SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_______________
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d)
[X] OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 1995
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 1-10258
Tredegar Industries, Inc.
(Exact name of registrant as specified in its charter)
Virginia 54-1497771
(State or other jurisdiction (I.R.S. Employer
of incorporation or organization) Identification No.)
1100 Boulders Parkway
Richmond, Virginia 23225
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (804) 330-1000
Indicate by check 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
The number of shares of Common Stock, no par value, outstanding as of
July 14, 1995: 8,429,725
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements.
TREDEGAR INDUSTRIES, INC.
CONSOLIDATED BALANCE SHEETS
(In Thousands)
(Unaudited)
June 30 Dec. 31
1995 1994
ASSETS
Cash and cash equivalents $ 6,302 $ 9,036
Accounts and notes receivable 85,489 73,248
Inventories 32,984 35,369
Income taxes recoverable 2,851 2,534
Deferred income taxes 15,148 14,014
Prepaid expenses and other 2,208 696
Total current assets 144,982 134,897
Property, plant and equipment 319,462 318,124
Less accumulated depreciation and
amortization 197,179 194,505
Net property, plant and equipment 122,283 123,619
Other assets and deferred charges 32,499 29,073
Goodwill and other intangibles 30,440 30,756
Total assets $330,204 $318,345
LIABILITIES AND SHAREHOLDERS' EQUITY
Accounts payable $ 36,774 $ 31,486
Accrued expenses 40,784 41,288
Total current liabilities 77,558 72,774
Long-term debt 47,000 38,000
Deferred income taxes 21,424 20,336
Other noncurrent liabilities 16,508 15,357
Total liabilities 162,490 146,467
Shareholders' equity:
Common stock, no par value 122,279 136,150
Foreign currency translation adjustment 561 327
Retained earnings 44,874 35,401
Total shareholders' equity 167,714 171,878
Total liabilities and
shareholders' equity $330,204 $318,345
See accompanying notes to financial statements.
TREDEGAR INDUSTRIES, INC.
CONSOLIDATED STATEMENTS OF INCOME
(In Thousands, Except Per-Share Amounts)
(Unaudited)
Second Quarter Six Months Ended
Ended June 30 Ended June 30
1995 1994 1995 1994
Net sales $149,682 $122,913 $300,765 $243,907
Other (expenses)
income, net (248) 160 (349) (71)
149,434 123,073 300,416 243,836
Cost of goods sold 124,330 102,684 252,335 204,934
Selling, general and
administrative
expenses 12,837 12,259 25,258 23,554
Research & development
expenses 1,797 1,927 3,767 3,766
Interest expense 854 1,166 1,577 2,343
Unusual items - - 650 9,521
139,818 118,036 283,587 244,118
Income (loss) from
continuing operations
before income taxes 9,616 5,037 16,829 ( 282)
Income taxes 3,542 1,963 6,310 1,737
Income (loss) from
continuing operations 6,074 3,074 10,519 (2,019)
Income from discontinued
operations - 1,772 - 10,465
Net income $ 6,074 $ 4,846 $ 10,519 $ 8,446
Earnings (loss) per
common and dilutive
common equivalent
share:
Continuing operations $ .68 $ .29 $ 1.16 $ (.19)
Discontinued
operations - .16 - .97
Net income $ .68 $ .45 $ 1.16 $ .78
Shares used to compute
earnings (loss) per
common and dilutive
common equivalent
share 8,963 10,722 9,069 10,808
See accompanying notes to financial statements.
TREDEGAR INDUSTRIES, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In Thousands)
(Unaudited)
Six Months Ended
June 30
1995 1994
Cash flows from operating activities:
Continuing operations:
Income (loss) from continuing operations $10,519 ($2,019)
Adjustments for noncash items:
Depreciation 11,755 11,789
Amortization of intangibles 290 1,010
Write-off of intangibles - 9,521
Deferred income taxes 707 (3,593)
Accrued pension income and
postretirement benefits, net (879) 177
Changes in assets and liabilities, net
of effects from acquisitions:
Accounts and notes receivable (8,904) (4,037)
Inventories 4,174 2,903
Income taxes recoverable (317) -
Prepaid expenses and other (1,512) (230)
Accounts payable 2,706 5,702
Accrued expenses & income taxes payable (1,094) 3,625
Other, net (361) (883)
Net cash provided by continuing operating
activities 17,084 23,965
Net cash provided by discontinued operating
activities - 11,621
Net cash provided by operating activities 17,084 35,586
Cash flows from investing activities:
Continuing operations:
Capital expenditures (10,434) (7,885)
Acquisitions (net of $358 cash acquired) (3,637) -
Investments (858) (1,200)
Property disposals 559 2,569
Other, net 518 (128)
Net cash used in investing activities of
continuing operations (13,852) (6,644)
Net cash provided by disposals of discontinued
operations - 7,837
Net cash (used in) provided by investing
activities (13,852) 1,193
Cash flows from financing activities:
Dividends paid (1,046) (1,291)
Net increase (decrease) in borrowings 9,000 (26,500)
Repurchases of Tredegar common stock (14,974) (4,333)
Other, net 1,054 (47)
Net cash used in financing activities (5,966) (32,171)
(Decrease) increase in cash and cash equivalents (2,734) 4,608
Cash and cash equivalents at beginning of period 9,036 -
Cash and cash equivalents at end of period $ 6,302 $ 4,608
See accompanying notes to financial statements.
TREDEGAR INDUSTRIES, INC.
NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS
(Unaudited)
1. In the opinion of management, the accompanying consolidated
financial statements of Tredegar Industries, Inc. and Subsidiaries
("Tredegar") contain all adjustments necessary to present fairly,
in all material respects, Tredegar's consolidated financial
position as of June 30, 1995, and the consolidated results of their
operations and their cash flows for the six months ended June 30,
1995 and 1994. All such adjustments are deemed to be of a normal
recurring nature. These financial statements should be read in
conjunction with the consolidated financial statements and notes
thereto included in Tredegar's Annual Report on Form 10-K for the
year ended December 31, 1994. The results of operations for the
six months ended June 30, 1995 are not necessarily indicative of
the results to be expected for the full year.
2. On April 11, 1995, Tredegar's Board of Directors authorized a
"Dutch Auction" tender offer for up to one million shares of the
company's common stock at a price range of $20 to $23 per share.
The offer expired on May 15, 1995, and 642,797 shares were
tendered and purchased by Tredegar for approximately $15 million or
$23 per share. The purchase was funded by borrowings under one of
Tredegar's revolving credit facilities.
As of July 14, 1995, Tredegar had 8,429,725 shares of common stock
outstanding. Under a standing authorization from its board of
directors, Tredegar may purchase an additional 1.4 million shares
in the open market or in privately negotiated transactions at
prices management deems appropriate.
In the first quarter of 1995, Tredegar granted stock options to
purchase 146,000 shares of Tredegar common stock at prices not less
than the fair market value on the date of grant ($17.375 to $18.75)
and for a term not to exceed 10 years.
Tredegar has historically excluded common stock equivalents (stock
options) from its computation of earnings per common share due to
their immaterial dilutive effect. Immaterial is defined in this
context by Accounting Principles Board ("APB") Opinion No. 15 as
dilution of less than 3%. As a result of the tender offer and the
increase in Tredegar's stock price in the second quarter of 1995,
stock options currently outstanding are dilutive in excess of the
threshold set forth in APB Opinion No. 15. Accordingly, shares used
to compute earnings (loss) per common and dilutive common
equivalent share for the second quarter and six months ended June
30, 1995 include common stock equivalents of 246,000 and 207,000
shares, respectively. Fully diluted earnings (loss) per common
share is not materially different from the earnings (loss) per
common and dilutive common equivalent share presented in the
consolidated statements of income.
3. The components of inventories are as follows:
(In Thousands)
June 30 Dec. 31
1995 1994
Finished goods $ 5,018 $ 4,970
Work-in-process 3,393 5,243
Raw materials 16,799 18,004
Stores, supplies and other 7,774 7,152
Total $32,984 $35,369
4. Unusual items for the six months ended June 30, 1995 include a charge of
$2.4 million ($1.6 million after income tax benefits or 17 cents per share)
in the first quarter related to the restructuring of APPX Software ("APPX")
and a recovery of $1.75 million ($1.1 million after income taxes or 12
cents per share) in the first quarter related to a final judgment in
connection with a Film Products product liability lawsuit.
Unusual items for the six months ended June 30, 1994 include the write-off
of goodwill and other intangibles in APPX totaling $9.5 million ($7.6
million after income tax benefits or 71 cents per share) in the first
quarter.
Net income and earnings per share from continuing operations, adjusted for
unusual items affecting the comparability of operating results, are
presented below:
(In Thousands Except
Per-Share Amounts)
Six Months Ended
June 30
1995 1994
Net income (loss) from
continuing operations $10,519 ($2,019)
After-tax effects of unusual
items:
APPX restructuring charges 1,560 -
Recovery in connection with a
Film Products product
liability lawsuit (1,068) -
Write-off of APPX intangibles - 7,642
Income from continuing operations
as adjusted for unusual items $11,011 $ 5,623
Earnings (loss) per common and
dilutive common equivalent
share from continuing
operations:
As reported $ 1.16 $ (.19)
As adjusted for unusual items $ 1.21 $ .52
5. Interest payments (net of amount capitalized) for the six months ended June
30, 1995 and 1994 were $1.6 million and $2.6 million, respectively. Income
tax payments (net) for the six months ended June 30, 1995 and 1994 were
$7.5 million and $5.2 million, respectively.
6. Tredegar is reporting its former Energy segment, which was divested in
1994, as discontinued operations.
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations
Results of Operations
Second Quarter 1995 Compared with Second Quarter 1994
Net income from continuing operations for the second quarter of 1995
increased 98% to $6.1 million, or 68 cents per share, compared with $3.1
million, or 29 cents per share, in 1994. The improvement over last year's
second quarter was due to continued profit growth in Aluminum Extrusions and
improved results in Molded Products and APPX Software ("APPX"). In addition,
earnings per share benefited from accretion due to stock repurchases.
Second quarter net sales increased 22% in 1995 due primarily to higher
selling prices reflecting higher raw material costs, partially offset by lower
volumes in Aluminum Extrusions.
The gross profit margin increased to 16.9% in 1995 from 16.5% in 1994
primarily due to improved product mix and costs in Aluminum Extrusions, higher
volume in Molded Products and improvement in operating results at APPX,
partially offset by lower margins in Film Products. APPX is benefiting from the
restructuring begun in the first quarter of 1995.
Selling, general and administrative expenses increased 5% over 1994 in
support of higher levels of sales activity and international expansion in Film
Products. In addition, recent increases in Tredegar's stock price necessitated
an additional accrual of $500,000 for stock appreciation rights. As a percentage
of sales, selling, general and administrative expenses declined to 8.6% in the
second quarter of 1995 from 10% in 1994.
Research and development expenses decreased 7% due to the curtailment of
product development spending at APPX, partially offset by higher spending at
Molecumetics and higher product development spending at Film Products.
Interest expense for continuing operations for the second quarter of 1995
decreased 27% due to significantly lower debt levels. The average interest rate
on debt outstanding during the second quarter of 1995 was 7% (primarily
fixed-rate debt) compared with 6% in 1994 (a mix of fixed- and floating-rate
debt). Interest expense of $133,000 was allocated to discontinued operations in
the second quarter of 1994, based on relative capital employed.
The effective tax rate decreased to 36.8% in 1995 from 39% in 1994 due
primarily to a lower effective state income tax rate driven by
proportionally higher foreign income, the reduction of certain losses not
deductible for state income tax purposes and proportionally higher income
in states with lower income tax rates.
Six Months 1995 Compared with Six Months 1994
Net income from continuing operations for the first six months of 1995 was
$10.5 million, or $1.16 per share, compared with a loss of $2 million or 19
cents per share, in 1994. Unusual items recognized in the first quarter of 1995
affecting the comparability of operating results include a charge of $2.4
million ($1.6 million after income tax benefits or 17 cents per share) for the
restructuring of APPX and a recovery of $1.8 million ($1.1 million after income
taxes or 12 cents per share) related to a final judgment in connection with a
Film Products product liability lawsuit. Unusual items in the first quarter of
1994 affecting the comparability of operating results include a charge of $9.5
million ($7.6 million after income tax benefits or 71 cents per share) for the
write-off of goodwill and other intangibles in APPX.
For the first six months of 1995, net income from continuing operations
excluding unusual items was $11 million, or $1.21 per share, compared with $5.6
million, or 52 cents per share, for the same period in 1994. The increase was
due to improved results in Aluminum Extrusions, Molded Products and APPX. In
addition, earnings per share benefited from accretion due to stock repurchases.
Six months net sales increased 23% in 1995 due primarily to higher selling
prices reflecting higher raw material costs.
The gross profit margin increased to 16.1% in 1995 from 16% in 1994 due to
improved product mix and costs in Aluminum Extrusions, higher volume in Molded
Products and an improvement in operating results at APPX.
Selling, general and administrative expenses increased 7% in 1995 primarily
in support of higher levels of sales activity, international expansion in Film
Products and a $500,000 charge associated with stock appreciation rights. As a
percentage of sales, selling general and administrative expenses declined to
8.4% in 1995 from 9.7% in 1994.
Research and development expenses were flat compared with 1994 as higher
spending at Molecumetics and higher product development spending at Film
Products were offset by curtailment of product development spending at APPX.
Interest expense for continuing operations for the first six months of 1995
decreased 33% due to significantly lower debt levels. The average interest rate
on debt outstanding during the first six months was 7.1% (primarily fixed-rate
debt) in 1995 and 5.8% (a mix of fixed- and floating-rate debt) in 1994.
Interest expense of $269,000 was allocated to discontinued operations in 1994
for the six months period, based on relative capital employed.
The effective tax rate for continuing operations, excluding unusual
items, decreased to 37% in 1995 from 39.1% in 1994 due primarily to a lower
effective state income tax rate driven by proportionally higher foreign
income, the reduction of certain losses not deductible for state income tax
purposes and proportionally higher income in states with lower income tax
rates.
Segment Results
The following tables present Tredegar's net sales and operating profit by
segment for the second quarter and six months ended June 30, 1995 and 1994.
Net Sales by Segment
(In Thousands)
(Unaudited)
Second Quarter Six Months
Ended June 30 Ended June 30
1995 1994 1995 1994
Plastics $ 84,900 $ 67,263 $167,534 $136,101
Metal Products 64,289 55,111 132,360 106,888
Technology 493 539 871 918
Total sales
$149,682 $122,913 $300,765 $243,907
Operating Profit by Segment
(In Thousands)
(Unaudited)
Second Quarter Six Months
Ended June 30 Ended June 30
1995 1994 1995 1994
Plastics:
Ongoing operations $ 9,388 $ 7,771 $18,683 $16,766
Unusual items (a) - - 1,750 -
9,388 7,771 20,433 16,766
Metal Products 5,501 3,143 8,826 4,807
Technology:
Ongoing operations (1,383) (2,448) (3,038) (4,825)
Unusual items (b) - - (2,400) (9,521)
(1,383) (2,448) (5,438) (14,346)
Total operating
profit 13,506 8,466 23,821 7,227
Interest expense 854 1,166 1,577 2,343
Corporate
expenses, net 3,036 2,263 5,415 5,166
Income (loss) before
income taxes 9,616 5,037 16,829 (282)
Income taxes 3,542 1,963 6,310 1,737
Income (loss)
from continuing
operations (c) 6,074 3,074 10,519 (2,019)
Income from
discontinued
operations (d) - 1,772 - 10,465
Net income $ 6,074 $ 4,846 $10,519 $ 8,446
Notes to Segment Tables:
(a) Plastics segment unusual items consist of a recovery related to a final
judgment in connection with a product liability lawsuit.
(b) Technology segment unusual items consist of a charge for the restructuring
of APPX in 1995 and a write-off of goodwill and intangibles in APPX in
1994.
(c) Income from continuing operations, excluding the net effects of
unusual items, was $11 million and $5.6 million for the six months ended
June 30, 1995 and 1994, respectively.
(d) In August 1994, Tredegar divested its Elk Horn Coal subsidiary and
recognized an after-tax gain of $25.7 million. In the first quarter of
1994, Tredegar recognized certain tax benefits associated with the Elk Horn
divestiture of $3.3 million. In February 1994, Tredegar sold its remaining
oil and gas properties and recognized an after-tax gain of $3.9 million.
Tredegar Film Products sales increased for the second quarter and the six
months due primarily to higher average selling prices resulting from higher raw
material costs. Higher volume from foreign operations contributed to the
improvement in net sales for the quarter and six months. Domestic sales volume
declined in backsheet and specialty films while domestic permeable film volume
declined for the quarter, but increased slightly for the six-month period.
Ongoing operating profit for the second quarter and six months declined on lower
margins in domestic backsheet film, domestic permeable film and specialty film,
partially offset by higher profits at foreign operations.
Tredegar Molded Products sales and operating profits increased in the second
quarter and first six months of 1995 due primarily to higher volume. Operating
profit margins increased from relatively flat conversion costs on higher
volume.
Second quarter sales at Fiberlux were flat compared with 1994. Sales for the
first six months increased over last year. Operating profit declined for both
the quarter and the year to date.
Metal Products sales increased 17% for the quarter and 24% for the six
months due primarily to higher prices in Aluminum Extrusions reflecting higher
aluminum costs. Volume in Aluminum Extrusions declined for the second quarter
and was relatively flat for the six-month period. Operating profit improved for
the quarter and six months in Aluminum Extrusions due to improved product mix
and ongoing cost and quality improvements. Sales and operating profit improved
at Brudi for the quarter. Sales at Brudi for the six months improved but
operating profit declined due primarily to higher bad debt expenses.
Technology segment results for the second quarter of 1995 showed improvement
over last year as restructuring efforts begun in the first quarter permitted
APPX to break-even versus an operating loss of almost $1 million in the second
quarter of 1994. Product development efforts have been curtailed while APPX
continues to support existing products. The improvement in APPX was partially
offset by higher research and development expenses at Molecumetics and a
$329,000 writedown of a medical technology investment. For the six months ended
June 30, 1995, Technology segment ongoing operating losses declined compared
with last year due to the improvement at APPX, partially offset by higher
research and development expenses at Molecumetics and the $329,000 medical
technology investment writedown.
Liquidity and Capital Resources
Tredegar's total assets at June 30, 1995 were $330.2 million, an increase of
$11.9 million over December 31, 1994. The increase is due primarily to higher
accounts receivable resulting from higher sales in Film Products, Molded
Products and Aluminum Extrusions and the acquisition of a films business in
Argentina. Other assets also increased primarily from the deferral of costs for
razing the films plant in Fremont, California in anticipation of the sale of the
land. Inventories declined primarily due to the completion and shipment of
several large tooling jobs in Molded Products. Depreciation exceeded capital
expenditures by $1.3 million for the six months ended June 30, 1995.
Total liabilities increased $16 million due to higher accounts payable and
higher debt. Accounts payable increased due to higher raw material costs and
the acquisition in Argentina. Debt increased primarily as a result of the
repurchase of Tredegar common stock. The ratio of current assets to current
liabilities was unchanged at 1.9 to 1 at June 30, 1995, compared with December
31, 1994.
Debt was $47 million at June 30, 1995, an increase of $9 million (borrowed
under revolving credit facilities) over December 31, 1994. The increase
resulted primarily from the repurchase of Tredegar common stock. Net debt (debt
less cash and cash equivalents) as a percentage of net capitalization was 19.5%
at June 30, 1995, compared with 14.4% at December 31, 1994.
On May 15, 1995 Tredegar completed a "Dutch Auction" tender offer,
repurchasing 642,797 shares of its common stock for approximately $15 million or
$23 per share. As of July 14, 1995, Tredegar had 8,429,725 shares of common
stock outstanding. Under a standing authorization from its board of directors,
Tredegar may purchase an additional 1.4 million shares in the open market or in
privately negotiated transactions at prices management deems appropriate.
Net cash provided by continuing operating activities declined to $17.1
million in 1995 from $24 million in 1994 due to additional working capital
needed to support a higher level of sales activity. Despite this working
capital funding, cash from continuing operating activities exceeded capital
expenditures and dividends by $5.6 million. This excess cash combined with the
$9 million cash and cash equivalents balance at December 31, 1994, additional
borrowings ($9 million) and other sources of cash ($1.3 million) was used for
the Dutch Auction tender offer ($15 million) and the films acquisition in
Argentina ($3.6 million), leaving $6.3 million of cash and cash equivalents at
June 30, 1995.
PART II - OTHER INFORMATION
Item 4. Submission of Matters to a Vote of Security Holders.
Tredegar's Annual Meeting of Shareholders was held on May 24, 1995.
The following sets forth the vote results with respect to each of the
matters voted upon at the meeting:
(a) Election of Directors
No. of No. of Votes
Nominee Votes "For" "Withheld"
John D. Gottwald 8,684,445 20,945
Andre B. Lacy 8,685,822 19,569
Emmett J. Rice 8,670,579 34,810
There were no broker non-votes with respect to the election of
directors.
(b) Approval of Auditors
Approval of the designation of Coopers & Lybrand L.L.P. as the
auditors for Tredegar for 1995:
No. of Votes No. of Votes No. of
"For" "Against" Abstentions
8,663,061 30,720 8,608
There were no broker non-votes with respect to the approval of
auditors.
Item 6. Exhibits and Reports on Form 8-K.
(a) Exhibit No.
11 Statement re computation of earnings per share
27 Financial Data Schedule
(b) Reports on Form 8-K. No reports on Form 8-K have been filed for the
quarter ended June 30, 1995.
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.
Tredegar Industries, Inc.
(Registrant)
Date: July 25, 1995 /s/ N. A. Scher
Norman A. Scher
Executive Vice President,
Treasurer and Chief Financial
Officer (Principal Financial
Officer)
Date: July 25, 1995 /s/ D. Andrew Edwards
D. Andrew Edwards
Corporate Controller
(Principal Accounting Officer)
Exhibit 11 - Computations of Earnings Per Share
Tredegar Industries, Inc. and Subsidiaries
(In Thousands, Except Per-Share Amounts)
(Unaudited)
Second Quarter Six Months
Ended June 30 Ended June 30
1995 1994 1995 1994
Income (loss) from
continuing operations $ 6,074 $ 3,074 $10,519 $(2,019)
Income from discontinued
operations - 1,772 - 10,465
Net income $ 6,074 $ 4,846 $10,519 $ 8,446
Earnings (loss) per common
and dilutive common
equivalent share
as reported (2):
Continuing operations $ .68 $ .29 $ 1.16 $ (.19)
Discontinued
operations - .16 - .97
Net income $ .68 $ .45 $ 1.16 $ .78
PRIMARY EARNINGS PER
SHARE:
Shares issuable upon the
assumed exercise
of outstanding stock
options (1) 246 32 207 33
Weighted average common
shares outstanding
during period 8,717 10,722 8,862 10,808
Weighted average common
and dilutive common
equivalent shares 8,963 10,754 9,069 10,841
Primary earnings per
share (2) $ .68 $ .45 $ 1.16 $ .78
FULLY DILUTED EARNINGS
PER SHARE:
Shares issuable upon the
assumed exercise
of outstanding stock
options (3) 298 32 299 33
Weighted average common
shares outstanding
during period 8,717 10,722 8,862 10,808
Weighted average common
and dilutive common
equivalent shares 9,015 10,754 9,161 10,841
Fully diluted earnings
per share (3) $ .67 $ .44 $ 1.15 $ .77
Notes to Exhibit 11:
(1) Computed using the average market price during the related period.
(2) Shares used to compute earnings (loss) per common and dilutive common
equivalent share include common stock equivalents for the second quarter
and six months ended June 30, 1995.
(3) Computed using the higher of the average market price during the related
period and the market price at the end of the related period. Fully diluted
earnings (loss) per common and dilutive common equivalent share is not
materially different (dilutive by 3% or more) from earnings (loss) per
common and dilutive common equivalent share reported in the consolidated
statements of income.
5
1,000
6-MOS
DEC-31-1995
JUN-30-1995
6,302
0
90,637
5,148
32,984
144,982
319,462
197,179
330,204
77,558
47,000
0
0
122,279
45,435
330,204
300,765
300,416
252,335
252,335
28,794
881
1,577
16,829
6,310
10,519
0
0
0
10,519
1.16
0.00
