expenses incurred from the
discontinued merger of PaperClip Software, Inc. which was terminated on August
24, 1998.
NET LOSS
As a result of the foregoing, the Company's net loss decreased 80% to $96,257
($.02 per share on 3,963,940 weighted average shares outstanding) for the three
months ended March 31, 1999 from $483,908 ($.12 per share on weighted average
shares outstanding) during the three months ended March 31, 1998 and decreased
67% to a loss of $489,914 ($.12 per share on 3,963,940 weighted average shares
outstanding) for the nine months ended March 31, 1999 from $1,475,286 ($.37 per
share on 3,963,940 weighted average shares outstanding) for the nine months
ended March 31, 1998.
LIQUIDITY AND CAPITAL RESOURCES
The Company had a working capital deficit of $1,273,671 at March 31, 1999
compared to a working capital deficit of $886,638 at March 31, 1998.
Total cash used by operating activities during the nine month periods ended
March 31, 1999 and 1998 was $248,781 and $533,201, respectively. The Company's
net losses for these periods were $489,914 and $1,475,287, respectively. The
Company's net loss and a decrease in accounts payable of 273,632 was the major
use of cash from operating activities. The major sources of capital for
operating activities during the nine month period ended March 31, 1999 included
increases in accounts receivable and accrued expenses of $298,973 and $202,852,
respectively.
10
<PAGE>
Cash used by investing activities for the nine month periods ended March 31,
1999 and 1998 was $70,187 and $1,361,058, respectively. The major source of cash
for investing activities in Fiscal 1999 was disposals of property and equipment
for $70,187.
Cash used by financing activities was $6,716 for the nine month period
ended March 31, 1999 and $40,117 for the nine month period ended March 31, 1998.
The Company has suffered recurring losses from operations and has negative cash
flows from operating activities. As a result, the Company's independent
accountants in their report dated August 20, 1999 on the audited financial
statements for the year ended June 30, 1998 included an explanatory paragraph
that described factors raising substantial doubt about the Company's ability to
continue as a going concern.
As of March 31, 1999, ASI had long term debt totaling approximately $758,000
including interest. ASI believes that the proceeds from this loan, together with
funds generated from operations, will be sufficient to meet ASI's working
capital requirements through September, 1999. There can be no assurance that
additional funds can be obtained on acceptable terms, if at all. If additional
financing is not available, ASI's business will be materially adversely
affected.
There can be no assurance that the interim financing will be successfully
completed or that additional funds can be obtained on acceptable terms, if at
all. If additional financing is not available, ASI's business will be materially
adversely affected, and the proposed merger may not be completed.
SEASONALITY AND INFLATION
To date, seasonality and inflation have not had a material effect on the
Company's operations.
FORWARD LOOKING STATEMENTS
Statements contained in this Form 10-QSB that are not historical facts are
forward-looking statements made pursuant to the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. In addition, when used herein,
words such as "believes", "anticipates", "expects", and similar expressions are
intended to identify forward looking statements. The Company cautions that a
number of important factors could cause actual results for Fiscal 1999 and
beyond to differ materially from those expressed in any forward-looking
statements made by or on behalf of the Company. Such statements contain a number
of risks and uncertainties, including, but not limited to, capital needs,
uncertainty of additional funding, variable operating results, lengthy sales
cycles, dependence on the Company's COLD system product, rapid technological
change and product development, reliance on single or limited sources of supply,
intense competition, turnover in management, the Company's ability to manage
growth, dependence on significant customers, dependence on key personnel, and
the Company's ability to protect its intellectual property. See "Risk Factors"
in the Company's Prospectus dated October 16, 1996. The Company cannot assure
that it will be able to anticipate or respond timely to changes which could
adversely affect its operating results in one or more fiscal quarters. Results
of operations in any past period should not be considered indicative of results
to be expected in
11
<PAGE>
future periods. Fluctuations in operating results may result in fluctuations in
the price of the Company's securities. In addition, the Company's proposed
merger with PaperClip involves numerous risks and uncertainties including the
potential inability to integrate successfully the operations and services of
the acquired businesses and the diversion of management's attention from other
business concerns. There can be no assurances that the Company will complete
its proposed merger or that, if completed, it will be successfully integrated
into the Company's operations or provide an acceptable return on the Company's
investment.
12
<PAGE>
PART II - OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits
None
(b) Reports on Form 8-K
None
13
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the issuer
caused this report to be signed on its behalf by the undersigned thereunto duly
authorized.
Access Solutions International, Inc.
Date: August 18, 1999 ROBERT H. STONE
---------------
President and CEO
Date: August 18, 1999 DENIS L. MARCHAND
-----------------
Vice President of Finance and
Administration and Chief Accounting
Officer (Principal Accounting Officer)
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<CIK> 0000875385
<NAME> ACCESS SOLUTIONS INTERNATIONAL, INC.
<MULTIPLIER> 1
<CURRENCY> US$
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> JUN-30-1999
<PERIOD-START> JUL-01-1998
<PERIOD-END> MAR-31-1999
<EXCHANGE-RATE> 1
<CASH> 53,148
<SECURITIES> 0
<RECEIVABLES> 64,900
<ALLOWANCES> 13,167
<INVENTORY> 98,925
<CURRENT-ASSETS> 294,133
<PP&E> 412,550
<DEPRECIATION> 283,363
<TOTAL-ASSETS> 548,046
<CURRENT-LIABILITIES> 1,567,804
<BONDS> 0
0
0
<COMMON> 39,652
<OTHER-SE> 17,637,694
<TOTAL-LIABILITY-AND-EQUITY> 548,046
<SALES> 211,931
<TOTAL-REVENUES> 211,931
<CGS> 151,015
<TOTAL-COSTS> 216,431
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 30,875
<INCOME-PRETAX> (96,257)
<INCOME-TAX> 0
<INCOME-CONTINUING> (96,257)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (96,257)
<EPS-BASIC> (.02)
<EPS-DILUTED> (.02)
</TABLE>
