UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 20549
---------
FORM 10-QSB
Quarterly Report Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
For the quarter ended December 31, 1997 Commission File Number 0-14731
------------------ -------
COMPUTER MARKETPLACE(R), INC.
(Exact name of registrant as specified in its charter)
Delaware 33-0558415
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
1171 Railroad Street
Corona, California 91720
(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code: (909) 735-2102
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 and 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
As of February 4, 1998, 1,352,424 shares of the issuer's common stock, par
value, $.0001 per share were outstanding.
<PAGE>
COMPUTER MARKETPLACE(R), INC., AND SUBSIDIARIES
- ------------------------------------------------------------------------------
INDEX
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Part I: FINANCIAL INFORMATION
Item 1: Financial Statements
Condensed Consolidated Balance Sheet as of December 31, 1997
[Unaudited]............................................... 1
Condensed Consolidated Statements of Operations for the three and six
months ended December 31, 1997 and 1996 [Unaudited]....... 2
Condensed Consolidated Statements of Cash Flows for the six months
ended December 31, 1997 and 1996 [Unaudited].............. 3
Notes to Condensed Consolidated Financial Statements [Unaudited]4
Item 2: Management's Discussion and Analysis of Financial Condition
and Results of Operations................................. 5 - 8
Signature Page.................................................... 9
. . . . . . . .
<PAGE>
PART I - FINANCIAL INFORMATION
Item 1. FINANCIAL STATEMENTS
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COMPUTER MARKETPLACE(R), INC., AND SUBSIDIARIES
- ------------------------------------------------------------------------------
CONDENSED CONSOLIDATED BALANCE SHEET AS OF DECEMBER 31, 1997.
[UNAUDITED]
- ------------------------------------------------------------------------------
<TABLE>
Assets:
Current Assets:
<S> <C>
Cash and Cash Equivalents $ 728,334
Accounts Receivable - Net 1,742,436
Inventory - Net 477,485
Other Current Assets 35,511
-----------
Total Current Assets 2,983,766
Property Held for Sale - Net 486,534
Property and Equipment - Net 1,125,909
Other Assets 286,904
-----------
Total Assets $ 4,883,113
===========
Liabilities and Stockholders' Equity:
Current Liabilities:
Notes Payable $ 809,510
Accounts Payable 645,696
Accrued Payroll and Payroll Related Liabilities 152,800
Current Portion of Long-term Debt 240,665
Other Current Liabilities 251,882
-----------
Total Current Liabilities 2,100,553
-----------
Long-Term Debt 740,329
-----------
Minority Interest in Net Assets of Subsidiary 127,788
-----------
Commitments and Contingencies --
Stockholders' Equity:
Preferred Stock - $.0001 Par Value, 1,000,000 Shares
Authorized, No Shares Issued and Outstanding --
Common Stock - $.0001 Par Value, 50,000,000 Shares
Authorized, 1,352,424 Shares Issued and Outstanding 135
Deferred Compensation (365,824)
Capital in Excess of Par Value 8,785,099
Accumulated Deficit (6,504,967)
-----------
Total Stockholders' Equity 1,914,443
-----------
Total Liabilities and Stockholders' Equity $ 4,883,113
===========
The Accompanying Notes are an Integral Part of these Condensed Consolidated Financial Statements.
</TABLE>
1
<PAGE>
COMPUTER MARKETPLACE(R), INC. AND SUBSIDIARIES
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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
[UNAUDITED]
- ------------------------------------------------------------------------------
<TABLE>
Three months ended Six months ended
December 31, December 31,
------------ ------------
1 9 9 7 1 9 9 6 1 9 9 7 1 9 9 6
------- ------- ------- -------
Revenues:
<S> <C> <C> <C> <C>
Product Sales, Rental, Service andOther $ 3,046,463 $ 6,688,413 $ 5,641,744 $ 13,868,292
Cost and Expenses:
Cost of Revenues - Product Sales, Rental,
Service and Other 2,441,023 5,876,096 4,526,569 12,135,757
Selling, General and Administrative 779,199 1,698,921 1,754,621 2,958,751
---------- ----------- ----------- -----------
Total Cost and Expenses 3,220,222 7,575,017 6,281,190 15,094,508
----------- ----------- ----------- -----------
Operating Loss (173,759) (886,604) (639,446) (1,226,216)
----------- ----------- ----------- -----------
Other Income [Expense]:
Interest Expense (28,272) (90,596) (41,993) (206,106)
Interest Income 6,306 -- 21,593 234
Miscellaneous Income 7,885 9,883 31,988 19,374
----------- ----------- ----------- -----------
Total Other [Expense] Income (14,081) (80,713) 11,588 (186,498)
----------- ----------- ----------- -----------
Loss Before Income Taxes, Minority
Interest in Income of Subsidiary and
Extraordinary Item (187,840) (967,317) (627,858) (1,412,714)
Provision for Income Taxes -- -- -- --
Minority Interest in Income
of Subsidiary (35,779) (19,100) (9,350) (19,100)
----------- ----------- ----------- -----------
Loss Before Extraordinary Item (223,619) (986,417) (637,208) (1,431,814)
Extraordinary Item:
Gain from Extinguishment of Debt
[Net of Income Taxes of $-0-] -- -- 98,226 --
----------- ----------- ----------- -----------
Net Loss $ (223,619) $ (986,417) $ (538,982) $(1,431,814)
=========== =========== =========== ===========
Loss Per Share:
Loss Before Extraordinary Item
[Net of Income Taxes] $ (.17) $ (.73) $ (.47) $ (1.06)
Extraordinary Item -- -- .07 --
----------- ----------- ----------- -----------
Net Loss Per Share $ (.17) $ (.73) $ (.40) $ (1.06)
=========== =========== =========== ===========
Weighted Average Common
Shares Outstanding 1,352,424 1,352,424 1,352,424 1,352,424
=========== =========== =========== ===========
The Accompanying Notes are an Integral Part of these Condensed Consolidated Financial Statements.
</TABLE>
2
<PAGE>
COMPUTER MARKETPLACE(R), INC. AND SUBSIDIARIES
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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
[UNAUDITED]
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<TABLE>
Six months ended
December 31,
1 9 9 7 1 9 9 6
------- -------
Operating Activities:
<S> <C> <C>
Net Loss $ (538,982) $(1,431,814)
Adjustments to Reconcile Net Loss to Net Cash
Used in Operating Activities:
Depreciation and Amortization 169,572 138,303
Provisions for Losses on Accounts Receivable (38,611) 48,125
Provisions for Losses on Inventory (114,482) 60,000
Minority Interest in Consolidated Subsidiary 9,350 141,356
Gain on Extinguishment of Debt (98,226) --
Changes in Assets and Liabilities:
Accounts Receivable (8,592) (685,336)
Inventory 96,413 773,825
Other Current Assets 17,081 230,282
Accounts Payable (483,116) 308,679
Accrued Payroll and Related Liabilities (2,245) (11,671)
Other Current Liabilities (9,423) 52,661
Other Liabilities -- (1,387)
---------- -----------
Net Cash - Operating Activities (1,001,261) (376,977)
---------- -----------
Investing Activities:
Decrease in Loans/Notes Receivable - Related Parties -- 18,999
Purchases of Property and Equipment (519,137) (9,909)
Other (241,700) 7,735
---------- -----------
Net Cash - Investing Activities (760,837) 16,825
---------- -----------
Financing Activities:
Net Decrease in Notes Payable 366,120 188,999
Proceeds fro Long-Term Debt 750,000 --
Principal Payments on Long-Term Debt (126,228) (26,058)
Net Proceeds from Issuance of Stock -- 930,000
---------- -----------
Net Cash - Financing Activities 989,892 1,092,941
---------- -----------
Net [Decrease] Increase in Cash and Cash Equivalents (772,206) 732,789
Cash and Cash Equivalents - Beginning of Periods 1,500,540 594,921
---------- -----------
Cash and Cash Equivalents - End of Periods $ 728,334 $ 1,327,710
========== ===========
Supplemental Disclosures of Cash Flow Information:
Cash Paid for Interest $ 41,993 $ 206,105
Cash Paid for Income Taxes $ -- $ --
Supplemental Disclosure of Non-Cash Investing and Financing Activities:
Reclassification of Accounts Payable to/from Other Liabilities to Reflect
Negotiated Payment Terms $ 150,000 $ 90,312
Transfer of Inventory Items to/from Rental Equipment $ 33,007 $ 93,511
The Accompanying Notes are an Integral Part of these Condensed Consolidated Financial Statements.
</TABLE>
3
<PAGE>
COMPUTER MARKETPLACE(R), INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
[UNAUDITED]
- ------------------------------------------------------------------------------
[1] Significant Accounting Policies
Significant accounting policies of Computer Marketplace(R), Inc. and
Subsidiaries [the "Company"] are set forth in the Company's Form 10-KSB for the
year ended June 30, 1997, as filed with the Securities and Exchange Commission.
[2] Basis of Presentation
In the opinion of management, the accompanying unaudited condensed consolidated
financial statements include all adjustments [consisting only of normal
recurring accruals] necessary for a fair presentation of the consolidated
financial position of the Company as of December 31, 1997, the consolidated
results of its operations for the three and six months ending December 31, 1997
and 1996 and its cash flows for the six months ending December 31, 1997 and
1996. Although the Company believes that the disclosures in these financial
statements are adequate to make the information presented not misleading,
certain information and footnote information normally included in financial
statements prepared in accordance with generally accepted accounting principles
have been condensed or omitted pursuant to the rules and regulations of the
Securities and Exchange Commission. Results of operations for the period ended
December 31, 1997 are not necessarily indicative of results to be expected for
the full year. For further information, refer to the consolidated financial
statements and footnotes thereto included in the Company's Form 10-KSB for the
year ended June 30, 1997.
[3] Stock Transactions
In April 1997, the Company effected a one-for-six reverse stock split of the
outstanding shares of common stock of the Company by changing the 8,114,542 then
outstanding shares of common stock, par value $.0001 per share, into 1,352,424
shares of common stock of the Company, par value $.0001 per share. All share
data has been adjusted and retroactively restated to reflect this change.
[4] Extraordinary Item
During the six months ended December 31, 1997, the Company negotiated payment
terms of certain accounts payable, resulting in a gain of $98,226. There was no
income tax effect on this transaction.
. . . . . . . . . .
4
<PAGE>
Item 2:
COMPUTER MARKETPLACE(R), INC. AND SUBSIDIARIES
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
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Results of Operations
The following information should be read in conjunction with the condensed
consolidated financial statements and the notes thereto included in this
Quarterly Report and in the audited Financial Statements and Management's
Discussion and Analysis of Financial Condition and Results of Operations
contained in the Company's Form 10 - KSB for the fiscal year ended June 30,
1997.
Quarter Ended December 31, 1997 Compared to Quarter Ended December 31, 1996
Total revenues for the quarter ended December 31, 1997 were $3,046,463 compared
to $6,688,413 for the quarter ended December 31, 1996. This represents a
decrease of $3,641,950 or 54%.
Revenues from computer product sales and rentals for the quarter ended December
31, 1997 totaled $1,261,019 resulting in a $3,079,265 or 71% decrease compared
to $4,340,284 for the quarter ended December 31, 1996. The sales decrease
results in part from price reductions in new computer hardware which negatively
impacts selling prices and sales of used computer hardware. The Company
anticipates the lower computer products sales trend to continue into the third
quarter. The most significant factor resulting in this decrease in sales is that
all branch offices of the Company were closed down during the year ending June
30, 1997. The sales associated with these offices diminished substantially. In
addition, the sales staff at the main facility in Corona, California was
reduced. The Company had three salespeople in the quarter ended December 1997,
as opposed to twenty four salespeople in the quarter ended December 1996, a
decrease of 88% in sales staff, compared to the 71% decrease in sales.
Medical product sales and rentals contributed $1,785,444 in revenues for the
quarter ended December 31, 1997, compared to $2,348,129 for the quarter ended
December 31, 1996. The current quarter's result represents a $562,685 or a 24%
decrease in revenues over the same period in 1996. The decrease in medical
product sales is attributed directly to the increase of competition in the used
medical equipment industry, which has created a limited supply of quality used
medical equipment available for resale.
Total aggregate cost of revenues for the quarter ended December 31, 1997 and
1996 were $2,441,023 or 80% of revenues and $5,876,096 for 88% of revenues,
respectively. The company has reduced cost of revenues and anticipates further
cost reductions.
Cost of revenues for computer products were $1,188,323 or 94% of revenues and
$3,811,292 or 88% of revenues for the quarters ended December 31, 1997, and 1996
respectively. The increase of cost is due to escalating competition and
effectively, lowered profit margins.
Cost of revenues for medical products were $1,252,700 or 70% of revenues and
$2,064,804 or 88% of revenues for the quarters ended December 31, 1997, and 1996
respectively. The 39% decrease in the cost of revenues primarily has to do with
an increase in the volume of medical equipment leases, and the low costs
involved in leasing activity.
Total selling, general, and administrative [SG & A] expenses for the quarter
ended December 31, 1997 and 1996 were $779,199 or 26% of revenues and $1,698,921
or 25% of revenues, respectively. The aggregate decrease in SG&A expenses from
the prior period was $919,722.
SG&A expenses attributed to computer products were $451,959 or 36% of revenues
and $1,507,658 or 35% of revenues for the quarters ended December 31, 1997, and
1996 respectively. The increase in SG&A expenses as a percentage of revenues is
due primarily to the sales volume decrease previously mentioned. The aggregate
decrease in SG&A expenses from the prior period was $1,055,699, directly
reflecting the extent of personnel cut backs in the second quarter.
5
<PAGE>
COMPUTER MARKETPLACE(R), INC. AND SUBSIDIARIES
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
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Quarter Ended December 31, 1997 Compared to Quarter Ended December 31, 1996
[Continued]
SG&A expenses attributed to medical products were $327,240 or 18% of revenues
and $191,263 or 8% of revenues for the quarters ended December 31, 1997, and
1996 respectively. The increase in SG&A expenses as a percentage of revenues is
due primarily to the sales force expansion and therefore the increase in
personnel expense. While the company has invested considerable resources in
expanding the sales force and support staff, the desired results have fallen
short of expectations.
Total operating loss was $173,759 and $886,604 for the quarters ended December
31, 1997, and 1996 respectively. This $712,845 favorable change was a result of
reduced expenses and the business conditions described herein.
Operating loss for computer products was $379,263 and $978,666 for the quarters
ended December 31, 1997, and 1996 respectively. The Companies reduction in
staff, contraction of the company's computer business as well as a change of
focus in the business direction have in part resulted in the conditions herein
described.
Operating income for medical products and rentals was $205,504 and $92,062 for
the quarters ended December 31, 1997, and 1996 respectively and is expected to
continue profitability into the next quarter.
Interest expense for the quarter ended December 31, 1997, was $28,272 compared
to $90,596 for the quarter ended December 31, 1996. The decrease of $62,324 or
69% is due to the repayment of the mortgage payable associated with the sale of
the Company's headquarters facility in the year ended June 30, 1997.
The Company's consolidated net loss was $223,619 or $0.17 per share for the
quarter ended December 31, 1997, versus $986,417 or $0.73 per share for the
quarter ended December 31, 1996. The net loss was a result of the business
conditions described herein.
Six Months Ended December 31, 1997 Compared to Six Months Ended
December 31, 1996
Total revenues for the six months ended December 31, 1997 were $5,641,744
compared to $13,868,292 for the six months ended December 31, 1996. This
represents a decrease of $8,226,548 or 59%.
Revenues from computer product sales and rentals for the six months ended
December 31, 1997 totaled $2,465,666 a or 73% decrease compared to $9,139,025
for the six months ended December 31, 1996. The sales decrease results in part
from price reductions in new computer hardware which negatively impacts selling
prices and sales of used computer hardware. The Company anticipates the lower
computer products sales trend to continue into the third quarter. The most
significant factor resulting in this decrease in sales is that all branch
offices of the Company were closed down during the year ending June 30, 1997.
The sales associated with these offices diminished substantially. In addition,
the sales staff at the main facility in Corona, California, was reduced.
Medical product sales and rentals contributed $3,176,078 in revenues for the six
months ended December 31, 1997, compared to $4,729,267 for the six months ended
December 31, 1996. The current periods results represents a $1,553,189 or a 33%
decrease in revenues over the same period in 1996. The decrease in medical
product sales is attributed directly the increase of competition in the used
medical equipment industry, which in turn has created a limited supply of
quality used medical equipment available for resale.
Total aggregate cost of revenues for the six months ended December 31, 1997, and
1996 were $4,526,569 or 80% of revenues and $12,135,757 or 88% of revenues,
respectively.
6
<PAGE>
COMPUTER MARKETPLACE(R), INC. AND SUBSIDIARIES
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
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Six Months Ended December 31, 1997 Compared to Six Months Ended
December 31, 1996 [Continued]
Cost of revenues for computer products were $2,072,490 or 84% of revenues and
$8,136,556 or 89% of revenues for the six months ended December 31, 1997, and
1996 respectively. The 5% decrease in cost of revenue primarily has to do with
market fluctuations and management does not view this 5% differential as a
trend.
Cost of revenues for medical products were $2,454,079 or 77% of revenues and
$3,999,201 or 85% of revenues for the quarters ended December 31, 1997, and 1996
respectively. The decrease in cost of revenues as a percentage of sales,
primarily has to do with an increase in the volume of medical equipment leasing
and the low cost of goods associated with leasing activity.
Total selling, general and administrative ["SG & A"] expenses for the six months
ended December 31, 1997, and 1996 were $1,754,621 or 31% of revenues and
$2,958,751 or 21% of revenues, respectively. The aggregate decrease in SG&A
expenses from the prior period was $1,204,130.
SG&A expenses attributed to computer products were $1,087,576 or 44% of revenues
and $2,608,702 or 29% of revenues for the six months ended December 31, 1997,
and 1996 respectively. The increase in SG&A expenses as a percentage of revenues
is due primarily to the sales volume decrease previously mentioned. The
aggregate decrease in SG&A expenses from the prior period was $1,521,126,
directly reflecting the extent of personnel cut backs in the first six months of
the fiscal year.
SG&A expenses attributed to medical products were $667,045 or 21% of revenues
and $350,049 or 7% of revenues for the six months ended December 31, 1997, and
1996 respectively. The increase in SG&A expenses as a percentage of revenues is
due primarily to the increase in personnel expense and an expanded sales force.
Total operating loss was $639,446 and $1,226,216 for the six months ended
December 31, 1997, and 1996 respectively. This $586,770 favorable change was a
result of reduced expenses and the business conditions described herein.
Operating loss for computer products was $694,400 and $1,606,233 for the six
months ended December 31, 1997, and 1996 respectively.
Operating income for medical products and rentals was $54,954 and $380,017 for
the six months ended December 31, 1997, and 1996 respectively.
Interest expense for the year ended December 31, 1997 was $41,993, compared to
$206,106 for the year ended December 31, 1996. The decrease of $164,113 or 80%
is due to the repayment of the mortgage payable associated with the sale of the
Company's headquarters facility in the year ended June 30, 1997.
The Company's consolidated net loss was $538,982 or $0.40 per share for the six
months ended December 31, 1997, versus $1,431,814 or $1.06 per share for the six
months ended December 31, 1996. The net loss was a result of the business
conditions described herein. In addition, during the six months ended December
31, 1997, the Company negotiated payment terms of certain accounts payable,
resulting in a gain of $98,226, shown as an extraordinary item in the financial
statements.
Variability of Periodic Results and Seasonality
Results from any one period cannot be used to predict the results for other
fiscal periods. Revenues fluctuate from period to period, however, management
does not see any seasonality or predictability to these fluctuations.
7
<PAGE>
COMPUTER MARKETPLACE(R), INC. AND SUBSIDIARIES
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
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Liquidity and Capital Resources
The Company has historically financed its growth and cash needs primarily
through borrowings and cash generated from operations. The funds received
through the initial public offering in June 1993, in the amount of approximately
$6.6 million enabled the Company to eliminate most of its long term debt at that
time. Working capital at December 31, 1997, and 1996 was $883,213 and
$2,521,068, respectively.
During the quarter ended December 31, 1997, the Company used the June 30, 1997
available cash and cash equivalents of approximately $1,500,000, the
availability of borrowing under the Company's revolving credit facility and
vendor extended credit in order to fund the operations of the Company.
Management has implemented a "just in time" concept concerning the purchase of
equipment, therefore, increasing efficiency while reducing inventory and
accounts payable. Management has continued to emphasize the inventory reduction
program believing that these disciplined strategic reductions will enhance the
Company's operating effectiveness and provide additional liquidity.
In addition, the Company is engaging in final negotiations with its present
lender to continue the current credit line which has been extended to February
15, 1998 .
New Millennium Leasing, Inc. ["NMLI"], was formed in early 1997. The primary
focus of the company is to provide leasing for a majority of the sales generated
by its parent, Medical Marketplace, Inc. ["MMP"]. In so doing, NMLI will add
incremental revenue and net income by discounting those leases on a non recourse
basis to lenders who buy leases in this manner.
NMLI only writes leases whose net present value exceeds the sales price of the
equipment. However, in certain circumstances, the lease also allows NMLI to
retain the residual value of the equipment. This residual value becomes an asset
on the balance sheet and is taken into income over the term of the lease.
The stated goal of NMLI is to both increase the profitability of each
transaction entered into by MMP and via leasing, to generate new transactions
that MMP would not have previously been able to generate due to the lack of a
leasing division.
The company is actively pursuing merger and or acquisition possibilities. As of
the date of this quarterly filing no letter of intent or definitive agreement
has been entered into.
8
<PAGE>
SIGNATURE
In accordance with Section 13 or 15(d) of the Exchange Act, the registrant
caused this report to be signed on its behalf by the undersigned, thereunto duly
executed on this 16th day of February 1998.
COMPUTER MARKETPLACE(R), INC.
By: /s/ L. Wayne Kiley
----------------------------------------------
L. Wayne Kiley
President, Chief Executive
Officer, [Chief Accounting
Officer] and Director Signing on
behalf of the Registrant and as
Principal Financial and
Accounting Officer.
9
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from the
consolidated balance sheet and the consolidated statement of operations and is
qualified in its entirety by reference to said statements.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 6-mos
<FISCAL-YEAR-END> Jun-30-1998
<PERIOD-END> Dec-31-1997
<CASH> 728,334
<SECURITIES> 0
<RECEIVABLES> 1,742,436
<ALLOWANCES> 0
<INVENTORY> 477,485
<CURRENT-ASSETS> 2,983,766
<PP&E> 1,612,443
<DEPRECIATION> 0
<TOTAL-ASSETS> 4,883,113
<CURRENT-LIABILITIES> 2,100,553
<BONDS> 0
0
0
<COMMON> 135
<OTHER-SE> 1,914,308
<TOTAL-LIABILITY-AND-EQUITY> 4,883,113
<SALES> 5,641,744
<TOTAL-REVENUES> 5,641,744
<CGS> 4,526,569
<TOTAL-COSTS> 1,754,621
<OTHER-EXPENSES> (53,581)
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 41,993
<INCOME-PRETAX> (627,858)
<INCOME-TAX> 0
<INCOME-CONTINUING> (627,858)
<DISCONTINUED> 0
<EXTRAORDINARY> 98,226
<CHANGES> 0
<NET-INCOME> (538,982)
<EPS-PRIMARY> (0.40)
<EPS-DILUTED> (0.40)
</TABLE>
