<PAGE>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
|X| QUARTERLY REPORT UNDER SECTION 13 or 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2000
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 1-11278
THE DEWOLFE COMPANIES, INC.
(Exact name of registrant as specified in its charter)
MASSACHUSETTS 04-2895334
------------- ----------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification Number)
80 Hayden Avenue
Lexington, MA 02421-7962
------------- ----------
(Address of principal executive offices) (Zip Code)
(781) 863-5858
--------------
(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(d) of the Securities Exchange Act of 1934 during
the preceding twelve months, and (2) has been subject to such filing
requirements for the past 90 days. Yes X No
----- -----
Indicate the number of shares outstanding of each of the registrant's classes of
common stock, as of latest practicable date (October 31, 2000)
Common Stock, par value $.01 per share 3,393,256 shares
<PAGE>
THE DEWOLFE COMPANIES, INC.
INDEX
PART I. FINANCIAL INFORMATION PAGE NO.
Item 1. Financial Statements (Unaudited)
Condensed Consolidated Balance Sheets as of
September 30, 2000 and December 31, 1999 3
Condensed Consolidated Statements of Income
for the Three Months and Nine Months ended
September 30, 2000 and 1999 4
Condensed Consolidated Statements of Cash Flows for
the Nine Months ended September 30, 2000 and 1999 5
Notes to Condensed Consolidated Financial Statements
September 30, 2000 7
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of Operations 9
PART II. OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K 12
2
<PAGE>
THE DEWOLFE COMPANIES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
<TABLE>
<CAPTION>
September 30, 2000 December 31, 1999
ASSETS --------------------------------------
<S> <C> <C>
CURRENT ASSETS
Cash and cash equivalents $13,001,000 $ 9,604,000
Commissions receivable, net of allowance of $1,738,000
at September 30, 2000 and $933,000 at December 31, 1999 33,221,000 21,786,000
Mortgage loans held for sale 20,093,000 9,774,000
Advance receivable from stockholder -- 66,000
Prepaid expenses and other current assets 1,233,000 1,498,000
-------------------------------
TOTAL CURRENT ASSETS 67,548,000 42,728,000
PROPERTY AND EQUIPMENT
Property and equipment 16,683,000 13,828,000
Accumulated depreciation and amortization (8,694,000) (6,189,000)
-------------------------------
NET PROPERTY AND EQUIPMENT 7,989,000 7,639,000
OTHER ASSETS
Excess of cost over value in net assets acquired, net
of accumulated amortization of $2,594,000 at
September 30, 2000 and $1,937,000 at December 31, 1999 11,237,000 11,559,000
Other assets 3,684,000 3,355,000
-------------------------------
TOTAL ASSETS $90,458,000 $65,281,000
===============================
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Note payable, bank $18,424,000 $9,027,000
Current portion of long-term debt 3,420,000 1,706,000
Current portion of obligations under capital leases 401,000 678,000
Commissions payable 23,050,000 15,183,000
Accounts payable and accrued expenses 6,803,000 4,674,000
Deferred mortgage fee income 304,000 133,000
Dividend payable -- 506,000
-------------------------------
TOTAL CURRENT LIABILITIES 52,402,000 31,907,000
Long-term debt, net of current portion 14,233,000 14,962,000
Obligations under capital leases, net of current portion 167,000 434,000
Non-compete agreements and consulting agreements payable 199,000 279,000
-------------------------------
TOTAL LIABILITIES 67,001,000 47,582,000
Commitments and Contingencies
STOCKHOLDERS' EQUITY
Preferred stock, $1.00 par value; 3,000,000 shares authorized;
none outstanding
Common stock, $.01 par value; 10,000,000 shares authorized;
3,656,524 shares issued at September 30, 2000 and 3,623,245
shares issued at December 31, 1999 37,000 36,000
Additional paid-in capital 7,789,000 7,623,000
Retained earnings 17,625,000 12,381,000
Accumulated other comprehensive income 395,000 --
Treasury stock (263,318 shares at September 30, 2000
and 256,111 shares at December 31, 1999), at cost (1,520,000) (1,470,000)
Notes receivable from sale of stock (869,000) (871,000)
-------------------------------
TOTAL STOCKHOLDERS' EQUITY 23,457,000 17,699,000
-------------------------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $90,458,000 $65,281,000
===============================
</TABLE>
See notes to condensed consolidated financial statements
3
<PAGE>
THE DEWOLFE COMPANIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
<TABLE>
<CAPTION>
Three Months Ended September 30, Nine Months Ended September 30,
2000 1999 2000 1999
---- ---- ---- ----
<S> <C> <C> <C> <C>
Revenues:
Real estate brokerage $48,306,000 $44,290,000 $146,919,000 $134,936,000
Mortgage revenues 1,262,000 1,470,000 3,072,000 3,862,000
Insurance revenues 384,000 297,000 1,352,000 917,000
Other revenues 382,000 407,000 1,008,000 872,000
----------- ----------- ------------ ------------
TOTAL REVENUES 50,334,000 46,464,000 152,351,000 140,587,000
Commission Expense 31,742,000 29,578,000 96,544,000 89,581,000
----------- ----------- ------------ ------------
NET REVENUES 18,592,000 16,886,000 55,807,000 51,006,000
Operating Expenses:
Compensation and benefits 6,982,000 6,518,000 20,757,000 18,485,000
Facilities 2,138,000 1,969,000 6,335,000 5,668,000
General and administrative 3,971,000 3,693,000 11,104,000 10,099,000
Marketing and promotion 2,229,000 1,907,000 5,724,000 5,320,000
Communications 790,000 624,000 2,276,000 1,757,000
Acquisition related costs 13,000 243,000 43,000 504,000
----------- ----------- ------------ ------------
TOTAL OPERATING EXPENSES 16,123,000 14,954,000 46,239,000 41,833,000
----------- ----------- ------------ ------------
OPERATING INCOME 2,469,000 1,932,000 9,568,000 9,173,000
Other Income (Expenses):
Interest expense (707,000) (592,000) (1,705,000) (1,592,000)
Interest income 784,000 528,000 1,501,000 1,312,000
----------- ----------- ------------ ------------
INCOME BEFORE INCOME TAXES 2,546,000 1,868,000 9,364,000 8,893,000
Income Taxes 1,120,000 766,000 4,120,000 3,927,000
----------- ----------- ------------ ------------
Net Income $ 1,426,000 $ 1,102,000 $ 5,244,000 $ 4,966,000
=========== =========== ============ ============
Basic earnings per share $ 0.42 $ 0.33 $ 1.55 $ 1.49
Diluted earnings per share $ 0.39 $ 0.30 $ 1.46 $ 1.39
Basic weighted average shares
outstanding 3,389,000 3,365,000 3,377,000 3,343,000
Diluted weighted average shares
outstanding 3,647,000 3,618,000 3,598,000 3,579,000
</TABLE>
See notes to condensed consolidated financial statements
4
<PAGE>
THE DEWOLFE COMPANIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
<TABLE>
<CAPTION>
Nine Months Ended September 30,
2000 1999
---- ----
<S> <C> <C>
OPERATING ACTIVITIES
Net Income $ 5,244,000 $ 4,966,000
Adjustments to reconcile net income to net cash (used in)
provided by operating activities:
Depreciation 2,505,000 2,281,000
Amortization 1,051,000 995,000
Additions to valuation allowance for mortgage servicing rights 14,000 31,000
Gain on sale of mortgage loans, net (2,338,000) (3,684,000)
Changes in Assets and Liabilities:
Increase in commissions receivable (11,344,000) (8,672,000)
Increase in prepaid expenses and other current assets (39,000) (199,000)
Decrease (increase) in other assets 108,000 (223,000)
Mortgage loans held for sale (329,466,000) (285,533,000)
Proceeds from mortgage loan sales 321,344,000 301,051,000
Increase in commissions payable 7,867,000 6,604,000
Decrease in advance receivable from stockholder 66,000 --
Increase in accounts payable and accrued expenses 2,116,000 784,000
Increase (decrease) in deferred mortgage fee income 171,000 (36,000)
------------ ------------
Total Adjustments (7,945,000) 13,399,000
------------ ------------
Cash (used in) provided by operating activities (2,701,000) 18,365,000
INVESTING ACTIVITIES
Expenditures for business combinations, net of cash acquired (200,000) (5,723,000)
Expenditures for property and equipment (624,000) (1,273,000)
------------ ------------
Cash used in investing activities (824,000) (6,996,000)
FINANCING ACTIVITIES
Net borrowings on note payable, bank 9,397,000 (13,881,000)
Borrowing on acquisition line of credit 200,000 5,977,000
Repayments (advances) on notes receivable from sale of stock 2,000 (608,000)
Repayment of long-term debt (2,288,000) (1,862,000)
Purchase of treasury stock (50,000) --
Issuance of common stock 167,000 705,000
Payment of common stock dividend (506,000) (389,000)
------------ ------------
Cash provided by (used in) financing activities 6,922,000 (10,058,000)
------------ ------------
Net increase in cash and cash equivalents 3,397,000 1,311,000
Cash and cash equivalents at beginning of period 9,604,000 6,171,000
------------ ------------
Cash and cash equivalents at end of period $ 13,001,000 $ 7,482,000
============ ============
</TABLE>
See notes to condensed consolidated financial statements
5
<PAGE>
THE DEWOLFE COMPANIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED)
(UNAUDITED)
<TABLE>
<CAPTION>
Nine Months Ended September 30,
2000 1999
---- ----
<S> <C> <C>
Supplemental disclosure of non-cash activities:
Leases capitalized and property and equipment financed $2,223,000 $ 1,178,000
Supplemental disclosure of cash flow information:
Cash paid for interest $1,572,000 $ 1,519,000
<CAPTION>
Nine Months Ended September 30,
2000 1999
---- ----
<S> <C> <C>
SUPPLEMENTAL CASH FLOW INFORMATION
Expenditures for business combinations, net of cash acquired
Commissions receivable $ (91,000) $(3,016,000)
Property and equipment, net (8,000) (260,000)
Excess of cost over value in net assets acquired (329,000) (4,948,000)
Non-compete and consulting agreements (10,000) (1,216,000)
Other assets -- (636,000)
Commissions payable -- 1,789,000
Long-term debt 225,000 1,456,000
Accounts payable and accrued expenses 8,000 753,000
Additional paid-in capital 5,000 355,000
---------- -----------
$ (200,000) $(5,723,000)
========== ===========
</TABLE>
See notes to condensed consolidated financial statements
6
<PAGE>
THE DEWOLFE COMPANIES, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
NOTE 1 - BASIS OF PRESENTATION
The accompanying unaudited condensed consolidated financial statements have been
prepared in accordance with generally accepted accounting principles for interim
financial information and with 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 accruals) considered necessary for a fair presentation have
been included. Operating results for the three and nine month periods ended
September 30, 2000 are not necessarily indicative of the results that may be
expected for the year ended December 31, 2000. For further information, refer to
the consolidated financial statements and footnotes thereto included in the
Company's annual report on Form 10-K for the year ended December 31, 1999.
SFAS No. 133, "Accounting for Derivative Instruments and Hedging Activities", is
effective for the fiscal year beginning January 1, 2001. SFAS 133 establishes
accounting and reporting standards for derivative instruments, including certain
derivative instruments embedded in other contracts, and for hedging activities.
It requires the recognition of all derivative instruments as either assets or
liabilities in the Consolidated Balance Sheets and measures those instruments at
fair value. The Company believes that this statement will not have a material
effect on its financial statements.
NOTE 2 - SEGMENT REPORTING
The Company has three reportable operating segments, based upon its services:
real estate, including both real estate brokerage and relocation services;
mortgage banking; and insurance services. The Company evaluates its segments
based on pre-tax income. Financial information for the three operating segments
is provided in the following table.
<TABLE>
<CAPTION>
Three Months Ended Nine Months Ended
September 30, September 30,
2000 1999 2000 1999
---- ---- ---- ----
<S> <C> <C> <C> <C>
Revenues:
Real Estate $48,688,000 $44,697,000 $147,927,000 $135,808,000
Mortgage Banking 1,262,000 1,470,000 3,072,000 3,862,000
Insurance Services 384,000 297,000 1,352,000 917,000
----------- ----------- ------------ ------------
Total Segment Revenues $50,334,000 $46,464,000 $152,351,000 $140,587,000
=========== =========== ============ ============
Pre-tax Income (Loss)
Real Estate $ 2,222,000 $ 1,529,000 $ 9,116,000 $ 8,226,000
Mortgage Banking 448,000 495,000 387,000 1,001,000
Insurance Services (124,000) (156,000) (139,000) (334,000)
----------- ----------- ------------ ------------
Total Segment Pre-tax Income $ 2,546,000 $ 1,868,000 $ 9,364,000 $ 8,893,000
=========== =========== ============ ============
Balance at September 30:
Assets
Real Estate $ 65,182,000 $ 53,007,000
Mortgage Banking 23,454,000 16,514,000
Insurance Services 1,821,000 1,900,000
------------ ------------
Total Segment Assets $ 90,457,000 $ 71,421,000
============ ============
</TABLE>
7
<PAGE>
THE DEWOLFE COMPANIES, INC.
NOTE 3 - COMPUTATION OF BASIC EARNINGS PER SHARE AND DILUTED EARNINGS PER SHARE
The following table summarizes the calculation of basic and diluted earnings per
share and for the Quarter and nine month periods ended September 30, 2000 and
1999.
<TABLE>
<CAPTION>
Three Months Ended Nine Months Ended
September 30, September 30,
------------- -------------
2000 1999 2000 1999
---- ---- ---- ----
<S> <C> <C> <C> <C>
Numerator:
Net Income $1,426,000 $1,102,000 $5,244,000 $4,966,000
Denominator:
Basic weighted average shares 3,389,000 3,365,000 3,377,000 3,343,000
Effect of stock options 258,000 253,000 221,000 236,000
---------------------- ----------------------
Diluted weighted average shares 3,647,000 3,618,000 3,598,000 3,579,000
====================== ======================
Basic Earnings per Share $ 0.42 $ 0.33 $ 1.55 $ 1.49
====================== ======================
Diluted Earnings per Share $ 0.39 $ 0.30 $ 1.46 $ 1.39
====================== ======================
</TABLE>
NOTE 4 - COMPREHENSIVE INCOME
The following table summarizes the Company's comprehensive income for the
Quarter and nine month periods ended September 30, 2000 and 1999.
<TABLE>
<CAPTION>
Three Months Ended Nine Months Ended
September 30, September 30,
------------- -------------
2000 1999 2000 1999
---- ---- ---- ----
<S> <C> <C> <C> <C>
Net Income $1,426,000 $1,102,000 $5,244,000 $4,966,000
Unrealized appreciation on
marketable securities 395,000 -- 395,000 --
---------- ---------- ---------- ----------
Comprehensive income $1,821,000 $1,102,000 $5,639,000 $4,966,000
========== ========== ========== ==========
</TABLE>
8
<PAGE>
THE DEWOLFE COMPANIES, INC.
MANAGEMENT'S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Overview
Net income in the third quarter of 2000 increased 29% to $1.4 million as
compared to net income of $1.1 million in the third quarter of 1999. Net income
for the first nine months of 2000 increased 6% to $5.2 million as compared to
net income of $5.0 million for the first nine months of 1999. The increase in
the 2000 earnings was primarily attributed to continued growth in the Company's
existing real estate markets and the positive effects of the integration of the
prior years' acquisitions.
Results of Operations
Real Estate Brokerage Revenues:
Real estate brokerage revenues increased 9% in the third quarter of 2000 to
$48.3 million, an increase of $4.0 million over the third quarter of 1999.
For the first nine months of 2000, real estate brokerage revenues increased
9% to $146.9 million, an increase of $12.0 million as compared to the first
nine months of 1999. The increase in real estate brokerage revenues is
primarily attributed to continued growth in the Company's existing markets
and the positive effect of the integration of the prior years' acquisitions.
The Company's growth in its existing markets is attributed to the continued
strong economy combined with the Company's integrated homeownership services
marketing strategy.
Real estate brokerage revenues includes revenue from relocation services of
$2.3 million in the third quarter of 2000 as compared to $1.8 million in the
third quarter of 1999, an increase of 33%. Real estate brokerage revenues
from relocation services were $6.7 million for the first nine months of 2000,
as compared to $5.7 million for the first nine months of 1999, an increase of
18%. The increase was primarily due to an increase in the number of corporate
services clients as well as the Company's expansion into new markets.
Net revenues from real estate brokerage increased 13% or $1.9 million in the
third quarter of 2000 to $16.6 million, and increased 11% or $5.0 million for
the first nine months of 2000 to $50.4 million. Net real estate brokerage
revenues as a percentage of real estate brokerage revenues were 34% and 33% for
the third quarter of 2000 and 1999, respectively, and 34% for the first nine
months of 2000 and 1999.
Net revenues from real estate brokerage are impacted by many factors, including
those beyond the Company's control, such as the number of co-brokered home sales
and prevailing market rates for sales associates' commission structures.
Mortgage Revenues:
Mortgage revenues decreased 14% in the third quarter of 2000 to $1.3 million, a
decrease of $208 thousand compared to the third quarter of 1999. For the first
nine months of 2000, mortgage revenues decreased 20% to $3.1 million, a decrease
of $790 thousand as compared to the same period in 1999. The decrease for the
quarter and nine months ended September 30, 2000 is primarily due to a decrease
in closed loan volume and lower margins on loans, which the Company believes was
caused by a higher interest rate market, and increased competition in the
mortgage industry.
The Company's closed loan volume in the third quarter of 2000 and 1999 was
$121.5 million and $128.8 million, respectively. For the first nine months of
2000 and 1999 closed loan volume was $329.5 million and $361.4 million,
respectively.
9
<PAGE>
THE DEWOLFE COMPANIES, INC.
Insurance Revenues:
Insurance revenues increased 29% in the third quarter of 2000 to $384 thousand,
an increase of $87 thousand from $297 thousand for the third quarter of 1999.
For the first nine months of 2000, insurance revenues increased 47% to $1.4
million, an increase of $435 thousand as compared to $917 thousand for the first
nine months of 1999. The increase was primarily due to a higher percentage of
real estate brokerage customers purchasing their insurance through the Company
as well as growth in the Company's group insurance business, and growth in the
renewal book of business.
Other Revenues:
Other revenues increased 16% for the first nine months of 2000 to $1 million as
compared to $872 thousand the first nine months of 1999. The increase is
primarily due to revenues related to reimbursement of real estate expenditures
and services in the first quarter of 2000.
Operating Expenses:
Operating expenses increased 8% in the third quarter of 2000 to $16.1 million,
an increase of $1.1 million from the third quarter of 1999. Operating expenses
increased 11% for the first nine months of 2000 to $46.2 million, an increase of
$4.4 million, compared to the first nine months of 1999. Operating expenses as a
percentage of net revenues were 87% for the third quarter of 2000 and 89% for
the third quarter of 1999. Operating expenses as a percentage of net revenues
were 83% and 82% for the nine months ending September 30, 2000 and 1999,
respectively. The increase in operating expenses in the third quarter and first
nine months of 2000 are primarily due to costs associated with the increase in
the Company's overall business, implementation of new marketing strategies,
investments in technology and communications, and costs associated with acquired
operations.
Interest Expense and Interest Income:
Interest expense and interest income for the third quarter and first nine
months of 2000 and 1999 remained primarily unchanged.
Liquidity and Sources of Capital
Cash and cash equivalents at September 30, 2000 and December 31, 1999 were $13.0
million and $9.6 million, respectively. Cash used in operating activities for
the first nine months of 2000 was $2.7 million as compared to cash provided by
operating activities of $18.4 million for the first nine months of 1999. The
changes in cash used in or provided by operating activities in the first nine
months of 2000 and 1999 were primarily due to the decreases or increases in the
Company's mortgage loans held for sale which were funded by the Company's
mortgage warehouse line of credit with First Union National Bank and by cash
generated by net earnings. Net cash used relating to increases in mortgage loans
held for sale was $8.1 million for the first nine months of 2000 as compared to
net cash provided of $15.5 million for the first nine months of 1999.
Expenditures for property and equipment totaled $2.8 million and $2.5 million
in the first nine months of 2000 and 1999, respectively. Capital spending
during this period was primarily attributed to the Company's investment in
improvements to acquired and existing sales offices and upgrades to systems
and technology. The Company intends to continue to make expenditures for
property and equipment in order to maintain the standards for a quality
appearance and processing systems in all of the Company's locations.
10
<PAGE>
THE DEWOLFE COMPANIES, INC.
The Company has various credit arrangements with Fleet Bank, N.A., including a
$20.0 million acquisition line of credit and a revolving line of credit of $5.0
million. Additionally, the arrangements provide for a term note of $725,000 and
an equipment lease line of credit and chattel mortgage financing of $5.0
million.
The outstanding amount of the acquisition line of credit was $11.7 million and
$11.5 million at September 30, 2000 and December 31, 1999, respectively. There
was no outstanding amount under the revolving line of credit at September 30,
2000 and December 31, 1999. The remaining outstanding balance of the term note
was $225,000 at December 31, 1999. The term note was repaid in full during
September 2000. The Company had outstanding balances under lease lines of credit
and chattel mortgage financing of $3.8 million and $2.9 million at September 30,
2000 and December 31, 1999, respectively.
In connection with the mortgage loan activity, the Company maintains a $40.0
million mortgage warehouse line of credit with First Union National Bank that is
used to finance mortgage loans that it originates. The credit line had
outstanding balances of $18.4 million and $9.0 million at September 30, 2000 and
December 31, 1999, respectively.
The Company has authorized that a total of $1.9 million of its common stock
may be repurchased under its stock repurchase plan. At September 30, 2000 the
Company had acquired a total of $1.4 million of stock under the plan. The
Company repurchased $50,000 of stock during the first nine months of 2000.
The Company considers its cash flow from operations combined with its credit
arrangements with Fleet Bank, N.A. and First Union National Bank, adequate to
fund continuing operations. However, the Company expects to continue to expand
its existing businesses, which may include opening new real estate sales offices
as well as making investments in or acquiring other real estate and/or insurance
businesses. As a result, the Company from time-to-time may seek additional or
alternate sources of debt or equity financing which may include the issuance of
shares of the Company's capital stock.
Cautionary statement for purposes of the "safe harbor" provisions of the Private
Securities Litigation Reform Act of 1995
Certain statements, which are not historical fact, including statements
concerning expenditures for property and equipment, future acquisitions, and the
Company's anticipated growth generally may be deemed to be forward looking
statements. There are many important factors that could cause the Company's
actual results to differ materially from those indicated in the forward looking
statements. Such factors include, but are not limited to, interest rates and
economic conditions generally, regulatory changes (legislative or otherwise)
affecting the residential real estate and mortgage lending industries,
competition, and prevailing rates for sales associate commission structures.
11
<PAGE>
THE DEWOLFE COMPANIES, INC.
PART II. OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K
(a) The following Exhibits are included herein:
See Exhibit Index on page 14 of this report
(b) Reports on Form 8-K:
None
12
<PAGE>
THE DEWOLFE COMPANIES, INC.
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.
Date: November 10, 2000 THE DEWOLFE COMPANIES, INC.
By: /s/ James A. Marcotte
---------------------
James A. Marcotte
Senior Vice President
and Chief Financial Officer
13
<PAGE>
THE DEWOLFE COMPANIES, INC.
EXHIBIT INDEX
September 30, 2000 Form 10-Q
ITEM DESCRIPTION
---- -----------
10.21 Employment Agreement with John R. Penrose dated
July 6, 2000
27 Financial Data Schedule
14
