<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
QUARTERLY REPORT UNDER SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
--------------------------------------
FOR THE QUARTERLY PERIOD ENDED NOVEMBER 2, 1996
COMMISSION FILE NUMBER 0-19714
PERFUMANIA, INC.
STATE OF FLORIDA I.R.S. NO. 65-0026340
11701 N.W. 101ST ROAD
MIAMI, FLORIDA 33178
TELEPHONE NUMBER: (305) 889-1600
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 TWELVE (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 NINETY (90) DAYS.
YES X NO
----- -----
COMMON STOCK $.01 PAR VALUE
OUTSTANDING SHARES AT NOVEMBER 2, 1996 - 7,807,791
<PAGE> 2
TABLE OF CONTENTS
PERFUMANIA, INC.
PART I
FINANCIAL INFORMATION
<TABLE>
<S> <C> <C>
ITEM 1 FINANCIAL STATEMENTS
Consolidated Balance Sheets ............................................ 2
Consolidated Statements of Operations .................................. 3
Consolidated Statements of Cash Flows .................................. 4
Notes to Condensed Consolidated Financial Statements.................... 5
ITEM 2 MANAGEMENT'S DISCUSSION AND ANALYSIS OF
CONSOLIDATED FINANCIAL CONDITION AND
RESULTS OF OPERATIONS......................................................... 8
ITEM 6 EXHIBITS AND REPORTS ON FORM 8-K.............................................. 11
</TABLE>
1
<PAGE> 3
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
PERFUMANIA, INC.
CONSOLIDATED BALANCE SHEETS
<TABLE>
<CAPTION>
November 2, 1996 February 3, 1996
---------------- ----------------
<S> <C> <C>
ASSETS
Current assets:
Cash and cash equivalents $ 885,782 $ 331,028
Trade receivables, net 12,904,776 13,492,118
Advances to suppliers 7,471,110 4,311,660
Inventories, net of reserve of $750,000 73,750,945 56,014,501
Prepaid expenses and other current assets 1,595,465 1,152,095
Net deferred tax asset 1,320,906 1,254,000
Due from related parties 122,538 122,538
------------ -----------
Total current assets 98,051,522 76,677,940
Property and equipment, net 15,860,550 13,453,780
Leased equipment under capital leases, net 2,023,751 1,606,497
Other assets 1,985,526 1,411,579
Due from related parties 417,763 415,527
------------ -----------
$118,339,112 $93,565,323
============ ===========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Bank line of credit and current portion of
notes payable $ 29,713,683 $23,553,897
Accounts payable 33,283,890 18,814,302
Accrued expenses and other liabilities 3,725,240 2,903,959
Current portion of obligations under capital leases 498,348 498,348
Due to related parties 790,000 680,000
------------ -----------
Total current liabilities 68,011,161 46,450,506
Other long-term liabilities 2,114,410 1,814,569
------------ -----------
Total liabilities 70,125,571 48,265,075
------------ -----------
Stockholders' equity:
Preferred stock, $.01 par value, 1,000,000 shares
authorized, none issued - -
Common stock, $.01 par value, 25,000,000 shares
authorized, 7,807,791 and 6,707,700 shares issued
and outstanding 78,078 67,077
Capital in excess of par 51,900,229 47,959,464
Accumulated deficit (2,707,619) (2,602,970)
Treasury stock (1,057,147) (123,323)
------------ -----------
Total stockholders' equity 48,213,541 45,300,248
------------ -----------
$118,339,112 $93,565,323
============ ===========
</TABLE>
See accompanying notes to consolidated financial statements.
2
<PAGE> 4
PERFUMANIA, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
<TABLE>
<CAPTION>
Thirteen Thirteen Thirty-nine Thirty-nine
Weeks Ended Weeks Ended Weeks Ended Weeks Ended
November 2, 1996 October 28, 1995 November 2, 1996 October 28, 1995
---------------- ---------------- ---------------- ----------------
<S> <C> <C> <C> <C>
Net sales $34,576,849 $34,329,850 $86,668,286 $85,247,430
Cost of goods sold 19,536,336 20,830,709 48,894,635 51,137,772
----------- ----------- ----------- -----------
Gross profit 15,040,513 13,499,141 37,773,651 34,109,658
----------- ----------- ----------- -----------
Operating Expenses:
Selling, general and
administrative 11,899,577 10,700,484 33,088,856 30,743,658
Depreciation and amortization 917,141 840,271 2,627,568 2,427,070
----------- ----------- ----------- -----------
Total operating expenses 12,816,718 11,540,755 35,716,424 33,170,728
----------- ----------- ----------- -----------
Income from operations
before other expense 2,223,795 1,958,386 2,057,227 938,930
Other expense (774,772) (726,682) (2,228,782) (2,036,397)
----------- ----------- ----------- -----------
Income (loss) before income taxes 1,449,023 1,231,704 (171,555) (1,097,467)
(Provision) benefit for income taxes (564,017) - 66,906 -
----------- ----------- ----------- -----------
Net income (loss) $ 885,006 $ 1,231,704 $ (104,649) $(1,097,467)
----------- ----------- ----------- -----------
Earnings (loss) per common share $ 0.10 $ 0.18 $ (0.01) $ (0.16)
----------- ----------- ----------- -----------
</TABLE>
See accompanying notes to consolidated financial statements.
3
<PAGE> 5
PERFUMANIA, INC
CONSOLIDATED STATEMENTS OF CASH FLOWS
<TABLE>
<CAPTION>
Thirty-nine Thirty-nine
Weeks Ended Weeks Ended
November 2, 1996 October 28, 1995
---------------- ----------------
<S> <C> <C>
Cash flows from operating activities:
Net loss $ (104,649) $(1,097,467)
Adjustments to reconcile net loss to net cash
used in operating activities:
Capitalized preopening costs (623,346) (354,898)
Provision for doubtful accounts 340,000 -
Benefit for income taxes (66,906) -
Depreciation and amortization 2,627,568 2,427,070
Loss on disposition 39,179 82,477
Change in assets and liabilities,
(Increase) decrease in:
Trade receivables 247,342 (2,723,642)
Advances to suppliers (3,159,450) (789,466)
Inventories (17,736,444) (9,141,622)
Other current assets (443,370) 156,605
Tax refund receivable - 378,681
Other assets (164,492) 16,246
Increase (decrease) in:
Accounts payable 14,469,588 10,161,382
Other current liabilities 861,857 (1,015)
----------- -----------
Total adjustments (3,608,474) 211,818
----------- -----------
Net cash used in operating activities (3,713,123) (885,649)
----------- -----------
Cash flows from investing activities:
Additions to property and equipment (4,722,114) (2,319,158)
Proceeds from sale of other property - 617,914
----------- -----------
Net cash used in investing activities (4,722,114) (1,701,244)
----------- -----------
Cash flows from financing activities:
Net borrowings under loan payable 9,159,786 2,923,187
Net borrowings from related parties 107,764 (29,468)
Principal payments under capital lease obligations (308,235) (247,589)
Proceeds from issuance of common stock 964,500 62,125
Payments to acquire treasury stock (933,824) (123,323)
----------- -----------
Net cash provided by financing activities 8,989,991 2,584,932
----------- -----------
Increase (decrease) in cash and cash equivalents 554,754 (1,961)
Cash and cash equivalents at beginning of period 331,028 505,872
----------- -----------
Cash and cash equivalents at end of period $ 885,782 $ 503,911
----------- -----------
Supplemental disclosure of cash flow information:
Cash paid
Interest $ 2,458,821 $ 2,278,149
Income taxes $ 106,138 $ 35,000
</TABLE>
See accompanying notes to consolidated financial statements.
4
<PAGE> 6
PERFUMANIA, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(1). SIGNIFICANT ACCOUNTING POLICIES
The condensed consolidated financial statements include the accounts of
Perfumania and subsidiaries (the Company). All material intercompany balances
and transactions have been eliminated in consolidation.
The unaudited condensed consolidated financial statements have been prepared
pursuant to the rules and regulations of the Securities and Exchange
Commission. Certain information and note disclosures normally included in
annual financial statements prepared in accordance with generally accepted
accounting principles have been condensed or omitted pursuant to those rules
and regulations, although the Company believes that the disclosures made are
adequate to make the information presented not misleading. The financial
information presented herein, which is not necessarily indicative of results to
be expected for the current fiscal year, reflects all adjustments which, in the
opinion of the Company, are necessary for a fair statement of the results for
the periods indicated. It is suggested that these condensed consolidated
financial statements be read in conjunction with the financial statements and
the notes thereto included in the Company's Annual Report on Form 10-K for the
fiscal year ended February 3, 1996.
(2). STOCKHOLDERS' EQUITY
<TABLE>
<CAPTION>
Common Stock Capital in Treasury Stock
----------------------- Excess -------------------- Accumulated
Shares Amount of Par Shares Amount Deficit Total
--------- ------- ----------- ------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C> <C>
Balance at
February 3, 1996 6,707,700 $67,077 $47,959,464 23,000 $ (123,323) $(2,602,970) $45,300,248
Exercise of
stock options 2,000 20 8,230 - - - 8,250
Sale of
Common Stock 180,000 1,800 954,450 - - - 956,250
Conversion of
debentures 918,091 9,181 2,978,085 - - - 2,987,266
Purchases of
treasury stock - - - 207,850 (933,824) - (933,824)
Net loss for the
thirty-nine weeks
ended Nov. 2, 1996 - - - (104,649) (104,649)
--------- ------- ----------- ------- ----------- ----------- -----------
Balance at
November 2, 1996 7,807,791 $78,078 $51,900,229 230,850 $(1,057,147) $(2,707,619) $48,213,541
--------- ------- ----------- ------- ----------- ----------- -----------
</TABLE>
5
<PAGE> 7
(3). EARNINGS (LOSS) PER COMMON SHARE
Earnings (loss) per common share are computed by dividing net income (loss) by
the weighted average number of common shares outstanding.
The weighted average numbers of common shares for the thirteen and thirty-nine
weeks ended November 2, 1996 was 8,447,436 and 7,858,334, respectively. The
weighted average number of common shares for the thirteen and thirty-nine weeks
ended October 28, 1995 was 6,818,700.
(4). SEGMENT INFORMATION
The Company operates in two industry segments, specialty retail sale and
wholesale distribution of fragrances and related products. Financial
information for these segments is summarized in the following table.
<TABLE>
<CAPTION>
Thirteen Thirteen Thirty-nine Thirty-nine
Weeks Ended Weeks Ended Weeks Ended Weeks Ended
Nov. 2, 1996 Oct. 28, 1995 Nov. 2, 1996 Oct. 28, 1995
------------ ------------- ------------ -------------
<S> <C> <C> <C> <C>
Sales
Wholesale $ 8,565,178 $11,106,321 $19,709,774 $25,707,236
Retail 26,011,671 23,223,529 66,958,512 59,540,194
----------- ----------- ----------- -----------
Total net sales $34,576,849 $34,329,850 $86,668,286 $85,247,430
----------- ----------- ----------- -----------
Cost of goods sold
Wholesale $ 5,983,724 $ 8,405,229 $14,222,691 $19,335,806
Retail 13,552,612 12,425,480 34,671,944 31,801,966
----------- ----------- ----------- -----------
Total cost of goods sold $19,536,336 $20,830,709 $48,894,635 $51,137,772
----------- ----------- ----------- -----------
Gross profit
Wholesale $ 2,581,454 $ 2,701,092 $ 5,487,083 $ 6,371,430
Retail 12,459,059 10,798,049 32,286,568 27,738,228
----------- ----------- ----------- -----------
Total gross profit $15,040,513 $13,499,141 $37,773,651 $34,109,658
----------- ----------- ----------- -----------
</TABLE>
<TABLE>
<CAPTION>
November 2, February 3
1996 1996
----------- -----------
<S> <C> <C>
Inventory
- ---------
Wholesale $20,672,580 $17,260,449
Retail 53,078,365 38,754,052
----------- -----------
$73,750,945 $56,014,501
----------- -----------
Number of stores 207 194
</TABLE>
An unaffiliated customer of the wholesale segment accounted for approximately
10% and 6% of the consolidated net sales for the thirty-nine weeks ended
November 2, 1996 and October 28, 1995, respectively, and 57% and 52% of the
consolidated net trade accounts receivable balance at November 2, 1996 and
October 28, 1995, respectively.
6
<PAGE> 8
(5). ISSUANCE OF STOCK SUBSCRIPTION AND CONVERTIBLE DEBENTURES
On March 21, 1996, the Company executed a Regulation S stock subscription
agreement to sell 180,000 shares of common stock to a non-U.S. person for
approximately $956,000. The proceeds were received in March 1996 and the
shares were subsequently issued in May 1996.
On March 25, 1996, the Company issued $3,000,000 of 5% Convertible Debentures
(the "Debenture") in a Regulation S offering to non-U.S. persons. The
debentures mature on April 1, 1997, and were convertible into shares of common
stock of the Company, at any time after May 21, 1996, at a conversion price for
each share of common stock equal to eighty-five percent of the market price of
common stock on the date of conversion, not to exceed $8.50 per share of common
stock. As of July 19, 1996, all of the debentures had been converted by the
registered holders into an aggregate of approximately 918,000 shares of the
Company's common stock.
(6). SUBSEQUENT EVENTS
Effective November 19, 1996, the Company purchased substantially all of the
assets of Nature's Elements International, Ltd. ("Nature's Elements"),
consisting primarily of thirty-three retail store locations and related
inventory in the northeastern United States, for approximately $2.5 million.
Nature's Elements currently sells cosmetics, treatments, bath and body
products, and candles.
Subsequent to November 2, 1996, the Company has repurchased an additional
217,000 shares of its common stock for approximately $658,000. This repurchase
was previously authorized by the Company's Board of Directors.
7
<PAGE> 9
PART I. FINANCIAL INFORMATION
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF CONSOLIDATED FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
SEASONALITY
The Company's operations have historically been seasonal, with generally higher
retail sales in the third and fourth fiscal quarters than in the first and
second fiscal quarters. Significantly higher fourth fiscal quarter retail sales
result from increased purchases of fragrances as gift items during the
Christmas holiday season. Wholesale sales also vary by fiscal quarter as a
result of the selection of merchandise available for sale as well as the need
for the Company to stock its retail stores for the Christmas holiday season.
Therefore, the results of any interim period are not necessarily indicative of
the results that might be expected during a full fiscal year.
LIQUIDITY AND CAPITAL RESOURCES
At November 2, 1996 working capital was $30.0 million compared to $30.2 million
at February 3, 1996.
Net cash used in operating activities during the thirty-nine weeks ended
November 2, 1996 was approximately $3.7 million, principally as a result of the
net change in the Company's trade receivables, advances to suppliers, accounts
payable, and inventory. At November 2, 1996, approximately $1.8 million of the
Company's trade receivables were considered past due compared to $0.7 million
at February 3, 1996. Of the $12.9 million in trade receivables due from
unaffiliated customers at November 2, 1996, $7.4 million was due from one
customer which also accounted for 46% of the Company's wholesale sales during
the thirteen weeks ended November 2, 1996. The Company's sales to this
customer are made on an open account terms and since late 1991 the Company has
extended credit terms to this customer of up to one year. The Company has not
experienced any write-offs of accounts receivable from this customer due to
collectibility.
Net cash used in investing activities during the current period was $4.7
million. This represents purchases of furniture, fixtures and equipment for
store openings during fiscal 1996.
Net cash provided by financing activities during the current period was
approximately $9.0 million, which was primarily the result of an increase in
the Company's use of its line of credit, along with the issuance of $3.0
million of 5% convertible debentures, and issuance of 180,000 shares of common
stock for approximately $1.0 million (see Note 5). The $30.0 million line of
credit expires on April 30, 1999.
During the thirty-nine weeks ended November 2, 1996, the Company closed four
stores and opened seventeen stores. At November 2, 1996, the Company operated
207 stores.
8
<PAGE> 10
RESULTS OF OPERATIONS
COMPARISON OF THE THIRTEEN WEEKS ENDED NOVEMBER 2, 1996 WITH THE THIRTEEN WEEKS
ENDED OCTOBER 28, 1995.
Net sales increased $0.3 million from $34.3 million in the thirteen weeks ended
October 28, 1995 to $34.6 million in the thirteen weeks ended November 2, 1996.
The increase in net sales was the result of a $2.8 million increase in retail
sales (from $23.2 million to $26.0 million) offset by a $2.5 million decrease
in wholesale sales (from $11.1 million to $8.6 million). The increase in
retail sales was principally due to the increase in the number of stores
operated during the thirteen weeks ended November 2, 1996. Comparable store
sales during the current period increased 2.6% when compared to last year. The
decrease in wholesale sales was primarily due to lower wholesale demand for
fragrances.
Gross profit increased 11.4% from $13.5 million in the thirteen weeks ended
October 28, 1995 (39.3% of net sales) to $15.0 million in the thirteen weeks
ended November 2, 1996 (43.5% of total net sales) due primarily to the increase
in retail sales.
Gross profit for the wholesale division decreased from $2.7 million in the
thirteen weeks ended October 28, 1995 to $2.6 million in the thirteen weeks
ended November 2, 1996 as a result of lower wholesale sales. As a percentage
of net sales, gross profit for the wholesale division increased from 24.3% in
the thirteen weeks ended October 28, 1995 to 30.1% in the thirteen weeks ended
November 2, 1996, as a result of higher margin sales.
Gross profit for the retail division increased 15.4% from $10.8 million in the
thirteen weeks ended October 28, 1995 to $12.5 million in the thirteen weeks
ended November 2, 1996 as a result of higher retail sales. As a percentage of
net sales, gross profit for the retail division increased from 46.5% in the
thirteen weeks ended October 28, 1995 to 47.9% in the thirteen weeks ended
November 2, 1996.
Operating expenses, which include selling, general and administrative expenses
as well as depreciation, increased 11.1% from $11.5 million in the thirteen
weeks ended October 28, 1995 to $12.8 million in the thirteen weeks ended
November 2, 1996. The increase was primarily due to costs associated with the
operation of 12 additional stores.
The Company had a pre-tax net income of $1,449,023, or $0.17 per share, in the
thirteen weeks ended November 2, 1996 compared to a pre-tax net income of
$1,231,704, or $0.18 per share, in the thirteen weeks ended October 28, 1995.
On an after-tax basis, net income was $885,006, or $0.10 per share, in the
thirteen weeks ended November 2, 1996 compared to net income of $1,231,704, or
$0.18 per share in the thirteen weeks ended October 28, 1995. The weighted
average common shares outstanding was 8,447,436 for the thirteen weeks ended
November 2, 1996 and 6,818,700 for the thirteen weeks ended October 28, 1995.
9
<PAGE> 11
COMPARISON OF THE THIRTY-NINE WEEKS ENDED NOVEMBER 2, 1996 WITH THE THIRTY-NINE
WEEKS ENDED OCTOBER 28, 1995.
Net sales increased 1.7% from $85.2 million in the thirty-nine weeks ended
October 28, 1995 to $86.7 million in the thirty-nine weeks ended November 2,
1996. The increase in net sales was due to a 12.5% increase in retail sales
(from $59.5 million to $67.0 million), which was offset by a 23.3% decrease in
wholesale sales (from $25.7 million to $19.7 million).
The increase in retail sales was principally due to the increase in the number
of stores operated during the thirty-nine weeks ended November 2, 1996 compared
to the thirty-nine weeks ended October 28, 1995. Comparable store sales during
the thirty-nine weeks ended November 2, 1996 increased 2.7% when compared to
last year.
Gross profit increased 10.7% from $34.1 million in the thirty-nine weeks ended
October 28, 1995 (40.0% of net sales) to $37.8 million in the thirty-nine weeks
ended November 2, 1996 (43.6% of net sales) primarily as a result of the
increase in net sales.
Gross profit for the wholesale division decreased 13.9% from $6.4 million in
the thirty-nine weeks ended October 28, 1995 to $5.5 million in the thirty-nine
weeks ended November 2, 1996. As a percentage of net sales, gross profit for
the wholesale division increased from 24.8% in the thirty-nine weeks ended
October 28, 1995 to 27.8% in the thirty-nine weeks ended November 2, 1996,
primarily due to higher margin sales.
Gross profit for the retail division increased 16.4% from $27.7 million in the
thirty-nine weeks ended October 28, 1995 to $32.3 million in the thirty-nine
weeks ended November 2, 1996. The retail division's gross margin increased
from 46.6% in the thirty-nine weeks ended October 28, 1995 to 48.2% in the
thirty-nine weeks ended November 2, 1996.
Operating expenses increased $2.5 million in the thirty-nine weeks ended
November 2, 1996 compared to the thirty-nine weeks ended October 28, 1995. The
increase was primarily due to costs associated with the operation of 14
additional stores.
During the thirty-nine weeks ended November 2, 1996 the Company had a pre-tax
net loss of $171,555 or ($0.02) per share (based on 7,858,334 weighted average
common shares outstanding), compared to a pre-tax net loss of $1,097,467 or
($0.16) per share, (based on 6,818,700 weighted average common shares
outstanding) during the thirty-nine weeks ended October 28, 1995. On an
after-tax basis, the Company had a net loss of $104,649 or ($0.01) per share
(based on 7,858,334 weighted average common shares outstanding), compared to a
net loss of $1,097,467 or ($0.16) per share, (based on 6,818,700 weighted
average common shares outstanding.
10
<PAGE> 12
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) The following list of schedules and exhibits included in this Form
10-Q:
27 Financial Data Schedule (for SEC use only).
PERFUMANIA, INC.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused the report to be signed on its behalf by the
undersigned, thereunto duly authorized.
Perfumania, Inc.
-----------------------------------------
(Registrant)
Date: December 13, 1996 By: /S/ SIMON FALIC
-----------------------------------------
Simon Falic
Chairman of the Board, President and
Chief Executive Officer
(Principal Executive Officer)
By: /S/ RON A. FRIEDMAN
-----------------------------------------
Ron A. Friedman
Chief Financial Officer
Treasurer, and Secretary
(Principal Financial and
Accounting Officer)
11
<TABLE> <S> <C>
<ARTICLE> 5
<MULTIPLIER> 1
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> FEB-03-1996
<PERIOD-START> FEB-04-1996
<PERIOD-END> NOV-02-1996
<EXCHANGE-RATE> 1
<CASH> 885,782
<SECURITIES> 0
<RECEIVABLES> 12,904,776
<ALLOWANCES> 0
<INVENTORY> 73,750,945
<CURRENT-ASSETS> 98,051,522
<PP&E> 15,860,550
<DEPRECIATION> 0
<TOTAL-ASSETS> 118,339,112
<CURRENT-LIABILITIES> 68,011,161
<BONDS> 0
0
0
<COMMON> 78,078
<OTHER-SE> 48,135,463
<TOTAL-LIABILITY-AND-EQUITY> 118,339,112
<SALES> 86,668,286
<TOTAL-REVENUES> 86,668,286
<CGS> 48,894,635
<TOTAL-COSTS> 48,894,635
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> (171,555)
<INCOME-TAX> (66,906)
<INCOME-CONTINUING> (104,649)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (104,649)
<EPS-PRIMARY> (0.01)
<EPS-DILUTED> (0.01)
</TABLE>
