<PAGE>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-QSB
(Mark one)
QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES
/X/ EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED MAY 31, 1999.
OR
TRANSITION REPORT UNDER SECTION 13 OR 15 (d) OF THE SECURITIES
/ / EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM ______ TO
______.
Commission file number: 1-12680
ORYX TECHNOLOGY CORP.
(Exact name of small business issuer as specified in its charter)
Delaware 22-2115841
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification Number)
1100 Auburn Street
Fremont, California 94538
(Address of principal executive offices) (Zip Code)
Issuer's telephone number, including area code: (510) 492-2080
Check whether the issuer (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. Yes _X_ No ___
The number of shares outstanding of the issuer's Common Stock as of
May 31, 1999 was 15,331,000.
1
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ORYX TECHNOLOGY CORP.
FORM 10-QSB
Table of Contents
PART I. FINANCIAL INFORMATION
Page
Item 1. Financial Statements ........................................... 3
Item 2. Management's Discussion and Analysis or Plan of Operations .... 8
PART II. OTHER INFORMATION
Item 5. Other Information ............................................. 11
Item 6. Exhibits and Reports on Form 8-K .............................. 11
2
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PART I - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
ORYX TECHNOLOGY CORP.
CONDENSED CONSOLIDATED BALANCE SHEET
(UNAUDITED)
<TABLE>
<CAPTION>
MAY 31, FEBRUARY 28,
1999 1999
------------ ------------
<S> <C> <C>
ASSETS
Current assets:
Cash and cash equivalents $ 4,544,000 $ 1,570,000
Accounts receivable, net of allowance for doubtful
accounts of $118,000 469,000 696,000
Inventories 146,000 384,000
Other current assets 371,000 278,000
------------ ------------
Total current assets 5,530,000 2,928,000
Property and equipment, net 425,000 434,000
Other assets 140,000 141,000
------------ ------------
$ 6,095,000 $ 3,503,000
------------ ------------
------------ ------------
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Capital lease and other short term obligations $ 5,000 $ 12,000
Deferred revenue 78,000 408,000
Accounts payable 266,000 355,000
Accrued liabilities 592,000 541,000
------------ ------------
Total current liabilities 941,000 1,316,000
Capital lease and other long term obligation, less current portion - 16,000
------------ ------------
Total liabilities 941,000 1,332,000
Stockholders' equity:
Series A 2% Convertible Cumulative Preferred Stock,
$0.001 par value; 3,000,000 shares authorized;
3,750 shares issued and outstanding,
liquidation value $94,000 89,000 89,000
Common Stock, $0.001 par value; 25,000,000 shares
authorized; 15,331,000 and 13,290,464 issued and outstanding 15,000 13,000
Additional paid-in capital 23,615,000 20,144,000
Accumulated deficit (18,565,000) (18,075,000)
------------ ------------
Total stockholders' equity 5,154,000 2,171,000
------------ ------------
$ 6,095,000 $ 3,503,000
------------ ------------
------------ ------------
</TABLE>
3
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ORYX TECHNOLOGY CORP.
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
(UNAUDITED)
<TABLE>
<CAPTION>
THREE MONTHS ENDED
MAY 31,
---------------------------------
1999 1998
------------ ------------
<S> <C> <C>
Net Revenue $ 1,238,000 $ 1,287,000
Cost of sales 1,076,000 943,000
------------ ------------
Gross profit 162,000 344,000
------------ ------------
Operating expenses:
Marketing and selling 24,000 58,000
General and administrative 469,000 311,000
Research and development 183,000 73,000
------------ ------------
Total operating expenses 676,000 442,000
------------ ------------
Loss from operations (514,000) (98,000)
Interest income (expense), net 34,000 (31,000)
Other expenses (9,000) -
------------ ------------
Net loss (489,000) (129,000)
Dividends (1,000) (1,000)
------------ ------------
Net loss attributable to Common Stock $ (490,000) $ (130,000)
------------ ------------
------------ ------------
Basic and diluted net loss per common share $ (0.03) $ (0.01)
------------ ------------
------------ ------------
Weighted average common shares used to compute
basic and diluted net loss per share (Note 4) 14,473,000 13,125,000
------------ ------------
------------ ------------
</TABLE>
See the accompanying notes to condensed consolidated financial statements.
4
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ORYX TECHNOLOGY CORP.
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(UNAUDITED)
<TABLE>
<CAPTION>
THREE MONTHS ENDED
MAY 31,
-------------------------------
1999 1998
----------- -----------
<S> <C> <C>
Cash flows from operating activities:
Net loss $ (489,000) $ (129,000)
Adjustments to reconcile net loss
to net cash provided by (used in) operating activities:
Loss from asset disposition 8,000 -
Depreciation and amortization 36,000 34,000
Non-cash stock compensation 84,000 -
Changes in assets and liabilities:
Accounts receivable, net 227,000 357,000
Inventories 238,000 (19,000)
Other current assets (66,000) 453,000
Other assets 1,000 22,000
Deferred revenue (330,000) -
Accounts payable (89,000) (118,000)
Accrued liabilities 36,000 64,000
----------- -----------
Net cash provided by (used in) continued operations (344,000) 664,000
Net cash provided by (used in) discontinued operations - 1,060,000
----------- -----------
Net cash provided by (used in) operations (344,000) 1,724,000
----------- -----------
Cash flows from investing activities:
Capital expenditures (36,000) (53,000)
Proceeds from assets dispositions 16,000 -
----------- -----------
Net cash used in investing activities (20,000) (53,000)
----------- -----------
Cash flows from financing activities:
Repayment of bank line of credit - (129,000)
Payment of capital lease obligations (4,000) -
Proceeds from (repayment of) notes payable (19,000) 22,000
Proceeds from exercise of warrants for common stock 3,360,000 -
Proceeds from exercise of options for common stock 2,000 -
Other (1,000) (6,000)
----------- -----------
Net cash provided by (used in) financing activities 3,338,000 (113,000)
----------- -----------
Net increase (decrease) in cash and cash equivalents 2,974,000 1,558,000
Cash and cash equivalents at beginning of period 1,570,000 722,000
----------- -----------
Cash and cash equivalents at end of period $ 4,544,000 $ 2,280,000
----------- -----------
----------- -----------
</TABLE>
See the accompanying notes to condensed consolidated financial statements.
5
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ORYX TECHNOLOGY CORP.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
NOTE 1 - GENERAL
The information contained in the following Notes to Condensed Consolidated
Financial Statements is condensed; accordingly, the financial statements
contained herein should be reviewed in conjunction with the Company's Form
10-KSB, as amended, for the year ended February 28, 1999.
The results of operations for the interim periods presented are not
necessarily indicative of the results expected for the entire year.
The financial information for the periods ended May 31, 1999 and 1998
included herein is unaudited but includes all adjustments which, in the
opinion of management of the Company, are necessary to present fairly the
financial position of the Company and its subsidiary at May 31, 1999, and the
results of their operations and cash flows for the three month periods ended
May 31, 1999 and May 31, 1998.
NOTE 2 - STOCKHOLDERS' EQUITY
On August 11, 1998, the Company entered into a seventeen month Marketing
Agreement (the "Agreement") to receive investor relation services from
Continental Capital. The Company will issue to Continental Capital up to
202,500 shares of common stock in consideration for services to be received.
At May 31, 1999, 162,000 shares of common stock have been issued, and the
additional 40,500 shares can be issued subject to satisfaction of certain
escrow provisions. In addition, a warrant to purchase 60,000 shares of common
stock at $1.09 per share with a two-year term was issued to Continental
Capital. The Company is recognizing expense as the services are received, and
recorded $178,000 in expense from inception of the agreement to May 31, 1999.
NOTE 3 - INVENTORIES
The components of inventory were as follows:
<TABLE>
<CAPTION>
MAY 31, FEBRUARY 28,
1999 1999
-------- ------------
<S> <C> <C>
Raw materials $ 72,000 $ 75,000
Finished goods 74,000 309,000
-------- ------------
$146,000 $384,000
-------- ------------
-------- ------------
</TABLE>
6
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NOTE 4 - INCOME (LOSS) PER SHARE
Basic earnings per share is computed by dividing income or loss available to
common stockholders by the weighted average common shares outstanding for the
period. Diluted earnings per share reflects the weighted average common
shares outstanding plus the potential effect of dilutive securities which are
convertible to common shares such as options, warrants, and preferred stock.
Due to the net losses from operations incurred for the three month periods
ended May 31, 1999 and May 31, 1998, all common stock securities outstanding
were considered anti-dilutive and were excluded from the calculations of
diluted net loss per share. Net income (loss) has not been adjusted for any
period presented for purposes of computing basic and diluted earnings per
share. Anti-dilutive securities and common stock equivalents at May 31, 1999
which could be dilutive in future periods include common stock options to
purchase 2,805,000 shares of common stock, warrants to purchase 1,894,074
shares of common stock, 3,750 shares of Series A preferred stock which may be
converted into 44,000 shares of common stock and the minority interest
investment and subsidiary stock options to purchase 304,000 shares in the
Company's SurgX subsidiary which could reduce the Company's share of profits
in the calculation of earnings per share in future periods.
NOTE 5 - CREDIT FACILITY
In March 1998, the Company amended its credit facility with KBK Financial
Inc., reducing the Accounts Receivable Revolving Batch Facility and Inventory
Credit Line from $4,000,000 and $1,500,000 respectively, to a maximum
borrowing of $500,000 each. Under the amended Agreement, the Accounts
Receivable Revolving Batch Facility expired in March 1999 and the Inventory
Credit Line expires in August 1999. At May 31, 1999, the Company did not have
amounts outstanding under the Inventory Credit Line.
NOTE 6 - COMPREHENSIVE INCOME
In March 1998, the Company adopted Statement of Financial Accounting
Standards (SFAS) No. 130, "Reporting Comprehensive Income." Comprehensive
income, as defined, includes all changes in equity during a period from
non-owner sources including unrealized gains and losses on available-for-sale
securities. There is no difference between net loss attributable to common
stock and comprehensive loss for all periods presented.
NOTE 7 - NEW ACCOUNTING STANDARD
In June 1998, the FASB issued Statement of Financial Accounting Standard No.
133, "Accounting for Derivative Instruments and Hedging Activities," (SFAS
No. 133) which establishes accounting and reporting standards for derivative
instruments, and for hedging activities. It requires that an entity
recognizes all derivatives as either assets or liabilities in the statement
of financial position and measure those instruments at fair value. Management
has not yet evaluated the effects of this change on its operations. The
Company will adopt SFAS No. 133 as required for its second quarterly filing
in fiscal 2001. The Company currently does not hold any instruments which
would be effected by SFAS No. 133.
NOTE 8 - DISPOSITION
On March 2, 1998, the Company sold substantially all of the properties,
assets, rights, business and certain liabilities of its Oryx Power Products
Corporation subsidiary ("Power Products") for $2,000,000 in cash and a
contingent additional amount up to $4,000,000,to be calculated based upon
sales of certain specified products to specified customers during the
fourteen month period immediately following the closing of the transaction.
As the Company had a loss on this disposition, all losses were recognized as
if the transaction was completed as of February 28, 1998. The sale of the
Power Products business has been accounted for as a discontinued operation,
and accordingly, the net assets held for sale and operating results of Power
Products for the fiscal year ended February 28, 1998 were segregated and
reported as discontinued operations. At May 31, 1999, the Company
7
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had not yet recorded any additional consideration related to the sale of
Power Products, as the sales contingencies conditions required for such
additional consideration had not been met.
ITEM 2.
MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATIONS
This discussion and analysis is designed to be read in conjunction with the
Management's Discussion and Analysis set forth in the Company's Form 10-KSB,
as amended, for the fiscal year ended February 28, 1999.
This Quarterly Report on Form 10-QSB contains forward-looking statements
within the meaning of the Private Securities Litigation Reform Act of 1995,
particularly statements regarding market opportunities, market share growth,
competitive growth, new product introductions, success of research and
development, research and development expenses, customer acceptance of new
products, gross margin and selling, general and administrative expenses.
These forward-looking statements involve risks and uncertainties, and the
cautionary statements set forth below identify important factors that could
cause actual results to differ materially from those predicted in any such
forward looking statements. Such factors include, but are not limited to,
adverse changes in general economic conditions, including adverse changes in
the specific markets for the Company's products, adverse business conditions,
adverse changes in customers order patterns, increased competition, lack of
acceptance of new products, pricing pressures, lack of success in
technological advancement, risks associated with sales to foreign customers
(including the downturn of economic trends and unfavorable currency movements
in the Asia Pacific marketplace), risks associated with the Company's efforts
to comply with Year 2000 requirements, and other factors.
All investors should carefully read the Form 10-KSB, as amended, together
with this Form 10-QSB, and consider all such risks before making an
investment decision with respect to the Company's stock.
BUSINESS SEGMENTS
During fiscal 1998, the Company embarked upon a major restructuring program
which resulted in the sale on February 27, 1998 of the Instruments business
segment of Oryx Instruments and Materials Corporation and the sale on March
2, 1998 of substantially all the assets and the entire business of Oryx Power
Products Corporation. Effective on March 2, 1998, the Company organized into
two operating segments: SurgX Corporation and a Materials business segment.
In addition, a corporate segment provides all administrative and accounting
functions to these two business segments. The Company's businesses are as
follows:
<TABLE>
<CAPTION>
SEGMENT/SUBSIDIARY BUSINESSES
------------------ ----------
<S> <C>
SurgX Corporation - Surge Protection Components
Materials - Sputtering Target Assemblies
</TABLE>
In the course of selling various business units described above, the Company
had disposed of business segments which had accounted for a substantial
majority of its revenues and operating losses. While the Company believes
that this downsizing has substantially reduced its losses and provided
capital to support on-going development activities, the actual long-term
impact on the Company's business and financial condition cannot be certain.
8
<PAGE>
RESULTS OF OPERATIONS
For the quarter ended May 31, 1999, revenues decreased by $49,000 or 4% from
$1,287,000 for the quarter ended May 31, 1998, to $1,238,000 for the quarter
ended May 31, 1999. The decrease in revenue is primarily attributed to
reduced revenues from sputtering target assemblies and electromagnetic
systems offset by an increase in revenue from the sale of SurgX Liquid and
recognition of revenue of a sputtering tool and technology transfer delivered
in fiscal year 1998. Due to reduce demand for sputtering target assemblies,
reduced government contract billings and delay in the Company's licensees
launching Surgx products, the Company anticipates quarterly revenues to be at
lower levels during the remainder of fiscal 2000.
The Company's gross profit decreased from $344,000 for the quarter ended May
31, 1998, to $162,000 for the quarter ended May 31, 1999, representing a
decrease of $183,000 or 53%. The decrease in gross profit is primarily
attributable to lower revenue from sputtering target assemblies and
electromagnetic systems and to government development expenses not covered by
government contract billing. The government contracts are set to expire
during the quarter ending August 31, 1999.
Marketing and selling expenses decreased from $58,000 for the quarter ended
May 31, 1998, to $24,000 for the quarter ended May 31, 1999, representing a
decrease of $35,000 or 60%.The decrease is primarily due to the reduction of
travel and compensation expenses.
General and administrative expenses increased from $311,000 for the quarter
ended May 31, 1998, to $469,000 for the quarter ended May 31, 1999,
representing a increase of $157,000 or 51%. The increase in general and
administrative expenses is related to increase in compensation and investor
relation expenses associated with a marketing program entered into with
Continental Capital on August 11, 1998.
Research and development expenses increased from $73,000 in the quarter ended
May 31, 1998, to $183,000 for the quarter ended May 31, 1999, representing a
increase of $110,000 or 151%. During the quarter ended May 31, 1998 the
Company recorded development funding from non-government third parties for
$128,000 as an offset to its research and development expenses. No
development funding was recorded for the quarter ended May 31, 1999. While
the Company is actively pursuing new development funding contracts, there can
be no assurance that the Company will be successful in securing new contracts.
LIQUIDITY AND CAPITAL RESOURCES
The Company's working capital increased by $2,977,000 from a surplus of
$1,612,000 at February 28, 1999 to a surplus of $4,589,000 at May 31, 1999.
Cash and cash equivalents increased by $2,974,000 from $1,570,000 for the
year ended February 28, 1999 to $4,544,000 for the quarter ended May 31,
1999. This increase in cash and cash equivalents is primarily due to the
exercise of 934,335 public warrants for 1,962,100 shares of the Company's
common stock that provided cash proceeds to the Company of approximately
$3,315,000. Management believes the Company has sufficient capital to meet
its fiscal 2000 operating plan, however, in the event the Company does not
meet its operating plan, there can be no assurance that the Company will be
able to raise equity or capital through the sale of equity, debt financing,
an asset sale or development contract in a timely manner, or at all.
YEAR 2000 ISSUE
Many currently installed computer systems, software products and other
equipment utilizing microprocessors are coded to accept only two digit
entries in the date code field. These date code fields will need to accept
four
9
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digit entries to distinguish twenty-first century dates from twentieth
century dates. This is commonly referred to as the "Year 2000 issue."
The Company is aware of the Year 2000 issue and has commenced a program to
identify, remediate, test and develop plans to address the Year 2000 issue.
The Company has no legacy mainframe or mini-computer systems. Its corporate
networks and computing hardware operate exclusively on Novell NetWare and
Microsoft Windows Operating Systems. The Company relies on its fully
integrated Macola Progression MIS system for all accounting, manufacturing,
and procurement functions. The Company does not currently make use of EDI or
other forms of electronic data exchange (other than e-mail) with any of its
customers, business partners, financial institutions or suppliers. Further,
the Company has no substantial data collection, automated manufacturing, or
automated testing systems which could be materially adversely affected by
Year 2000 problems.
As of May 31, 1999, the Company had completed several Year 2000 projects,
including an upgrade of its Novell Network Operating systems and tape backup
software, evaluation of workstations for Year 2000 compliance, evaluation of
the Company's MIS system and testing of beta software for the MIS system,
evaluation of the Company's email and servers, evaluation of network routing,
interconnect, and firewall hardware and software compliance and evaluation of
the Company's telephone and voicemail equipment. The Company's review of the
Year 2000 issue with respect to its internal systems preliminarily suggests
no material problems.
As of May 31, 1999, the following Year 2000 projects are completed or in
process: A new Y2K Compliant email system has been installed and tested and
the conversion of email from the old system has been completed; the new
compliant Netcellent (MACOLA) V6.7 MIS system has been installed and related
databases have been converted to Year 2000 compliant formats. This was
completed prior to the 1999 fiscal year end, and the final 1999 inventory and
financial close were completed on the new system and data without problems. A
list of critical vendors has been identified and questionnaires have been
sent to these vendors. Vendor response has been quite favorable with most
having programs in place. The company is working with or will replace any
remaining vendors who are not compliant. Evaluation of equipment containing
embedded controllers is ongoing during 1999, although none is currently
considered mission critical. As of May 31, 1999, the Company's aggregate
expenditures (excluding employee costs) in connection with Year 2000
compliance have been less than $35,000 and the Company estimates that the
total cost of its Year 2000 projects will be approximately $50,000.
The Company has on-going discussions with Cooper Bussmann and IRISO, the
Company's primary licensees, with respect to their state of readiness for
year 2000. Cooper Bussmann has a detailed Y2K plan which has been in place
since 1996 and has completed most major phases. They provide regular status
on implementation, and the Company feels Cooper Bussmann will be compliant.
The Company has received a Y2K plan from IRISO which appears adequately
address in the appropriate areas.
The Company currently does not anticipate that the cost of Year 2000
compliance will be material to its financial condition or results of
operations. However, satisfactorily addressing the Year 2000 issue is
dependent on many factors, some of which are not completely within the
Company's control. Should the Company's internal systems or the internal
systems of one or more significant vendors, manufacturers or suppliers fail
to achieve Year 2000 compliance, the Company's business and its results of
operations could be adversely affected. The failure to correct a material
Year 2000 problem could result in an interruption in, or failure of, certain
normal business activities or operations. Due to the general uncertainty
inherent in the Year 2000 problem, resulting in part from the uncertainty of
the Year 2000 readiness of third-party suppliers and customers, the Company
is unable to determine at this time whether the consequences of Year 2000
failures will have a material impact on the Company's result's of operations,
liquidity or financial condition. However, in the event that the Company's
primary licensees, Cooper Bussmann and Iriso, or their respective customers
or vendors suffer a material interruption in business activity due to
computer malfunctions resulting from Year 2000 noncompliance, licensing
revenues to the Company from Cooper Bussmann and/or Iriso and the Company's
financial condition could be materially adversely affected. The Company's
Year 2000 compliance
10
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project is expected to significantly reduce the Company's level of
uncertainty about the Year 2000 issue and, in particular, about the Year 2000
compliance and readiness of third parties it deals with. The Company believes
that, with the implementation of new business systems and completion of the
project as scheduled, the possibility of significant interruptions of normal
operations should be reduced.
Readers are cautioned that forward-looking statements contained in the Year
2000 Update should read in conjunction with the Company's disclosures about
forward-looking statements in Item 2 above.
PART II
OTHER INFORMATION
ITEM 5. OTHER INFORMATION
None
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits
Exhibit No. Description of Document
----------- -----------------------
27.1 Financial Data Schedule
(b) Reports on Form 8-K
On April 15, 1999, the Company filed a Current Report on Form 8-K to
report the receipt of funds from the exercise of publicly traded
warrants previously issued by the Company.
11
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SIGNATURES
In accordance with the requirements of the Exchange Act, the registrant
caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized.
ORYX TECHNOLOGY CORP.
Dated: July 15, 1999 By: /s/ Philip J. Micciche
------------------------------
Philip J. Micciche
President, Chief Executive
Officer and Director
(Principal Executive Officer)
/s/ Mitchel Underseth
------------------------------
Mitchel Underseth
Chief Financial Officer and
Director
(Principal Financial and
Accounting Officer)
12
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FINANCIAL STATEMENTS OF ORYX TECHNOLOGY CORP. FOR THE THREE MONTHS ENDED MAY 31,
1999 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> FEB-29-2000
<PERIOD-START> MAR-01-1999
<PERIOD-END> MAY-31-1999
<CASH> 4,544,000
<SECURITIES> 0
<RECEIVABLES> 587,000
<ALLOWANCES> 118,000
<INVENTORY> 146,000
<CURRENT-ASSETS> 5,530,000
<PP&E> 908,000
<DEPRECIATION> 483,000
<TOTAL-ASSETS> 6,095,000
<CURRENT-LIABILITIES> 941,000
<BONDS> 0
0
89,000
<COMMON> 23,630,000
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 6,095,000
<SALES> 1,238,000
<TOTAL-REVENUES> 1,238,000
<CGS> 1,076,000
<TOTAL-COSTS> 1,752,000
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> (34,000)
<INCOME-PRETAX> (489,000)
<INCOME-TAX> 0
<INCOME-CONTINUING> (489,000)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (490,000)
<EPS-BASIC> (0.03)
<EPS-DILUTED> (0.03)
</TABLE>
