SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
[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
------------------
OR
[ ] 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 0-25378
-------
HCIA INC.
---------
(Exact name of registrant as specified in its charter)
MARYLAND 52-1407998
- ---------------------------- ----------------------
(State or other jurisdiction (I.R.S. Employer
of incorporation) Identification Number)
300 EAST LOMBARD STREET, BALTIMORE, MARYLAND 21202
- -------------------------------------------- ----------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (410) 895-7470
-------------------
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such report(s)), and (2) has been subject to such filing
requirements for the past 90 days.
YES X NO
--- ---
Indicate the number of shares outstanding of each of the registrant's classes of
common stock, at November 1, 1997:
Class: Common Stock Number of Shares: 11,848,822
----------
<PAGE>
HCIA INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
SEPTEMBER 30, 1997 AND DECEMBER 31, 1996
(in thousands)
Part 1
Item 1. Financial Statements.
<TABLE>
<CAPTION>
1997 1996
(Unaudited)
<S><C>
ASSETS
Current assets:
Cash and cash equivalents $ 5,229 $ 13,302
Short-term investments - 510
Trade accounts receivable, net of allowance for doubtful accounts
of $2,104 in 1997 and $1,042 in 1996 33,766 32,122
Prepaid expenses and other current assets 4,053 3,886
Income tax receivable 836 339
Deferred compensation funds held in trust 4,399 5,321
-------- --------
Total current assets 48,283 55,480
Furniture and equipment, net 14,669 12,188
Computer software costs, net 25,963 20,425
Other intangible assets, net 72,703 115,601
Net deferred tax asset 23,154 17,074
Other 146 123
Deferred compensation funds held in trust - 2,305
-------- --------
Total assets $184,918 $223,196
======== ========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 2,815 $ 1,315
Accrued salaries, benefits and other liabilities 7,863 8,078
Notes payable 429 1,718
Deferred revenue 1,602 2,052
Acquired deferred compensation liability 4,399 5,321
-------- --------
Total current liabilities 17,108 18,484
Acquired deferred compensation liability - 2,305
-------- --------
Total liabilities 17,108 20,789
-------- --------
Stockholders' equity:
Common stock-$.01 par value; 50,000,000 shares authorized; issued and
outstanding 11,848,822 as of September 30, 1997 and 11,781,458 as of
December 31, 1996 118 118
Additional paid-in capital 250,875 249,591
Accumulated deficit (83,088) (47,220)
Cumulative unrealized appreciation of short-term investments - 4
Cumulative effect of currency translation adjustment (95) (86)
-------- --------
Total stockholders' equity 167,810 202,407
-------- --------
Total liabilities and stockholders' equity $184,918 $223,196
======== ========
</TABLE>
See accompanying notes to consolidated financial statements.
Page 1
<PAGE>
HCIA INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
Three months ended September 30, 1997 and 1996
(in thousands, except per share data)
(Unaudited)
<TABLE>
<CAPTION>
1997 1996
<S><C>
Revenue $ 18,809 $ 18,684
Salaries, wages and benefits 9,707 8,245
Other operating expenses 6,207 4,703
Depreciation 1,105 683
Amortization 4,171 2,926
Write-off of acquired in-process research and development costs - 41,507
Impairment loss on intangible assets and restructuring charges 41,129 -
-------- --------
Operating loss (43,510) (39,380)
Interest income 88 244
Interest expense 122 294
-------- --------
Loss before income taxes (43,544) (39,430)
Provision (benefit) for income taxes (7,322) 3,803
-------- --------
Net loss $(36,222) $(43,233)
======== ========
Net loss per share $ (3.06) $ (4.13)
======== ========
Shares used in per share calculation 11,849 10,466
======== ========
</TABLE>
See accompanying notes to consolidated financial statements.
Page 2
<PAGE>
HCIA INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
Nine months ended September 30, 1997 and 1996
(in thousands, except per share data)
(Unaudited)
<TABLE>
<CAPTION>
1997 1996
<S><C>
Revenue $ 63,772 $ 49,402
Salaries, wages and benefits 31,118 21,803
Other operating expenses 18,628 11,520
Depreciation 3,049 1,772
Amortization 11,906 6,642
Write-off of acquired in-process research and development costs -- 45,879
Impairment loss on intangible assets and restructuring charges 41,129 --
-------- --------
Operating loss (42,058) (38,214)
Interest income 374 811
Interest expense 321 437
-------- --------
Loss before income taxes (42,005) (37,840)
Provision (benefit) for income taxes (6,137) 4,429
-------- --------
Net loss $(35,868) $(42,269)
======== ========
Net loss per share $ (3.03) $ (4.43)
======== ========
Shares used in per share calculation 11,829 9,533
======== ========
</TABLE>
See accompanying notes to consolidated financial statements.
Page 3
<PAGE>
HCIA INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
Year ended December 31, 1996 and the nine months ended
September 30, 1997
(in thousands)
<TABLE>
<CAPTION>
Cumulative
Unrealized
Appreciation/
(Depreciation) Cumulative Effect of
Additional Paid-In of Short-term Currency Translation Total Stockholders'
Common Stock Capital Accumulated Deficit Investments Adjustment Equity
------------ ------------------ ------------------- -------------- -------------------- -------------------
<S><C>
BALANCE AT
DECEMBER 31,
1995 $ 90 $102,882 $ (4,953) $ 44 $(19) $ 98,044
-----------------------------------------------------------------------------------------------------
Exercise of stock
options -- 638 -- -- -- 638
Sale of common
stock to the public 23 116,233 -- -- -- 116,256
Tax benefits related
to exercise of stock
options -- 1,128 -- -- -- 1,128
Issuance of stock in
connection with an
acquisition 5 28,710 -- -- -- 28,715
Net loss -- -- (42,267) -- -- (42,267)
Effect of currency
translation
adjustment -- -- -- -- (67) (67)
Unrealized
depreciation of short-
term investments -- -- -- (40) -- (40)
-----------------------------------------------------------------------------------------------------
BALANCE AT
DECEMBER 31,
1996 $118 $249,591 $(47,220) $ 4 $(86) $202,407
-----------------------------------------------------------------------------------------------------
Exercise of stock
options -- 596 -- -- -- 596
Tax benefits related
to exercise of stock
options -- 688 -- -- -- 688
Net loss -- -- (35,868) -- -- (35,868)
Effect of currency
translation
adjustment -- -- -- -- (9) (9)
Unrealized
depreciation of short-
term investments -- -- -- (4) -- (4)
-----------------------------------------------------------------------------------------------------
BALANCE AT
SEPTEMBER 30,
1997 (Unaudited) $118 $250,875 $(83,088) $ -- $(95) $167,810
=====================================================================================================
</TABLE>
See accompanying notes to consolidated financial statements.
Page 4
<PAGE>
HCIA INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
Nine months ended September 30, 1997 and 1996
(in thousands)
(Unaudited)
<TABLE>
<CAPTION>
1997 1996
<S><C>
Cash flows from operating activities:
Net loss $(35,868) $ (42,269)
Adjustments to reconcile net loss to net cash
provided by operating activities:
Depreciation and amortization 14,955 8,414
Write-off of acquired in-process research and development costs - 45,879
Impairment loss on intangible assets and restructuring charges 41,129 -
Income tax benefit related to stock options 688 1,128
Deferred tax provision (6,080) 4,175
Changes in operating assets and liabilities:
Accounts receivable (4,258) (6,860)
Income taxes receivable (473) (1,699)
Prepaid expenses and other current assets (50) (973)
Accounts payable 1,500 (755)
Accrued salaries, benefits and other liabilities (1,154) (407)
Deferred revenue (565) (8)
-------- ---------
Net cash provided by operating activities 9,824 6,625
-------- ---------
Cash flows from investing activities:
Purchases of furniture and equipment (5,491) (4,127)
Cost of acquisitions, net of cash acquired (104) (133,253)
Computer software purchased or capitalized (10,785) (8,867)
Other intangible assets purchased or capitalized (1,298) (1,303)
Purchases of short-term investments - (59,640)
Proceeds from disposals of short-term investments 506 76,259
Other (23) (841)
-------- ---------
Net cash used in investing activities (17,195) (131,772)
-------- ---------
Cash flows from financing activities:
Proceeds from exercise of stock options 596 506
Proceeds from public offerings - 116,309
Issuance of stock for acquisition - 28,715
Acquisition related borrowings - 86,000
Repayment of acquisition related borrowings - (86,000)
Fees paid to establish credit facilities - (510)
Repayments of notes payable (1,289) (1,342)
Principal payments on capital leases - (180)
-------- ---------
Net cash (used in) provided by financing activities (693) 143,498
-------- ---------
Impact of currency fluctuations on cash and cash equivalents (9) (3)
-------- ---------
(Decrease) increase in cash and cash equivalents (8,073) 18,348
Cash & cash equivalents - beginning of period 13,302 3,190
-------- ---------
Cash & cash equivalents - end of period $ 5,229 $ 21,538
======== =========
Supplemental cash flow information - cash paid during period for interest $ 275 $ 351
======== =========
- cash paid during period for income taxes $ 410 $ 825
======== =========
</TABLE>
See accompanying notes to consolidated financial statements.
Page 5
<PAGE>
HCIA INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
SEPTEMBER 30, 1997
(UNAUDITED)
(1) BASIS OF PRESENTATION
The accompanying unaudited interim financial statements of the Company have been
prepared in accordance with generally accepted accounting principles. In the
opinion of management, these statements reflect all adjustments, consisting only
of normal recurring adjustments, necessary for a fair presentation of the
Company's financial condition, results of operations, changes in stockholders'
equity and cash flows for the periods presented. The results of operations for
the period ended September 30, 1997 may not be indicative of the results that
may be expected for the full year ending December 31, 1997. These financial
statements and notes should be read in conjunction with the financial statements
and notes included in the audited consolidated financial statements of the
Company for the year ended December 31, 1996 as contained in the Company's
Annual Report on Form 10-K for the year ended December 31, 1996 (1934 Act File
No. 0-25378).
(2) CASH EQUIVALENTS
As of September 30, 1997, cash equivalents consist of highly liquid securities
with original maturities of three months or less at the date acquired by the
Company.
(3) NEW ACCOUNTING STANDARD
In February 1997, the Financial Accounting Standards Board issued Statement of
Financial Accounting Standards No. 128, "Earnings Per Share," ("SFAS No. 128")
which becomes effective December 15, 1997. Early adoption of SFAS No. 128 is not
permitted. Under SFAS No. 128, the Company will be required to disclose basic
earnings per share (with the principal difference from current disclosure being
that common stock equivalents will not be considered in the computation for
basic earnings per share) and diluted earnings per share. The pro forma
computation of earnings per share under SFAS No. 128 is as follows:
Three Months Ended (1)
September 30, 1997 September 30, 1996
Basic loss per share ($3.06) ($4.13)
Diluted loss per share ($3.06) ($4.13)
Nine Months Ended (1)
September 30, 1997 September 30, 1996
Basic loss per share ($3.03) ($4.43)
Diluted loss per share ($3.03) ($4.43)
(1) As the Company had a loss for the three and nine month periods ended
September 30, 1997 and September 30, 1996, the diluted loss per share is the
same as the basic loss per share because the effect of the options would be
antidilutive.
(4) IMPAIRMENT LOSS ON INTANGIBLE ASSETS AND RESTRUCTURING CHARGES
Periodically the Company evaluates the carrying values and economic lives of its
intangible assets relative to the net present value of expected future cash
flows of the underlying business with which they are associated. At September
30, 1997 this evaluation indicated that the carrying value of the intangible
assets arising from the acquisition of LBA Health Care Management ("LBA") in
August 1996 were not fully realizable. Accordingly the Company recorded an
impairment loss on intangible assets of approximately $37.6 million in the
Page 6
<PAGE>
quarter ended September 30, 1997. Commensurate with the write-down of the
intangible assets, the Company reevaluated the remaining economic lives of these
assets and made appropriate prospective adjustments. The following table
summarizes the impairment loss on intangible assets and changes to the asset
lives:
<TABLE>
<CAPTION>
Pre-Charge Post-Charge Pre-Charge Post-Charge
Asset Net Book Value Write Down Net Book Value Remaining Life Remaining Life
----- -------------- ---------- -------------- -------------- --------------
<S><C>
Customer Base $ 4,536,000 $ 2,728,000 $ 1,808,000 9 4
Work Force in Place 3,604,000 1,872,000 1,732,000 9 6
Current Technology 10,345,000 7,835,000 2,510,000 5 4
Software 1,236,000 828,000 408,000 4 4
Goodwill 41,804,000 24,386,000 17,418,000 19 19
----------- ----------- -----------
$61,525,000 $37,649,000 $23,876,000
=========== =========== ===========
</TABLE>
The Company also implemented a restructuring of certain of its operations,
primarily related to its Implementation Unit, which was formed after the
acquisition of LBA. A $3.5 million restructuring charge was recorded during the
quarter ended September 30, 1997, representing the cost of employee severance,
facilities reduction and customer allowances.
Page 7
<PAGE>
Item 2.
MANAGEMENT'S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
NINE MONTHS ENDED SEPTEMBER 30, 1997 COMPARED TO NINE MONTHS ENDED
SEPTEMBER 30, 1996
Revenue. Revenue for the nine months ended September 30, 1997 was $63.8 million,
an increase of $14.4 million or 29% over the nine months ended September 30,
1996. The increase was primarily the result of a 37% increase in revenue from
the sale of Decision Support Systems offset by a 4% decrease in revenue from the
sale of Syndicated Products. Revenue from the sale of Decision Support Systems
represented 86% of revenue for the nine months ended September 30, 1997 and
Syndicated Products represented the remaining 14% of revenue.
The increase in Decision Support Systems revenue was the result of the
acquisition of LBA in August 1996 and HealthChex, Inc. ("HealthChex") in
December 1996.
Salaries, Wages and Benefits. Salaries, wages and benefits increased to 49% of
revenue for the nine months ended September 30, 1997 from 44% for the nine
months ended September 30, 1996. The increase was primarily the result of the
Company establishing staffing levels in anticipation of a higher revenue level
than achieved in the nine months ended September 30, 1997.
Other Operating Expenses. Other operating expenses, which include occupancy,
travel and consulting expenses, increased to 29% of revenue for the nine months
ended September 30, 1997 from 23% for the nine months ended September 30, 1996.
This increase was a result of the Company establishing levels for certain of
these expenses, primarily consulting and occupancy, in anticipation of a higher
revenue level than achieved in the nine months ended September 30, 1997.
Depreciation and Amortization. Depreciation and amortization increased to 23% of
revenue for the nine months ended September 30, 1997 from 17% for the nine
months ended September 30, 1996. This increase was primarily a result of the
additional amortization and depreciation associated with the acquisitions of
HealthChex, Response Healthcare Information Management, Inc. ("Response"), and
LBA.
Impairment Loss on Intangible Assets and Restructuring Charges. During the nine
months ended September 30, 1997, the Company recorded an impairment loss on
intangible assets and restructuring charges of approximately $41.1 million.
Approximately $37.6 million of the charges represent the write-down of certain
intangibles, which arose from the Company's acquisition of LBA in August 1996,
to their estimated realizable value. The charge results from the assessment that
the Company's Implementation Unit, formed upon the acquisition of LBA, will not
generate the profits anticipated at the time of the LBA acquisition. The
remainder of the charges, totaling $3.5 million, represents reserves for the
cost of employee severance, facilities reduction, and customer allowances which
will be incurred primarily in connection with restructuring the ongoing
operations of the Implementation Unit.
Page 8
<PAGE>
Write-off of Acquired In-process Research and Development Costs. In connection
with the acquisitions of Response and LBA during the nine months ended September
30, 1996, the Company acquired ongoing research and development activities. At
the time of the acquisitions the Company recorded one-time charges of
approximately $45.9 million resulting from the write-off of the acquired
in-process research and development costs.
Interest Income and Expense. Net interest income was $53,000 for the nine months
ended September 30, 1997 compared with net interest income of $374,000 for the
nine months ended September 30, 1996. This change was the result of a lower
invested balance in 1997.
Income Taxes. The Company's effective tax rate was 14.6% for the nine months
ended September 30, 1997 compared with 11.7% for the nine months ended September
30, 1996. This higher rate results from the effect of the increase in
non-deductible goodwill associated with the acquisitions of Response and LBA on
the Company's tax provision as well as the effect of the write-off of the
intangible assets associated with the impairment loss as discussed above.
Page 9
<PAGE>
THREE MONTHS ENDED SEPTEMBER 30, 1997 COMPARED TO THREE MONTHS ENDED
SEPTEMBER 30, 1996
Revenue. Revenue for the three months ended September 30, 1997 was $18.8
million, an increase of $125,000 or 1% over the three months ended September 30,
1996. Revenue from the sale of Decision Support Systems and Syndicated Products
was unchanged from the prior period. Revenue from the sale of Decision Support
Systems represented 80% of revenue for the three months ended September 30, 1997
and Syndicated Products represented the remaining 20% of revenue.
Salaries, Wages and Benefits. Salaries, wages and benefits increased to 52% of
revenue for the three months ended September 30, 1997 from 44% for the three
months ended September 30, 1996. The increase was primarily the result of the
Company having established staffing levels in anticipation of a higher revenue
level than achieved.
Other Operating Expenses. Other operating expenses, which include occupancy,
travel and consulting expenses, increased to 33% of revenue for the three months
ended September 30, 1997 from 25% for the three months ended September 30, 1996.
This increase was a result of the Company having established levels for certain
of these expenses, primarily consulting and occupancy, in anticipation of a
higher revenue level than achieved.
Depreciation and Amortization. Depreciation and amortization increased to 28% of
revenue for the three months ended September 30, 1997 from 19% for the three
months ended September 30, 1996. This increase was primarily a result of the
additional amortization and depreciation associated with the acquisition of LBA.
Impairment Loss on Intangible Assets and Restructuring Charges. During the three
months ended September 30, 1997, the Company recorded an impairment loss on
intangible assets and restructuring charges of approximately $41.1 million.
Approximately $37.6 million of the charges represent the write-down of certain
intangibles, which arose from the Company's acquisition of LBA in August 1996,
to their estimated realizable value. The charge results from the assessment that
the Company's Implementation Unit, formed upon the acquisition of LBA, will not
generate the profits anticipated at the time of the LBA acquisition. The
remainder of the charges, totaling $3.5 million, represents reserves for the
cost of employee severance, facilities reduction, and customer allowances which
will be incurred primarily in connection with restructuring the ongoing
operations of the Implementation Unit.
Write-off of Acquired In-process Research and Development Costs. In connection
with the acquisition of LBA in August, 1996, the Company acquired LBA's ongoing
research and development activities. At the time of the acquisition the Company
recorded a one-time $41.5 million charge resulting from the write-off of the
acquired in-process research and development costs.
Interest Income and Expense. Net interest expense was $34,000 for the three
months ended September 30, 1997 compared with net interest expense of $50,000
for the three months ended September 30, 1996. This
Page 10
<PAGE>
change was the result of interest expense incurred in connection with LBA
acquisition related borrowings in 1996.
Income Taxes. The Company's effective tax rate was 16.8% for the three months
ended September 30, 1997 compared with 9.6% for the three months ended September
30, 1996. The higher rate results from the effect of the increase in
non-deductible goodwill associated with the acquisition of LBA as well as the
effect of the write-off of the intangible assets associated with the impairment
loss as discussed above.
Page 11
<PAGE>
LIQUIDITY AND CAPITAL RESOURCES
The Company maintains a revolving line of credit (subject to certain borrowing
limitations) with First Union National Bank ("First Union") for general
corporate purposes including working capital requirements and acquisitions.
Subsequent to September 30, 1997, the Company reduced its availability under the
revolving line of credit from $50 million to $25 million. Borrowings under this
line are collateralized by substantially all of the Company's assets and bear
interest at varying rates based on an index tied to First Union's prime rate or
LIBOR. The Company is required to pay a commitment fee on the average daily
unused portion of the facility at a rate from 0.25% to 0.375% per annum,
depending on the Company's debt/cash flow ratio. The credit facility also
contains financial covenants applicable to the Company, including debt/cash flow
ratios and ratios of debt to capital. As of September 30, 1997, the Company was
in compliance with all such financial covenants and had a maximum borrowing
capacity of approximately $13 million, and there were no borrowings outstanding
under the facility. The credit facility expires on July 31, 2001.
Page 12
<PAGE>
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK
PART II OTHER INFORMATION
Not applicable
ITEM 6-EXHIBITS AND REPORTS ON FORM 8-K
(a) THE FOLLOWING ARE ANNEXED AS EXHIBITS:
Exhibit Number Description
- -------------- ------------------------------------------------
11 Statement Re: Computation of earnings per share.
(b) REPORTS ON FORM 8-K
None
Page 13
<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 thereunto duly authorized.
HCIA Inc.
________________________________
(Registrant)
Date: November 14, 1997
By: ________________________________
Barry C. Offutt
Senior Vice President and
Chief Financial Officer
(principal financial officer)
Page 14
<PAGE>
EXHIBIT INDEX
Exhibit Number Page
- -------------- ----
11 Statement Re: Computation of earnings per share 15
Page 15
STATEMENT RE: COMPUTATION OF EARNINGS PER SHARE
(IN THOUSANDS EXCEPT PER SHARE AMOUNTS)
<TABLE>
<CAPTION>
PRIMARY (1) FULLY DILUTED(1)
------------------------------------
(IN THOUSANDS, EXCEPT PER SHARE DATA)
<S><C>
THREE MONTHS ENDED SEPTEMBER 30, 1997
- -------------------------------------
Weighted average shares outstanding....................... 11,849 N/A
Effect of dilutive common stock equivalents............... -
--------------
Weighted average shares outstanding for EPS purposes...... 11,849
Net loss.................................................. (36,222)
--------------
Net loss per share........................................ ($3.06)
==============
NINE MONTHS ENDED SEPTEMBER 30, 1997
- ------------------------------------
Weighted average shares outstanding....................... 11,829 N/A
Effect of dilutive common stock equivalents............... -
--------------
Weighted average shares outstanding for EPS purposes...... 11,829
Net loss.................................................. (35,868)
--------------
Net loss per share........................................ ($3.03)
==============
</TABLE>
(1) As the Company had a loss for the three and nine months ended September 30,
1997, the fully diluted earnings per share is not applicable.
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> SEP-30-1997
<CASH> 5,229
<SECURITIES> 0
<RECEIVABLES> 33,766
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 48,283
<PP&E> 14,669
<DEPRECIATION> 0
<TOTAL-ASSETS> 184,918
<CURRENT-LIABILITIES> 17,108
<BONDS> 0
0
0
<COMMON> 118
<OTHER-SE> 167,692
<TOTAL-LIABILITY-AND-EQUITY> 184,918
<SALES> 63,772
<TOTAL-REVENUES> 63,772
<CGS> 0
<TOTAL-COSTS> 105,830
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> (53)
<INCOME-PRETAX> (42,005)
<INCOME-TAX> (6,137)
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (35,868)
<EPS-PRIMARY> (3.03)
<EPS-DILUTED> 0
</TABLE>
