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1994 ANNUAL REPORT |
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Notes to Consolidated Financial Statements
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1994 ANNUAL REPORT |
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Notes to Consolidated Financial Statements
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11. Quarterly Results (Unaudited)
The following table presents summarized quarterly financial information for the years ended December 31, 1992, 1993, and 1994:
| Net Income | Primary Income | Fully Diluted | |||||||||
| Income Before | (Loss) | (Loss) | Income (Loss) | ||||||||
| Revenues | Income Taxes | (as Restated) | Per Share(3) | Per Share(3) | |||||||
| --------------- | --------------- | --------------- | --------------- | --------------- | |||||||
| 1992 | |||||||||||
| First Qtr. | $ 3,452,071 | $ 873,902 | $ 1,491,775 | (2) | $ .27 | $ .27 | |||||
| Second Qtr. | 4,948,329 | 1,550,423 | 1,023,279 | .17 | .17 | ||||||
| Third Qtr. | 5,760,656 | 2,039,670 | 1,346,182 | .21 | .21 | ||||||
| Fourth Qtr. | 5,048,538 | 223,524 | 223,524 | .03 | .03 | ||||||
| --------------- | --------------- | --------------- | --------------- | --------------- | |||||||
| Total | $ 19,209,594 | $ 4,687,519 | $ 4,084,760 | $ .67 | $ .67 | ||||||
| =========== | =========== | =========== | =========== | =========== | |||||||
| 1993 | |||||||||||
| First Qtr. | $ 5,325,054 | $ 1,411,809 | $ 988,266 | $ .15 | $ .15 | ||||||
| Second Qtr. | 6,012,174 | 1,743,606 | 1,220,524 | .19 | .19 | ||||||
| Third Qtr. | 6,603,605 | 1,905,880 | 1,441,549 | .22 | .19 | ||||||
| Fourth Qtr. | 6,191,820 | 1,567,313 | 1,245,914 | .19 | .17 | ||||||
| --------------- | --------------- | --------------- | --------------- | --------------- | |||||||
| Total | $ 24,132,653 | $ 6,628,608 | $ 4,896,253 | $ .74 | $ .70 | ||||||
| =========== | =========== | =========== | =========== | =========== | |||||||
| 1994 | |||||||||||
| First Qtr. | $ 6,138,535 | $ 1,753,003 | (1) | $ (15,561,976) | (1) | $ (2.36) | (1) | $ (2.36) | (1) | ||
| Second Qtr. | 6,106,954 | (1) | 1,462,980 | (1) | 1,076,077 | (1) | .16 | (1) | .15 | (1) | |
| Third Qtr. | 6,962,612 | 1,439,620 | (1) | 1,130,398 | (1) | .17 | (1) | .16 | (1) | ||
| Fourth Qtr. | 6,167,191 | 182,226 | 308,474 | .05 | .05 | ||||||
| --------------- | --------------- | --------------- | --------------- | --------------- | |||||||
| Total | $ 25,375,292 | $ 4,837,829 | $ (13,047,027) | $ (1.96) | $ (1.96) | ||||||
| =========== | =========== | =========== | =========== | =========== | |||||||
(1)In the fourth quarter of 1994, the Company changed its revenue recognition policy for earned interests. See Note 2 "Change in Accounting Principle" for further discussion. This change was effective beginning January 1, 1994, and, accordingly, the cumulative effect of this change ($(16,772,698) or $(2.52) per share) has been reflected in the first quarter of 1994, and the first three quarters have been restated to reflect the basis of the newly adopted accounting principle. Net Income, Primary Income Per Share, and Fully Diluted Income Per Share were previously reported as $814,325, $0.14, and $0.14, respectively, for the first quarter of 1994; $1,140,197, $0.19, and $0.17, respectively, for the second quarter of 1994; and $768,161, $0.12, and $0.12, respectively, for the third quarter of 1994.
(2)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 $0.11, respectively, have been restated. See Note 3, "Provision for Income Taxes" for further discussion.
(3)Amounts prior to the fourth quarter of 1994 have been retroactively restated to give recognition to an equivalent change in capital structure as a result of the 10% stock dividend. See Note 1, "Summary of Significant Accounting Policies-Income (Loss) Per Share" for future discussion.
Pro forma amounts assuming the new earned interests recognition policy is applied retroactively:
| Net Income | Primary Income Per Share |
Fully Diluted Income Per Share |
|
| ------------- | ------------- | ------------- | |
| 1992 | |||
| First Qtr. | $ 886,401 | $ .16 | $ .16 |
| Second Qtr. | 978,411 | .16 | .16 |
| Third Qtr. | 1,401,953 | .21 | .21 |
| Fourth Qtr. | 463,086 | .07 | .07 |
| ------------- | ------------- | ------------- | |
| Total | $ 3,729,851 | $ .61 | $ .61 |
| =========== | =========== | =========== | |
| 1993 | |||
| First Qtr. | $ 917,895 | $ .14 | $ .14 |
| Second Qtr. | 1,247,263 | .19 | .19 |
| Third Qtr. | 1,113,049 | .17 | .15 |
| Fourth Qtr. | 1,044,271 | .16 | .15 |
| ------------- | ------------- | ------------- | |
| Total | $ 4,322,478 | $ .66 | $ .63 |
| =========== | =========== | =========== | |
| 1994 | |||
| First Qtr. | $ 1,210,722 | $ .18 | $ .17 |
| Second Qtr. | 1,076,077 | .16 | .15 |
| Third Qtr. | 1,130,398 | .17 | .16 |
| Fourth Qtr. | 308,474 | .05 | .05 |
| ------------- | ------------- | ------------- | |
| Total | $ 3,725,671 | $ .56 | $ .56 |
| =========== | =========== | =========== |
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