-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, U3tDbiGtws7uPE7ZFVWkKBPIpdpIMovjmC3U2I1v5dk6ym9Z8l9IFdrY+c/hpIQn Fx95XnegTh4a6jkuX0FBWQ== 0000950134-00-000832.txt : 20000209 0000950134-00-000832.hdr.sgml : 20000209 ACCESSION NUMBER: 0000950134-00-000832 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19991231 FILED AS OF DATE: 20000208 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PALM HARBOR HOMES INC /FL/ CENTRAL INDEX KEY: 0000923473 STANDARD INDUSTRIAL CLASSIFICATION: PREFABRICATED WOOD BLDGS & COMPONENTS [2452] IRS NUMBER: 591036634 STATE OF INCORPORATION: FL FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 000-24268 FILM NUMBER: 527272 BUSINESS ADDRESS: STREET 1: 15303 DALLAS PKWY STREET 2: STE 800 CITY: DALLAS STATE: TX ZIP: 75248 BUSINESS PHONE: 9729912922 MAIL ADDRESS: STREET 1: 15303 DALLAS PARKWAY STREET 2: STE 800 CITY: DALLAS STATE: TX ZIP: 75248 10-Q 1 FORM 10-Q FOR QUARTER ENDED DECEMBER 31, 1999 1 UNITED STATES 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 December 31, 1999 Commission file number 0-26188 PALM HARBOR HOMES, INC. - -------------------------------------------------------------------------------- (Exact name of registrant as specified in its charter) Florida 59-1036634 - ---------------------------------- ----------------------------------- (State or other jurisdiction (I.R.S. Employer of incorporation or organization) Identification Number) 15303 Dallas Parkway, Suite 800, Addison, Texas 75001-4600 - -------------------------------------------------------------------------------- (Address of principal executive offices) (Zip code) 972-991-2422 - -------------------------------------------------------------------------------- (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 ) Yes [X] No [ ] 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. Shares of common stock $.01 par value, outstanding on February 4, 2000 - 22,852,024. 2 PALM HARBOR HOMES, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands)
DECEMBER 31, MARCH 26, 1999 1999 ------------ --------- ASSETS (Unaudited) Cash and cash equivalents $ 49,114 $ 39,413 Investments 19,805 17,167 Receivables 74,762 79,219 Inventories 121,952 122,662 Other current assets 6,098 6,349 --------- --------- Total current assets 271,731 264,810 Other assets 78,821 82,034 Property, plant and equipment, net 86,451 80,566 --------- --------- TOTAL ASSETS $ 437,003 $ 427,410 ========= ========= LIABILITIES AND SHAREHOLDERS'EQUITY Accounts payable $ 35,938 $ 41,847 Floor plan payable 130,295 128,852 Accrued liabilities 51,971 53,562 Current portion of long-term debt 247 233 --------- --------- Total current liabilities 218,451 224,494 Long-term debt, less current portion 2,962 3,149 Deferred income taxes 3,604 4,442 Shareholders' equity: Common stock, $.01 par value 239 239 Additional paid-in capital 54,149 54,149 Retained earnings 176,037 143,681 --------- --------- 230,425 198,069 Less treasury shares (16,152) (442) Unearned compensation (2,287) (2,302) --------- --------- Total shareholders' equity 211,986 195,325 --------- --------- TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 437,003 $ 427,410 ========= =========
See accompanying notes. 1 3 PALM HARBOR HOMES, INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (in thousands, except per share data) (Unaudited)
THREE MONTHS ENDED NINE MONTHS ENDED DECEMBER 31, DECEMBER 25, DECEMBER 31, DECEMBER 25, 1999 1998 1999 1998 ------------ ------------ ------------ ------------ Net sales $ 187,617 $ 186,054 $ 599,870 $ 581,037 Cost of sales 127,041 129,917 408,274 409,750 Selling, general and administrative expenses 43,256 40,268 136,876 117,559 ------------ ------------ ------------ ------------ Income from operations 17,320 15,869 54,720 53,728 Interest expense (2,700) (2,356) (7,518) (7,356) Other income 1,179 2,218 5,257 3,617 ------------ ------------ ------------ ------------ Income before income taxes 15,799 15,731 52,459 49,989 Income tax expense 6,325 6,291 20,863 19,999 ------------ ------------ ------------ ------------ Net income $ 9,474 $ 9,440 $ 31,596 $ 29,990 ============ ============ ============ ============ Net income per common share - basic and diluted $ 0.41 $ 0.40 $ 1.35 $ 1.26 ============ ============ ============ ============ Weighted average common shares outstanding - basic 22,888 23,780 23,348 23,784 ============ ============ ============ ============ Weighted average common shares outstanding - diluted 22,913 23,828 23,380 23,841 ============ ============ ============ ============
See accompanying notes. 2 4 PALM HARBOR HOMES, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) (Unaudited)
NINE MONTHS ENDED DECEMBER 31, DECEMBER 25, 1999 1998 ------------ ------------ OPERATING ACTIVITIES Net income $ 31,596 $ 29,990 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 6,967 5,541 Amortization 3,033 2,971 Deferred income tax benefit (838) (379) Gain on sale of loans (2,253) (8,668) Purchases of stock for long-term incentive plan (986) -- Provision for long-term incentive plan 826 -- Gain on disposition of assets -- (45) Changes in operating assets and liabilities: Trade accounts receivable 8,934 (1,685) Inventories 710 (8,056) Other current assets 251 (891) Other assets 180 (2,648) Accounts payable and accrued liabilities (7,500) 2,285 ------------ ------------ Cash provided by operations 40,920 18,415 Loans originated (118,920) (121,329) Sales of loans 117,456 114,281 ------------ ------------ Net cash provided by operating activities 39,456 11,367 INVESTING ACTIVITIES Purchases of property, plant and equipment (12,852) (13,419) Purchases of investments (5,562) (17,245) Sales of investments 2,924 8,087 Proceeds from disposition of assets -- 97 ------------ ------------ Net cash used in investing activities (15,490) (22,480) FINANCING ACTIVITIES Net proceeds from floor plan payable 1,443 43,182 Payments on line of credit -- (17,000) Principal payments on notes payable and long-term debt (173) (888) Net purchases of treasury stock (15,535) (245) ------------ ------------ Net cash (used in) provided by financing activities (14,265) 25,049 Net increase in cash and cash equivalents 9,701 13,936 Cash and cash equivalents at beginning of period 39,413 21,073 ------------ ------------ Cash and cash equivalents at end of period $ 49,114 $ 35,009 ============ ============ Supplemental disclosures of cash flow information: Cash paid during the period for: Interest $ 7,752 $ 6,923 Income taxes 20,882 21,063
See accompanying notes. 3 5 PALM HARBOR HOMES, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) 1. Basis of Presentation The condensed consolidated financial statements reflect all adjustments, which include only normal recurring adjustments, which are, in the opinion of management, necessary for a fair and accurate presentation. Certain footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been omitted. The condensed consolidated financial statements should be read in conjunction with the audited financial statements for the year ended March 26, 1999. Results of operations for any interim period are not necessarily indicative of results to be expected for a full year. 2. Inventories Inventories consist of the following (in thousands):
DECEMBER 31, MARCH 26, 1999 1999 ------------- ------------- Raw materials $ 8,899 $ 8,936 Work in process 3,346 3,208 Finished goods - manufacturing 969 247 - retail 108,738 110,271 ------------- ------------- $ 121,952 $ 122,662 ============= =============
3. Other Assets Other assets include goodwill of $67.3 million at December 31, 1999, and $66.1 million at March 26, 1999, with accumulated amortization of $9.8 million and $6.9 million, respectively. 4. Floor Plan Payable The Company has a floor plan credit facility totaling $175.0 million from a financial institution to finance a major portion of its home inventory at the Company's retail superstores. This facility is secured by a portion of the Company's home inventory and cash in transit from financial institutions. The interest rate on the facility is prime (8.50% at December 31, 1999). The agreement is effective until June 30, 2001. The Company had $130.3 million and $128.9 million outstanding on the floor plan credit facility at December 31, 1999 and March 26, 1999, respectively. The Company's floor plan financing agreement permits the Company to earn interest on investments made with the financial institution, which can be withdrawn without any imposed restrictions. The Company is eligible to invest up to fifty percent of the floor plan balance provided that the net of the floor plan balance and investment balance does not fall below $60.0 million. The interest rate on the outstanding borrowings is prime (8.50% at December 31, 1999). The Company had $40.0 million and $36.0 million invested at December 31, 1999 and March 26, 1999, respectively, and has classified these amounts as Cash and Cash Equivalents in the accompanying Condensed Balance Sheets. 4 6 5. Line of Credit The Company has a $25.0 million unsecured revolving line of credit from a financial institution for general corporate purposes. The line of credit bears interest, at the option of the Company (under certain conditions), at either the LIBOR rate (5.82% at December 31, 1999) plus 1.20% or the prime rate (8.50% at December 31, 1999) minus 1.0%. The line of credit contains provisions regarding minimum net worth requirements and certain indebtedness limitations, which would limit the amount available for future borrowings. The line is available through June 27, 2000 and requires an annual commitment fee of up to $12,500. The Company had zero outstanding on the line of credit at December 31, 1999 and March 26, 1999. 6. Reclassification Certain prior period amounts have been reclassified to conform to the current period presentation. 7. Business Segment Information The Company operates primarily in three business segments - retail sales, manufacturing and financial services. The following table summarizes information with respect to the Company's business segments for the periods ending December 31, 1999 and December 25,1998 (in thousands):
THREE MONTHS ENDED NINE MONTHS ENDED DECEMBER 31, DECEMBER 25, DECEMBER 31, DECEMBER 25, 1999 1998 1999 1998 ------------ ------------ ------------ ------------ Net sales Retail $ 164,398 $ 147,057 $ 510,717 $ 464,967 Manufacturing 112,323 131,179 374,493 383,175 Financial services 5,926 5,876 18,717 18,614 ------------ ------------ ------------ ------------ 282,647 284,112 903,927 866,756 Intersegment sales (95,030) (98,058) (304,057) (285,719) ------------ ------------ ------------ ------------ $ 187,617 $ 186,054 $ 599,870 $ 581,037 ------------ ------------ ------------ ------------ Income from operations Retail $ 8,354 $ 5,662 $ 24,027 $ 20,487 Manufacturing 9,002 12,975 32,968 34,487 Financial services 3,271 3,058 10,320 10,062 General corporate expenses (3,971) (4,122) (12,147) (9,445) ------------ ------------ ------------ ------------ 16,656 17,573 55,168 55,591 Intersegment profits 664 (1,704) (448) (1,863) ------------ ------------ ------------ ------------ $ 17,320 $ 15,869 $ 54,720 $ 53,728 ------------ ------------ ------------ ------------ Interest expense $ (2,700) $ (2,356) $ (7,518) $ (7,356) Other income 1,179 2,218 5,257 3,617 ------------ ------------ ------------ ------------ Income before taxes $ 15,799 $ 15,731 $ 52,459 $ 49,989 ============ ============ ============ ============
5 7 PART I. FINANCIAL INFORMATION Item 1. Financial Statements See pages 1 through 5. Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations The following table sets forth certain items of the Company's statement of income as a percentage of net sales for the period indicated.
THREE MONTHS ENDED NINE MONTHS ENDED DECEMBER 31, DECEMBER 25, DECEMBER 31, DECEMBER 25, 1999 1998 1999 1998 ------------- ------------- ------------- ------------- Net sales 100.0% 100.0% 100.0% 100.0% Cost of sales 67.7 69.8 68.1 70.5 ------------- ------------- ------------- ------------- Gross profit 32.3 30.2 31.9 29.5 Selling, general and administrative expenses 23.1 21.6 22.8 20.2 ------------- ------------- ------------- ------------- Income from operations 9.2 8.6 9.1 9.3 Interest expense (1.4) (1.3) (1.3) (1.3) Other income 0.6 1.2 0.9 0.6 ------------- ------------- ------------- ------------- Income before income taxes 8.4 8.5 8.7 8.6 Income tax expense 3.4 3.4 3.5 3.4 ------------- ------------- ------------- ------------- Net income 5.0% 5.1% 5.2% 5.2% ============= ============= ============= =============
6 8 The following table summarizes certain key sales statistics as of and for the three and nine months ended December 31, 1999 and December 25, 1998.
THREE MONTHS ENDED NINE MONTHS ENDED DECEMBER 31, DECEMBER 25, DECEMBER 31, DECEMBER 25, 1999 1998 1999 1998 ------------- ------------- ------------- ------------- Company homes sold through Company-owned retail superstores 2,694 2,418 8,485 7,412 Total new homes sold 3,421 3,781 11,229 11,909 Internalization rate (1) 79% 64% 76% 62% Average new home price - retail $ 59,000 $ 56,000 $ 57,000 $ 55,000 Number of retail superstores at end of period 132 111 132 111 Homes sold to independent retailers 713 1,258 2,581 3,702
(1) The internalization rate is the percentage of new homes that are manufactured by the Company and sold through Company-owned retail superstores. The Company's fiscal year consists of 52 or 53 weeks, ending on the Friday nearest the last day of March each year. The 1999 fiscal year was 52 weeks long and the 2000 fiscal year is 53 weeks long. Therefore, the three months ended December 31, 1999 contained 14 weeks while the three months ended December 25, 1998 contained 13 weeks. THREE MONTHS ENDED DECEMBER 31, 1999 COMPARED TO THREE MONTHS ENDED DECEMBER 25, 1998 NET SALES. Net sales increased 0.8% to $187.6 million in the three months ended December 31, 1999 from $186.1 million in the three months ended December 25,1998. This increase reflects a 7.3% increase in the volume of homes sold through Company-owned retail superstores offset by an overall volume decline of 9.5%, which includes homes sold to independent retailers. The number of superstores increased from 111 at the end of the third quarter of fiscal 1999 to 132 at the end of the third quarter of fiscal 2000. GROSS PROFIT. Gross profit increased 7.9% to $60.6 million in the quarter ended December 31, 1999 compared to $56.1 million in the quarter ended December 25, 1998. During the same period, gross profit margin as a percentage of net sales increased to 32.3% compared to 30.2%. This increase was the result of selling 79% of the Company's homes through Company-owned retail superstores in the third quarter of fiscal 2000 versus 64% in the third quarter of fiscal 1999. SELLING, GENERAL AND ADMINISTRATIVE EXPENSES. Selling, general and administrative expenses increased 7.4% to $43.3 million in the 7 9 quarter ended December 31, 1999 from $40.3 million in the quarter ended December 25, 1998, primarily due to the Company's continued commitment to brand advertising, expenses associated with the 21 additional retail superstores, and performance based compensation expense. As a percentage of net sales, selling, general and administrative expenses increased, as planned, to 23.1% in the third quarter of fiscal 2000 from 21.6% in the third quarter of fiscal 1999. This increase is due to the growth in the Company's retail operations which, generally, have higher selling, general and administrative expenses as a percentage of net sales as compared to wholesale operations. OTHER INCOME. Other income decreased $1.0 million to $1.2 million in the third quarter of fiscal 2000 from $2.2 million in the third quarter of fiscal 1999. This decrease is the result of gains on sales of investments in the third quarter of fiscal 1999, which did not occur in the third quarter of fiscal 2000. NINE MONTHS ENDED DECEMBER 31, 1999 COMPARED TO NINE MONTHS ENDED DECEMBER 25, 1998 NET SALES. Net sales increased 3.2% to $599.9 million in the nine months ended December 31, 1999 from $581.0 million in the nine months ended December 25,1998. This increase reflects an increase of 5.4% in the volume of homes sold through Company-owned retail superstores offset by an overall volume decline of 5.7%, which includes homes sold to independent retailers. The number of superstores increased from 111 at the end of the third quarter of fiscal 1999 to 132 at the end of the third quarter of fiscal 2000. GROSS PROFIT. Gross profit increased 11.9% to $191.6 million in the nine months ended December 31, 1999 compared to $171.3 million in the nine months ended December 25, 1998. During the same period, gross profit margin as a percentage of net sales increased to 31.9% compared to 29.5%. This increase was the result of production efficiencies at our manufacturing facilities and selling 76% of the Company's homes through Company-owned retail superstores in the nine months ended December 31, 1999 versus 62% in the nine months ended December 25, 1998. SELLING, GENERAL AND ADMINISTRATIVE EXPENSES. Selling, general and administrative expenses increased 16.4% to $136.9 million in the nine months ended December 31, 1999 from $117.6 million in the nine months ended December 25, 1998, primarily due to the Company's continued commitment to brand advertising, expenses associated with the 21 additional retail superstores, and performance-based compensation expense. As a percentage of net sales, selling, general and administrative expenses 8 10 increased, as planned, to 22.8% in the nine months ended December 31, 1999 from 20.2% in the nine months ended December 25, 1998. This increase is due to the growth in the Company's retail operations which, generally, have higher selling, general and administrative expenses as a percentage of net sales as compared to wholesale operations. OTHER INCOME. Other income increased $1.6 million to $5.3 million in the nine months ended December 31, 1999 from $3.6 million in the nine months ended December 25, 1998. This increase was primarily the result of gains on the disposition of certain properties and additional investment income during the nine months ended December 31, 1999 somewhat offset by gains on sales of investments which occurred during the nine months ended December 25, 1998. LIQUIDITY AND CAPITAL RESOURCES. The Company has a floor plan credit facility totaling $175.0 million from a financial institution to finance a major portion of its home inventory at the Company's retail superstores. This facility is secured by a portion of the Company's home inventory and cash in transit from financial institutions. The interest rate on the facility is prime (8.50% at December 31, 1999). The agreement is effective until June 30, 2001. The Company had $130.3 million and $128.9 million outstanding on this floor plan credit facility at December 31, 1999 and March 26, 1999, respectively. The Company's floor plan financing agreement permits the Company to earn interest on investments made with the financial institution, which can be withdrawn without any imposed restrictions. The Company is eligible to invest up to fifty percent of the floor plan balance provided that the net of the floor plan balance and investment balance does not fall below $60.0 million. The interest rate on the outstanding borrowings is prime (8.50% at December 31, 1999). The Company had $40.0 million and $36.0 million invested at December 31, 1999 and March 26, 1999, respectively, and has classified these amounts as Cash and Cash Equivalents in the accompanying Condensed Balance Sheets. The Company has a $25.0 million unsecured revolving line of credit from a financial institution for general corporate purposes. The line of credit bears interest, at the option of the Company (under certain conditions), at either the LIBOR rate (5.82% at December 31, 1999) plus 1.20% or the prime rate (8.50% at December 31, 1999) minus 1.0%. The line of credit contains provisions regarding minimum net worth requirements and certain indebtedness limitations, which would limit the amount available for future borrowings. The line is available through June 27, 2000 and requires an annual commitment fee of up to $12,500. In June 1999, the Company's Board of Directors authorized, subject to certain business and market conditions, the use of up to $20.0 million to repurchase the Company's common stock. As of the date 9 11 of this filing, the Company had invested $15.1 million in the common stock buyback program. The Company believes that cash flow from operations, together with floor plan financing and the revolving line of credit, will be adequate to support its working capital, currently planned capital expenditure needs and future share repurchases in the foreseeable future. The Company may, from time to time, obtain additional floor plan financing for its retail inventories. Such practice is customary in the industry. However, because future cash flows and the availability of financing will depend on a number of factors, including prevailing economic and financial conditions, business and other factors beyond the Company's control, no assurances can be given in this regard. OTHER MATTERS. In calendar years 1997, 1998, and early 1999, the manufactured housing industry was elevated by easy credit, which inflated industry-wide wholesale sales and retail inventories to unsustainable levels. Beginning in mid 1999, the industry was impacted by a general credit tightening, resulting in declining wholesale shipments, declining margins and lower retail sales levels for most industry participants. However, the Company's new home inventory per retail superstore declined for the fifth consecutive quarter and net sales and net income have plateaued. The impact that these industry conditions will have on our future results is not clear at this time. YEAR 2000 ISSUE. The "Year 2000 Issue" refers to computer programs that use two digits instead of four to record the applicable year. Computer programs that have date-sensitive software could have been unable to properly categorize and process dates occurring after December 31, 1999. This could have resulted in a system failure or miscalculations in the Company's computer programs causing significant, unanticipated liabilities, expenses and possible disruption of its business. Prior to December 31, 1999, the Company implemented a plan to modify or upgrade certain equipment and software necessary to address the Year 2000 Issue. The total costs incurred to complete the plan were significantly less than $0.5 million. Subsequent to January 1, 2000, the Company has not experienced any disruptions or additional costs as a result of the calendar change. However, because all Year 2000 issues may not reveal themselves until later in 2000, no assurances can be given that the Company will not experience any interruptions due to Year 2000 issues. The Company will continue to monitor the issue throughout the year. Based on the Company's preparations prior to January 1, 2000 and the absence of any problems subsequent to January 1, 2000, no significant disruptions are anticipated. Additionally, there was risk of business disruption if Year 2000 Issue-related failures occurred among the Company's lenders, suppliers, transporters and others upon which the Company relies, but 10 12 over which the Company has no control. As of the date of this filing, none of the Company's critical vendors have been found to be non-compliant. FORWARD-LOOKING INFORMATION. Certain statements contained in this quarterly report are forward-looking statements within the safe harbor provisions of the Securities Litigation Reform Act. Management is unaware of any trends or conditions that could have a material adverse effect on the Company's consolidated financial position, future results of operations or liquidity. However, investors should be aware that all forward-looking statements are subject to risks and uncertainties and, as a result of certain factors, actual results could differ materially from these expressed in or implied by such statements. These risks include political, economic or other factors such as inflation rates, employment conditions, interest rates, recessionary or expansive trends, taxes and regulations and laws affecting the business in each of the Company's markets; competitive product, advertising, promotional and pricing activity; inclement or catastrophic weather conditions affecting revenues, inventory levels, and insurance reserves; trends to consolidate the number of production facilities; and management's ability to anticipate acceptance of new products in the marketplace and to forecast sales and profits at certain times in certain markets. 11 13 PART II. OTHER INFORMATION Item 1. Legal Proceedings - Not applicable Item 2. Changes in Securities - Not applicable Item 3. Defaults upon Senior Securities - Not applicable Item 4. Submission of Matters to a Vote by Security Holders - not applicable Item 5. Other Information - Not applicable Item 6. Exhibits and Reports on Form 8-K. (a) Exhibit 27 - Financial Data Schedule (EDGAR filing only). (b) Reports on Form 8-K - Not applicable 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 thereto duly authorized. Date: February 7, 2000 Palm Harbor Homes, Inc. --------------------------------- (Registrant) By: /s/ KELLY TACKE --------------------------------- Kelly Tacke Chief Financial and Accounting Officer By: /s/ LEE POSEY --------------------------------- Lee Posey Chairman of the Board 12 14 INDEX TO EXHIBITS
EXHIBIT NUMBER DESCRIPTION - ------- ----------- 27 Financial Data Schedule (EDGAR filing only).
EX-27 2 FINANCIAL DATA SCHEDULE
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE COMPANY'S CONSOLIDATED BALANCE SHEET AS OF DECEMBER 31, 1999 AND CONSOLIDATED STATEMENT OF INCOME FOR THE NINE MONTHS ENDED DECEMBER 31, 1999 LOCATED IN THE COMPANY'S 10Q AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS AND THE NOTES THERETO. 1,000 9-MOS MAR-31-2000 MAR-27-1999 DEC-31-1999 49,114 19,805 74,762 0 121,952 271,731 86,451 0 437,003 218,451 2,962 0 0 239 211,747 437,003 599,870 599,870 408,274 408,274 0 0 7,518 52,459 20,863 0 0 0 0 31,596 1.35 1.35
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