<PAGE> 1
UNITED STATES 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 quarterly period ended December 31, 1996
[ ] 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: 33-94318-C
AMERICAN TIRE CORPORATION
(Exact name of registrant as specified in its charter)
NEVADA 87-0535207
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
446 WEST LAKE STREET, RAVENNA, OHIO 44266
(Address of principal executive offices) (Zip Code)
(330) 296-8778
(Registrant's telephone number, including area code)
NOT APPLICABLE
(Former name, former address, and former fiscal year, if changed since last
report.)
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 reports), Yes [X] No [ ] and (2) has been subject to such filing
requirements for the past 90 days. Yes [X] No [ ]
The number of shares outstanding of each of the issuer's classes of common
stock, was 4,176,748 shares of common stock, par value $.001, as of February 14,
1997.
<PAGE> 2
PART I - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
The accompanying unaudited financial statements have been prepared in
accordance with the instructions to Form 10-QSB pursuant to the rules and
regulations of the Securities and Exchange Commission and, therefore, do not
include all information and footnotes necessary for a complete presentation of
the financial position, results of operations, cash flows, and stockholders'
equity in conformity with generally accepted accounting principles. In the
opinion of management, all adjustments considered necessary for a fair
presentation of the results of operations and financial position have been
included and all such adjustments are of a normal recurring nature.
The unaudited balance sheet of the Company as of December 31, 1996; the
related audited balance sheet of the Company as of June 30, 1996; the
related unaudited statements of operations and cash flows for the three and six
month periods ended December 31, 1996 and 1995 and from January 30, 1995
(inception) through December 31, 1996; and the unaudited statement of
shareholders' equity for the per!
iod from January 30, 1995 (inception) through December 31, 1996 are attached
hereto and incorporated herein by this reference
Operating results for the three and six month periods ended December 31,
1996 are not necessarily indicative of the results that can be expected for the
Company's fiscal year ending June 30, 1997.
<PAGE> 3
FINANCIAL STATEMENTS
AMERICAN TIRE CORPORATION
(A Development Stage Company)
<TABLE>
<CAPTION>
BALANCE SHEETS
ASSETS
DECEMBER 31,
1996 JUNE 30,
(Unaudited) 1996
------------ ------------
<S> <C> <C>
Current Assets:
Cash....................................... $ 634,337 $ 4,467
Trade receivables.......................... 26,570 22,767
Accrued interest receivable................ 13,420 -
Inventory.................................. 131,285 131,285
Prepaid royalties - related party.......... 17,725 17,725
Prepaid expenses 18,853 15,182
Deposits on inventory...................... 87,401 87,401
---------- ----------
Total current assets.................. 929,591 278,827
---------- ----------
Property, Plant and Equipment
Land....................................... 59,000 59,000
Building and building improvements......... 233,570 229,996
Equipment.................................. 373,176 225,968
Furniture and fixtures..................... 7,692 7,692
---------- ----------
673,438 522,656
Less: accumulated depreciation............ 62,793 39,299
---------- ----------
610,645 483,357
Other Assets:
Deposits................................... 2,559 1,834
Accrued interest receivable................ - 9,993
Deferred offering costs.................... - 147,108
---------- ----------
2,559 158,935
---------- ----------
$1,542,795 $ 921,119
========== ==========
(See accompanying notes to the financial statements)
<PAGE> 4
AMERICAN TIRE CORPORATION
(A Development Stage Company)
</TABLE>
<TABLE>
<CAPTION>
BALANCE SHEETS (Continued)
LIABILITIES AND STOCKHOLDERS' EQUITY
DECEMBER 31,
1996 JUNE 30,
(Unaudited) 1996
------------ ------------
<S> <C> <C>
Current Liabilities:
Line of credit............................. $ - $ 299,838
Accounts payable and accrued expenses...... 38,895 98,680
Notes payable-officers and accrued interest - 265,830
Accrued payroll - officer.................. 30,000 -
---------- ----------
Total current liabilities............. 68,895 664,348
Stockholder Equity:
Preferred stock, par value $0.001,
5,000,000 shares authorized, 0 shares
issued and outstanding - -
Common stock, par value $0.001, 25,000,000
shares authorized, 4,176,748 and 3,840,642
shares issued and outstanding, respectively 4,177 3,841
Additional paid-in capital.................. 2,786,176 1,182,650
Deficit accumulated during the
development stage............. ............ (1,231,453) (844,720)
--------- ----------
1,558,900 341,771
Less: Receivable-shareholder (officers) (85,000) (85,000)
--------- ----------
1,473,900 256,771
--------- ----------
$1,542,795 $ 921,119
========== ==========
</TABLE>
(See accompanying notes to the financial statements)
<PAGE> 5
AMERICAN TIRE CORPORATION
(A Development Stage Company)
<TABLE>
<CAPTION>
STATEMENTS OF OPERATIONS
(Unaudited)
From
For the Three For the Six Inception on
Months Ended Months Ended January 30,
December 31, December 31, 1995 through
------------------ ------------------- December 31,
1996 1995 1996 1995 1996
---------- ---------- ---------- ---------- ------------
<S> <C> <C> <C> <C> <C>
REVENUE:
Interest income.............. $ 5,763 $ 2,117 $ 7,480 $ 4,655 $ 18,252
--------- --------- --------- --------- ---------
5,763 2,117 7,480 4,655 18,252
--------- --------- --------- --------- ---------
EXPENSES:
Consulting................... - 6,000 - 14,000 179,079
Payroll and payroll taxes.... 43,814 50,356 110,317 99,063 362,891
Administrative............... 173,124 47,206 216,211 95,453 435,201
Travel and entertainment..... 15,187 18,427 21,023 37,522 117,351
Marketing consulting......... - - - - 13,300
Interest..................... 424 6,125 23,169 12,800 80,091
Depreciation................. 12,623 8,861 23,493 16,230 62,792
--------- --------- --------- --------- ---------
Total Expenses........... 245,172 134,859 394,213 275,068 1,250,705
--------- --------- --------- --------- ---------
LOSS BEFORE INCOME TAXES...... (239,409) (134,859) (386,733) (270,413) (1,231,453)
Income taxes................. - - - - -
--------- --------- --------- --------- ---------
NET LOSS...................... $(239,409) $(134,859) $(386,733) $(270,413) $(1,231,453)
========= ========= ========= ========= =========
NET LOSS PER SHARE............ $ (0.05) $ (0.04) $ (0.09) $ (0.07) $ (0.30)
========= ========= ========= ========= =========
WEIGHTED AVERAGE SHARES
OUTSTANDING.................. 4,176,748 3,840,642 4,118,480 3,840,642 4,118,480
========= ========= ========= ========= =========
</TABLE>
(See accompanying notes to the financial statements)
<PAGE> 6
AMERICAN TIRE CORPORATION
(A Development Stage Company)
STATEMENTS OF SHAREHOLDERS' EQUITY
FROM THE DATE OF INCEPTION (JANUARY 30, 1995) TO DECEMBER 31, 1996
(UNAUDITED)
<TABLE>
<CAPTION> Accumulated
Deficit
Additional During Notes Total
Common Stock Paid-in Development Receivable Shareholders'
Shares Amount Capital Stage Shareholders Equity
---------- --------- --------- ----------- ------------ -------------
<S> <C> <C> <C> <C> <C> <C>
BALANCE, January 30, 1995
(Inception)............. - $ - $ - $ - $ - $ -
Sale of common stock for
cash of $.01 per share.. 2,510,000 2,510 - - - 2,510
Common stock issued for
services in February
1995.................... 300,000 300 29,700 - - 30,000
Common stock issued for
services in April 1995.. 100,000 100 99,900 - - 100,000
Common stock issued for
notes receivable, of
which $50,000 was paid
in August 1995 and
$50,000 included in
current assets at June
30, 1995................ 170,000 170 169,830 - (120,000) 50,000
Repayment of notes
receivable by providing
services................ - - - - 26,100 26,100
Sale of common stock for
cash of $1.00 per share
pursuant to a private
placement, net of stock
issuance costs of
$78,271................. 720,000 720 641,009 - - 641,729
Net loss for the period - - - (248,630) - (248,630)
---------- --------- ---------- ---------- ------------ ------------
Balance at June 30, 1995 3,800,000 3,800 940,439 (248,630) (93,900) 601,709
Repayment of notes
receivable by providing
services................ - - - - 8,900 8,900
Sale of common stock for
cash of $6.00 per share
pursuant to a private
placement............... 40,642 41 243,811 - - 243,852
Stock issuance costs..... - - (1,600) - - (1,600)
Net loss for the year - - - (596,090) - (596,090)
---------- --------- ---------- ----------- ----------- ------------
Balance at June 30, 1996 3,840,642 3,841 1,182,650 (844,720) (85,000) 256,771
Purchase shares per
recision offer.......... (34,977) (35) (209,827) - - (209,862)
Sale of common stock for
cash of $6.00 per share
pursuant to initial public
offering (net of stock
issuance cost of $34,200) 344,083 344 2,029,954 - - 2,030,298
Deferred offering costs.. - - (273,309) - - (273,309)
Common stock issued for
debt at $2.10 per share. 27,000 27 56,708 - - 56,735
Net loss for period
ended December
31, 1996................ - - - (386,733) - (386,733)
---------- --------- ---------- ----------- ----------- ------------
Balance at December 31,
1996 4,176,748 $ 4,177 $2,786,176 $(1,231,453) $ (85,000) $ 1,473,900
========== ========= ========== =========== =========== ============
</TABLE>
(See accompanying notes to the financial statements)
<PAGE> 7
AMERICAN TIRE CORPORATION
(A Development Stage Company)
STATEMENTS OF CASH FLOWS
(Unaudited)
<TABLE>
<CAPTION>
From
inception
FOR THE FOR THE On January
30,
THREE MONTHS ENDED SIX MONTHS ENDED 1995 through
DECEMBER 31, DECEMBER 31, December
31,
1996 1995 1996 1995 1996
------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss................................$ (239,409) $ (134,859) $ (386,733) $ (270,413) $(1,231,453)
Adjustments to reconcile net loss to net
cash used by operating activities:
Depreciation........................... 12,623 8,861 23,493 16,230 62,793
Stock issued in lieu of cash payment for
certain services...................... - - - - 129,000
Services provided in lieu of cash payment
on receivables - officers - 8,900 - 8,900 35,000
(Increase) decrease in:
Other receivable....................... 65 (689) (3,803) (1,024) (26,570)
Inventory.............................. - (6,018) - (131,285) (131,285)
Prepaid royalties...................... - (4,940) - (9,175) (17,725)
Prepaid expenses....................... (6,454) (6,292) (3,671) (2,414) (18,853)
Deposits on inventory and other........ (180) - (725) 114,437 (89,960)
Accrued interest receivable............ (1,713) (1,714) (3,427) (3,612) (13,420)
Increase (decrease) in:
Accounts payable and accrued expenses.. 25,751 (4,001) (60,879) 4,527 38,895
Due to officer......................... 30,000 (2,114) 30,000 (8,159) 30,000
---------- ---------- ------------ ----------- -----------
Net cash used by
Operating activities............... (179,317) (142,646) (405,745) (279,988) (1,232,578)
---------- --------- ----------- ----------- -----------
CASH FLOWS FROM (USED IN)
INVESTING ACTIVITIES:
Purchase of property, plant
and equipment.......................... (148,681) (17,713) (150,782) (123,581) (673,438)
---------- --------- ----------- ----------- -----------
Net cash used by
Investing activities............... (148,681) (17,713) (150,782) (123,581) (673,438)
---------- --------- ----------- ----------- -----------
CASH FLOWS PROVIDED BY
FINANCING ACTIVITIES:
Borrowing on line of credit............. - 98,000 - 196,000 397,838
Repayment on line of credit............. - (98,000) (299,838) (98,000) (397,838)
Proceeds from notes payable - officers.. - - 110,000 - 377,000
Repayment of notes payable - officers... - - (317,000) - (323,000)
Proceeds from mortgage note payable..... - - - - 188,000
Repayment of mortgage note payable...... - - - - (188,000)
Proceeds from issuance of
common stock (net of stock
issuance costs of $114,071)............ 300,012 157,452 2,030,298 292,252 2,969,524
Purchase stock per recision offer....... - - (209,862) - (209,862)
Deferred offering costs................. (101,025) (14,929) (127,201) (31,981) (273,309)
---------- ---------- ----------- ----------- -----------
Net cash provided by
Financing activities............... 198,987 142,623 1,186,397 358,271 2,540,353
---------- ---------- ----------- ----------- -----------
NET INCREASE (DECREASE) IN CASH.......... (129,011) (18,036) 629,870 (45,298) 634,337
Cash at beginning of period.............. 763,348 65,467 4,467 92,729 -
---------- ---------- ----------- ----------- -----------
Cash at end of period....................$ 634,337 $ 47,431 $ 634,337 47,431 634,337
========== ========= =========== =========== ===========
</TABLE>
(See accompanying notes to the financial statements)
<PAGE> 8
AMERICAN TIRE CORPORATION
(A Development Stage Company)
NOTES TO FINANCIAL STATEMENTS
(UNAUDITED)
NOTE A - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
- ---------------------------------------------------
NATURE OF BUSINESS: American Tire Corporation, a Nevada corporation ("the
Company"), was organized on January 30, 1995, to take advantage of existing
proprietary and non-proprietary technology available for the manufacturing of
specialty tires. The Company has had limited operations since its organization
and is a "development stage" company. The Company is engaged in manufacturing,
marketing, and distributing airless bicycle tires. The Company's fiscal year end
is June 30.
BASIS OF PRESENTATION: The accompanying financial statements have been prepared
on a going concern basis, which contemplates the realization of assets and the
satisfaction of liabilities in the normal course of business. The Company has
a very limited operating history, has not generated operating revenues to date
and must be considered promotional and in its early development stages.
On October 10, 1996, the Company closed its initial public offering having sold
344,083 shares of common stock for aggregate offering proceeds of $2,064,498.
The
Company's continuation as a going concern is dependent upon its ability to
utilize the working capital from its initial public offering to carry out its
business plan and to commence and continue operations.
REVENUE RECOGNITION: The Company expects to recognize revenue upon the shipment
of product.
INVENTORY: Inventory is stated at the lower of cost or market, using the
first-in, first-out method. The inventory at December 31, 1996 consists of
finished goods purchased for resale.
PROPERTY, PLANT AND EQUIPMENT: Property, plant and equipment are recorded at
cost. Depreciation is provided using the straight-line method over the estimated
useful lives of the assets, as follows:
Building 40 years
Equipment 5 years
Furniture and fixtures 7 years
NOTE B - RECEIVABLES - OFFICERS
- -------------------------------
In April 1995 the Company entered into subscription agreements with three of its
officers to acquire an aggregate of 170,000 shares of common stock at a purchase
price of $1.00 per share, in exchange for promissory notes bearing interest at
8% per annum, principal and interest payable in April 1998. At December 31,
1996,
accrued interest receivable on these notes amounted to $13,420. The promissory
notes were amended to become due no later than six months from the close of the
Company's initial public offering (April 10, 1997). At December 31, $85,000 was
owed under these notes, which has been presented as a reduction of shareholders'
equity.
<PAGE> 9
AMERICAN TIRE CORPORATION
(A Development Stage Company)
NOTES TO FINANCIAL STATEMENTS
(UNAUDITED)
NOTE C - TECHNOLOGY LICENSE AGREEMENT
- -------------------------------------
On June 5, 1995, the Company entered into a technology licensing agreement with
a related company owned by certain shareholders of the Company. This agreement
provides the Company the exclusive license to use, sell and license the
technology for manufacturing a wheel-tire assembly known as the "Dynamic
Steerable Spring". The agreement specifies that a royalty of either $1.00 per
unit sold directly by the Company or 8% percent of any royalty the Company
should
receive from any third party licensee to be paid quarterly. At December 31,
1996, $17,725 has been advanced pursuant to and in anticipation of this
agreement
and is recorded in prepaid royalties.
NOTE D - RELATED PARTY TRANSACTIONS
- -----------------------------------
On October 31, 1996 two of the Company's officers agreed to cancel approximately
$56,827 in principal and accrued interest due them under certain promissory
notes
(See Note D) in exchange for the issuance of 27,000 shares of the Company's
restricted common stock at an exchange valued at approximately $2.10 per share.
NOTE E - COMMITMENTS AND CONTINGENCIES
- --------------------------------------
On November 11, 1996, the Company received a commitment for a line of credit of
$500,000 from a commercial lender for working capital and equipment purchases.
The line of credit will bear an interest rate of 3/4% over prime and will be
secured by the Company's accounts receivable, inventory, equipment and a first
mortgage on the Company's Ravenna facility.
At the request of Dennis Chrobak, the Company's President, the Company has
accrued his monthly employment compensation for October, November and December
1996. Mr. Chrobak has requested the Company to continue to accrue his monthly
employment compensation until further notice. In January 1997, the Company
deposited $30,000 into a separate account and will continue to deposit Mr.
Chrobak's accrued employment compensation into this account until such time as
the Company receives notice from Mr. Chrobak that he desires to receive it.
NOTE F - EVENTS SUBSEQUENT TO DECEMBER 31, 1996
- ------------------------------------------------
On January 2, 1997 the Company entered into an Agreement in Principle with
Coronel Investments Limited ("Coronel") to purchase all of Coronel's ownership
interest in the capital stock of UTI Chemicals (Europe) Ltd., a United Kingdom
company ("UTI"), engaged in the distribution of urethane tires in the United
Kingdom and Europe. The terms of the Agreement in Principle require the Company
to issue 200,000 shares of its common stock and make a cash payment of $400,000
to Coronel and is subject to and conditioned upon the Company and Coronel
entering into a definitive agreement with respect thereto.
<PAGE>
<PAGE> 10
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Plan of Operation
- -----------------
The Company is engaged in the manufacturing, marketing, distribution, and
sale of airless specialty tires utilizing "liquid phase" technology. "Liquid
Phase" technology refers to a production process where the materials that are
utilized in the process are initially in a liquid state and, through a reaction
(usually chemical), the liquid materials are transformed into a solid state.
The Company operates three single-station and one 6-station "centrifugal
molding machines" and other related specialized manufacturing equipment to
produce the airless bicycle tires. The 6-station unit will allow the Company to
produce approximately 50,000 bicycle tires monthly or 600,000 bicycle tires
annually, assuming one, eight-hour production shift, 260 days per year. The
Company will utilize approximately $350,000 of its initial public offering
proceeds to purchase a 12-station molding machine and related production
equipment, which is scheduled to be shipped and installed in March 1997.
The Company is in the development stage and has only recently began
manufacturing operations. The Company has had an operating loss of $1,231,453
since its inception due to the cost and expenses associated with beginning
operations. The Company's audited financial statements at June 30, 1996,
contained a going concern modification as to the ability of the Company to
continue. The Company is currently operating at a loss of approximately $80,000
per month and expects operating losses to continue at such rate until such time
as the Company begins to receive revenues from the sale of its products.
At December 31, 1995, the Company had only been organized for eleven months
and had no significant operations, therefore management's discussion and
analysis
of the prior period ended December 31, 1995 with the current period ended
December 31, 1996, would not be conducive to an understanding of the Company and
its fiscal condition or have any meaningful significance.
On November 11, 1996 the Company received a commitment for a line of credit
of $500,000 from a commercial lender for working capital and equipment
purchases.
This line of credit will bear an interest rate of 3/4% over prime and will be
secured by the Company's accounts receivable, inventory, equipment and a first
mortgage on the Company's Ravenna facility. At December 31, 1996, the Company
had not made any draws against the line of credit.
On October 31, 1996, the Company approved the issuance of 27,000 shares of
the Company's restricted common stock in exchange for the cancellation of
approximately $56,827 in principal and accrued interest due certain of its
officers and directors.
At December 31, 1996, the Company had not commenced the commercial sale of
its products. As a result, the Company has not received revenues from
operations. The Company has received an open order from Huffy Bicycle to deliver
50,000 tires, however, at December 31, 1996, no deliveries had been made due to
Huffy's requested design modifications. The Company expects to begin delivery
of tires to Huffy once tire design modifications have been approved by Huffy,
which is expected during the period ended March 31, 1997.
<PAGE> 11
The Company will be relying on the proceeds from its recent public
offering and the Company's line of credit to meet further operating requirements
should the Company fail to receive sufficient revenues from the sale of products
to meet its needs.
The Company has obtained a license to exploit the DSS Technology for which
a patent application has been filed with the U.S. Trademarks and Patents
Office by AMS and is currently pending. The Company has entered into a
technology development and license agreements with Hayes Wheels International,
Inc. with respect to developing a tire-wheel assembly utilizing the Company's
DSS
Technology. Other than the costs of obtaining Department of Transportation
approval of a tire-wheel assembly utilizing the Company's DSS Technology, the
Company does not anticipate performing any significant product research and
development during the next twelve months of operations.
On January 2, 1997, the Company entered into an Agreement in Principle with
Coronel Investments Limited ("Coronel") to purchase all of Coronel's ownership
interest in the capital stock of UTI Chemicals (Europe) Ltd., a United Kingdom
company ("UTI") in exchange for 200,000 shares of the Company's common stock and
a cash payment of $400,000. UTI is a distributor of urethane products in the
United Kingdom and Europe. The acquisition is subject to and conditioned upon
the Company completing its due diligence of UTI's operations and entering into
a definitive agreement with respect thereto.
PART II - OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
None.
ITEM 2. CHANGES IN SECURITIES
None.
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
None.
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
None.
ITEM 5. OTHER INFORMATION
None.
<PAGE> 12
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) EXHIBITS.
EXHIBIT
NO. DESCRIPTION
- ------- -----------
27 Financial Data Schedule
(b) REPORTS ON FORM 8-K.
None.
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.
AMERICAN TIRE CORPORATION
[Registrant]
Dated: February 24, 1997 /S/DAVID K. GRIFFITHS
-----------------------------------
Principal Accounting Officer
<TABLE> <S> <C>
<ARTICLE> 5
<CIK> 0000945828
<NAME> AMERICAN TIRE CORPORATION
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1997
<PERIOD-END> DEC-31-1996
<CASH> 634,337
<SECURITIES> 0
<RECEIVABLES> 39,990
<ALLOWANCES> 0
<INVENTORY> 131,285
<CURRENT-ASSETS> 929,591
<PP&E> 673,438
<DEPRECIATION> (62,793)
<TOTAL-ASSETS> 1,542,795
<CURRENT-LIABILITIES> 68,895
<BONDS> 0
0
0
<COMMON> 2,790,353
<OTHER-SE> (1,316,453)
<TOTAL-LIABILITY-AND-EQUITY> 1,542,795
<SALES> 0
<TOTAL-REVENUES> 7,480
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 371,044
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 23,169
<INCOME-PRETAX> (386,733)
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (386,733)
<EPS-PRIMARY> (0.09)
<EPS-DILUTED> (0.09)
</TABLE>
