SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 10 - QSB
(Mark One)
/X/ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 1997
/ / TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from to
Commission File Number: 0-25918
ACTIVE APPAREL GROUP, INC.
(Exact name of small business issuer as specified in its charter)
DELAWARE 13-3672716
(State or other jurisdiction of (IRS Employer
incorporation or organization) Identification No.)
1350 BROADWAY
SUITE 2300
NEW YORK, NY 10018
(Address of Principal Executive Offices)
(212) 239-0990
(Issuer's telephone number)
Not Applicable
(Former name, former address and former
fiscal year if changed since last report)
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 / /
The number of common equity shares outstanding as of November 3,
1997, was 2,469,375 shares of Common Stock, $.002 par value, and 100,00 shares
of Class A Common Stock, $.01 par value.
Transitional Small Business Disclosure Format (check one):
Yes / / No /X/
Form 10-QSB
<PAGE>
INDEX
PART I. FINANCIAL INFORMATION PAGE
Item 1. Financial Statements
Balance Sheets 3
Statements of Income 4
Statements of Changes in Stockholders' Equity 5
Statements of Cash Flows 6
Notes to Financial Statements 7
Item 2. Management's Discussion and Analysis
of Financial Condition and Results of
Operations 8-10
PART II. OTHER INFORMATION
Item 2. Changes in Securities 11
Item 6. Exhibits and Reports on Form 8-K 11
SIGNATURE 12
- 2 -
<PAGE>
ACTIVE APPAREL GROUP, INC.
BALANCE SHEETS
<TABLE>
<CAPTION>
September 30, December 31,
1 9 9 7 1 9 9 6
------------- -----------
(Unaudited)
<S> <C> <C>
ASSETS
Current assets:
Cash and cash equivalents $ 62,497 $ 163,241
Due from factor 1,552,628 2,896,273
Inventory 4,987,571 2,757,700
Prepaid royalties 53,764 52,513
Prepaid expenses and other current assets 460,613 122,807
----------- -----------
Total current assets 7,117,073 5,992,534
Property and equipment, net 386,005 292,777
Security deposits and other assets 548,360 339,968
Note receivable, officer 120,000 120,000
----------- -----------
Total Assets $ 8,171,438 $ 6,745,279
=========== ===========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 1,746,129 $ 552,858
Accrued expenses and other current liabilities 300,420 499,500
----------- -----------
Total current liabilities 2,046,549 1,052,358
----------- -----------
Stockholders' equity:
Common stock, par value $.002; 10,000,000
shares authorized, 2,641,875 issued,
2,469,375 outstanding (1997);
10,000,000 shares authorized, 2,620,237
issued, 2,447,737 outstanding (1996) 5,283 5,240
Class A common stock, par value $.01; 100,000 shares
authorized; 100,000 shares issued and outstanding 1,000 1,000
Paid-in capital 6,124,891 6,054,035
Retained earnings 719,340 358,271
----------- -----------
6,850,514 6,418,546
Less treasury stock, at cost (172,500 common shares) (725,625) (725,625)
----------- -----------
Total Stockholders' Equity 6,124,889 5,692,921
----------- -----------
Total Liabilities and Stockholders' Equity $ 8,171,438 $ 6,745,279
=========== ===========
</TABLE>
- 3 -
See accompanying notes to financial statements.
<PAGE>
ACTIVE APPAREL GROUP, INC.
STATEMENTS OF INCOME
<TABLE>
<CAPTION>
Nine months ended Three months ended
September 30, September 30,
----------------------------- -----------------------------
1 9 9 7 1 9 9 6 1 9 9 7 1 9 9 6
----------- ----------- ----------- -----------
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
<S> <C> <C> <C> <C>
Net sales $12,598,293 $11,807,476 $ 4,595,594 $ 4,642,883
Cost of goods sold 7,556,479 7,286,057 2,713,814 2,906,813
----------- ----------- ----------- -----------
Gross profit 5,041,814 4,521,419 1,881,780 1,736,070
----------- ----------- ----------- -----------
Operating expenses:
Selling and shipping 2,701,043 2,226,006 1,117,051 895,317
General and administrative 1,361,710 1,274,320 422,924 453,692
Financial expenses, including interest
expense of $102,776 and $31,199 for the
nine months ended September 30,1997 and 1996 341,341 210,700 160,564 66,625
----------- ----------- ----------- -----------
4,404,094 3,711,026 1,700,539 1,415,634
----------- ----------- ----------- -----------
Income from operations 637,720 810,393 181,241 320,436
Other income 4,557 19,859 1,329 2,476
----------- ----------- ----------- -----------
Income before provision for income taxes 642,277 830,252 182,570 322,912
Provision for income taxes 281,208 230,211 85,340 120,178
----------- ----------- ----------- -----------
Net income $ 361,069 $ 600,041 $ 97,230 $ 202,734
=========== =========== =========== ===========
Primary earnings per share $ .14 $ .22 $ .04 $ .08
=========== =========== =========== ===========
</TABLE>
- 4 -
See accompanyingnotes to financial statements.
<PAGE>
ACTIVE APPAREL GROUP, INC.
STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
NINE MONTHS ENDED SEPTEMBER 30, 1997 AND 1996
<TABLE>
<CAPTION>
9% Cumulative
convertible Class A
Preferred stock Common stock Common stock Paid-in
--------------- ------------ ------------- -------
Shares Amount Shares Amount Shares Amount Capital
------- -------- --------- ------ ------ ------ ------------
<S> <C> <C> <C> <C> <C> <C> <C>
Balance, December 31, 1995 4,000 $1,000 2,439,437 $ 5,224 100,000 $ 1,000 $ 6,057,764
Stock options exercised -- -- 5,300 10 -- -- 1,977
Redemption of preferred stock (1,000) (250) -- -- -- -- (2,250)
Public offering costs -- -- -- -- -- -- (4,200)
Conversion of preferred stock (3,000) (750) -- -- -- -- (6,750)
Issuance of common stock -- -- 3,000 6 -- -- 7,494
Net income,
nine months ended
September 30, 1996 -- -- -- -- -- -- --
------- ------ --------- ------- ----------- --------- -----------
Balance, September 30, 1996 -- $ -- 2,444,737 $ 5,240 100,000 $ 1,000 $ 6,054,035
======= ====== ========= ======= =========== ========= ===========
Balance, December 31, 1996 -- $ -- 2,447,737 $ 5,240 100,000 $ 1,000 $ 6,054,035
Stock options exercised -- -- 21,638 43 -- -- 70,856
Net income,
nine months ended
September 30, 1997 -- -- -- -- -- -- --
------- ------ --------- ------- ----------- --------- -----------
Balance, September 30, 1997 -- $ -- 2,469,375 $ 5,283 100,000 $ 1,000 $ 6,124,891
======= ====== ========= ======= =========== ========= ===========
</TABLE>
<TABLE>
<CAPTION>
Retained
earnings Treasury stock
(accumulated -------------------
deficit) Shares Amount Total
-------------- ------ --------- ---------
<S> <C> <C> <C> <C>
Balance, December 31, 1995 $(352,977) 172,500 $ (725,625) $ 4,986,386
Stock options exercised -- -- -- 1,987
Redemption of preferred stock -- -- -- (2,500)
Public offering costs -- -- -- (4,200)
Conversion of preferred stock -- -- -- (7,500)
Issuance of common stock -- -- -- 7,500
Net income,
nine months ended
September 30, 1996 600,041 -- -- 600,041
--------- ----------- ----------- -----------
Balance, September 30, 1996 $ 247,064 172,500 $ (725,625) $ 5,581,714
========= =========== =========== ===========
Balance, December 31, 1996 $ 358,271 172,500 $ (725,625) $ 5,692,921
Stock options exercised -- -- -- 70,899
Net income,
nine months ended
September 30, 1997 361,069 -- -- 361,069
--------- ----------- ----------- -----------
Balance, September 30, 1997 $ 719,340 172,500 $ (725,625) $ 6,124,889
========= =========== =========== ===========
</TABLE>
- 5 -
See accompanying notes to financial statements.
<PAGE>
ACTIVE APPAREL GROUP, INC.
STATEMENTS OF CASH FLOWS
<TABLE>
<CAPTION>
NINE MONTHS ENDED
SEPTEMBER 30,
-------------------------------
1997 1996
(Unaudited) (Unaudited)
<S> <C> <C>
Cash flows from operating activities:
Net income $ 361,069 $ 600,041
Adjustments to reconcile net income to net
Cash provided by operating activities:
Depreciation 80,524 36,404
Provision for bad debts -- 14,142
Deferred tax provision -- 63,664
Loss on disposal of property and equipment -- 252
Changes in assets (increase) decrease:
Due from factor 1,343,645 350,231
Inventory (2,229,871) (909,253)
Prepaid expenses and other current assets (337,806) (259,007)
Prepaid royalties (1,251) 17,662
Other assets (208,392) (10,705)
Changes in liabilities increase (decrease):
Accounts payable 1,193,271 161,260
Accrued expenses and other current liabilities (199,080) 36,827
----------- -----------
Net cash provided by operating activities 2,109 101,518
----------- -----------
Cash flows used by investing activities:
Acquisition of property and equipment (173,752) (104,897)
----------- -----------
Cash flows from financing activities:
Initial public offering costs -- (4,200)
Redemption of preferred stock -- (2,500)
Proceeds from stock options exercised 70,899 1,987
----------- -----------
Net cash provided (used) by financing activities 70,899 (4,713)
----------- -----------
Net decrease in cash and cash equivalents (100,744) (8,092)
Cash and cash equivalents, beginning of period 163,241 134,344
----------- -----------
Cash and cash equivalents, end of period $ 62,497 $ 126,252
=========== ===========
Supplemental disclosures of cash flow information: Cash paid during the period
for:
Interest $ 102,776 $ 31,199
Income taxes 635,432 37,082
Supplemental disclosures of noncash financing activity:
Preferred stock converted to common stock $ 7,500
</TABLE>
- 6 -
See accompanying notes to financial statements.
<PAGE>
ACTIVE APPAREL GROUP, INC.
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 1997 AND 1996
1. The Company and basis of presentation:
The financial statements presented herein as of September 30, 1997 and
for the nine months ended September 30, 1997 and 1996 are unaudited and,
in the opinion of management, include all adjustments (consisting only
of normal and recurring adjustments) necessary for a fair presentation
of financial position and results of operations. Such financial
statements do not include all of the information and footnote
disclosures normally included in audited financial statements prepared
in accordance with generally accepted accounting principles. The
accompanying unaudited financial statements have been prepared in
accordance with the instructions to Form 10-QSB. The results of
operations for the nine and three month periods ended September 30, 1997
are not necessarily indicative of the results that may be expected for
any other interim period or the full year ending December 31, 1997.
2. Initial public offering:
On May 4, 1995, the Company completed an initial public offering of
640,000 shares of common stock,$.002 par value per share (the "Common
Stock"),at $6.25 per share. Proceeds to the Company, after deducting
initial public offering costs of $319,180, were $3,680,820.
3. Primary earnings per share:
Primary earnings per share amounts are computed based on the weighted
average number of shares actually outstanding plus the shares that would
be outstanding assuming the exercise of dilutive stock options, all of
which are considered to be common stock equivalents. The number of
shares that would be issued from the exercise of stock options has been
reduced by the number of shares that could have been purchased from the
proceeds at the average market price of the convertible preferred stock.
The number of shares used in the computations were 2,666,870 and
2,699,949 at September 30, 1997 and 1996, respectively.
Fully diluted earnings per share amounts are not presented for September
30, 1997 and 1996 because they are not materially dilutive.
-7-
<PAGE>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS
THIS REPORT ON FORM 10-QSB CONTAINS FORWARD-LOOKING STATEMENTS THAT
INVOLVE RISKS AND UNCERTAINTIES. THE COMPANY'S ACTUAL RESULTS COULD DIFFER
MATERIALLY FROM THOSE ANTICIPATED IN THESE FORWARD-LOOKING STATEMENTS. FACTORS
THAT MAY CAUSE SUCH DIFFERENCES INCLUDE, BUT ARE NOT LIMITED TO, THE COMPANY'S
EXPANSION INTO NEW MARKETS, COMPETITION, TECHNOLOGICAL ADVANCES AND AVAILABILITY
OF MANAGERIAL PERSONNEL.
GENERAL
The Company is a designer, marketer and supplier of women's activewear
and sportswear, and unisex activewear and accessories. The Company sells its
principal product collections under the EVERLAST, CONVERSE and MTV brand names
through exclusive licensing arrangements. The Company's products are
manufactured by third party independent manufacturing contractors and are sold
to approximately 500 separate accounts, representing approximately 20,000 retail
locations throughout the United States and Canada, including a variety of
department stores, specialty stores, sporting goods stores, catalog operations
and better mass merchandisers.
On May 4, 1995 the Company completed an initial public offering of
640,000 shares of Common Stock at $6.25 per share. Proceeds to the Company,
after deducting initial public offering costs of $319,180, were $3,680,820.
The financial statements of the Company and the notes thereto contain
detailed information that should be referred to in conjunction with this
discussion.
RESULTS OF OPERATIONS
QUARTER ENDED SEPTEMBER 30, 1997 COMPARED TO QUARTER ENDED SEPTEMBER 30, 1996
Net sales decreased to $4,595,594 for the three months ended September
30, 1997 from $4,642,883 for the three months ended September 30, 1996, a
decrease of $47,289 or 1.0%. This decrease in sales was principally attributable
to the weakness in credit worthiness of certain customers, the UPS strike and
industry mergers.
Gross profit increased to $1,881,780 for the three months ended
September 30, 1997 from $1,736,070 for the three months ended September 30,
1996, an increase of $145,710 or 8.4%. Gross profit increased as a percentage of
net sales to 41.0% from 37.4%. This increase as a percentage of net sales was
primarily due to the Company's ability to obtain projected sales prices on its
products.
Selling and shipping expenses increased to $1,117,051 for the three
months ended September 30, 1997 from $895,317 for the three months ended
September 30, 1996, an increase of $221,734 or 24.7%. Selling and shipping
expenses as a percentage of net sales increased to 24.3% from 19.3%. The
increase as a percentage of net sales was primarily attributable to an increase
in advertising and promotions to facilitate the Company's continued and
anticipated growth.
General and administrative expenses decreased to $422,924 for the three
months ended September 30, 1997 from $453,692 for the three months ended
September 30, 1996, a decrease of $30,768, or 6.8%. General and administrative
expenses as a percentage of net sales decreased to 9.2% from 9.8%. The decrease
as a percentage of net sales was primarily attributable to a decrease in office
expenses and supplies for the three months ended September 30, 1997 versus the
comparable period in 1996.
Financial expenses increased to $160,564 for the three months ended
September 30, 1997 from $66,625 for the three months ended September 30, 1996,
an increase of $93,939, or 140.9%. Of the total financial expenses, interest
expense increased to $62,596 for the three months ended September 30, 1997 from
$23,641 for the three months ended September 30, 1996. Such increase was
attributable to the increase in the Company's net borrowings from the factor for
the three months ended September 30, 1997 versus the comparable period in 1996.
Operating income decreased to $181,241 for the three months ended
September 30, 1997 from $320,436 for the three months ended September 30, 1996,
a decrease of $139,195, or 43.4% for the reasons stated in the preceding
paragraphs. Operating income as a percentage of net sales was 3.9% for the three
months ended September 30, 1997 as compared to 6.9% for the three months ended
September 30, 1996.
-8-
<PAGE>
The Company incurred a tax provision of $85,340 for the three months
ended September 30, 1997 as compared to $120,178 for the three months ended
September 30, 1996, an decrease of $34,838.
The Company had net income of $97,230 for the three months ended
September 30, 1997 as compared to $202,734 for the three months ended September
30, 1996, a decrease of $105,504, or 52.0% for the reasons stated in the
preceding paragraphs.
NINE MONTHS SEPTEMBER 30, 1997 COMPARED TO NINE MONTHS ENDED SEPTEMBER 30, 1996
Net sales increased to $12,598,293 for the nine months ended September
30, 1997 from $11,807,476 for the nine months ended September 30, 1996, an
increase of $790,817, or 6.7%. This increase was principally attributable to
increased sales volume of the Company's products through continued market
penetration, acceptance of the Company's products and increased orders from
established accounts.
Gross profit increased to $5,041,814 for the nine months ended September
30, 1997 from $4,521,419 for the nine months ended September 30, 1996, an
increase of $520,395, or 11.5%. Gross profit increased as a percentage of net
sales to 40% from 38.3%. The increase as a percentage of net sales was primarily
due to the Company's ability to obtain projected sales prices on its products.
Selling and shipping expenses increased to $2,701,043 for the nine
months ended September 30, 1997 from $2,226,006 for the nine months ended
September 30, 1996, an increase of $475,037, or 21.3%. Selling and shipping
expenses as a percentage of net sales increased to 21.4% from 18.9%. The
increase as a percentage of net sales was primarily attributable to an increase
in advertising and promotions to facilitate the Company's continued and
anticipated growth.
General and administrative expenses increased to $1,361,710 for the nine
months ended September 30, 1997 from $1,274,320 for the nine months ended
September 30, 1996, an increase of $87,390, or 6.9%. The increase was primarily
attributable to an increase in temporary employment services and depreciation
expense for the nine months ended September 30, 1997 versus the comparable
period in 1996. General and administrative expenses as a percentage of net sales
remained constant at 10.8% for 1997 and 1996.
Financial expenses increased to $341,341 for the nine months ended
September 30, 1997 from $210,700 for the nine months ended September 30, 1996,
an increase of $130,641, or 62.0%. Of the total financial expenses, interest
expense increased to $102,776 for the nine months ended September 30, 1997 from
$31,199 for the nine months ended September 30, 1996. Such increase was
attributable to the increase in the Company's net borrowings from the factor for
the nine months ended June 30, 1997 versus the comparable period in 1996.
Operating income decreased to $637,720 for the nine months ended
September 30, 1997 from $810,393 for the nine months ended September 30, 1996, a
decrease of $172,673, or 21.3% for the reasons stated in the preceding
paragraphs. Operating income as a percentage of net sales was 5.1% for the nine
months ended September 30, 1997 as compared to 6.9% for the nine months ended
September 30, 1996.
The Company incurred a tax provision of $281,208 for the nine months
ended September 30, 1997 as compared to $230,211 for the nine months ended
September 30, 1996, an increase of $50,997, or 22.2%. For the nine months ended
September 30, 1996 the Company was able to utilize $338,000 of its net operating
loss carryforward to offset taxable income, compared to September 30, 1997 when
the Company had no net operating loss carryforward available.
The Company had net income of $361,069 for the nine months ended
September 30, 1997 as compared to $600,041 for the nine months ended September
30, 1996, a decrease of $238,972, or 39.8% for the reasons stated in the
preceding paragraphs.
-9-
<PAGE>
LIQUIDITY AND CAPITAL RESOURCES
On May 4, 1995, the Company completed an initial public offering of
640,000 shares of Common Stock at $6.25 per share. Proceeds to the Company,
after deducting initial public offering costs of $319,180 were $3,680,820. Upon
completion of the offering, the Company applied $3,600,000 of the net proceeds
towards its loan balance under the credit agreement with Century Business Credit
Corporation (the "Century Agreement"); the balance was applied to general
working capital.
Operating activities provided positive cash flow for the nine months
ended September 30, 1997 and 1996. This was primarily attributable to the
favorable operating results achieved in both periods. The net cash provided by
operating activities was $2,109 for the nine months ended September 30, 1997
compared to $101,518 for the nine months ended September 30, 1996. The decrease
was primarily attributable to the decrease in net income for the nine months
ended September 30, 1997 compared to the nine months ended September 30, 1996.
Net cash used for investing activities for the nine months ended September 30,
1997 was $173,752 compared to $104,897 for the nine months ended September 30,
1996. This was attributable to the increase in acquisition of property and
equipment. Net cash provided by (used for) financing activities was $70,899 for
the nine months ended September 30, 1997 compared to ($4,713) for the nine
months ended September 30, 1996. The increase was primarily attributable to
proceeds from the exercise of stock options.
During the nine months ended September 30, 1997, the Company's primary
need for funds was to finance working capital for the anticipated growth in net
sales of the Company's products. The Company has relied primarily upon cash flow
from operations and advances drawn against factored receivables to finance its
operations and expansion. At September 30, 1997, working capital was $5,064,524
compared to $5,271,637 at September 30, 1996 a decrease of $207,113.
Due from factor represents the amount owed to the Company for factored
receivables less the amount of outstanding advances made by Century to the
Company under the Century Agreement. At September 30, 1997 due from factor was
$1,552,628 as compared to $2,937,268 at September 30, 1996. Due to an inventory
replenishment program, stocking for a new product line, and an increase in
booked and anticipated orders, the Company's inventory increased to $4,987,571
at September 30, 1997 as compared to $2,685,836 at September 30, 1996.
Management anticipates it will retain a net receivable position under
the Century Agreement, although no assurance to that effect can be given.
Positive cash flow, if it occurs, will provide for a further reduction in
advances, and excess working capital will be sufficient to fund the Company's
anticipated growth through 1997.
-10-
<PAGE>
PART II. OTHER INFORMATION
Item 2. Changes in Securities
The following unregistered securities were issued by the Company during the
three months ended September 30,1997:
<TABLE>
<CAPTION>
Number of Shares
Date of Sale Description of Sold/Issued/Subject Exercise Purchaser
/Issuance Securities Issued to Options or Warrants Price Per Share or Class
- -------------- ------------------ ---------------------- --------------- --------------
<S> <C> <C> <C> <C>
August 15,1997 Common Stock 16,200 $5.43 Former Director
Options
</TABLE>
The issuance of these securities are claimed to be exempt from registration
pursuant to section 4(2) of the Securities Act of 1933, as amended, as
transactions by an issuer not involving a public offering. There were no
underwriting discounts or commissions paid in connection with the issuance of
any of these securities.
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits
Exhibit 27 - Financial Data Schedule
(b) Reports on Form 8-K
-11-
<PAGE>
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
ACTIVE APPAREL GROUP, INC.
Date: November 4, 1997 By: /s/ George Q Horowitz
------------------ ----------------------
George Q Horowitz
Chief Executive Officer, President,
Treasurer, and Director
Signing on behalf of the
registrant and as Chief
Financial Officer
-12-
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from the
Company's Form 10-QSB for the quarter ended September 30, 1997 and is qualified
in its entirety by reference to such Financial Statements and Notes, thereto.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JUL-01-1997
<PERIOD-END> SEP-30-1997
<CASH> 62,497
<SECURITIES> 0
<RECEIVABLES> 1,552,628
<ALLOWANCES> 0
<INVENTORY> 4,987,571
<CURRENT-ASSETS> 7,111,073
<PP&E> 578,497
<DEPRECIATION> 192,492
<TOTAL-ASSETS> 8,165,438
<CURRENT-LIABILITIES> 2,046,549
<BONDS> 0
0
0
<COMMON> 5,283
<OTHER-SE> 1,000
<TOTAL-LIABILITY-AND-EQUITY> 8,165,438
<SALES> 4,595,594
<TOTAL-REVENUES> 4,595,594
<CGS> 2,713,814
<TOTAL-COSTS> 2,713,814
<OTHER-EXPENSES> 1,700,539
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 62,596
<INCOME-PRETAX> 182,570
<INCOME-TAX> 91,340
<INCOME-CONTINUING> 182,570
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 91,230
<EPS-PRIMARY> 0.04
<EPS-DILUTED> 0.04
</TABLE>
