UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 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 July 31, 1998
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from _______ to _______
Commission File Number 0-6074
Nordstrom, Inc.
______________________________________________________
(Exact name of Registrant as specified in its charter)
Washington 91-0515058
_______________________________ ___________________
(State or other jurisdiction of (IRS Employer
incorporation or organization) Identification No.)
1617 Sixth Avenue, Suite 500, Seattle, Washington 98101
________________________________________________________________
(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code: (206) 628-2111
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
_____ _____
Common stock outstanding as of August 26, 1998: 145,958,930 shares of
common stock.
1 of 12
NORDSTROM, INC. AND SUBSIDIARIES
--------------------------------
INDEX
-----
Page
Number
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements (unaudited)
Consolidated Statements of Earnings
Three and six months ended
July 31, 1998 and 1997 3
Consolidated Balance Sheets
July 31, 1998 and 1997 and
January 31, 1998 4
Consolidated Statements of Cash Flows
Six months ended July 31, 1998 and 1997 5
Notes to Consolidated Financial Statements 6
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations 8
PART II. OTHER INFORMATION
Item 1. Legal Proceedings 10
Item 4. Submission of Matters to a Vote of Security
Holders 11
Item 6. Exhibits and Reports on Form 8-K 12
2 of 12
NORDSTROM, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EARNINGS
(dollars in thousands except per share amounts)
(unaudited)
Three Months Six Months
Ended July 31, Ended July 31,
--------------------- ---------------------
1998 1997 1998 1997
---------- ---------- ---------- ----------
Net sales $1,447,284 $1,353,345 $2,487,499 $2,307,092
Costs and expenses:
Cost of sales and related
buying and occupancy 971,243 924,354 1,669,543 1,570,865
Selling, general and
administrative 379,510 350,363 688,773 624,650
Interest, net 11,054 8,403 21,286 15,913
Service charge income
and other, net (27,585) (26,461) (58,002) (54,371)
---------- ---------- ---------- ----------
Total costs and expenses 1,334,222 1,256,659 2,321,600 2,157,057
---------- ---------- ---------- ----------
Earnings before income taxes 113,062 96,686 165,899 150,035
Income taxes 43,900 38,100 64,400 59,100
---------- ---------- ---------- ----------
Net earnings $ 69,162 $ 58,586 $ 101,499 $ 90,935
========== ========== ========== ==========
Basic earnings per share $ .47 $ .38 $ .68 $ .58
========== ========== ========== ==========
Diluted earnings per share $ .47 $ .38 $ .68 $ .58
========== ========== ========== ==========
Cash dividends paid per share
of common stock outstanding $ .07 $ .0625 $ .14 $ .125
========== ========== ========== ==========
These statements should be read in conjunction with the Notes to
Consolidated Financial Statements contained herein and in the Nordstrom
1997 Annual Report to Shareholders.
3 of 12
NORDSTROM, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(dollars in thousands)
(unaudited)
July 31, January 31, July 31,
1998 1998 1997
---------- ---------- ----------
ASSETS
Current Assets:
Cash and cash equivalents $ 46,632 $ 24,794 $ 39,837
Accounts receivable, net 650,956 664,448 718,573
Merchandise inventories 858,980 826,045 845,577
Prepaid income taxes and other 84,965 79,710 69,800
---------- ---------- ----------
Total current assets 1,641,533 1,594,997 1,673,787
Property, buildings and
equipment, net 1,269,483 1,252,513 1,212,967
Other assets 28,980 17,653 17,924
---------- ---------- ----------
TOTAL ASSETS $2,939,996 $2,865,163 $2,904,678
========== ========== ==========
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities:
Notes payable $ 123,377 $ 263,767 $ 136,260
Accounts payable 395,690 321,311 461,422
Accrued salaries, wages
and taxes 210,130 205,273 199,611
Accrued expenses 47,329 37,884 39,399
Accrued income taxes 30,909 13,242 17,784
Current portion
of long-term debt 1,169 101,129 151,342
---------- ---------- ----------
Total current liabilities 808,604 942,606 1,005,818
Long-term debt 618,965 319,736 320,913
Deferred lease credits and
other liabilities 131,587 127,763 125,829
Shareholders' Equity:
Common stock, no par:
250,000,000 shares authorized;
147,303,964, 152,518,104 and
154,338,054 shares issued
and outstanding 209,765 201,050 193,662
Retained earnings 1,171,075 1,274,008 1,258,456
---------- ---------- ----------
Total shareholders' equity 1,380,840 1,475,058 1,452,118
---------- ---------- ----------
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY $2,939,996 $2,865,163 $2,904,678
========== ========== ==========
These statements should be read in conjunction with the Notes to
Consolidated Financial Statements contained herein and in the Nordstrom
1997 Annual Report to Shareholders.
4 of 12
NORDSTROM, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(dollars in thousands)
(unaudited)
Six Months
Ended July 31,
------------------
1998 1997
-------- --------
OPERATING ACTIVITIES:
Net earnings $101,499 $ 90,935
Adjustments to reconcile net earnings
to net cash provided by
operating activities:
Depreciation and amortization 84,022 74,218
Change in:
Accounts receivable, net 13,492 (3,984)
Merchandise inventories (32,935) (125,658)
Prepaid income taxes and other (5,255) (193)
Accounts payable 74,379 150,992
Accrued salaries, wages and taxes 4,857 9,914
Accrued expenses 9,445 (1,744)
Income tax liabilities 16,977 45
Deferred lease credits and other
liabilities 4,514 (75)
-------- --------
Net cash provided by operating
activities 270,995 194,450
-------- --------
INVESTING ACTIVITIES:
Additions to property, buildings
and equipment, net (100,644) (134,367)
Other (8,895) (42)
-------- --------
Net cash used in investing activities (109,539) (134,409)
-------- --------
FINANCING ACTIVITIES:
Decrease in notes payable (140,390) (27,510)
Proceeds from issuance of common stock 8,714 10,264
Proceeds from issuance of long-term debt, net 297,146 91,758
Principal payments on long-term debt (100,657) (727)
Cash dividends paid (21,045) (19,531)
Purchase and retirement of common stock (183,386) (102,742)
-------- --------
Net cash used in financing activities (139,618) (48,488)
-------- --------
Net increase in cash and cash
equivalents 21,838 11,553
Cash and cash equivalents at
beginning of period 24,794 28,284
-------- --------
Cash and cash equivalents at end of period $ 46,632 $ 39,837
======== ========
These statements should be read in conjunction with the Notes to
Consolidated Financial Statements contained herein and in the Nordstrom
1997 Annual Report to Shareholders.
5 of 12
NORDSTROM, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(dollars in thousands)
(unaudited)
Note 1 - Basis of Presentation
The consolidated balance sheets of Nordstrom, Inc. and subsidiaries (the
"Company") as of July 31, 1998 and 1997, and the related consolidated
statements of earnings and cash flows for the periods then ended, have been
prepared from the accounts without audit.
The consolidated financial information is applicable to interim periods
and is not necessarily indicative of the results to be expected for the
year ending January 31, 1999.
It is not considered necessary to include detailed footnote information
as of July 31, 1998 and 1997. The financial information should be read
in conjunction with the Notes to Consolidated Financial Statements
contained in the Nordstrom 1997 Annual Report to Shareholders.
In the opinion of management, the consolidated financial information
includes all adjustments (consisting only of normal, recurring
adjustments) necessary to present fairly the financial position of
Nordstrom, Inc. and subsidiaries as of July 31, 1998 and 1997, and the
results of their operations and cash flows for the periods then ended,
in accordance with generally accepted accounting principles applied on a
consistent basis.
Certain reclassifications of prior year balances have been made for consistent
presentation with the current year.
Note 2 - Earnings Per Share
The following table sets forth the weighted-average number of shares used
in the computation of earnings per share:
Three Months Six Months
Ended July 31, Ended July 31,
------------------------ ------------------------
1998 1997 1998 1997
---------- ----------- ----------- -----------
Basic shares 148,507,621 154,072,394 149,349,949 155,590,128
Dilutive effect of stock
options 774,821 359,929 647,005 198,140
----------- ----------- ----------- -----------
Diluted shares 149,282,442 154,432,323 149,996,954 155,788,268
Antidilutive options 0 298,540 403,376 1,300,580
Antidilutive options consist of stock options outstanding at July 31, 1998 and
1997, that had an exercise price greater than the average market price during
the period. Such options are therefore excluded from the computation of
diluted shares.
6 of 12
NORDSTROM, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(dollars in thousands)
(unaudited)
Note 3 - New Accounting Rules
In March 1998, the Accounting Standards Executive Committee of the AICPA
issued Statement of Position 98-1 ("SOP 98-1"), "Accounting for the Costs of
Computer Software Developed or Obtained for Internal Use", which requires that
certain software costs be capitalized and amortized over the period of use.
The Company adopted SOP 98-1 during the first quarter of 1998. As a result,
earnings after taxes for the quarter and six-month period increased by $3.0
million ($.02 per share) and $4.7 million ($.03 per share), respectively.
As of February 1, 1998, the Company has adopted Statement of Financial
Accounting Standards ("SFAS") No. 130, "Reporting Comprehensive Income," which
establishes standards for the reporting and display of comprehensive income
and its components. Adoption of this standard had no material effect on the
Company's consolidated financial position, results of operations or cash
flows.
The Financial Accounting Standards Board ("FASB") has issued SFAS No. 131,
"Disclosures about Segments of an Enterprise and Related Information," which
establishes reporting and disclosure standards for an enterprise's operating
segments and SFAS No. 132, "Employers' Disclosures about Pensions and Other
Postretirement Benefits," which revises employers' disclosures about pension
and other postretirement benefit plans. Both statements are effective for the
Company's fiscal year ending January 31, 1999. Adoption of these standards
will not impact the Company's consolidated financial position, results of
operations or cash flows, and any effect will be limited to the form and
content of its disclosures.
In June 1998, the FASB issued SFAS No. 133, "Accounting for Derivative
Instruments and Hedging Activities." SFAS No. 133 requires an entity to
recognize all derivatives as either assets or liabilities in the statement
of financial position and measure those instruments at fair value. The
Company plans to adopt SFAS No. 133 on February 1, 2000, as required.
Adoption of this standard is not expected to have a material impact on the
Company's consolidated financial statements.
Note 4 - Credit Card and Financing Subsidiaries
The summarized unaudited combined results of operations of Nordstrom
Credit, Inc. and Nordstrom National Credit Bank are as follows:
Three Months Six Months
Ended July 31, Ended July 31,
---------------- ----------------
1998 1997 1998 1997
------- ------- ------- -------
Total revenue $31,042 $30,615 $63,504 $62,421
Earnings before income taxes 11,923 8,030 25,721 19,673
Net earnings 7,560 5,030 16,342 12,403
7 of 12
NORDSTROM, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(dollars in thousands)
(unaudited)
Note 5 - Shareholders' Equity
The following table sets forth the number of shares of common stock issued and
repurchased during the quarter and the six-month period:
Three Months Six Months
Ended July 31, Ended July 31,
----------------------- ----------------------
1998 1997 1998 1997
---------- ----------- ---------- ----------
Issued 132,484 447,516 358,460 518,100
Purchased and Retired (1,550,000) (401,336) (5,572,600) (5,450,000)
On May 19, 1998, the Company's Board of Directors approved a two-for-one stock
split effective June 30, 1998 to shareholders of record on June 8, 1998. All
share and per share amounts have been adjusted to give retroactive effect to
the stock split.
Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The following discussion should be read in conjunction with the Management
Discussion and Analysis section of the Nordstrom 1997 Annual Report to
Shareholders.
Results of Operations:
- ----------------------
During the second quarter of 1998, sales increased 6.9% when compared with the
same quarter in 1997. For the six-month period, sales increased 7.8% compared
to the same period in 1997. New unit sales accounted for all of the sales
increase for both the quarter and six-month period, as comparable store sales
declined by .2% for the quarter and .1% for the six-month period. The
comparable store sales results for the quarter reflect the impact of the
Company's strong Anniversary Sale in the prior year compared to the current
year. The Company remains cautious with respect to sales projections for the
remainder of the year.
Cost of sales and related buying and occupancy costs decreased as a percentage
of sales for the quarter and the six-month period as compared to the
corresponding periods in 1997, due primarily to higher merchandise margins
resulting from favorable pricing strategies and a mixture of higher margin
merchandise. Buying costs decreased as a percentage of sales for the quarter
and six-month period due to efficiencies gained through restructuring of
certain buying responsibilities. Occupancy costs increased as a percentage of
sales for the quarter due to depreciation related to new stores and remodeling
projects.
8 of 12
Item 2: MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS (CONT.)
Selling, general and administrative expenses increased as a percentage of
sales during the quarter and for the six-month period as compared to the
corresponding periods in 1997 due to several factors. Expenses increased due
to higher sales promotion costs for the Company's direct sales catalog
division and spending on system development projects and computer equipment.
Additionally, the Company incurred higher expenses to support the
implementation of the Company's value based management program. These
increases were partially offset by decreased credit expenses and employee
benefit costs.
Interest expense increased as a percentage of sales for the quarter and
the six-month period as compared to the corresponding periods in 1997 due
primarily to higher levels of long-term debt outstanding. The Company expects
that interest expense will continue to increase as a result of its share
repurchase activity.
Financial Condition:
- --------------------
The Company's working capital at July 31, 1998 increased when compared to
July 31, 1997 due primarily to a decrease in the current portion of long-term
debt and accounts payable.
During the first quarter of 1998, the Company issued $300 million of 6.95%
Senior Debentures due 2028. Proceeds from the issue were used to repay short-
term debt and repurchase the Company's common stock.
In February 1998, the Company completed its repurchase of $100 million of its
outstanding common stock as approved by the Board of Directors at its February
1997 meeting. During the six-month period ended July 31, 1998, the Company
purchased $166.1 million of a $400 million stock repurchase program authorized
in February 1998.
On August 14, 1998, the Company opened a Rack at Westgate Mall in San Jose,
California. On August 21, 1998, the Company opened its new full-line flagship
store in downtown Seattle, Washington, which replaced an existing store, and
completed a store expansion in San Diego, California. Construction is
progressing as planned on new stores scheduled to open later this year and in
1999.
The Company recognizes that its operations may be negatively affected by Year
2000 software issues, either from its own computer systems or its interactions
with outside vendors. The Company is addressing the Year 2000 impact by
establishing processes for evaluating and managing the risks associated with
this issue. The Company is currently replacing or upgrading its computer
systems to make them Year 2000 compliant, and expects to have remediation
completed by the end of 1998 for all significant computer systems, with
testing to occur in early 1999. Microchips embedded in systems such as
elevators are also being replaced or upgraded.
9 of 12
Item 2: MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS (CONT.)
The total cost of this effort is estimated to be $19 million, of which
approximately $11 million has been incurred through July 31, 1998. While the
Company believes all necessary work will be completed in a timely fashion,
there can be no guarantee that all systems will be compliant by the year 2000
within the estimated cost or that the systems of other companies and
government agencies on which the Company relies will be converted timely. The
Company is communicating with outside vendors to determine their state of
readiness with regard to the Year 2000 issue and, based on the assessments to
date, the Company has no indication that any third party could cause a
material impact to the Company. However, the risk remains that outside
vendors or other third parties may not have accurately assessed their state
of readiness, and therefore may have a material adverse effect on the
Company's results of operations. The Company has a contingency plan in place
which will allow primary operations of the Company to continue if significant
systems are not Year 2000 compliant by December 31, 1999.
PART II - OTHER INFORMATION
Item 1. Legal Proceedings
- --------------------------
Fatemah Azizian v. Macy's California, Inc.; Federated Department Stores;
Bullocks, Inc.; Nordstrom, Inc.; May Department Stores Co.; Nieman-Marcus,
Inc.; Saks & Co.; Gottschalks, Inc.; Bloomingdales, Inc.; and Does 1 through
200, inclusive Superior Court of the State of California, County of Marin,
Case No. 174049 (filed May 29, 1998); Regina Callan v. Macy's California,
Inc.; Federated Department Stores Co.; Nieman-Marcus, Inc.; Saks & Co.;
Gottschalks, Inc.; Bloomingdales, Inc.; and Does 1 through 200, inclusive
Superior Court of the State of California, City and County of San Francisco,
Case No. 995468 (filed June 1, 1998); Lee R. Bright v. Macy's California,
Inc.; Federated Department Stores; Bullocks, Inc.; Nordstrom, Inc.; May
Department Stores Co.; Nieman-Marcus, Inc.; Saks & Co.; Gottschalks, Inc.;
Bloomingdales, Inc.; and Does 1 through 200, inclusive Superior Court of the
State of California, City and County of San Francisco, Case No. 995556 (filed
June 4, 1998); Sandra Radliff v. Macy's California, Inc.; Federated
Department Stores; Bullocks, Inc.; Nordstrom, Inc.; May Department Stores Co.;
Nieman-Marcus, Inc.; Saks & Co.; Gottschalks, Inc.; Bloomingdales, Inc.; and
Does 1 through 200, inclusive Superior Court of the State of California,
County of Alameda, Case No. 798925-2 (filed June 2, 1998); Elizabeth Fey v.
Macy's California, Inc.; Federated Department Stores; Bullocks, Inc.;
Nordstrom, Inc.; May Department Stores Co.; Nieman-Marcus, Inc.; Saks & Co.;
Gottschalks, Inc.; Bloomingdales, Inc.; and Does 1 through 200, inclusive
Superior Court of the State of California, County of San Mateo, Case No.
405060 (filed June 2, 1998); Judith Pogran v. Macy's California, Inc.;
Federated Department Stores; Bullocks, Inc.; Nordstrom, Inc.; May Department
Stores Co.; Nieman-Marcus, Inc.; Saks & Co.; Gottschalks, Inc.; Bloomingdales,
Inc.; and Does 1 through 200, inclusive Superior Court of the State of
California, County of Alameda, Case No. 798936-8 (filed June 2, 1998); Soroya
Farrah v. Macy's California, Inc.; Federated Department Stores; Bullocks,
Inc.; Nordstrom, Inc.; May Department Stores Co.; Nieman-Marcus, Inc.; Saks &
Co.; Gottschalks, Inc.; Bloomingdales, Inc.; and Does 1 through 200, inclusive
Superior Court of the State of California, City and County of San Francisco,
Case No. 995512 (filed June 2, 1998); Diane Johnson v. Macy's California,
10 of 12
Item 1. Legal Proceedings (CONT.)
- ----------------------------------
Inc.; Federated Department Stores; Bullocks, Inc.; Nordstrom, Inc.; May
Department Stores Co.; Nieman-Marcus, Inc.; Saks & Co.; Gottschalks,
Inc.; Bloomingdales, Inc.; and Does 1 through 200, inclusive Superior Court of
the State of California, County of Alameda, Case No. 799525-9 (filed June 1,
1998); and Kazuko Y. Morgan v. Macy's California, Inc.; Federated Department
Stores; Bullocks, Inc.; Nordstrom, Inc.; May Department Stores Co.; Nieman-
Marcus, Inc.; Saks & Co.; Gottschalks, Inc.; Bloomingdales, Inc.; and Does 1
through 200, inclusive Superior Court of the State of California, County of
Alameda, Case No. C 800174-2 (filed July 2, 1998).
The nine actions listed are substantially identical lawsuits seeking class
certification that were filed on behalf of customers of cosmetics for personal
use and not for resale who are resident in the State of California, alleging
that the Company and other department stores collusively controlled the sales
price of cosmetics by charging identical prices, agreeing not to discount
cosmetics and petitioning cosmetic manufacturers to stop selling to stores
that discount cosmetics. In these actions, plaintiffs seek damages (trebled)
according to proof at trial, attorneys' fees and pre-judgment interest on
their price-fixing claims and restitution on their unfair competition claims.
Defendants Federated (and affiliates), Nordstrom, May, Nieman-Marcus, Saks and
Gottschalks entered into a Joint Defense Agreement in August, 1998 which
provides for the sharing of defense materials. A Joint Petition for
Coordination was filed by all parties on or about August 13, 1998. Pending
resolution of the Petition, no further action has been taken.
Item 4. Submission of Matters to a Vote of Security Holders
- ------------------------------------------------------------
The Company held its Annual Shareholders Meeting on May 19, 1998 at which time
the shareholders voted on the following proposals. Share amounts have not
been adjusted to give effect for a subsequent two-for-one stock split.
(1) Election of eleven directors for a one-year term.
Name of Candidate For Withheld
---------------------- ---------- --------
D. Wayne Gittinger 64,577,229 900,462
Enrique Hernandez, Jr. 65,188,643 289,048
Ann D. McLaughlin 65,127,690 350,001
John A. McMillan 65,197,016 280,675
Bruce A. Nordstrom 65,203,026 274,665
John N. Nordstrom 65,203,416 274,275
Alfred E. Osborne, Jr. 65,202,088 275,603
William D. Ruckelshaus 65,187,999 289,692
Elizabeth C. Vaughan 65,122,453 355,238
Bruce G. Willison 65,203,446 274,245
John J. Whitacre 65,200,852 276,839
There were no abstentions and no broker non-votes.
11 of 12
Item 4. Submission of Matters to a Vote of Security Holders (CONT.)
- --------------------------------------------------------------------
(2) Approval of amendments to the 1997 Nordstrom Stock Option Plan.
The vote was 61,964,219 for, 3,241,436 against and 272,036
abstentions. There were no broker non-votes.
(3) Ratification of the appointment of Deloitte & Touche LLP as
independent auditors for fiscal year 1998.
The vote was 65,082,801 for, 227,624 against and 167,266
abstentions. There were no broker non-votes.
Item 6. Exhibits and Reports on Form 8-K
- -----------------------------------------
(a) Exhibits
--------
(27.1) Financial Data Schedule is filed herein as an Exhibit.
(b) Reports on Form 8-K
-------------------
No reports on Form 8-K were filed during the quarter for which this
report is filed.
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.
NORDSTROM, INC.
(Registrant)
/s/ John A. Goesling
------------------------------------------
John A. Goesling
Vice President and Treasurer
(Principal Financial and Accounting Officer)
Date: September 9, 1998
- ------------------------
12 of 12
NORDSTROM, INC. AND SUBSIDIARIES
Exhibit Index
Exhibit Method of Filing
- ------- ----------------
27.1 Financial Data Schedule Filed herewith electronically
5
1000
6-MOS
JAN-31-1999
JUL-31-1998
46,632
0
680,701
29,745
858,980
1,641,533
1,269,483
0
2,939,996
808,604
618,965
0
0
209,765
1,171,075
2,939,996
2,487,499
2,487,499
1,669,543
2,300,314
0
0
21,286
165,899
64,400
101,499
0
0
0
101,499
0.68
0.68
On May 19, 1998, the Company's Board of Directors approved a two for one stock
split effective June 30, 1998 to shareholders of record on June 8, 1998.
Prior Financial Data Schedules have not been restated for the stock split.
