UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 10-Q
QUARTERLY REPORT UNDER SECTION 13 OR 15 OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended March 31, 1997
Commission File Number: 0-20360
RENO AIR, INC.
(Exact name of registrant as specified in its charter)
Nevada 88-0259913
(State or other jurisdiction (IRS Employer Identification Number)
of incorporation or organization)
220 Edison Way
Reno, Nevada 89502
(Address of principal executive offices)
(702) 686-3835
(Registrant's telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15 of the Securities Exchange Act of 1934
during the preceding 12 months (or for such shorter period that the registrant
was required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.
Yes /X/ No
Number of shares of common stock, $.01 par value, of registrant outstanding
at March 31, 1997: 10,439,120
<PAGE>
RENO AIR, INC.
------------------------------------------------------------------------
INDEX
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
Balance Sheets - March 31, 1997 and
December 31, 1996 3
Statements of Operations -
Three Months Ended March 31, 1997 and 1996 4
Statements of Cash Flows -
Three Months Ended March 31, 1997 and 1996 5
Notes to Financial Statements 6
Item 2. Management's Discussion and Analysis of Financial 7
Condition and Results of Operations
PART II. OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K 12
SIGNATURES 13
<PAGE>
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
RENO AIR, INC.
BALANCE SHEET AT
MARCH 31, 1997 AND DECEMBER 31, 1996
<TABLE>
<CAPTION>
March 31, December 31,
1997 1996
-------------- ---------------
(unaudited)
ASSETS
<S> <C> <C>
CURRENT ASSETS:
Cash and cash equivalents ....................................... $ 16,591,923 $ 16,221,297
Short-term investments .......................................... -- 2,318,407
Accounts receivable ............................................. 28,100,556 18,834,788
Inventories and operating supplies .............................. 2,499,683 2,109,364
Prepaid expenses and other ...................................... 17,415,411 17,033,968
-------------- ---------------
Total current assets ................................................. 64,607,573 56,517,824
PROPERTY AND EQUIPMENT:
Flight equipment ................................................ 64,865,248 63,974,552
Ground property and equipment ................................... 6,126,694 8,377,217
Building ........................................................ 3,547,756 --
Accumulated depreciation ........................................ (13,471,546) (11,253,987)
-------------- ---------------
61,068,152 61,097,782
RESTRICTED CASH AND INVESTMENT ....................................... 6,545,551 6,519,249
DEPOSITS AND OTHER ................................................... 21,928,150 19,571,557
-------------- ---------------
$ 154,149,426 $ 143,706,412
============== ===============
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable ................................................ $ 20,641,802 $ 19,071,306
Accrued liabilities ............................................. 20,623,684 19,775,738
Air traffic liability ........................................... 30,386,914 21,392,594
Current maturities of long-term debt ............................ 7,726,303 5,309,758
Current portion of deferred lease payable ....................... 1,227,723 1,465,827
-------------- ---------------
Total current liabilities ........................................... 80,606,426 67,015,223
LONG-TERM DEBT ....................................................... 49,716,091 50,698,058
NON-CURRENT LIABILITIES .............................................. 16,323,832 13,862,332
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS' EQUITY:
Common stock, $.01 par value, 30,000,000 shares authorized,
10,439,120 and 10,333,446 shares issued and outstanding
at March 31, 1997 and December 31, 1996, respectively ........ 104,391 103,334
Additional paid - in capital .................................... 32,975,622 32,607,130
Accumulated deficit ............................................. (25,576,936) (20,579,665)
-------------- ---------------
Total shareholders' equity ........................................... 7,503,077 12,130,799
-------------- ---------------
$ 154,149,426 $ 143,706,412
============== ===============
The accompanying notes are an integral part of the financial statements.
</TABLE>
<PAGE>
RENO AIR, INC.
STATEMENTS OF OPERATIONS
THREE MONTHS ENDED MARCH 31, 1997 AND 1996
(unaudited)
Three months ended
March 31
1997 1996
-------------- --------------
OPERATING REVENUES:
Passenger ............................. $ 84,294,639 $ 68,685,556
Other ................................. 5,389,231 4,134,305
-------------- --------------
Total operating revenues .... 89,683,870 72,819,861
-------------- --------------
OPERATING EXPENSES:
Salaries, wages and benefits .......... 15,322,449 11,475,598
Aircraft fuel and oil ................. 18,078,041 12,781,811
Aircraft leases ....................... 16,603,247 12,919,381
Maintenance ........................... 7,579,979 5,818,767
Handling, landing and airport fees .... 9,378,094 7,370,430
Advertising, sales and distribution ... 7,465,124 6,771,889
Commissions ........................... 4,899,986 4,173,147
Facility leases ....................... 3,090,115 2,559,413
Insurance ............................. 1,832,884 1,921,668
Communications ........................ 1,298,192 994,647
Depreciation and amortization ......... 2,217,559 981,069
Other ................................. 6,090,299 4,608,030
-------------- --------------
Total operating expenses .... 93,855,969 72,375,850
-------------- --------------
OPERATING INCOME (LOSS) .................... (4,172,099) 444,011
NON-OPERATING INCOME (EXPENSE):
Interest expense ...................... (1,268,054) (795,516)
Interest income ....................... 487,961 723,707
Other, net ............................ (45,079) (97,098)
-------------- --------------
NET INCOME (LOSS) .......................... $ (4,997,271) $ 275,104
============== ==============
NET INCOME (LOSS) PER COMMON SHARE AND
COMMON SHARE EQUIVALENT
PRIMARY ............. $ (0.47) $ 0.03
============== ==============
FULLY DILUTED ....... $ (0.47) $ 0.02
============== ==============
WEIGHTED AVERAGE NUMBER OF COMMON SHARES AND
COMMON SHARE EQUIVALENTS OUTSTANDING
PRIMARY ............. 10,633,256 10,745,854
============== ==============
FULLY DILUTED ....... 10,727,769 11,123,058
============== ==============
The accompanying notes are an integral part of the financial statements.
<PAGE>
RENO AIR, INC.
STATEMENTS OF CASH FLOWS
THREE MONTHS ENDED MARCH 31, 1997 AND 1996
(unaudited)
<TABLE>
<CAPTION>
Three Months
Ended
March 31,
------------------------------
1997 1996
------------------------------
<S> <C> <C>
OPERATING ACTIVITIES:
Net Income (Loss) ................................................ $ (4,997,271) $ 275,104
Adjustments to reconcile net income (loss) to net cash provided by
(used in) operating activities:
Depreciation and amortization ................................. 2,217,559 981,070
Common stock issued or to be issued for 401(k) Plan ........... (9,265,768) (7,350,168)
Accounts receivable ........................................... (9,265,768) (7,350,168)
Inventories and operating supplies ............................ (390,319) (496,081)
Prepaid expenses and other .................................... (436,443) (247,583)
Restricted cash and investment ................................ (26,302) (1,439,075)
Deposits and other assets ..................................... (2,356,593) (1,750,382)
Accounts payable .............................................. 1,570,496 933,977
Accrued liabilities ........................................... 847,946 (473,931)
Fuel purchase agreement ....................................... -- (699,465)
Deferred lease and noncurrent liabilities ..................... 2,223,396 527,539
Air traffic liability ......................................... 8,994,320 10,157,600
------------- -------------
Net cash provided by (used in) operating activities ....... (1,563,979) 628,605
------------- -------------
INVESTING ACTIVITIES:
Purchase of property and equipment ............................. (2,187,929) (5,368,665)
Sale of short-term investments ................................. 2,318,407 2,944,188
------------- -------------
Net cash provided by (used in) operating activities ....... 130,478 (2,424,477)
------------- -------------
FINANCING ACTIVITIES:
Proceeds from exercise of stock options and warrants ........... 369,549 306,942
Proceeds from notes payable .................................... 2,600,000 --
Payments on notes payable ...................................... (1,165,422) (290,532)
------------- -------------
Net cash provided by financing activities ................ 1,804,127 16,410
------------- -------------
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS ................... 370,626 (1,779,462)
CASH AND CASH EQUIVALENTS, beginning of period ..................... 16,221,297 34,985,808
------------- -------------
CASH AND CASH EQUIVALENTS, end of period ........................... $ 16,591,923 $ 33,206,346
============= =============
The accompanying notes are an integral part of the financial statements.
</TABLE>
<PAGE>
RENO AIR, INC.
NOTES TO FINANCIAL STATEMENTS
NOTE A - BASIS OF PRESENTATION
The accompanying unaudited financial statements have been prepared in accordance
with generally accepted accounting principles for interim financial information
and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly,
they do not include all of the information and footnotes required by generally
accepted accounting principles for complete financial statements. In the opinion
of management, all adjustments (consisting of normal recurring adjustments)
considered necessary for a fair presentation have been included. The results of
operations for the three month period ended March 31, 1997, are not necessarily
indicative of the results that will be realized for the full year. For further
information, refer to the financial statements and notes thereto contained in
the Form 10-K for the year ended December 31, 1996.
NOTE B - INCOME (LOSS) PER COMMON SHARE
Income (loss) per share is computed by dividing the net income (loss) available
for common stock by the weighted average number of shares of common stock and
common stock equivalents assumed outstanding during the period.
In February 1997, the Financial Accounting Standards Board issued Statement No.
128, Earnings per Share, which is required to be adopted on December 31, 1997.
At that time, the Company will be required to change the method currently used
to compute earnings per share and to restate all prior periods. Under the new
requirements for calculating primary earnings per share, the dilutive effect of
stock options will be excluded. The impact is expected to result in no change in
primary earnings per share for the first quarter ended March 31, 1996 and a one
cent increase in the loss per share for the quarter ended March 31, 1997. For
fully diluted earnings per share, the impact is expected to result in a one cent
increase in earnings per share for the quarter ended March 31, 1996 and no
change in loss per share for the quarter ended March 31, 1997.
NOTE C - COMMITMENTS
The Company has signed a letter of intent to purchase an aircraft it currently
leases. The Company intends to seek financing for this purchase. This
transaction is scheduled to be completed in September, 1997.
The Company has entered into a fuel purchase agreement, providing for the
delivery of 3,150,000 gallons of jet fuel at a price per gallon of 63.26 cents
excluding all applicable taxes and fees. The Company will take delivery of the
fuel through July 1997.
<PAGE>
Item 2. Management's Discussion and Analysis Of Financial Condition
and Results of Operations
General
This report contains certain forward-looking statements within the meaning of
the Securities Litigation Reform Act. Actual results may differ materially.
Certain of the factors that could impact future results are discussed in the
Company's 1996 Annual Report on Form 10-K, under the heading "Item 1 -
Cautionary Statements."
The Company's results during the first quarter of 1997 were significantly
impacted by unusually harsh weather that affected the Company's West Coast
operations during January 1997, and by fuel prices that were substantially
higher than in the first quarter of 1996.
At the end of March, Reno Air took delivery of its 31st McDonnell Douglas jet
aircraft, to initiate revenue-guaranteed scheduled service under a three year
contract with gaming properties located in Gulfport/Biloxi, Mississippi. Under
this arrangement, Reno Air serves St. Petersburg and Sanford, Florida and
Atlanta, Georgia with daily MD-80 jet service to and from Gulfport. The Company
also commenced scheduled service from Reno to Detroit in January.
In late April, Reno Air opened its second reservations center, in Las Vegas.
This call center has the capacity to more than double the Company's internal
call handling capability, and provides important back-up in the event of service
outages at the Company's Reno facility.
On May 22, 1997, Reno Air will implement its summer schedule which establishes a
hub operation in Las Vegas with three daily banks of flights serving seven
existing Reno Air cities in the Southwestern United States. The Company will
also add a second daily round trip flight between Reno and Detroit, new service
between Reno and Ontario, California, and a second and, soon thereafter, a third
daily round trip between Seattle and Anchorage, Alaska. The May 22 schedule is
designed to increase total fleet utilization. Actual utilization will depend on
the completion percentage of scheduled flights and the ability to utilize
operational spare aircraft for ad-hoc charters, among other factors.
On April 23, Reno Air's flight attendants voted to be represented by the
International Brotherhood of Teamsters (IBT). The Company will be negotiating a
contract with the IBT. Management cannot predict the timing of such
negotiations, when a contract might be concluded, or the extent such a contract
will contain terms different from the Company's current work and pay rules.
<PAGE>
SELECTED OPERATING STATISTICS
<TABLE>
<CAPTION>
Percent Percent
Quarter Ended Quarter Ended Increase Quarter Ended Increase
March 31, 1997 March 31, 1996 (Decease) (1) December 31, 1996 (Decease) (2)
---------------- ----------------- --------------- ------------------- ---------------
<S> <C> <C> <C> <C> <C>
Revenue Passengers (3) .................. 1,272,875 1,097,964 15.9 1,374,821 (7.4)
Revenue Passenger Miles (RPMs x 1000) (4) 722,618 645,205 12.0 771,810 (6.4)
Available Seat Miles (ASMs x 1000) (5) .. 1,116,811 947,347 17.9 1,147,114 (2.6)
Passenger Load Factor (percent)(6) ...... 64.7 68.1 (5.0) 67.3 (3.9)
Breakeven Load Factor (percent) (7) ..... 68.5 67.8 1.0 72.6 (5.6)
Revenue Per Passenger Mile (cents) (8) .. 11.67 10.65 9.6 10.24 14.0
Passenger Revenues Per ASM (cents) ...... 7.55 7.25 4.1 6.89 9.6
Operating Cost per ASM (cents) .......... 8.40 7.64 9.9 7.93 5.9
Aircraft in Service At End of Period .... 30 24 25.0 29 3.4
Average Aircraft Length of Haul ......... 528 550 (4.0) 521 1.3
Average Cost of Fuel (per gallon) (9) ... $ 0.86 $ 0.69 24.6 $ 0.85 1.2
</TABLE>
(1) Percent change from quarter ended March 31, 1996 to March 31, 1997.
(2) Percent change from quarter ended December 31, 1996 to March 31, 1997.
(3) The number of trip segments flown by paying passengers.
(4) The number of miles flown by paying passengers.
(5) The number of seats available for paying passengers multiplied by the
number of miles such seats are flown.
(6) RPMs divided by ASMs.
(7) The passenger load factor that would have resulted in the Company having
broken even on a net income basis during the year, assuming yield and
operating costs remained constant.
(8) The operating revenue realized from passengers, divided by RPMs.
(9) Jet Fuel prices excluding into plane service charges.
<PAGE>
Results of Operations
During the first quarter of 1997, high fuel prices, a historic flood in Reno,
Nevada, and other harsh West Coast weather depressed the Company's first quarter
financial results, resulting in the Company realizing a net loss of
approximately $5 million, or $0.47 per primary share. This compares to a profit
of $275,104, or $0.03 per primary share, realized during the first quarter of
1996. This quarterly loss was substantially due to January's financial results
and the impact of the flooding in Reno.
The January flood shut down the Reno, Nevada airport for two days at a time of
record passenger travel demand during the New Year's holiday. The flood
temporarily closed the Company's reservations office and headquarters. During
the month of January, Reno Air canceled 257 total flights -- about five times
its normal number of cancellations -- or approximately 4.5% of total system
operations during that month. This caused a substantial reduction in available
seat miles below plan, reducing revenues and increasing cost per seat mile. The
Company also experienced decreased load factors during the quarter due to
travelers avoiding travel to or over Reno, as a result of the negative publicity
about the flood. Aggregating the impact of lost revenue and increased cost,
management estimates that the January flood reduced Reno Air's first quarter
earnings by $4 to $6 million.
Operating Revenues
The Company's operating revenues increased by 23.2% in the first three months of
1997, as compared to the same period in 1996, on a 17.9% increase in operations,
as measured by available seat miles. Passenger revenue per available seat mile
increased from 7.25(cent) to 7.55(cent) from the first quarter of 1996 to the
first quarter of 1997, as a 9.6% increase in passenger yield offset a 5.0%
decline in load factor, year over year.
The increase in passenger yield was attributable in part to a higher fare
environment on the West Coast and expiration of the federal excise tax on
December 31, 1996. This tax was reinstated effective March 10, 1997. While the
Company was not able to raise its fares by 10% on March 10 to recoup the full
amount of the tax, it had matched its competitors' price increases earlier in
the quarter, with the result that in the Company's average ticket prices for the
quarter were more than 10% higher than in the first quarter of 1997.
Operating Expenses
Primarily as a result of the unusually high number of weather-related flight
cancellations, a 4% decrease in average stage length, and fuel prices that
remained high during January, the Company's cost per available seat mile
increased from 7.64(cent) in the first quarter of 1996 to 8.40(cent)in the first
quarter of 1997. This cost increase more than offset higher revenue per ASM
experienced during the quarter, resulting in the carrier's breakeven load factor
increasing from 67.8% to 68.5%, quarter to quarter.
During the first quarter of 1997, fuel prices (including tax) declined from an
average of 93(cent) per gallon in January to 74(cent) in March, and have
since dropped to approximately 70(cent). Reno Air purchases approximately eight
million gallons of fuel per month; the difference between January and March
average fuel prices represents a decrease of approximately $1.5 million in the
Company's monthly fuel expense.
The Company has entered into a fuel purchase agreement, providing for the
delivery of 3,150,000 gallons of jet fuel at a price per gallon of 63.26(cent)
excluding all applicable taxes and fees. The Company will take delivery of the
fuel through July 1997. The Company may enter into similar agreements, or
utilize other fuel price hedges, in the future.
The Company's maintenance expense increased during the quarter as compared to
the 1996 period as a result of increased overhaul costs attributable in part to
aging of the Company's fleet. The Company's operations are currently being
impacted by scheduled and unscheduled engine removals and extended engine
maintenance overhaul times. Although management does not currently expect any
significant effect on its scheduled and charter operations, taken as a whole,
any further increase in the rate of engine removals or delay in engine overhaul
turn times could adversely impact the Company's second quarter results.
During the first quarter of 1997, the Company incurred up-front expenses related
to future growth, including establishing station operations and deploying one
aircraft to initiate the scheduled service from Gulfport/Biloxi, Mississippi,
opening a second reservations center in Las Vegas; training flight crews for the
Company's expanded summer schedule; and preparing to switch reservations
database systems from EDS to SABRE in the third quarter of 1997.
The following chart lists the components of the Company's per unit costs:
<TABLE>
<CAPTION>
Three Months Ended
March 31,
-------------------------------------
1997 1996 % Change
----------- ---------- ------------
Operating Expenses per Available Seat Mile (Cents)
<S> <C> <C> <C>
Salaries, wages and benefits 1.37 1.21 13.2 %
Aircraft fuel and oil 1.62 1.35 20.0 %
Aircraft leases 1.49 1.36 9.6 %
Maintenance 0.68 0.61 11.5 %
Handling, landing and airport fees 0.84 0.78 7.7 %
Advertising, sales and distribution 0.67 0.72 (6.9) %
Commissions 0.44 0.44 0.0 %
Facility leases 0.28 0.27 3.7 %
Insurance 0.16 0.20 (20.0) %
Communications 0.11 0.11 0.0 %
Depreciation and amortization 0.20 0.10 100.0 %
Other 0.54 0.49 10.2 %
----------- ---------- ------------
8.40 7.64 9.9 %
=========== ========== ============
</TABLE>
Liquidity and Capital Resources
As of March 31, 1997, the Company's cash, cash equivalents and short term
investments totaled $16.6 million, as compared to $18.5 million at the beginning
of the quarter, a $1.9 million decrease from December 31, 1996. During the
period, cash used in operating activities was approximately $1.6 million,
primarily due to the Company's $5.0 million net loss during the quarter, offset
in part by $2.2 million in non-cash depreciation expense. The $9.0 million
increase in air traffic liability was offset by a $9.2 million increase in
accounts receivable.
Cash provided by financing activities totaled $1.8 million. Proceeds from
issuance of $2.6 million of notes payable (a mortgage loan financing the
Company's new maintenance hangar), were partly offset by $1.2 million of
principal payments made on the Company's notes payable.
Cash provided by investing activities was $130,478, as the sale of $2.3 million
of short term investments was offset by the Company's acquisition of $2.2
million of property and equipment.
The Company leases aircraft under operating leases with remaining terms ranging
from less than one year, to almost 18 years. In late March 1997, the Company
leased an MD-87 aircraft under a six year operating lease. In April 1997, the
Company executed a letter of intent to purchase in September 1997 an MD-83
aircraft that is currently leased. The Company intends to seek financing for
this purchase. Management is negotiating the renewal of other aircraft leases.
Management believes that the Company's cash position, together with cash flow
generated from operations, will be sufficient to meet the Company's obligations
and capital requirements for the next twelve months. Nevertheless, airline
results are highly sensitive to various factors including the price of fuel and
the actions of competing airlines, either of which can materially and adversely
affect the Company's liquidity and cash flows. Management may seek to raise
additional funds through sales of equity or debt (secured or unsecured)
securities, or the sale and leaseback of assets including aircraft and spare
engines.
<PAGE>
PART II. OTHER INFORMATION
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
A. Exhibits Page
11 Statement Re: Computation of Earnings (Loss)
Per Share for the Three Months ended March 31, 1997
and March 31, 1996 14
B. Reports on Form 8-K.
None.
<PAGE>
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.
RENO AIR, INC.
DATE: May 15, 1997 By: ______________________________
J. T. Fisher
as Chief Financial Officer
and on behalf of Registrant
Exhibit 11
Statement Re: Computation of Earnings (Loss) Per Share
For the Three Months Ended
March 31,
--------------------------------------
1997 1996
----------------- -----------------
Primary:
Weighted Average Shares Outstanding 10,342,333 10,069,584
Common Stock Equivalents:
Options .............. 262,011 638,394
Warrants ............. 28,912 37,876
----------------- -----------------
10,633,256 10,745,854
================= =================
Net Income (loss) Applicable to
Common Stock ......... $ (4,997,271) $ 275,104
================= =================
Per Share Earnings (Loss) ......... $ (0.47) $ 0.03
================= =================
Fully diluted:
Weighted Average Shares Outstanding 10,342,333 10,069,584
Common Stock Equivalents:
Options .............. 356,524 965,120
Warrants ............. 28,912 88,354
----------------- -----------------
10,727,769 11,123,058
================= =================
Net Income (loss) Applicable to
Common Stock ......... $ (4,997,271) $ 275,104
================= =================
Per Share Earnings (Loss) ......... $ (0.47) $ 0.02
================= =================
<TABLE> <S> <C>
<CAPTION>
<ARTICLE> 5
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> Dec-31-1997
<PERIOD-START> Jan-01-1996
<PERIOD-END> Mar-31-1997
<CASH> 16,591,923
<SECURITIES> 0
<RECEIVABLES> 28,100,556
<ALLOWANCES> 0
<INVENTORY> 2,499,683
<CURRENT-ASSETS> 64,607,573
<PP&E> 74,539,698
<DEPRECIATION> 13,471,546
<TOTAL-ASSETS> 154,149,426
<CURRENT-LIABILITIES> 80,606,426
<BONDS> 49,716,091
0
0
<COMMON> 104,391
<OTHER-SE> 7,398,686
<TOTAL-LIABILITY-AND-EQUITY> 154,149,426
<SALES> 89,683,870
<TOTAL-REVENUES> 89,683,870
<CGS> 93,855,969
<TOTAL-COSTS> 93,855,969
<OTHER-EXPENSES> 45,079
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 1,268,054
<INCOME-PRETAX> (4,997,271)
<INCOME-TAX> 0
<INCOME-CONTINUING> (4,997,271)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (4,997,271)
<EPS-PRIMARY> (0.47)
<EPS-DILUTED> (0.47)
</TABLE>
