1
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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
------------------------
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D)
OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE QUARTERLY PERIOD ENDED
MARCH 31, 1996
-----------------------
Commission File Number 0-16379
CLEAN HARBORS, INC.
(Exact name of registrant as specified in its charter)
Massachusetts 04-2997780
(State of Incorporation) (IRS Employer Identification No.)
1501 Washington Street, Braintree, MA 02184
(Address of Principal Executive Offices) (Zip Code)
(617) 849-1800 ext. 4454
(Registrant's Telephone Number, Including Area Code)
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),
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 issuer's classes
of common stock, as of the latest practicable date.
Common Stock, $.01 par value 9,630,370
--------------------------------- --------------------------------
(Class) (Outstanding at May 7, 1996)
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2
CLEAN HARBORS, INC. AND SUBSIDIARIES
TABLE OF CONTENTS
PART I: FINANCIAL INFORMATION
ITEM 1: FINANCIAL STATEMENTS Pages
-----
Consolidated Statements of Income 1
Consolidated Balance Sheets 2-3
Consolidated Statements of Cash Flows 4-5
Consolidated Statement of Stockholders' Equity 6
Notes to Consolidated Financial Statements 7
ITEM 2: MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS 8-13
PART II: OTHER INFORMATION
Items No. 1 through 6 14
Signatures 15
3
CLEAN HARBORS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
UNAUDITED
(in thousands except for earnings per share amounts)
THREE MONTHS ENDED
MARCH 31,
------------------
1996 1995
------- -------
Revenues $45,736 $47,150
Cost of revenues 34,882 34,852
Selling, general and
administrative expenses 9,174 9,010
Depreciation and amortization 2,527 2,473
------- -------
Income (loss) from operations (847) 815
Interest expense, net 2,139 1,972
------- -------
Loss before benefit from income taxes (2,986) (1,157)
Benefit from income taxes (1,344) (567)
------- -------
Net loss $(1,642) $ (590)
======= =======
Net loss per common and $ (.18) $ (.07)
common equivalent share ======= =======
Weighted average common and
common equivalent shares
outstanding 9,560 9,445
======= =======
The accompanying notes are an integral part of these
consolidated financial statements.
(1)
4
CLEAN HARBORS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands)
MARCH 31, DECEMBER 31,
1996 1995
(Unaudited)
----------- ------------
ASSETS
Current assets:
Cash $ 252 $ 225
Restricted investments 1,752 2,460
Accounts receivable, net of
allowance for doubtful accounts 44,583 48,417
Prepaid expenses 2,174 2,039
Supplies inventories 3,049 2,970
Income tax receivable 800 722
Deferred tax asset 3,759 2,415
-------- --------
Total current assets 56,369 59,248
Property, plant and equipment:
Land 8,380 8,364
Buildings and improvements 39,895 39,770
Vehicles and equipment 77,751 77,384
Furniture and fixtures 2,155 2,155
Construction in progress 1,551 1,317
-------- --------
129,732 128,990
Less - Accumulated depreciation
and amortization 56,361 54,256
-------- --------
Net property, plant and equipment 73,371 74,734
-------- --------
Other assets:
Restricted investments 5,950 5,207
Goodwill, net 22,023 22,202
Permits, net 13,264 13,489
Other 3,475 3,436
-------- --------
Total other assets 44,712 44,334
-------- --------
Total assets $174,452 $178,316
======== ========
The accompanying notes are an integral part of
these consolidated financial statements.
(2)
5
CLEAN HARBORS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands)
MARCH 31, DECEMBER 31,
1996 1995
(Unaudited)
----------- ------------
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Current maturities of long-term
obligations $ 4,599 $ 3,605
Accounts payable 17,456 18,614
Accrued disposal costs 7,016 7,446
Other accrued expenses 16,899 17,886
-------- --------
Total current liabilities 45,970 47,551
-------- --------
Long-term obligations, less
current maturities 69,761 70,391
Stockholders' equity:
Preferred Stock, $.01 par value:
Series A Convertible;
Authorized-2,000,000 shares; Issued and
outstanding - none --- ---
Series B Convertible;
Authorized-156,416 shares; Issued and
outstanding 112,000 shares at March 31,
1996 and December 31, 1995 (liquidation
preference of $5.6 million) 1 1
Common Stock, $.01 par value
Authorized - 20,000,000 shares;
Issued and outstanding - 9,567,547 shares
at March 31, 1996 and 9,524,676 shares
at December 31, 1995 96 96
Additional paid-in capital 58,983 58,871
Unrealized loss on restricted investments,
net of tax (18) (7)
Retained earnings (accumulated deficit) (341) 1,413
-------- --------
Total stockholders' equity 58,721 60,374
-------- --------
Total liabilities and stockholders' equity $174,452 $178,316
======== ========
The accompanying notes are an integral part of
these consolidated financial statements.
(3)
6
CLEAN HARBORS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
UNAUDITED
(in thousands)
THREE MONTHS ENDED
MARCH 31,
------------------
1996 1995
------ ------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss $(1,642) $ (590)
Adjustments to reconcile net loss to net cash
provided by operating activities:
Depreciation and amortization 2,527 2,473
Deferred income taxes (1,344) ---
Allowance for doubtful accounts 133 (189)
Amortization of deferred financing costs 154 86
Gain on sale of fixed assets (2) (5)
Changes in assets and liabilities:
Accounts receivable 3,701 3,375
Refundable income taxes (78) (770)
Prepaid expenses (135) (288)
Supplies inventories (79) 52
Accounts payable (1,158) (1,362)
Accrued disposal costs (430) (604)
Other accrued expenses (987) 374
------- ------
Net cash provided by operating activities 660 2,552
------- ------
CASH FLOWS FROM INVESTING ACTIVITIES:
Additions to property, plant and equipment (756) (1,938)
Increase in permits --- (26)
Proceeds from sale and maturities of restricted
investments 689 10
Cost of restricted investments acquired (743) (323)
Increase in other assets (35) (1,752)
Proceeds from sale of fixed assets 2 5
------- ------
Net cash used in investing activities (843) (4,024)
------- ------
The accompanying notes are an integral part of
these consolidated financial statements.
(4)
7
CLEAN HARBORS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (continued)
UNAUDITED
(in thousands)
THREE MONTHS ENDED
MARCH 31,
------------------
1996 1995
------ ------
CASH FLOWS FROM FINANCING ACTIVITIES:
Preferred stock dividend distribution --- (112)
Issuance of long-term debt 6,667 ---
Net borrowings (payments) under long-term
revolver (5,758) 1,463
Payments on long-term obligations (652) (196)
Additions to deferred financing costs (47) (218)
------- ------
Net cash provided by financing activities 210 937
------- ------
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 27 (535)
Cash and equivalents, beginning of year 225 1,000
------- ------
Cash and equivalents, end of period $ 252 $ 465
======= ======
Supplemental Information:
Non cash investing and financing activities:
Stock dividend on preferred stock $ 112 ---
The accompanying notes are an integral part of
these consolidated financial statements.
(5)
8
CLEAN HARBORS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY
UNAUDITED
(in thousands)
Series B
Preferred Stock Common Stock
--------------- --------------
Retained
Number $0.01 Number $0.01 Additional Unrealized Loss Earnings Total
of Par of Par Paid-In on Restric (accumulated Stockholders'
Shares Value Shares Value Capital Investments deficit) Equity
------ ----- ------ ----- ------- ----------- ------------ -------------
Balance at
December 31, 1995 112 $ 1 9,525 $96 $58,871 $ (7) $ 1,413 $60,374
Preferred stock dividends:
Series B --- --- 43 -- 112 --- (112) ---
Change in unrealized loss on
restricted investments,
net on tax --- --- -- -- -- (11) -- (11)
Net Loss --- --- --- -- --- --- (1,642) (1,642)
--- --- ----- --- ------- ---- ------- -------
Balance at
March 31, 1996 112 $ 1 9,568 $96 $58,983 $(18) $(341) $58,721
=== === ===== === ======= ==== ===== =======
The accompanying notes are an integral part of
these consolidated financial statements.
(6)
9
CLEAN HARBORS, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
NOTE 1 BASIS OF PRESENTATION
The consolidated interim financial statements included herein have been
prepared by the Company, pursuant to the rules and regulations of the Securities
and Exchange Commission, and include, in the opinion of management, all
adjustments (consisting of only normal recurring accruals) necessary for the
fair presentation of interim period results. The operating results for the three
months ended March 31, 1996 are not necessarily indicative of those to be
expected for the full fiscal year. Reference is made to the audited consolidated
financial statements and notes thereto included in Clean Harbors' Report on Form
10-K for the year ended December 31, 1995 as filed with the Securities and
Exchange Commission. The year end condensed balance sheet data was derived from
audited financial statements, but does not include all disclosures required by
generally accepted accounting principles.
NOTE 2 SIGNIFICANT ACCOUNTING POLICIES
NET INCOME PER COMMON AND COMMON EQUIVALENT SHARE
Net income per common and common equivalent share is based on net income
less preferred stock dividend requirements divided by the weighted average
number of common and common equivalent shares outstanding during each of the
respective periods. Fully diluted net income per common share has not been
presented as the amount would not differ significantly from that presented.
Common share equivalents included in the computation represent shares issuable
upon assumed exercise of stock options which would have a dilutive effect in
periods where there are earnings.
(7)
10
CLEAN HARBORS, INC. AND SUBSIDIARIES
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
REVENUES
Revenues for the first quarter of 1996 were $45,736,000, down 3% as
compared to revenues of $47,150,000 for the first quarter of the prior year. The
revenue decline was due to a variety of secular trends impacting both price and
volume: competitive industry pricing; continuing efforts by generators of
hazardous waste to reduce the amount of hazardous waste they produce; and
shipment by generators of waste direct to the ultimate treatment or disposal
location. The Company has responded to these industry trends in several ways,
primarily by modernizing the Company's facilities to offer more technologically
advanced waste treatment alternatives, such as the Kimball incinerator in
Nebraska and the Clean Extraction System in Baltimore.
During the first quarter of 1996, the unusually harsh winter weather
throughout the entire Northeast and Mid-Atlantic regions significantly affected
revenues as many of the Company's client industries postponed field service
work. The inclement weather also disrupted waste pick-ups from customers thereby
causing a drop in volumes being processed at the waste management facilities.
(8)
11
CLEAN HARBORS, INC. AND SUBSIDIARIES
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
At March 31, 1996, the Company had service centers and sales offices
located in 24 states and Puerto Rico, and operated 12 waste management
facilities. The following table sets forth, for the periods indicated, the
Company's revenues by region, based upon the locations of its service centers as
of March 31, 1996.
Service Center Revenues By Region
For The Five Quarters Ended March 31, 1996
(in thousands; unaudited)
--------------------1995------------------- --1996--
3/31/95 6/30/95 9/30/95 12/31/95 3/31/96
------- ------- ------- -------- -------
Northeast $19,693 $21,449 $20,275 $21,362 $17,617
Mid-Atlantic 15,367 16,817 17,317 16,817 13,052
Central 7,138 9,450 9,388 8,936 8,920
Midwest 4,952 7,183 7,418 5,688 6,147
------- ------- ------- ------- -------
Total $47,150 $54,899 $54,398 $52,803 $45,736
The Company has expanded its sales force in the Southern, Gulf Coast and
West Coast regions. In addition, the first quarter of 1996 reflects new
capabilities in the Midwest region with the expanded Chicago waste treatment
facility and the Kimball incinerator in Nebraska.
(9)
12
CLEAN HARBORS, INC. AND SUBSIDIARIES
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
RESULTS OF OPERATIONS
The following table sets forth for the periods indicated certain operating
data associated with the Company's results of operations.
Percentage Of Total Revenues
------------------------------------
Three months ended
March 31,
------------------
1996 1995
---- ----
Revenues 100.0% 100.0%
Cost of revenues:
Disposal costs paid to third parties 13.2 16.6
Other costs 63.1 57.3
----- -----
Total cost of revenues 76.3 73.9
Selling, general and administrative
expenses 20.1 19.1
Depreciation and amortization
of intangible assets 5.5 5.2
Income (loss) from operations (1.9) 1.7
Other Data:
- ----------
Earnings Before Interest, Taxes,
Depreciation and Amortization
(EBITDA) (in thousands) $1,680 $3,288
COST OF REVENUES
One of the largest components of cost of revenues is the cost of sending
waste to other companies for disposal. The Company's outside disposal costs
decreased to 13.2% of revenue in the first three months of 1996 from 16.6% of
revenue in the first three months of 1995. The reduction in outside disposal
cost is a result of the acquisition of the Kimball incinerator, which reduced
the Company's reliance on third-party disposal outlets. The corresponding
increase in other costs resulted from the additional operating costs of the
Kimball incinerator and the expansion of the Chicago facility.
(10)
13
CLEAN HARBORS, INC. AND SUBSIDIARIES
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
The Company is continuing to implement cost savings plans to reduce
operating costs as a percentage of revenue during 1996. Through reengineering, a
two-year long effort which began in January 1994, the Company has significantly
reduced its cost structure while improving its service quality and
competitiveness in the marketplace. These savings will be achieved through
introducing new computer systems to strengthen the Company's business processes,
exiting non-core businesses, and reducing both the number of offices and the
amount of rented space. The Company believes that cost reductions will enable
the Company to return to profitability in 1996.
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES
During 1995, the Company established a sales presence in Alabama,
California, Colorado, and Florida and spent considerable sums of money on
building marketing campaigns for the Kimball incinerator and the expanded
Chicago waste treatment facility. As a result of the Company's strategy to
expand geographically, by adding sales offices and service centers in the
southern and western parts of the United States, and to add product lines, such
as the Kimball incinerator, its sales expenses have increased. Although there
continues to be increased costs associated with the expansion efforts, the
Company has implemented cost savings programs which have to some extent offset
these growth related expenditures. The Company does not anticipate any
significant increases during 1996 in selling, general and administrative
expenses.
INTEREST EXPENSE
Interest expense increased to $2,139,000 during the first three months of
1996 from the previous years' interest expense of $1,972,000. This increase
resulted from an increase in total long-term borrowings as a result of the
costs of the acquisition of the Kimball incinerator and the expansion of the
Chicago facility.
INCOME TAXES
The effective income tax rate for the three months ended March 31, 1996 was
45% as compared to 49% for the comparable period of 1995. The Company expects
its effective income tax rate for the year 1996 to be approximately 47%. The
rate fluctuates depending on the amount of income before taxes, as compared to
the fixed amount of goodwill amortization and other non-deductible items.
(11)
14
CLEAN HARBORS, INC. AND SUBSIDIARIES
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
FACTORS THAT MAY AFFECT FUTURE RESULTS
From time to time, the Company and employees acting on behalf of the
Company make forward-looking statements concerning the expected revenues,
results of operations, capital expenditures, capital structure, plans and
objectives of management for future operations, and future economic performance.
This report contains forward-looking statements. There are many factors which
could cause actual results to differ materially from those projected in a
forward-looking statement, and there can be no assurance that such expectations
will be realized.
The Company's future operating results may be affected by a number of
factors, including the Company's ability to: continue to implement the treatment
and disposal reengineering program; utilize its facilities and workforce
profitably, in the face of intense price competition; successfully increase
market share in its existing service territory while expanding its product
offerings into other markets; integrate additional hazardous waste management
facilities, such as the Kimball incinerator and the expanded Chicago facility;
realize benefits from cost reduction programs; and generate incremental volumes
of waste to be handled through such facilities from existing sales offices and
service centers and others which may be opened in the future.
The future operating results of the Kimball incinerator may be affected by
factors such as its ability to: obtain sufficient volumes of waste at prices
which produce revenue sufficient to offset the operating costs of the facility;
minimize downtime and disruptions of operations; and compete successfully
against other incinerators which have an established share of the incineration
market.
The Company's operations may be affected by the commencement and completion
of major site remediation projects; seasonal fluctuations due to weather and
budgetary cycles influencing the timing of customers' spending for remedial
activities; the timing of regulatory decisions relating to hazardous waste
management projects; secular changes in the process waste industry towards waste
minimization and the propensity for delays in the remedial market; suspension of
governmental permits; and fines and penalties for noncompliance with the myriad
of regulations governing the Company's diverse operations. As a result of these
factors, the Company's revenue and income could vary significantly from quarter
to quarter, and past financial performance should not be considered a reliable
indicator of future performance.
FINANCIAL CONDITION AND LIQUIDITY
The Company has financed its operations and capital expenditures primarily
by cash flow from operations and additions to long-term debt. During the three
months ended March 31, 1996, the Company spent $756,000 on additions to plant
and equipment and construction in progress, as compared to its capital
expenditures of $1,938,000 during the same period of the prior year, during
which the Company also spent $1,755,000 on the acquisition of the Kimball
incinerator. During the three months ended March 31, 1996, net additions to
long-term debt were $364,000, as compared to net additions in long-term debt of
$1,135,000 during the same period of the previous year.
(12)
15
CLEAN HARBORS, INC. AND SUBSIDIARIES
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
At December 31, 1995, the Company had a $45,000,000 revolving credit and
term loan agreement (the "Loan Agreement") with a financial institution. The
Loan Agreement originally provided for a $35,000,000 revolving credit portion
(the "Revolver") and a $10,000,000 term promissory note (the "Term Note"). On
March 20, 1996, the Loan Agreement was amended to increase the Term Loan from
its amortized balance of $8,333,000 to $15,000,000 and decrease the revolving
portion to $30,000,000. This amendment allows the Company greater availability
under the Loan Agreement. The new Term Note is payable in 60 monthly
installments, commencing April 1, 1996. Monthly principal payments are $250,000.
The Revolver allows the Company to borrow up to $30,000,000 in cash and letters
of credit. Letters of credit may not exceed $20,000,000 at any one time. The
Revolver has a three-year term with an option to renew annually.
The Loan Agreement terms include a borrowing limit, which fluctuates
depending on the level of accounts receivable which collatoralize the Loan
Agreement. The borrowing availability within each month will fluctuate
significantly depending on the level of business activity, when during the month
the bills are sent, the resulting amount of accounts receivable, and the usage
of letters of credit. The Loan Agreement terms allow the Company to make
regularly scheduled payments of principal and interest on its other indebtedness
for borrowed money (including leases), to pay dividends in cash on its preferred
stock, to prepay such debt or redeem such preferred stock, and to make
acquisitions of other companies, provided that on each of the sixty consecutive
days prior thereto, and after giving effect thereto, the Company shall maintain
borrowing availability in excess of $4,500,000. In anticipation of making the
semiannual interest payment due in May, 1996 on its $50,000,000, 12.50% Senior
Notes, the Company requested that its lender waive compliance with the Loan
Agreement covenant requiring $4,500,000 of excess availability, which was
granted in March, 1996.
Dividends on the Company's Series B Convertible Preferred Stock are payable
on the 15th day of January, April, July and October, at the rate of $1.00 per
share, per quarter; 112,000 shares are outstanding. Under the terms of the
preferred stock, the Company can elect to pay dividends in cash or in common
stock with a market value equal to the amount of the dividend payable. The
Company elected to pay the April 15, 1996 dividend in common stock. The market
value of the common stock as of the April, 1996 record date of such dividend was
$2.9375. Accordingly, the Company issued 38,130 shares of common stock to the
holders of the preferred stock. The Company anticipates that the preferred stock
dividends payable through 1996 will be paid in common stock.
Although the Company's liquidity will be constrained after making the May,
1996 interest payment, the Company believes it has adequate liquidity for its
ongoing operations and planned capital needs. The Company operations along with
the provisions of the amended Loan Agreement are expected to produce cash flow
in excess of the amounts required to finance its operations and its capital
expenditures during 1996. In addition, the Company expects to realize net cash
savings of approximately $3,300,000, primarily from the tax savings and the sale
of certain office and maintenance facilities. It is expected that capital
expenditures in 1996 will be approximately $6,000,000.
(13)
16
CLEAN HARBORS, INC. AND SUBSIDIARIES
PART II - OTHER INFORMATION
ITEM 1 - LEGAL PROCEEDINGS
- --------------------------
No reportable events have occurred which would require modification of the
discussion under Item 3 - Legal Proceedings contained in the Company's Report on
Form 10-K for the Year Ended December 31, 1995.
ITEM 2- CHANGES IN SECURITIES
- -----------------------------
None
ITEM 3 - DEFAULTS UPON SENIOR DEBT
- ----------------------------------
None
ITEM 4 - SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
- ------------------------------------------------------------
None
ITEM 5 - OTHER INFORMATION
- --------------------------
None
ITEM 6 - EXHIBITS AND REPORTS ON FORM 8-K
- -----------------------------------------
A) Exhibit 11 - Computation of Net Income per Share.
Exhibit 27 - Financial Data Schedule.
B) Reports on Form 8-K - None
(14)
17
CLEAN HARBORS, INC. AND SUBSIDIARIES
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.
Clean Harbors, Inc.
-------------------
Registrant
Dated: May 13, 1996 By: /s/ Alan S. McKim
-------------------------------
Alan S. McKim
President and
Chief Executive Officer
Dated: May 13, 1996 By: /s/ Stephen H. Moynihan
-------------------------------
Stephen H. Moynihan
Vice President and Treasurer
(principal financial and
accounting officer)
(15)
18
CLEAN HARBORS, INC. AND SUBSIDIARIES
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.
Clean Harbors, Inc.
-------------------
Registrant
Dated: May 13, 1996 By:
-------------------------------
Alan S. McKim
President and
Chief Executive Officer
Dated: May 13, 1996 By:
-------------------------------
Stephen H. Moynihan
Vice President and Treasurer
(principal financial and
accounting officer)
(15)
1
EXHIBIT 11
CLEAN HARBORS, INC. AND SUBSIDIARIES
COMPUTATION OF NET INCOME PER SHARE
FOR THE QUARTERS ENDED MARCH 31, 1996 & MARCH 31, 1995
(IN THOUSANDS)
THREE MONTHS ENDED
MARCH 31,
------------------
1996 1995
------ ------
Net loss $(1,642) $ (590)
Less preferred dividends accrued 112 111
------- ------
Adjusted net loss (1,754) $ (701)
======= ======
Loss per common and common
equivalent share:
Weighted average number of
shares outstanding 9,560 9,431
Incremental shares for stock options
under treasury stock method --- 14
------- ------
Weighted average number of common and
common equivalent shares outstanding 9,560 9,445
======= ======
Net loss per common and common equivalent share $ (.18) $ (.07)
======= ======
Loss per common and common equivalent
share - assuming full dilution:
Weighted average number of
shares outstanding 9,560 9,431
Incremental shares for stock options
under treasury stock method --- 14
------- ------
Weighted average number of common
and common equivalent shares
outstanding - assuming full dilution 9,560 9,445
======= ======
Net loss per common and common equivalent
share - assuming full dilution $ (.18) $ (.07)
======= ======
5
1,000
3-MOS
DEC-31-1996
MAR-31-1996
252
1,752
45,628
(1,045)
3,049
56,369
129,732
56,361
174,452
45,970
69,761
96
0
1
58,624
174,452
45,736
45,736
34,882
34,882
0
0
(2,139)
(2,986)
(1,344)
(1,642)
0
0
0
(1,642)
(.18)
0
