<PAGE>
U.S SECURITIES AND EXCHANGE COMMISSION
WASHINGTON D.C. 20549
FORM 10-QSB
/x/ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
FOR THE PERIOD ENDED SEPTEMBER 30, 1997
/ / TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) FOR
THE SECURITIES EXCHANGE ACT
FOR THE TRANSITION PERIOD FROM________TO_______
Commission file number 0-25366
-------
AUSTINS STEAKS & SALOON, INC.
(Exact name of small business issuer as specified in its charter)
Delaware 86-0723400
-------- ----------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) identification No.)
6940 "O" Street, Suite 334
Lincoln, Nebraska 68510
(Address of principal executive offices)
(402) 466-2333
(Issuer's telephone number)
Check whether the issuer (1) filed all reports required to be filed by
Section 13 or 15(d) of the Exchange Act during the past 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 October 31, 1997, there were 2,331,052 shares of the issuer's common
stock outstanding.
<PAGE>
Part I: Financial Information
Item 1 - FINANCIAL STATEMENTS
AUSTINS STEAKS & SALOON, INC.
Consolidated Balance Sheets
as of September 30, 1997 and December 31, 1996
September 30,
1997 December 31,
(unaudited) 1996
------------- ------------
ASSETS
Current assets:
Inventories $ 124,523 $127,885
Prepaid expenses & other current
assets 230,419 272,297
------- -------
Total current assets 354,942 400,182
------- -------
Equipment 1,813,034 1,790,354
Leasehold improvements 2,992,369 2,960,973
--------- ---------
Accumulated depreciation &
amortization (1,552,095) (1,150,501)
----------- -----------
Equipment & leasehold improvements,
net 3,253,308 3,600,826
--------- ---------
Intangibles, net 617,398 654,229
Other assets 799,470 825,552
------- -------
$ 5,025,118 $ 5,480,489
----------- -----------
----------- -----------
LIABILITIES & STOCKHOLDERS' EQUITY
Current liabilities:
Cash overdraft $ 247 $ 48,071
Accounts payable 891,956 566,635
Interest payable 4,000 10,236
Unredeemed gift certificates 25,205 89,135
Current portion of long-term debt 72,461 224,478
Notes payable to bank - 155,914
Real estate mortgage note payable 94,141 394,141
------ -------
Total current liabilities 1,088,010 1,488,610
--------- ---------
Long-term debt, net of current portion 620,969 262,205
Note payable to shareholder 269,928 207,270
------- -------
890,897 469,475
------- -------
STOCKHOLDERS' EQUITY
Common stock (0.01 par value; 7,500,000
shares authorized; 2,331,052 shares
issued and outstanding) 23,311 23,311
Additional paid-in capital 5,487,511 5,487,511
Accumulated deficit (2,464,611) (1,988,118)
----------- -----------
Total stockholders' equity 3,046,211 3,522,704
----------- -----------
$ 5,025,118 $ 5,480,789
----------- -----------
----------- -----------
The accompanying notes are an integral part of the consolidated financial
statements.
<PAGE>
AUSTINS STEAKS & SALOON, INC.
Consolidated Statements of Operations
(unaudited)
<TABLE>
<CAPTION>
For the three months For the nine months
ended September 30 ended September 30
1997 1996 1997 1996
----------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
Net sales $2,367,462 $2,609,705 $7,258,318 $8,060,855
Costs and expenses:
Cost of sales 1,664,700 1,853,407 5,087,679 5,701,710
Restaurant operating expenses 684,093 711,689 2,102,737 2,228,298
----------- ----------- ----------- ------------
Restaurant costs and expenses 2,348,793 2,565,096 7,190,416 7,930,008
----------- ----------- ----------- ------------
Restaurant operating income 18,669 44,609 67,902 130,847
General and administrative 167,926 112,290 457,798 908,028
Loss (gain) on restaurant closing - (56,002) - 193,998
----------- ----------- ----------- ------------
Loss from operations (149,257) (11,679) (389,896) (971,179)
Other expense:
Interest expense 24,773 33,591 86,597 119,214
----------- ----------- ----------- ------------
Loss before cumulative effect of
change in accounting principle (173,990) (45,270) (476,493) (1,090,393)
Cumulative effect on prior years
of change in accounting principle
(see Note 1b) - - - (255,512)
----------- ----------- ----------- ------------
Net loss $(173,990) $ (45,270) $ (476,493) $(1,345,905)
----------- ----------- ----------- ------------
----------- ----------- ----------- ------------
Net loss per share $ (0.07) $ (0.02) $ (0.20) $ (0.65)
-------- -------- -------- --------
-------- -------- -------- --------
Weighted average number of common
shares outstanding 2,331,052 2,331,052 2,331,052 2,065,962
----------- ----------- ----------- ------------
The accompanying notes are an integral part of the consolidated financial statements.
</TABLE>
<PAGE>
AUSTINS STEAKS & SALOON, INC.
Consolidated Statement Of Changes In Stockholders' Equity
for the nine months ended September 30, 1997
(unaudited)
<TABLE>
<CAPTION>
Common Stock Additional
-------------------- Paid-In (Accumulated
Shares Dollars Capital Deficit) Total
------ ------- ---------- ------------ ----------
<S> <C> <C> <C> <C> <C>
Balances, December 31, 1996 2,311,052 $23,311 $5,487,511 $(1,988,118) $3,522,704
Net loss - - - $ (476,493) $ (476,493)
--------- ------- ----------- ------------ ----------
Balances, September 30, 1997 2,331,052 $23,311 $5,487,511 $(2,464,611) $3,046,211
--------- ------- ----------- ------------ ----------
--------- ------- ----------- ------------ ----------
The accompanying notes are an integral part of the consolidated financial statements.
</TABLE>
<PAGE>
AUSTINS STEAKS & SALOON, INC.
Consolidated Statements Of Cash Flows
for the nine months ended September 30, 1997 and 1996
(unaudited)
<TABLE>
<CAPTION>
September 30, 1997 September 30, 1996
------------------ ------------------
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss $ (476,493) $(1,345,905)
Adjustments to reconcile net loss to
net cash provided by operating activities:
Cumulative effect of change in accounting principle - 255,512
Depreciation and amortization 441,210 434,007
Loss on sale of equipment and assets held for sale 8,579 7,911
Loss on restaurant closing - 193,998
Write-off of note receivable from officer - 50,000
Write-off of other assets - 169,914
Write-off of equipment - 132,726
Changes in assets and liabilities:
Inventories 3,362 (11,372)
Prepaid expenses and other current assets (83,370) 135,311
Accounts payable 325,321 209,346
Interest payable (6,236) 7,280
Unredeemed gift certificates (63,930) (101,797)
------------ ------------
Net cash provided by operating activities 148,443 136,931
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from sale of equipment and assets held for sale 120,183 9,550
Purchase of equipment and leasehold improvements (60,375) (580,875)
Change in other assets 26,082 (98,862)
------------ ------------
Net cash provided by (used in) investing activities 85,890 (670,187)
CASH FLOWS FROM FINANCING ACTIVITIES:
Decrease in cash overdraft (47,824) (227,157)
Payments on debt (629,166) (200,762)
Proceeds from debt 442,657 961,175
------------ ------------
Net cash provided by (used in) financing activities (234,333) 533,256
------------ ------------
Net increase in cash and cash equivalents - -
Cash and cash equivalents, beginning of period - -
------------ ------------
Cash and cash equivalents, end of period $ - $ -
------------ ------------
The accompanying notes are an integral part of the consolidated financial statements.
</TABLE>
<PAGE>
AUSTINS STEAKS & SALOON, INC.
Notes To Consolidated Financial Statements
(unaudited)
1. Summary of Significant Accounting Policies
a) Basis of Presentation
In the opinion of management, the accompanying unaudited financial
statements contain all normal recurring adjustments necessary for a fair
presentation of financial position and results of operations and cash flows
for the periods presented.
A summary of the significant accounting policies followed by Austins Steaks
& Saloon, Inc. ("Austins" or the "Company") are set forth in the Notes To
Financial Statements in the Company's 1996 Annual Report on Form 10-KSB
filed with the Securities and Exchange Commission. These financial
statements should be read in conjunction with the financial statements
included in the 1996 Annual Report on Form 10-KSB.
b) Change in Method of Accounting
As of January 1, 1996, the Company changed the method of accounting for pre-
opening costs. Labor costs and certain other costs relating to the opening
of new restaurants are expensed as incurred. Previously, such costs were
capitalized and amortized over a 12 month period on a straight-line basis.
Although some retailers capitalize pre-opening costs, the Company believes
expensing such costs as incurred is preferable and results in a more
meaningful presentation of the Company's working capital. The cumulative
effect of the change of $255,512 represents the reversal of the capitalized
pre-opening costs as of December 31, 1995.
c) New Accounting Standards
In February 1997, the Financial Accounting Standards Board (FASB) issued
Statement of Financial Accounting Standards No. 128, "Earnings Per Share"
(SFAS No. 128). SFAS No. 128 specifies the computation, presentation, and
disclosure requirements for earnings per share. SFAS No. 128 is effective
for financial statements issued for periods ending after December 15, 1997.
The Company does not expect a material impact as a result of the adoption
of SFAS No. 128.
2. Loss on Closing of Restaurant
On March 21, 1996 the Company closed its Columbia, Missouri restaurant.
This restaurant was closed due to its operating performance not meeting the
Company's expectations. Rock Bottom, Inc. signed an agreement with the
Company on July 16, 1996 to purchase the equipment in the store and transfer
the Columbia lease. The actual loss on closing was $193,998 consisting of
the non-realizable value of the equipment and
<PAGE>
leasehold improvements, expected loss on lease, and the related costs to
dispose of the unit. The Company had estimated closing costs of $250,000.
3. Other Assets
Other assets consisted of the following:
<TABLE>
<CAPTION>
September 30,
1997 December 31,
(unaudited) 1996
------------- ------------
<S> <C> <C>
Investment - land $535,039 $535,039
Liquor licenses 193,183 193,183
Deposits 45,615 59,894
Organization costs, net 25,633 37,436
------ ------
$799,470 $825,552
-------- --------
-------- --------
</TABLE>
4. Notes Payable and Long-Term Debt
Notes payable and long-term debt consisted of the following:
<TABLE>
<CAPTION>
September 30,
1997 December 31,
(unaudited) 1996
------------- ------------
<S> <C> <C>
Notes Payable:
Note payable to bank, principal and interest at 2%
above the WALL STREET JOURNAL prime rate due
January 24, 1997, collateralized by a liquor license. $ - $ 85,139
Note payable to bank, principal and interest at 2%
above the WALL STREET JOURNAL prime rate due
March 10, 1997, collateralized by a liquor license. - 70,775
------------- ------------
$ - $155,914
------------- ------------
------------- ------------
Real estate mortgage note payable, due in quarterly
installments of $100,000 beginning February 1, 1997,
plus interest at 11% per annum, with the unpaid
principal balance due on October 31, 1997,
collateralized by real estate. $ 94,141 $394,141
------------- ------------
Long-term Debt:
Note payable to corporation, due November 1, 2001,
payable in monthly installments of $856, including
interest at 2% above the NY Composite Prime Lending
Rate. $ - $ 31,958
Note payable to bank, due in weekly installments of
$5,000, including interest at the bank's prime rate
with the unpaid principal balance due on January 16,
1998, collateralized by substantially all assets. 249,097 454,725
Note payable to shareholder, due on December 31,
1998, interest rate equal to the rate presently
being charged by First National Bank of Omaha. 269,928 207,270
<PAGE>
Notes payable to bank, due March 17, 2000, payable
in monthly installments of $945, including interest
at a fixed rate of 8.25%. 25,495 -
Notes payable to bank, principal and interest at the
WALL STREET JOURNAL prime rate due January 27, 1998,
guaranteed by a shareholder and collateralized by
real estate. 350,000 -
Notes payable to bank, due March 25, 2000, payable in
monthly installments of $1,000, including interest at
2% above the WALL STREET JOURNAL prime rate,
collateralized by a liquor license. 68,838 -
------------- ------------
963,358 693,953
Less current portion (72,461) (224,478)
------------- ------------
Total long-term debt $890,897 $469,475
------------- ------------
------------- ------------
</TABLE>
<PAGE>
Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
OVERVIEW
The Company currently operates eight steakhouse restaurants: Four are
located in Omaha, Nebraska; and one each is located in Lincoln, Nebraska;
Scottsdale, Arizona; Santa Fe, New Mexico; and Albuquerque, New Mexico. The
Omaha restaurants were opened in September 1989, January 1992, December 1992,
and January 1996; the Santa Fe restaurant was opened in April 1994, the
Lincoln restaurant was opened in December 1994; the Albuquerque restaurant
was opened in February 1995; and the Scottsdale restaurant was opened in
December 1995. On March 21, 1996 the Company closed its Columbia, Missouri
restaurant which opened in November 1993.
RESULTS OF OPERATIONS
The following table sets forth for the periods presented the percentage
relationship to net sales of certain items included in the Consolidated
Statement of Operations.
Three months ended Nine months ended
September 30 September 30
------------------ -----------------
1997 1996 1997 1996
-------- -------- -------- -------
Net sales 100% 100% 100% 100%
Costs and expenses:
Cost of sales 70.3 71.0 70.1 70.7
Restaurant operating expenses 28.9 27.3 29.0 27.7
---- ----- ---- ----
Restaurant costs and expenses 99.2 98.3 99.1 98.4
---- ----- ---- ----
Restaurant operating income 0.8 1.7 0.9 1.6
---- ----- ---- ----
General and administrative 7.1 4.3 6.3 11.2
Loss (gain) on restaurant closing - (2.2) - 2.4
---- ----- ---- ----
Loss from operations (6.3) (0.4) (5.4) (12.0)
Other expense:
Interest expense 1.0 1.3 1.2 1.5
Loss before cumulative effect
of change in accounting principle (7.3) (1.7) (6.6) (13.5)
Cumulative effect on prior years of
change in accounting principle - - - (3.2)
---- ----- ---- ----
Net loss (7.3)% (1.7)% (6.6)% (16.7)%
---- ----- ---- ----
---- ----- ---- ----
Store data:
Number of restaurants open, beginning 8 8 8 8
of period
Number of restaurants open, end 8 8 8 8
of period
<PAGE>
QUARTER AND YEAR-TO-DATE ENDED SEPTEMBER 30, 1997 COMPARED TO QUARTER
ENDED SEPTEMBER 30, 1996
Net sales for the third quarter ended September 30, 1997 were $2.4 million, a
9% decrease from the third quarter 1996 revenues of $2.6 million. For the nine
months ended September 30, 1997, net sales decreased 10% to $7.3 million from
net sales of $8.1 million in the comparable 1996 period. For the quarters
ended September 30, 1997 and September 30,1996, net sales include the
operations of eight restaurants for the entire period. For the nine months
ended September 30, 1997, net sales include the operations of eight restaurants
for the entire period. During the first nine months of 1996, net sales include
the operations of seven restaurants for the entire period, an eighth restaurant
(Columbia) for approximately three months and a ninth restaurant (Old Market)
for eight months. During the first nine months of 1997, same store sales for
restaurants open for more than one year decreased by 8.5% primarily because of
decreased revenues from the Company's more mature stores. Increased
competition and the negative effect that the addition of casino gambling has
had on retail spending in Omaha and Albuquerque can be attributed to the
decrease in same store sales. The Company, with the assistance of Bozell
Worldwide, has started a new marketing campaign in the Omaha market to help
enhance same store sales.
Cost of sales (consisting primarily of food, beverage, and restaurant labor
costs) decreased 10% to $1.7 million (or 70.3% of net sales) during the third
quarter of 1997, compared to $1.9 million (or 71.0% of net sales) in the 1996
third quarter. For the nine month period ended September 30, 1997, cost of
sales were $5.1 million (or 70.1% of net sales), an 11% decrease from $5.7
million (or 70.7% of net sales) in the comparable 1996 period. The overall
decrease in cost of sales as a percentage of net sales is attributed to
enhanced food and beverage margins as a result of improved controls to reduce
waste and spoilage, and the containment of excess labor costs.
Restaurant operating expenses were $684,000 (or 28.9% of net sales)during the
third quarter of 1997, compared to $712,000 (or 27.3% of net sales) in the
comparable 1996 period. During the first nine months of 1997, the costs
decreased 6% to $2.1 million (or 29.0% of net sales) from $2.2 million (or
27.7% of net sales) in the first nine months of 1996. Restaurant operating
expenses represent primarily the costs of occupancy (including rent,
depreciation, maintenance, and utilities), and various related costs. The
overall increase as a percentage of net sales is due primarily to the
relatively fixed nature of occupancy costs of the Company's locations and lower
same store sales volumes, as noted above.
General and administrative costs increased 49.5% during the third quarter of
1997 to $168,000 (or 7.1% of net sales) from $112,000 (or 4.3% of net sales) in
the comparable 1996 period. For the nine months ended September 30, 1997,
these costs decreased 49.6% to $458,000 (or 6.3% of net sales) from $908,000
(or 11.2% of net sales) in the comparable 1996 period. The first nine month
period decrease is primarily due to the write-off of various abandoned assets
during the first quarter of 1996 including restaurant architectural prototype
costs, computer equipment, development costs incurred for sites not to be
developed, and receivables from the Company's former President and Chief
Executive Officer which have been determined to be noncollectible. The
increase in the third quarter general and administrative costs from 1996 to
1997 is due to the fixed characteristics of corporate expenses including, but
not limited to, salaries and rent.
<PAGE>
Attorneys fees have also increased during the third quarter of 1997 as the
Company successfully resolved two different lawsuits incurred during the
normal course of business in which no claims were paid by the Company.
Interest expense approximated $25,000 during the third quarter of 1997
compared to $34,000 in the comparable period. Year-to-date 1997 interest
expense was $87,000 compared $119,000 in the same nine month period of 1996.
The decrease in interest expense is due to the lower average borrowings for
the period.
As reported in the first quarter of 1996, the Company closed its Columbia,
Missouri restaurant on March 21, 1996 due to its operating performance not
meeting the Company's expectations. The actual closing costs for the nine
months ending September 30, 1996 were $193,998 consisting of the
non-realizable value of the equipment and leasehold improvements, expected
loss on lease, and the related costs to dispose of the unit. Rock Bottom,
Inc. signed an agreement with the Company on July 16, 1996 for $154,000 to
purchase the equipment in the store and assumed the Columbia store lease.
Estimated closing costs for the restaurant were $250,000, resulting in a
$56,002 gain in the third quarter of 1996.
In 1996, the Company changed its method of accounting for pre-opening costs.
Labor costs and other costs relating to the opening of new restaurants are
being expensed as incurred.
As a result of the factors described above, the Company had a net loss
during the 1997 third quarter of $174,000, and a net loss for the first nine
months of 1997 of $476,000. This compares to net loss of $45,000 in the
third quarter of 1996, and $1.3 million for the first nine month period of
1996. The increase in net loss for the third quarter is primarily due to
the decrease in restaurant operating income resulting from decreased
same-store sales and the increase in general and administrative costs. The
decrease in net loss for the nine month period is due to lower general and
administrative costs, interest expense, restaurant closing costs, and the
cumulative effect of the change in accounting principle.
LIQUIDITY AND CAPITAL RESOURCES
The Company currently has $249,097 borrowed under an agreement with First
National Bank of Omaha, at a variable interest rate which was 10.50% at
September 30, 1997. The Company began paying down the principal and interest
$5,000 a week starting August 1, 1996. This bank agreement expires on
January 16, 1998. To help improve the Company's cash flow, the Company is
negotiating with First National Bank of Omaha to modify the current loan
agreement so that the Company will pay $5,000 a month in principal plus
interest instead of $5,000 a week, as noted above. The new loan will be
guaranteed by a shareholder and mature June 30, 1998.
The Company obtained a line of credit from First Bank, N.A. in January 1997,
in the amount of $395,000 at an initial interest rate of 8.25%. The line of
credit is guaranteed by a stockholder and is collateralized by the Rio Rancho
land held for sale. The Company currently has $350,000 borrowed against the
line to pay off existing debt. Due to the Company's ability to make payments
on a timely basis and the present cash flow situation, the Company expects
that the line of credit will be extended for another year. On November 3,
1997, the Company entered into
<PAGE>
another line of credit with First Bank, N.A. in the amount of $250,000 at an
initial interest rate of 8.5%. This line of credit is also guaranteed by a
shareholder and matures on November 3, 1998.
The Company currently has borrowed $269,928 from The Schorr Family Company,
Inc. due December 31, 1998 with an interest rate equal to the First National
Bank of Omaha "Base Rate".
On October 29, 1997, the Company also renegotiated the real estate mortgage
note. The new loan agreement states that the Company will pay $50,000 plus
interest on October 31, 1997, and pay the remaining principal balance on
January 31, 1998.
The Company's capital requirements relate principally to the operation of
existing restaurants. Capital expenditures for the first nine months of 1997
were $60,000 compared to $581,000 for the comparable period in 1996.
During the second quarter of 1997, the Company sold one of its liquor
licenses for $120,000, and paid off the $71,000 debt related to the asset.
The Company realized a $5,248 loss in connection with the sale of this asset.
Currently, the Company is in the process of selling a liquor license in New
Mexico and is seeking a buyer for the real estate in Rio Rancho which were
purchased in anticipation of opening new stores. These sales will increase
working capital, support the renovation need for the mature Omaha stores and
repay the related debt collateralized by these two assets and other various
debt listed on the balance sheet. Management believes the Company has the
financial resources in light of projected cash flow to maintain its
current level of operations throughout 1997. There can be no assurance that
the Company will be successful in its attempt to sell the assets offered for
sale at a profit and maintain profitable operations to the extent necessary to
meet existing debt service requirements.
<PAGE>
Part II: Other Information
Item 3. - EXHIBITS
a) Exhibit 27 - Financial Data Schedule
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Austins Steaks & Saloon, Inc.
Date: November 14 By: /s/ Tish Gade-Jones
-------------------------------
Tish Gade-Jones
Chief Financial Officer
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
CONSOLIDATED BALANCE SHEETS AND CONSOLIDATED STATEMENTS OF OPERATIONS FOUND ON
PAGES 3 AND 4 OF THE COMPANY'S FORN 10-K FOR THE 10-K FOR YEAR-TO-DATE AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> SEP-30-1997
<CASH> 0
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 124,523
<CURRENT-ASSETS> 354,942
<PP&E> 4,805,403
<DEPRECIATION> (1,552,095)
<TOTAL-ASSETS> 5,025,118
<CURRENT-LIABILITIES> 1,088,010
<BONDS> 0
0
0
<COMMON> 23,311
<OTHER-SE> 3,022,900
<TOTAL-LIABILITY-AND-EQUITY> 5,025,118
<SALES> 7,258,318
<TOTAL-REVENUES> 7,258,318
<CGS> 7,190,416
<TOTAL-COSTS> 7,190,416
<OTHER-EXPENSES> 457,798
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 86,597
<INCOME-PRETAX> (476,493)
<INCOME-TAX> 0
<INCOME-CONTINUING> (476,493)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (476,493)
<EPS-PRIMARY> (0.20)
<EPS-DILUTED> 0
</TABLE>
