Biopsys Medical Inc – ‘10-Q’ for 3/31/97

As of:  Monday, 5/5/97   ·   For:  3/31/97   ·   Accession #:  912057-97-15494   ·   File #:  0-28016

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Quarterly Report   —   Form 10-Q
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-Q        Quarterly Report                                      13     52K 
 2: EX-11.1     Statement re: Computation of Earnings Per Share        1      7K 
 3: EX-27       Financial Data Schedule                                2      8K 

10-Q   —   Quarterly Report
Document Table of Contents

10-Q
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UNITED STATES     
SECURITIES AND EXCHANGE COMMISSION  
Washington, D.C. 20549  

FORM 10-Q   

(Mark One)                                                                      
[ X ]     QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF                   
THE SECURITIES EXCHANGE ACT OF 1934           

For the quarterly period ended     March 31, 1997                               
                         -------------------------------------------
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     0-28016                                                   
Number              Biopsys Medical, Inc.                                     
                  --------------------------------------------------------
                  (Exact name of registrant as specified in its charter)

Delaware                                33-0578012    
-------------------------------          -----------------------------------  
(State or other jurisdiction of          (I.R.S. Employer Identification No.) 
incorporation or organization)                                              

3 Morgan, Irvine CA  92618    
--------------------------------------------------------------------------- 
(Address of principal executive offices)  
(Zip Code)  

714-460-7800
--------------------------------------------------------------------------- 
(Registrant's telephone number, including area code)

--------------------------------------------------------------------------- 
(Former name, former address and fiscal year, if changed since last report) 

 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                                                                   
------    ------                                                          

As of April 25, 1997, 9,888,567 shares of Common Stock were issued and          
outstanding.                                                                    

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BIOPSYS MEDICAL, INC.     

FORM 10-Q For the Three and Nine Months Ended March 31, 1997  

INDEX     

                                                                      PAGE
                                                                      ----
      Facing Sheet                                                     1

      Index                                                            2

Part I.   Financial Information                                                 

Item 1.   a)   Balance sheets at March 31, 1997 and June 30, 1996          3    

b)   Statements of operations for the three month and       
           nine month periods ended March 31, 1997 and 1996            4

c)   Statements of cash flows for the nine month periods    
           ended March 31, 1997 and 1996                               5

      d)   Note to financial statements                                6

Item 2.   Management's Discussion and Analysis of Financial Condition           
      and Results of Operations                                        7

Part II.  Other Information                                               11    

      Signature                                                       12

      Index to Exhibits                                               13

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 PART 1: FINANCIAL INFORMATION

ITEM 1.  FINANCIAL STATEMENTS                                                   

 BIOPSYS MEDICAL, INC.
BALANCE SHEETS

ASSETS

                                             March 31,      June 30,
                                             1997           1996
                                               ------------  -------------
                               (unaudited)
CURRENT ASSETS:                                                                 
  Cash and cash equivalents                    $  6,538,000  $  12,122,000
  Short-term investments                         15,222,000      9,405,000
  Accounts receivable, net                        2,392,000        985,000
  Inventories                                     2,602,000      1,581,000
  Prepaid expenses and other current assets         662,000        141,000
                                               ------------  -------------

        Total current assets                     27,416,000     24,234,000

LONG-TERM INVESTMENTS                               13,457,000     15,860,000   

PROPERTY AND EQUIPMENT, net                          1,390,000        776,000   

OTHER ASSETS                                            26,000         44,000   
                                               ------------  -------------

                                               $ 42,289,000  $  40,914,000
                                               ------------  -------------
                                               ------------  -------------

LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES:                                                            
  Accounts payable                             $    969,000  $   1,270,000
  Accrued expenses                                1,064,000        561,000
                                               ------------  -------------

       Total current liabilities                  2,033,000      1,831,000

COMMITMENTS                                              -              -       

STOCKHOLDERS' EQUITY                                                            
Common Stock, $.001 par value; 50,000,000                             
shares authorized; 9,884,900 shares                               
    issued and outstanding                           10,000         10,000
  Additional paid-in capital                     45,363,000     45,092,000
   Accumulated deficit                            (6,008,000)    (6,615,000)
  Deferred stock option compensation                891,000        596,000
                                               ------------  -------------

       Net stockholders' equity                  40,256,000     39,083,000
                                               ------------  -------------

                                              $  42,289,000  $  40,914,000
                                               ------------  -------------
                                               ------------  -------------

See accompanying notes to financial statements.   

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BIOPSYS MEDICAL, INC.   
STATEMENTS OF OPERATIONS  
(UNAUDITED) 

                                                        [Enlarge/Download Table]


                                          Three Months Ended March 31,   Nine Months Ended March 31, 
                                          ----------------------------   --------------------------- 
                                              1997            1996           1997          1996      
                                          ------------    ------------   -------------  ------------ 
                                                                                                     
Net Sales                                 $  4,342,000    $  1,042,000   $  10,045,000  $  1,805,000 

Cost of Sales                                1,726,000         581,000       4,236,000     1,051,000 
                                          ------------    ------------   -------------  ------------ 
     Gross Profit                            2,616,000         461,000       5,809,000       754,000 

Operating Expenses:                                                                                  
     Research and development                  591,000         516,000       1,650,000     1,027,000 
     Selling, general and administrative     1,903,000       1,021,000       4,984,000     2,439,000 
                                          ------------    ------------   -------------  ------------ 

          Total operating expenses           2,494,000       1,537,000       6,634,000     3,466,000 
                                          ------------    ------------   -------------  ------------ 

Income (loss) from operations                  122,000      (1,076,000)       (825,000)   (2,712,000)

Interest income                                479,000          45,000       1,432,000       180,000 
Interest expense                                -               -              -             (13,000)
                                          ------------    ------------   -------------  ------------ 

Net income (loss)                         $    601,000    $ (1,031,000)  $     607,000  $ (2,545,000)
                                          ------------    ------------   -------------  ------------ 
                                          ------------    ------------   -------------  ------------ 

Net income (loss) per share               $       0.05    $      (0.13)  $        0.06  $      (0.33)
                                          ------------    ------------   -------------  ------------ 
                                          ------------    ------------   -------------  ------------ 

Weighted average shares outstanding         11,217,000       7,641,000      11,031,000     7,619,000 

         See accompanying notes to financial statements.

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   BIOPSYS MEDICAL, INC.
    STATEMENTS OF CASH FLOWS
   (UNAUDITED)

                                                        [Enlarge/Download Table]

                                                       Nine Months Ended March 31,   
                                                      ------------------------------ 
                                                          1997              1996     
                                                      ------------      ------------ 
                                                                                     
CASH FLOWS FROM OPERATING ACTIVITIES:                                                
     Net income (loss)                                  $  607,000      $ (2,545,000)
     Adjustments to reconcile net income (loss)                                      
       to net cash used in operating activities:                                     
     Depreciation and amortization                         202,000            70,000 
     Deferred Compensation                                 295,000           444,000 
     Changes in assets and liabilities:                                              
       Accounts receivable                              (1,407,000)         (639,000)
       Prepaid expenses and other current assets          (521,000)          (50,000)
       Inventories                                      (1,021,000)         (680,000)
       Other assets                                        -                (137,000)
       Accounts payable and accrued expenses               202,000           617,000 
                                                      ------------      ------------ 

           Net cash used in operating activities        (1,643,000)       (2,920,000)

CASH FLOWS FROM INVESTING ACTIVITIES:                                                
   Acquisition of property and equipment                  (798,000)         (417,000)
   Short-term investment maturities                        642,000           477,000 
   Short-term investment purchases                         -              (1,516,000)
   Long-term investment purchases                       (4,056,000)           -      
                                                      ------------      ------------ 

           Net cash used in investing activities        (4,212,000)       (1,456,000)

CASH FLOWS FROM FINANCING ACTIVITIES:                                                
     Net proceeds from issuance common stock               271,000             8,000 
     Net proceeds from issuance of Series C                                          
       preferred stock                                     -               6,495,000 
                                                      ------------      ------------ 

           Net cash provided by financing activities       271,000         6,503,000 
                                                      ------------      ------------ 

NET INCREASE (DECREASE) IN CASH AND CASH                                             
  EQUIVALENTS                                           (5,584,000)        2,127,000 

CASH AND CASH EQUIVALENTS, beginning of period          12,122,000            13,000 
                                                      ------------      ------------ 

CASH AND CASH EQUIVALENTS, end of period              $  6,538,000      $  2,140,000 
                                                      ------------      ------------ 
                                                      ------------      ------------ 

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION                                     
     Cash paid for income taxes                       $    -            $        800 
                                                      ------------      ------------ 
                                                      ------------      ------------ 

     Cash paid for interest                           $    -            $     -      
                                                      ------------      ------------ 
                                                      ------------      ------------ 

NON-CASH TRANSACTION:                                                           
During the nine months ended March 31, 1997 the Company re-classified 
$6,423,000 of long-term investments to short-term investments as the  
original maturity dates of the investments became within twelve months
of the balance sheet date.                                            

 See accompanying notes to financial statements.

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   BIOPSYS MEDICAL, INC.

     NOTES TO FINANCIAL STATEMENTS
 (UNAUDITED)

1.   BASIS OF PRESENTATION                                                      

The accompanying balance sheet as of March 31, 1997 and the statements
of operations and cash flows for the three months and nine months ended March   
31, 1997 and 1996 have been prepared by Biopsys Medical, Inc.( the              
"Company"), without audit.  In the opinion of management, all adjustments       
necessary to present fairly the financial position, results of operations,      
and cash flows at March 31, 1997, and for all periods presented, have been      
made.                                                                           

Although the Company believes that the disclosures in these financial 
statements are adequate to make the information presented not misleading,       
certain information and footnote disclosures required by Generally Accepted     
Accounting Principles for complete financial statements have been omitted       
pursuant to the rules and regulations of the Securities and Exchange            
Commission ("SEC"). This financial data should be reviewed in conjunction       
with the audited financial statements and notes thereto included in the         
Company's Form 10-K for the year ended June 30, 1996.  The results of           
operations for the three months and nine months ended March 31, 1997 may not    
necessarily be indicative of the operating results for the full 1997 fiscal     
year.                                                                           

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ITEM 2.   MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND       
RESULTS OF OPERATIONS                                       

The following discussion of the financial condition and results of    
operations of the Company should be read in conjunction with the unaudited      
Financial Statements and related Note thereto included in Part I - Item 1 of    
this Form 10-Q and with the Financial Statements and related Notes thereto      
included in its June 30, 1996 Annual Report on Form 10-K.  This Report on       
Form 10-Q contains certain forward-looking statements within the meaning of     
Section 27A of the Securities Act of 1933 and Section 21E of the Securities     
Exchange Act of 1934.  Actual events or results may differ materially from      
those projected in the forward-looking statements as a result of the factors    
described herein and in the documents incorporated herein by reference. Such    
forward-looking statements include, but are not limited to, statements          
concerning the Company's operating and capital requirements.                    

OVERVIEW                                                                        

Since its inception in July 1993, the Company has been engaged in the 
design, development, clinical testing and, more recently, the manufacture and   
sale of the Mammotome Biopsy System. The Company received clearance of its      
510(k) premarket notification for the Mammotome Biopsy System from the FDA in   
April 1995, began limited sales to selected customers in May 1995 and           
commercially introduced the Mammotome Biopsy System in August 1995.  For the    
three and nine months ended March 31, 1997, net sales totaled $4,342,000        
and $10,045,000, respectively.  As of March 31, 1997, the Mammotome Biopsy      
System had been used in approximately 58,000 breast biopsy procedures at        
approximately 516 sites primarily in the United States.                         

The Company has a limited history of operations and experienced       
significant operating losses from inception through December 31, 1996.  As of   
March 31, 1997 the Company had an accumulated deficit of approximately $6.0     
million.  Results of operations may fluctuate significantly from quarter to     
quarter and will depend upon numerous factors, including the extent to which    
the Company's products continue to gain market acceptance, actions relating     
to regulatory and reimbursement matters, progress of clinical trials,           
introduction of alternative means for less-invasive breast biopsy by            
competitors of the Company, pricing of competitive products and the cost and    
effect of promotional discounts and marketing programs.  There can be no        
assurance that the Company will continue to successfully commercialize the      
Mammotome Biopsy System or achieve significant revenues or profitability.       
Furthermore, although the Company achieved profitability in the quarter ended   
March 31, 1997, there can be no assurance that such levels of revenues and      
profitability will be sustained on a quarterly or annual basis, or at all.      

The Mammotome procedure requires the use of an imaging modality during
the procedure.  Currently, the primary imaging modality with which the          
Mammotome Biopsy System is compatible is a prone stereotactic x-ray imaging     
table.  Two companies, Fischer and Lorad, have sold substantially all of the    
approximately 1,200 prone stereotactic imaging tables installed in the United   
States.  The Company has established non-exclusive marketing arrangements       
with Fischer and Lorad under which Fischer and Lorad can purchase Mammotome     
drive units from the Company at a discount from list price and include          
Mammotome drive units with stereotactic imaging tables for sale to customers.   
However, Mammotome probes and other disposable products related to the          
Mammotome Biopsy System are purchased by the customer directly from the         
Company, not from Fischer or Lorad. There can be no assurance that Fischer      
and Lorad will purchase or promote the Mammotome drive unit or that they will   
continue their marketing arrangements with the Company.  Lorad also has an      
arrangement with United States Surgical Corporation ("USSC"), a competitor of   
the Company, under which Lorad manufactures stereotactic tables for USSC on a   
private label basis.  In addition, Fischer and Lorad may have additional        
arrangements to market other competing biopsy systems.  There can be no         
assurance that these or other imaging equipment manufacturers will not          
redesign the stereotactic tables so that they would not be compatible with      
the Mammotome Biopsy System.  The failure or loss of such marketing             
arrangements could have a material adverse affect on the Company's business,    
financial condition and results of operations.                                  

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  The Company has limited experience in manufacturing the Mammotome Biopsy
System.  If the Company is unable to manufacture an adequate number of drive    
units or probes on a cost-effective and timely basis, it would have a           
material adverse effect on the Company's ability to realize significant         
product revenues for at least the next several quarters.  The Company           
currently contracts with third parties to manufacture certain components of     
the Mammotome Biopsy System. Final assembly, sterilization and packaging of     
the Mammotome Biopsy System is currently performed by the Company in-house      
and by contract manufacturers. There can be no assurance that reliable,         
high-volume manufacturing can be established or maintained at commercially      
reasonable costs on a timely basis, or at all. Delays associated with, or the   
inability to establish, such additional capacity could have a material          
adverse affect on the Company's business, financial condition and results of    
operations.  Medical device companies frequently experience difficulties in     
obtaining required quantities of components necessary to manufacture their      
products.  For example, the industry has experienced shortages of the type of   
stainless steel used in the Mammotome probes, and there can be no assurance     
that such shortages will not occur in the future.  If the Company or any of     
its contract manufacturers encounter future manufacturing difficulties,         
including problems involving production yields, quality control and             
assurance, shortages of components or shortages of qualified personnel, it      
could have a material adverse effect on the Company's business, financial       
condition and results of operations.  In addition, prior to international       
commercialization, the Company will be required to attain and maintain          
compliance with GMP requirements and ISO 9001 standards.  Failure to either     
attain or maintain compliance with the applicable regulatory requirements of    
various regulatory agencies would have a material adverse effect on the         
Company's business, financial condition and results of operations.              

Biopsys has during the past several months engaged in discussions and 
correspondence with the FDA's 510(k) Reviewing Division regarding the           
Mammotome system and the FDA's concerns that devices cleared under 510(k)       
premarket notifications for diagnostic tissue sampling were being used for      
excision of tissue.  The Company's discussions with the Reviewing Division      
resulted in defining the procedural steps necessary to fulfill the agency's     
requests and desire to establish consistent indications and promotional         
materials for all breast biopsy devices.  As a result, on February 3 and 4,     
1997, Biopsys advised the FDA that it would comply with the requests and file   
a stand alone 510(k) application for the Mammotome specifically directed        
towards breast biopsy for diagnostic purposes.  However, on February 5, 1997,   
the Company received a warning letter concerning the labeling and promotion     
of the Mammotome system from a different FDA division than the division         
involved in previous discussions.                                               

On February 24, 1997 the Company announced that it had received       
confirmation from the FDA that all issues set-out in the February 5, 1997       
warning letter concerning the labeling and promotion of the Mammotome Biopsy    
System had been satisfactorily resolved.  On April 2, 1997 the Company          
announced that it had received 510(k) premarket notification clearance from     
the FDA for the Mammotome Biopsy System specifically for breast biopsy for      
diagnostic purposes.                                                            

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RESULTS OF OPERATIONS                                                           

THREE MONTHS ENDED MARCH 31, 1997 AND 1996                                      

Net sales for the three months ended March 31, 1997 were $4,342,000   
compared to $1,042,000 during the three months ended March 31, 1996.  The       
Company commenced commercial shipments of its Mammotome Biopsy System in August 
1995.  Net sales for the three months ended March 31, 1997 reflect sales of 100 
Mammotome drive units and approximately 18,000 disposable probes compared to 69 
Mammotome drive units and approximately 4,600 disposable probes in the three    
months ended March 31, 1996.                                                    

During the three months ended March 31, 1997, cost of sales totaled   
$1,726,000, or 39.8% of net sales compared to $581,000 or 55.8% of net sales    
in the prior year.  The decrease in cost of sales as a percentage of net        
sales and resulting higher gross profit is primarily related to a higher        
sales mix of disposable probes which carry a higher gross profit.               

Research and development expenses increased 15% to $591,000 during the
three months ended March 31, 1997 from $516,000 during the three months ended   
March 31, 1996.  This increase was primarily due to research and development    
expenses associated with the continued development of  software and             
ultrasound related products.                                                    

  Selling, general and administrative expenses increased 86% to $1,903,000
during the three months ended March 31, 1997 from $1,021,000 during the three   
months ended March 31, 1996.  This increase was primarily due to the hiring     
of sales personnel, increased marketing activities and increases in             
administrative personnel and related costs to support increased commercial      
sales of the Mammotome Biopsy System.                                           

Interest income increased to $479,000 during the three months ended   
March 31, 1997 from $45,000 during the three months ended March 31, 1996.       
The increase was due to higher cash balances and short-term and long-term       
investments associated with completion of the Company's initial public          
offering in May 1996.                                                           

NINE MONTHS ENDED MARCH 31, 1997 AND 1996                                       

Net sales for the nine months ended March 31, 1997 were $10,045,000   
compared to $1,805,000 during the nine months ended March 31, 1996.  Net        
sales for the nine months ended March 31, 1997 reflect sales of 296 Mammotome   
drive units and approximately 44,000 disposable probes compared to 121          
Mammotome drive units and approximately 8,100 disposable probes in the nine     
months ended March 31, 1996.                                                    

During the nine months ended March 31, 1997, cost of sales totaled    
$4,236,000, or 42% of net sales compared to $1,051,000, or 58% of net sales     
in the prior year. The decrease in cost of sales as a percentage of net sales   
and resulting higher gross profit is primarily related to a higher sales mix    
of disposable probes which carry a higher gross profit.                         

  Research and development expenses increased 61% to $1,650,000 during the
nine months ended March 31, 1997 from $1,027,000 during the nine months ended   
March 31, 1996. This increase was primarily due to research and development     
expenses associated with the continued development of the 11-gauge probe, the   
MicroMark Clip, software and ultrasound related products.                       

Selling, general and administrative expenses increased 104% to        
$4,984,000 during the nine months ended March 31, 1997 from $2,439,000 during   
the nine months ended March 31, 1996. This increase was primarily due to the    
hiring of sales personnel, increased marketing activities and increases in      
administrative personnel and related costs to support commercial sales of the   
Mammotome Biopsy System.                                                        

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Interest income increased to $1,432,000 during the nine months ended  
March 31, 1997 from $167,000, net during the nine months ended March 31,        
1996. The increase was due to higher cash balances and short-term and           
long-term investments associated with completion of the Company's initial       
public offering in May 1996.                                                    

LIQUIDITY AND CAPITAL RESOURCES                                                 

In May 1996, the Company completed an initial public offering of      
2,587,500 shares of common stock (including the underwriters overallotment of   
337,500 shares) at $15.00 per share.  Net proceeds to the Company were          
approximately $35.3 million.  From inception through April 1996, the Company    
financed its operations primarily through the private placement of equity       
securities totaling $9.7 million.  These equity securities were converted to    
common stock in conjunction with the initial public offering. As of March 31,   
1997, cash, cash equivalents, short-term and long-term investments totaled      
$35.2 million.  The Company's cash used in operating activities decreased to    
$1.6 million for the nine months ended March 31, 1997 from $2.9 million for     
the nine months ended March 31, 1996 primarily resulting from changing a net    
loss of $2,545,000 to net income of $607,000 partially offset by increases in   
accounts receivable and inventories related to increased sales of the           
Mammotome Biopsy System.                                                        

 The Company's principal source of liquidity at March 31, 1997 consisted
of cash, cash equivalents, short-term and long-term investments of $35.2        
million. The Company has adopted investment guidelines which restrict the       
types and quality of investments the Company is authorized to enter into.  At   
March 31, 1997, the Company had invested approximately $1.1 million in money    
market funds, approximately $21.5 million in commercial paper and short term    
corporate bonds, and approximately $12.6 million in U.S. government treasury    
notes or long term corporate bonds.  At March 31, 1997, the Company had no      
long term debt.  The Company has never had and currently does not have          
commitments for credit facilities, such as revolving credit agreements or       
lines of credit, that could provide additional working capital.                 

The Company believes that the current cash balances and short-term and
long-term investments will be sufficient to meet the Company's operating and    
capital requirements through fiscal 1997.  The Company's future liquidity and   
capital requirements will depend on numerous factors, including the extent to   
which the Company's Mammotome Biopsy System gains market acceptance, the        
timing of regulatory actions regarding the Company's potential future           
products, the costs and timing of expansion of sales, marketing and             
manufacturing activities, obtaining and enforcing patents important to the      
Company's business, results of clinical trials and competition.  There can be   
no assurance that the Company will not be required to raise additional          
capital, or that such capital will be available on acceptable terms, or at      
all.                                                                            

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  PART II. OTHER INFORMATION

ITEM 1.   LEGAL PROCEEDINGS                                                     

None                                                        

ITEM 2.   CHANGES IN SECURITIES                                                 

None                                                        

ITEM 3.   DEFAULTS IN SENIOR SECURITIES                                         

None                                                        

ITEM 4.   SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS                   

None                                                        

ITEM 5.   OTHER INFORMATION                                                     

None                                                        

ITEM 6.   EXHIBITS AND REPORTS ON FORM 8-K                                      

                                                          PAGE
                                                          ----
(a)                                                         

     11.1      Computation of net income (loss) per share   14

     27        Financial Data Schedule                      15

(b)            Reports on Form 8-K                          

None                          

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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.                                         

             BIOPSYS MEDICAL, INC.

          By:            /s/
                                      --------------------------------------
                         Steven J. Naber
                                       Vice President of Finance and
                                 Chief Financial Officer
                                        (Duly Authorized and Principal
                                           Financial and Accounting Officer)

Date:  April 25, 1997                                                           

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 BIOPSYS MEDICAL, INC.
 INDEX TO EXHIBITS

                                                                [Download Table]

EXHIBIT                                                            SEQUENTIALLY 
NUMBER   DESCRIPTION                                               NUMBERED PAGE
------   -----------                                               -------------
                                                                                
11.1     Statement Re: Computation of Net Income (Loss) Per Share        14     

27       Financial data schedule                                         15     

13

Dates Referenced Herein   and   Documents Incorporated by Reference

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Filed on:		5/5/97
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		4/2/97		8
For Period End:		3/31/97		1		10
		2/24/97		8
		2/5/97		8
		12/31/96		7					10-Q
		6/30/96		6		7			10-K
		3/31/96		2		10
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