SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q/A
QUARTERLY REPORT UNDER
SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For Quarterly Period Ended June 30, 2000
Commission File Number 0-20984
HAHN AUTOMOTIVE WAREHOUSE, INC.
(Exact name of Registrant as specified in its charter)
NEW YORK 16-0467030
(State or other jurisdiction of (I.R.S. Employer Identification (No.)
incorporation or organization)
415 West Main Street Rochester, New York 14608
(Address of principal executive offices) (Zip Code)
(716) 235-1595
(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 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.
<PAGE 1>
YES X NO
Number of shares outstanding of the registrant's common stock,
par value $.01 per share, on August 14, 2000; 4,745,014.
HAHN AUTOMOTIVE WAREHOUSE, INC.
Index
PAGE NO.
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
Condensed Consolidated Balance Sheets -
June 30, 2000 and September 30, 1999
Condensed Consolidated Statements of Operations -
for the nine months and three months ended June 30,
2000 and June 30, 1999
Condensed Consolidated Statements of Cash Flows -
for the nine months ended June 30, 2000
and June 30, 1999
Condensed Consolidated Statements of Comprehensive
Income - for the nine months and three months ended
June 30, 2000, and June 30, 1999
Notes to Condensed Consolidated Financial Statements
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of Operations
PART II. OTHER INFORMATION
Item 4. Other
Item 6. Exhibits and Reports on Form 8-K
SIGNATURES
<PAGE 2>
<TABLE>
HAHN AUTOMOTIVE WAREHOUSE, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In Thousands, except share and per share data)
<CAPTION>
ASSETS June 30, 2000 September 30, 1999
(Unaudited)
<S> <C> <C>
Current Assets:
Cash $80 $81
Marketable Security 0 685
Trade Accounts
Receivable (Net of
Allowance for
Doubtful Accounts) 17,358 17,577
Inventory 43,521 44,501
Other Current Assets 2,966 3,009
Total Current Assets 63,925 65,853
Property, Equipment,
and Leasehold
Improvements, net 6,121 6,892
Other Assets 6,762 6,978
Total Assets $76,808 $79,723
LIABILITIES AND
SHAREHOLDERS' EQUITY
Current Liabilities:
Current Portion of
Long-Term Debt and
Capital Lease
Obligations $1,255 $1,541
Accounts Payable 10,622 12,377
Compensation Related
Liabilities 1,254 1,673
Discontinued
Operations 458 604
Other Accrued
Expenses 4,844 4,271
Total Current
Liabilities 18,433 20,466
<PAGE 3>
Obligations Under
Credit Facility 36,791 36,611
Notes Payable-Officers
and Affiliates 1,445 1,445
Long-Term Debt 1,985 1,995
Capital Lease
Obligations 2,893 3,196
Other Liabilities 1,424 2,237
Total Liabilities 62,971 65,950
Shareholders' Equity:
Common Stock
value $.01 per
share; authorized
20,000,000 shares;
issued and
outstanding
4,745,014) 47 47
Additional Paid-in
Capital 25,975 25,975
Retained Earnings (12,185) (12,339)
Accumulated Other
Comprehensive Income 0 90
Total Shareholders'
Equity 13,837 13,773
Total Liabilities and
Shareholders' Equity $76,808 $79,723
The accompanying notes integral part of the financial statements.
</TABLE>
<TABLE>
HAHN AUTOMOTIVE WAREHOUSE, INC.
CONDENSED CONSOLIDATED STATEMENTS
OF INCOME
(In Thousands, except for share
and per share data)
(Unaudited)
<PAGE 4>
<CAPTION>
For the Nine
Months Ended
June 30, June 30,
2000 1999
<S> <C> <C>
Net Sales $93,889 $97,260
Cost of Products Sold 58,013 61,090
Gross Profit 35,876 36,170
Selling, General and
Administrative Expense 31,930 32,544
Depreciation and Amortization 1,338 1,233
Operating Income 2,608 2,393
Interest Expense (2,938) (2,696)
Interest and Service Charge
Income 267 235
Gain on Sale of Marketable
Security 196 0
Income from Equity Investment 119 0
Income (Loss) Before Taxes 252 (68)
Income Tax Expense (Benefit) 98 (26)
Net Income (Loss) $154 ($42)
Basic and Diluted Earnings
Per Share:
Net Income (Loss) $0.03 ($0.01)
Basic and Diluted Weighted
Average Number of Shares 4,745,014 4,745,014
<PAGE 5>
The accompanying notes are an integral part of the
financial statements.
</TABLE>
<TABLE>
HAHN AUTOMOTIVE WAREHOUSE, INC.
CONDENSED CONSOLIDATED STATEMENTS
OF INCOME
(In Thousands, except for share
and per share data)
(Unaudited)
<CAPTION>
For the Three
Months Ended
June 30, June 30,
2000 1999
<S> <C> <C>
Net Sales $33,464 $35,044
Cost of Products Sold 20,884 22,173
Gross Profit 12,580 12,871
Selling, General and
Administrative Expense 11,001 11,160
Depreciation and Amortization 443 426
Operating Income 1,136 1,285
Interest Expense (1,018) (891)
Interest and Service Charge
Income 88 79
Gain on Sale of Marketable
Security 196 0
Income from Equity Investment 66 0
Income (Loss) Before Taxes 468 473
Income Tax Expense (Benefit) 180 180
Net Income (Loss) $288 $293
<PAGE 6>
Basic and Diluted Earnings
Per Share:
Net Income (Loss) $0.06 $0.06
Basic and Diluted Weighted
Average Number of Shares 4,745,014 4,745,014
The accompanying notes are an
integral part of the
financial statements.
</TABLE>
<TABLE>
HAHN AUTOMOTIVE WAREHOUSE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In Thousands)
(Unaudited)
<CAPTION>
For the For the
Nine Months Ended Nine Months Ended
June 30, 2000 June 30, 1999
<S> <C> <C>
Cash flows from
operating
activities:
Net income (Loss) $154 ($42)
Adjustments to
reconcile net
income to net
cash provided by
(used in)
operating
activities:
Depreciation and
amortization 1,338 1,233
Provision for
doubtful accounts
and notes 397 389
<PAGE 7>
Change in assets and
liabilities:
Trade receivables (178) (2,616)
Inventory 980 109
Other assets 591 230
Accounts payable
and other
accruals (2,516) (46)
Net cash provided by
(used in) operating
activities 766 (743)
Cash flows from
investing
activities:
Additions to
property,
equipment and
leasehold
improvements net (349) (378)
Net cash used in
investing
activities (349) (378)
Cash flows from
financing
activities:
Net borrowings under
line of credit 178 1,256
Proceeds from long-
term debt and
demand notes 248 182
Payments of long-
term debt and
demand notes (491) (223)
Payment of notes
payable-officers
and affiliates (77) (91)
Payment of capital
lease obligations (276) (250)
<PAGE 8>
Net cash (used in)
provided by
financing activities (418) 874
Net decrease in cash (1) (247)
Cash at beginning of
period 81 329
Cash at end of period $80 $82
Supplemental
disclosures of cash
flow information
Cash paid during
the Nine month
period for:
Interest $2,672 $2,436
Income taxes $56 $32
The accompanying
notes are an integral
part of the
financial statements.
</TABLE>
HAHN AUTOMOTIVE WAREHOUSE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In Thousands)
(Unaudited)
For the 9 Months For the 3 Months
ended June 30 ended June 30
2000 1999 2000 1999
Net Income (Loss) $154 ($42) $288 $293
Unrealized Loss on
Marketable Securities,
Net of Tax ($90) ($66) ($116) ($23)
Comprehensive Net Income
(Loss) $64 ($108) $172 $270
<PAGE 9>
The accompanying notes are an integral
part of the financial statements.
HAHN AUTOMOTIVE WAREHOUSE, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
1. Summary of Significant Accounting Policies
Basis of Presentation
The condensed interim consolidated financial statements included
herein have been prepared by the Company, without audit, pursuant
to the rules and regulations of the Securities and Exchange
Commission. The interim financial statements reflect all
adjustments which are, in the opinion of management, necessary to
fairly present such information. Although the Company believes
that the disclosures included on the face of the interim
consolidated financial statements and in the other footnotes
herein are adequate to make the information presented not
misleading, certain information and footnote disclosures,
including significant accounting policies, normally included in
financial statements prepared in accordance with generally
accepted accounting principles have been condensed or omitted
pursuant to such rules and regulations. It is suggested that all
condensed consolidated financial statements contained herein be
read in conjunction with the financial statements and the notes
thereto included in the Company's Annual Report for the fiscal
year ended September 30, 1999, on Form 10-K, filed with the
Securities and Exchange Commission, Washington, D.C. 20549. This
information may be obtained through the web site of the
Securities and Exchange Commission, EDGAR Filing section at
http://www.sec.gov.
Operating results for the nine month period ended June 30, 2000
are not necessarily indicative of the results that may be
expected for the entire fiscal year.
Reclassifications
Certain reclassifications of Fiscal 1999 financial statements and
related footnote amounts have been made to conform to the Fiscal
2000 presentation.
<Page 10>
2. Earnings Per Share
The Company presents earnings per share ("EPS") in accordance
with Statement of Financial Accounting Standards ("SFAS") No.
128, "Earnings per Share". SFAS No. 128 requires dual
presentation of basic EPS and diluted EPS on the face of the
statements of operations. Basic EPS is computed using net income
(loss) divided by the weighted-average number of common shares
outstanding for the period. Diluted EPS reflects the potential
dilution that could occur from common shares issuable through
stock-based compensations including stock options.
BASIC AND DILUTED EARNINGS PER SHARE
Nine Months
Ended June 30
2000 1999
Basic and Diluted Shares Outstanding:
Weighted average number of
shares outstanding 4,745,014 4,745,014
Net income (Loss) $154 ($42)
Basic and Diluted EPS $.03 ($.01)
The exercise of outstanding stock options has not been included
in the calculation of diluted EPS since the effect would be
antidilutive because all outstanding options were out of the
money as of June 30, 2000.
3. Marketable Security
During the quarter ended June 30, 2000 the Company sold the zero
coupon bond it had classified as available-for-sale, as defined
by Statement of Financial Accounting Standards ("SFAS") No. 115,
"Accounting for Certain Investments in Debt and Equity
Securities." Upon sale, the Company realized a pre-tax gain of
$196,000, which is presented separately in the condensed
consolidated statements of income and reversed the accumulated
comprehensive income, net of tax, that had been recorded since
the company adopted SFAS No. 115.
4. Equity Investment
The Company owns 100% of H.F.V., Inc. The Company accounts for
this investment under the equity method. The Company's share of
H.F.V. Inc.'s income for the nine month and three month periods
ended June 30, 2000 is presented separately in the condensed
consolidated statements of income. Prior year amounts were not
material.
<PAGE 11>
5. Debt (in thousands)
Long-term debt consists of the following:
6/30/00 9/30/99
Credit Facility Agreement $37,291 $37,113
Notes Payable-Officers and Affiliates 1,445 1,522
Other Long-term Debt 2,341 2,585
Less Current Maturities (856) (1,169)
$40,221 $40,051
The Company's credit facility agreement, which expires on October
22, 2002, provides for a revolving credit note, subject to a
borrowing base, up to a maximum of $50.0 million. Borrowings
under the Credit Facility Agreement bear interest at an annual
rate equal to, at the Company's option, either (a) LIBOR plus
1.75% to 2.5%, dependent upon the Company's financial
performance, or (b) the bank prime rate plus 0% to .75%,
dependent upon the Company's financial performance. The 30 Day
LIBOR and the prime rates were 6.69% and 9.50%, respectively, on
June 30, 2000.
As of August 14, 2000, the Company had an outstanding balance of
$36.9 million under the Credit Facility Agreement with an
availability of $2.6 million.
Borrowings outstanding under the Credit Facility Agreement are
collateralized by substantially all of the Company's assets. The
Credit Facility Agreement contains covenants and restrictions,
including limitations on indebtedness, liens, leases, mergers and
sales of assets, investments, dividends, stock purchases and
other payments in addition to tangible net worth, fixed charge
ratio, minimum tangible net worth and minimum fixed charge
coverage ratio requirements. The Company was in compliance with
all covenants, as amended, on June 30, 2000.
The Company has outstanding promissory notes ("Notes") with the
estate of the former Chairman of the Board of Directors and with
the President and Chief Executive Officer of the Company, in the
original aggregate amount of $2,150,000.00. The Notes, which are
due in October, 2003, bear interest, which is payable monthly, at
the annual rate of 12%. The Company is also subject to a number
of other debt agreements, including a mortgage, which comprise
the balance of the long-term debt.
<PAGE 12>
HAHN AUTOMOTIVE WAREHOUSE, INC.
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations
The discussions set forth in this Form 10-Q may contain forward-
looking comments. Such comments are based upon the information
currently available to management of the Company and management's
perception thereof as of the date of this report. Actual results
of the Company's operations could materially differ from those
indicated in the forward-looking comments. The difference could be
caused by a number of factors including, but not limited to, those
discussed under the heading "Important Information Regarding
Forward-Looking Statements" in the Company's Annual Report on Form
10-K, for the fiscal year ended September 30,1999, which has been
filed with the United States Securities and Exchange Commission
(the "Commission"). That Annual Report may be obtained by
contacting the Commission's public reference operations or through
the worldwide web site at http://www.sec.gov, EDGAR Filing section.
Readers are strongly encouraged to obtain and consider all such
factors listed in the 1999 Annual Report and any amendments or
modifications thereof when evaluating any forward-looking comments
concerning the Company.
Results of Operations - three months ended June 30, 2000, compared
to three months ended June 30, 1999.
The Company's net sales for the fiscal quarter ended June 30, 2000
declined $1.5 million to $33.5 million, from $35.0 million, for the
same fiscal quarter of the previous year. This 4.3% decrease
resulted from the general softness in the auto parts industry
caused by various factors, which include improved vehicle
manufacturing and performance, longer vehicle warranties, leased
vehicles and increased competition at all levels of distribution in
the automotive aftermarket industry. For the quarter, on a
comparable location basis, net sales decreased by 4.9% at the Full
Service Distribution Centers (partially the result of the
acquisition of two independent Auto Value customers that are now
operated as Advantage Auto stores), .1% at the Advantage Auto
Stores, and .2% at the Direct Distribution Centers.
Gross profit for the current quarter decreased $291,000 as
compared to the third quarter of Fiscal 1999. Gross profit
expressed as a percentage of net sales increased to 37.6%
compared to 36.7% for the same quarter of the prior fiscal year.
Selling, general and administrative expense decreased
approximately $200,000 from $11.2 million in the third quarter of
Fiscal 1999, to $11.0 million for the comparable quarter of
Fiscal 2000. This dollar decrease is primarily the result of the
Company's effort to control operating expenses which were
partially offset by the increase in fuel costs. As a percentage
of net sales, selling, general and administrative expense
increased from 31.8% for the third quarter in Fiscal 1999 to
32.9% during the same quarter of Fiscal 2000. This percentage
change is due almost entirely to the decline in net sales.
<PAGE 13>
Depreciation and amortization increased $17,000 from $426,000
during the corresponding quarter last year, to $443,000 during
the third quarter of the current fiscal year. This increase is
primarily attributable to the depreciation of capital additions,
partially offset by certain assets becoming fully depreciated.
As a result of the factors discussed above, operating income
decreased approximately $200,000 from $1.3 million in the third
quarter of the previous fiscal year, to $1.1 million in the
current year's third quarter. As a percentage of net sales,
operating income decreased to 3.4% from 3.7% in the same quarter
of Fiscal 1999.
Interest expense increased approximately $100,000 to $1.0 million
from $900,000 for the same quarter of the previous fiscal year.
This increase is the result of higher average interest rates on
borrowings outstanding during the quarter compared to the same
quarter last year.
As a result of the factors discussed above, mitigated by the
income recognized from the sale of the marketable security and
the Company's equity investment, net income decreased $5,000 to
$288,000 or $.06 per share, from $293,000 or $.06 per share for
the same quarter of last year. Without the income from the sale
of security and the income from equity investment the net income
would have been $.03 per share for the third quarter of Fiscal
Year 2000 compared to $.06 per share for the same quarter of
Fiscal Year 1999.
Results of Operations - nine months ended June 30, 2000,
compared to nine months ended June 30, 1999.
The Company's net sales decreased $3.4 million or 3.5% from $97.3
million for the nine months ended June 30, 1999 to $93.9 million
for the corresponding nine months of Fiscal Year 2000. The major
causes of the net sales decline were the general softness in the
auto parts industry caused by various factors, which include
improved vehicle manufacturing and performance, longer vehicle
warranties, leased vehicles and increased competition in all
segments of distribution . During this nine month period the
Company closed one Direct Distribution center, three under-
performing Advantage Auto Stores. Such closures also contributed
to the decrease in net sales. On a comparable location basis,
compared to the same period during the previous fiscal year, net
sales increased by 2.7% at the Advantage Auto Stores, 4.1% at the
Direct Distribution Centers and declined by 6.2% at the Full
Service Distribution Centers. The decrease at the full service
distribution centers is partially due to the Company's
acquisition of two stores which were previously customers of the
distribution centers, which now operate as Advantage Auto Stores.
<PAGE 14>
Gross profit for the first nine months of the current fiscal year
decreased by approximately $300,000 to $35.9 million, from $36.2
million, for the same period of the previous fiscal year. As a
percentage of net sales, gross profit increased to 38.2% from
37.2% for the previous year. This percentage increase is
primarily due to the increase in Advantage Auto Stores net sales,
which generate higher margins, as a percentage of total Company
net sales and a focused effort to sell slow moving product at a
better margin.
Selling, general and administrative expense declined
approximately $600,000 from $32.5 million for the first nine
months of Fiscal 1999 to $31.9 million for the same period of
Fiscal 2000. This is primarily due to the Company's efforts to
control and reduce expenses which was partially offset by the
increase in fuel prices. As a percentage of net sales, selling,
general and administrative expense increased to 34.0% from 33.5%
in the previous fiscal year. This percentage increase was
primarily due to the decline in sales, as discussed above.
Depreciation and amortization increased approximately $100,000
from $1.2 million in Fiscal 1999 compared to $1.3 million for the
first nine months of Fiscal Year 2000. This increase is
attributable to the depreciation of capital additions, partially
offset by certain assets becoming fully depreciated.
As a result of the factors discussed above, operating income
increased from $2.4 million for the first nine months of Fiscal
1999 to $2.6 million for the first nine months of Fiscal 2000.
As a percentage of net sales, operating income increased to 2.8%
from 2.5% for the same nine month period of Fiscal 1999.
Interest expense increased approximately $200,000 in the first
nine months of Fiscal 2000 to $2.9 million, from $2.7 million,
for the same nine months of Fiscal 1999. This increase is
attributable to higher interest rates on borrowings outstanding
during the current nine month period compared to the same period
during the previous fiscal year.
As a result of these factors, as well as the income recognized
from the sale of the marketable security and the Company's equity
investment, the Company showed a net profit of $154,000, or $.03
per share for the nine month period ended June 30, 2000, compared
to net loss of $42,000 or $.01 per share for the first nine
months of Fiscal 1999.
<PAGE 15>
LIQUIDITY AND CAPITAL RESOURCES
During the first nine months of Fiscal 2000, operations generated
net cash of $766,000. This is largely due to the non-cash item
of Depreciation and Amortization which was partially offset by a
decrease in the Company's working capital.
Cash used in investing activities consists primarily of routine
replacement of computer equipment and store improvements and the
fixtures related to the two Advantage Auto Stores acquired during
the third quarter of fiscal year 2000. Capital expenditures were
$349,000 during the first nine months of the current year as
compared to $378,000 for the same period of fiscal year 1999.
Financing activities consumed $418,000 of cash during the first
nine months of the current fiscal year. This was primarily due
to payments on long-term debt, partially offset by an increase in
borrowings on the credit facility. As of August 14, 2000 the
Company had $2.6 million available under its revolving credit
facility.
In the future, the Company expects to make minor strategic
acquisitions of jobbing stores to the extent that its debt
service and other funding requirements permit. The Company's
ability to open new distribution centers will depend on its
ability to negotiate extended payment terms with vendors, which
initially minimizes additional working capital requirements. The
Company believes that it will be able to continue to obtain such
financing.
The Company's principal sources of liquidity for its operational
requirements are internally generated funds, borrowings under its
revolving credit facility, leasing arrangements and extended
payment terms from vendors. In the absence of unanticipated
circumstances, the Company expects that these sources will
provide sufficient working capital to operate its business, make
necessary capital expenditures and to meet its liquidity needs
for the next twelve months.
Seasonality
The Company's business is somewhat seasonal in nature, primarily
as a result of the impact of weather conditions on the demand for
automotive aftermarket products. Historically, the Company's net
sales and gross profits have been higher in the second half of
each fiscal year than in the first half.
<PAGE 16>
Business Segment Information
Effective September 30, 1999, the Company adopted the provisions
of SFAS No. 131, "Disclosures about Segments of an Enterprise and
Related Information." This statement establishes annual and
interim reporting standards for an enterprise's operating
segments and related disclosures about its products, services,
geographic areas and major customers. Adoption of this statement
had no impact on the Company's consolidated financial position,
results of operations or cash flows. Comparative information for
earlier years has been restated. Restatement of comparative
information for interim periods in the initial year of adoption
is to be reported for interim periods in the second year of
application. The Company reports its operating results in two
segments: direct distribution and full service distribution.
Segment selection was based on internal organizational structure,
the way in which the operations are managed and their performance
evaluated by management and the Company's Board of Directors, the
availability of separate financial results and materiality
considerations. The accounting policies of the segments are the
same as those described in the summary of significant accounting
policies. The Company evaluates performance based on operating
profits of the respective business units.
Information concerning the Company's Business Segments for the
nine months of Fiscal Years 2000 and 1999, is as follows (dollars
in thousands):
2000 1999
Net Sales to Customers
Full Service Distribution 80,489 $83,130
Direct Distribution 13,400 14,130
Total Net Sales to Customers 93,889 $97,260
Operating Income
Full Service Distribution $2,579 $2,090
Direct Distribution 29 303
Total Operating Profit $2,608 $2,393
Interest Expense (2,938) (2,696)
Other Income 582 235
Consolidated Income (Loss) Before $252 ($68)
taxes
Identifiable Assets
Full Service Distribution $70,604 $72,187
Direct Distribution 6,204 6,734
Total Identifiable Assets $76,808 $78,921
Capital Expenditures
Full Service Distribution $341 $364
Direct Distribution 8 14
Total Capital Expenditures $349 $378
Depreciation and Amortization
Full Service Distribution $1,218 $1,090
Direct Distribution 120 143
Total Depreciation and $1,338 $1,233
Amortization
<PAGE 17>
PART II. OTHER INFORMATION
Item 5. Other
By letter dated July 26, 2000 the NASDAQ Small Cap Market notified
the Company that its common stock failed to maintain a minimum bid
price of $1.00 over the last 30 consecutive days as required for
continued listing on the NASDAQ Small Cap Market. The Company
will be provided 90 calendar days, or until October 24, 2000, to
regain compliance. If the Company is unable to demonstrate compliance
by that date, its common stock will be delisted on October 26, 2000
unless it seeks a hearing before the NASDAQ Listing Qualifications
Panel which stays delisting until the panel makes a decision. If
delisted, the stock would trade through the OTC Belletin Board which
is a regulated quotation service of the NASDAQ Stock Market, Inc.
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits
None
(b) Reports on Form 8-K
None
SIGNATURES
Pursuant to the requirements of the Securities and Exchange
Act of 1934, the registrant has duly caused this report to be
signed on its behalf by the undersigned hereunto duly authorized.
HAHN AUTOMOTIVE WAREHOUSE, INC.
(Registrant)
By: s//Eli N. Futerman
Eli N. Futerman
President and Chief Executive Officer
By: s//Albert J. Van Erp
Albert J. Van Erp
Vice President - Controller
Dated: August 14, 2000
<PAGE 18>
Exhibit 27
Selected financial information as required for Edgar
electronic filing for the nine months ended June 30, 2000.
