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1993 ANNUAL REPORT |
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Notes to Consolidated Financial Statements
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1993 ANNUAL REPORT |
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Notes to Consolidated Financial Statements
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10. Quarterly Results (Unaudited)
The following table presents summarized quarterly financial information for the years ended December 31, 1991, 1992, and 1993:
| Net Income | Primary | Fully Diluted | |||||||
| Income Before | (as | Income | Income | ||||||
| Revenues | Income Taxes | Restated)(1) | Per Share | Per Share(2) | |||||
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| 1991 | |||||||||
| First Qtr. | $ 3,683,978 | $ 1,105,611 | $ 729,703 | $ .15 | $ .15 | ||||
| Second Qtr. | 3,170,506 | 703,005 | 463,984 | .10 | .10 | ||||
| Third Qtr. | 3,112,077 | 761,302 | 502,459 | .10 | .10 | ||||
| Fourth Qtr. | 4,723,935 | 1,178,823 | 816,669 | .17 | .17 | ||||
| --------------- | --------------- | --------------- | --------------- | --------------- | |||||
| Total | $ 14,690,496 | $ 3,748,741 | $ 2,512,815 | $ .52 | $ .52 | ||||
| =========== | =========== | =========== | =========== | =========== | |||||
| 1992 | |||||||||
| First Qtr. | $ 3,452,071 | $ 873,902 | $ 1,491,775 | (1) | $ .30 | $ .30 | |||
| Second Qtr. | 4,948,329 | 1,550,423 | 1,023,279 | .19 | .19 | ||||
| Third Qtr. | 5,760,656 | 2,039,670 | 1,346,182 | .23 | .23 | ||||
| Fourth Qtr. | 5,048,538 | 223,524 | 223,524 | .04 | .04 | ||||
| --------------- | --------------- | --------------- | --------------- | --------------- | |||||
| Total | $ 19,209,594 | $ 4,687,519 | $ 4,084,760 | $ .73 | $ .73 | ||||
| =========== | =========== | =========== | =========== | =========== | |||||
| 1993 | |||||||||
| First Qtr. | $ 5,325,054 | $ 1,411,809 | $ 988,266 | $ .17 | $ .17 | ||||
| Second Qtr. | 6,012,174 | 1,743,606 | 1,220,524 | .20 | .20 | ||||
| Third Qtr. | 6,603,605 | 1,905,880 | 1,441,549 | .24 | .21 | ||||
| Fourth Qtr. | 6,191,820 | 1,567,313 | 1,245,914 | .21 | .19 | ||||
| --------------- | --------------- | --------------- | --------------- | --------------- | |||||
| Total | $ 24,132,653 | $ 6,628,608 | $ 4,896,253 | $ .82 | $ .77 | ||||
| =========== | =========== | =========== | =========== | =========== | |||||
(1)In the fourth quarter of 1992, the Company elected to adopt SFAS No. 109 which changed the accounting for deferred income taxes. The adoption is effective beginning January 1, 1992, and, accordingly, the cumulative effect of this change has been reflected in the first quarter of 1992. Net Income and Primary Income Per Share, previously reported as $576,775 and $0.12, respectively, have been restated. See Note 2, "Provision for Income Taxes" for further discussion.
(2)See Note 1, "Summary of Significant Accounting Policies–Income Per Share" for further discussion.
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